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Parent Company Condensed Financial Statements (Table) | 12 Months Ended
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Dec. 31, 2024
Parent Company Condensed Financial Statements [Abstract] |
Condensed Statements of Financial Condition |
|  | December 31,
(in millions, except share amounts) |  | 2024 |  | 2023
Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1 |  | $ | 6
Investments in subsidiaries, equity basis |  |  | 4,270 |  |  | 3,571
Other assets 1 |  |  | 233 |  |  | 230
Total assets |  | $ | 4,504 |  | $ | 3,807
Liabilities and Equity |  |  |  |  |  |
Liabilities: |  |  |  |  |  |
Payable to affiliates 2 |  | $ | 195 |  | $ | 209
Accrued expenses and other liabilities |  |  | 29 |  |  | 14
|  |  | 224 |  |  | 223
Stockholders' equity: |  |  |  |  |  |
Common stock, $0.01 par value per share: |  |  |  |  |  |
Class A – Authorized - 1,000,000,000, Issued - 109,061,059 and 107,178,928 shares, Outstanding – 108,904,613 and 107,045,994 shares as of December 31, 2024 and 2023 |  |  | 1 |  |  | 1
Class B – Authorized, Issued and Outstanding – 100 shares as of December 31, 2024 and 2023 |  |  | — |  |  | —
Additional paid-in capital |  |  | 1,816 |  |  | 1,726
Retained earnings |  |  | 2,515 |  |  | 1,852
Accumulated other comprehensive income, net of income taxes of $0 and $0 as of December 31, 2024 and 2023 |  |  | (45) |  |  | 8
Treasury stock, at cost, 156,446 and 133,034 shares as of December 31, 2024 and 2023 |  |  | (7) |  |  | (3)
Total equity |  |  | 4,280 |  |  | 3,584
Total liabilities and equity |  | $ | 4,504 |  | $ | 3,807
___________________________ (1)As of December 31, 2024 and 2023, receivables from affiliates were immaterial. (2)As of December 31, 2024 and 2023, respectively, payable to affiliates of $195 million and $210 million consisted primarily of amounts payable to Holdings under the Tax Receivable Agreement.
Condensed Statements of Comprehensive Income |
|  | Year-Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Income (loss) before income from subsidiaries |  | $ | (12) |  | $ | 5 |  | $ | 4
Undistributed gains of subsidiaries, net |  |  | 913 |  |  | 737 |  |  | 463
Income tax expense |  |  | 146 |  |  | 142 |  |  | 87
Net income |  | $ | 755 |  | $ | 600 |  | $ | 380
Net income available for common stockholders |  | $ | 755 |  | $ | 600 |  | $ | 380
Cumulative translation adjustment, net of tax |  |  | (53) |  |  | 30 |  |  | (26)
Comprehensive income available for common stockholders |  | $ | 702 |  | $ | 630 |  | $ | 354
Condensed Statements of Cash Flows |
|  | Year-Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net income |  | $ | 755 |  | $ | 600 |  | $ | 380
Adjustments to reconcile net income to net cash used in operating activities |  |  |  |  |  |  |  |  |
Undistributed gains of subsidiaries, net |  |  | (913) |  |  | (737) |  |  | (463)
Deferred income taxes |  |  | 2 |  |  | 34 |  |  | 28
(Gain) loss on remeasurement of Tax Receivable Agreement liability |  |  | 10 |  |  | (7) |  |  | (6)
Changes in operating assets and liabilities |  |  | 64 |  |  | (33) |  |  | 20
Net cash used in operating activities |  |  | (82) |  |  | (143) |  |  | (41)
Cash flows provided by investing activities 1 |  |  | 246 |  |  | 185 |  |  | 127
Cash flows used in financing activities |  |  | (116) |  |  | (67) |  |  | (59)
Effect of exchange rate changes on cash and cash equivalents |  |  | (53) |  |  | 30 |  |  | (26)
Net increase in cash and cash equivalents |  |  | (5) |  |  | 5 |  |  | 1
Cash and cash equivalents at beginning of year |  |  | 6 |  |  | 1 |  |  | —
Cash and cash equivalents at end of year |  | $ | 1 |  | $ | 6 |  | $ | 1
Supplemental disclosures of cash flow information |  |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 3 |  | $ | 2 |  | $ | 1
Cash paid for taxes, net |  | $ | 117 |  | $ | 111 |  | $ | 67
Non-cash investing activities: |  |  |  |  |  |  |  |  |
Non-cash distributions from subsidiaries |  | $ | — |  | $ | — |  | $ | 1
___________________________ (1)Dividends received from IBG LLC for the three years ended December 31, 2024, 2023 and 2022, were $246 million, $185 million and $128 million, respectively.

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