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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The provision for income taxes comprises the following components:
| Year Ended
| December 31, 2024 |  | December 31, 2023
Current federal | $ | 1,048 |  |  | $ | 171 |
Current state | — |  |  | 16 |
Deferred federal | 1,194 |  |  | 4,776 |
Deferred state | (601) |  |  | 1,833 |
Income tax provision | $ | 1,641 |  |  | $ | 6,796 |
The Company recognized an income tax benefit of $7.5 million for the year ended December 31, 2022 within other income (expense) on the Consolidated Statement of Operations. A reconciliation of the statutory federal income tax rate of 21% with the Company’s effective income tax rate is as follows:
| Year Ended
| December 31, 2024 |  | December 31, 2023
Income tax benefit computed at the federal statutory rate | $ | (79,751) |  |  | $ | (34,420) |
Income tax benefit attributable to non-taxable entities | 37,893 |  |  | 16,643 |
State income taxes, net of federal tax benefit | (11,850) |  |  | (4,810) |
Valuation allowance | 53,229 |  |  | 29,681 |
Other | 2,120 |  |  | (298) |
Income tax provision | $ | 1,641 |  |  | $ | 6,796 |
Significant components of the Company's deferred tax assets and liabilities are as follows:
| December 31, 2024 |  | December 31, 2023
Deferred tax assets: |  |  |
Net operating loss and tax credit carryforwards | $ | 68,457 |  |  | $ | 41,339 |
Depreciation and amortization | 29,237 |  |  | 11,124 |
Prepaid rent | 703 |  |  | 1,578 |
Other | 973 |  |  | 122 |
Total deferred tax assets | 99,370 |  |  | 54,163 |
Valuation allowance | (82,706) |  |  | (29,477) |
Net deferred tax assets | 16,664 |  |  | 24,686 |
Deferred tax liabilities: |  |  |
Depreciation and amortization | (14,432) |  |  | (21,170) |
Unrealized gain on non-real estate investments | (3,912) |  |  | (4,640) |
Other | (205) |  |  | (169) |
Total deferred tax liabilities | (18,549) |  |  | (25,979) |
Deferred tax liability, net | $ | (1,885) |  |  | $ | (1,293) |
As of December 31, 2022, the Company had not recorded a valuation allowance against its deferred tax assets.

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