v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Taxes  
Income Taxes

12.          Income Taxes

We have elected to be taxed as a REIT. As a REIT, we generally will not be subject to federal income tax to the extent such income is distributed to our shareholders annually. The REIT may be subject to federal excise taxes if we engage in certain types of transactions. Continued qualification as a REIT depends on our ability to satisfy the REIT distribution tests, stock ownership requirements and various other qualification tests. We also participate in the activities conducted by our subsidiary entities that have elected to be treated as TRSs under the Code. For each of the three years in the period ended December 31, 2025, we qualified as a REIT and accordingly, we have incurred no federal income tax expense related to our REIT subsidiaries except for our TRSs, which are subject to federal, state and local income taxes on their taxable income.

The net basis of our assets and liabilities for tax reporting purposes is approximately $878.8 million higher than the amounts reported in our consolidated balance sheet as of December 31, 2025. We are subject to federal, state and local income tax examinations by taxing authorities for the tax years ending in 2022 through 2025.

The following table summarizes our income tax (expense) benefit:

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​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

​

(In thousands)

Current tax expense

​

$

(86)

​

$

(171)

​

$

(1,282)

Deferred tax (expense) benefit

​

 

3,916

​

 

(591)

​

 

1,578

Income tax (expense) benefit

​

$

3,830

​

$

(762)

​

$

296

​

The following table summarizes our deferred tax assets and liabilities:

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​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

​

​

(In thousands)

Total deferred tax assets

​

$

5,763

​

$

2,396

Valuation allowance

​

 

(2,913)

​

 

(1,531)

Total deferred tax assets, net of valuation allowance

​

 

2,850

​

 

865

Total deferred tax liabilities

​

 

(2,850)

​

 

(4,782)

Net deferred tax asset (liability)

​

$

—

​

$

(3,917)

​

The deferred tax assets and liabilities are primarily related to basis differences in intangible assets and other investments, charitable contributions, general and administrative expenses and net operating losses.

The following table summarizes the tax status of dividends declared:

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​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

​

2023

Capital gain distributions

​

$

0.429

​

$

0.143

​

$

0.540

Non-dividend distributions

​

​

0.096

​

​

0.192

​

​

—

Ordinary income (1)

​

​

—

​

​

0.540

​

​

0.135

To be determined in the following year

​

​

0.175

​

​

—

​

​

—

Dividends declared

​

$

0.700

​

$

0.875

​

$

0.675

(1)Includes $0.168 of qualified dividends for the year ended December 31, 2024.