Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Income Tax Rate Reconciliation

The following table is a reconciliation of our U.S. federal income tax provision determined using our statutory federal tax rate to our reported income tax provision (benefit) for the three months ended March 31, 2024 and 2023 (dollars in thousands):


	For the Three Months Ended March 31,
	2024				2023
Federal statutory tax rate	$	33,824	21.0	%	$	10,703	21.0	%
REIT and other non-taxable income	(32,915)		(20.5)	%	(17,727)		(34.8)	%
State income taxes	298		0.2	%	(2,308)		(4.5)	%
Federal benefit of state tax deduction	(63)		—	%	485		1.0	%


Other	62		—	%	52		—	%
Effective tax rate	$	1,206	0.7	%	$	(8,795)	(17.3)	%