Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule Of Income (Loss) Before Income Tax Expense



(Dollars in thousands)	2025		2024		2023
United States	$	(18,488)	$	(30,056)	$	(29,986)
Foreign		4,129		(4,974)		(1,065)
Income (loss) before income taxes and equity earnings of unconsolidated joint ventures	$	(14,359)	$	(35,030)	$	(31,051)
Equity earnings of unconsolidated joint ventures:
United States		—		—		—
Foreign		560		(387)		456
Income (loss) before income taxes	$	(13,799)	$	(35,417)	$	(30,595)

Schedule Of Significant Components Of The Provision For Income Taxes



(Dollars in thousands)	2025		2024		2023
Current income tax expense (benefit)
Federal	$	—	$	—	$	(800)
State		40		42		49
Foreign		2,396		1,441		927
Total		2,436		1,483		176
Deferred income tax expense (benefit)
Federal		2		2		2
State		—		—		(2)
Foreign		(1,585)		(1,004)		414
Total		(1,583)		(1,002)		414
Total income tax expense (benefit)	$	853	$	481	$	590

Schedule Of Components Of Deferred Tax Assets And Liabilities



	December 31,
(Dollars in thousands)	2025		2024
Deferred Tax Assets:
Net operating loss carry-forwards	$	39,979	$	37,162
Foreign Tax Credit		3,743		3,743
Compensation and employee benefits		2,906		3,210
Deferred revenue		3,099		2,863
Accrued expenses		32,442		22,926
Lease obligations		36,245		39,477
Land and property		1,168		3,450
Other		167		51
Total Deferred Tax Assets		119,749		112,882
Deferred Tax Liabilities:
Lease liabilities		(46,074)		(44,363)
Accrued taxes		(613)		(588)
Intangibles		(324)		(450)
Other		—		—
Total Deferred Tax Liabilities		(47,011)		(45,401)
Net deferred tax assets before valuation allowance		72,738		67,481
Valuation allowance		(70,119)		(66,528)
Net deferred tax asset	$	2,619	$	953

Schedule Of Income Tax Reconciliation Items



(Dollars in thousands)	2025		% of pre-tax income
U.S. Federal Statutory Tax Rate	$	(2,898)	$	21.0%
State and Local Income Taxes, Net of Federal Income Tax Effect
Foreign Tax Effects		33		(0.2)%
Australia
Statutory tax rate difference between Australia and United States		146		(1.1)%
New Zealand
Statutory tax rate difference between New Zealand and United States		215		(1.6)%
Change in Valuation Allowance		(1,050)		7.6%
Effect of Changes in Tax Laws or Rates Enacted in the Current Period		—		—
Effect of Cross-Border Tax Laws		—		—
Tax Credits		—		—
Change in Valuation Allowance		3,449		(25.0)%
Nontaxable or Nondeductible Items		546		(4.0)%
Change in Unrecognized Tax Benefits		252		(1.8)%
Other Adjustments		160		(1.2)%
Total income tax expense (benefit)	$	853	$	(6.2)%

The following table presents the require disclosure prior to our adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax rate to the actual global effective income tax rate for the years ended December 31, 2024 and December 31, 2023:


(Dollars in thousands)	2024		2023
Expected tax provision (benefit)	$	(7,276)	$	(6,425)
Foreign tax rate differential		(399)		30
Change in valuation allowance		6,572		6,781
State and local tax provision		42		48
Unrecognized tax benefits		308		(398)
Subpart F		1,049		—
Other		185		554
Total income tax expense (benefit)	$	481	$	590

Summary Of The Activity Related To Unrecognized Tax Benefits



(Dollars in thousands)	2025		2024		2023
Unrecognized tax benefits – gross beginning balance	$	11,114	$	11,114	$	11,454
Gross increase (decrease) - prior year tax positions		—		—		(340)
Gross increase (decrease) - current year tax positions		—		—		—
Settlements		—		—		—
Unrecognized tax benefits – gross ending balance	$	11,114	$	11,114	$	11,114

Schedule Of Income Taxes Paid, Net Of Refunds Received


(Dollars in thousands)	2025
Federal taxes	$	—
State taxes		29
Foreign taxes:
Australia		2,446
New Zealand		77
Total cash taxes paid	$	2,552