Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Cash Dividends, Tax Characteristic

The following table details the tax characteristics of the Company's dividends declared on its shares of common and preferred stock for the years ended December 31, 2020 and 2019.

	Year Ended
Tax Characteristic	December 31, 2020		December 31, 2019
Ordinary income	58.2	%	85.0	%
Return of capital	37.9	%	9.4	%
Capital gains	3.9	%	5.6	%
	100.0	%	100.0	%

Schedule of Components of Income Tax Expense (Benefit)

The following table summarizes the Company's income tax provision for the years ended December 31, 2020 and 2019.

	As of
(In thousands)	December 31, 2020		December 31, 2019
Current income tax provision
Federal	$	38	$	185
State	602		293
Total current income tax provision, net	640		478
Deferred income tax provision
Federal	6,638		1,080
State	4,099		—
Total deferred income tax provision, net	10,737		1,080
Total income tax provision	$	11,377	$	1,558

Schedule of Deferred Tax Assets and Liabilities

The following table details the components of the Company's net deferred tax asset (liability) at December 31, 2020 and 2019.

	As of
(In thousands)	December 31, 2020		December 31, 2019
Deferred tax asset
Net operating loss available for carry-back and carry-forward	$	1,937	$	3,907
Basis difference for investments	1,481		669
Valuation allowance	—		(157)
Deferred tax asset	3,419		4,419
Deferred tax liability
Basis difference for investments	(15,525)		(5,484)
Deferred tax liability	(15,525)		(5,484)
Net deferred tax asset (liability)	$	(12,106)	$	(1,065)

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 years ended December 31, 2020 and 2019.

	Year Ended
	December 31, 2020		December 31, 2019
Federal statutory rate	21.00	%	21.00	%
State statutory rate, net of federal benefit	11.83	%	0.45	%
Income attributable to non-controlling interests	(1.78)	%	(1.28)	%
REIT earnings not subject to corporate taxes	(2.43)	%	(17.76)	%
Effective tax rate	28.62	%	2.41	%