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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The composition of our income tax expense (benefit) was as follows:

			Year Ended December 31,
			2024																		2023																		2022
(In thousands)			Current						Deferred						Total						Current						Deferred						Total						Current						Deferred						Total
Federal			$	1,808					$	(702)					$	1,106					$	1,755					$	129					$	1,884					$	1,758					$	469					$	2,227
State			1,816						8						1,824						2,481						13						2,494						658						(9)						649
Foreign			641						6,133						6,774						49						(10,568)						(10,519)						—						—						—
Income tax expense (benefit)			$	4,265					$	5,439					$	9,704					$	4,285					$	(10,426)					$	(6,141)					$	2,416					$	460					$	2,876

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2024 and 2023, the net effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were:

(In thousands)			December 31, 2024						December 31, 2023
Deferred tax assets:
CECL allowance - foreign investments			$	10,584					$	13,777
Lease liability			2,192						2,255
Accruals, reserves and other			1,256						222
Cumulative translation adjustment			—						726
Total deferred tax assets			14,032						16,980
Deferred tax liabilities:
Fixed assets - foreign investments			(1,436)						(5,080)
Land, buildings and equipment, net			(5,042)						(4,728)
Right of use asset			(2,192)						(2,255)
Cumulative translation adjustment			(3,309)						—
Total deferred tax liabilities			(11,979)						(12,063)
Net deferred tax asset			$	2,053					$	4,917

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles our effective income tax rate to the historical federal statutory rate of 21% for the years ended December 31, 2024, 2023 and 2022:

			Year Ended December 31,
			2024												2023												2022
($ in thousands)			Amount						Percent						Amount						Percent						Amount						Percent
Federal income tax expense at statutory rate			$	564,586					21.0		%				$	526,579					21.0		%				$	239,220					21.0		%
REIT income not subject to federal income tax			(563,476)						(21.0)						(524,791)						(20.9)						(237,069)						(20.8)
Pre-tax gain attributable to taxable subsidiaries			1,110						—						1,788						0.1						2,151						0.2
State income taxes, net of federal benefits			1,800						0.1						2,474						0.1						648						0.1
Foreign income taxes			6,774						0.3						(10,519)						(0.4)						—						—
Non-deductible expenses and other			20						—						116						—						77						—
Provision for (benefit from) income taxes			$	9,704					0.4		%				$	(6,141)					(0.2)		%				$	2,876					0.3		%

Schedule of Federal Income Tax Note

For U.S. federal income tax purposes, the portion of the dividends allocated to stockholders for the years ended December 31, 2024, 2023 and 2022 are characterized as follows:

			Year Ended December 31,
($ per share)			2024						2023						2022
Ordinary dividends			$	1.5045					$	1.4500					$	1.5787
Section 199A dividends (1)			$	1.5013					$	1.4265					$	1.5787
Qualified dividend (1)			$	0.0031					$	0.0235					$	—
Non-dividend distribution			$	0.1730					$	0.0263					$	—

____________________

(1)These amounts are a subset of, and are included in, the ordinary dividend amounts.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Schedule of Dividends Allocated To Shareholders For Income Tax Purposes [Table Text Block]

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