v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for Income Taxes
Components of the provision for income taxes consist of the following ($ in thousands):
 Year Ended December 31,
202520242023
Current expense (benefit) 
U.S. federal$973 $1,321 $2,204 
State and local494 443 858 
Total current expense (benefit)1,467 1,764 3,062 
Deferred expense (benefit)  
U.S. federal1,091 940 964 
State and local935 744 218 
Total deferred expense (benefit)2,026 1,684 1,182 
Provision for income tax expense (benefit)$3,493 $3,448 $4,244 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2025, 2024 and 2023 is as follows:
Year Ended December 31,
 2025
U.S. statutory tax rate$14,109 21.00 %
State and local income tax, net of Federal income tax effect (1)1,136 1.69 %
Foreign tax effects
Cayman Islands non-taxable income(6,677)(9.94)%
Change in valuation allowance73 0.11 %
Nontaxable or nondeductible items
REIT income not subject to corporate income tax(5,822)(8.67)%
Section 162(m) executive compensation limitation1,807 2.69 %
Other(146)(0.22)%
Other Adjustments
Capital loss utilization(987)(1.46)%
Effective income tax rate$3,493 5.20 %
(1)State and local taxes in Illinois and New York City made up the majority of the tax effect in this category.
Year Ended December 31,
 20242023
U.S. statutory tax rate21.00 %21.00 %
REIT income not subject to corporate income tax(16.50)%(15.22)%
Increase due to state and local taxes0.47 %1.07 %
Change in valuation allowance(0.09)%(1.57)%
Offshore non-taxable income(3.97)%(3.79)%
Uncertain tax position recorded (released)— %0.14 %
Section 163(j) interest expense limitation0.35 %0.17 %
REIT income taxes0.03 %0.14 %
Return to provision0.50 %(0.23)%
Section 162(m) executive compensation limitation1.51 %1.42 %
Other(0.34)%0.92 %
Effective income tax rate2.96 %4.05 %
Schedule of Deferred Tax Assets and Liabilities
The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands):
December 31, 2025December 31, 2024
Deferred Tax Assets 
NOL Carryforward$576 $635 
Net unrealized losses486 486 
Capital losses carryforward— 201 
Valuation allowance— (201)
Interest expense limitation2,111 1,974 
Valuation allowance(2,121)(1,974)
Total Deferred Tax Assets$1,052 $1,121 

December 31, 2025December 31, 2024
Deferred Tax Liability 
Basis difference in operating partnerships$7,721 $5,764 
Total Deferred Tax Liability$7,721 $5,764