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Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Excise Tax Expense

The expense is calculated in accordance with applicable tax regulations. The below table details excise tax expense for the years ended December 31, 2025 and 2024, which is recorded in the “Non-investment related expenses” line item on the consolidated statement of operations (in thousands).

						Years Ended
						December 31, 2025						December 31, 2024
Excise tax expense (1)						$	(110)					$	103

(1)During the year ended December 31, 2025, the Company did not incur any excise tax and recorded a reduction in excise tax of $0.1 million related to an excise tax refund.

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the statutory federal rate to the effective rates for the year ended December 31, 2025 ($ in thousands).

						Year Ended December 31, 2025
						Amount						Percent
Statutory federal income tax						$	10,406					21.0		%
State taxes, net of federal benefit						260						0.5		%
Nontaxable or nondeductible items:
REIT (income)/loss not subject to corporate income tax						(8,952)						(18.0)		%
Differences in taxable income/(loss) from GAAP net income/(loss)						2,295						4.6		%
Changes in valuation allowance						(3,121)						(6.3)		%
Income tax expense / effective tax rate						$	888					1.8		%

Schedule of Components of Income Tax Expense

The below table details the tax expense attributable to its TRSs for the years ended December 31, 2025 and 2024 (in thousands).

			Years Ended
			December 31, 2025						December 31, 2024
Federal			$	559					$	—
State and Local			329						112
Income Tax Expense			$	888					$	112

Schedule of Deferred Tax Assets and Liabilities

The following table discloses the components of the Company’s deferred tax assets and deferred tax liabilities, if applicable, as of December 31, 2025 and 2024 (in thousands).

			Years Ended
			December 31, 2025						December 31, 2024
Deferred tax assets
Net operating loss carryforwards			$	24,223					$	27,411
Capital loss carryforwards (1)			3,925						7,426
GAAP/tax basis differences			389						(100)
Total deferred tax assets			$	28,537					$	34,737
Less: valuation allowance			(28,537)						(34,737)
Net deferred tax assets			$	—					$	—

(1)The capital loss carryforwards outstanding as of December 31, 2025 expire between 2026 and 2030.

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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.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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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