INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Total Income Tax Provision (Benefit)

The Company is subject to U.S. federal income tax and the Texas margin tax. The Company’s income tax provision for the three months ended March 31, 2022 consists of following:

	Three Months Ended March 31,
	2022		2021
	(In thousands)
Current tax expense:
Federal	$	—	$	—
State and local	—		—
Total current tax expense	—		—
Deferred tax expense:
Federal	—		—
State and Local	676		—
Total deferred tax expense	676		—
Total income tax expense	$	676	$	—

Schedule of Reconciliation of Tax on Income (Loss) Before Income Taxes and Total Tax Expense (Benefit)

The Company records income taxes using an estimated annual effective tax rate and recognizes specific events discretely as they occur. The following table presents reconciliation of the U.S. statutory income tax rate to the estimated annual effective tax rate:

	Three Months Ended
	March 31, 2022
U.S. statutory rate(1)	21.0	%
Tax attributable to Noncontrolling interest - Common Units limited partners	(11.6)	%
Tax attributable to Noncontrolling interest - Preferred Units limited partners	(5.1)	%
State tax rate	3.1	%
Other	0.2	%
Valuation allowance	(4.5)	%
Effective rate	3.1	%

(1) Prior to the Closing on February 22, 2022, the Company was organized as limited partnership and was not subject to the U.S. federal income tax for the three months ended March 31, 2021.

Schedule of Unrecognized Tax Benefits

Reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:

(In thousands)	Amount
Balance as of January 1, 2022	$	—
Increase related to ALTM acquisition	5,238
Reduction related to current year activities	(228)
Balance as of March 31, 2022	$	5,010