Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of current and deferred tax benefit (expense) are as follows.

	Year Ended December 31,
(In thousands)	2025		2024		2023
Income tax benefit (expense) on continuing operations
Current
Federal	$	(2,735)	$	(107)	$	167
State and local	(2,276)		946		1,058
Foreign	(1,801)		(6,978)		(1,252)
Total current tax benefit (expense)	(6,812)		(6,139)		(27)
Deferred
Federal	(7)		—		(1,004)
State and local	(2)		—		124
Foreign	1,113		3,195		901
Total deferred tax benefit (expense)	1,104		3,195		21
Income tax benefit (expense) on continuing operations	$	(5,708)	$	(2,944)	$	(6)

Schedule of Income Tax Payments

Income taxes paid in 2025, net of refunds, is presented by jurisdiction below.

	Year Ended
(In thousands)	December 31, 2025
United States
Federal	$	2,921
State and local	1,771
United Kingdom	1,893
Other	114
Income taxes paid (refunded)	$	6,699

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and deferred tax liabilities are as follows.

(In thousands)	December 31, 2025		December 31, 2024
Deferred tax assets
Capital losses (1)	$	324,389	$	312,852
Net operating losses (2)	127,150		141,094
Investment in partnerships	—		83,123
Equity-based compensation	8,658		10,872
Intangible assets	3,893		1,495
Deferred income	3,916		2,013
Deferred interest expense	3,170		10,663
Lease liability—corporate offices	5,363		12,763
Other	14,101		9,964
Gross deferred tax assets	490,640		584,839
Valuation allowance	(432,050)		(559,556)
Deferred tax assets, net of valuation allowance	58,590		25,283
Deferred tax liabilities
Investment in partnerships	(37,470)		—
Intangible assets	(19,392)		(17,639)
ROU lease asset—corporate offices	(3,298)		(9,692)
Other	(2,408)		(2,712)
Gross deferred tax liabilities	(62,568)		(30,043)
Net deferred tax asset (liabilities)	$	(3,978)	$	(4,760)

__________

(1)    At December 31, 2025 and 2024, deferred tax asset was recognized on capital losses in the U.S. of $1.27 billion and $1.34 billion, respectively, which expire between 2025 and 2028, with full valuation allowance established in both years.

(2)     At December 31, 2025 and 2024, deferred tax asset was recognized on NOL totaling $500.2 million and $565.2 million, respectively. The NOL is predominantly attributable to U.S. federal losses incurred after December 31, 2017 that can be carried forward indefinitely, and for which full valuation allowance has been established in both years.

Schedule of Valuation Allowance

Changes in the deferred tax asset valuation allowance are presented below:

	Year Ended December 31,
(In thousands)	2025		2024		2023
Beginning balance	$	559,556	$	664,397	$	679,057
Addition	—		1,571		19,483
Utilization and/or reversal	(127,506)		(106,412)		(34,143)
Ending balance	432,050		$	559,556	$	664,397

Schedule of Effective Income Tax Rate Reconciliation

The following tables present reconciliations of the statutory U.S. income tax to the Company's effective income tax attributable to continuing operations for 2025, 2024 and 2023.

	Year Ended December 31, 2025
(In thousands)	Amount		Percentage
Income (Loss) from continuing operations before income taxes
United States	$	(18,237)
Foreign	1,203
	(17,034)
Federal income tax benefit (expense) at statutory tax rate (21%)	3,577		(21)	%
State and local income taxes, net of federal income tax benefit	(2,323)		14	%
Foreign statutory tax rate differential	(282)		2	%
Effect of cross-border tax laws - global intangible low-taxed income	(390)		2	%
Nontaxable or nondeductible items
Noncontrolling interests	(35,448)		208	%
Equity-based compensation	(2,163)		13	%
Other	1,445		(8)	%
Other adjustments
Separately taxable subsidiaries of OP	(20,202)		119	%
Equity-based compensation	(4,129)		24	%
Investment in partnerships	(76,570)		450	%
Other	(2,057)		12	%
Valuation allowance	132,834		(780)	%
Income tax benefit (expense) on continuing operations	$	(5,708)	34	%

	Year Ended December 31,
(In thousands)		2024		2023
Income (Loss) from continuing operations before income taxes		$	168,815	$	365,629
Federal income tax benefit (expense) at statutory tax rate (21%)		(35,451)		(76,782)
State and local income taxes, net of federal income tax benefit		(61,053)		12,714
Foreign income tax differential		(226)		36
Noncontrolling interests		16,070		(27,699)
Separately taxable subsidiaries of OP		(2,361)		15,213
Equity-based compensation		(3,861)		682
Valuation allowance		84,562		76,087
Other, net		(624)		(257)
Income tax benefit (expense) on continuing operations		$	(2,944)	$	(6)