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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Income Tax Provision | The income tax provision for the years ended December 31, 2024, 2023 and 2022, respectively, is comprised of the following components (dollar amounts in thousands):
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Current income tax provision |  |  |  |  |
Federal | $ | 35 |  |  | $ | 23 |  |  | $ | 2,355 |
State | 86 |  |  | 273 |  |  | 862 |
Total current income tax provision | 121 |  |  | 296 |  |  | 3,217 |
Deferred income tax provision (benefit) |  |  |  |  |
Federal | 866 |  |  | (136) |  |  | (1,649) |
State | 49 |  |  | (85) |  |  | (1,026) |
Total deferred income tax provision (benefit) | 915 |  |  | (221) |  |  | (2,675) |
Total income tax provision | $ | 1,036 |  |  | $ | 75 |  |  | $ | 542 |
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, 2024, 2023 and 2022, respectively, are as follows (dollar amounts in thousands).
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Benefit at statutory rate | $ | (12,808) |  |  | 21.0 | % |  | $ | (10,204) |  |  | 21.0 | % |  | $ | (71,422) |  |  | 21.0 | %
Non-taxable REIT loss | 13,007 |  |  | (21.3) |  |  | 6,901 |  |  | (14.2) |  |  | 64,479 |  |  | (19.0) |
State and local tax provision (benefit) | 91 |  |  | (0.1) |  |  | 296 |  |  | (0.6) |  |  | (78) |  |  | — |
Other | (462) |  |  | 0.8 |  |  | (3,366) |  |  | 6.9 |  |  | (6,057) |  |  | 1.8 |
Valuation allowance | 1,208 |  |  | (2.0) |  |  | 6,448 |  |  | (13.3) |  |  | 13,620 |  |  | (4.0) |
Total provision | $ | 1,036 |  |  | (1.6) | % |  | $ | 75 |  |  | (0.2) | % |  | $ | 542 |  |  | (0.2) | %
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, 2024 and 2023, respectively, are as follows (dollar amounts in thousands):
| December 31, 2024 |  | December 31, 2023
Deferred tax assets |  |  |
Net operating loss carryforward | $ | 9,671 |  |  | $ | 7,128 |
Capital loss carryover | 16,259 |  |  | 19,597 |
GAAP/Tax basis differences | 11,346 |  |  | 2,989 |
Deferred tax assets | 37,276 |  |  | 29,714 |
Less: Valuation allowance | (26,412) |  |  | (25,204) |
Net deferred tax assets (1) | 10,864 |  |  | 4,510 |
Deferred tax liabilities |  |  |
GAAP/Tax basis differences | 9,282 |  |  | 2,012 |
Deferred tax liabilities (2) | 9,282 |  |  | 2,012 |
Total net deferred tax asset | $ | 1,582 |  |  | $ | 2,498 |
(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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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