XML 75 R58.htm IDEA: XBRL DOCUMENT v3.25.4

Income Taxes (Tables)

12 Months Ended

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.

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of supplemental cash flow information for the periods presented.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration