XML 80 R61.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Net Deferred Tax Assets | Components of our net deferred tax assets at December 31, 2023 and 2022 are presented in the following table. Table 23.1 – Deferred Tax Assets (Liabilities)
(In Thousands) |  | December 31, 2023 |  | December 31, 2022
Deferred Tax Assets |  |  |  |
Net operating loss carryforward – state |  | $ | 98,442 |  |  | $ | 102,795 |
Net capital loss carryforward – state |  | 18,191 |  |  | 17,244 |
Net operating loss carryforward – federal |  | 21,398 |  |  | 18,738 |
Net capital loss carryforward – federal |  | 59 |  |  | — |
Real estate assets |  | — |  |  | 2,851 |
Allowances and accruals |  | 1,680 |  |  | 3,035 |
Goodwill and intangible assets |  | 26,192 |  |  | 26,193 |
Other |  | 1,644 |  |  | 3,803 |
Tax effect of unrealized (gains) / losses – OCI |  | — |  |  | 365 |
Total Deferred Tax Assets |  | 167,606 |  |  | 175,024 |
Deferred Tax Liabilities |  |  |  |
Real estate assets |  | (979) |  |  | — |
Mortgage servicing rights |  | (7,284) |  |  | (7,475) |
Interest rate agreements |  | (2,237) |  |  | (2,780) |
Total Deferred Tax Liabilities |  | (10,500) |  |  | (10,255) |
Valuation Allowance |  | (116,991) |  |  | (122,838) |
Total Net Deferred Tax Asset, net of Valuation Allowance |  | $ | 40,115 |  |  | $ | 41,931 |
Schedule of Provision for Income Taxes | The following table summarizes the provision for income taxes for the years ended December 31, 2023, 2022, and 2021. Table 23.2 – Provision for Income Taxes
|  | Years Ended December 31,
(In Thousands) |  | 2023 |  | 2022 |  | 2021
Current Provision for Income Taxes |  |  |  |  |  |
Federal |  | $ | 20 |  |  | $ | 340 |  |  | $ | 28,718 |
State |  | 92 |  |  | 496 |  |  | 9,859 |
Total Current Provision for Income Taxes |  | 112 |  |  | 836 |  |  | 38,577 |
Deferred Provision (Benefit From) for Income Taxes |  |  |  |  |  |
Federal |  | 1,977 |  |  | (19,083) |  |  | (17,172) |
State |  | (454) |  |  | (1,673) |  |  | (2,927) |
Total Deferred Provision (Benefit From) for Income Taxes |  | 1,523 |  |  | (20,756) |  |  | (20,099) |
Total Provision (Benefit From) for Income Taxes |  | $ | 1,635 |  |  | $ | (19,920) |  |  | $ | 18,478 |
Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate | The following is a reconciliation of the statutory federal and state tax rates to our effective tax rate at December 31, 2023, 2022, and 2021. Table 23.3 – Reconciliation of Statutory Tax Rate to Effective Tax Rate
|  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Federal statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal tax effect, as applicable |  | 51.7 | % |  | 0.9 | % |  | 1.8 | %
Differences in taxable income from GAAP income |  | (2.7) | % |  | (0.5) | % |  | (2.9) | %
Change in valuation allowance |  | — | % |  | — | % |  | (4.9) | %
REIT GAAP income or loss not subject to federal income tax |  | (325.9) | % |  | (10.5) | % |  | (9.5) | %
Effective Tax Rate |  | (255.9) | % |  | 10.9 | % |  | 5.5 | %
The December 31, 2023 effective tax rate is negative and appears outsized due to a relatively small consolidated GAAP loss and a provision for income taxes recorded against TRS GAAP income well in excess of the consolidated loss.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration