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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

For financial reporting purposes, the components of income (loss) from continuing operations before income tax benefit were as follows:

						For the Year Ended
(Dollars in Thousands)						December 31, 2025						December 31, 2024						December 31, 2023
U.S. Domestic						$	(66,901)					$	(65,357)					$	(8,812)
Foreign						(38,228)						(57,747)						(33,363)
Income (loss) before income tax benefit						$	(105,129)					$	(123,104)					$	(42,175)

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of the Company’s income tax expense (benefit) from continuing operations :

						For the Year Ended
(Dollars in Thousands)						December 31, 2025						December 31, 2024						December 31, 2023
Current income tax expense (benefit)
U.S. federal						$	(175)					$	584					$	749
State and local						361						1,046						98
Foreign						1,704						465						871
						$	1,890					$	2,095					$	1,718
Deferred income tax expense (benefit)
U.S. federal						$	12,658					$	(10,202)					$	(344)
State and local						4,997						(10,119)						(1,021)
Foreign						(957)						(2,630)						(859)
						$	16,698					$	(22,951)					$	(2,224)
Total income tax expense (benefit)
U.S. federal						$	12,483					$	(9,618)					$	405
State and local						5,358						(9,073)						(923)
Foreign						747						(2,165)						12
Total income tax expense (benefit)						$	18,588					$	(20,856)					$	(506)

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 December 31, 2025:

						For the Year Ended
(Dollars in Thousands)						December 31, 2025
U.S. federal tax expense (benefit) at statutory rate						$	(22,077)		21.0		%
State tax, net of federal benefit						3,522			(3.3)		%
Foreign tax effects
United Kingdom
Foreign rate differential						(1,379)			1.3		%
Change in valuation allowance						3,840			(3.7)		%
Non-deductible expenses						3,153			(3.0)		%
Change in fair value of contingent consideration						1,268			(1.2)		%
Other						354			(0.3)		%
Germany
Foreign rate differential						(219)			0.2		%
Non-deductible expenses						759			(0.7)		%
Other jurisdictions
Foreign rate differential						(77)			0.1		%
Change in valuation allowance						1,014			(1.0)		%
Other						53			—		%
Change in Valuation Allowance						26,429			(25.1)		%
Nondeductible items
Stock based compensation						(9)			—		%
Executive Compensation Limitation under 162(m)						61			(0.1)		%
Net impact of non-controlling interest						3,344			(3.2)		%
Change in fair value of contingent consideration						(1,365)			1.3		%
Other Permanent differences						(95)			0.1		%
Rate change						12			—		%
Total Effective Tax Rate						$	18,588		(17.7)		%

The following table sets forth the reconciliation of the Company’s effective rate to the statutory rate for the years ended December 31, 2024 and 2023:

						For the Year Ended
(Dollars in Thousands)						December 31, 2024									December 31, 2023
U.S. federal tax expense (benefit) at statutory rate						$	(25,851)		21.0		%				$	(8,856)		21.0		%
State tax, net of federal benefit						(9,457)			7.7		%				(1,246)			3.0		%
Goodwill Impairment						7,342			(6.0)		%				—			—		%
Non-deductible Professional Fees						1,337			(1.1)		%				1,808			(4.3)		%
Change in fair value of warrant liability						—			—		%				2,702			(6.4)		%
Change in fair value of contingent consideration						(6,129)			5.0		%				(5,657)			13.4		%
Other Perms						421			(0.3)		%				256			(0.6)		%
Prior year true-ups						(361)			0.3		%				10			—		%
Change in Valuation Allowance						6,278			(5.1)		%				10,530			(25.0)		%
Foreign rate differential						(1,751)			1.4		%				(1,778)			4.2		%
Stock based compensation						434			(0.4)		%				145			(0.3)		%
Rate Change						96			(0.1)		%				—			—		%
Net impact of non-controlling interest						6,785			(5.5)		%				1,580			(3.7)		%
Total Effective Rate						$	(20,856)		16.9		%				$	(506)		1.2		%

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2025 and 2024 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, 2025						December 31, 2024
Deferred tax assets
Net operating losses						$	44,632					$	27,736
Investment in partnership						18,519						13,117
Goodwill						921						1,503
Disallowed interest carryforward						3,455						5,816
Accruals and reserves						7,017						6,567
Operating Lease Liability						1,329						1,744
Other deferred tax asset						802						921
Total deferred tax assets						76,675						57,404
Deferred tax liabilities
Intangibles						$	17,405					$	17,353
Operating Lease - Right Of Use						1,281						1,723
Other deferred tax liability						233						254
Total deferred tax liabilities						18,919						19,330
Valuation allowance						(67,323)						(27,325)
Net deferred tax asset (liabilities)						$	(9,567)					$	10,749

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, 2025 and 2024:

(Dollars in Thousands)						December 31, 2025						December 31, 2024
Balance at January 1,						$	240					$	—
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					$	240

Schedule of Cash Flow Supplemental Disclosures

For the year ended December 31, 2025, income taxes paid exceeded 5% of total income taxes paid, net of refunds, in the following jurisdictions:

(Dollars in Thousands)						December 31, 2025
Federal						$	744
New York City						253
Hong Kong						485
Switzerland						289
Singapore						243
Italy						175
Other						135
Total income taxes paid (net of refunds)						$	2,324

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