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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

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

Schedules of Effective Income Tax Rate Reconciliations

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

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- References

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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