INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Components of Income Tax Expense and Total Provision (Benefit) for TRS and Operating Partnership

The components of income tax expense (benefit) are as follows (in thousands):


	For the Years Ended December 31,
	2024		2023		2022
Current:
Federal	$	989	$	1,151	$	1,953
State and local	1,567		1,563		1,717
Deferred:
Federal	(8,879)		84		(59)
State and local	(2,420)		—		—

Income tax (benefit) expense	$	(8,743)	$	2,798	$	3,611

Schedule of Reconciliation of Federal Statutory Rate to Effective Income Tax Rate for TRS

Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes (in thousands):


	For the Years Ended December 31,
	2024		2023		2022
Statutory federal income tax provision	$	6,331	$	(5,317)	$	1,014
Nontaxable (income) loss of the REITs	(6,260)		4,563		1,124

State income taxes, net of federal tax benefit	1,467		1,158		1,644
Provision to return and deferred adjustment	20		50		81
Effect of permanent differences and other	431		235		246
Deferred assets transferred with REIT stock sale	—		—		730


Reversal of federal deferred tax valuation allowance	(9,905)		—		—
Reversal of state deferred tax valuation allowance, net of federal benefit	(2,156)		—		—
Other change in valuation allowance	1,329		2,109		(1,228)
Income tax (benefit) expense	$	(8,743)	$	2,798	$	3,611

Schedule of Significant Components of Deferred Tax Assets (Liabilities)

Significant components of our TRSs deferred tax assets (liabilities) are as follows (in thousands):


	December 31,
	2024		2023
Tax carryforwards	$	11,916	$	12,098

Accrued expenses	1,515		1,634
Other	445		150
Total	13,876		13,882
Valuation allowance	(2,581)		(13,886)
Net deferred tax asset (liability)	$	11,295	$	(4)

Gross deferred tax assets	$	13,881	$	13,906
Gross deferred tax liabilities	(5)		(24)
Valuation allowance	(2,581)		(13,886)
Net deferred tax asset (liability)	$	11,295	$	(4)

Schedule of Characterization of Distributions

For income tax purposes, distributions paid consist of ordinary income and capital gains or a combination thereof. For the years ended December 31, 2024, 2023 and 2022 distributions paid per share were characterized as follows:


	For the Years Ended December 31,
	2024				2023				2022
	Amount		%		Amount		%		Amount		%
Common Stock
Ordinary non-qualified dividend income	$	0.2879	95.96	%	$	0.1940	88.19	%	$	0.0471	58.82	%
Ordinary qualified dividend income	0.0121		4.04	%	0.0078		3.54	%	0.0106		13.26	%
Capital gain distributions	—		—	%	—		—	%	0.0223		27.92	%
Return of capital	—		—	%	0.0182		8.27	%	—		—	%
Total	$	0.3000	100.00	%	$	0.2200	100.00	%	$	0.0800	100.00	%

















Preferred Stock - Series E
Ordinary non-qualified dividend income	$	1.4994	95.96	%	$	1.3779	88.19	%	$	0.9191	58.82	%
Ordinary qualified dividend income	0.0631		4.04	%	0.0553		3.54	%	0.2072		13.26	%
Capital gain distributions	—		—	%	—		—	%	0.4363		27.92	%
Return of capital	—		—	%	0.1293		8.27	%	—		—	%
Total	$	1.5625	100.00	%	$	1.5625	100.00	%	$	1.5626	100.00	%

Preferred Stock - Series F
Ordinary non-qualified dividend income	$	1.4095	95.96	%	$	1.2952	88.19	%	$	0.8639	58.82	%
Ordinary qualified dividend income	0.0593		4.04	%	0.0520		3.54	%	0.1947		13.26	%
Capital gain distributions	—		—	%	—		—	%	0.4101		27.92	%
Return of capital	—		—	%	0.1215		8.27	%	—		—	%
Total	$	1.4688	100.00	%	$	1.4687	100.00	%	$	1.4687	100.00	%