Income Taxes (Tables)

12 Months Ended

Sep. 30, 2024

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, 2024		Year Ended September 30, 2023		Year Ended September 30, 2022
Current:
Federal	$	(424)	$	16,184	$	31,986
State	601		3,434		5,492
Foreign	—		—		6
	177		19,618		37,484
Deferred:
Federal	(152)		(19,171)		5,376
State	(182)		(3,859)		365
Foreign	—		—		—
	(334)		(23,030)		5,741
Income tax (benefit) expense	$	(157)	$	(3,412)	$	43,225

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,
	2024		2023		2022
Statutory federal tax rate	21.0	%	21.0	%	21.0	%
Income attributable to non-controlling interests and nontaxable income	(1.3)		(0.2)		(2.3)
State income taxes, net of federal benefit	(2.4)		3.3		2.9
Non-deductible items	(23.3)		—		—
Federal and state credits	10.1		—		—
Loss on impairment	—		(11.4)		—
Other	(1.7)		(4.7)		0.4
Effective income tax rate	2.4	%	8.0	%	22.0	%

Summary of Deferred Tax Assets and Liabilities

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

($ in thousands)	September 30, 2024		September 30, 2023
Deferred tax assets:
Investment in partnerships	$	24,496	$	23,619
Tax receivable agreement	10,071		10,702
Net operating loss	1,216		1,557
Other	1,495		—
Total	37,278		35,878
Valuation allowance	—		—
Total deferred tax assets	37,278		35,878
Deferred tax liabilities:
Fixed assets	$	—	$	107
Intangibles	—		703
Other	—		2
Total deferred tax liabilities	—		812
Deferred tax assets, net	$	37,278	$	35,066