Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Net Deferred Tax Assets

The tax effects of temporary differences that give rise to significant portions of net deferred tax assets (“DTAs”) recorded at the Company’s domestic TRS entities at December 31, 2022 and 2021 are presented in the following table:

(In Thousands)	December 31, 2022		December 31, 2021
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards	$	97,655	$	35,796
Unrealized mark-to-market, impairments and loss provisions	12,609		3,753
Other realized / unrealized treatment differences	(28,620)		12,131
Total deferred tax assets	81,644		51,680
Less: valuation allowance	(81,644)		(51,680)
Net deferred tax assets	$	—	$	—

Schedule of Income Tax Provision (Benefit)

The following table summarizes the Company’s income tax provision (benefit) primarily recorded at the Company’s domestic TRS entities for the years ended December 31, 2022, 2021, and 2020:

	For the Year Ended
(In Thousands)	December 31, 2022		December 31, 2021		December 31, 2020
Current provision (benefit)
Federal	$	(1,309)	$	2,025	$	1,403
State	263		644		598
Total current provision (benefit)	(1,046)		2,669		2,001
Deferred provision (benefit)
Federal	166		—		—
State	29		—		—
Total deferred provision (benefit)	195		—		—
Total provision (benefit)	$	(851)	$	2,669	$	2,001

Schedule of Statutory Federal Tax Rate to our Effective Tax Rate

The following is a reconciliation of the statutory federal tax rate to the Company’s effective tax rate at December 31, 2022, 2021, and 2020:

	For the Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Federal statutory rate	21.0	%	21.0	%	21.0	%
Non-taxable REIT income (dividends paid deduction)	2.6	%	(4.6)	%	0.1	%
Other differences in taxable income (loss) from GAAP	(13.0)	%	(4.7)	%	(14.4)	%
State and local taxes	—	%	—	%	—	%
Change in valuation allowance on DTAs	(10.1)	%	(11.1)	%	(6.9)	%
Effective tax rate	0.5	%	0.6	%	(0.2)	%