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TAXES
 6 Months Ended
Jun. 30, 2025
Taxes [Abstract]  
TAXES

NOTE 13 – TAXES

Omega was organized, has operated and intends to continue to operate in a manner that enables Omega to qualify for taxation as a REIT under Sections 856 through 860 of the Code.

We have elected to treat certain of our active subsidiaries as taxable REIT subsidiaries (“TRSs”). Our domestic TRSs are subject to federal, state and local income taxes at the applicable corporate rates. Our foreign subsidiaries are subject to foreign income taxes and withholding taxes. Income taxes included within the financial statements primarily represents U.S. federal, state and local income taxes as well as non-U.S. income based or withholding taxes on certain investments located in jurisdictions outside the U.S.

The following is a summary of our provision for income taxes:

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Three Months Ended June 30, 

 

Six Months Ended June 30, 

​

2025

    

2024

     

2025

     

2024

​

(in thousands)

Federal, state and local income tax expense

$

173

 

$

181

 

$

441

 

$

699

Foreign tax expense

​

4,355

 

​

1,799

 

​

7,698

 

​

3,862

Total income tax expense (1)

$

4,528

​

$

1,980

​

$

8,139

​

$

4,561

(1)The above amounts do not include gross income receipts or franchise taxes payable to certain states and municipalities.

The income tax expense for both the three and six months ended June 30, 2025 and 2024 was primarily due to income from foreign jurisdictions that subject to foreign income taxes and withholding taxes.

As of June 30, 2025 and December 31, 2024, deferred tax assets totaled $20.5 million and $19.4 million, respectively, and deferred tax liabilities totaled zero. Our deferred tax assets relate primarily to loss carryforwards.