Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of income tax provision

	Year Ended December 31,
(in thousands)	2023		2022		2021
Current
Federal income tax	$	1,605	$	6,878	$	13,423
State and local income tax		214		1,588		1,400
Net current tax provision	$	1,819	$	8,466	$	14,823
Deferred
Federal income tax		4,314		6,976		3,048
State and local income tax (benefit)		1,041		33		(3,012)
Net deferred tax provision	$	5,355	$	7,009	$	36
Total income tax provision	$	7,174	$	15,475	$	14,859

Schedule of income tax reconciliation

	Year Ended December 31,
(in thousands)	2023				2022
U.S. statutory tax	$	75,268	21.0	%	$	36,755	21.0	%
State and local income tax		929	0.3			(920)	(0.5)
Income attributable to REIT		(69,019)	(19.3)			(19,916)	(11.4)
Income attributable to non-controlling interests		(1,789)	(0.5)			(1,378)	(0.8)
Permanent items		863	0.2			(844)	(0.5)
Other		922	0.3			1,778	1.0
Effective income tax	$	7,174	2.0	%	$	15,475	8.8	%

Schedule showing temporary differences with respect to deferred tax assets and liabilities

	Year Ended December 31,
(in thousands)	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	22,153	$	13,409
Accruals		6,593		7,369
Depreciation and amortization		2,913		933
Goodwill		17,647		2,064
Compensation		119		33
Other		45		155
Total deferred tax assets	$	49,470	$	23,963
Deferred tax liabilities:
Loan / servicing rights balance		50,844		45,680
Derivative instruments		56		48
Other taxable temporary difference		5,642		3,457
Unrealized gains		4,820		4,686
Total deferred tax liabilities	$	61,362	$	53,871
Valuation allowance		(21,085)		—
Net deferred tax liabilities	$	(32,977)	$	(29,908)