Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 are presented in the following table:

(In Thousands)	March 31, 2024		December 31, 2023
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards	$	87,007	$	91,113
Unrealized mark-to-market, impairments and loss provisions	16,977		16,170
Other realized / unrealized treatment differences	(32,891)		(34,923)
Total deferred tax assets	71,093		72,360
Less: valuation allowance	(71,093)		(72,360)
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, 2024 and 2023:

	Three Months Ended March 31,
(In Thousands)	2024		2023
Current provision/(benefit)
Federal	$	422	$	(134)
State	111		(53)
Total current provision/(benefit)	533		(187)
Deferred provision/(benefit)
Federal	399		589
State	117		155
Total deferred provision/(benefit)	516		744
Total provision/(benefit)	$	1,049	$	557

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, 2024 and 2023:

	Three Months Ended
	March 31, 2024		March 31, 2023
Federal statutory rate	21.0	%	21.0	%
Non-taxable REIT income (dividends paid deduction)	(24.5)	%	(9.0)	%
Other differences in taxable income/(loss) from GAAP	21.0	%	(8.4)	%
State and local taxes	(0.2)	%	—	%
Change in valuation allowance on DTAs	(13.9)	%	(2.9)	%
Effective tax rate	3.4	%	0.7	%