Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Current
Federal	$	35,884	$	37,536	$	33,523
State	6,293		10,767		10,171
Foreign	683		—		—
Total current tax expense (benefit)	42,860		48,303		43,694
Deferred
Federal	5,632		5,164		789
State	2,625		1,956		605
Foreign	144		—		—
Total deferred tax expense (benefit)	8,401		7,120		1,394
Total expense (benefit) for income taxes	$	51,261	$	55,423	$	45,088

The components of Income (Loss) Before Income Taxes were as follows:


	Year Ended
	December 31, 2025
	(in thousands)
Domestic	$	184,114
Foreign	3,135
Total Income (Loss) Before Income Taxes	$	187,249

Schedule of Reconciliation of Provision (Benefit) for Income Taxes

The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized on the Consolidated Statements of Operations for the year ended December 31, 2025, subsequent to the adoption of ASU 2023-09:


(in thousands)	Year Ended December 31, 2025
U.S. Federal income tax expense (benefit) and tax rate	$	39,322	21	%
State and local income taxes, net of federal income tax effect (1)	7,597		4	%
Foreign tax effects	169		—	%

Effect of cross-border tax laws	329		—	%
Tax credits	(704)		—	%
Change in valuation allowance	2,024		1	%
Nontaxable or Nondeductible Items
Excess tax benefits related to share-based compensation	367		—	%
Nondeductible compensation	2,216		1	%
Effect of net (income) loss attributable to noncontrolling interests	(1,472)		(1)	%
Other	342		—	%

Other, net	1,071		1	%
Income tax expense (benefit)	$	51,261	27	%

(1) State and local taxes in Connecticut, California, New Jersey, New York and New York City made up the majority (greater than 50%) of the tax effect in this category.

The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized on the Consolidated Statements of Operations for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09:


	Years Ended December 31,
(in thousands)	2024				2023
Tax at statutory rate	$	43,654	21	%	$	39,178	21	%
State taxes, net of federal benefit	10,040		5	%	9,240		5	%
Excess tax benefits related to share-based compensation	(220)		—	%	(1,767)		(1)	%
Nondeductible compensation	2,246		1	%	2,106		1	%
Effect of net (income) loss attributable to noncontrolling interests	(2,348)		(1)	%	(2,299)		(1)	%
Change in valuation allowance	73		—	%	(1,547)		(1)	%
Other, net	1,978		1	%	177		—	%
Income tax expense (benefit)	$	55,423	27	%	$	45,088	24	%

Schedule of Cash Flow, Supplemental Disclosures

The components of income taxes paid (net of refunds) were as follows:


	Year Ended
	December 31, 2025
	(in thousands)
Domestic	$	36,000
State	9,609
Foreign	433
Total cash taxes paid (net of refunds)	$	46,042

Schedule of Tax Effects of Temporary Differences

The tax effects of temporary differences were as follows:


	December 31,
(in thousands)	2025		2024
Deferred tax assets:
Intangible assets	$	18,332	$	18,809
Net operating losses	8,047		9,180
Compensation accruals	16,333		17,173
Lease liability	21,684		17,698
Investment in sponsored products	10,955		8,801
Capital losses	7,290		7,748
Investment in partnerships	7,283		8,058
Gross deferred tax assets	89,924		87,467
Valuation allowance	(19,301)		(16,612)
Gross deferred tax assets after valuation allowance	70,623		70,855
Deferred tax liabilities:
Intangible assets	(31,230)		(29,642)
Right of use asset	(17,303)		(14,406)
Fixed assets	(2,851)		(3,042)
Other	(661)		(559)
Gross deferred tax liabilities	(52,045)		(47,649)
Deferred tax assets, net	$	18,578	$	23,206

Schedule of Unrecognized Tax Benefits Roll Forward

Activity in unrecognized tax benefits were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Balance, beginning of year	$	856	$	856	$	856
Decrease related to tax positions taken in prior years	(214)		(214)		(214)
Increase related to positions taken in the current year	—		214		214
Balance, end of year	$	642	$	856	$	856