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Income taxes | 12 Months Ended
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Dec. 31, 2025
Income taxes |
Income taxes | 12.Income Taxes The components of income before taxes and the income tax provision (benefit) for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ | 2023
United States | ​ | $ | 177,126 | ​ | $ | 101,792 | ​ | $ | 89,632
Foreign | ​ | ​ | 41,310 | ​ | ​ | 35,762 | ​ | ​ | 30,952
​ | ​ | $ | 218,436 | ​ | $ | 137,554 | ​ | $ | 120,584
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Current Expense | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 1,422 | ​ | $ | —
State | ​ | ​ | — | ​ | ​ | —
Foreign | ​ | ​ | 7,584 | ​ | ​ | 8,663
​ | ​ | $ | 9,006 | ​ | $ | 8,663
Deferred expense/(benefit) | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 19,113 | ​ | $ | —
State | ​ | ​ | 2,505 | ​ | ​ | —
Foreign | ​ | ​ | (153) | ​ | ​ | —
​ | ​ | $ | 21,465 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Total Federal | ​ | $ | 20,535 | ​ | $ | —
Total State | ​ | ​ | 2,505 | ​ | ​ | —
Total Foreign | ​ | ​ | 7,430 | ​ | ​ | 8,663
Total Income Tax / (Benefit) | ​ | $ | 30,471 | ​ | $ | 8,663
​ The Company has elected to prospectively adopt the guidance in ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures, or ASU 2023-09. The following table is a reconciliation of the U.S. federal statutory rate of 21.0% to the Company’s effective rate for the year ended December 31, 2025, in accordance with ASU 2023-09: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2025 | ​
(in thousands) | ​ ​ ​ | Amount | ​ ​ ​ | Percent | ​
U.S. Federal statutory income tax rate | ​ | $ | 45,885 | ​ | ​ | 21.0 | %
Domestic Federal | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax credits | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign tax credits | ​ | ​ | (2,401) | ​ | ​ | (1.1) | %
Nontaxable and non-deductible items | ​ | ​ | ​ | ​ | ​ | ​ | ​
Partnership income | ​ | ​ | (23,878) | ​ | ​ | (10.9) | %
Other | ​ | ​ | 5,553 | ​ | ​ | 2.5 | %
Tax effects of restructuring | ​ | ​ | 2,655 | ​ | ​ | 1.2 | %
Domestic State taxes, net of federal benefit | ​ | ​ | 2,505 | ​ | ​ | 1.2 | ​
Foreign tax effects | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other foreign jurisdictions | ​ | ​ | 152 | ​ | ​ | 0.1 | %
​ | ​ | $ | 30,471 | ​ | ​ | 13.9 | %
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31, | ​
​ | ​ ​ ​ | 2024 | ​ ​ ​ | 2023 | ​
U.S. Federal provision | ​ | ​ | 0.0 | % | ​ | 0.0 | %
Effect of: | ​ | ​ | ​ | ​ | ​ | ​ | ​
State and local income taxes, net of federal income tax benefit | ​ | ​ | 0.0 | % | ​ | 0.0 | %
Foreign rate differential | ​ | ​ | 6.3 | % | ​ | 7.5 | %
​ | ​ | $ | 6.3 | ​ | $ | 7.5 | ​
​ In 2025, state and local income taxes in Alabama, California, Georgia, Illinois, Michigan, New Jersey, New York, and Tennessee comprise the majority of the domestic state and local income taxes, net of federal effect category. ​ Deferred Taxes are the result of temporary differences between the bases of assets and liabilities for financial reporting purposes. Deferred tax assets and liabilities are compromised of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
International tax credits | ​ | $ | 8,105 | ​ | $ | —
Federal and State net operating losses | ​ | ​ | 76,506 | ​ | ​ | —
Leases | ​ | ​ | 888 | ​ | ​ | —
Other Deferred Tax Assets | ​ | ​ | 1,401 | ​ | ​ | —
Investment in receivables | ​ | ​ | — | ​ | ​ | 1
Difference in basis of depreciable and amortizable assets | ​ | ​ | — | ​ | ​ | 14
Deferred tax asset | ​ | $ | 86,900 | ​ | $ | 15
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Investment in receivables | ​ | $ | (185,163) | ​ | $ | (988)
Goodwill and intangible assets | ​ | ​ | (699) | ​ | ​ | (1,043)
Leases | ​ | ​ | (770) | ​ | ​ | —
Other deferred tax liabilities | ​ | ​ | (2,187) | ​ | ​ | —
Deferred tax liabilities | ​ | $ | (188,818) | ​ | $ | (2,031)
Net deferred tax liabilities | ​ | $ | (101,918) | ​ | $ | (2,016)
​ As of December 31, 2024, for US purposes, the Company operated in a flow-through structure which resulted in no entity level taxation. In June 2025, the Company completed a series of restructuring steps prior to our initial public offering. The result of these restructuring steps was the recording a $79.5 million of deferred tax liability from a mix of corporate and flow-through partnership entities contributed to the taxable public corporation. The increase in the deferred tax liability in 2025 as compared to 2024 primarily relates to the deferred tax liabilities recognized through the restructuring steps of the IPO transaction which required the company to establish the historical deferred attributes. Valuation allowances are recorded against deferred tax assets if the Company believes it is more likely than not that some or all of a deferred tax asset will not be realized. In evaluating the need for a valuation allowance, the Company considered all available positive and negative evidence, including carryback availability, future reversals of existing taxable temporary differences, the Company’s recent earnings history, projected future taxable income, the overall business environment, and any applicable tax planning strategies. Based on this evaluation, management has determined that it is more likely than not that the deferred tax assets will be realized and, therefore, no valuation allowance have been recorded for fiscal years ended December 31, 2025, and 2024. As of December 31, 2025, 2024 and 2023, the Company had U.S. federal net operating loss carryforwards of $332.0 million, $0.0 million and $0.0 million, respectively of which all have an indefinite carryforward. As of December 31, 2025, 2024, and 2023 the Company had state net operating loss carryforwards of $119.5 million, $0.0 million and $0.0 million, respectively. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to income taxes in income tax expense. As of December 31, 2025, and 2024 the Company has not recorded any unrecognized tax benefits or related penalties and interest. Further, the Company does not expect any significant changes related to unrecognized tax benefits within the next 12 months. The Company is subject to examination by taxing authorities in the United States and various state and foreign jurisdictions. In general, the statute of limitations for assessments by United States federal and state income tax authorities is three years from the extended due date of the tax return. For the Company’s significant foreign jurisdictions, the statute of limitations is generally three years in Canada and one year in the United Kingdom. The earliest tax years that remain subject to examination are 2022 for the United States and Canada and 2024 for the United Kingdom. Cash paid for income taxes (net of refunds) for the year ended December 31, 2025, 2024 and 2023 was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31,
​ | ​ | 2025 | ​ ​ ​ | 2024 | ​ | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | — | ​ | $ | — | ​ | $ | —
State and local | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
International | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Canada | ​ | ​ | 4,872 | ​ | ​ | 5,517 | ​ | ​ | 8,240
United Kingdom | ​ | ​ | 1,585 | ​ | ​ | 1,613 | ​ | ​ | 805
Colombia | ​ | ​ | 1,977 | ​ | ​ | 1,541 | ​ | ​ | —
Total | ​ | $ | 8,434 | ​ | $ | 8,671 | ​ | $ | 9,045
​

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