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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 Tax, Domestic and Foreign | The components of income before income tax expense by jurisdiction, in accordance with the updated disclosure requirements of ASU 2023-09, are as follows:
| Year Ended
| December 31, |  |  |  |
(Amounts in thousands) | 2025 |  |  |  |
Domestic | $ | 347,539 |  |  |  |  |
Foreign | 27,008 |  |  |  |  |
Total income before income tax expense | $ | 374,547 |  |  |  |  |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows:
| Year Ended December 31,
(Amounts in thousands) | 2025 |  | 2024 |  | 2023
Current |  |  |  |  |
Federal | $ | 49,167 |  |  | $ | 30,429 |  |  | $ | 3,988 |
State | 19,695 |  |  | 10,679 |  |  | 5,292 |
Foreign | 6,261 |  |  | 2,747 |  |  | 684 |
Total current | 75,123 |  |  | 43,855 |  |  | 9,964 |
Deferred |  |  |  |  |
Federal | 5,028 |  |  | 10,329 |  |  | 11,856 |
State | 576 |  |  | 5,913 |  |  | 1,546 |
Foreign | (145) |  |  | 875 |  |  | 247 |
Total deferred | 5,459 |  |  | 17,117 |  |  | 13,649 |
Total income tax expense | $ | 80,582 |  |  | $ | 60,972 |  |  | $ | 23,613 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of federal income taxes at statutory rate to the Company's effective tax rate for the year ended December 31, 2025, in accordance with the updated disclosure requirements of ASU 2023-09, is as follows:
| Year Ended December 31,
| 2025 |  |  |  |
(Amounts in thousands, except percentages) | Amount |  | Percent |  |  |  |  |  |  |  |
Federal income tax expense at statutory rate | $ | 78,655 |  |  | 21.0 | % |  |  |  |  |  |  |  |
Increase/(decrease) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |
State and local income taxes, net of federal tax benefit (1) | 21,328 |  |  | 5.7 |  |  |  |  |  |  |  |  |
Foreign tax effects | 444 |  |  | 0.1 |  |  |  |  |  |  |  |  |
Non-taxable or non-deductible items: |  |  |  |  |  |  |  |  |  |  |
Non-deductible compensation | 11,809 |  |  | 3.2 |  |  |  |  |  |  |  |  |
Vestings of stock awards | (28,142) |  |  | (7.5) |  |  |  |  |  |  |  |  |
Tax-exempt interest income | (1,603) |  |  | (0.4) |  |  |  |  |  |  |  |  |
(Income)/loss attributable to noncontrolling interests | (2,653) |  |  | (0.7) |  |  |  |  |  |  |  |  |
Other non-taxable or non-deductible items | 2,505 |  |  | 0.7 |  |  |  |  |  |  |  |  |
Total non-taxable or non-deductible items | (18,084) |  |  | (4.8) |  |  |  |  |  |  |  |  |
Other, net | (1,761) |  |  | (0.5) |  |  |  |  |  |  |  |  |
Total income tax expense and effective tax rate | $ | 80,582 |  |  | 21.5 | % |  |  |  |  |  |  |  |
(1)For the year ended December 31, 2025, state and local income taxes in New York, California, and New York City made up the majority (greater than 50 percent) of the tax effect in this category. As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the reconciliation of federal income taxes at statutory rate to the Company's effective tax rate is as follows:
|  |  | Year Ended December 31,
(Amounts in thousands) |  |  | 2024 |  | 2023
Federal income tax expense at statutory rate |  |  | $ | 45,867 |  |  | $ | 25,743 |
Increase/(decrease) in taxes resulting from: |  |  |  |  |
State and local income taxes, net of federal tax benefit |  |  | 13,433 |  |  | 7,994 |
Tax-exempt interest income |  |  | (1,332) |  |  | (1,613) |
Foreign jurisdictions tax rate differential |  |  | 1,076 |  |  | 993 |
Non-deductible compensation |  |  | 8,362 |  |  | 3,645 |
Change in valuation allowance |  |  | — |  |  | (159) |
Vestings of stock awards |  |  | (13,146) |  |  | (13,714) |
(Income)/loss attributable to noncontrolling interests |  |  | 4,972 |  |  | (2,831) |
Other, net |  |  | 1,740 |  |  | 3,555 |
Total income tax expense |  |  | $ | 60,972 |  |  | $ | 23,613 |
Schedule of Deferred Tax Assets and Liabilities | The net deferred income tax assets consisted of the following items:
| December 31, |  | December 31,
(Amounts in thousands) | 2025 |  | 2024
Deferred tax assets |  |  |
Deferred compensation | $ | 127,015 |  |  | $ | 119,916 |
Accrued lease liabilities | 24,454 |  |  | 20,588 |
Goodwill tax basis in excess of book basis | 28,877 |  |  | 36,415 |
Net operating loss carryforwards | — |  |  | 536 |
Liabilities/accruals not currently deductible | 1,246 |  |  | 2,949 |
Other | 7,049 |  |  | 5,252 |
Total deferred tax assets | 188,641 |  |  | 185,656 |
Deferred tax liabilities |  |  |
Right-of-use lease assets | 15,283 |  |  | 15,564 |
Unrealized gains on firm investments | 3,928 |  |  | 1,388 |
Fixed assets | 12,691 |  |  | 6,545 |
Other | 615 |  |  | 576 |
Total deferred tax liabilities | 32,517 |  |  | 24,073 |
Net deferred tax assets | $ | 156,124 |  |  | $ | 161,583 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(Amounts in thousands) |
Balance at December 31, 2022 | $ | 2,151 |
Additions based on tax positions related to the current year | — |
Additions for tax positions of prior years | — |
Reductions for tax positions of prior years | (42) |
Settlements | (305) |
Balance at December 31, 2023 | $ | 1,804 |
Additions based on tax positions related to the current year | — |
Additions for tax positions of prior years | 113 |
Reductions for tax positions of prior years | — |
Settlements | — |
Balance at December 31, 2024 | $ | 1,917 |
Additions based on tax positions related to the current year | — |
Additions for tax positions of prior years | 283 |
Reductions for tax positions of prior years | — |
Settlements | — |
Balance at December 31, 2025 | $ | 2,200 |
Schedule of Cash Flow, Supplemental Disclosures | The components of income taxes paid, in accordance with the updated disclosure requirements of ASU 2023-09, are as follows:
| Year Ended
| December 31, |  |  |  |
(Amounts in thousands) | 2025 |  |  |  |
Federal | $ | 32,800 |  |  |  |  |
State | 5,848 |  |  |  |  |
Foreign |  |  |  |  |
United Kingdom | 2,388 |  |  |  |  |
Other | 59 |  |  |  |  |
Total foreign | 2,447 |  |  |  |  |
Total income taxes paid | $ | 41,095 |  |  |  |  |

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