Tax Receivable Agreement and Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Tax Receivable Agreement and Income Taxes

Schedule of provision for income taxes

The components of income tax expense are as follows (in thousands):

	Year Ended December 31,
	2023		2022
Current:
Federal	$	—	$	107
State		—		34
Total current:		—		141
Deferred:
Federal	$	205	$	85
State		363		20
Total deferred:		568		105
Total income tax expense	$	568	$	246

Schedule of effective income tax rate reconciliation

	Year Ended December 31,
	2023		2022
Federal income tax expense at statutory rate	21.0	%	21.0	%
State income tax expense	0.6	%	1.1	%
Partnership income not taxed	(17.0)	%	(16.6)	%
Valuation allowance	(7.3)	%	—	%
Deferred tax remeasurement	(6.5)	%
Other	0.1	%	—	%
Effective income tax rate	(9.1)	%	5.5	%

Schedule of components of deferred tax assets

The components of deferred tax assets are as follows (in thousands):

	December 31,
	2023		2022
Deferred tax assets related to:
Partnership basis difference, net of valuation allowance	$	5,852	$	5,165
Net operating loss carryforwards		280		—
Deferred tax assets, net	$	6,132	$	5,165