Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense

The following table summarizes the Company's income tax provision for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 (dollars in thousands):

	For the year ended December 31, 2021		For the year ended December 31, 2020		For the year ended December 31, 2019
Current Tax Provision (Benefit)
Federal	$	55	$	527	$	860
State	44		(452)		197
Total Current Provision for Income Taxes, net	99		75		1,057
Deferred Provision (Benefit) for Income Taxes
Federal	—		(85)		—
State	—		406		—
Total Deferred Benefit for Income Taxes, net	—		321		—
Total Income Tax Provision, net	$	99	$	396	$	1,057

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, 2021 and 2020 (dollars in thousands):

Deferred Tax Asset	December 31, 2021		December 31, 2020
Net operating loss available for carry-back and carry-forward (1)	$	20,637	$	21,402
Net capital loss carry-forward (1)	11,072		11,966
Investments	1,972		9,061
Deferred tax asset	33,681		42,429
Allowance	(33,681)		(42,429)
Net deferred tax asset	$	—	$	—

Summary of operating loss carryforwards

Deferred Tax Liability	December 31, 2021		December 31, 2020
Net operating loss available for carry-back and carry-forward	$	—	$	85
Net deferred tax liability	$	—	$	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, 2021		For the year ended December 31, 2020
Federal statutory rate	21.0	%	21.0	%
State statutory rate, net of federal benefit	(4.4)	%	1.5	%
Other	0.2	%	—	%
Change in valuation allowance	13.8	%	(4.4)	%
REIT earnings not subject to corporate taxes	(30.8)	%	(18.2)	%
Effective Tax Rate	(0.2)	%	(0.1)	%