Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Deferred Tax Assets and (Liabilities)

Components of our net deferred tax assets at December 31, 2025 and 2024 are presented in the following table.

Table 24.1 – Deferred Tax Assets and (Liabilities)


(In Thousands)	December 31, 2025		December 31, 2024
Deferred Tax Assets
Net operating loss carryforward – state	$	98,290	$	98,290
Net capital loss carryforward – state	2,306		19,459
Net operating loss carryforward – federal	190		13,753
Net capital loss carryforward – federal	323		116


Allowances and accruals	2,523		1,679
Goodwill and intangible assets	24,112		25,298
Other	2,090		1,685

Total Deferred Tax Assets	129,834		160,280
Deferred Tax Liabilities
Real estate assets	(6,308)		(4,263)
Mortgage servicing rights	(9,717)		(9,304)
Interest rate agreements	(1,442)		(1,693)
Tax effect of unrealized (gains) – OCI	—		(13)
Total Deferred Tax Liabilities	(17,467)		(15,273)
Valuation Allowance	(100,015)		(117,862)
Total Net Deferred Tax Asset, net of Valuation Allowance	$	12,352	$	27,145

Schedule of Provision for Income Taxes

The following table summarizes the provision for income taxes for the years ended December 31, 2025, 2024, and 2023.

Table 24.2 – Provision for Income Taxes


	Years Ended December 31,
(In Thousands)	2025		2024		2023
Current Provision for Income Taxes
US Federal	$	6,434	$	1,946	$	20
US state and local	3,968		3,911		92
Total Current Provision for Income Taxes	10,402		5,857		112
Deferred Provision for Income Taxes
US Federal	14,793		11,635		1,977
US state and local	(10)		1,345		(454)
Total Deferred Provision for Income Taxes	14,783		12,980		1,523
Total Provision for Income Taxes
US Federal	21,227		13,581		1,997
US state and local	3,958		5,256		(362)
Total Provision for Income Taxes	$	25,185	$	18,837	$	1,635

Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate

The following is a reconciliation of the statutory federal and state tax rates to our effective tax rate at December 31, 2025, 2024, and 2023.

Table 24.3 – Reconciliation of Statutory Tax Rate to Effective Tax Rate


	December 31, 2025				December 31, 2024				December 31, 2023
(In Thousands)	Amount		Rate		Amount		Rate		Amount		Rate
US Federal Statutory Income Tax Rate	$	(9,417)	21.0	%	$	15,296	21.0	%	$	(134)	21.0	%
Domestic Federal
Nontaxable and nondeductible items	(1,824)		4.1	%	(335)		(0.3)	%	17		(2.7)	%
Change in valuation allowance	(7)		—	%	108		0.1	%	—		—	%
REIT GAAP income or loss not subject to federal income tax	33,090		(73.8)	%	(1,138)		(1.6)	%	2,082		(325.9)	%

Domestic state and local income taxes, net of federal tax effect, as applicable (1)	3,343		(7.5)	%	4,906		6.7	%	(330)		51.7	%
Effective Tax Rate	$	25,185	(56.2)	%	$	18,837	25.9	%	$	1,635	(255.9)	%

(1)State taxes in California made up the majority (greater than 50%) of the tax effect in this category.

The December 31, 2023 effective tax rate is negative and appears outsized due to a relatively small consolidated GAAP loss and a provision for income taxes recorded against TRS GAAP income well in excess of the consolidated loss.

Schedule of Provision for IncomeTaxes Paid

The following table presents the income taxes paid for the years ended December 31, 2025, 2024, and 2023.

Table 24.4 – Income Taxes Paid by Federal, State and Local Jurisdictions


	Years Ended December 31,
(In Thousands)	2025		2024		2023
US Federal	$	4,125	$	1,500	$	—
US State and Local
California	3,500		3,235		(1,397)
Connecticut	*		*		(65)
Florida	*		*		73
Georgia	*		*		75
New York	*		(336)		(63)
Tennessee	*		*		150
Utah	*		*		(90)
Other	1,173		171		112
Total US State and Local	4,673		3,070		(1,205)
Total Income Taxes Paid, Net of Refunds	$	8,798	$	4,570	$	(1,205)

* The amount of income taxes paid during the year does not meet the 5% disaggregation threshold.