INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of components of income tax expense (benefit)

The income tax expense (benefit) consisted of the following components (amounts in thousands):



	Successor Company							Predecessor Company
	Year ended December 31, 2016		Year ended December 31, 2015		Eight months ended December 31, 2014			Four months ended April 30, 2014
Current:
Federal income tax	$	114	$	48	$	(63	)	$	(4,304	)
State income tax	52		134		126			137
Total	166		182		63			(4,167		)
Deferred:
Federal income tax	1,012		843		343			4,329
State income tax	211		165		78			—
Total	1,223		1,008		421			4,329
Total income tax expense (benefit)	$	1,389	$	1,190	$	484		$	162

Schedule of reconciliation of income before taxes at the statutory rate to the effective tax expense

The following table presents a reconciliation of income before taxes at the statutory rate to the effective tax expense (benefit) (amounts in thousands):



	Successor Company									Predecessor Company
	Year ended December 31, 2016			Year ended December 31, 2015			Eight months ended December 31, 2014			Four months ended April 30, 2014
Income before taxes at statutory rate	$	7,969		$	(116,720	)	$	(76,561	)	$	37,150
Income passed through to shareholders	(4,694		)	128,242			83,098			(34,377		)
REIT income not subject to tax	(2,171		)	(10,574		)	(6,072		)	(2,773		)
State and local income taxes, net of federal benefit	171			194			82			88
Withholding taxes	114			48			21			25
Other	—			—			(84		)	49
Effective tax expense (benefit)	$	1,389		$	1,190		$	484		$	162

Schedule of components of deferred tax assets and liabilities

The significant components of deferred tax assets and liabilities are reflected in the following table as of December 31, 2016 and 2015 (amounts in thousands):



	As of December 31, 2016			As of December 31, 2015
Deferred tax assets:
Unrealized losses from investments in domestic corporate subsidiaries	$	—		$	—
Total deferred tax assets	—			—
Deferred tax liabilities:
Unrealized gains from investments in domestic corporate subsidiaries	2,653			1,008
Total deferred tax liabilities	2,653			1,008
Net deferred tax assets (liabilities)	$	(2,653	)	$	(1,008	)