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Taxes
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Taxes Taxes
We believe that we have met all requirements for qualification as a REIT for federal income tax purposes. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income and meet certain other requirements that relate to, among other things, the assets it holds, the income it generates, and the composition of its stockholders.
For the nine months ended September 30, 2022 and 2021, we recognized a benefit from income taxes of $10 million and a provision for income taxes of $14 million, respectively. The following is a reconciliation of the statutory federal and state tax rates to our effective tax rate at September 30, 2022 and 2021.
Table 23.1 – Reconciliation of Statutory Tax Rate to Effective Tax Rate
September 30, 2022September 30, 2021
Federal statutory rate21.0 %21.0 %
State statutory rate, net of Federal tax effect8.6 %8.6 %
Differences in taxable (loss) income from GAAP income(29.6)%(13.1)%
Change in valuation allowance(2.4)%(6.8)%
Dividends paid deduction 10.5 %(4.9)%
Effective Tax Rate8.1 %4.8 %
We assessed our tax positions for all open tax years (i.e., Federal, 2018 to 2022, and State, 2017 to 2022) at September 30, 2022 and December 31, 2021, and concluded that we had no uncertain tax positions that resulted in material unrecognized tax benefits.