Income Taxes (Tables)

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes was as follows for the three and six months ended June 30, 2026 and June 30, 2025:


		Three Months Ended June 30,										Six Months Ended June 30,
(in thousands)		2026					2025					2026					2025
Current
Federal		$		(119	)		$		4,013			$		229			$		7,662
State				(22	)				731					42					1,397
Total current income tax expense				(141	)				4,744					271					9,059
Deferred
Federal				2,192					20					6,094					75
State				405					4					1,127					14
Total deferred income tax expense				2,597					24					7,221					89
Total income tax expense		$		2,456			$		4,768			$		7,492			$		9,148

Schedule of Reconciliation of U.S. Federal Statutory Rate and Effective Tax Rates

The following table reconciles the TRS U.S. federal statutory income tax rate to the TRS effective income tax rate for the three and six months ended June 30, 2026 and June 30, 2025:


		Three months ended June 30,																				Six months ended June 30,
		2026										2025										2026										2025
(in thousands)		Amount					Percent					Amount					Percent					Amount					Percent					Amount					Percent
U.S. Federal Statutory Tax Rate		$		2,073				21.0		%		$		4,033				21.0		%		$		6,323				21.0		%		$		7,737				21.0		%
State and Local Income Taxes, Net of Federal Income Tax Effect (1)				383				3.9						735				3.8						1,169				3.9						1,411				3.8
Effective Tax Rate		$		2,456				24.9		%		$		4,768				24.8		%		$		7,492				24.9		%		$		9,148				24.8		%

(1)

State taxes in California, Florida and New York made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of Company's Deferred Tax Assets and Liabilities

Deferred income taxes represent the net tax effects of temporary differences between the financial statement carrying amounts of certain assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant temporary differences that give rise to net deferred tax liabilities were as follows:


		June 30,						December 31,
(in thousands)		2026						2025
Deferred tax assets:
Capitalized interest expense		$		124,403			$		67,458
Capitalized Management Fee expense				16,285					11,200
Net operating loss carryforward				29,539					30,624
Total deferred tax assets, net of valuation allowance				170,227					109,282
Deferred tax liabilities:
Land basis adjustments, Spin-Off, and acquired Rausch land assets				56,824					56,824
Homesite takedown adjustments				12,995					13,981
Deferred option fee revenue				184,962					115,810
Total deferred tax liabilities				254,781					186,615
Deferred tax liabilities, net		$		84,554			$		77,333