INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company elected to be treated as a REIT with the filing of its U.S. federal income tax return for the taxable year beginning January 1, 2011. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its taxable ordinary income. In addition, the Company is required to meet certain asset and income tests. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income that it distributes to its stockholders. The Company also elected to treat certain of its consolidated subsidiaries as taxable REIT subsidiaries, which are subject to federal, state and foreign income taxes. In addition, as a result of our investments in Canada, the Company is subject to income taxes under the laws of Canada.

The following is a summary of the Company’s provision for income taxes and deferred taxes (in thousands):

	Year Ended December 31,
	2025		2024		2023
Provision for federal, state and local income taxes	$	1,726	$	1,006	$	2,002
Provision for (recovery of) foreign income taxes	111		(1)		—
Income tax expense	$	1,837	$	1,005	$	2,002
	As of December 31,
	2025		2024
Deferred tax assets:
Federal	$	12,489	$	10,597
Valuation allowance on federal	(12,489)		(10,597)
Foreign	3,730		4,944
Valuation allowance on foreign	(3,730)		(4,944)
	$	—	$	—

The Company classifies interest and penalties from significant uncertain tax positions as interest expense and operating expenses, respectively, in its consolidated financial statements. During the years ended December 31, 2025, 2024 and 2023, the Company did not incur any such interest or penalties. With certain exceptions, the tax years 2022 and thereafter remain open to examination by the major taxing jurisdictions with which the Company files tax returns.