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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the income tax expense of the TRS entities at applicable statutory rates to the actual income tax expense recorded (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Income tax (expense) benefit of the TRS entities at federal statutory income tax rate of 21% | $ | (2,040) |  |  | $ | (5,180) |  |  | $ | (6,463) |
State income tax (expense) benefit, net of U.S. federal income tax benefit | (81) |  |  | (258) |  |  | (1,961) |
State and local income tax (expense) benefit on pass-through entity subsidiaries | (27) |  |  | (20) |  |  | (17) |
Gross receipts and margin taxes | (88) |  |  | (52) |  |  | (69) |
Benefit of USVI Economic Development Commission credit | 1,559 |  |  | 1,511 |  |  | 3,358 |
Benefits of Puerto Rico tax incentives | 950 |  |  | 2,064 |  |  | 1,474 |
Effect of permanent differences | (412) |  |  | (229) |  |  | — |
Other | 39 |  |  | (46) |  |  | 126 |
Valuation allowance | (742) |  |  | (479) |  |  | (491) |
Total income tax (expense) benefit | $ | (842) |  |  | $ | (2,689) |  |  | $ | (4,043) |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | (387) |  |  | $ | (467) |  |  | $ | (3,745) |
State | 68 |  |  | (69) |  |  | (247) |
Foreign | (619) |  |  | (824) |  |  | — |
Total current income tax (expense) benefit | (938) |  |  | (1,360) |  |  | (3,992) |
Deferred: |  |  |  |  |
Federal | 1 |  |  | (14) |  |  | (51) |
State | — |  |  | — |  |  | — |
Foreign | 95 |  |  | (1,315) |  |  | — |
Total deferred income tax (expense) benefit | 96 |  |  | (1,329) |  |  | (51) |
Total income tax (expense) benefit | $ | (842) |  |  | $ | (2,689) |  |  | $ | (4,043) |
Schedule of Income before Income Tax, Domestic and Foreign | The following table presents the U.S. and foreign earnings (losses) from continuing operations before income taxes (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. | $ | 6,549 |  |  | $ | (51,878) |  |  | $ | (3,859) |
Foreign | 14,056 |  |  | 23,939 |  |  | 27,250 |
Total | $ | 20,605 |  |  | $ | (27,939) |  |  | $ | 23,391 |
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2024 and 2023, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Tax intangibles basis greater than book basis | $ | 722 |  |  | $ | 722 |
Allowance for doubtful accounts | 99 |  |  | 50 |
Unearned income | 3,068 |  |  | 2,768 |
Federal and state net operating losses | 16,435 |  |  | 15,967 |
Capital loss carryforward | 331 |  |  | 511 |
Accrued expenses | 775 |  |  | 761 |
Other | 12 |  |  | 7 |
Total deferred tax asset | 21,442 |  |  | 20,786 |
Valuation allowance | (16,496) |  |  | (16,169) |
Net deferred tax asset | $ | 4,946 |  |  | $ | 4,617 |
Deferred tax liabilities: |  |  |
Other | $ | (11) |  |  | $ | (6) |
Tax property basis greater/(less) than book basis | (6,160) |  |  | (5,932) |
Total deferred tax liability | (6,171) |  |  | (5,938) |
Net deferred tax asset (liability) | $ | (1,225) |  |  | $ | (1,321) |
Summary of Valuation Allowance | The following table summarizes the changes in the valuation allowance (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Balance at beginning of year | $ | 16,169 |  |  | $ | 18,627 |  |  | $ | 17,343 |
Additions | 327 |  |  | — |  |  | 1,284 |
Deductions | — |  |  | (2,458) |  |  | — |
Balance at end of year | $ | 16,496 |  |  | $ | 16,169 |  |  | $ | 18,627 |

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