Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The following table presents the U.S. and non-U.S. components of Income before income tax expense:

	For the Years Ended December 31,
	2025		2024		2023
U.S.	$	575,183	$	431,248	$	288,414
Non-U.S.	169,846		62,439		47,632
Income before Income Tax Expense(1)	$	745,029	$	493,687	$	336,046

(1)Net of Noncontrolling Interest.

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes reflected on the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 consist of:

	For the Years Ended December 31,
	2025		2024		2023
Current:
Federal	$	46,201	$	58,118	$	48,940
Foreign	54,108		25,577		20,426
State and Local	37,712		23,639		14,095
Total Current	138,021		107,334		83,461
Deferred:
Federal	16,165		18,212		4,400
Foreign	(3,156)		(14,498)		(6,580)
State and Local	2,077		4,360		(714)
Total Deferred	15,086		8,074		(2,894)
Total	$	153,107	$	115,408	$	80,567

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the domestic and foreign components between the Company's federal statutory income tax rate and effective income tax rate for the year ended December 31, 2025 is as follows:

	Amount		Percent
U.S. Federal Statutory Income Tax Rate	$	166,701	21.0	%
Domestic State and Local Income Taxes, Net of Federal Benefit(1)	30,088		3.8	%
Foreign Tax Effects:
United Kingdom
Statutory rate difference between United Kingdom and U.S.	6,966		0.9	%
Excess tax benefits on share-based awards	(9,515)		(1.2)	%
Other	2,415		0.3	%
France
Statutory rate difference between France and U.S.	(313)		—	%
Gain on sale of business	15,906		2.0	%
Other	(100)		—	%
Other foreign jurisdictions	857		0.1	%
Effect of Cross-Border Tax Laws:
France
Foreign tax credits	(14,735)		(1.9)	%
Other foreign jurisdictions
Foreign tax credits	1,449		0.2	%
Tax Credits:
Research and development tax credits	(1,328)		(0.2)	%
Non-Taxable or Non-Deductible Items:
Non-deductible senior executive compensation	23,818		3.0	%
Excess tax benefits on share-based awards	(61,399)		(7.7)	%
Rate benefit as a flow through	(10,802)		(1.4)	%
Other	3,099		0.4	%
Effective Income Tax Rate	$	153,107	19.3	%

(1)State and local income taxes in New York City, New York State and California comprise the majority of the state and local income taxes, net of federal benefit, as of December 31, 2025.

A reconciliation between the federal statutory income tax rate and the Company's effective income tax rate for the years ended December 31, 2024 and 2023 is as follows:

	For the Years Ended December 31,
	2024		2023
Reconciliation of Federal Statutory Tax Rates:
U.S. Statutory Tax Rate	21.0	%	21.0	%
Increase Due to State and Local Taxes	5.5	%	4.6	%
Rate Benefits as a Limited Liability Company/Flow Through	(1.6)	%	(2.2)	%
Foreign Taxes	2.5	%	0.5	%
Non-Deductible Expenses(1)	2.3	%	2.0	%
ASU 2016-09 Benefit for Stock Compensation	(6.6)	%	(3.7)	%
Valuation Allowances	(2.3)	%	0.3	%
Other Adjustments	0.8	%	(0.5)	%
Effective Income Tax Rate	21.6	%	22.0	%

(1)Primarily related to non-deductible share-based compensation expense.

Schedule of Deferred Tax Assets and Liabilities

Details of the Company's deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows:

	December 31,
	2025		2024
Deferred Tax Assets:
Depreciation and Amortization	$	9,698	$	21,316
Compensation and Benefits	164,811		149,275
Step up in tax basis due to the exchange of LP Units for Class A Shares(1)	72,776		63,884
Step up in tax basis due to the exchange of LP Units for Class A Shares(2)	44,971		42,503
Operating Lease	137,637		132,504
Other	28,221		13,354
Total Deferred Tax Assets	$	458,114	$	422,836
Valuation Allowance	(5,279)		(5,279)
Total Deferred Tax Assets Net of Valuation Allowance	$	452,835	$	417,557
Deferred Tax Liabilities:
Operating Lease	$	111,158	$	106,087
Goodwill, Intangible Assets and Other	48,969		26,962
Total Deferred Tax Liabilities	$	160,127	$	133,049
Net Deferred Tax Assets	$	297,361	$	284,508
Net Deferred Tax Liabilities	$	4,652	$	—

(1)Step-up in the tax basis associated with the exchange of LP Units for holders which have a tax receivable agreement.

(2)Step-up in the tax basis associated with the exchange of LP Units for holders which do not have a tax receivable agreement.

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the changes in tax positions for the years ended December 31, 2025, 2024 and 2023 is as follows:

	December 31,
	2025		2024		2023
Beginning unrecognized tax benefit	$	380	$	359	$	359
Additions for tax positions of prior years	130		79		—
Reductions for tax positions of prior years	—		—		—
Lapse of Statute of Limitations	—		—		—
Decrease due to settlement with Taxing Authority	(384)		(58)		—
Ending unrecognized tax benefit	$	126	$	380	$	359

Schedule of Income Taxes Paid, Net of Refunds

Detail of the Company's income tax payments made during the year ended December 31, 2025 is as follows:

U.S. Federal	$	52,070
U.S. State and Local
New York State	9,204
New York City	11,434
Other	6,407
State and Local Subtotal	27,045
Foreign
United Kingdom	35,894
Other	2,303
Foreign Subtotal	38,197
Total Income Taxes Paid	$	117,312