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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Provision (Benefit) for Income Taxes | The provision for income taxes for the years ended December 31, 2024, 2023 and 2022 consist of the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 637 |  |  | $ | (282) |  |  | $ | (206) |
State and local | 3,328 |  |  | 3,309 |  | 2,137
Foreign | 1,834 |  |  | 1,839 |  | 1,837
Total current provision for income taxes | $ | 5,799 |  |  | $ | 4,866 |  |  | $ | 3,768 |
Deferred: |  |  |  |  |
Federal | $ | 5,945 |  |  | $ | 3,730 |  |  | $ | 4,208 |
State and local | 1,293 |  |  | (886) |  |  | 1,838
Foreign | 523 |  |  | (18) |  |  | (203) |
Total deferred income taxes expense | 7,761 |  |  | 2,826 |  |  | 5,843 |
Total provision for income taxes | $ | 13,560 |  |  | $ | 7,692 |  |  | $ | 9,611 |
Schedule of Reconciliation of the U.S. Statutory Income Tax Rate to Effective Rate | A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Statutory U.S. federal income tax rate | 21 | % |  | 21 | % |  | 21 | %
State and local income taxes | 7 | % |  | (17) | % |  | 3 | %
Impact of noncontrolling interests | (9) | % |  | (37) | % |  | (15) | %
Foreign income taxes | 4 | % |  | (8) | % |  | 2 | %
Change in tax rates | (1) | % |  | 6 | % |  | 1 | %
Change in unrecognized tax benefits | 2 | % |  | — | % |  | — | %
Provision-to-return adjustments | — | % |  | 2 | % |  | — | %
Change in fair value of warrant liabilities | 6 | % |  | 1 | % |  | (2) | %
Change in valuation allowance | (4) | % |  | (4) | % |  | 2 | %
Tax receivable agreement liability expense | — | % |  | (2) | % |  | — | %
Other | 1 | % |  | 2 | % |  | (1) | %
Effective income tax rate | 27 | % |  | (36) | % |  | 11 | %
Schedule of Current and Deferred Tax Assets | Details of the Company’s deferred tax assets and liabilities are as follows:
| As of December 31, |  |
| 2024 |  | 2023 |  |
Investment in GCMH | $ | 93,045 |  |  | $ | 92,656 |  |  |
Unrealized losses | — |  |  | 2,437 |  |  |
Intangibles and other | 1,111 |  | 2,423 |  |
Total deferred tax assets before valuation allowance | 94,156 |  |  | 97,516 |  |
Valuation allowance | (40,869) |  |  | (38,122) |  |  |
Total deferred tax assets | $ | 53,287 |  |  | $ | 59,394 |  |  |
Right-of-use asset | $ | (612) |  |  | $ | (1,096) |  |  |
Unrealized gains | (1,558) |  |  | — |  |  |
Other deferred tax liability | (430) |  |  | — |  |  |
Total deferred tax liabilities(1) | (2,600) |  |  | (1,096) |  |  |
Deferred tax assets, net(2) | $ | 50,687 |  |  | $ | 58,298 |  |  |
___________ (1) As of December 31, 2024 and 2023, $2.1 million and $1.1 million of deferred tax liabilities, respectively, were offset and presented within deferred tax asset, net in the Consolidated Statements of Financial Condition as these deferred tax assets and liabilities relate to the same jurisdiction. (2) As of December 31, 2024 and 2023, $0.5 million and $0.0 million of deferred tax liabilities are presented within accrued expenses and other liabilities in the Consolidated Statements of Financial Condition
Schedule of Unrecognized Tax Benefits Roll Forward | For the year ended December 31, 2024, GCMG’s unrecognized tax benefits relating to uncertain tax position, excluding related interest and penalties, consisted of the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Unrecognized tax benefits, beginning of period | $ | — |  |  | $ | — |  |  | $ | — |
Gross increases in tax positions in prior periods | — |  |  | — |  |  | — |
Gross decreases in tax positions in prior periods | — |  |  | — |  |  | — |
Gross increases in tax positions in current period | 714 |  |  | — |  |  | — |
Lapse of statue of limitations | — |  |  | — |  |  | — |
Settlements with taxing authorities | — |  |  | — |  |  | — |
Unrecognized tax benefits, end of period | $ | 714 |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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