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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income Tax (Benefit) Provision | Our income tax provision (benefit) consisted of the following for the years ended December 31, 2025, 2024 and 2023 (in thousands):
|  | For the Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Current |  |  |  |  |  |
Federal |  | $ | 4,459 |  | $ | 2,635 |  | $ | 554
State |  | 728 |  | 1,065 |  |  | (31)
Total current |  | 5,187 |  | 3,700 |  |  | 523
Deferred |  |  |  |  |  |
Federal |  | 23,004 |  |  | 16,883 |  | 98 |
State |  | 8,528 |  |  | 4,849 |  |  | (1,303) |
Total deferred |  | 31,532 |  |  | 21,732 |  |  | (1,205) |
Total income tax provision (benefit) |  | $ | 36,719 |  |  | $ | 25,432 |  |  | $ | (682) |
Schedule of Income Taxes Paid | Income taxes paid consisted of the following for the years ended December 31, 2025, 2024 and 2023 (in thousands):
|  | For the Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Federal |  | $ | 338 |  | $ | 2,639 |  | $ | 1,293
State (1) |  | 358 |  | 1,371 |  |  | 377
Total income taxes paid |  | $ | 696 |  |  | $ | 4,010 |  |  | $ | 1,670 |
______________________________________________________________________________________________________________________ (1)Income taxes paid by jurisdiction which exceeded 5% of the total income taxes paid are immaterial.
Schedule of Temporary Differences on Deferred Tax Assets | The following table presents the tax effects of temporary differences on net deferred tax assets which are classified in our consolidated balance sheets within other assets at December 31, 2025 and December 31, 2024 (in thousands):
|  | December 31,
|  | 2025 |  | 2024
Deferred tax assets/(liabilities), net |  |  |  |
Reserves and accruals |  | $ | 4,624 |  |  | $ | 4,887 |
Domestic intangible assets |  | (38,756) |  |  | (29,962) |
Investments in unconsolidated entities |  | (4,315) |  |  | (2,289) |
Net operating loss and interest expense carryforwards |  | 43,990 |  |  | 64,411
Other U.S. temporary differences |  | (20) |  |  | 8
Net deferred tax assets |  | $ | 5,523 |  | $ | 37,055 |
Schedule of Income Tax Rate Reconciliation | The following table is a reconciliation of our U.S. federal income tax provision (benefit) determined using our statutory federal tax rate to our reported income tax provision (benefit) for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
|  | For the Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Federal statutory tax rate |  | $ | 100,761 |  |  | 21.0 | % |  | $ | 85,262 |  |  | 21.0 | % |  | $ | 87,670 |  |  | 21.0 | %
REIT and other non-taxable income |  | (71,436) |  |  | (14.9) | % |  | (64,567) |  |  | (15.9) | % |  | (88,281) |  |  | (21.2) | %
State and local income taxes, net of federal effect (1) |  | 7,312 |  |  | 1.6 | % |  | 5,372 |  |  | 1.3 | % |  | (159) |  |  | — | %
Other |  | 82 |  |  | — | % |  | (635) |  |  | (0.2) | % |  | 88 |  |  | — | %
Effective tax rate |  | $ | 36,719 |  |  | 7.7 | % |  | $ | 25,432 |  |  | 6.2 | % |  | $ | (682) |  |  | (0.2) | %
______________________________________________________________________________________________________________________ (1)State and local income taxes in Florida and New York made up the majority (greater than 50%) of the tax effect in this category during the year ended December 31, 2025.

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