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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
21. Income Taxes

For the three and six months ended June 30, 2025 and 2024, the Company qualified to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes at least 100% of its taxable income to stockholders and does not engage in prohibited transactions. Certain activities the Company performs may produce income that will not be qualifying income for REIT purposes. The Company has designated its TRSs to engage in these activities. The tables below reflect the taxes accrued at the TRS level and the tax attributes included in the condensed consolidated financial statements.

The income tax (benefit) expense for the three and six months ended June 30, 2025 and 2024, respectively, is comprised of the following components (dollar amounts in thousands):

For the Three Months Ended June 30,For the Six Months Ended June 30,
 2025202420252024
Current income tax (benefit) expense
$(168)$— $486 $163 
Deferred income tax expense
7 342 1 69 
Total income tax (benefit) expense
$(161)$342 $487 $232 

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 June 30, 2025 and December 31, 2024, respectively, are as follows (dollar amounts in thousands):

 June 30, 2025December 31, 2024
Deferred tax assets  
Net operating loss carryforward$7,652 $9,671 
Capital loss carryover20,168 16,259 
GAAP/Tax basis differences4,160 11,346 
Deferred tax assets
31,980 37,276 
Less: Valuation allowance
(28,134)(26,412)
Net deferred tax assets (1)
3,846 10,864 
Deferred tax liabilities  
GAAP/Tax basis differences2,265 9,282 
Deferred tax liabilities (2)
2,265 9,282 
Total net deferred tax asset$1,581 $1,582 

(1)Included in other assets in the accompanying condensed consolidated balance sheets.
(2)Included in other liabilities in the accompanying condensed consolidated balance sheets.
    
As of June 30, 2025, the Company, through wholly-owned TRSs, had incurred net operating losses in the aggregate amount of approximately $34.5 million. The Company’s carryforward net operating losses can be carried forward indefinitely until they are offset by future taxable income. Additionally, as of June 30, 2025, the Company, through its wholly-owned TRSs, had also incurred approximately $90.9 million in capital losses. The Company's carryforward capital losses will expire between 2025 and 2030 if they are not offset by future capital gains.

As of June 30, 2025, the Company has recorded a valuation allowance against certain deferred tax assets as management does not believe that it is more likely than not that these deferred tax assets will be realized. The change in the valuation for the current year is an increase of approximately $1.7 million. The Company will continue to monitor positive and negative evidence related to the utilization of the remaining deferred tax assets for which a valuation allowance continues to be provided.
The Company files income tax returns with the U.S. federal government and various state and local jurisdictions. The Company's federal, state and city income tax returns are subject to examination by the Internal Revenue Service and related tax authorities generally for three years after they were filed. The Company has assessed its tax positions for all open years and concluded that there are no material uncertainties to be recognized.

Based on the Company’s evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. To the extent that the Company incurs interest and accrued penalties in connection with its tax obligations, including expenses related to the Company’s evaluation of unrecognized tax positions, such amounts will be included in income tax expense.