INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of the Company’s income tax expense (benefit):

(dollars in thousands)	Year Ended December 31,
	2022		2021		2020
Current Income Tax Expense (Benefit)
U.S. federal	$	—	$	—	$	—
State and local	13,714		716		359
Foreign	853		211		14
	14,567		927		373
Deferred Income Tax Expense (Benefit)
U.S. federal	(2,644)		(43,905)		—
State and local	(20,794)		(22,232)		(475)
Foreign	(509)		(1)		—
	(23,947)		(66,138)		(475)
Total Income Tax Expense (Benefit)
U.S. federal	(2,644)		(43,905)		—
State and local	(7,080)		(21,516)		(116)
Foreign	344		210		14
	$	(9,380)	$	(65,211)	$	(102)

Schedule of Effective Income Tax Rate Reconciliation

The following table sets forth the reconciliation of the Company’s effective rate to the statutory rate:

	Year Ended December 31,
	2022		2021		2020
Statutory rate(1)	21.00	%	21.00	%	4.00	%
Income passed through to noncontrolling interest holders	-11.38	%	-14.95	%	—	%
State and local income taxes	9.49	%	0.98	%	-3.73	%
Non-deductible compensation expense	-0.53	%	-3.54	%	-0.08	%
Other	0.33	%	—	%	-0.07	%
Total Effective Rate	18.91	%	3.49	%	0.12	%

(1) The statutory rate presented is using the U.S. federal corporate tax rate for the years ended December 31, 2022 and 2021, and the UBT rate for the year ended December 31, 2020.

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2022 and 2021 the income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows:

(dollars in thousands)	December 31, 2022		December 31, 2021
Deferred Tax Assets
Basis difference in subsidiaries	$	512,407	$	439,826
Tax receivable agreement	196,620		158,616
Net operating losses	45,029		36,500
Other	13,534		2,057
Total Deferred Tax Assets	$	767,590	$	636,999
Deferred Tax Liabilities
Goodwill and intangible assets	$	39,521	$	47,924
Other	12,626		2,413
Total Deferred Tax Liabilities	$	52,147	$	50,337

Schedule of Unrecognized Tax Benefits Relating to Uncertain Tax Positions

The following table presents the Company’s unrecognized tax benefits relating to uncertain tax positions:

(dollars in thousands)	Year Ended December 31,
	2022		2021		2020
Beginning balance	$	—	$	—	$	—
Increases related to tax positions related to prior periods	2,189		—		—
Increases related to tax positions related to the current period	2,595		—		—
Ending Balance	$	4,784	$	—	$	—