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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Pre-Tax GAAP Income | A summary of our pre-tax GAAP income is as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Pre‑tax GAAP income: |  |  |  |  |
REIT | $ | 320,045 |  |  | $ | 303,320 |  |  | $ | 239,356 |
TRS Consolidated Group | 107,858 |  |  | 67,991 |  |  | 184,736 |
Total pre‑tax GAAP income | $ | 427,903 |  |  | $ | 371,311 |  |  | $ | 424,092 |
Schedule of Provision for Income Taxes | Our provision for income taxes is comprised as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Current tax provision: |  |  |  |  |
Federal | $ | 26,269 |  |  | $ | 14,167 |  |  | $ | 27,454 |
State | 8,427 |  |  | 5,058 |  |  | 7,939 |
Total | 34,696 |  |  | 19,225 |  |  | 35,393 |
Deferred tax (benefit) provision: |  |  |  |  |
Federal | $ | (5,272) |  |  | $ | (1,373) |  |  | $ | 8,287 |
State | (1,783) |  |  | (370) |  |  | 2,744 |
Valuation allowance | (294) |  |  | 2 |  |  | (139) |
Total | (7,349) |  |  | (1,741) |  |  | 10,892 |
Total income tax expense | $ | 27,347 |  |  | $ | 17,484 |  |  | $ | 46,285 |
Schedule of Reconciliation of Income Tax Rate | A reconciliation of our effective income tax rate as a percentage of pre-tax income to the U.S. federal statutory rate is as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
REIT non‑taxable income | (15.7) | % |  | (17.2) | % |  | (11.9) | %
State and local income taxes, net of federal tax benefit | 1.2 | % |  | 1.0 | % |  | 2.0 | %
Other | (0.1) | % |  | (0.1) | % |  | (0.2) | %
Effective income tax rate | 6.4 | % |  | 4.7 | % |  | 10.9 | %
Schedule of Deferred Tax Assets and Liabilities | The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group are as follows (in thousands):
| December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Expenses not currently deductible | $ | 27,144 |  |  | $ | 22,755 |
Loan loss reserves | 7,088 |  |  | 7,159 |
Net operating and capital loss carryforwards | 188 |  |  | 454 |
Valuation allowance | — |  |  | (294) |
Other | 346 |  |  | 441 |
Deferred tax assets, net | $ | 34,766 |  |  | $ | 30,515 |
Deferred tax liabilities: |  |  |
Mortgage servicing rights | $ | 28,286 |  |  | $ | 26,975 |
Intangibles | 5,565 |  |  | 6,457 |
Interest in equity affiliates—net | 2,719 |  |  | 6,237 |
Deferred tax liabilities, net | $ | 36,570 |  |  | $ | 39,669 |

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