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Income Taxes (Tables)

12 Months Ended

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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