Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022 are presented in the following table:

(In Thousands)	March 31, 2023		December 31, 2022
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards	$	99,327	$	97,655
Unrealized mark-to-market, impairments and loss provisions	13,649		12,609
Other realized / unrealized treatment differences	(28,061)		(28,620)
Total deferred tax assets	84,915		81,644
Less: valuation allowance	(84,915)		(81,644)
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 three months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
(In Thousands)	2023		2022
Current provision/(benefit)
Federal	$	(134)	$	106
State	(53)		25
Total current provision/(benefit)	(187)		131
Deferred provision/(benefit)
Federal	589		150
State	155		50
Total deferred provision/(benefit)	744		200
Total provision/(benefit)	$	557	$	331

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 March 31, 2023 and 2022:

	Three Months Ended
	March 31, 2023		March 31, 2022
Federal statutory rate	21.0	%	21.0	%
Non-taxable REIT income (dividends paid deduction)	(9.0)	%	3.2	%
Other differences in taxable income (loss) from GAAP	(8.4)	%	(24.6)	%
State and local taxes	—	%	—	%
Change in valuation allowance on DTAs	(2.9)	%	0.1	%
Effective tax rate	0.7	%	(0.3)	%