Note 14 - Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Taxes

Note 14 – Taxes

Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items, such as the net gain on change in fair value of debt held under the fair value option, which are recorded in the interim period. The provision for income taxes for the three months ended June 30, 2023 and 2022 reflects an income tax benefit of less than $0.1 million and approximately $0.9 million, respectively, at an estimated annual effective tax rate of 23.1% and 24.7%, respectively. The provision for income taxes for the six months ended June 30, 2023 and 2022 reflects an income tax benefit of approximately $1.7 million and $1.5 million, respectively, at an estimated annual effective tax rate of 23.1% and 24.7%, respectively. The difference between the Company’s effective tax rate and the federal statutory rate is primarily due to the loss attributable to the Operating Partnership and net gain on change in fair value of debt held under the fair value option, each of which is not subject to tax and state income taxes.