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Income Taxes and Tax Receivable Agreement (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense | Components of income tax expense are as follows:
| Year Ended December 31,
(in thousands) | 2025 |  | 2024 |  | 2023
Current tax provision |  |  |  |  |
Federal | $ | (12) |  |  | $ | — |  |  | $ | — |
State | 293 |  |  | 270 |  |  | 357 |
Total current tax provision | 281 |  |  | 270 |  |  | 357 |
Deferred tax expense (benefit) |  |  |  |  |
Federal | $ | (77) |  |  | $ | — |  |  | $ | — |
State | 271 |  |  | — |  |  | — |
Total deferred tax provision | 194 |  |  | — |  |  | — |
Income tax expense | $ | 475 |  |  | $ | 270 |  |  | $ | 357 |
Schedule of Effective Income Tax Rate Reconciliation | Our effective income tax rate differs from the U.S. federal statutory income tax rate as itemized below:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effect of flow-through entity | (20.3) |  |  | (21.0) |  |  | (21.0) |
Income allocable to noncontrolling interests not subject to tax | (0.8) |  |  | — |  |  | — |
State and local income taxes, net of federal benefit | (2.3) |  |  | — |  |  | — |
Tax credits | 0.7 |  |  | — |  |  | — |
TRA Adjustments | 0.4 |  |  | — |  |  | — |
Other | (1.7) |  |  | (3.9) |  |  | (4.3) |
Effective income tax rate | (3.0) | % |  | (3.9) | % |  | (4.3) | %
Schedule of Deferred Tax Assets | The components of our deferred tax assets are as follows:
(in thousands) | December 31, 2025 |  | December 31, 2024
Deferred tax assets |  |  |
Investment in Black Rock OpCo | $ | 51,204 |  |  | $ | — |
Net operating loss carryforwards | 1,455 |  |  | — |
Credit carryforwards | 103 |  |  | — |
Charitable contribution carryforward | 2 |  |  | — |
Total deferred tax assets | 52,764 |  |  | — |
Less: valuation allowance | — |  |  | — |
Net deferred tax assets | $ | 52,764 |  |  | $ | — |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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