Tax Receivable Agreement and Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Tax Receivable Agreement and Income Taxes [Abstract]

Schedule of Provision for Income Taxes

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

	Year Ended December 31,
	2024		2023
Current:
Federal	$	—	$	—
State	—		—
Total current	—		—
Deferred:
Federal	$	5,192	$	205
State	940		363
Total deferred	6,132		568
Total income tax expense	$	6,132	$	568

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2024		2023
Federal income tax expense at statutory rate	21.0	%	21.0	%
State income tax expense	—	%	0.6	%
Partnership income not taxed	(22.0)	%	(17.0)	%
Valuation allowance	(51.9)	%	(7.3)	%
Deferred tax remeasurement	—	%	(6.5)	%
Derecognition of tax receivable agreement liability	7.9	%	—	%
Other	0.5	%	0.1	%
Effective income tax rate	(44.5)	%	(9.1)	%

Schedule of Components of Deferred Tax Assets

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

	December 31,
	2024		2023
Deferred tax assets related to:
Net operating loss carryforwards	$	1,454	$	280
Partnership basis difference and other	6,255		6,312
Total deferred tax assets	$	7,709	$	6,592
Valuation allowance	(7,709)		(460)
Total deferred tax assets, net	$	—	$	6,132