Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table summarizes the Company's income tax provision for the years ended December 31, 2019, December 31, 2018 and December 31, 2017 (dollars in thousands):

	For the year ended December 31, 2019		For the year ended December 31, 2018		For the year ended December 31, 2017
Current Tax Provision (Benefit)
Federal	$	860	$	709	$	4,076
State	197		—		(267		)
Total Current Provision for Income Taxes, net	1,057		709		3,809
Deferred Provision (Benefit) for Income Taxes
Federal	—		—		85
State	—		—		(407		)
Total Deferred Benefit for Income Taxes, net	—		—		(322		)
Total Income Tax Provision, net	$	1,057	$	709	$	3,487

Schedule of Deferred Tax Assets and Liabilities

The following tables disclose the components of the Company's deferred tax asset and deferred tax liability at December 31, 2019 and 2018 (dollars in thousands):

Deferred Tax Asset	December 31, 2019			December 31, 2018
Net operating loss available for carry-back and carry-forward (1)	$	7,295		$	6,503
Net capital loss carry-forward (1)	6,775			4,271
Investments	1,719			1,720
Deferred tax asset	15,789			12,494
Allowance	(15,382		)	(12,087		)
Net deferred tax asset	$	407		$	407

Summary of Operating Loss Carryforwards

Deferred Tax Liability	December 31, 2019		December 31, 2018
Net operating loss available for carry-back and carry-forward	$	85	$	85
Net deferred tax liability	$	85	$	85

Schedule of Effective Income Tax Rate Reconciliation

The Company's effective tax rate differs from its combined federal and state income tax rate primarily due to the deduction of dividends distributions to be paid under Code Section 857(a). The reconciliation of these rates are as follows:

	For the year ended December 31, 2019		For the year ended December 31, 2018
Federal statutory rate	21.0	%	21.0	%
State statutory rate, net of federal benefit	(1.0	)%	1.5	%
Other	0.1	%	(0.8	)%
Change in valuation allowance	3.6	%	(1.3	)%
REIT earnings not subject to corporate taxes	(22.2	)%	(17.8	)%
Effective Tax Rate	1.5	%	2.6	%