v3.25.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Tax The provision for income tax for the years ended December 31, 2025 and 2024 are as follows:

 

 

 

Year Ended December 31, 2025

 

 

Year Ended December 31, 2024

 

Current provision:

 

 

 

 

 

 

Federal

 

$

5,582

 

 

$

7,575

 

State

 

 

537

 

 

 

4,560

 

Total current provision

 

 

6,119

 

 

 

12,135

 

Deferred provision (benefit):

 

 

 

 

 

 

Federal

 

 

(11,121

)

 

 

61,739

 

State

 

 

(18,217

)

 

 

30,409

 

Total deferred provision (benefit)

 

 

(29,338

)

 

 

92,148

 

Provision (benefit):

 

 

 

 

 

 

Federal

 

 

(5,539

)

 

 

69,412

 

State

 

 

(17,680

)

 

 

34,969

 

Total (benefit from) provision for income taxes

 

$

(23,219

)

 

$

104,381

 

Schedule of Income Tax Expense at Statutory Tax Rate

Income tax expense at the statutory tax rate is reconciled to the overall income tax expense for the year ended December 31, 2025 is as follows:

 

 

 

Year Ended December 31, 2025

 

 

 

%

 

 

$

 

Federal income tax from continuing operations at statutory rates

 

 

21.0

%

 

$

(3,343

)

State income taxes, net of federal tax effect

 

 

103.7

%

 

 

(16,506

)

Non-deductible permanent items:

 

 

 

 

 

 

Executive compensation

 

 

(1.2

)%

 

 

199

 

Other permanent differences

 

 

0.7

%

 

 

(109

)

Other:

 

 

 

 

 

 

Income passed through to non-controlling interests

 

 

1.2

%

 

 

(185

)

Other

 

 

20.6

%

 

 

(3,275

)

Provision for (benefit from) income taxes

 

 

145.9

%

 

$

(23,219

)

Income tax expense at the statutory tax rate is reconciled to the overall income tax expense for the year ended December 31, 2024 is as follows:

 

 

 

Year Ended December 31, 2024

 

Federal income tax from continuing operations at statutory rates

 

 

21.0

%

Income prior to C-Corporation conversion

 

 

(1.1

)%

Income passed through to non-controlling interests

 

 

(16.4

)%

State income taxes, net of federal tax effect

 

 

1.6

%

Permanent differences

 

 

0.0

%

Conversion to C-Corporation status

 

 

6.6

%

Other

 

 

(0.1

)%

Provision for income taxes

 

 

11.6

%

 

Schedule of Net Deferred Tax Assets and Liabilities

The net deferred tax assets and liabilities as of December 31, 2025 and 2024 are comprised of the following:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

4,412

 

 

$

3,827

 

Operating lease liabilities

 

 

2,186

 

 

 

1,604

 

Other

 

 

1,249

 

 

 

1,106

 

Total deferred tax assets

 

 

7,847

 

 

 

6,537

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

Digital assets

 

 

3,315

 

 

 

3,493

 

Operating lease right-of-use assets

 

 

1,453

 

 

 

1,219

 

Investments, at fair value

 

 

12,538

 

 

 

20,607

 

Investments in proprietary funds

 

 

45,323

 

 

 

63,812

 

Intangible assets and goodwill

 

 

10,894

 

 

 

13,089

 

Other

 

 

669

 

 

 

-

 

Total deferred tax liabilities

 

 

74,192

 

 

 

102,220

 

 

 

 

 

 

 

 

Deferred tax liability, net

 

$

66,345

 

 

$

95,683

 

Summary of Tax Carryforward Attributes

The Company has the following tax carryforward attributes:

 

 

Gross Amount

 

 

Expiring

 

Federal net operating loss carryforwards

 

$

16,650

 

 

$

-

 

Summary of Income Taxes Paid

The following table presents income taxes paid by jurisdiction for the year ended December 31, 2025 and 2024, including
U.S. Federal and state income taxes. The States presented make up the majority of the effects of state taxes included in the
provision for income taxes.

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Federal

 

$

6,000

 

 

$

5,976

 

Wisconsin

 

 

1,663

 

 

 

-

 

New York State

 

 

655

 

 

 

2,399

 

New York City

 

 

575

 

 

 

2,285

 

New Jersey

 

 

-

 

 

 

417

 

All others

 

 

348

 

 

 

10

 

 

 

$

9,241

 

 

$

11,087