Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Income Tax Provision

The income tax provision (benefit) for the years ended December 31, 2020, 2019 and 2018, respectively, is comprised of the following components (dollar amounts in thousands):

	For the Years Ended December 31,
	2020		2019		2018
Current income tax provision (benefit)
Federal	$	1,225	$	(65)	$	(273)
State	151		43		(7)
Total current income tax provision (benefit)	1,376		(22)		(280)
Deferred income tax benefit
Federal	(244)		(245)		(480)
State	(151)		(152)		(297)
Total deferred income tax benefit	(395)		(397)		(777)
Total income tax provision (benefit)	$	981	$	(419)	$	(1,057)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory income tax (benefit) provision to the effective income tax provision (benefit) for the years ended December 31, 2020, 2019 and 2018, respectively, are as follows (dollar amounts in thousands).

	For the Years Ended December 31,
	2020				2019				2018
(Benefit) provision at statutory rate	$	(60,381)	21.0	%	$	36,397	21.0	%	$	21,384	21.0	%
Non-taxable REIT income	58,783		(20.4)		(37,199)		(21.5)		(23,720)		(23.3)
State and local tax provision (benefit)	150		(0.1)		43		—		(7)		—
Other	(45)		—		(620)		(0.4)		(2,601)		(2.6)
Valuation allowance	2,474		(0.9)		960		0.6		3,887		3.8
Total provision (benefit)	$	981	(0.4)	%	$	(419)	(0.3)	%	$	(1,057)	(1.1)	%

Schedule of Deferred Tax Assets and Liabilities

The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of December 31, 2020 and 2019, respectively, are as follows (dollar amounts in thousands):

	December 31, 2020		December 31, 2019
Deferred tax assets
Net operating loss carryforward	$	6,024	$	3,975
Capital loss carryover	4,442		739
GAAP/Tax basis differences	814		3,699
Total deferred tax assets (1)	11,280		8,413
Deferred tax liabilities
Deferred tax liabilities	2		5
Total deferred tax liabilities (2)	2		5
Valuation allowance (1)	(9,503)		(7,029)
Total net deferred tax asset	$	1,775	$	1,379

(1)Included in other assets in the accompanying consolidated balance sheets.

(2)Included in other liabilities in the accompanying consolidated balance sheets.