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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Net Deferred Tax Assets

The tax effects of temporary differences that give rise to significant portions of net deferred tax assets (“DTAs”) recorded at the Company’s domestic TRS entities at June 30, 2026 and December 31, 2025 are presented in the following table:

(In Thousands)						June 30, 2026						December 31, 2025
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards						$	113,255					$	104,004
Unrealized mark-to-market, impairments and loss provisions						17,683						17,602
Other realized / unrealized treatment differences						(47,490)						(39,080)
Total deferred tax assets						83,448						82,526
Less: valuation allowance						(83,448)						(82,526)
Net deferred tax assets						$	—					$	—

Schedule of Income Tax Provision (Benefit)

The following table summarizes the Company’s income tax provision/(benefit) primarily recorded at the Company’s domestic TRS entities for the three and six months ended June 30, 2026 and 2025:

						Three Months Ended June 30,												Six Months Ended June 30,
(In Thousands)						2026						2025						2026						2025
Current provision/(benefit)
Federal						$	—					$	238					$	—					$	(486)
State						—						—						—						(148)
Total current provision/(benefit)						—						238						—						(634)
Deferred provision/(benefit)
Federal						—						—						—						—
State						—						—						—						—
Total deferred provision/(benefit)						—						—						—						—
Total provision/(benefit)						$	—					$	238					$	—					$	(634)

Schedule of Statutory Federal Tax Rate to our Effective Tax Rate

The following is a reconciliation of the statutory federal tax rate to the Company’s effective tax rate at June 30, 2026 and 2025:

						Six months ended
						June 30, 2026												June 30, 2025
(Dollars in Thousands)						Amount						Percentage						Amount						Percentage
U.S. Federal statutory tax rate						9,621						21.0		%				15,482						21.0		%
State and local taxes, net of federal income tax effect (1)						—						—		%				148						0.2		%
Changes in valuation allowances						762						1.7		%				16,694						22.6		%
Nontaxable or nondeductible items
REIT GAAP income or loss not subject to federal income tax						(15,791)						(34.5)		%				(16,236)						(22.0)		%
VIE income or loss						5,926						12.9		%				(9,804)						(13.3)		%
TRS permanent differences						32						0.1		%				168						0.2		%
Basis difference in contributed assets to subsidiaries						(536)						(1.2)		%				(7,063)						(9.5)		%
Other adjustments						(14)						—		%				(23)						—		%
Effective tax rate						—						—		%				(634)						(0.8)		%

(1)No jurisdictions materially contributed to the majority (greater than 50%) of the net tax effect in this category for 2026. The jurisdictions that contributed to the majority (greater than 50%) of the tax effect in this category include California, Maine, Minnesota, New Jersey, and Pennsylvania for 2025.

Schedule of Cash Flow, Supplemental Disclosures

The amount of cash taxes paid by (refunded to) the Company by jurisdiction:

Six months ended

(In Thousands)

June 30, 2026

Federal

$

—

Other states

—

Total cash taxes paid (refunded)

$

—

X

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

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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.

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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.

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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.

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