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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (loss) before Income Taxes

The income (loss) before income taxes for the years ended December 31, 2025, 2024 and 2023 consist of the following U.S. and foreign components:

			Year Ended December 31,
			2025						2024						2023
United States income			$	148,316					$	44,541					$	(27,130)
Foreign income			6,627						5,623						5,616
Income (loss) before income taxes			$	154,943					$	50,164					$	(21,514)

Schedule of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2025, 2024 and 2023 consist of the following:

			Year Ended December 31,
			2025						2024						2023
Current:
Federal			$	4,207					$	637					$	(282)
State and local(1)			2,675						3,328						3,309
Foreign			1,942						1,834						1,839
Total current provision for income taxes			$	8,824					$	5,799					$	4,866
Deferred:
Federal			$	1,683					$	5,945					$	3,730
State and local(1)			2,171						1,293						(886)
Foreign			225						523						(18)
Total deferred income taxes expense			4,079						7,761						2,826
Total provision for income taxes			$	12,903					$	13,560					$	7,692

__________

(1)New York City made up the majority of the tax effect in this category for each of the years ended December 31, 2025, 2024 and 2023.

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,
			2025									2024									2023
			Amount			Rate						Amount			Rate						Amount			Rate
Statutory U.S. federal income tax rate			$	32,538		21		%				$	10,535		21		%				$	(4,518)		21		%
State and local income taxes, net of federal income tax effect			4,726			3		%				3,329			7		%				2,597			(12)		%
Foreign tax effect:
Japan
Income tax expense			*			*						832			2		%				929			(4)		%
Withholding tax			*			*						760			2		%				278			(1)		%
Other			*			*						(77)			—		%				(63)			—		%
United Kingdom
Income tax expense			*			*						*			*						307			(1)		%
Foreign tax credits			*			*						*			*						(134)			1		%
Other foreign jurisdictions			1,840			1		%				448			1		%				175			(1)		%
Effect of cross-border tax laws			(23)			—		%				(13)			—		%				(52)			—		%
Change in valuation allowance			(326)			—		%				(1,542)			(4)		%				718			(4)		%
Nontaxable or nondeductible items:
NCI, less tax expense within NCI			(20,859)			(14)		%				(4,719)			(9)		%				8,019			(37)		%
Change in fair value of warrant liabilities (net of NCI)			(1,209)			(1)		%				791			1		%				(68)			—		%
Tax receivable agreement liability expense			(464)			—		%				181			—		%				332			(2)		%
Other			114			—		%				(120)			—		%				(13)			—		%
Changes in unrecognized tax benefits			(551)			—		%				1,029			2		%				0			—		%
Other adjustments:
Gain/Loss on Warrants			(3,207)			(2)		%				2,445			5		%				(220)			1		%
Provision-to-return adjustments			397			—		%				4			—		%				(336)			2		%
Other			(73)			—		%				(323)			(1)		%				(259)			1		%
Effective income tax rate			$	12,903		8		%				$	13,560		27		%				$	7,692		(36)		%

___________

*     Immaterial for period and included in Other foreign jurisdictions.

Schedule of Cash Tax Payments

For the years ended December 31, 2025, 2024 and 2023, cash tax payments were made in the following jurisdictions:

			Year Ended December 31,
			2025						2024						2023
Federal			$	1,797					$	349					$	5
State and local:						Year Ended
New York City			2,134			Year Ended			2,360						1,632
Illinois			*			Year Ended			(266)						*
Wisconsin			*			Year Ended			318						*
Other states			626			Year Ended			369						46
Foreign:						Year Ended
Japan			1,290			Year Ended			920						1,056
U.K.			463			Year Ended			513						593
Hong Kong			*			Year Ended			316						*
Canada			*			Year Ended			*						176
Other foreign jurisdictions			188			Year Ended			137						(62)
Total income taxes paid, net of refunds			$	6,498					$	5,016					$	3,446

___________

*     Immaterial for period and included in Other states or Other foreign jurisdictions.

Schedule of Deferred Tax Assets And Liabilities

Details of the Company’s deferred tax assets and liabilities are as follows:

			As of December 31,
			2025						2024
Investment in GCMH			$	127,384					$	93,045
Intangibles and other			1,746						1,111
Total deferred tax assets before valuation allowance			129,130						94,156
Valuation allowance			(72,129)						(40,869)
Total deferred tax assets			$	57,001					$	53,287
Right-of-use asset			$	(512)					$	(612)
Unrealized gains			—						(1,558)
Other deferred tax liability			(580)						(430)
Total deferred tax liabilities(1)			$	(1,092)					$	(2,600)
Deferred tax assets, net(2)			$	55,909					$	50,687

___________

(1)     As of December 31, 2025 and 2024, $0.3 million and $2.1 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, 2025 and 2024, $0.8 million and $0.5 million of deferred tax liabilities are presented within accrued expenses and other liabilities in the Consolidated Statements of Financial Condition

The deferred tax assets and liabilities are presented in our Consolidated Statements of Financial Condition as follows:

			As of December 31,
			2025						2024
Deferred tax asset, net			$	56,711					$	51,160
Deferred tax liability(1)			802						473
Total deferred tax asset, net			$	55,909					$	50,687

___________

(1)     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 years ended December 31, 2025, 2024 and 2023, GCMG’s unrecognized tax benefits relating to uncertain tax position, excluding related interest and penalties, consisted of the following:

			Year Ended December 31,
			2025						2024						2023
Unrecognized tax benefits, beginning of period			$	714					$	—					$	—
Gross increases in tax positions in prior periods			—						714						—
Gross decreases in tax positions in prior periods			(451)						—						—
Gross increases in tax positions in current period			—						—						—
Lapse of statute of limitations			—						—						—
Settlements with taxing authorities			—						—						—
Unrecognized tax benefits, end of period			$	263					$	714					$	—

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