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Income Taxes (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 2022 are presented in the following table:

(In Thousands)						December 31, 2023						December 31, 2022
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards						$	91,113					$	97,655
Unrealized mark-to-market, impairments and loss provisions						16,170						12,609
Other realized / unrealized treatment differences						(34,923)						(28,620)
Total deferred tax assets						72,360						81,644
Less: valuation allowance						(72,360)						(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 years ended December 31, 2023, 2022, and 2021:

						For the Year Ended
(In Thousands)						December 31, 2023						December 31, 2022						December 31, 2021
Current provision/(benefit)
Federal						$	(21)					$	(1,309)					$	2,025
State						—						263						644
Total current provision/(benefit)						(21)						(1,046)						2,669
Deferred provision/(benefit)
Federal						251						166						—
State						48						29						—
Total deferred provision/(benefit)						299						195						—
Total provision/(benefit)						$	278					$	(851)					$	2,669

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 December 31, 2023, 2022, and 2021:

						For the Year Ended
						December 31, 2023						December 31, 2022						December 31, 2021
Federal statutory rate						21.0		%				21.0		%				21.0		%
Non-taxable REIT income (dividends paid deduction)						(34.9)		%				2.6		%				(4.6)		%
Other differences in taxable income/(loss) from GAAP						23.7		%				(13.0)		%				(4.7)		%
State and local taxes						—		%				—		%				—		%
Change in valuation allowance on DTAs						(9.5)		%				(10.1)		%				(11.1)		%
Effective tax rate						0.3		%				0.5		%				0.6		%

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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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