Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Distributions for Income Tax Purposes

For federal income tax purposes, the cash distributions to shareholders are characterized as follows:

	For the Years Ended December 31,
	2025		2024		2023
Common distributions:
Ordinary income	71.4	%	96.2	%	90.0	%
Return of capital	28.6	%	—		—
Capital gains	—		3.8	%	—
Qualified dividend	—		—		10.0	%
	100.0	%	100.0	%	100.0	%
Preferred distributions:
Ordinary income	100.0	%	96.2	%	90.0	%
Return of capital	—		—		—
Capital gains	—		3.8	%	—
Qualified dividend	—		—		10.0	%
	100.0	%	100.0	%	100.0	%

Schedule of components of the income tax provision from continuing operations

The components of the income tax provision are as follows (in thousands):

	For the Years Ended December 31,
	2025		2024		2023
Current:
Federal	$	(64)	$	(181)	$	(200)
State	(1,071)		(1,408)		(1,061)
Deferred:
Federal	(11)		(8)		4
State	(2)		(2)		1
Income tax expense	$	(1,148)	$	(1,599)	$	(1,256)

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands):

	For the Years Ended December 31,
	2025				2024				2023
	Amount		%		Amount (3)		%		Amount (3)		%
Expected U.S. federal tax expense at statutory rate	$	(6,237)	21.0	%	$	(14,656)	21.0	%	$	(16,353)	21.0	%
Tax impact of REIT election	5,359		(18.0)		19,295		(27.6)		15,443		(19.8)
Expected tax (expense) benefit at TRS	(878)		3.0		4,639		(6.6)		(910)		1.2
Change in valuation allowance	4,284		(14.4)		(5,002)		7.2		467		(0.6)
State income tax expense, net of federal benefit (1)	(846)		2.8		(1,111)		1.6		(838)		1.1
Impact of subsidiary liquidation	(3,390)		11.4		—		—		—		—
Other items (2)	(318)		1.1		(125)		0.1		25		—
Income tax expense	$	(1,148)	3.9	%	$	(1,599)	2.3	%	$	(1,256)	1.7	%

(1)State taxes in Texas and Louisiana made up the majority (greater than 50.0%) of the tax effect in this category for all periods presented.

(2)No individual item included in this category exceeded the quantitative threshold for separate disclosure.

(3)Certain amounts for the years ended December 31, 2024 and 2023 have been reclassified due to the adoption of ASU 2023-09.

Schedule of deferred tax assets (liabilities)

Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands):

	December 31, 2025		December 31, 2024
Deferred tax liabilities:
Partnership basis	$	(2,649)	$	(2,569)
Prepaid expenses	(1,517)		(1,376)
Deferred tax liabilities	$	(4,166)	$	(3,945)
Deferred tax assets:
Property and equipment	$	6,663	$	6,872
Incentive and vacation accrual	2,942		2,964
Deferred revenue - key money	5,682		3,285
Allowance for doubtful accounts	44		45
Other	913		971
Net operating loss carryforwards	63,951		70,855
Federal historic tax credit	824		824
Valuation allowance	(76,853)		(81,858)
Deferred tax assets	$	4,166	$	3,958