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Income Taxes (Tables) | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Cash Dividends, Tax Characteristic | The following table details the estimated tax characteristics of the Company's dividends declared on its common stock for the three-month period ended March 31, 2025 and the years ended December 31, 2024 and 2023.
|  | Three-Month Period Ended March 31, 2025 |  | Year Ended December 31,
Tax Characteristic |  |  | 2024 |  | 2023
Ordinary income |  | — | % |  | 24.1 | % |  | 38.0 | %
Return of capital |  | 100.0 | % |  | 75.9 | % |  | 62.0 | %
|  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the Company's (benefit) provision for income tax for the period January 1, 2025 to March 31, 2025 and the year ended December 31, 2024. The Company did not record any provision for income tax for the year ended December 31, 2023.
(In thousands) |  | Three-Month Period Ended March 31, 2025 |  | Year Ended December 31, 2024
Current provision for income tax |  |  |  |
Federal |  | $ | — |  |  | $ | 238 |
State |  | (6) |  |  | 272 |
Total current provision for income tax, net |  | (6) |  |  | 510 |
Deferred (benefit) provision for income tax |  |  |  |
Federal |  | — |  |  | — |
State |  | — |  |  | — |
Total deferred (benefit) provision for income tax, net |  | — |  |  | — |
Total (benefit) provision for income tax |  | $ | (6) |  |  | $ | 510 |
Schedule of Deferred Tax Assets and Liabilities | The following table details the components of the Company's net deferred tax asset (liability) as of March 31, 2025 and December 31, 2024.
(In thousands) |  | March 31, 2025 |  | December 31, 2024
Deferred tax asset |  |  |  |
Net operating loss available for carry-back and carry-forward(1) |  | $ | 13,333 |  |  | $ | 11,147 |
Net capital loss carry-forward |  | — |  |  | — |
Basis difference for investments |  | — |  |  | — |
Valuation allowance |  | (13,333) |  |  | (11,147) |
Deferred tax asset |  | — |  |  | — |
Deferred tax liability |  |  |  |
Basis difference for investments |  | — |  |  | — |
Valuation allowance |  | — |  |  | — |
Deferred tax liability |  | — |  |  | — |
Net deferred tax asset (liability), net of valuation allowance |  | $ | — |  |  | $ | — |
Schedule of Effective Income Tax Rate Reconciliation | The following table details the reconciliation between the Company's U.S. federal and state statutory income tax rate and the effective tax rate for the three-month period ended March 31, 2025.
|  | Three-Month Period Ended March 31, 2025
|  | (In thousands) |  |
Federal statutory amount and rate |  | $ | (1,654) |  |  | 21.00 | %
State statutory amount and rate, net of federal benefit |  |  |  |
CT |  | (467) |  |  | 5.93 | %
Other |  | (32) |  |  | 0.41 | %
Change in valuation allowance |  | 2,147 |  |  | (27.26) | %
Income tax expense (benefit) and Effective tax rate |  | $ | (6) |  |  | 0.07 | %
The following table details the reconciliation between the Company's U.S. federal and state statutory income tax rate and the effective tax rate for the year ended December 31, 2024.
|  | Year Ended December 31, 2024
Federal statutory rate |  | 21.00 | %
State statutory rate, net of federal benefit |  | 6.34 | %
Change in valuation allowance |  | (20.15) | %
Effective tax rate |  | 7.19 | %

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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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- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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