Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The components of income before taxes were attributable to the following (in thousands):

	Years ended December 31,
	2025		2024		2023
Domestic	$	791,719	$	666,110	$	755,872
Foreign	363,410		267,832		173,063
Total income before taxes	$	1,155,129	$	933,942	$	928,935

Provision for income taxes consisted of the following (in thousands):

	Years ended December 31,
	2025		2024		2023
Current
Federal	$	—	$	(407)	$	792
State and local	14,450		8,783		10,139
Foreign	70,293		54,673		41,086
Total current	$	84,743	$	63,049	$	52,017
Deferred
Federal	$	—	$	—	$	—
State and local	—		—		—
Foreign	603		3,552		4
Total deferred	$	603	$	3,552	$	4
Total provision for income taxes	$	85,346	$	66,601	$	52,021

Our effective tax rates for the years ended December 31, 2025, 2024, and 2023 were 7.4%, 7.1%, and 5.6%, respectively. The primary drivers of the difference between the federal statutory rate of 21.0% and our overall effective tax rate were the tax benefits associated with our REIT status, including the dividends paid deduction, the impact of state and local income taxes, and the effect of differing statutory rates and related permanent differences applicable to our foreign earnings.

Income taxes paid for the year ended December 31, 2025 are as follows (in thousands):

	Year ended December 31,
	2025
Federal	$	(233)
State and Local	$	16,827
United Kingdom	$	30,665
Other	2,526
Total Foreign	$	33,191
Total income taxes paid	$	49,785

We recognize deferred income tax in our taxable subsidiaries, including certain international jurisdictions. Deferred income tax assets and liabilities are generally the result of temporary differences between book and tax accounting, such as timing differences caused by different useful lives used for depreciation. We provide for a valuation allowance for deferred income tax assets if we believe some or all of the deferred income tax assets may not be realized. As of December 31, 2025 and 2024, we had net deferred tax liabilities of $4.3 million and $3.5 million, respectively, which are reported in 'Other liabilities' on our consolidated balance sheets.