Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022, 2021 and 2020.

	Year Ended December 31,
Tax Characteristic	2022		2021		2020
Ordinary income	69.0	%	96.4	%	58.2	%
Return of capital	30.4	%	—	%	37.9	%
Capital gains	0.6	%	3.6	%	3.9	%
	100.0	%	100.0	%	100.0	%

Schedule of Components of Income Tax Expense (Benefit)

The following table summarizes the Company's (benefit) provision for income tax for the years ended December 31, 2022, 2021, and 2020.

	As of
(In thousands)	December 31, 2022		December 31, 2021		December 31, 2020
Current provision for income tax
Federal	$	—	$	393	$	38
State	—		36		602
Total current provision for income tax, net	—		429		640
Deferred (benefit) provision for income tax (1)
Federal	(13,229)		2,927		6,638
State	(4,487)		(212)		4,099
Total deferred (benefit) provision for income tax, net	(17,716)		2,715		10,737
Total (benefit) provision for income tax	$	(17,716)	$	3,144	$	11,377

(1)Includes income tax expense (benefit) of $(2.9) million from bargain purchase gain.

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, 2022 and 2021.

	As of
(In thousands)	December 31, 2022		December 31, 2021(2)
Deferred tax asset
Net operating loss available for carry-back and carry-forward(1)	$	25,508	$	—
Basis difference for investments(1)	(13,199)		—
Valuation allowance	(12,309)		—
Deferred tax asset	—		—
Deferred tax liability
Basis difference for investments(1)	—		(14,822)
Valuation allowance	—		—
Deferred tax liability	—		(14,822)
Net deferred tax asset (liability), net of valuation allowance	$	—	$	(14,822)

(1)Includes state net operating losses available for carry-back and carry-forward as of December 31, 2022 and 2021 of $6.7 million and $0.7 million, respectively. These deferred tax assets were fully offset by a valuation allowance.

(2)Prior period conformed to current period presentation

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, 2022, 2021, and 2020.

	Year Ended December 31,
	2022		2021		2020
Federal statutory rate	21.00	%	21.00	%	21.00	%
State statutory rate, net of federal benefit	4.41	%	(0.13)	%	11.83	%
Income attributable to non-controlling interests	0.07	%	(1.09)	%	(1.78)	%
REIT earnings not subject to corporate taxes	2.72	%	(17.51)	%	(2.43)	%
Deferred tax loss	3.22	%	—	%	—	%
Bargain purchase gain	2.37	%	—	%	—	%
Change in valuation allowance	(13.85)	%	—	%	—	%
Effective tax rate	19.94	%	2.27	%	28.62	%