XML 41 R31.htm IDEA: XBRL DOCUMENT v3.23.2

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022 are presented in the following table:

(In Thousands)						June 30, 2023						December 31, 2022
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards						$	105,792					$	97,655
Unrealized mark-to-market, impairments and loss provisions						14,787						12,609
Other realized / unrealized treatment differences						(42,011)						(28,620)
Total deferred tax assets						78,568						81,644
Less: valuation allowance						(78,568)						(81,644)
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 six months ended June 30, 2023 and 2022:

						Three Months Ended June 30,												Six Months Ended June 30,
(In Thousands)						2023						2022						2023						2022
Current provision/(benefit)
Federal						$	(286)					$	38					$	(420)					$	143
State						(71)						184						(125)						209
Total current provision/(benefit)						(357)						222						(545)						352
Deferred provision/(benefit)
Federal						—						120						589						270
State						—						15						155						65
Total deferred provision/(benefit)						—						135						744						335
Total provision/(benefit)						$	(357)					$	357					$	199					$	687

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 June 30, 2023 and 2022:

						Six Months Ended
						June 30, 2023						June 30, 2022
Federal statutory rate						21.0		%				21.0		%
Non-taxable REIT income (dividends paid deduction)						(32.6)		%				2.9		%
Other differences in taxable income (loss) from GAAP						23.0		%				(17.0)		%
State and local taxes						—		%				—		%
Change in valuation allowance on DTAs						(11.0)		%				(7.1)		%
Effective tax rate						0.4		%				(0.2)		%

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration