INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of total income tax benefit (expense)

Total income tax benefit is summarized as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
Income Tax Benefit	$	2,830	$	3,079	$	83,499

Summary of provisions for income tax benefit (expense)

The provisions for income tax benefit are summarized as follows (in thousands):  

	2022				2021				2020
	Current		Deferred		Current		Deferred		Current		Deferred
Federal	$	(183)	$	2,571	$	235	$	2,362	$	341	$	70,106
State		—		442		44		438		63		12,989
Total	$	(183)	$	3,013	$	279	$	2,800	$	404	$	83,095

Summary of deferred income tax assets (liabilities)

	Deferred Tax
	2022		2021
Deferred Income Tax Assets
Capital Loss Carryforward	$	1,800	$	2,249
Net Operating Loss Carryforward		2,597		291
Gross Deferred Income Tax Assets		4,397		2,540
Less - Valuation Allowance		(1,800)		(2,249)
Net Deferred Income Tax Assets		2,597		291
Deferred Income Tax Liabilities
Unrealized Gain on Investment Securities		(39)		—
Basis Differences in Mitigation Credit Assets		(28)		(774)
Total Deferred Income Tax Liabilities		(67)		(774)
Net Deferred Income Tax Liabilities	$	2,530	$	(483)

Schedule of reconciliation of income tax computed at the federal statutory rate

	Year Ended December 31,
	2022				2021				2020
Income Tax Benefit Computed at Federal Statutory Rate	$	2,795	852.1	%	$	4,408	16.4	%	$	971	(19.5)	%
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		593	180.8	%		936	3.5	%		180	(3.6)	%
Income Tax on Permanently Non-Deductible Items		(484)	(147.6)	%		—	0.0	%		(112)	2.2	%
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities		—	0.0	%		—	0.0	%		82,460	(1652.6)	%
Valuation Allowance		—	0.0	%		(2,216)	(8.2)	%		—	0.0	%
Other Reconciling Items		(74)	(22.6)	%		(49)	(0.2)	%		—	0.0	%
Benefit for Income Taxes	$	2,830	862.8	%	$	3,079	11.5	%	$	83,499	(1673.4)	%