Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The income tax benefit (provision) for the years ended December 31, 2024, 2023, and 2022 comprised the following (in thousands):

	Years Ended December 31,
	2024		2023		2022
Federal income taxes:
Current	$	(184)	$	(496)	$	—
Deferred	729		(559)		122
State income taxes:
Current	(23)		(166)		—
Deferred	92		(108)		23
Income tax benefit (provision)	$	614	$	(1,329)	$	145

As of December 31, 2024 and 2023, the Company had $1.6 million and $0.7 million, respectively, of net deferred tax assets representing net operating losses of the TRS that are being carried forward and basis differences in the assets of the TRS. The deferred tax assets are presented within other assets in the consolidated balance sheets.

Management has evaluated the Company’s income tax positions and concluded that the Company has no uncertain income tax positions as of December 31, 2024 and 2023. The Company is generally subject to examination by the applicable taxing authorities for the tax years 2020 through 2024. The Company does not currently have any ongoing tax examinations by taxing authorities.