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Income Taxes | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT. The benefits of the intended REIT conversion on the Company's tax provision and effective income tax rate are reflected in the tables below. As a result of the Tax Cuts and Jobs Act, the corporate tax rate was permanently lowered from the previous maximum rate of 35% to 21%, effective for tax years including or commencing January 1, 2018. The provision for income taxes charged to operations for years ended December 31, 2025, 2024 and 2023 was as follows:
Year ended December 31, | 2025 |  | 2024 |  | 2023
| (in thousands)
Current tax expense |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | 2,229 |  |  | 2,129 |  |  | 1,997 |
Total current | 2,229 |  |  | 2,129 |  |  | 1,997 |
Deferred tax (benefit) expense |  |  |  |  |
Federal | — |  |  | — |  |  | — |
State | — |  |  | — |  |  | — |
Total deferred | — |  |  | — |  |  | — |
Total provision | $ | 2,229 |  |  | $ | 2,129 |  |  | $ | 1,997 |
The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2025, 2024 and 2023:
Year ended December 31, | 2025 |  | 2024 |  | 2023
Percent of pretax income |  |  |  |  |
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes | 0.3 | % |  | 0.3 | % |  | 0.3 | %
Valuation allowance | — | % |  | — | % |  | — | %
REIT conversion benefit | (21.0) | % |  | (21.0) | % |  | (21.0) | %
Permanent differences | — | % |  | — | % |  | — | %
Other miscellaneous items | — | % |  | — | % |  | — | %
| 0.3 | % |  | 0.3 | % |  | 0.3 | %
Year ended December 31, | 2025 |  | 2024 |  | 2023 |
| (in thousands) |
Amount based upon pretax income |  |  |  |  |  |
U.S. federal statutory income tax | $ | 179,041 |  |  | $ | 170,053 |  |  | $ | 159,047 |  |
State and local income taxes | 2,229 |  |  | 2,129 |  |  | 1,997 |  |
Valuation allowance | — |  |  | — |  |  | — |  |
REIT conversion benefit | (179,041) |  |  | (170,053) |  |  | (159,047) |  |
Permanent differences | — |  |  | — |  |  | — |  |
Other miscellaneous items | — |  |  | — |  |  | — |  |
| $ | 2,229 |  |  | $ | 2,129 |  |  | $ | 1,997 |  |
The Company is still subject to federal income tax examinations for its years ended December 31, 2022 and forward.

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