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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.

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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 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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