Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense for the periods presented are as follows:

	Year Ended December 31,
(In thousands)	2025		2024		2023
Net (Loss) Income Before Income Tax:
Domestic	$	(177,115)	$	(70,977)	$	(97,755)
Foreign	63,169		(3,939)		(78,988)
Net loss before income tax	(113,946)		(74,916)		(176,743)
Loss from discontinued operations	(89,710)		(52,211)		(20,692)
Total net loss before income tax:	$	(203,656)	$	(127,127)	$	(197,435)
Income Taxes:
Current:
State and Local	$	300	$	134	$	199
Foreign	9,761		4,569		16,656
Total income taxes, current	10,061		4,703		16,855
Deferred:
State and Local	—		—		—
Foreign	11,740		(258)		(2,380)
Total income taxes, deferred	11,740		(258)		(2,380)
Total Income Tax Expense	$	21,801	$	4,445	$	14,475

Schedule of Cash Paid for Income Taxes

The components of cash paid for income taxes for the year ended December 31, 2025 were as follows:

	Year Ended December 31,
(In thousands)	2025
United States	$	785
United Kingdom	7,389
Netherlands	2,113
All other jurisdictions	211
Total cash paid for income taxes	$	10,498

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of effective income tax for the year ended December 31, 2025 is as follows:

	Year Ended December 31,
(In thousands)	2025
	Amount		%
U.S. Federal Statutory Tax Rate	(42,767)		21.0	%
State and Local Income Taxes, Net of Federal Income Tax Effect	300		(0.1)	%
Foreign Tax effects:
United Kingdom
Statutory tax rate difference between United Kingdom and United States	(7,194)		3.5	%
Foreign financing activities	1,847		(0.9)	%
Change in valuation allowance	1,033		(0.5)	%
Other	2,994		(1.5)	%
Netherlands
Statutory tax rate difference between Netherlands and United States	116		(0.1)	%
Foreign financing activities	179		(0.1)	%
Change in valuation allowance	4,798		(2.4)	%
Other	1,525		(0.7)	%
Other Foreign Jurisdictions
Statutory tax rate difference between other foreign jurisdictions and United States	235		(0.1)	%
Foreign financing activities	2,715		(1.3)	%
Change in valuation allowance	(702)		0.3	%
Other	862		(0.4)	%
Nontaxable or Nondeductible Items
Other	(173)		0.1	%
Other Adjustments
Tax adjustments related to REIT	56,033		(27.5)	%
Effective Tax Rate	$	21,801	(10.7)	%

A reconciliation of effective income tax for the years ended December 31, 2024 and 2023 is as follows:

	Year Ended December 31,
(In thousands)	2024		2023
Tax benefit at statutory rates	$	(26,651)	$	(41,461)
Foreign rate differential	(295)		1,139
Foreign financing activities	7,721		11,047
Tax adjustments related to REIT	25,871		24,874
Deferred tax assets generated in the current year added to valuation allowance	(1,388)		5,949
Other	(813)		12,927
Total income tax expense	$	4,445	$	14,475

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes as of the periods presented consists of the following:

	December 31,
(In thousands)	2025		2024
Deferred Tax Assets
Basis differences	$	15,498	$	14,924
Net operating loss carryforwards	8,061		3,205
Total deferred tax assets	23,559		18,129
Valuation allowance	(18,392)		(13,263)
Net deferred tax assets	5,167		4,866
Deferred Tax Liabilities
Basis differences	(16,381)		(4,170)
Straight-line rent	(1,415)		(1,307)
Total deferred tax liabilities	(17,796)		(5,477)
Net Deferred Tax Liability	$	(12,629)	$	(611)