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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
U.S. federal | $ | 19,459 |  |  | $ | 19,297 |  |  | $ | 12,949 |
U.S. state and local | 5,061 |  |  | 5,033 |  |  | 6,147 |
Foreign | 95,149 |  |  | 54,787 |  |  | 34,506 |
UBT | — |  |  | 373 |  |  | (390) |
| 119,669 |  |  | 79,490 |  |  | 53,212 |
Deferred: |  |  |  |  |
U.S. federal | (58,127) |  |  | (41,491) |  |  | (17,083) |
U.S. state and local | (9,568) |  |  | (14,989) |  |  | (1,596) |
Foreign | (2,059) |  |  | (5,914) |  |  | 3,971 |
UBT | — |  |  | 1,838 |  |  | 80 |
| (69,754) |  |  | (60,556) |  |  | (14,628) |
Provision for income taxes | $ | 49,915 |  |  | $ | 18,934 |  |  | $ | 38,584 |
Schedule of Actual Income Tax Expense and Amount Calculated Utilizing U.S. Federal Statutory Rates | Differences between the Company’s actual income tax expense and the amount calculated utilizing the U.S. federal statutory rates were as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Tax expense at federal statutory rate | $ | 36,360 |  |  | $ | 12,207 |  |  | $ | 20,584 |
Non-controlling interest | 1,295 |  |  | 1,982 |  |  | 2,366 |
Incremental impact of foreign taxes compared to federal tax rate | 5,847 |  |  | 3,838 |  |  | 8,122 |
Other permanent differences | (2,153) |  |  | 3,054 |  |  | (10,105) |
U.S. state and local taxes, net of U.S. federal benefit | (4,408) |  |  | (4,778) |  |  | (876) |
New York City UBT | — |  |  | — |  |  | (1,071) |
Other rate changes | 1,503 |  |  | (862) |  |  | 153 |
Impact of Corporate Conversion | — |  |  | (12,446) |  |  | — |
Uncertain tax positions | 304 |  |  | (797) |  |  | 3,496 |
U.S. tax on foreign earnings, net of tax credits | (4,413) |  |  | 12,388 |  |  | 4,808 |
Prior year adjustments | 5,811 |  |  | 4,078 |  |  | 4,189 |
Valuation allowance | (2,402) |  |  | (4,190) |  |  | (4,670) |
Meals and Entertainment | 7,450 |  |  | 6,182 |  |  | 12,681 |
Impact of RSU Windfall | (4,433) |  |  | (1,700) |  |  | (289) |
AFS MTM — U.S. GAAP Adjustment 1 | 9,154 |  |  | — |  |  | — |
Other | — |  |  | (22) |  |  | (804) |
Provision for income taxes | $ | 49,915 |  |  | $ | 18,934 |  |  | $ | 38,584 |
_______________________________________ 1 Available for sale securities mark-to-market — U.S. GAAP Adjustment
Schedule of Deferred Tax Asset and Liability | Significant components of the Company’s deferred tax asset and liability consisted of the following (in thousands):
| Year Ended December 31,
| 2024 |  | 2023
Deferred tax asset |  |  |
Basis difference of investments | $ | 10,403 |  |  | $ | 23,522 |
Deferred compensation | 114,680 |  |  | 90,270 |
Excess interest expense | 90,404 |  |  | 55,040 |
Other deferred and accrued expenses | 10,659 |  |  | 17,625 |
Depreciation and amortization | 790 |  |  | — |
Net operating loss and credit carry-forwards | 58,084 |  |  | 43,426 |
Total deferred tax asset 1 | 285,020 |  |  | 229,883 |
Valuation allowance | (24,422) |  |  | (27,813) |
Deferred tax asset, net of valuation allowance | 260,598 |  |  | 202,070 |
Deferred tax liability |  |  |
Depreciation and amortization | — |  |  | 10,618 |
Total deferred tax liability 1 | — |  |  | 10,618 |
Net deferred tax asset | $ | 260,598 |  |  | $ | 191,452 |
_______________________________________ 1 Before netting within tax jurisdictions.
Schedule of Gross Unrecognized Tax Benefits | A reconciliation of the beginning to the ending amounts of gross unrecognized tax benefits for the years ended December 31, 2024 and 2023 is as follows (in thousands):
Balance, December 31, 2022 | $ | 7,553 |
Increases for prior year tax positions | — |
Decreases for prior year tax positions | (884) |
Increases for current year tax positions | — |
Decreases related to settlements with taxing authorities | — |
Decreases related to a lapse of applicable statute of limitations | — |
Balance, December 31, 2023 | $ | 6,669 |
Increases for prior year tax positions | — |
Decreases for prior year tax positions | — |
Increases for current year tax positions | — |
Decreases related to settlements with taxing authorities | — |
Decreases related to a lapse of applicable statute of limitations | (2,025) |
Balance, December 31, 2024 | $ | 4,644 |

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