Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021:


	2023				2022				2021
	Amount		%		Amount		%		Amount		%
Common Shares:
Ordinary non-qualified income	$	0.0400	100.00	%	$	0.0419	83.80	%	$	—	—	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	—		—	%	0.0081		16.20	%	0.0128		32.00	%
Return of capital	—		—	%	—		—	%	0.0272		68.00	%
Total	$	0.0400	100.00	%	$	0.0500	100.00	%	$	0.0400	100.00	%

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

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

Series E Preferred Shares:
Ordinary non-qualified income	$	1.5938	100.00	%	$	1.6684	83.75	%	$	—	—	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	—		—	%	0.3238		16.25	%	0.5118		32.11	%
Return of capital	—		—	%	—		—	%	1.0819		67.89	%
Total	$	1.5938	100.00	%	$	1.9922	100.00	%	$	1.5937	100.00	%

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

Series G Preferred Shares:
Ordinary non-qualified income	$	1.5938	100.00	%	$	1.6684	83.75	%	$	—	—	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	—		—	%	0.3238		16.25	%	0.5787		86.00	%
Return of capital	—		—	%	—		—	%	0.0942		14.00	%
Total	$	1.5938	100.00	%	$	1.9922	100.00	%	$	0.6729	100.00	%

Series H Preferred Shares:
Ordinary non-qualified income	$	1.4250	100.00	%	$	1.4917	83.75	%	$	—	—	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	—		—	%	0.2895		16.25	%	0.2655		86.01	%
Return of capital	—		—	%	—		—	%	0.0432		13.99	%
Total	$	1.4250	100.00	%	$	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,
	2023		2022		2021
Federal
Current	$	237	$	253	$	—
Deferred	—		—		—
State and local
Current	418		24		61
Deferred	—		—		—
Income tax expense (benefit)	$	655	$	277	$	61

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,
	2023		2022		2021
Statutory federal tax expense (benefit)	$	16,808	$	17,906	$	(38,251)
State income tax expense (benefit), net of federal tax expense (benefit)	409		4		(6,990)
REIT income not subject to tax	(16,536)		(17,402)		22,235
Change in valuation allowance	973		(495)		23,077
Other	(999)		264		(10)
Income tax expense (benefit), net	$	655	$	277	$	61

Schedule of Deferred Tax Assets

The significant components of the Company's deferred tax assets as of December 31, 2023 and 2022 consisted of the following (in thousands):


	December 31, 2023		December 31, 2022
Deferred Tax Assets:
Net operating loss carryover	$	39,385	$	38,822
State taxes and other	5,596		3,071
Depreciation	99		193
Total deferred tax asset before valuation allowance	$	45,080	$	42,086
Valuation allowance	(45,080)		(42,086)
Deferred tax asset net of valuation allowance	$	—	$	—