INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The current and deferred components of the income tax provision (benefit) included in the Consolidated Statements of Operations are as follows:

	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	—	$	(1)	$	7
State and local	2,446		1,394		447
Total current provision	2,446		1,393		454
Deferred:
Federal	(4,468)		(256)		1,082
State and local	(1,296)		2,176		934
Total deferred provision	(5,764)		1,920		2,016
Total:
Federal	(4,468)		(257)		1,089
State and local	1,150		3,570		1,381
Total provision	$	(3,318)	$	3,313	$	2,470

Schedule of Effective Income Tax Rate Reconciliation

	Year Ended December 31, 2025
	Amount		Percent
U.S. federal tax at statutory rate	$	(32,405)	21.00	%
Nontaxable or nondeductible items:
Nontaxable earnings from equity investment	(1,937)		1.26	%
Nondeductible transaction costs	2,195		(1.42)	%
Other	(1,075)		0.70	%
Valuation allowance	55,297		(35.83)	%
Other:
Tax effects of acquiring control of Long Ridge Energy & Power LLC	(21,054)		13.65	%
Deferred tax remeasurement	(5,497)		3.56	%
Other	522		(0.35)	%
State and local income taxes, net of federal income tax (1)	636		(0.41)	%
Provision for income taxes	$	(3,318)	2.16	%

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(1) State taxes in Pennsylvania, Texas and Indiana made up the majority (greater than 50%) of the tax effect in this category.

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the years ended December 31, 2024 and 2023:

	Year Ended December 31,
	2024		2023
U.S. federal tax at statutory rate	21.00	%	21.00	%
State and local taxes	(1.11)	%	1.79	%
Noncontrolling interest	(1.66)	%	(2.17)	%
Deferred adjustment	(5.17)	%	(3.71)	%
Other	0.33	%	(0.61)	%
Change in valuation allowance	(14.65)	%	(17.88)	%
Provision for income taxes	(1.26)	%	(1.58)	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:

	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	268,055	$	189,612
Accrued expenses	21,933		13,331
Interest expense	128,152		84,348
Operating lease liabilities	13,544		84,774
Derivative	97,043		—
Investment in partnerships	20,470		14,894
Other	27,517		19,062
Total deferred tax assets	576,714		406,021
Less valuation allowance	(304,055)		(249,223)
Net deferred tax assets	272,659		156,798
Deferred tax liabilities:
Fixed assets and goodwill	(461,321)		(73,458)
Operating lease right-of-use assets	(85,722)		(72,664)
Other	(24,969)		(20,315)
Net deferred tax liabilities	$	(299,353)	$	(9,639)

Summary of Valuation Allowance

A summary of the changes in the valuation allowance is as follows:

	December 31,
	2025		2024		2023
Valuation allowance at beginning of period	$	249,223	$	215,082	$	214,003
Change in current year	54,832		34,141		1,079
Valuation allowance at end of period	$	304,055	$	249,223	$	215,082