Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax (Expense) Benefit

From our TRS entities and our foreign operations, income tax (expense) benefit were as follows (in thousands):

	For the Years Ended December 31,
	2024			2023			2022
Current income tax (expense) benefit:
Domestic	$	477		$	(7,756	)	$	1,111
Foreign		(31,589	)		(24,257	)		(27,751	)
		(31,112	)		(32,013	)		(26,640	)
Deferred income tax (expense) benefit:
Domestic		(465	)		8,926			(15,628	)
Foreign		(12,524	)		153,766			(13,632	)
		(12,989	)		162,692			(29,260	)
Income tax (expense) benefit	$	(44,101	)	$	130,679		$	(55,900	)

Summary of Reconciliation of Income Tax Benefit (Expense) from the Statutory Income Tax Rate to the Effective Tax Rate Based on Income before Income Taxes

A reconciliation of income tax (expense) benefit from the statutory income tax rate to the effective tax rate based on (loss) income before income taxes for the years ended December 31, 2024, 2023, and 2022 is as follows (in thousands):

	For the Years Ended December 31,
	2024			2023			2022
(Loss) income before income tax	$	(2,364,186	)	$	(686,771	)	$	959,719
Income tax benefit (expense) at the U.S. statutory federal rate		496,479			144,222			(201,541	)
Decrease (increase) in income tax resulting from:
Foreign rate differential		4,888			(4,122	)		1,826
State income taxes, net of federal benefit		—			1,275			(1,886	)
U.S. earnings not subject to federal income tax		(227,080	)		(115,189	)		165,705
Change in valuation allowance		(301,468	)		(45,692	)		(11,281	)
Statutory tax rate change		—			—			(941	)
Interest disallowance		(2,965	)		(3,421	)		(1,737	)
Tax Impact of UK REIT conversion		—			160,641			—
Other items, net		(13,955	)		(7,035	)		(6,045	)
Total income tax (expense) benefit	$	(44,101	)	$	130,679		$	(55,900	)

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2024 and 2023, components of our deferred tax assets and liabilities were as follows (in thousands):

	2024			2023
Deferred tax assets:
Operating loss and interest deduction carry forwards	$	263,523		$	143,683
Depreciation		56,089			45,146
Partnership investments		112,892			15,768
Impairment and other loss reserves		101,834			11,790
Other		8,500			7,109
Total deferred tax assets		542,838			223,496
Valuation allowance		(418,659	)		(117,191	)
Total net deferred tax assets	$	124,179		$	106,305
Deferred tax liabilities:
Property and equipment	$	(145,835	)	$	(158,330	)
Net unbilled revenue		(82,170	)		(65,727	)
Partnership investments		(21,445	)		—
Other		(3,450	)		(10,687	)
Total deferred tax liabilities		(252,900	)		(234,744	)
Net deferred tax asset (liability)	$	(128,721	)	$	(128,439	)

Schedule of Net Operating Losses ("NOL") and Other Tax Attribute Carryforwards

At December 31, 2024, we had net operating losses ("NOL") and other tax attribute carryforwards as follows (in thousands):

	U.S.			Foreign
Gross NOL carryforwards	$	704,434		$	453,615
Tax-effected NOL carryforwards	$	151,942		$	112,111
Valuation allowance		(151,942	)		(6,273	)
Net deferred tax asset - NOL carryforwards	$	—		$	105,838
Expiration periods	2025-indefinite			indefinite

Schedule of Per Share Distributions to Stockholders

A schedule of per share distributions we paid and reported to our stockholders is set forth in the following:

	For the Years Ended December 31,
Per share:	2024			2023		2022
Ordinary dividend (1)	$	—		$	1.0639	$	0.4703
Long-term capital gain (2)		—			0.1061		0.6797
Return of capital		0.3800			—		—
Total	$	0.3800	(3)	$	1.1700	$	1.1500

(1)For the years ended December 31, 2023 and 2022, includes Section 199A dividends of 1.0639 and 0.4703, respectively.

(2)For the years ended December 31, 2023 and 2022, includes Unrecaptured Section 1250 gains of 0.1061 and 0.2574, respectively.

(3)The dividend declared on November 21, 2024 and paid January 9, 2025 will be applicable to the 2025 tax year and thus is not reflected in the table above.