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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Taxes [Abstract] |
Income Taxes | 15. Income Taxes The Company’s provision for income taxes consists of federal and state taxes, as applicable, in amounts necessary to align the Company’s year-to-date tax provision with the effective rate that it expects to achieve for the full year. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. As of June 30, 2024, the Company has concluded that its deferred tax assets are realizable on a more-likely-than-not basis with the exception of capital loss carryforwards and investments that are expected to generate capital losses when realized. For the three and six months ended June 30, 2024, the Company recorded an income tax provision of $1,532,000 and $2,947,000 on pre-tax book income of $5,579,000 and $10,681,000, respectively. The effective tax rate for the three and six months ended June 30, 2024 was 27.5% and 27.6% respectively. The effective tax rate differs from the federal statutory rate of 21% primarily related to certain permanent tax differences and state and local taxes. For the three and six months ended June 30, 2023, the Company recorded an income tax provision of $969,000 and $2,105,000 on pre-tax book income of $3,697,000 and $8,048,000, respectively. The effective tax rate for both the three and six months ended June 30, 2023 was 26.2%. The effective tax rate differs from the federal statutory rate of 21% primarily related to certain permanent tax differences and state and local taxes. As of both June 30, 2024 and December 31, 2023, the Company recorded an uncertain tax position of $1,405,000 related to various tax matters, which is included in the line item “Taxes payable” in the statements of financial condition.

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