INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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:


	Year ended December 31,
Provision for Income Taxes	2023		2022		2021
The Company
Current:
U.S. federal income tax expense	$	34,051	$	42,452	$	40,861
State and local income tax expense	13,316		7,614		12,121
Foreign income tax expense	24,029		14,119		11,684
	71,396		64,185		64,666
Deferred:
U.S. federal income tax expense	85,610		10,660		68,201
State and local income tax expense	15,872		2,131		13,040
Foreign income tax expense (benefit)	(3,730)		(5,416)		1,390
	97,752		7,375		82,631
Total:
U.S. federal income tax expense	119,661		53,112		109,062
State and local income tax expense	29,188		9,745		25,161
Foreign income tax expense	20,299		8,703		13,074
Income tax expense	169,148		71,560		147,297

Consolidated Funds
Current:


Foreign income tax expense	3,823		331		88
Income tax expense	3,823		331		88











Total Provision for Income Taxes
Total current income tax expense	75,219		64,516		64,754
Total deferred income tax expense	97,752		7,375		82,631
Income tax expense	$	172,971	$	71,891	$	147,385

Schedule of Effective Income Tax Rate Reconciliation

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


	Year ended December 31,
	2023	2022	2021
Income tax expense at federal statutory rate	21.0%	21.0%	21.0%
Income passed through to non-controlling interests	(9.6)	(8.9)	(9.2)
State and local taxes, net of federal benefit	1.7	2.2	1.9
Foreign taxes	(0.7)	(1.4)	(0.1)
Permanent items	0.2	0.6	(0.3)
Disallowed executive compensation	0.2	0.1	0.7
Other, net	0.3	0.3	(0.2)
Valuation allowance	(0.1)	0.2	—
Total effective rate	13.0%	14.1%	13.8%

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, 2023 and 2022. Deferred tax assets, net are included within other assets within the Consolidated Statements of Financial Condition.


	As of December 31,
Deferred Tax Assets and Liabilities of the Company	2023		2022
Deferred tax assets
Amortizable tax basis for AOG Unit exchanges	$	205,627	$	124,217

Net operating losses and capital loss carryforwards	1,829		2,192
Other, net	6,511		6,089
Total gross deferred tax assets	213,967		132,498
Valuation allowance	(942)		(2,155)
Total net deferred tax assets	213,025		130,343
Deferred tax liabilities
Investment in partnerships	(191,476)		(61,410)

Total deferred tax liabilities	(191,476)		(61,410)
Deferred tax assets, net	$	21,549	$	68,933


	As of December 31,
Deferred Tax Assets and Liabilities of the Consolidated Funds	2023		2022
Deferred tax assets

Other, net	$	2,598	$	—
Total gross deferred tax assets	2,598		—
Valuation allowance	(2,598)		—
Total deferred tax assets, net	$	—	$	—