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Income Taxes (Tables)

12 Months Ended

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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