Income Taxes (Tables)

12 Months Ended

Sep. 30, 2025

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, 2025		Year Ended September 30, 2024		Year Ended September 30, 2023
Current:
Federal	$	93	$	(424)	$	16,184
State	457		601		3,434
Foreign	—		—		—
	550		177		19,618
Deferred:
Federal	(30,411)		(152)		(19,171)
State	(5,440)		(182)		(3,859)
Foreign	—		—		—
	(35,851)		(334)		(23,030)
Income tax (benefit) expense	$	(35,301)	$	(157)	$	(3,412)

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,
	2025		2024		2023
Statutory federal tax rate	21.0	%	21.0	%	21.0	%
Income attributable to non-controlling interests and nontaxable income	(0.2)		(1.3)		(0.2)
State income taxes, net of federal benefit	3.4		(2.4)		3.3
Non-deductible items	(1.1)		(23.3)		—
Federal and state credits	0.4		10.1		—
Loss on impairment	—		—		(11.4)
Other	(0.1)		(1.7)		(4.7)
Effective income tax rate	23.4	%	2.4	%	8.0	%

Summary of Deferred Tax Assets and Liabilities

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

($ in thousands)	September 30, 2025		September 30, 2024
Deferred tax assets:
Investment in partnerships	$	51,030	$	24,496
Tax receivable agreement	9,265		10,071
Net operating loss	8,130		1,216
Other	4,162		1,495
Total	72,587		37,278
Valuation allowance	—		—
Total deferred tax assets	72,587		37,278
Deferred tax liabilities:
Fixed assets	$	—	$	—
Intangibles	—		—
Other	—		—
Total deferred tax liabilities	—		—
Deferred tax assets, net	$	72,587	$	37,278