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Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 12 – Income Taxes

We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2009. As a REIT, U.S. federal income tax law generally requires us to distribute annually at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that we pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We are also subject to U.S. federal, state and local income taxes on our domestic taxable REIT subsidiaries ("TRS") based on the tax jurisdictions in which they operate.

During the three months ended March 31, 2025 and 2024, we recorded a current income tax provision of $116 thousand and $114 thousand, respectively, related to activities of our taxable REIT subsidiaries.

There was a $0.1 million and $0.3 million income tax asset related to the operating activities of our TRS entities as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, there were no material deferred tax assets or liabilities.

As of March 31, 2025, we had net operating losses of $8.5 million and capital losses of $25.2 million that may be carried forward for use in subsequent periods.

As of March 31, 2025, tax years 2021 through 2024 remain subject to examination by taxing authorities.