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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The provision for income taxes relates primarily to the taxable income of the Company's taxable REIT subsidiaries. The earnings, other than in taxable REIT subsidiaries, of the Company are not generally subject to federal income taxes at the Company level due to the REIT election made by the Company. Income taxes have been provided for on the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities. The Company's provision for income taxes for the years ended December 31, 2024, 2023 and 2022 is summarized as follows:
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State and local | 50 |  |  | (774) |  |  | (1,120) |
Deferred federal | 77 |  |  | 71 |  |  | 18 |
Total | $ | 127 |  |  | $ | (703) |  |  | $ | (1,102) |
Net deferred tax asset of $166 and $89 are included in Other assets on the accompanying consolidated balance sheets at December 31, 2024 and 2023, respectively. This net deferred tax asset relates primarily to a net operating loss carryforward. The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows:
| 2024 |  | 2023 |  | 2022
Federal provision at statutory tax rate (21%) | $ | 77 |  |  | $ | 71 |  |  | $ | 18 |
State and local taxes, net of federal benefit | — |  |  | — |  |  | — |
Other | 50 |  |  | (774) |  |  | (1,120) |
Total | $ | 127 |  |  | $ | (703) |  |  | $ | (1,102) |
For the years ended December 31, 2024, 2023 and 2022, the “other” amount is comprised primarily of state franchise taxes (refunds) of $(50), $774 and $1,121, respectively. As of December 31, 2024 and 2023, the Company had estimated net operating loss carry forward for income tax reporting purposes of $789 and $423, respectively. 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, 2024, is as follows:
| 2024 |  | 2023 |  | 2022
Total dividends per share | $ | 0.52 |  |  | $ | 0.50 |  |  | $ | 0.48 |
Ordinary income | 55.65 | % |  | 71.67 | % |  | 81.26 | %
Qualifying dividend | — | % |  | — | % |  | — | %
Capital gain | 41.58 | % |  | — | % |  | — | %
Return of capital | 2.77 | % |  | 28.33 | % |  | 18.74 | %
| 100.00 | % |  | 100.00 | % |  | 100.00 | %
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, 2024, is as follows:
| 2024 |  | 2023 |  | 2022
Total dividends per share | $ | 3.25 |  |  | $ | 3.25 |  |  | $ | 3.25 |
Ordinary income | 57.23 | % |  | 100.00 | % |  | 100.00 | %
Qualifying dividend | — | % |  | — | % |  | — | %
Capital gain | 42.77 | % |  | — | % |  | — | %
Return of capital | — | % |  | — | % |  | — | %
| 100.00 | % |  | 100.00 | % |  | 100.00 | %

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