v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
8.
INCOME TAXES

The following table summarizes the Company’s tax position:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Income Before Provision (Benefit) for Taxes

 

$

76,479

 

 

$

64,399

 

 

$

129,057

 

 

$

118,302

 

Provision (Benefit) for Taxes

 

$

15,041

 

 

$

11,368

 

 

$

(6,544

)

 

$

11,899

 

Effective Income Tax Rate

 

 

19.7

%

 

 

17.7

%

 

 

-5.1

%

 

 

10.1

%

 

The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three and six months ended June 30, 2025 primarily due to partnership income not being subject to U.S. corporate income taxes, state and local taxes, and permanent differences related to equity-based compensation.

The Company had no unrecognized tax benefits as of June 30, 2025.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”), which includes a broad range of tax reform provisions, was signed into law in the United States. The Company is continuing to assess the impact of OBBBA and does not expect it to have a material impact on the Company’s 2025 condensed consolidated financial statements.