XML 47 R32.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of consolidated provision for income taxes

The provision for income taxes consists of:

			For the year ended December 31,
			2024						2023						2022
Current federal income tax provision			$	11,122,669					$	9,974,451					$	14,494,857
Current state and local income tax provision			3,038,022						2,731,661						4,119,580
Deferred income tax expense (benefit)			1,672,382						2,783,768						(4,526,654)
Provision for income taxes			$	15,833,073					$	15,489,880					$	14,087,783

Summary of reconciliation of income tax expense

The following table reconciles the statutory federal income tax rate to the Company’s effective income tax rate:

			2024						2023						2022
Statutory U.S. federal income tax rate			21.0		%				21.0		%				21.0		%
State and local income taxes, net of federal benefit			4.6						4.7						4.7
Internal revenue code section 162 limitations			1.4						1.3						1.5
Excess tax deficit on vesting of restricted shares			0.3						0.3						0.1
Income tax benefit from dividends paid on restricted shares			(0.4)						(0.5)						(0.9)
Other			(0.1)						—						(0.6)
Unconsolidated effective income tax rate			26.8		%				26.8		%				25.8		%
Impact attributable to redeemable noncontrolling interest (a)			—						(0.4)						1.8
Effective income tax rate			26.8		%				26.4		%				27.6		%

(a) The provision for income taxes includes expense (benefit) attributable to the fact that the Company’s operations include the Consolidated Funds, which are not subject to federal income taxes. Accordingly, a portion of the Company’s earnings are not subject to corporate tax levels.

Summary of deferred tax assets and liabilities

Net deferred tax assets consisted of the following as of December 31, 2024 and 2023:

			2024						2023
Stock-based compensation			$	2,649,082					$	2,778,585
Accrued compensation			10,696,310						10,715,239
Unrealized gains			(3,257,452)						(1,487,350)
Property and equipment			(194,110)						(422,062)
Other assets and liabilities			24,226						6,026
Net deferred tax assets			$	9,918,056					$	11,590,438

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration