v3.26.1
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Net Deferred Tax Assets
The tax effects of temporary differences that give rise to significant portions of net deferred tax assets (“DTAs”) recorded at the Company’s domestic TRS entities at March 31, 2026 and December 31, 2025 are presented in the following table:

(In Thousands)March 31, 2026December 31, 2025
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards$107,395 $104,004 
Unrealized mark-to-market, impairments and loss provisions17,640 17,602 
Other realized / unrealized treatment differences(41,822)(39,080)
Total deferred tax assets83,213 82,526 
Less: valuation allowance(83,213)(82,526)
Net deferred tax assets$— $— 
Schedule of Income Tax Provision (Benefit)
The following table summarizes the Company’s income tax provision/(benefit) primarily recorded at the Company’s domestic TRS entities for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
(In Thousands)20262025
Current provision/(benefit)
Federal$— $(724)
State— (148)
Total current provision/(benefit)— (872)
Deferred provision/(benefit)
Federal— — 
State— — 
Total deferred provision/(benefit)— — 
Total provision/(benefit)$— $(872)
Schedule of Statutory Federal Tax Rate to our Effective Tax Rate
The following is a reconciliation of the statutory federal tax rate to the Company’s effective tax rate at March 31, 2026 and 2025:
Three months ended
March 31, 2026March 31, 2025
(Dollars in Thousands)AmountPercentageAmountPercentage
U.S. Federal statutory tax rate(207)21.0 %8,464 21.0 %
State and local taxes, net of federal income tax effect (1)
— — %148 0.4 %
Changes in valuation allowances569 (57.9)%8,558 21.2 %
Nontaxable or nondeductible items
REIT GAAP income or loss not subject to federal income tax(1,547)157.2 %(6,514)(16.2)%
VIE income or loss1,584 (161.0)%(6,391)(15.9)%
TRS permanent differences16 (1.6)%168 0.4 %
Basis difference in contributed assets to subsidiaries(408)41.4 %(5,383)(13.4)%
Other adjustments(7)0.9 %78 0.2 %
Effective tax rate— — %(872)(2.2)%
(1)No jurisdictions materially contributed to the majority (greater than 50%) of the net tax effect in this category for 2026. The jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Maine, Minnesota, New Jersey, and Pennsylvania for 2025.
Schedule of Cash Flow, Supplemental Disclosures
The amount of cash taxes paid by (refunded to) the Company by jurisdiction for the three months ended:
Three months ended
(In Thousands)
March 31, 2026
Federal
$— 
Other states
— 
Total cash taxes paid (refunded)
$—