v3.25.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision (Benefit) The following table sets forth the income tax provision (benefit) as recorded in the Company’s consolidated statements of comprehensive income (loss) for the years ended December 31, 2025 and December 31, 2024:
December 31, 2025December 31, 2024
(in thousands)
Current
Federal$494 $6,474 
State37 848 
Total current income tax expense531 7,322 
Deferred
Federal(149)(3,382)
State(30)(679)
Total deferred income tax expense (benefit)(179)(4,061)
Total income tax expense (benefit)$352 $3,261 
Schedule of Deferred Tax Assets The tax effects of temporary differences
that give rise to significant portions of the net DTA recorded at the TRS entity as of December 31, 2025 and December 31, 2024 are set forth in the following table:

December 31, 2025December 31, 2024
(in thousands)
DTA
Net operating loss carryforward
$29,981 $37,455 
Utilization of operating loss carryforwards
(179)(4,026)
Valuation allowance(26,528)(29,972)
Total DTA3,274 3,457 
Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate
The difference between the Company’s reported provision for income taxes and the U.S. federal statutory rate of 21% is set forth as follows for the years ended December 31, 2025 and 2024:

December 31, 2025December 31, 2024
Federal statutory rate21.00 %21.00 %
State statutory rate, net of federal tax effect4.26 %4.26 %
Change in valuation allowance(0.40)%(12.58)%
Non-taxable REIT income(21.34)%(5.91)%
Total provision3.52 %6.77 %