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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of net deferred tax assets

The tax effects of temporary differences that give rise to significant portions of net deferred tax assets (“DTAs”) recorded at the Company’s domestic TRS entities at September 30, 2022 and December 31, 2021 are presented in the following table:

(In Thousands)						September 30, 2022						December 31, 2021
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards						$	71,360					$	35,796
Unrealized mark-to-market, impairments and loss provisions						15,572						3,753
Other realized / unrealized treatment differences						(14,730)						12,131
Total deferred tax assets						72,202						51,680
Less: valuation allowance						(72,202)						(51,680)
Net deferred tax assets						$	—					$	—

Schedule of income tax provision (benefit)

The following table summarizes the Company’s income tax provision (benefit) primarily recorded at the Company’s domestic TRS entities for the three and nine months ended September 30, 2022 and 2021:

						Three Months Ended September 30,												Nine Months Ended September 30,
(In Thousands)						2022						2021						2022						2021
Current provision (benefit)
Federal						$	40					$	635					$	184					$	1,191
State						11						202						220						379
Total current provision (benefit)						51						837						404						1,570
Deferred provision (benefit)
Federal						183						—						453						—
State						49						—						114						—
Total deferred provision (benefit)						232						—						567						—
Total provision (benefit)						$	283					$	837					$	971					$	1,570

Schedule of statutory federal tax rate to our effective tax rate

The following is a reconciliation of the statutory federal tax rate to the Company’s effective tax rate at September 30, 2022 and 2021:

						Nine Months Ended
						September 30, 2022						September 30, 2021
Federal statutory rate						21.0		%				21.0		%
Non-taxable REIT income (dividends paid deduction)						3.4		%				(4.5)		%
Other differences in taxable income (loss) from GAAP						(17.4)		%				(5.2)		%
State and local taxes						—		%				—		%
Change in valuation allowance on DTAs						(7.3)		%				(10.9)		%
Effective tax rate						(0.3)		%				0.4		%

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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