INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following for the years ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
Provision for Income Taxes - The Company	2017			2016			2015
Current:
U.S. federal income tax (benefit)	$	(21,559	)	$	19,419		$	12,064
State and local income tax	454			3,706			4,839
Foreign income tax	3,741			8,458			1,509
	(17,364		)	31,583			18,412
Deferred:
U.S. federal income tax (benefit)	(3,466		)	(14,247		)	356
State and local income tax (benefit)	(2,414		)	(1,400		)	306
Foreign income tax (benefit)	(1,695		)	(4,180		)	(14		)
	(7,575		)	(19,827		)	648
Total:
U.S. federal income tax (benefit)	(25,025		)	5,172			12,420
State and local income tax (benefit)	(1,960		)	2,306			5,145
Foreign income tax	2,046			4,278			1,495
Income tax expense (benefit)	(24,939		)	11,756			19,060

Provision for Income Taxes - Consolidated Funds
Current:
U.S. federal income tax	—			—			—
State and local income tax	—			—			—
Foreign income tax (benefit)	1,887			(737		)	4
	1,887			(737		)	4
Deferred:
U.S. federal income benefit	—			—			—
State and local income benefit	—			—			—
Foreign income benefit	—			—			—
	—			—			—
Total:
U.S. federal income benefit	—			—			—
State and local income benefit	—			—			—
Foreign income tax (benefit)	1,887			(737		)	4
Income tax expense (benefit)	1,887			(737		)	4

Total Provision for Income Taxes
Total current income tax expense (benefit)	(15,477		)	30,846			18,416
Total deferred income tax expense (benefit)	(7,575		)	(19,827		)	648
Total income tax expense (benefit)	$	(23,052	)	$	11,019		$	19,064

Schedule of reasons for which effective income tax rate differed from the federal statutory rate

The effective income tax rate differed from the federal statutory rate for the following reasons for the years ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
	2017		2016		2015
Income tax expense at federal statutory rate	35.0	%	35.0	%	35.0	%
Income passed through to non-controlling interests	(51.1	)	(27.6	)	(24.2	)
State and local taxes, net of federal benefit	(1.4	)	0.9		5.6
Foreign taxes	0.3		(0.9	)	1.4
Permanent items	0.3		(2.2	)	6.0
Tax Cuts and Jobs Act	(0.4	)	—		—
Other, net	0.4		(1.7	)	0.9
Valuation allowance	1.3		0.2		(1.3	)
Total effective rate	(15.6	)%	3.7	%	23.4	%

Schedule of income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities

The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2017 and 2016:



	As of December 31,
Deferred Tax Assets and Liabilities of the Company	2017			2016
Deferred tax assets
Net operating losses	$	2,827		$	99
Investment in partnerships	—			3,774
Other, net	6,542			2,897
Total gross deferred tax assets	9,369			6,770
Valuation allowance	(15		)	(39		)
Total deferred tax assets, net	9,354			6,731
Deferred tax liabilities
Investment in partnerships	(1,028		)	—
Other, net	—			—
Total deferred tax liabilities	(1,028		)	—
Net deferred tax assets	$	8,326		$	6,731



	As of December 31,
Deferred Tax Assets and Liabilities of the Consolidated Funds	2017			2016
Deferred tax assets
Net operating loss	$	4,703		$	4,951
Other, net	2,173			53
Total gross deferred tax assets	6,876			5,004
Valuation allowance	(6,876		)	(5,004		)
Total deferred tax assets, net	$	—		$	—