Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Income Tax (Benefit) Provision

Our income tax (benefit) provision consisted of the following for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	For the Year Ended December 31,
	2023		2022		2021
Current
Federal	$	554	$	1,446	$	142
State	(31)		705		(80)
Foreign	—		—		(392)
Total current	523		2,151		(330)
Deferred
Federal	98		(47,128)		6,893
State	(1,303)		(16,546)		2,106
Total deferred	(1,205)		(63,674)		8,999
Total income tax (benefit) provision	$	(682)	$	(61,523)	$	8,669

Schedule of Temporary Differences on Deferred Tax Assets

The following table presents the tax effects of temporary differences on net deferred tax assets which are classified in our consolidated balance sheets within other assets at December 31, 2023 and December 31, 2022 (in thousands):


	December 31,
	2023		2022
Deferred tax assets/(liabilities), net
Reserves and accruals	$	3,636	$	3,314
Domestic intangible assets	(22,890)		(15,946)


Investments in unconsolidated entities	(984)		782

Net operating loss and interest expense carryforwards	78,979		69,294
Other U.S. temporary differences	47		140
Net deferred tax assets	$	58,788	$	57,584

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 years ended December 31, 2023, 2022 and 2021 (dollars in thousands):


	For the Year Ended December 31,
	2023				2022				2021
Federal statutory tax rate	$	87,670	21.0	%	$	209,483	21.0	%	$	105,230	21.0	%
REIT and other non-taxable income	(88,281)		(21.2)	%	(256,105)		(25.7)	%	(92,121)		(18.4)	%
State income taxes	(201)		—	%	(15,319)		(1.5)	%	4,307		0.9	%
Federal benefit of state tax deduction	42		—	%	3,217		0.3	%	(905)		(0.2)	%

Intra-entity transfers	—		—	%	(4,327)		(0.4)	%	(6,635)		(1.3)	%
Other	88		—	%	1,528		0.1	%	(1,207)		(0.3)	%
Effective tax rate	$	(682)	(0.2)	%	$	(61,523)	(6.2)	%	$	8,669	1.7	%