Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate to the Effective Tax Rate (Details)

v3.25.4
Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate to the Effective Tax Rate (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory tax rate $ (6,741) $ (1,570) $ (11,872)
State and local income tax net of federal benefit 132 172 185
Changes in valuation allowance 4,292 9,331 9,186
Investment in partnership (3,603) (8,896) (5,427)
Other non-taxable adjustments (248) (11) (3,679)
Non-controlling interests 6,300 1,146 11,792
Other adjustments 0 0 0
Total income tax provision $ 132 $ 172 $ 185
Rate      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State and local income tax net of federal benefit (0.40%) (2.30%) (0.30%)
Changes in valuation allowance (13.40%) (124.80%) (16.20%)
Investment in partnership 11.20% 119.00% 9.60%
Other non-taxable adjustments 0.80% 0.10% 6.50%
Non-controlling interests (19.60%) (15.30%) (20.90%)
Other adjustments 0.00% 0.00% 0.00%
Income tax expense (0.40%) (2.30%) (0.30%)