Income Taxes (Tables)

12 Months Ended

Sep. 30, 2021

Income Taxes [Abstract]

Components of Income Tax Expense

The components of income tax expense are:

($ in thousands)	Year Ended September 30, 2021		Year Ended September 30, 2020
Current:
Federal	$	18,966	$	4,384
State		3,108		1,436
		22,074		5,820
Deferred:
Federal		3,341		395
State		387		114
		3,728		509
Income tax expense	$	25,802	$	6,329

Reconciliation of Effective Income Tax Rate

A reconciliation of the United States statutory income tax rate to the Company’s effective income tax rate is as follows:

	For the Years Ended September 30,
	2021			2020			2019
Statutory federal tax rate		21.0	%		21.0	%		21.0	%
Income attributable to non-controlling interests and nontaxable income		(5.5	)		(12.4	)		(21.0	)
State income taxes, net of federal benefit		2.4			2.3			-
Other		0.8			0.6			-
Effective income tax rate		18.7	%		11.5	%		-	%

Deferred Tax Assets and Liabilities

Details of the Company’s deferred tax assets and liabilities are as follows:

($ in thousands)	September 30, 2021		September 30, 2020
Deferred tax assets:
Investment in partnerships	$	19,293	$	9,063
Tax receivable agreement		9,817		3,791
Total		29,110		12,854
Valuation allowance		-		-
Total deferred tax assets		29,110		12,854
Total deferred tax liabilities		-		-
Deferred tax assets, net	$	29,110	$	12,854