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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The Company's provision for income taxes for the years ended December 31, 2025, 2024 and 2023 is summarized as follows:
202520242023
Current:
Federal$— $— $— 
State and local(698)50 (774)
Deferred federal(1)77 71 
Total $(699)$127 $(703)
Schedule of Statutory Accounting Practices Disclosure
The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows:
202520242023
AmountPercentAmountPercentAmountPercent
Federal statutory income tax rate$(25,770)21.0 %$(9,636)21.0 %$(7,405)21.0 %
REIT income tax exemption25,769 (21.0)%9,713 (21.2)%7,476 (21.2)%
State and local taxes, net of federal benefit(162)0.1 %(170)0.4 %(236)0.7 %
Effective Tax Rate$(163)0.1 %$(93)0.2 %$(165)0.5 %
Franchise tax(536) N/A 220  N/A (538) N/A
Total $(699) N/A $127  N/A $(703) N/A
Schedule of Cash Flow, Supplemental Disclosures
The Company's taxes paid for the years ended December 31, 2025, 2024 and 2023 is summarized as follows:
202520242023
Federal
$— $— $— 
State and local
Tennessee320 (369)397 
Texas223 212 206 
Ohio164 172 207 
Mississippi116 176 193 
North Carolina81 53 *
Massachusetts*18 *
Louisiana**(84)
Other19 12 32 
923274951
Foreign
— — — 
Total
$923 $274 $951 
* The amount of income taxes paid during the year does not meet the 5% disaggregation threshold.
Summary of Average Taxable Nature of Dividends
A summary of the average taxable nature of the Company's common dividends for each of the years in the three-year period ended December 31, 2025, is as follows:
202520242023
Total dividends per share(1)
$2.70 $2.60 $2.50 
Ordinary income44.07 %55.65 %71.67 %
Qualifying dividend— %— %— %
Capital gain43.54 %41.58 %— %
Return of capital12.39 %2.77 %28.33 %
100.00 %100.00 %100.00 %
(1)Per share data has been adjusted for all periods presented to reflect the Reverse Split effective November 10, 2025. See Note 2, Summary of Significant Accounting Policies.
A summary of the average taxable nature of the Company's dividend on shares of its Series C Preferred for each of the years in the three-year period ended December 31, 2025, is as follows:
202520242023
Total dividends per share(1)
$3.25 $3.25 $3.25 
Ordinary income50.30 %57.23 %100.00 %
Qualifying dividend— %— %— %
Capital gain49.70 %42.77 %— %
Return of capital— %— %— %
100.00 %100.00 %100.00 %
(1)Per share data has been adjusted for all periods presented to reflect the Reverse Split effective November 10, 2025. See Note 2, Summary of Significant Accounting Policies.