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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Income Tax Provision

The income tax provision (benefit) for the years ended December 31, 2021, 2020 and 2019, respectively, is comprised of the following components (dollar amounts in thousands):

			For the Years Ended December 31,
			2021						2020						2019
Current income tax provision (benefit)
Federal			$	280					$	1,225					$	(65)
State			5						151						43
Total current income tax provision (benefit)			285						1,376						(22)
Deferred income tax provision (benefit)
Federal			1,339						(244)						(245)
State			834						(151)						(152)
Total deferred income tax provision (benefit)			2,173						(395)						(397)
Total income tax provision (benefit)			$	2,458					$	981					$	(419)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory income tax provision (benefit) to the effective income tax provision (benefit) for the years ended December 31, 2021, 2020 and 2019, respectively, are as follows (dollar amounts in thousands).

			For the Years Ended December 31,
			2021												2020												2019
Provision (benefit) at statutory rate			$	41,088					21.0		%				$	(60,381)					21.0		%				$	36,397					21.0		%
Non-taxable REIT income			(36,691)						(18.8)						58,783						(20.4)						(37,199)						(21.5)
State and local tax provision			825						0.4						150						(0.1)						43						—
Other			225						0.1						(45)						—						(620)						(0.4)
Valuation allowance			(2,989)						(1.5)						2,474						(0.9)						960						0.6
Total provision (benefit)			$	2,458					1.2		%				$	981					(0.4)		%				$	(419)					(0.3)		%

Schedule of Deferred Tax Assets and Liabilities

The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of December 31, 2021 and 2020, respectively, are as follows (dollar amounts in thousands):

			December 31, 2021						December 31, 2020
Deferred tax assets
Net operating loss carryforward			$	3,615					$	6,024
Capital loss carryover			7,549						4,442
GAAP/Tax basis differences			254						814
Total deferred tax assets (1)			11,418						11,280
Deferred tax liabilities
GAAP/Tax basis differences			6,681						2
Total deferred tax liabilities (2)			6,681						2
Valuation allowance (1)			(5,136)						(9,503)
Total net deferred tax (liability) asset			$	(399)					$	1,775

(1)Included in other assets in the accompanying consolidated balance sheets.

(2)Included in other liabilities in the accompanying consolidated balance sheets.

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

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

+ References

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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 12
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