Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022:


	2024				2023				2022
	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	%
Return of capital	0.0300		100.00	%	—		—	%	—		—	%
Total	$	0.0300	100.00	%	$	0.0400	100.00	%	$	0.0500	100.00	%















Series E Preferred Shares:
Ordinary non-qualified income	$	0.9786	81.87	%	$	1.5938	100.00	%	$	1.6684	83.75	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	—		—	%	—		—	%	0.3238		16.25	%
Return of capital	0.2167		18.13	%	—		—	%	—		—	%
Total	$	1.1953	100.00	%	$	1.5938	100.00	%	$	1.9922	100.00	%

Series F Preferred Shares:
Ordinary non-qualified income	$	0.9671	81.87	%	$	1.5750	100.00	%	$	1.6488	83.75	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	—		—	%	—		—	%	0.3200		16.25	%
Return of capital	0.2142		18.13	%	—		—	%	—		—	%
Total	$	1.1813	100.00	%	$	1.5750	100.00	%	$	1.9688	100.00	%

Series G Preferred Shares:
Ordinary non-qualified income	$	0.9786	81.87	%	$	1.5938	100.00	%	$	1.6684	83.75	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	—		—	%	—		—	%	0.3238		16.25	%
Return of capital	0.2167		18.13	%	—		—	%	—		—	%
Total	$	1.1953	100.00	%	$	1.5938	100.00	%	$	1.9922	100.00	%

Series H Preferred Shares:
Ordinary non-qualified income	$	0.8750	81.87	%	$	1.4250	100.00	%	$	1.4917	83.75	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	—		—	%	—		—	%	0.2895		16.25	%
Return of capital	0.1938		18.13	%	—		—	%	—		—	%
Total	$	1.0688	100.00	%	$	1.4250	100.00	%	$	1.7812	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,
	2024		2023		2022
Current:
Federal	$	1,197	$	237	$	253
State and local	1,658		418		24
Total current provision	$	2,855	$	655	$	277
Deferred:
Federal	(25,280)		—		—
State and local	(3,203)		—		—
Total deferred provision (benefit)	$	(28,483)	$	—	$	—
Income tax expense (benefit)	$	(25,628)	$	655	$	277

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,
	2024		2023		2022
Statutory federal tax expense (benefit)	$	(5,379)	$	16,808	$	17,906
State income tax expense (benefit), net of federal tax expense (benefit)	(1,829)		409		4
REIT income not subject to tax	9,800		(16,536)		(17,402)
Change in valuation allowance	(28,368)		973		(495)
Other	148		(999)		264
Income tax expense (benefit), net	$	(25,628)	$	655	$	277

Schedule of Deferred Tax Assets

The significant components of the Company's deferred tax assets as of December 31, 2024 and 2023 consisted of the following (in thousands):


	December 31, 2024		December 31, 2023
Deferred Tax Assets:
Net operating loss carryover	$	34,125	$	39,385
State taxes and other	7,671		5,596
Depreciation	31		99
Total deferred tax asset before valuation allowance	$	41,827	$	45,080
Valuation allowance	(13,344)		(45,080)
Deferred tax asset net of valuation allowance	$	28,483	$	—