v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Reconciliation of the statutory federal tax rate to effective income tax rate
A reconciliation of the statutory federal tax rate to the Company’s effective income tax rate is as follows:
Six Months Ended 
 June 30,
20252024
   Statutory U.S. federal income tax rate21.0 %21.0 %
   State and local income taxes, net of federal benefit4.8 %4.8 %
   Internal revenue code section 162 limitations1.5 %1.4 %
   Other0.5 %0.3 %
Unconsolidated effective income tax rate27.8 %27.5 %
   Impact attributable to redeemable noncontrolling interest(a)
(0.5)%— %
Effective income tax rate27.3 %27.5 %
(a) The provision for income taxes includes the impact of the operations of the Consolidated Funds, which is not subject to federal income taxes. Accordingly, a portion of the Company’s earnings are not subject to corporate tax levels.