Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the deferred tax asset (liability) for the periods indicated is as follows (in thousands):

	As of June 30,								As of December 31,
	2025								2024
	NHF TRS		NREO TRS		NHT TRSs		Combined		NHF TRS		NREO TRS		NHT TRSs		Combined
Deferred Tax Assets	$	14,945	$	218	$	372	$	15,535	$	14,942	$	290	$	6,561	$	21,793
Valuation Allowance	(10,632)		—		(223)		(10,855)		(10,487)		—		(6,535)		(17,022)
Deferred Tax Liability	—		(1,834)		—		(1,834)		—		(2,127)		(26)		(2,153)
Deferred Tax Asset (Liability), net of Valuation Allowance	$	4,313	$	(1,616)	$	149	$	2,846	$	4,455	$	(1,837)	$	—	$	2,618

A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows (in thousands):

	For the Period Ended June 30,
	2025				2024
Expected tax at statutory rate	$	(16,511)	21.0	%	$	(6,556)	21.0	%
Non-taxable REIT income	23,250		-29.6	%	7,600		-24.3	%
Change in valuation allowance	(6,167)		7.8	%	(191)		0.6	%
Total provision	$	572	-0.7	%	$	853	-2.7	%