INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022
	(in thousands)
Income from continuing operations before income taxes for TRSs	$	4,711	$	6,128

Expected federal income tax provision	$	989	$	1,287
State income taxes	44		43
Change in valuation allowance	(2,619)		300
Other	2,814		(499)
Income tax provision	$	1,228	$	1,131

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,
	2023		2022
	(in thousands)
Deferred tax assets:
Net operating losses	$	44	$	2,664
Secured borrowings—government guaranteed loans	21		54
Other	232		145
Total gross deferred tax assets	297		2,863
Valuation allowance	(52)		(2,670)
	245		193
Deferred tax liabilities:
Loans receivable	—		(71)

	—		(71)
Deferred tax asset, net	$	245	$	122