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Income Taxes | 3 Months Ended
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Mar. 31, 2026
Income Taxes |
Income Taxes | 12. Income Taxes The Company’s effective tax rate for the three months ended March 31, 2026 and 2025 was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, | ​
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​
Income before income taxes | ​ | $ | 51,056 | ​ | $ | 66,906 | ​
Income tax expense | ​ | ​ | 13,422 | ​ | ​ | 2,679 | ​
Effective tax rate | ​ | ​ | 26.3 | % | ​ | 4.0 | %
​ The change in the effective tax rate for the three months ended March 31, 2026 and 2025 was impacted by the period in which the Company was treated as a Partnership for US income tax purposes before the Initial Public Offering in June 2025.

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