Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
U.S.	$	185,957	$	(24,267)	$	164,623
Non-U.S.		10,055		(4,880)		51,697
Income (loss) before income taxes	$	196,012	$	(29,147)	$	216,320

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, 2024, 2023 and 2022 are as follows:

	For the Year Ended December 31,
	2024		2023		2022
Current income taxes:
Federal	$	1,055	$	1,425	$	8,659
State and Local		3,565		(183)		6,290
Foreign		4,833		1,419		5,901
Deferred income taxes:
Federal	$	34,473	$	(2,471)	$	20,308
State and Local		5,673		(125)		4,788
Foreign		(5,078)		(1,696)		1,692
Total	$	44,521	$	(1,631)	$	47,638

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,
	2024		2023		2022
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	4.0	%	1.3	%	2.3	%
Rate benefit as a U.S. limited partnership/flow through	-1.7	%	-1.8	%	-1.8	%
Excess tax benefit from equity compensation delivery	-5.0	%	9.2	%	-2.6	%
Foreign taxes	0.4	%	3.3	%	0.8	%
Non-deductible expenses	3.8	%	-20.2	%	1.9	%
Regulatory settlements	0.0	%	-6.7	%	0.0	%
Return to provision	0.5	%	-4.0	%	1.1	%
Other	-0.3	%	3.4	%	-0.8	%
Effective income tax rate	22.7	%	5.5	%	21.9	%

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,
	2024		2023
Net operating loss	$	35,222	$	40,140
Step-up in tax basis in Group LP assets		309,285		332,261
Deferred compensation		81,564		75,168
Lease liability		50,922		49,505
Other		2,319		7,869
Net deferred tax asset before valuation allowance		479,312		504,943
Valuation allowance on NOL and other		(15,475)		(14,870)
Deferred tax asset	$	463,837	$	490,073
Right-of-use asset	$	(41,012)	$	(39,409)
Other		(12,313)		(13,426)
Deferred tax liability	$	(53,325)	$	(52,835)
Net deferred tax asset	$	410,512	$	437,238