Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of the Provision for Income Taxes
The components of the provision for income tax (benefit) provision are as follows (in thousands):
Year Ended December 31,
2023 2022 2021
Current expense
Federal $ —  —  — 
State 185  367  178 
Total current expense 185  367  178 
Deferred expense
Federal —  —  — 
State —  —  — 
Total deferred expense —  —  — 
Total income tax (benefit) provision $ 185  $ 367  $ 178 
Schedule of Reconciliation of the Federal Statutory Income Tax Rate to the Effective Tax Rate
Reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows (dollars in thousands):
December 31, 2023 December 31, 2022 December 31, 2021
Amount Rate Amount Rate Amount Rate
Expected U.S. federal income taxes at statutory rate $ (11,872) 21.00  % $ (70,912) 21.00  % $ (2,870) 21.00  %
State Taxes 30  (0.05) % (72) 0.02  % 178  (1.30) %
Effect of Business Combination —  —  —  —  —  — 
Loss attributable to non-controlling interests 8,366  (14.80) % 54,050  (16.00) % —  — 
Valuation allowance 3,649  (6.45) % 17,280  (5.12) % —  — 
Effect due to LLC flow-through structure —  —  —  —  2,870  (21.00) %
Other 12  (0.03) % 21  (0.01) % —  — 
Income tax expense (benefit) $ 185  (0.33) % $ 367  (0.11) % $ 178  (1.30) %
Schedule of Components of Deferred Tax Assets / (Liabilities)
The tax effects of cumulative temporary differences that give rise to significant deferred tax assets and deferred tax liabilities are presented below (in thousands):
December 31,
2023 2022 2021
Deferred tax assets:
Investment in partnership $ 83,483  $ 78,801  $ — 
Net operating losses 11,209  5,212  — 
Other 438  71  — 
Total deferred tax assets before valuation allowance 95,130  84,084  — 
Less: valuation allowance (95,130) (84,084) — 
Deferred tax assets - net of valuation allowance —  —  — 
Deferred tax liabilities:
—  —  — 
Total deferred tax liabilities —  —  — 
Deferred tax (liabilities) assets, net $ —  $ —  $ —