v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
7.
INCOME TAXES

The following table summarizes the Company’s tax position:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Income Before Provision (Benefit) for Taxes

 

$

102,093

 

 

$

76,479

 

 

$

182,478

 

 

$

129,057

 

Provision (Benefit) for Taxes

 

$

20,808

 

 

$

15,041

 

 

$

11,940

 

 

$

(6,544

)

Effective Income Tax Rate

 

 

20.4

%

 

 

19.7

%

 

 

6.5

%

 

 

-5.1

%

The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three and six months ended June 30, 2026 primarily due to partnership income not being subject to U.S. corporate income taxes, state and local taxes, and permanent differences related to equity-based compensation.

The Company had no unrecognized tax benefits as of June 30, 2026.