Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of reconciliation of the income tax expense (benefit)

The Company’s reconciliation of the income tax expense (benefit) if computed at the U.S. federal statutory income tax rate to the Company’s reported income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 is as follows ($ in thousands):

	Years Ended December 31,
	2024		2023		2022
Net income (loss) from operations before income taxes	$	(88,360)	$	(196,290)	$	(36,311)
Statutory federal tax rate		21%		21%		21%
Income tax expense (benefit) at statutory rates		(18,556)		(41,221)		(7,625)
State income taxes, net of federal benefit		(5,755)		(12,825)		(1,718)
Return to provision		(1,218)		—		—
Income eliminated for financial reporting		411		—		—
Tax effect of net losses reported on predecessor entities		—		22,631		—
State net operating loss limitations		—		1,137		(1,047)
Equity adjustments		346		—		(3,266)
Noncontrolling interests		(25)		(18)		(10)
Deferred intercompany transactions		—		408		—
Basis adjustments		—		32,370		—
Miscellaneous		28		—		—
State franchise and minimum taxes		2		—		—
Valuation allowance		24,769		(2,482)		13,666
Income tax (benefit) expense	$	2	$	—	$	—

Schedule of deferred tax assets and liabilities

The Company had the following deferred tax assets (liabilities) as of December 31, 2024 and 2023 ($ in thousands):

	As of December 31,
	2024		2023
Basis differences	$	26,620	$	31,838
Deferred expense		461		949
Depreciation		665		1,101
Net operating loss carryforwards(1)		21,541		9,832
Mark-to-market cost method investments		33,369		16,926
Capitalized expenses		7,803		5,044
Valuation allowance		(90,459)		(65,690)
Deferred tax asset, net	$	—	$	—

(1) The net operating loss (“NOL”) carryforwards can generally be used to offset both ordinary taxable income and capital gain net income in future years and are carried forward indefinitely. The deduction for NOL’s is limited to 80% of taxable income when utilized.