Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

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) for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands):


	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2023				2022				2023				2022
Federal statutory tax rate	$	8,395	21.0	%	$	36,768	21.0	%	$	66,049	21.0	%	$	176,580	21.0	%
REIT and other non-taxable income	(17,486)		(43.7)	%	(75,642)		(43.1)	%	(81,262)		(25.8)	%	(213,073)		(25.3)	%
State income taxes	(2,987)		(7.5)	%	(12,772)		(7.3)	%	(4,999)		(1.6)	%	(11,990)		(1.4)	%
Federal benefit of state tax deduction	628		1.6	%	2,682		1.5	%	1,050		0.3	%	2,518		0.3	%

Intra-entity transfers	—		—	%	—		—	%	—		—	%	(3,868)		(0.5)	%
Other	51		0.1	%	209		0.1	%	165		0.1	%	834		0.1	%
Effective tax rate	$	(11,399)	(28.5)	%	$	(48,755)	(27.8)	%	$	(18,997)	(6.0)	%	$	(48,999)	(5.8)	%