Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Our provision for income taxes consists of the following:

	For the Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	1,147	$	—	$	(168)
State	596		467		613
	1,743		467		445
Deferred:
Federal	—		—		—
State	—		—		—
	—		—		—
Income tax provision	$	1,743	$	467	$	445

Schedule of Reconciliation of Effective Tax Rate and the U.S. Federal Statutory Income Tax Rate

The table below is a reconciliation of the statutory income tax rate to the effective tax rate for 2025, in accordance with the updated requirements of ASU 2023-09. See Note 2 for further information on the adoption of ASU 2023-09:

	For the Year Ended December 31, 2025
	Amount		Percent
Taxes at statutory U.S. federal income tax rate	$	(59,407)	21	%
Nontaxable income	60,554		(21.4)	%
State and local income taxes, net of federal tax benefit (1)	596		(0.2)	%
Effective tax rate	$	1,743	(0.6)	%

(1)States taxes in Texas make up a majority (greater than 50%) of the tax effect in this category.

	For the Year Ended December 31,
	2024		2023
Taxes at statutory U.S. federal income tax rate	21.0	%	21.0	%
Nontaxable income	(21.0)	%	(21.0)	%
Federal excise tax	—	%	0.1	%
State and local income taxes, net of federal tax benefit	(0.1)	%	(0.2)	%
Effective tax rate	(0.1)	%	(0.1)	%

Schedule of Significant Components of our Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets

and liabilities were as follows:

	For the Year Ended December 31,
	2025		2024
Deferred tax assets:
Deferred income	$	3,458	$	2,388
Fair market value adjustment	(2,053)		(1,862)
Other	1,983		1,225
Tax loss carryforwards	110,013		102,940
	113,401		104,691
Valuation allowance	(113,401)		(104,691)
	—		—
Net deferred income taxes	$	—	$	—