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Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income taxes

Summary of income before taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	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

Summary of provision for income tax

​

​	​	​	​	​	​	​
​	​	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

Schedule of reconciliation of the statutory U.S. federal income tax rate to the effective tax rate

​

​	​	​	​	​	​	​	​
​	​	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	​

Summary of tax effects of temporary differences that give rise to significant portions of the deferred assets and liabilities

​

​	​	​	​	​	​	​
​	​	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)

Schedule of Cash paid for income taxes

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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