Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022, and 2021.

	Year Ended December 31,
Tax Characteristic	2023		2022		2021
Ordinary income	71.3	%	69.0	%	96.4	%
Return of capital	28.2	%	30.4	%	—	%
Capital gains	0.5	%	0.6	%	3.6	%
	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, 2023, 2022, and 2021.

	As of December 31,
(In thousands)	2023		2022		2021
Current provision for income tax
Federal	$	—	$	—	$	393
State	457		—		36
Total current provision for income tax, net	457		—		429
Deferred (benefit) provision for income tax (1)
Federal	—		(13,229)		2,927
State	—		(4,487)		(212)
Total deferred (benefit) provision for income tax, net	—		(17,716)		2,715
Total (benefit) provision for income tax	$	457	$	(17,716)	$	3,144

(1)Includes income tax expense (benefit) of $(2.9) million from a bargain purchase gain for the year ended December 31, 2022.

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, 2023 and 2022.

	As of December 31,
(In thousands)	2023		2022
Deferred tax asset
Net operating loss available for carry-back and carry-forward(1)(2)	$	84,185	$	25,508
Net capital loss carry-forward(2)	12,746		—
Basis difference for investments	(13,001)		(13,199)
Valuation allowance	(83,930)		(12,309)
Deferred tax asset	—		—
Deferred tax liability
Basis difference for investments	—		—
Valuation allowance	—		—
Deferred tax liability	—		—
Net deferred tax asset (liability), net of valuation allowance	$	—	$	—

(1)Includes state net operating losses available for carry-back and carry-forward as of December 31, 2023 and 2022 of $20.8 million and $6.7 million, respectively. These deferred tax assets were fully offset by a valuation allowance.

(2)Includes deferred tax assets for net operating losses of $45.1 million and net capital loss carry-forwards of $35.9 million related to the Arlington Merger. Of the deferred tax assets relating to net capital loss carry-forwards acquired, $28.0 million expired as of December 31, 2023.

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, 2023, 2022, and 2021.

	Year Ended December 31,
	2023		2022		2021
Federal statutory rate	21.00	%	21.00	%	21.00	%
State statutory rate, net of federal benefit	0.54	%	4.41	%	(0.13)	%
Income attributable to non-controlling interests	(0.76)	%	0.07	%	(1.09)	%
REIT earnings not subject to corporate taxes	(29.58)	%	2.72	%	(17.51)	%
Deferred tax loss	—	%	3.22	%	—	%
Bargain purchase gain	—	%	2.37	%	—	%
Change in valuation allowance	9.34	%	(13.85)	%	—	%
Effective tax rate	0.54	%	19.94	%	2.27	%