Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes was as follows for the year ended December 31, 2025:

	Year ended December 31,
(in thousands)	2025
Current
Federal	$	—
State		—
Total current income tax expense	$	—
Deferred
Federal	$	17,309
State		3,200
Total deferred income tax expense		20,509
Total income tax expense	$	20,509

Schedule of Reconciliation of U.S. Federal Statutory Rate and Effective Tax Rates

The following table reconciles the TRS U.S. federal statutory income tax rate to the TRS effective income tax rate for the year ended December 31, 2025:

	Year ended December 31,
	2025
(in thousands)	Amount		Percent
U.S. Federal Statutory Tax Rate	$	17,309		21.0	%
State and Local Income Taxes, Net of Federal Income Tax Effect (1)		3,200		3.8
Effective Tax Rate	$	20,509		24.8	%

(1)State taxes in California, Florida and New York made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of Income Taxes Paid (Net of Refunds) Disaggregated by Jurisdiction

The following table presents the Company’s income taxes paid (net of refunds) disaggregated by jurisdiction for the year ended December 31, 2025. Income Taxes paid (net of refunds) were not made to any State or foreign jurisdiction and therefore, there are no amounts that are required to be reported by individual jurisdictions.

	Year ended December 31,
(in thousands)	2025
Federal	$	8,500
State		—
Foreign		—
Total	$	8,500

Schedule of Company's Deferred Tax Assets and Liabilities

Deferred income taxes represent the net tax effects of temporary differences between the financial statement carrying amounts of certain assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant temporary differences that give rise to net deferred tax liabilities were as follows:

	At December 31,
(in thousands)	2025
Deferred tax assets:
Capitalized interest expense	$	67,458
Capitalized management fee expense		11,200
Net operating loss carryforward		30,624
Total deferred tax assets, net of valuation allowance	$	109,282
Deferred tax liabilities:
Land basis adjustments, Spin-Off, and acquired Rausch land assets	$	56,824
Homesite takedown adjustments		13,981
Deferred option fee revenue		115,810
Total deferred tax liabilities		186,615
Deferred tax liabilities, net	$	77,333