Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022:
Year Ended
December 31,
(in thousands) 2024 2023 2022
Current tax provision (benefit) :
Federal $ 9,541  $ 3,498  $ — 
State 3,351  4,976  (1,028)
Total current tax provision (benefit)
12,892  8,474  (1,028)
Deferred tax provision (benefit):
Federal 26,892  16,602  90,916 
State 6,802  (2,098) 14,325 
Total deferred tax provision
33,694  14,504  105,241 
Total provision for income taxes
 $ 46,586  $ 22,978  $ 104,213 
Schedule of Effective Income Tax Rate Reconciliation
The following is a reconciliation of the statutory federal rate to the effective rates for the years ended December 31, 2024, 2023 and 2022:
Year Ended
December 31,
2024 2023 2022
(dollars in thousands) Amount Percent Amount Percent Amount Percent
Provision for (benefit from) income taxes at statutory federal tax rate
 $ 72,398  21  % $ (17,513) 21  % $ 68,135  21  %
State taxes, net of federal benefit, if applicable
 8,027  3  % 2,358  (3) % 10,478  3  %
Permanent differences in taxable income from net income for U.S. GAAP purposes
 21,794  6  % 65,670  (79) % (93) —  %
REIT (income) loss not subject to corporate income tax
 (55,633) (16) % (27,537) 33  % 25,693  8  %
Provision for income taxes/ effective tax rate(1)
$ 46,586  14  % $ 22,978  (28) % $ 104,213  32  %
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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, 2024 and December 31, 2023 contain the following current and deferred tax liabilities and assets, which are included in other assets and other liabilities, and are recorded at the taxable subsidiary level:
(in thousands) December 31,
2024		 December 31,
2023
Income taxes receivable (payable):
Federal income taxes (payable) receivable
 $ (3,440) $ 52 
State and local income taxes payable
 (777) (735)
Income taxes payable, net
 (4,217) (683)
Deferred tax assets (liabilities):
Deferred tax asset 4,751  20,083 
Deferred tax liability (100,231) (81,765)
Total net deferred tax liabilities
 (95,480) (61,682)
Total tax liabilities, net
 $ (99,697) $ (62,365)
Schedule of Deferred Tax Assets and Liabilities Components of the Company’s net deferred tax liabilities and assets as of December 31, 2024 and December 31, 2023 were as follows:
(in thousands) December 31,
2024		 December 31,
2023
Mortgage servicing rights
 $ (99,980) $ (81,765)
Net operating loss carryforward 2,444  18,224 
Other 2,056  1,859 
Total deferred tax assets (liabilities) (95,480) (61,682)
Valuation allowance —  — 
Total net deferred tax assets (liabilities) $ (95,480) $ (61,682)