INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020
Current expense (benefit)
U.S. federal	$	1,823	$	(280)	$	(8,087)
State and local	3,591		936		(1,796)
Total current expense (benefit)	5,414		656		(9,883)
Deferred expense (benefit)
U.S. federal	(445)		311		119
State and local	(60)		(39)		(25)
Total deferred expense (benefit)	(505)		272		94
Provision for income tax expense (benefit)	$	4,909	$	928	$	(9,789)

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, 2022, 2021 and 2020 is as follows:

	Year Ended December 31,
	2022		2021		2020
US statutory tax rate	21.00	%	21.00	%	21.00	%
REIT income not subject to corporate income tax	(18.09)	%	(17.72)	%	65.98	%
Increase due to state and local taxes	0.59	%	(0.46)	%	9.85	%
Change in valuation allowance	(1.17)	%	(1.20)	%	6.91	%
Offshore non-taxable income	(1.35)	%	(3.75)	%	(41.96)	%
Uncertain tax position recorded (released)	1.45	%	—	%	(2.54)	%
Section 163 (j) interest expense limitation	0.08	%	0.27	%	(7.12)	%
REIT income taxes	0.28	%	(0.31)	%	(2.59)	%
Return to provision	(0.64)	%	1.64	%	(1.25)	%
Net operating loss carryback benefit	—	%	—	%	4.54	%
Other	0.74	%	2.14	%	(1.96)	%
Effective income tax rate	2.89	%	1.61	%	50.86	%

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, 2022		December 31, 2021
Deferred Tax Assets
Net operating loss carryforward	$	3,493	$	6,766
Net unrealized losses	641		—
Capital losses carryforward	4,356		6,005
Valuation allowance	(4,356)		(6,005)
Interest expense limitation	1,385		1,647
Valuation allowance	(1,385)		(1,647)
Total Deferred Tax Assets	$	4,134	$	6,766

	December 31, 2022		December 31, 2021
Deferred Tax Liability
Basis difference in operating partnerships	$	5,911	$	9,048
Total Deferred Tax Liability	$	5,911	$	9,048