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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of components of the income tax expense (benefit) | The components of the income tax expense (benefit) are as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Current income tax (benefit) expense: |  |  |  |  |
Federal | $ | 104 |  |  | $ | 587 |  |  | $ | 1,155 |
State | (637) |  |  | 940 |  |  | 1,022 |
Current income tax (benefit) expense | (533) |  |  | 1,527 |  |  | 2,177 |
Deferred income tax (benefit) expense: |  |  |  |  |
Federal | (100,510) |  |  | 947 |  |  | (3,383) |
State | (29,241) |  |  | 1,846 |  |  | (1,309) |
Deferred income tax (benefit) expense | (129,751) |  |  | 2,793 |  |  | (4,692) |
Income tax (benefit) expense | $ | (130,284) |  |  | $ | 4,320 |  |  | $ | (2,515) |
Schedule of reconciliation of total income tax expense (benefit) to amounts computed by applying statutory federal income tax rate to income (loss) from continuing operations before income taxes | Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 2—Significant Accounting Policies, the reconciliation of the income tax expense (benefit) to the amounts computed by applying the statutory federal income tax rate to income (loss) before income taxes is shown as follows (in thousands, except for percentages):
| Year Ended December 31,
| 2025
Federal statutory income tax | $ | 4,415 |  |  | 21.0 | %
State and local income taxes, net of federal effect | (23,711) |  |  | (112.8) | %
Foreign tax effects | 57 |  |  | 0.3 | %
Effect of cross-border tax laws: |  |  |
Global intangible low-taxed income inclusion | 420 |  |  | 2.0 | %
Tax credits: |  |  |
Research and experimentation tax credit | (1,547) |  |  | (7.4) | %
Increase (decrease) in valuation allowance | (114,973) |  |  | (546.9) | %
Nontaxable or nondeductible items: |  |  |
Nondeductible executive compensation | 3,562 |  |  | 16.9 | %
Excess tax deductions on non-cash compensation | 799 |  |  | 3.8 | %
Other nontaxable or nondeductible | 359 |  |  | 1.7 | %
Changes in unrecognized tax benefits | 232 |  |  | 1.1 | %
Other, net | 103 |  |  | 0.5 | %
Income tax expense (benefit) | $ | (130,284) |  |  | (619.7) | %
The reconciliation of the income tax expense (benefit) to the amounts computed by applying the statutory federal income tax rate to income (loss) before income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09 was as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023
Federal statutory income tax | $ | (7,851) |  |  | $ | (26,233) |
State income taxes, net | (502) |  |  | (2,883) |
Excess tax deductions on non-cash compensation | 3,633 |  |  | 6,373 |
Research and experimentation tax credit | (1,500) |  |  | (1,512) |
Nondeductible executive compensation | 3,245 |  |  | 2,174 |
Increase (decrease) in valuation allowance | 5,045 |  |  | 17,087 |
Remeasurement of state deferred tax | 776 |  |  | 73 |
Expiration of state net operating loss carryforwards | 535 |  |  | 595 |
Global intangible low-taxed income inclusion | 420 |  |  | 420 |
Other, net | 519 |  |  | 1,391 |
Income tax expense (benefit) | $ | 4,320 |  |  | $ | (2,515) |
Schedule of components of the deferred tax assets and deferred tax liabilities | The tax effects of cumulative temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows (in thousands):
| December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Provision for accrued expenses | $ | 4,303 |  |  | $ | 1,541 |
Leasing | 11,991 |  |  | 19,053 |
Net operating loss carryforwards (a) | 45,032 |  |  | 38,746 |
Capitalized research and experimentation | 16,577 |  |  | 35,861 |
Non-cash compensation expense(b) | 22,931 |  |  | 23,953 |
Property and equipment | 1,985 |  |  | 833 |
Intangible assets | — |  |  | 1,882 |
Interest | 24,641 |  |  | 22,422 |
Equity investment | 16,538 |  |  | 19,659 |
Tax credits | 16,995 |  |  | 15,522 |
Other | 61 |  |  | 71 |
Total gross deferred tax assets | 161,054 |  |  | 179,543 |
Less: valuation allowance (c) | (18,008) |  |  | (167,549) |
Total deferred tax assets, net of the valuation allowance | 143,046 |  |  | 11,994 |
Deferred tax liabilities: |  |  |
Leasing | (10,080) |  |  | (16,379) |
Intangible and other assets | (7,617) |  |  | — |
Prepaid expenses | (482) |  |  | (484) |
Other | — |  |  | (15) |
Total gross deferred tax liabilities | (18,179) |  |  | (16,878) |
Net deferred taxes | $ | 124,867 |  |  | $ | (4,884) |
(a)At December 31, 2025, the Company had pre-tax consolidated federal net operating losses (“NOLs”) of $148.8 million. The federal NOLs no longer expire under the Tax Cuts and Jobs Act. The Company's NOLs will be available to offset taxable income, subject to the Internal Revenue Code Section 382 annual limitation. In addition, the Company has state NOLs of approximately $423.1 million at December 31, 2025, a portion of which will expire at various times between 2026 and 2055. (b)Certain out-of-the-money stock options are expected to expire unexercised, and as a result may be required to reverse the related deferred tax asset for share-based compensation, which could increase income tax expense and our effective tax rate in a future period. (c)The valuation allowance is related to items for which it is “more likely than not” that the tax benefit will not be realized. Deferred income taxes are presented in the accompanying consolidated balance sheets as follows (in thousands):
| December 31,
| 2025 |  | 2024
Deferred income tax assets | $ | 124,867 |  |  | $ | — |
Deferred income tax liabilities | — |  |  | (4,884) |
Net deferred taxes | $ | 124,867 |  |  | $ | (4,884) |
Schedule of the deferred tax valuation allowance reconciliation | A reconciliation of the beginning and ending balances of the deferred tax valuation allowance is as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Balance, beginning of the period | $ | 167,549 |  |  | $ | 162,504 |  |  | $ | 145,401 |
Charges to earnings | (149,541) |  |  | 5,045 |  |  | 17,103 |
Balance, end of the period | $ | 18,008 |  |  | $ | 167,549 |  |  | $ | 162,504 |
Schedule of reconciliation of beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties | A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024
Balance, beginning of the period | $ | 3,721 |  |  | $ | 3,424 |
Additions based on tax positions of the current period | 225 |  |  | 225 |
Additions (subtractions) based on tax positions of the prior period | 7 |  |  | 72 |
Balance, end of the period | $ | 3,953 |  |  | $ | 3,721 |
Schedule of Income Taxes Paid | Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 2—Significant Accounting Policies, cash paid for income taxes, net of refunds, during the year ended December 31, 2025 was as follows (in thousands):
Federal | $ | 305 |
Illinois | 780 |
Other U.S. state and local | 314 |
Foreign - India | 135 |
Total income taxes paid, net of refunds received | $ | 1,534 |

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