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Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | 12. Income Taxes The components of the income tax provision for the three and six months ended June 30, 2025 and 2024 are as follows:
|  |  | Three Months Ended |  |  | Three Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |
|  |  | June 30, 2025 |  |  | June 30, 2024 |  |  | June 30, 2025 |  |  | June 30, 2024 |
|  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  |  |  | 14,868 |  |  |  | 17,184 |  |  |  | 18,328 |  |  |  | 35,277 |
|  |  |  | 14,868 |  |  |  | 17,184 |  |  |  | 18,328 |  |  |  | 35,277 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  |  | 581,661 |  |  |  | 565,552 |  |  |  | 892,201 |  |  |  | 368,178 |
State |  |  |  | 49,485 |  |  |  | 31,226 |  |  |  | 279,479 |  |  |  | 149,907 |
Subtotals |  |  |  | 631,146 |  |  |  | 596,778 |  |  |  | 1,171,680 |  |  |  | 518,085 |
Change in deferred tax valuation allowance |  |  |  | (631,146 | ) |  |  | (596,778 | ) |  |  | (1,171,680 | ) |  |  | (518,085 | )
|  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Income tax provision |  |  | $ | 14,868 |  |  | $ | 17,184 |  |  | $ | 18,328 |  |  | $ | 35,277 |
|  | Three Months Ended |  |  | Three Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |
|  | June 30, 2025 |  |  | June 30, 2024 |  |  | June 30, 2025 |  |  | June 30, 2024 |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Statutory federal income tax provision (benefit) |  |  | 329,971 |  |  | $ | 1,043,231 |  |  | $ | 1,324,738 |  |  | $ | 1,324,823 |
Federal tax impact of REIT election |  |  | 375,255 |  |  |  | (259,448 | ) |  |  | (135,878 | ) |  |  | (530,293 | )
Statutory federal income tax provision (benefit) at TRS |  |  | 705,226 |  |  |  | 783,783 |  |  |  | 1,188,860 |  |  |  | 794,530 |
State income tax provision (benefit), net of federal provision (benefit) |  |  | (59,212 | ) |  |  | (169,821 | ) |  |  | 1,148 |  |  |  | (241,168 | )
Change in valuation allowance |  |  | (631,146 | ) |  |  | (596,778 | ) |  |  | (1,171,680 | ) |  |  | (518,085 | )
|  | $ | 14,868 |  |  | $ | 17,184 |  |  | $ | 18,328 |  |  | $ | 35,277 |

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