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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Distributions Paid Per Common Share of Beneficial Interest and Preferred Shares on a Tax Basis | The following characterizes distributions paid per common share and preferred share on a tax basis for the years ended December 31, 2024, 2023 and 2022:
| 2024 |  | 2023 |  | 2022
| Amount |  | % |  | Amount |  | % |  | Amount |  | %
Common Shares: |  |  |  |  |  |  |  |  |  |  |
Ordinary non-qualified income | $ | — |  |  | — | % |  | $ | 0.0400 |  |  | 100.00 | % |  | $ | 0.0419 |  |  | 83.80 | %
Qualified dividend | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | %
Capital gain | — |  |  | — | % |  | — |  |  | — | % |  | 0.0081 |  |  | 16.20 | %
Return of capital | 0.0300 |  |  | 100.00 | % |  | — |  |  | — | % |  | — |  |  | — | %
Total | $ | 0.0300 |  |  | 100.00 | % |  | $ | 0.0400 |  |  | 100.00 | % |  | $ | 0.0500 |  |  | 100.00 | %
Series E Preferred Shares: |  |  |  |  |  |  |  |  |  |  |
Ordinary non-qualified income | $ | 0.9786 |  |  | 81.87 | % |  | $ | 1.5938 |  |  | 100.00 | % |  | $ | 1.6684 |  |  | 83.75 | %
Qualified dividend | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | %
Capital gain | — |  |  | — | % |  | — |  |  | — | % |  | 0.3238 |  |  | 16.25 | %
Return of capital | 0.2167 |  |  | 18.13 | % |  | — |  |  | — | % |  | — |  |  | — | %
Total | $ | 1.1953 |  |  | 100.00 | % |  | $ | 1.5938 |  |  | 100.00 | % |  | $ | 1.9922 |  |  | 100.00 | %
Series F Preferred Shares: |  |  |  |  |  |  |  |  |  |  |
Ordinary non-qualified income | $ | 0.9671 |  |  | 81.87 | % |  | $ | 1.5750 |  |  | 100.00 | % |  | $ | 1.6488 |  |  | 83.75 | %
Qualified dividend | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | %
Capital gain | — |  |  | — | % |  | — |  |  | — | % |  | 0.3200 |  |  | 16.25 | %
Return of capital | 0.2142 |  |  | 18.13 | % |  | — |  |  | — | % |  | — |  |  | — | %
Total | $ | 1.1813 |  |  | 100.00 | % |  | $ | 1.5750 |  |  | 100.00 | % |  | $ | 1.9688 |  |  | 100.00 | %
Series G Preferred Shares: |  |  |  |  |  |  |  |  |  |  |
Ordinary non-qualified income | $ | 0.9786 |  |  | 81.87 | % |  | $ | 1.5938 |  |  | 100.00 | % |  | $ | 1.6684 |  |  | 83.75 | %
Qualified dividend | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | %
Capital gain | — |  |  | — | % |  | — |  |  | — | % |  | 0.3238 |  |  | 16.25 | %
Return of capital | 0.2167 |  |  | 18.13 | % |  | — |  |  | — | % |  | — |  |  | — | %
Total | $ | 1.1953 |  |  | 100.00 | % |  | $ | 1.5938 |  |  | 100.00 | % |  | $ | 1.9922 |  |  | 100.00 | %
Series H Preferred Shares: |  |  |  |  |  |  |  |  |  |  |
Ordinary non-qualified income | $ | 0.8750 |  |  | 81.87 | % |  | $ | 1.4250 |  |  | 100.00 | % |  | $ | 1.4917 |  |  | 83.75 | %
Qualified dividend | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | %
Capital gain | — |  |  | — | % |  | — |  |  | — | % |  | 0.2895 |  |  | 16.25 | %
Return of capital | 0.1938 |  |  | 18.13 | % |  | — |  |  | — | % |  | — |  |  | — | %
Total | $ | 1.0688 |  |  | 100.00 | % |  | $ | 1.4250 |  |  | 100.00 | % |  | $ | 1.7812 |  |  | 100.00 | %
Components of Income Tax Expense | The Company's provision (benefit) for income taxes consists of the following (in thousands):
| For the year ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 1,197 |  |  | $ | 237 |  |  | $ | 253 |
State and local | 1,658 |  |  | 418 |  |  | 24 |
Total current provision | $ | 2,855 |  |  | $ | 655 |  |  | $ | 277 |
Deferred: |  |  |  |  |
Federal | (25,280) |  |  | — |  |  | — |
State and local | (3,203) |  |  | — |  |  | — |
Total deferred provision (benefit) | $ | (28,483) |  |  | $ | — |  |  | $ | — |
Income tax expense (benefit) | $ | (25,628) |  |  | $ | 655 |  |  | $ | 277 |
Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense | A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) is as follows (in thousands):
| For the year ended December 31,
| 2024 |  | 2023 |  | 2022
Statutory federal tax expense (benefit) | $ | (5,379) |  |  | $ | 16,808 |  |  | $ | 17,906 |
State income tax expense (benefit), net of federal tax expense (benefit) | (1,829) |  |  | 409 |  |  | 4 |
REIT income not subject to tax | 9,800 |  |  | (16,536) |  |  | (17,402) |
Change in valuation allowance | (28,368) |  |  | 973 |  |  | (495) |
Other | 148 |  |  | (999) |  |  | 264 |
Income tax expense (benefit), net | $ | (25,628) |  |  | $ | 655 |  |  | $ | 277 |
Schedule of Deferred Tax Assets | The significant components of the Company's deferred tax assets as of December 31, 2024 and 2023 consisted of the following (in thousands):
| December 31, 2024 |  | December 31, 2023
Deferred Tax Assets: |  |  |
Net operating loss carryover | $ | 34,125 |  |  | $ | 39,385 |
State taxes and other | 7,671 |  |  | 5,596 |
Depreciation | 31 |  |  | 99 |
Total deferred tax asset before valuation allowance | $ | 41,827 |  |  | $ | 45,080 |
Valuation allowance | (13,344) |  |  | (45,080) |
Deferred tax asset net of valuation allowance | $ | 28,483 |  |  | $ | — |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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