Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Distributions Paid Per Common Share of Beneficial Interest and Preferred Shares on a Tax Basis

The following characterizes distributions paid per common share and preferred share on a tax basis for the years ended December 31, 2022, 2021 and 2020:


	2022				2021				2020
	Amount		%		Amount		%		Amount		%
Common Shares:
Ordinary non-qualified income	$	0.0419	83.80	%	$	—	—	%	$	—	—	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	0.0081		16.20	%	0.0128		32.00	%	0.0100		33.33	%
Return of capital	—		—	%	0.0272		68.00	%	0.0200		66.67	%
Total	$	0.0500	100.00	%	$	0.0400	100.00	%	$	0.0300	100.00	%

Series C Preferred Shares:
Ordinary non-qualified income	$	—	—	%	$	—	—	%	$	—	—	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	—		—	%	0.1725		12.45	%	0.4063		33.34	%
Return of capital	—		—	%	1.2133		87.55	%	0.8125		66.66	%
Total	$	—	—	%	$	1.3858	100.00	%	$	1.2188	100.00	%

Series D Preferred Shares:
Ordinary non-qualified income	$	—	—	%	$	—	—	%	$	—	—	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	—		—	%	0.1692		12.49	%	0.3984		33.33	%
Return of capital	—		—	%	1.1855		87.51	%	0.7969		66.67	%
Total	$	—	—	%	$	1.3547	100.00	%	$	1.1953	100.00	%

Series E Preferred Shares:
Ordinary non-qualified income	$	1.6684	83.75	%	$	—	—	%	$	—	—	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	0.3238		16.25	%	0.5118		32.11	%	0.3984		33.33	%
Return of capital	—		—	%	1.0819		67.89	%	0.7969		66.67	%
Total	$	1.9922	100.00	%	$	1.5937	100.00	%	$	1.1953	100.00	%

Series F Preferred Shares:
Ordinary non-qualified income	$	1.6488	83.75	%	$	—	—	%	$	—	—	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	0.3200		16.25	%	0.5058		32.11	%	0.3938		33.34	%
Return of capital	—		—	%	1.0692		67.89	%	0.7875		66.66	%
Total	$	1.9688	100.00	%	$	1.5750	100.00	%	$	1.1813	100.00	%

Series G Preferred Shares:
Ordinary non-qualified income	$	1.6684	83.75	%	$	—	—	%	$	—	—	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	0.3238		16.25	%	0.5787		86.00	%	—		—	%
Return of capital	—		—	%	0.0942		14.00	%	—		—	%
Total	$	1.9922	100.00	%	$	0.6729	100.00	%	$	—	—	%

Series H Preferred Shares:
Ordinary non-qualified income	$	1.4917	83.75	%	$	—	—	%	$	—	—	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	0.2895		16.25	%	0.2655		86.01	%	—		—	%
Return of capital	—		—	%	0.0432		13.99	%	—		—	%
Total	$	1.7812	100.00	%	$	0.3087	100.00	%	$	—	—	%

Components of Income Tax Expense

The Company's provision (benefit) for income taxes consists of the following (in thousands):


	For the year ended December 31,
	2022		2021		2020
Federal
Current	$	253	$	—	$	(127)
Deferred	—		—		(6,266)
State and local
Current	24		61		668
Deferred	—		—		2,028
Income tax expense (benefit)	$	277	$	61	$	(3,697)

Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense

A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) is as follows (in thousands):


	For the year ended December 31,
	2022		2021		2020
Statutory federal tax expense (benefit)	$	17,906	$	(38,251)	$	(72,098)
State income tax expense (benefit), net of federal tax expense (benefit)	4		(6,990)		(5,046)
REIT income not subject to tax	(17,402)		22,235		53,311
Change in valuation allowance	(495)		23,077		20,056
Other	264		(10)		80
Income tax expense (benefit), net	$	277	$	61	$	(3,697)

Schedule of Deferred Tax Assets

The significant components of the Company's deferred tax assets as of December 31, 2022 and 2021 consisted of the following (in thousands):


	December 31, 2022		December 31, 2021
Deferred Tax Assets:
Net operating loss carryover	$	38,822	$	41,109
State taxes and other	3,071		2,470
Depreciation	193		418
Total deferred tax asset before valuation allowance	$	42,086	$	43,997
Valuation allowance	(42,086)		(43,997)
Deferred tax asset net of valuation allowance	$	—	$	—