Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Tax Status of Dividends

The following table summarizes the tax status of dividends paid on our common stock:

	Year ended December 31,
	2024				2023				2022
Dividend per share	$	2.84		(1)		2.56		(2)		2.53		(3)
Ordinary income		99	%			100	%			100	%
Capital gain (4)		1	%			—	%			—	%
Additional tax status information:
Qualified dividend income		—	%			—	%			—	%
Section 199A dividend		99	%			100	%			100	%
Section 897 ordinary dividends		—	%			—	%			—	%
Section 897 capital gains		—	%			—	%			—	%

(1)During 2024, the Company declared four quarterly dividends, the last of which was paid on January 3, 2025, and was fully allocated to the 2024 dividend period.

(2)During 2023, the Company declared four quarterly dividends, the last of which was paid on January 3, 2024, with a portion allocated to the 2023 dividend period, and the balance allocated to 2024.

(3)During 2022, the Company declared four quarterly dividends, the last of which was paid on January 4, 2023, with a portion allocated to the 2022 dividend period, and the balance allocated to 2023.

(4)For 2024, Pursuant to Treasury Regulation Section 1.1061-6(c), the “One Year Amounts Disclosure” is 100% of the capital gain distributions allocated to each shareholder and “Three Year Disclosure” is 64.75% of the capital gain distributions allocated to each shareholder.

The following table summarizes the tax status of dividends paid on our Series A preferred stock:

	Year ended December 31,
	2024			2023
Dividend per share	$	1.56			0.39
Ordinary income		99	%		100	%
Capital gain		1	%		—	%
Additional tax status information:
Qualified dividend income		—	%		—	%
Section 199A dividend		99	%		100	%
Section 897 ordinary dividends		—	%		—	%
Section 897 capital gains		—	%		—	%

The following table summarizes the tax status of dividends paid on our Series B preferred stock:

	Year ended December 31,
	2024			2023
Dividend per share	$	1.47			0.37
Ordinary income		99	%		100	%
Capital gain		1	%		—	%
Additional tax status information:
Qualified dividend income		—	%		—	%
Section 199A dividend		99	%		100	%
Section 897 ordinary dividends		—	%		—	%
Section 897 capital gains		—	%		—	%

Schedule of Components of Income Tax Expense (Benefit)

Our consolidated expense (benefit) for income taxes for the years ended December 31, 2024, 2023, and 2022 was as follows:

	Year ended December 31,
(in thousands)	2024			2023		2022
Income tax expense (benefit):
Current	$	7,571			796		(332	)
Deferred		(3,026	)		99		293
Total income tax expense (benefit) (1)	$	4,545			895		(39	)

(1)Includes $924, $895 and $(39) of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2024, 2023, and 2022, respectively. Additionally, $3,621 of tax expense is presented within Gain on sale of real estate, net of tax, during the year ended December 31, 2024.

Schedule of Effective Income Tax Rate Reconciliation

The TRS entities are subject to federal and state income taxes and file separate tax returns. Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income of the TRS entities, as follows:

	Year ended December 31,
(in thousands)	2024		2023		2022
Computed expected tax expense (benefit)	$	2,723		371		504
State income tax, net of federal benefit		1,376		60		52
Valuation allowance		406		227		(323	)
Permanent items		2		2		1
All other items		38		235		(273	)
Total income tax expense (1)		4,545		895		(39	)
Income tax expense attributable to operations (1)	$	4,545		895		(39	)

(1)Includes $924, $895 and $(39) of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2024, 2023, and 2022, respectively. Additionally, $3,621 of tax expense is presented within Gain on sale of real estate, net of tax, during the year ended December 31, 2024.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences (included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets) are summarized as follows:

	December 31,
(in thousands)	2024			2023
Deferred tax assets
Other		2,301			1,893
Deferred tax assets		2,301			1,893
Valuation allowance		(2,301	)		(1,893	)
Deferred tax assets, net	$	—			—
Deferred tax liabilities
Fixed assets		(9,324	)		(12,563	)
Other		(972	)		(780	)
Deferred tax liabilities		(10,296	)		(13,343	)
Net deferred tax liabilities	$	(10,296	)		(13,343	)