Income Taxes (Tables)

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes was $4.4 million for the three months ended March 31, 2025 as compared to $0 for the three months ended March 31, 2024:

	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Current
Federal	$	3,650	$	-
State		665		-
Total current income tax expense		4,315		-
Deferred
Federal		55		-
State		10		-
Total deferred income tax expense		65		-
Total income tax expense	$	4,380	$	-

Schedule of Reconciliation of Statutory Rate and Effective Tax Rates

The effective tax rate for the three months ended March 31, 2025 was 24.8%, as compared to an effective tax rate of zero for the three months ended March 31, 2024. A reconciliation of the statutory rate and effective tax rates was as follows:

	Three Months Ended
	March 31, 2025			March 31, 2024
Statutory rate		21.0	%			21.0	%
State income rates, net of federal income tax benefit		3.8	%			4.3	%
Valuation allowance		0.0	%		(25.3)		%
Effective tax rate		24.8	%			0.0	%

Schedule of Company's Deferred Tax Liabilities

The Company’s deferred tax liabilities as of March 31, 2025 and December 31, 2024 were as follows:

(in thousands)	March 31, 2025		December 31, 2024
Deferred tax liabilities
Land basis adjustments, Spin-Off and acquired Rausch land assets	$	56,825	$	-
Homesite takedown adjustments		65		-
Total deferred tax liabilities	$	56,890	$	-