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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Reconciliation of the statutory federal tax rate to effective income tax rate

A reconciliation of the statutory federal tax rate to the Company’s effective income tax rate is as follows:

		Nine Months Ended September 30,
		2025				2024
Statutory U.S. federal income tax rate			21.0	%			21.0	%
State and local income taxes, net of federal benefit			4.7	%			4.8	%
Internal revenue code section 162 limitations			1.3	%			1.2	%
Other			—				—
Unconsolidated effective income tax rate			27.0	%			27.0	%
Impact attributable to redeemable noncontrolling interest(a)			(0.3	%)			—	%
Effective income tax rate			26.7	%			27.0	%

(a) The provision for income taxes includes the impact of the operations of the Consolidated Funds, which is not subject to federal income taxes. Accordingly, a portion of the Company’s earnings are not subject to corporate tax levels.

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- References

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- 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

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