Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

A reconciliation of the income tax benefit computed at the U.S. federal statutory income tax rate to the income tax expense recognized is as follows:


(in thousands)	December 31, 2020		December 31, 2019
Expected federal income tax (benefit) expense at statutory rate	$	(9,977)	$	(6,067)
State tax expense, net of federal benefit	(652)		108
Loss attributable to non-controlling interests	5,628		6,264
Valuation allowance	5,290		10,041
Other, net	(95)		589
Income tax expense	$	194	$	10,935

The components of deferred tax assets and liabilities were as follows:


(in thousands)	December 31, 2020		December 31, 2019
Deferred tax assets:
Intangible assets	$	9,197	$	9,144
Basis difference in investment in the Operating Company	742		—
Net operating loss carryforwards	5,129		1,120
Other	43		—
Total deferred tax assets	15,111		10,264
Valuation allowance	(15,111)		(10,041)
Net deferred tax assets	—		223
Deferred tax liability:
Basis difference in investment in the Operating Company	—		(223)
Net deferred tax assets and liabilities	$	—	$	—