Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

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 (benefit) provision for the three months ended March 31, 2026 and 2025 (dollars in thousands):


	For the Three Months Ended March 31,
	2026				2025
Federal statutory tax rate	$	11,230	21.0	%	$	25,172	21.0	%
REIT and other non-taxable income	(8,509)		(15.9)	%	(22,203)		(18.5)	%
State and local income taxes, net of federal effect	742		1.4	%	771		0.6	%

Intra-entity transfers	(7,522)		(14.1)	%	—		—	%
Other	114		0.2	%	26		—	%
Effective tax rate	$	(3,945)	(7.4)	%	$	3,766	3.1	%