Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 13. INCOME TAXES The Company’s operations are generally comprised of entities that are organized as limited liability companies and limited partnerships. For U.S. federal income tax purposes, taxes related to income earned by these entities generally represent obligations of their interest holders. The Company is subject to certain foreign, state, and local entity-level taxes (for example, the New York City Unincorporated Business Tax (“UBT”)). In addition, the Company is subject to U.S. corporate federal, state, and local income tax on its allocable share of results of operations from Group LP. The Company’s provisions for income taxes were $20,155 and $17,384 for the three months ended June 30, 2026 and 2025, respectively. The Company's provisions for income taxes were $24,021 and $6,662 for the six months ended June 30, 2026 and 2025, respectively. The income taxes for the aforementioned periods primarily reflects the Company’s allocable share of operating results from Group LP at the prevailing U.S. federal, state, and local corporate income tax rates and the effect of certain non-tax-deductible items, offset by the effect of the excess tax benefit recognized in connection with the delivery of equity-based compensation at an appreciated price above the grant date price for such equity. The excess tax benefits for the three months ended June 30, 2026 and 2025 were $115 and $37, respectively, and $8,681 and $22,452 for the six months ended June 30, 2026 and 2025, respectively.
The Company recorded a decrease in the net deferred tax asset of $23,917 for the six months ended June 30, 2026, which was primarily attributable to the amortization of the tax basis in Group LP assets and a decrease in the deferred tax asset related to deferred equity-based compensation. |