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Income Taxes (Tables)

12 Months Ended

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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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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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-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.

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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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