Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of The Expense (Benefit) For Income Taxes

The expense (benefit) for income taxes consists (in thousands):

	Year Ended December 31,
	2023		2024
Current:
Federal	$	—	$	2,970
State		—		885
Total current tax		—		3,855
Deferred:
Federal		—		533
State		—		168
Total deferred tax		—		701
Provision for income taxes	$	—	$	4,556

Summary of Reconciliation Between The Company's Income Tax Expense and Taxes

Reconciliation between the Company’s income tax expense and taxes computed at the federal statutory tax rate of 21.0% for calendar years ended December 31, 2024 and 2023 were as follows (in thousands):

	Year Ended December 31,
	2023		2024
Tax at federal statutory rate	$	—	$	(13,960	)
Partnership income (federal) not subject to tax to the Company		—		(8,307	)
State taxes (net of federal benefit)		—		828
Nondeductible Compensation		—		26,406
Other		—		(411	)
Provision for income taxes	$	—	$	4,556
Effective income tax rate				(6.85	)%

Summary of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2024 and 2023 were as follows (in thousands):

	December 31,
	2023		2024
Deferred tax assets
Amortization	$	—	$	7,939
Lease and rents		—		7,382
Insurance and bad debt reserves		—		3,366
Accrued expenses		—		733
Other		—		341
Total deferred tax assets		—		19,761
Valuation allowance for deferred tax assets		—		—
Deferred tax assets, net of valuation allowance	$	—	$	19,761
Deferred tax liabilities
Lease and rents		—		(7,139	)
Depreciation		—		(6,609	)
Other		—		(741	)
Net deferred tax assets	$	—	$	5,272