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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023 are presented in the following table:

(In Thousands)						September 30, 2024						December 31, 2023
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards						$	83,787					$	91,113
Unrealized mark-to-market, impairments and loss provisions						16,803						16,170
Other realized / unrealized treatment differences						(26,807)						(34,923)
Total deferred tax assets						73,783						72,360
Less: valuation allowance						(73,783)						(72,360)
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, 2024 and 2023:

						Three Months Ended September 30,												Nine Months Ended September 30,
(In Thousands)						2024						2023						2024						2023
Current provision/(benefit)
Federal						$	1,190					$	73					$	1,882					$	(346)
State						328						21						515						(103)
Total current provision/(benefit)						1,518						94						2,397						(449)
Deferred provision/(benefit)
Federal						—						—						399						589
State						—						—						117						155
Total deferred provision/(benefit)						—						—						516						744
Total provision/(benefit)						$	1,518					$	94					$	2,913					$	295

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, 2024 and 2023:

						Nine Months Ended
						September 30, 2024						September 30, 2023
Federal statutory rate						21.0		%				21.0		%
Non-taxable REIT income (dividends paid deduction)						(14.7)		%				231.1		%
Other differences in taxable income/(loss) from GAAP						1.3		%				(319.7)		%
State and local taxes						(0.1)		%				0.1		%
Change in valuation allowance on DTAs						(5.5)		%				64.9		%
Effective tax rate						2.0		%				(2.6)		%

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-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.

+ 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

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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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-Topic 740
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-Name Accounting Standards Codification
-Section 55
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