Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the deferred tax asset (liability) for the periods indicated is as follows (in thousands):


		As of June 30,																As of December 31,
		2026																2025
		NHF TRS				NREO TRS				NHT TRSs				Combined				NHF TRS				NREO TRS				NHT TRSs				Combined
Deferred Tax Assets		$	13,600			$	620			$	5,289			$	19,509			$	13,913			$	583			$	5,050			$	19,546
Valuation Allowance			(11,172	)			(137	)			(5,268	)			(16,577	)			(11,486	)			—				(5,050	)			(16,536	)
Deferred Tax Liability			—				(2,539	)			(21	)			(2,560	)			—				(2,512	)			—				(2,512	)
Deferred Tax Asset (Liability), net of Valuation Allowance		$	2,428			$	(2,056	)		$	—			$	372			$	2,427			$	(1,929	)		$	—			$	498

The following table is a reconciliation of the U.S. federal statutory income tax rate of 21% to the Company’s effective rate for the six months ended June 30, 2026 and 2025, in accordance with the guidance prior to the adoption of ASU 2023-09. Income tax expense (benefit) for the six months ended June 30, 2025 differed from the amount computed by applying the statutory U.S. federal income tax rate to income before income taxes as a result of the following (in thousands, except percentages):


			For the Six Months Ended June 30,
			2026									2025
Expected tax at U.S. federal statutory income tax rate				$	(3,769	)			21.0	%		$	(16,511	)			21.0	%
Non-taxable REIT income					5,092				-28.4	%			23,250				-29.6	%
Change in valuation allowance					(40	)			0.2	%			(6,167	)			7.8	%
Total expense (benefit)				$	1,283				-7.1	%		$	572				-0.7	%