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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Domestic Income (Loss) from Continuing Operations Before Taxes
Income from continuing operations before income taxes for each of the three years ended December 31 follows:
 
202520242023
Domestic - U.S.
$74,594 $339,838 $159,607 
Total
$74,594 $339,838 $159,607 
Schedule of Components of Income Tax Expense (Benefit)
The provision for income tax (expense) benefit for each of the three years ended December 31 follows:
 
202520242023
Current
U.S. federal
($137)— — 
State
(390)(200)(292)
(527)(200)(292)
Deferred
U.S. federal
5,296 (2,260)8,386 
State
281 1,211 1,187 
5,577 (1,049)9,573 
Changes in valuation allowance
(5,577)2,271 (9,574)
Total
($527)$1,022 ($293)
Schedule of Effective Income Tax Rate Reconciliation A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate for each of the three years ended December 31 follows:
 202520242023
U.S. federal statutory income tax rate($15,665)(21.0)%($71,366)(21.0)%($33,517)(21.0)%
U.S. REIT income15,900 21.3 77,254 22.7 42,501 26.6 
Cellulosic Biofuel Producer tax credit10,500 14.1 (10,814)(3.2)— — 
Change in valuation allowance(5,295)(7.1)3,126 0.9 (8,374)(5.2)
State income tax, net of federal benefit (a)(390)(0.5)(200)— (292)(0.2)
Permanent nontaxable or nondeductible items(218)(0.3)(374)(0.1)(462)(0.3)
Net operating loss adjustment(5,757)(7.7)— — — — 
Other398 0.5 3,396 1.0 (149)(0.1)
Income tax (expense) benefit as reported for net income($527)(0.7)%$1,022 0.3 %($293)(0.2)%
(a)State taxes in Texas and Louisiana make up the majority of the tax effect in this category.
Schedule of Cash Taxes Paid by Jurisdiction
Cash taxes paid by jurisdiction for each of the three years ended December 31 follows:
 
202520242023
State (a)
$278 $231 $229 
Total
$278 $231 $229 
(a)Texas and Louisiana make up the majority of the state taxes paid.
Schedule of Deferred Tax Assets and Liabilities The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31 follows:
 20252024
Gross deferred tax assets:
Pension, postretirement and other employee benefits$88 $149 
Cellulosic Biofuel Producer Credit tax credit carry forwards13,374 — 
Capitalized real estate costs4,735 3,570 
U.S. TRS net operating loss29,028 37,284 
Other7,143 8,166 
Total gross deferred tax assets54,368 49,169 
Less: Valuation allowance(53,724)(48,147)
Total deferred tax assets after valuation allowance$644 $1,022 
Gross deferred tax liabilities:
Other(727)(1,105)
Total gross deferred tax liabilities(727)(1,105)
Net deferred tax liability reported as noncurrent($83)($83)
Schedule of Operating Loss and Tax Credit Carryforwards
Net operating loss (“NOL”) and tax credit carryforwards as of the two years ended December 31 follows: 
Tax Effected BalanceExpiration
2025
U.S. Federal NOL Carryforwards- Post TCJA (a)$24,438 None
U.S State NOL Carryforwards (b)4,590 Various
Cellulosic Biofuel Producer Credit (c)13,374 2027
2024
U.S. Federal NOL Carryforwards- Post TCJA (a)$32,451 None
U.S State NOL Carryforwards (b)4,833 Various
Cellulosic Biofuel Producer Credit— 2024
(a)The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. The TCJA lifted the 20-year federal NOL Carryforward period. Net operating losses generated after December 31, 2017 have an indefinite carryforward period.
(b)The U.S. state NOL is made up of several jurisdictions that expire in various future years. No state NOL is set to expire before December 31, 2033.
(c)The One, Big, Beautiful Bill Act (P.L. 119-21) was signed into law on July 4, 2025. This act allowed unused cellulosic or second generation biofuel producer credits that expired in 2024 to be claimed for an additional three years.
Schedule of Tax Characteristics of Dividend Distributions
The taxable nature of the dividend distributions paid for each of the three years ended December 31 follows:
 
202520242023
Total dividends/distributions paid per common share/unit (a)
$2.49 $2.94 $1.34 
Tax characteristics:
Capital gain100%100%100%
(a)The year ended December 31, 2025 includes an additional dividend of $1.40 per common share, consisting of a combination of cash and the Company’s common shares. The dividend was paid December 12, 2025, to shareholders of record on October 24, 2025. This additional dividend will be considered a 2025 distribution for federal income tax purposes. The year ended December 31, 2024 includes an additional dividend of $1.80 per common share, consisting of a combination of cash and the Company’s common shares. The dividend was paid January 30, 2025, to shareholders of record on December 12, 2024. This additional dividend was considered a 2024 distribution for federal income tax purposes. The year ended December 31, 2023 includes an additional cash dividend of $0.20 per common share. The dividend was paid January 12, 2024, to shareholders of record on December 29, 2023. This additional cash dividend was considered a 2023 distribution for federal income tax purposes.