Income Taxes (Tables)

12 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Summary of Components of Income Tax Expense

The components of income tax (benefit) expense are:

($ in thousands)	Year Ended September 30, 2023		Year Ended September 30, 2022		Year Ended September 30, 2021
Current:
Federal	$	16,184	$	31,986	$	18,966
State	3,434		5,492		3,108
Foreign	—		6		—
	19,618		37,484		22,074
Deferred:
Federal	(19,171)		5,376		3,341
State	(3,859)		365		387
Foreign	—		—		—
	(23,030)		5,741		3,728
Income tax (benefit) expense	$	(3,412)	$	43,225	$	25,802

Summary of 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,
	2023		2022		2021
Statutory federal tax rate	21.0	%	21.0	%	21.0	%
Income attributable to non-controlling interests and nontaxable income	(0.2)		(2.3)		(5.5)
State income taxes, net of federal benefit	3.3		2.9		2.4
Loss on impairment	(11.4)		—		—
Other	(4.7)		0.4		0.8
Effective income tax rate	8.0	%	22.0	%	18.7	%

Summary of Deferred Tax Assets and Liabilities

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

($ in thousands)	September 30, 2023		September 30, 2022
Deferred tax assets:
Investment in partnerships	$	23,619	$	—
Tax receivable agreement	10,702		11,609
Net operating loss	1,557		—
Other	—		3
Total	35,878		11,612
Valuation allowance	—		—
Total deferred tax assets	35,878		11,612
Deferred tax liabilities:
Investment in partnerships	$	—	$	2,410
Fixed assets	107		66
Intangibles	703		703
Other	2		—
Total deferred tax liabilities	812		3,179
Deferred tax assets, net	$	35,066	$	8,433