INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Income Tax Expense (Benefit)

Components of the provision for income taxes consist of the following ($ in thousands):


	Year Ended December 31,
		2023		2022		2021
Current expense (benefit)
U.S. federal		$	2,204	$	1,823	$	(280)
State and local		858		3,591		936
Total current expense (benefit)		3,062		5,414		656
Deferred expense (benefit)
U.S. federal		964		(445)		311
State and local		218		(60)		(39)
Total deferred expense (benefit)		1,182		(505)		272
Provision for income tax expense (benefit)		$	4,244	$	4,909	$	928

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year Ended December 31,
	2023		2022		2021
U.S. statutory tax rate	21.00	%	21.00	%	21.00	%
REIT income not subject to corporate income tax	(15.22)	%	(18.09)	%	(17.72)	%
Increase due to state and local taxes	1.07	%	0.59	%	(0.46)	%
Change in valuation allowance	(1.57)	%	(1.17)	%	(1.20)	%
Offshore non-taxable income	(3.79)	%	(1.35)	%	(3.75)	%
Uncertain tax position recorded (released)	0.14	%	1.45	%	—	%
Section 163 (j) interest expense limitation	0.17	%	0.08	%	0.27	%
REIT income taxes	0.14	%	0.28	%	(0.31)	%
Return to provision	(0.23)	%	(0.64)	%	1.64	%
Net operating loss carryback benefit	—	%	—	%	—	%
Other	2.34	%	0.74	%	2.14	%
Effective income tax rate	4.05	%	2.89	%	1.61	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands):


	December 31, 2023		December 31, 2022
Deferred Tax Assets

Net operating loss carryforward	$	2,069	$	3,493
Net unrealized losses	721		641
Capital losses carryforward	2,813		4,356
Valuation allowance	(2,813)		(4,356)
Interest expense limitation	1,560		1,385
Valuation allowance	(1,560)		(1,385)

Total Deferred Tax Assets	$	2,790	$	4,134


	December 31, 2023		December 31, 2022
Deferred Tax Liability
Basis difference in operating partnerships	$	5,749	$	5,911



Total Deferred Tax Liability	$	5,749	$	5,911