Tax Receivable Agreement and Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Tax Receivable Agreement and Income Taxes [Abstract]

Schedule of Expense for Income Taxes and the Effective Income Tax Rates

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

The Company recorded a tax benefit for federal and state income tax for which the components and the effective income tax rates are as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Income tax expense	$	6,606		$	166		$	6,132		$	166
Effective income tax rate	2884.7		%	4.7		%	(85.1		%)	4.9		%

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