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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | For financial reporting purposes, the components of income (loss) before income tax benefit were as follows:
|  | For the Year Ended
(Dollars in Thousands) |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022 (Predecessor)
U.S. Domestic |  | $ | (75,928) |  |  | $ | (7,708) |  |  | $ | 1,082 |
Foreign |  | (119,510) |  |  | (308,629) |  |  | (6,553) |
Income (loss) before income tax benefit |  | $ | (195,438) |  |  | $ | (316,337) |  |  | $ | (5,471) |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of the Company’s income tax expense (benefit):
|  | For the Year Ended
(Dollars in Thousands) |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022 (Predecessor)
Current income tax expense (benefit) |  |  |  |  |  |
U.S. federal |  | $ | 613 |  |  | $ | 803 |  |  | $ | 320 |
State and local |  | 1,230 |  |  | 170 |  |  | 224 |
Foreign |  | 1,079 |  |  | 880 |  |  | 84 |
|  | $ | 2,922 |  |  | $ | 1,853 |  |  | $ | 628 |
Deferred income tax expense (benefit) |  |  |  |  |  |
U.S. federal |  | $ | (10,178) |  |  | $ | (173) |  |  | $ | (64) |
State and local |  | (10,111) |  |  | (863) |  |  | (31) |
Foreign |  | (3,766) |  |  | (11,351) |  |  | (6) |
|  | $ | (24,055) |  |  | $ | (12,387) |  |  | $ | (101) |
Total income tax expense (benefit) |  |  |  |  |  |
U.S. federal |  | $ | (9,565) |  |  | $ | 630 |  |  | $ | 256 |
State and local |  | (8,881) |  |  | (693) |  |  | 193 |
Foreign |  | (2,687) |  |  | (10,471) |  |  | 78 |
Total income tax expense (benefit) |  | $ | (21,133) |  |  | $ | (10,534) |  |  | $ | 527 |
Schedule of Effective Income Tax Rate Reconciliation | The following table sets forth the reconciliation of the Company’s effective rate to the statutory rate:
|  | For the Year Ended
(Dollars in Thousands) |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022 (Predecessor)
U.S. federal tax expense (benefit) at statutory rate |  | $ | (41,042) |  | 21.0 | % |  | $ | (66,416) |  | 21.0 | % |  | $ | (1,149) |  | 21.0 | %
State tax, net of federal benefit |  | (9,065) |  | 4.7 | % |  | (1,119) |  | 0.4 | % |  | 38 |  | (0.7) | %
Goodwill Impairment |  | 14,640 |  | (7.6) | % |  | 32,254 |  | (10.2) | % |  | — |  | — | %
Exempt income |  | — |  | — | % |  | (6,524) |  | 2.1 | % |  | 127 |  | (2.3) | %
Non-deductible Professional Fees |  | 653 |  | (0.3) | % |  | 3,616 |  | (1.1) | % |  | — |  | — | %
Change in fair value of warrant liability |  | — |  | — | % |  | 2,702 |  | (0.9) | % |  | — |  | — | %
Change in fair value of contingent consideration |  | (6,129) |  | 3.2 | % |  | (5,500) |  | 1.7 | % |  | — |  | — | %
Other Permanent differences |  | 1,631 |  | (0.8) | % |  | 8 |  | — | % |  | 3 |  | (0.1) | %
Prior period adjustments |  | 49 |  | — | % |  | (246) |  | 0.1 | % |  | (2) |  | — | %
Change in Valuation Allowance |  | 10,074 |  | (5.2) | % |  | 28,700 |  | (9.1) | % |  | 1,393 |  | (25.5) | %
Foreign rate differential |  | (647) |  | 0.3 | % |  | 236 |  | (0.1) | % |  | 116 |  | (2.1) | %
Stock based compensation |  | 806 |  | (0.4) | % |  | 145 |  | — | % |  | — |  | — | %
Capital payments |  | 1,465 |  | (0.8) | % |  | — |  | — | % |  | — |  | — | %
Rate Change |  | (931) |  | 0.5 | % |  | 247 |  | (0.1) | % |  | — |  | — | %
Net impact of non-controlling interest |  | 7,363 |  | (3.8) | % |  | 1,363 |  | (0.4) | % |  | — |  | — | %
Total Effective Rate |  | $ | (21,133) |  | 10.8 | % |  | $ | (10,534) |  | 3.3 | % |  | $ | 527 |  | (9.6) | %
Schedule of Deferred Tax Assets and Liabilities | As of December 31, 2024 and 2023 the income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows:
(Dollars in Thousands) |  | December 31, 2024 |  | December 31, 2023
Deferred tax assets |  |  |  |
Net operating losses |  | $ | 46,769 |  |  | $ | 23,273 |
Investment in partnership |  | 15,321 |  |  | 7,158 |
Goodwill |  | 1,503 |  |  | 201 |
Disallowed interest carryforward |  | 8,337 |  |  | 4,376 |
Accruals and reserves |  | 6,592 |  |  | 11,191 |
Operating Lease Liability |  | 5,068 |  |  | 5,274 |
Other deferred tax asset |  | 4,428 |  |  | — |
Total deferred tax assets |  | 88,018 |  |  | 51,473 |
Deferred tax liabilities |  |  |  |
Intangibles |  | $ | 17,353 |  |  | $ | 17,649 |
Operating Lease - Right Of Use |  | 5,047 |  |  | 5,299 |
Investment in partnership |  | — |  |  | — |
Other deferred tax liability |  | 1,436 |  |  | 627 |
Total deferred tax liabilities |  | 23,836 |  |  | 23,575 |
Valuation allowance |  | (53,654) |  |  | (42,007) |
Net deferred tax asset (liabilities) |  | $ | 10,528 |  |  | $ | (14,109) |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table presents a reconciliation of the Company’s total gross unrecognized tax benefits for the year ended December 31, 2024 and 2023:
(Dollars in Thousands) |  | December 31, 2024 |  | December 31, 2023
Balance at January 1, |  | $ | — |  |  | $ | — |
Additions, based on tax positions related to current year |  | — |  |  | — |
Additions for tax positions of prior years |  | 240 |  |  | — |
Reduction for tax positions of prior years |  | — |  |  | — |
Settlements |  | — |  |  | — |
Lapses in statues of limitations |  | — |  |  | — |
Balance at December 31 |  | $ | 240 |  |  | $ | — |

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