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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule Of Distributions Paid, Tax Basis

The following characterizes distributions paid to holders of common stock and Series A Preferred Stock on a tax basis for the years ended December 31, 2023, 2022, and 2021:

			Year Ended December 31,
			2023						2022						2021
Common Stock
Ordinary non-qualified income			$	0.120000					$	0.044543					$	—
Qualified dividends			—						0.045457						—
			$	0.120000					$	0.090000					$	—
Series A Preferred Stock
Ordinary non-qualified income			$	2.062500					$	1.020772					$	—
Qualified dividends			—						1.041728						—
Return of capital			—						—						2.062500
			$	2.062500					$	2.062500					$	2.062500

Schedule of Components of Income Tax Provision

Our provision for income taxes consists of the following (in thousands):

			Year Ended December 31,
			2023						2022						2021
Current - Federal			$	(84)					$	901					$	2,759
State			1,376						2,487						40
			1,292						3,388						2,799
Deferred - Federal			492						1,090						5,190
State			(486)						2,044						(6,159)
Change in valuation allowance			(981)						(3,915)						1,437
			(975)						(781)						468
Income tax provision			$	317					$	2,607					$	3,267

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands):

			Year Ended December 31,
			2023						2022						2021
Statutory federal tax provision (benefit)			$	18,226					$	23,620					$	(40,337)
Tax impact of REIT election			(17,281)						(21,110)						45,946
State income tax provision (benefit), net of federal tax benefit			890						4,531						(6,119)
Change in valuation allowance			(981)						(3,915)						1,437
Permanent differences			(349)						(495)						2,561
Other			(188)						(24)						(221)
Income tax provision			$	317					$	2,607					$	3,267

Schedule of Deferred Tax Assets and Liabilities

The total deferred tax assets and liabilities are as follows (in thousands):

			2023						2022
Federal
Net operating loss carryforwards			$	2,585					$	3,541
Deferred income			2,049						3,282
Other			407						511
Depreciation and amortization			(2,074)						(3,808)
Less: Valuation allowance			(1,766)						(3,002)
Federal - Deferred tax assets (liabilities), net			$	1,201					$	524
State
Net operating loss carryforwards			$	8,921					$	8,499
Deferred income			553						851
Alternative minimum tax credit carryforwards			231						211
Other			120						141
Depreciation and amortization			(559)						(987)
Less: Valuation allowance			(8,253)						(7,999)
State - Deferred tax assets, net			$	1,013					$	716

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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