v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes  
Schedule of components of income tax benefit (expense)

The total income tax benefit (expense) consists of the following components (in thousands):

​

​

​

​

​

​

​

​

​

December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Current

​

​

​

​

​

​

Federal

​

$

(1,674)

​

$

(688)

State

​

 

(737)

​

 

(680)

Total current

​

$

(2,411)

​

$

(1,368)

Deferred

​

 

  ​

​

 

  ​

Federal

​

$

(6,852)

​

$

7,183

State

​

 

(2,076)

​

 

5,675

Total deferred

​

$

(8,928)

​

$

12,858

Total income tax benefit (expense)

​

$

(11,339)

​

$

11,490

Schedule of reconciliation of income tax benefit (expense) at statutory rates to actual income tax benefit (expense)

The following table reconciles income tax benefit (expense) at statutory rates to actual income tax benefit (expense) recorded for the years ended December 31, 2025 and 2024 (in thousands):

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​

​

​

​

​

​

​

​

Year Ended December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Tax at statutory rate on earnings before income taxes and noncontrolling interest

​

$

(4,052)

​

$

13,010

State income tax benefit (expense), net of federal tax

​

 

(2,128)

​

 

205

Gross receipts and margin taxes

​

​

(129)

​

​

(124)

Change in valuation allowance for deferred tax assets

​

​

—

​

​

10,811

Tax at statutory rate on earnings not subject to federal income taxes

​

​

(5,552)

​

​

(12,128)

Other

​

 

522

​

 

(284)

Total income tax benefit (expense)

​

$

(11,339)

​

$

11,490

Schedule of tax effects of temporary differences and carryforwards included in the net deferred tax assets

The tax effects of temporary differences and carryforwards included in the net deferred tax assets are summarized as follows (in thousands):

​

​

​

​

​

​

​

​

​

December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Deferred tax assets:

​

​

​

​

​

​

Deferred revenue

​

$

93,491

​

$

92,699

Net operating loss carryforward

​

 

37,464

​

 

46,438

Expense accruals

​

​

13,427

​

​

12,878

Other

​

​

—

​

​

35

Total deferred tax assets

​

$

144,382

​

$

152,050

Valuation allowance

​

​

—

​

​

—

Deferred tax assets, net of valuation allowance

​

$

144,382

​

$

152,050

Deferred tax liabilities:

​

​

​

​

​

​

Real estate

​

$

(37,308)

​

$

(35,962)

Other

​

 

—

​

 

(86)

Deferred tax liabilities

​

$

(37,308)

​

$

(36,048)

Net deferred tax assets

​

$

107,074

​

$

116,002