INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following:


	For the Year Ended December 31,
Provision for Income Taxes	2021		2020		2019
The Company
Current:
U.S. federal income tax expense	$	40,861	$	23,845	$	32,012
State and local income tax expense	12,121		6,714		6,940
Foreign income tax expense	11,684		9,141		6,103
	64,666		39,700		45,055
Deferred:
U.S. federal income tax expense	68,201		12,451		8,820
State and local income tax expense	13,040		1,952		1,001
Foreign income tax expense (benefit)	1,390		772		(1,970)
	82,631		15,175		7,851
Total:
U.S. federal income tax expense	109,062		36,296		40,832
State and local income tax expense	25,161		8,666		7,941
Foreign income tax expense	13,074		9,913		4,133
Income tax expense	147,297		54,875		52,906

Consolidated Funds
Current:


Foreign income tax expense (benefit)	88		118		(530)
Income tax expense (benefit)	88		118		(530)











Total Provision for Income Taxes
Total current income tax expense	64,754		39,818		44,525
Total deferred income tax expense	82,631		15,175		7,851
Income tax expense	$	147,385	$	54,993	$	52,376

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differed from the federal statutory rate for the following reasons:


	For the Year Ended December 31,
	2021		2020		2019
Income tax expense at federal statutory rate	21.0	%	21.0	%	21.0	%
Income passed through to non-controlling interests	(9.2)		(8.2)		(10.4)
State and local taxes, net of federal benefit	1.9		1.8		1.9
Foreign taxes	(0.1)		0.3		0.3
Permanent items	(0.3)		(0.5)		(0.4)

Disallowed executive compensation	0.7		—		—
Other, net	(0.2)		(0.2)		(0.1)
Valuation allowance	—		0.3		—
Total effective rate	13.8	%	14.5	%	12.3	%

Schedule 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, 2021 and 2020. Deferred tax assets, net are included within other assets on the Consolidated Statements of Financial Condition.


	As of December 31,
Deferred Tax Assets and Liabilities of the Company	2021		2020
Deferred tax assets
Amortizable tax basis for AOG unit exchanges	$	108,644	$	67,571

Net operating losses	1,292		1,292
Other, net	6,101		6,563
Total gross deferred tax assets	116,037		75,426
Valuation allowance	(1,010)		(1,010)
Total deferred tax assets, net	115,027		74,416
Deferred tax liabilities
Investment in partnerships	(75,629)		(4,390)

Total deferred tax liabilities	(75,629)		(4,390)
Net deferred tax assets	$	39,398	$	70,026