v3.25.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Net Deferred Tax Assets
The tax effects of temporary differences that give rise to significant portions of net deferred tax assets (“DTAs”) recorded at the Company’s domestic TRS entities at June 30, 2025 and December 31, 2024 are presented in the following table:

(In Thousands)June 30, 2025December 31, 2024
Deferred tax assets (DTAs):
Net operating loss and tax credit carryforwards$100,910 $89,910 
Unrealized mark-to-market, impairments and loss provisions22,700 18,004 
Other realized / unrealized treatment differences(50,548)(45,234)
Total deferred tax assets73,062 62,680 
Less: valuation allowance(73,062)(62,680)
Net deferred tax assets$— $— 
Schedule of Income Tax Provision (Benefit)
The following table summarizes the Company’s income tax provision/(benefit) primarily recorded at the Company’s domestic TRS entities for the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,
Six Months Ended
June 30,
(In Thousands)2025202420252024
Current provision/(benefit)
Federal$238 $270 $(486)$692 
State— 76 (148)187 
Total current provision/(benefit)238 346 (634)879 
Deferred provision/(benefit)
Federal— — — 399 
State— — — 117 
Total deferred provision/(benefit)— — — 516 
Total provision/(benefit)$238 $346 $(634)$1,395 
Schedule of Statutory Federal Tax Rate to our Effective Tax Rate
The following is a reconciliation of the statutory federal tax rate to the Company’s effective tax rate at June 30, 2025 and 2024:
Six Months Ended
June 30,
20252024
Federal statutory rate21.0 %21.0 %
Non-taxable REIT income (dividends paid deduction)(20.1)%(17.6)%
Other differences in taxable income/(loss) from GAAP(14.8)%9.0 %
State and local taxes(0.2)%(0.1)%
Change in valuation allowance on DTAs13.3 %(10.6)%
Effective tax rate(0.8)%1.7 %