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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax (Benefit)/Provision

The income tax benefit for the three and nine months ended September 30, 2023 and 2022, respectively, is comprised of the following components (dollar amounts in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Current income tax (benefit) expense			$	(2)					$	2,089					$	254					$	2,320
Deferred income tax benefit			(54)						(2,419)						(313)						(2,582)
Total income tax benefit			$	(56)					$	(330)					$	(59)					$	(262)

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 September 30, 2023 and December 31, 2022, respectively, are as follows (dollar amounts in thousands):

			September 30, 2023						December 31, 2022
Deferred tax assets
Net operating loss carryforward			$	6,327					$	3,513
Capital loss carryover			17,330						16,045
GAAP/Tax basis differences			4,911						1,869
Deferred tax assets			28,568						21,427
Less: Valuation allowance			(25,218)						(18,756)
Net deferred tax assets (1)			3,350						2,671
Deferred tax liabilities
GAAP/Tax basis differences			761						394
Deferred tax liabilities (2)			761						394
Total net deferred tax asset			$	2,589					$	2,277

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

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

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- References

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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://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

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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

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

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