INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Reconciliation of Net Income to REIT Taxable Income

A reconciliation of the provision for income tax attributable to the TRSs’ income from continuing operations computed at federal statutory rates to the income tax provision reported in the financial statements is as follows:


	Year Ended December 31,
	2021		2020
	(in thousands)
(Loss) income from continuing operations before income taxes for TRSs	$	9,242	$	(7,995)

Expected federal income tax (benefit) provision	$	1,941	$	(1,679)
State income taxes	(40)		(1,562)
Change in valuation allowance	(273)		2,605
Other	1,364		(86)
Income tax (benefit) provision	$	2,992	$	(722)

Schedule of Components of Net Deferred Tax Asset

The components of the Company’s net deferred tax asset, which are included in other assets, are as follows:


	December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Net operating losses	$	2,367	$	2,645
Secured borrowings—government guaranteed loans	64		96
Other	153		160
Total gross deferred tax assets	2,584		2,901
Valuation allowance	(2,370)		(2,643)
	214		258
Deferred tax liabilities:
Loans receivable	(96)		(67)

	(96)		(67)
Deferred tax asset, net	$	118	$	191