Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

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 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)

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%