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Income Taxes (Tables)

12 Months Ended

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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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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