Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of our (benefit from) provision for income taxes for the periods presented are as follows (in thousands):

	Years Ended December 31,
	2024		2023		2022
Federal
Current	$	11	$	58	$	—
Deferred	—		—		—
	11		58		—
State and Local
Current	242		357		469
Deferred	—		—		—
	242		357		469
Foreign
Current	636		1,211		1,060
Deferred	(3,271)		(1,201)		(1,043)
	(2,635)		10		17
Total (Benefit from) Provision for Income Taxes	$	(2,382)	$	425	$	486

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of effective income tax for the periods presented is as follows (in thousands):

	Years Ended December 31,
	2024		2023		2022
Pre-tax loss attributable to taxable subsidiaries	$	(58,474)	$	(32,176)	$	(3,609)
Federal provision at statutory tax rate (21%)	$	(12,280)	$	(6,757)	$	(758)
Change in valuation allowance	10,592		3,179		1,169
Rate differential	(494)		(63)		(297)
State and local taxes, net of federal benefit	(36)		(30)		469
Non-deductible expense	5		1		(45)
Election of TRS Status (a)	—		4,615		—
Other	(169)		(520)		(52)
Total (benefit from) provision for income taxes	$	(2,382)	$	425	$	486

__________

(a)Represents deferred taxes recorded as a result of our taxable REIT subsidiary (“TRS”) status election for certain of our domestic real estate properties.

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes at December 31, 2024 and 2023 consist of the following (in thousands):

	December 31,
	2024		2023
Deferred Tax Assets
Net operating loss and other tax credit carryforwards	$	872	$	3,521
Basis differences — foreign investments	1,432		4,384
Other	5,262		1,982
Total deferred tax assets	7,566		9,887
Valuation allowance	(7,566)		(9,809)
Net deferred tax assets	—		78
Deferred Tax Liabilities
Basis differences — foreign investments	—		(10,450)
Total deferred tax liabilities	—		(10,450)
Net Deferred Tax Liability	$	—	$	(10,372)