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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Income Tax Provision

The income tax provision for the years ended December 31, 2022, 2021 and 2020, respectively, is comprised of the following components (dollar amounts in thousands):

			For the Years Ended December 31,
			2022						2021						2020
Current income tax provision
Federal			$	2,355					$	280					$	1,225
State			862						5						151
Total current income tax provision			3,217						285						1,376
Deferred income tax (benefit) provision
Federal			(1,649)						1,339						(244)
State			(1,026)						834						(151)
Total deferred income tax (benefit) provision			(2,675)						2,173						(395)
Total income tax provision			$	542					$	2,458					$	981

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory income tax provision to the effective income tax provision for the years ended December 31, 2022, 2021 and 2020, respectively, are as follows (dollar amounts in thousands).

			For the Years Ended December 31,
			2022												2021												2020
(Benefit) provision at statutory rate			$	(71,422)					21.0		%				$	41,088					21.0		%				$	(60,381)					21.0		%
Non-taxable REIT loss (income)			64,479						(19.0)						(36,691)						(18.8)						58,783						(20.4)
State and local tax (benefit) provision			(78)						—						825						0.4						150						(0.1)
Other			(6,057)						1.8						225						0.1						(45)						—
Valuation allowance			13,620						(4.0)						(2,989)						(1.5)						2,474						(0.9)
Total provision			$	542					(0.2)		%				$	2,458					1.2		%				$	981					(0.4)		%

Schedule of Deferred Tax Assets and Liabilities

The major sources of temporary differences included in the deferred tax assets (liabilities) and their deferred tax effect as of December 31, 2022 and 2021, respectively, are as follows (dollar amounts in thousands):

			December 31, 2022						December 31, 2021
Deferred tax assets
Net operating loss carryforward			$	3,513					$	3,615
Capital loss carryover			16,045						7,549
GAAP/Tax basis differences			1,869						254
Total deferred tax assets (1)			21,427						11,418
Deferred tax liabilities
GAAP/Tax basis differences			394						6,681
Total deferred tax liabilities (2)			394						6,681
Valuation allowance (1)			(18,756)						(5,136)
Total net deferred tax asset (liability)			$	2,277					$	(399)

(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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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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