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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of tax treatment of distributions per common share Our tax treatment of distributions per common share was as follows:
For the Years Ended December 31,
202420232022
Tax treatment of distributions:   
Ordinary income$— $— $— 
Qualified ordinary income— 0.04468 0.04906 
199A qualified business income1.09580 1.49465 1.75094 
Long-term capital gain— 0.09136 — 
Non-dividend distribution0.70420 0.16931 — 
Distribution reported for 1099-DIV purposes1.80000 1.80000 1.80000 
Add: Dividend declared in current year and taxable in following year0.45000 0.45000 0.45000 
Less: Dividend declared in prior year and taxable in current year(0.45000)(0.45000)(0.45000)
Distribution declared per common share outstanding$1.80000 $1.80000 $1.80000 
Schedule of provision (benefit) for income taxes Our consolidated expense (benefit) for income taxes was as follows (dollars in thousands):
For the Years Ended December 31,
202420232022
Current - Federal $324 $534 $(2,257)
Current - State2,630 2,564 2,662 
Deferred - Federal (30,436)(6,135)338 
Deferred - State28 230 1,310 
Current - Foreign2,646 2,587 3,217 
Deferred - Foreign(12,967)(9,319)(22,196)
Total$(37,775)$(9,539)$(16,926)
Schedule of reconciliation of income tax expense
A reconciliation of income tax expense and benefit, which is computed by applying the federal corporate tax rate for the years ended December 31, 2024, 2023 and 2022, to the income tax expense and benefit is as follows (dollars in thousands):
For the Years Ended December 31,
202420232022
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes
$(1,679)$(24,272)$(19,733)
State income taxes, net of federal benefit2,641 (839)(5,411)
Change in valuation allowance
(10,593)20,330 53,117 
Tax at statutory rate on earnings not subject to federal income taxes(18,773)(7,809)(31,528)
Foreign rate differential and foreign taxes1,813 43 123 
Change in tax status of TRS— 9,171 (1,961)
Other differences(11,184)(6,163)(11,533)
Income tax benefit$(37,775)$(9,539)$(16,926)
Summary of tax effects of temporary differences and carryforwards included in the net deferred tax liabilities The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities are summarized as follows (dollars in thousands):
As of December 31,
202420232022
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs
$(73,214)$(26,071)$(34,734)
Operating loss and interest deduction carryforwards236,424 233,847 220,891 
Expense accruals and other56,546 26,700 16,723 
Valuation allowance(225,975)(257,222)(227,960)
Net deferred tax liabilities $(6,219)$(22,746)$(25,080)
Summary of activity related to unrecognized tax benefits
The following table summarizes the activity related to our unrecognized tax benefits (dollars in thousands):
20242023
Balance as of January 1$5,205 $5,828 
Additions to tax positions related to prior years— 108 
Subtractions to tax positions related to prior years(1,242)(731)
Balance as of December 31$3,963 $5,205