Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table summarizes the tax provision (benefit) recorded primarily at the taxable subsidiary level for the years ended December 31, 2023, 2022 and 2021:

	Year Ended
	December 31,
(in thousands)	2023		2022		2021
Current tax provision (benefit) :
Federal	$	3,498	$	—	$	—
State	4,976		(1,028)		(1,768)
Total current tax provision (benefit)	8,474		(1,028)		(1,768)
Deferred tax provision (benefit):
Federal	16,602		90,916		14,851
State	(2,098)		14,325		(8,891)
Total deferred tax provision	14,504		105,241		5,960
Total provision for income taxes	$	22,978	$	104,213	$	4,192

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2023, 2022 and 2021:

	Year Ended
	December 31,
	2023				2022				2021
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
(Benefit from) provision for income taxes at statutory federal tax rate	$	(17,513)	21	%	$	68,135	21	%	$	40,198	21	%
State taxes, net of federal benefit, if applicable	2,358		(3)	%	10,478		3	%	(8,420)		(4)	%
Permanent differences in taxable income from net income for U.S. GAAP purposes	65,670		(79)	%	(93)		—	%	15		—	%
REIT (loss) income not subject to corporate income tax	(27,537)		33	%	25,693		8	%	(27,601)		(14)	%
Provision for (benefit from) income taxes/ effective tax rate(1)	$	22,978	(28)	%	$	104,213	32	%	$	4,192	3	%

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(1)The provision for income taxes is primarily recorded at the taxable subsidiary level.

Schedule Of Current And Deferred Tax Assets And Liabilities

The Company’s consolidated balance sheets, as of December 31, 2023 and December 31, 2022 contain the following current and deferred tax liabilities and assets, which are included in other assets, and are recorded at the taxable subsidiary level:

(in thousands)	December 31, 2023		December 31, 2022
Income taxes receivable (payable):
Federal income taxes receivable	$	52	$	—
State and local income taxes (payable) receivable	(735)		404
Income taxes (payable) receivable, net	(683)		404
Deferred tax assets (liabilities):
Deferred tax asset	20,083		33,426
Deferred tax liability	(81,765)		(80,603)
Total net deferred tax assets (liabilities)	(61,682)		(47,177)
Total tax assets (liabilities), net	$	(62,365)	$	(46,773)

Schedule of Deferred Tax Assets and Liabilities

Components of the Company’s deferred tax liabilities and assets as of December 31, 2023 and December 31, 2022 were as follows:

(in thousands)	December 31, 2023		December 31, 2022
Mortgage servicing rights	$	(81,765)	$	(80,492)
Net operating loss carryforward	18,224		32,301
Other	1,859		1,014
Total deferred tax assets (liabilities)	(61,682)		(47,177)
Valuation allowance	—		—
Total net deferred tax assets (liabilities)	$	(61,682)	$	(47,177)