INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Components of the provision for income taxes consist of the following ($ in thousands):

	Year Ended December 31,
	2021		2020		2019
Current expense (benefit)
U.S. federal	$	(280)	$	(8,087)	$	(1,772)
State and local	936		(1,796)		(396)
Total current expense (benefit)	656		(9,883)		(2,168)
Deferred expense (benefit)
U.S. federal	311		119		3,824
State and local	(39)		(25)		990
Total deferred expense (benefit)	272		94		4,814
Provision for income tax expense (benefit)	$	928	$	(9,789)	$	2,646

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2021, 2020 and 2019 is as follows:

	Year Ended December 31,
	2021		2020		2019
US statutory tax rate	21.00	%	21.00	%	21.00	%
REIT income not subject to corporate income tax	(17.72)	%	65.98	%	(21.89)	%
Increase due to state and local taxes	(0.46)	%	9.85	%	(0.25)	%
Change in valuation allowance	(1.20)	%	6.91	%	3.26	%
Offshore non-taxable income	(3.75)	%	(41.96)	%	(0.24)	%
Uncertain tax position released	—	%	(2.54)	%	(0.46)	%
Section 163 (j) interest expense limitation	0.27	%	(7.12)	%	—	%
REIT income taxes	(0.31)	%	(2.59)	%	—	%
Return to provision	1.64	%	(1.25)	%	—	%
Net operating loss carryback benefit	—	%	4.54	%	—	%
Other	2.14	%	(1.96)	%	0.45	%
Effective income tax rate	1.61	%	50.86	%	1.87	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands):

	December 31, 2021		December 31, 2020
Deferred Tax Assets
Net operating loss carryforward	$	6,766	$	6,222
Net unrealized losses	—		986
Capital losses carryforward	6,005		5,664
Valuation allowance	(6,005)		(5,664)
Interest expense limitation	1,647		1,370
Valuation allowance	(1,647)		(1,370)
Total Deferred Tax Assets	$	6,766	$	7,208

=

	December 31, 2021		December 31, 2020
Deferred Tax Liability
Basis difference in operating partnerships	$	9,048	$	9,218
Total Deferred Tax Liability	$	9,048	$	9,218