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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes | Income before income taxes and noncontrolling interest is as follows for the years ended December 31, 2025, 2024, and 2023:
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
(in thousands) |  |  |  |  |
U.S. operations | $ | 792,839 |  |  | $ | 456,613 |  |  | $ | 248,987 |
Non-U.S. operations | 301,490 |  |  | 188,357 |  |  | 76,144 |
| $ | 1,094,329 |  |  | $ | 644,970 |  |  | $ | 325,131 |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following for the years ended December 31, 2025, 2024, and 2023:
| Years Ended December 31,
(in thousands) | 2025 |  | 2024 |  | 2023
Current provision (benefit) |  |  |  |  |
Federal | $ | 71,858 |  |  | $ | 52,009 |  |  | $ | 14,959 |
State and Local | 19,512 |  |  | 18,634 |  |  | 12,972 |
Foreign | 52,043 |  |  | 33,652 |  |  | 18,016 |
Deferred provision (benefit) |  |  |  |  |
Federal | 34,024 |  |  | 5,194 |  |  | 9,125 |
State and Local | 4,674 |  |  | 875 |  |  | 1,832 |
Foreign | (46) |  |  | 71 |  |  | 4,306 |
Provision for income taxes | $ | 182,065 |  |  | $ | 110,435 |  |  | $ | 61,210 |
Schedule of Reconciliation of the Tax Provision at U.s. Federal Statutory Rate to the Provision for Income Taxes | A reconciliation of the provision of income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
| Year Ended December 31,
| 2025 |  |  |  |
| (in thousands) |  | Percent |  |  |  |
U.S. federal statutory tax rate | $ | 229,809 |  |  | 21.0 | % |  |  |  |
Less: provision attributable to noncontrolling interest | (98,361) |  |  | (9.0) |  |  |  |  |
State and local income tax, net of federal income tax effects (1) | 24,754 |  |  | 2.3 |  |  |  |  |
Foreign tax effects |  |  |  |  |  |  |
Ireland | 17,428 |  |  | 1.6 |  |  |  |  |
United Kingdom | 16,246 |  |  | 1.5 |  |  |  |  |
Singapore | 11,589 |  |  | 1.1 |  |  |  |  |
All other jurisdictions | 6,734 |  |  | 0.6 |  |  |  |  |
Effect of cross-border tax laws | (50) |  |  | 0.0 |  |  |  |  |
Tax credits |  |  |  |  |  |  |
Foreign tax credit | (29,307) |  |  | (2.7) |  |  |  |  |
All other credits | (3,491) |  |  | (0.3) |  |  |  |  |
Nontaxable or nondeductible items | 285 |  |  | 0.0 |  |  |  |  |
Changes in unrecognized tax benefits | 10,014 |  |  | 0.9 |  |  |  |  |
Other, net | (3,585) |  |  | (0.4) |  |  |  |  |
Effective tax rate | $ | 182,065 |  |  | 16.6 | % |  |  |  |
(1) State and local taxes in New York and New York City contributed to the majority of the tax effect in this category. |  |  |  |
The reconciliation of the tax provision at the U.S. federal statutory rate to the provision for income taxes for the years ended December 31, 2024 and 2023 is as follows:
|  |  | Years Ended December 31,
|  |  | 2024 |  | 2023
(in thousands, except percentages) |  |  |  |  |
Tax provision at the U.S. federal statutory rate |  |  | 21.0 | % |  | 21.0 | %
Less: rate attributable to noncontrolling interest |  |  | (9.0) | % |  | (8.7) | %
State and local taxes, net of federal benefit |  |  | 2.4 | % |  | 3.5 | %
Non-deductible expenses, net |  |  | 0.3 | % |  | 0.5 | %
Excess tax benefit (deficiency) from share based compensation |  |  | 0.1 | % |  | 0.3 | %
Foreign taxes |  |  | 5.2 | % |  | 6.9 | %
Foreign tax credits |  |  | (2.3) | % |  | (3.8) | %
Other, net |  |  | (0.6) | % |  | (0.9) | %
Effective tax rate |  |  | 17.1 | % |  | 18.8 | %
Schedule of Components of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows:
| December 31,
(in thousands) | 2025 |  | 2024
Deferred income tax assets |  |  |
Tax Receivable Agreement | $ | 91,355 |  |  | $ | 114,402 |
Share-based compensation | 16,072 |  |  | 15,053 |
Fixed assets and other | 4,153 |  |  | 32,980 |
Tax credits and net operating loss carryforwards | 7,880 |  |  | 10,334 |
Less: Valuation allowance on net operating loss carryforwards and tax credits | (7,880) |  |  | (10,334) |
Total deferred income tax assets | $ | 111,580 |  |  | $ | 162,435 |
Deferred income tax liabilities |  |  |
Intangibles | $ | 19,158 |  |  | $ | 27,389 |
Fixed assets | 685 |  |  | 431 |
Total deferred income tax liabilities | $ | 19,843 |  |  | $ | 27,820 |
Schedule of Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | The table below presents the changes in the liability for unrecognized tax benefits. This liability is included in Accounts payable and accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.
(in thousands) |
Balance at December 31, 2023 | $ | 6,802 |
Decreases based on tax positions related to prior period | — |
Increase based on tax positions related to current period | 1,464 |
Balance at December 31, 2024 | 8,266 |
Decreases based on tax positions related to prior period | (5,533) |
Increase based on tax positions related to current period | 16,444 |
Balance at December 31, 2025 | $ | 19,177 |
Schedule of Income Taxes Paid | The amounts of cash income taxes paid by the Company were as follows:
| Year Ended December 31,
(in thousands) | 2025 |  |  |  |
Federal | $ | 55,886 |  |  |  |  |
State and local |  |  |  |  |
New York City | 11,287 |  |  |  |  |
All other states | 7,783 |  |  |  |  |
Foreign |  |  |  |  |
United Kingdom | 22,007 |  |  |  |  |
Ireland | 13,981 |  |  |  |  |
All other foreign | 11,004 |  |  |  |  |
Income taxes, net of amounts refunded | $ | 121,948 |  |  |  |  |

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