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INCOME TAXES | 9 Months Ended
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Sep. 30, 2025
INCOME TAXES |
INCOME TAXES | 8. INCOME TAXES The Company’s effective income tax rates for the three months ended September 30, 2025 and 2024 were 0.2% and 1.5%, respectively, primarily due to the Company’s projections for pre-tax book income in each of those years. For the nine months ended September 30, 2025 and 2024, the Company’s effective income tax rates were (0.3%) and (0.7%), respectively, primarily due to changes in valuation allowances, which were affected by the release of deferred tax liabilities in connection with the sale of Stockman’s intangible assets in April 2025. The Company’s income tax provision or benefit for interim periods has been determined using an estimate of its annual effective tax rate, adjusted for discrete items. ​ The Company continues to assess the realizability of deferred tax assets (“DTAs”) and concluded that it has not met the “more likely than not” threshold. At September 30, 2025, the Company continues to provide a valuation allowance against its DTAs that cannot be offset by existing deferred tax liabilities. In accordance with Accounting Standards Codification 740 (“ASC 740”), this assessment has taken into consideration the jurisdictions in which these DTAs reside. The valuation allowance against DTAs has no effect on the actual taxes paid or owed by the Company. ​ Changes in tax laws, rulings, policies, or related legal and regulatory interpretations occur frequently and may have significant favorable or adverse impacts on our effective tax rate. On July 4, 2025, new U.S. tax legislation (“H.R. 1”) was signed into law, which makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. In addition, H.R. 1 makes changes to certain U.S. corporate tax provisions, but many are generally not effective until 2026. While further evaluation is ongoing, the new tax legislation is not expected to have a material impact on the Company’s financial position or results of operations. ​ ​

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