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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Upon formation, the Holding Company elected to be treated as a corporation for U.S. federal, state, and local tax purposes. All operations are carried on through the Holding Company’s subsidiaries, the majority of which are pass-through entities that are generally not subject to federal or state income taxation, as all of the taxable income, gains, losses, deductions, and credits are passed through to the partners. The Holding Company is responsible for income taxes on its allocable share of the Operating Company’s income or gain.
During the three and nine months ended September 30, 2025, the Company recorded a $9.2 million and $20.1 million provision for income taxes, respectively, on pre-tax income of $64.9 million and $144.9 million, respectively. In the three and nine months ended September 30, 2024, the Company recorded a $1.9 million and $8.7 million provision for income taxes, respectively, on pre-tax income of $14.2 million and $65.4 million, respectively.
The effective tax rates for both the nine months ended September 30, 2025 and 2024 differ from the 21% federal statutory rate and applicable state statutory rates primarily due to the disallowance of executive compensation expenses not deductible for tax and the pre-tax portion of income and losses that are passed through to the other partners of the Operating Company and the San Francisco Venture.
On July 4, 2025, H.R.1, the One Big Beautiful Bill Act, was signed into law, which includes a broad range of tax reform provisions affecting businesses. There was no material impact on the Company’s condensed consolidated financial statements as a result of the legislation for the nine months ended September 30, 2025.