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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes was as follows for the year ended December 31, 2025:
|  | Year ended December 31, |  |
(in thousands) |  | 2025 |  |
Current |  |  |  |  |
Federal |  | $ |  | — |  |
State |  |  |  | — |  |
Total current income tax expense |  | $ |  | — |  |
Deferred |  |  |  |  |
Federal |  | $ |  | 17,309 |  |
State |  |  |  | 3,200 |  |
Total deferred income tax expense |  |  |  | 20,509 |  |
Total income tax expense |  | $ |  | 20,509 |  |
Schedule of Reconciliation of U.S. Federal Statutory Rate and Effective Tax Rates | The following table reconciles the TRS U.S. federal statutory income tax rate to the TRS effective income tax rate for the year ended December 31, 2025:
|  |  | Year ended December 31,
|  |  | 2025 |  |
(in thousands) |  |  | Amount |  |  | Percent
U.S. Federal Statutory Tax Rate |  |  | $ |  | 17,309 |  |  |  | 21.0 |  | %
State and Local Income Taxes, Net of Federal Income Tax Effect (1) |  |  |  |  | 3,200 |  |  |  | 3.8 |  |
Effective Tax Rate |  |  | $ |  | 20,509 |  |  |  | 24.8 |  | %
(1) State taxes in California, Florida and New York made up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Income Taxes Paid (Net of Refunds) Disaggregated by Jurisdiction | The following table presents the Company’s income taxes paid (net of refunds) disaggregated by jurisdiction for the year ended December 31, 2025. Income Taxes paid (net of refunds) were not made to any State or foreign jurisdiction and therefore, there are no amounts that are required to be reported by individual jurisdictions.
|  | Year ended December 31, |
(in thousands) |  | 2025 |
Federal |  | $ |  | 8,500 |
State |  |  |  | — |
Foreign |  |  |  | — |
Total |  | $ |  | 8,500 |
Schedule of Company's Deferred Tax Assets and Liabilities | Deferred income taxes represent the net tax effects of temporary differences between the financial statement carrying amounts of certain assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant temporary differences that give rise to net deferred tax liabilities were as follows:
|  | At December 31, |
(in thousands) |  | 2025 |
Deferred tax assets: |  |  |  |
Capitalized interest expense |  | $ |  | 67,458 |
Capitalized management fee expense |  |  |  | 11,200 |
Net operating loss carryforward |  |  |  | 30,624 |
Total deferred tax assets, net of valuation allowance |  | $ |  | 109,282 |
Deferred tax liabilities: |  |  |  |
Land basis adjustments, Spin-Off, and acquired Rausch land assets |  | $ |  | 56,824 |
Homesite takedown adjustments |  |  |  | 13,981 |
Deferred option fee revenue |  |  |  | 115,810 |
Total deferred tax liabilities |  |  |  | 186,615 |
Deferred tax liabilities, net |  | $ |  | 77,333 |

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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 + Details
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- 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
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