Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

Our provision for income taxes consists of the following (in thousands):

	Year Ended December 31,
	2023		2022		2021
Current:
State and local	$	(50)	$	(103)	$	(120)
Federal	(1,816)		(350)		—
Income tax expense	$	(1,866)	$	(453)	$	(120)

Schedule of Reconciliation of Effective Tax Rate and the U.S. Federal Statutory Income Tax Rate

A reconciliation of our effective tax rate and the U.S. Federal statutory income tax rate is as follows:

	Year Ended December 31,
	2023		2022		2021
Taxes at statutory U.S. federal income tax rate	21.00	%	21.00	%	21.00	%
Dividends paid deduction and net operating loss utilization	(21.00)	%	(21.00)	%	(21.00)	%
Federal taxes	1.95	%	0.93	%	—	%
State and local income taxes	0.05	%	0.27	%	(0.74)	%
Effective tax rate	2.00	%	1.20	%	(0.74)	%