XML 56 R43.htm IDEA: XBRL DOCUMENT v3.25.3
INCOME TAXES (Tables)
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
 For the Three Months Ended
For the Nine Months Ended
 September 30, 2025September 30, 2024September 30, 2025September 30, 2024
 (dollars in thousands)(dollars in thousands)
Current Tax Expense (Benefit)
Federal$20 $— $20 $— 
State and local— 28 13 41 
Total current income tax expense (benefit)$20 $28 $33 $41 
Deferred Tax Expense (Benefit)
Federal$(6,862)$(5,393)$745 $4,210 
State and local(981)(770)106 602 
Total deferred income tax expense (benefit)$(7,843)$(6,163)$851 $4,812 
Total income tax expense (benefit)$(7,823)$(6,135)$884 $4,853 
Schedule of Effective Income Tax Rate Reconciliation
The difference between the Company's reported income tax provision and the U.S. federal statutory rate of 21.0% and state income tax rates is as follows:        
 For the Three Months Ended
For the Nine Months Ended
 September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Statutory federal income tax rate21.0%21.0%21.0%21.0%
Non-taxable REIT income(22.6%)(3.2%)(20.7%)(19.9%)
State and local taxes3.0%3.0%3.0%3.0%
VIE and Other(2.4%)(28.9%)(3.2%)(3.2%)
Change in valuation allowance—%—%—%—%
Total provision(1.0%)(8.1%)0.1%0.9%