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Income Taxes (Tables)

12 Months Ended

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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