Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

We are not a taxable entity for federal income tax purposes. As such, we do not directly pay federal income taxes. Other than with respect to our corporate subsidiaries and the Texas Margin Tax, our taxable income or loss is includible in the federal income tax returns of each of our partners.

A few of our operations are owned by wholly-owned corporate subsidiaries that are taxable as corporations. During 2025, we paid state income taxes on these operations.

Our income tax expense is as follows:

	Year Ended December 31,
	2025		2024		2023
Current:
State	176		965		784
Foreign	57		56		52
Total current income tax expense	$	233	$	1,021	$	836
Deferred:
Federal	$	467	$	610	$	248
State	106		139		(628)
Total deferred income tax expense (benefit)	$	573	$	749	$	(380)
Total income tax expense	$	806	$	1,770	$	456

Deferred income taxes relate to temporary differences based on tax laws and statutory rates that were enacted at the balance sheet date. Deferred tax assets and liabilities consist of the following:

	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards - Federal	$	9,746	$	10,695
Net operating loss carryforwards - State	2,443		2,580
Other	4,949		3,882
Total long-term deferred tax asset	17,138		17,157
Valuation allowances	(5,731)		(4,938)
Total deferred tax assets	$	11,407	$	12,219
Deferred tax liabilities:
Long-term:
Fixed assets	$	(1,652)	$	(1,799)
Intangible assets	(27,033)		(27,033)
Other	(127)		38
Total long-term liability	(28,812)		(28,794)
Total deferred tax liabilities	$	(28,812)	$	(28,794)
Total net deferred tax liability	$	(17,405)	$	(16,575)

We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions.

The reconciliation between the partnership’s effective tax rate on income (loss) from operations and the statutory tax rate is as follows:

	Year Ended December 31,
	2025			2024			2023
	(in thousands)		Percent	(in thousands)		Percent	(in thousands)		Percent
Income (loss) from continuing operations before income taxes	$	31,311		$	(48,995)		$	47,633
Tax expense (benefit) at federal statutory rate	$	6,575	21.0%	$	(10,289)	21.0%	$	10,003	21.0%
Partnership income (loss) not subject to federal income tax	(6,757)		(21.6)%	9,960		(20.3)%	(9,381)		(19.7)%
State and local income tax (benefit), net of federal effect	117		0.4%	1,316		(2.7)%	(415)		(0.9)%
Foreign income taxes	57		0.2%	56		(0.1)%	52		0.1%
Valuation allowance	699		2.2%	853		(1.7)%	323		0.7%
Other	115		0.4%	(126)		0.3%	(126)		(0.3)%
Income tax expense	$	806	2.6%	$	1,770	(3.6)%	$	456	1.0%

At December 31, 2025, 2024 and 2023, we had no uncertain tax positions.