v3.26.1
INCOME TAXES (Tables)
6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 (dollars in thousands)(dollars in thousands)
Current Tax Expense (Benefit)
Federal$(557)$— $839 $— 
State and local(69)— 104 13 
Total current income tax expense (benefit)$(626)$— $943 $13 
Deferred Tax Expense (Benefit)
Federal$6,871 $385 $4,051 $7,607 
State and local654 55 386 1,087 
Total deferred income tax expense (benefit)$7,525 $440 $4,437 $8,694 
Total income tax expense (benefit)$6,899 $440 $5,380 $8,707 
Schedule of Effective Income Tax Rate Reconciliation
The difference between the Company's reported income tax provision and the U.S. federal statutory rate of 21.0% is as follows:    
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(dollars in thousands)(percentage)(dollars in thousands)(percentage)
Statutory federal income tax rate$175,281 21.0%21.0%$235,970 21.0%21.0%
Non-taxable REIT income(158,799)(19.0%)(8.8%)(190,949)(17.0%)(12.8%)
State and local taxes, net of federal income tax effect (1)
585 0.1%3.0%490 %3.0%
VIE and Other(8,201)(1.1%)(14.5%)(38,689)(3.4%)(6.9%)
TRS Permanent Differences(1,967)(0.2%)%(1,442)(0.1%)%
Change in valuation allowance %% %%
Total provision$6,899 0.8%0.7%$5,380 0.5%4.3%
(1) State and local taxes in New York made up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Cash Flow, Supplemental Disclosures
During the three and six months ended June 30, 2026, the amount of cash income taxes paid by the Company (net of refunds) consists of the following:
 For the Three Months Ended
For the Six Months Ended
 June 30, 2026June 30, 2026
(dollars in thousands)
Federal$550 $550 
State and local822 876 
Total income taxes paid (net of refunds)$1,372 $1,426