Income Taxes (Tables)

12 Months Ended

Sep. 30, 2022

Income Taxes [Abstract]

Components of Income Tax Expense

The components of income tax expense are:

($ in thousands)	Year Ended September 30, 2022		Year Ended September 30, 2021		Year Ended September 30, 2020
Current:
Federal	$	31,986	$	18,966	$	4,384
State		5,492		3,108		1,436
Foreign		6		-		-
		37,484		22,074		5,820
Deferred:
Federal		5,376		3,341		395
State		365		387		114
Foreign		-		-		-
		5,741		3,728		509
Income tax expense	$	43,225	$	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,
	2022			2021			2020
Statutory federal tax rate		21.0	%		21.0	%		21.0	%
Income attributable to non-controlling interests and nontaxable income		(2.3	)		(5.5	)		(12.4	)
State income taxes, net of federal benefit		2.9			2.4			2.3
Other		0.4			0.8			0.6
Effective income tax rate		22.0	%		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, 2022		September 30, 2021
Deferred tax assets:
Investment in partnerships	$	-	$	19,293
Tax receivable agreement		11,609		9,817
Other		3		-
Total		11,612		29,110
Valuation allowance		-		-
Total deferred tax assets		11,612		29,110
Deferred tax liabilities:
Investment in partnerships	$	2,410	$	-
Fixed assets		66		-
Intangibles		703		-
Total deferred tax liabilities		3,179		-
Deferred tax assets, net	$	8,433	$	29,110