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 for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):


	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2026				2025				2026				2025
Federal statutory tax rate	$	4,458	21.0	%	$	28,427	21.0	%	$	15,688	21.0	%	$	53,599	21.0	%
REIT and other non-taxable income	589		2.7	%	(27,911)		(20.6)	%	(7,920)		(10.5)	%	(50,114)		(19.6)	%
State and local income taxes, net of federal effect	1,288		6.1	%	134		0.1	%	2,030		2.7	%	905		0.3	%

Intra-entity transfers	—		—	%	—		—	%	(7,522)		(10.1)	%	—		—	%
Other	(111)		(0.5)	%	21		—	%	3		—	%	47		—	%
Effective tax rate	$	6,224	29.3	%	$	671	0.5	%	$	2,279	3.1	%	$	4,437	1.7	%