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v3.25.2

Income Taxes (Tables) | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Components of Income Tax Provision | 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 |
Reconciliation of Statutory Federal Income Tax Provision (Benefit) |
|  | 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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- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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