Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of U.S. and Non-U.S. Components of Income (Loss) before Income Tax Expense

The following table presents the U.S. and non‑U.S. components of income (loss) before income tax expense:

	For the Year Ended December 31,
	2023		2022		2021
U.S.	$	(24,267)	$	164,623	$	468,725
Non-U.S.		(4,880)		51,697		67,588
Income (loss) before income taxes	$	(29,147)	$	216,320	$	536,313

Schedule of Current and Deferred Components of Income Tax Provision

The current and deferred components of the income tax provision for the years ended December 31, 2023, 2022 and 2021 are as follows:

	For the Year Ended December 31,
	2023		2022		2021
Current income taxes:
Federal	$	1,425	$	8,659	$	63,979
State and Local		(183)		6,290		15,875
Foreign		1,419		5,901		10,619
Deferred income taxes:
Federal	$	(2,471)	$	20,308	$	20,811
State and Local		(125)		4,788		4,295
Foreign		(1,696)		1,692		(2,244)
Total	$	(1,631)	$	47,638	$	113,335

Reconciliation from Appropriate Statutory Rate to Income Before Income Taxes

The total provision for income taxes differs from the amount which would be computed by applying the appropriate statutory rate to income before income taxes as follows:

	For the Year Ended December 31,
	2023		2022		2021
Reconciliation of federal statutory tax rates
U.S. statutory tax rate	21.0	%	21.0	%	21.0	%
Increase (decrease) due to state and local taxes	1.3	%	2.3	%	3.6	%
Rate benefit as a U.S. limited partnership/flow through	-1.8	%	-1.8	%	-2.3	%
Excess tax benefit from equity compensation delivery	9.2	%	-2.6	%	-3.4	%
Foreign taxes	3.3	%	0.8	%	1.3	%
Non-deductible expenses	-20.2	%	1.9	%	2.2	%
Regulatory settlements	-6.7	%	0.0	%	0.0	%
Return to provision	-4.0	%	1.1	%	-0.3	%
Other	3.4	%	-0.8	%	-1.0	%
Effective income tax rate	5.5	%	21.9	%	21.1	%

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities included on the Company’s consolidated statements of financial condition are as follows:

	For the Year Ended December 31,
	2023		2022
Net operating loss	$	40,140	$	8,679
Step-up in tax basis in Group LP assets		332,261		361,544
Deferred compensation		75,168		66,228
Lease liability		49,505		44,326
Other		7,869		9,467
Net deferred tax asset before valuation allowance		504,943		490,244
Valuation allowance on NOL and other		(14,870)		(11,563)
Deferred tax asset	$	490,073	$	478,681
Right-of-use asset	$	(39,409)	$	(34,972)
Other		(13,426)		(14,060)
Deferred tax liability	$	(52,835)	$	(49,032)
Net deferred tax asset	$	437,238	$	429,649