Comprehensive analysis of Tax Receivable Agreements from SEC filings
| Company Name | TRA Liability (M$) | Covered Assets | TRA Parties | Payment Rate | Pro Rata Payment | References | Notes | CIK | Filing Date | Form Type | Filing URL |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ZoomInfo Technologies Inc. | $2,749.00 | TRA Holders | liability of $2,749.0 million related to its TRA; payments were made to TRA holders; cumulative liability due to TRA Holders | ['TRA remeasurement gain/loss due to tax rate'] | 1,794,515 | 2025-08-04 | 10-Q | View Document | |||
| Dutch Bros Inc. | $824.40 | Co-Founder and Sponsor | Ending balance $824,447; Distributions and TRA payments to Co-Founder | ['TRA remeasurements related to state tax rates'] | 1,866,581 | 2025-08-07 | 10-Q | View Document | |||
| Alight, Inc. / Delaware | $789.00 | existing tax basis, the anticipated tax basis adjustments and the actual amount and utilization of tax attributes | TRA liability of $189 million; Ending balance as of June 30, 2025 789; existing tax basis, the anticipated tax basis adjustments; utilization of tax attributes | ['TRA liability measured at fair value.', '$100 million TRA payments'] | 1,809,104 | 2025-08-05 | 10-Q | View Document | |||
| Planet Fitness, Inc. | $732.00 | TRA Holders | Tax benefit arrangement liabilities(1)$732; 85% of the tax benefit generated by TRA Holders | [] | 1,637,207 | 2025-08-07 | 10-Q | View Document | |||
| TPG Inc. | $717.60 | increase in the Company’s tax basis of its investment in the TPG Operating Group | current and former partners and employees of TPG Partner Holdings | Tax Receivable Agreement liability of $717.6 million; increase in the Company’s tax basis; TPG Partner Holdings; payments of $9.6 million | ['Related to Reorganization and subsequent exchanges'] | 1,880,661 | 2025-08-06 | 10-Q | View Document | ||
| Core & Main, Inc. | $706.00 | Continuing Limited Partners | Tax receivable agreement liabilities680 706; Continuing Limited Partners Tax Receivable Agreement | [] | 1,856,525 | 2025-09-09 | 10-Q | View Document | |||
| Bumble Inc. | $685.30 | Existing tax basis acquired in IPO, Common Basis, net operating loss carryforwards | pre-IPO owners, Founder, Sponsor, affiliate of Accel Partners LP, management and other equity holders | total liability of $685.3 million; existing tax basis acquired in our IPO; net operating loss carryforwards; pre-IPO owners; payments...of 85% of the benefits | ['Pays 85% of realized tax benefits'] | 1,830,043 | 2025-08-07 | 10-Q | View Document | ||
| Rocket Companies, Inc. | $588.51 | Tax benefits acquired | LLC Members, RHI, RHI II, LLC | Tax receivable agreement liability588,510; Tax Receivable Agreement with related parties; payment of $749 was made to the LLC Members; RHI II, LLC completed a joinder; tax benefits acquired under the Tax Receivable Agreement | ['TRA amended to not apply to exchanges after March 9, 2025', 'RHI contributed rights to RHI II, LLC'] | 1,805,284 | 2025-08-08 | 10-Q | View Document | ||
| Interactive Brokers Group, Inc. | $585.00 | tax basis increases | Holdings | Payables to Holdings; 85% of the tax savings; IBG, Inc. actually realizes; result of tax basis increases; $585 million | ['Payable to affiliate'] | 1,381,197 | 2025-08-06 | 10-Q | View Document | ||
| Ares Management Corp | $508.60 | Ares Owners Holdings L.P. | TRA liability balance was $508.6 million; Ares Owners Holdings L.P. | ['Future payments expected to be substantial'] | 1,176,948 | 2025-08-08 | 10-Q | View Document | |||
| Premier, Inc. | $472.60 | member-owners | 1.8% | Tax Receivable Agreement (“TRA”) with certain member-owners; acceleration and termination of the TRA; pay our member-owners approximately $472.6 million; payments were completed in the fourth quarter; fixed annual rate of 1.8% | ['TRA terminated and payments completed.'] | 1,577,916 | 2025-08-19 | 10-K | View Document | ||
| RYAN SPECIALTY HOLDINGS, INC. | $461.10 | Exchange Tax Attributes, Pre-IPO M&A Tax Attributes, TRA Payment Tax Attributes | current and certain former LLC Unitholders | TRA liabilities of $461.1 million; current and certain former LLC Unitholders; 85% of the net cash savings; Exchange Tax Attributes; Pre-IPO M&A Tax Attributes; TRA Payment Tax Attributes | ['Company retains 15% of cash savings.'] | 1,849,253 | 2025-08-01 | 10-Q | View Document | ||
| Symbotic Inc. | $440.20 | attributes obtained by the Company | pre-IPO members | Tax Receivable Agreement (“TRA”); future payments under the Tax Receivable Agreement; attributes obtained by the Company; exchanges by its pre-IPO members; cash tax savings is realized | ['Payments only when cash tax savings realized'] | 1,837,240 | 2025-08-06 | 10-Q | View Document | ||
| Nextracker Inc. | $391.90 | Flex Ltd., TPG Inc., TPG Affiliates | Tax receivable agreement (TRA) liability; $391.9 million were included in TRA liabilities; payment to Flex, TPG and the TPG Affiliates | ['TRA revaluation'] | 1,852,131 | 2025-08-01 | 10-Q | View Document | |||
| Shift4 Payments, Inc. | $362.20 | Rook | TRA liability was $362.2 million; exchanges of LLC Interests with Rook | ['TRA liability may increase'] | 1,794,669 | 2025-08-05 | 10-Q | View Document | |||
| KKR & Co. Inc. | $355.50 | KKR Holdings | undiscounted payable of $355.5 million; due to affiliates; KKR terminated the tax receivable agreement; exchanges of KKR Holdings Units | ['TRA terminated May 30, 2022.'] | 1,404,912 | 2025-08-08 | 10-Q | View Document | |||
| Portillo's Inc. | $352.90 | increase in the tax basis of assets of Portillo's OpCo | certain members of Portillo's OpCo | Term Secured Overnight Financing Rate (“SOFR”) | obligation for future payments under the TRA; totaled $352.9 million; certain members of Portillo's OpCo; payment by us of 85%; Term Secured Overnight Financing Rate (“SOFR”); increase in the tax basis of assets | ['85% of tax benefits', 'Amendment replaces LIBOR with SOFR'] | 1,871,509 | 2025-08-05 | 10-Q | View Document | |
| Tradeweb Markets Inc. | $351.40 | increase in tax basis of TWM LLC’s assets | Continuing LLC Owners | $351.4 million; Continuing LLC Owners; increase in tax basis; of TWM LLC’s assets | ['Payable over 15 years'] | 1,758,730 | 2025-07-30 | 10-Q | View Document | ||
| Moelis & Co | $298.80 | eligible selling holders of Group LP partnership units | tax receivable agreement; Amount due pursuant to tax receivable agreement 298,802; eligible selling holders of Group LP partnership units | ['Payment within 225 days of tax returns'] | 1,596,967 | 2025-07-25 | 10-Q | View Document | |||
| Cactus, Inc. | $280.00 | Cactus Companies, Cactus Inc. | total liability from the TRA was $280.0 million; payments under the TRA will not be conditional; Cactus Companies or Cactus Inc. | ['TRA commenced upon completion of IPO', 'TRA can be terminated early'] | 1,699,136 | 2025-07-31 | 10-Q | View Document | |||
| AdaptHealth Corp. | $265.40 | certain tax attributes of the sellers | certain current and former members of AdaptHealth Holdings LLC | liability relating to the TRA was $265.4 million; certain current and former members; 85% of the tax savings; certain tax attributes of the sellers | ['Payment is 85% of tax savings.'] | 1,725,255 | 2025-08-05 | 10-Q | View Document | ||
| Shake Shack Inc. | $248.30 | additional tax basis increases | certain members of SSE Holdings | obligations totaled $248.3 million; additional tax basis increases | ['payments contingent on taxable income'] | 1,620,533 | 2025-07-31 | 10-Q | View Document | ||
| Carlyle Group Inc. | $241.90 | limited partners of the Carlyle Holdings partnerships | Total $198.9 $241.9; tax receivable agreement; limited partners of the Carlyle Holdings partnerships; 85% of the amount of cash tax savings | [] | 1,527,166 | 2025-08-08 | 10-Q | View Document | |||
| CompoSecure, Inc. | $234.41 | increase in tax basis of Holdings’ assets | Holdings unitholders | pro rata tax distributions | Tax receivable agreement liability234,412; Holdings unitholders; pro rata tax distributions | ['Payments will be deferred and accrue interest if unpaid.'] | 1,823,144 | 2025-08-07 | 10-Q | View Document | |
| Stagwell Inc | $225.70 | tax basis of OpCo’s assets resulting from exchanges | TRA liability of $225.7 million; tax basis of OpCo’s assets resulting from exchanges | ['TRA liability is an estimate.'] | 876,883 | 2025-07-31 | 10-Q | View Document | |||
| Clear Secure, Inc. | $208.51 | tax basis increase | Alclear Members | tax receivable agreement liability of $208,508; tax basis increase subject to the provisions of the TRA; payments under the TRA; Alclear Members | ['TRA liability is probable'] | 1,856,314 | 2025-08-05 | 10-Q | View Document | ||
| European Wax Center, Inc. | $198.33 | attributes obtained by us as a result of exchanges by our pre-IPO members | pre-IPO members | future payments under the TRA are expected to be $198,334; exchanges by our pre-IPO members; payments made pursuant to the TRA | ['Payments when cash tax savings is realized'] | 1,856,236 | 2025-08-13 | 10-Q | View Document | ||
| OneStream, Inc. | $193.50 | certain tax attributes that are created as a result of the exchanges or redemptions | KKR, other Continuing Members, certain Former Members | maximum estimated TRA liability $193.5 million; required to pay cash to the TRA Members; 85% of the applicable savings in income tax; tax attributes that are created as a result | ['TRA liability is not probable'] | 1,889,956 | 2025-08-07 | 10-Q | View Document | ||
| Repay Holdings Corp | $193.00 | holders of Post-Merger Repay Units | entered into the TRA with holders; liability of $193.0 million related to | ['TRA measured at fair value under ASC 825', 'Discount rate of 6.17% applied'] | 1,720,592 | 2025-08-11 | 10-Q | View Document | |||
| OLAPLEX HOLDINGS, INC. | $177.20 | Pre-IPO tax assets | Pre-IPO Stockholders | pursuant to Tax Receivable Agreement; with the Pre-IPO Stockholders; relating to the Pre-IPO tax assets; payments expected to continue through 2041 | ['Payments began in 2022', 'Payments not conditioned on ownership'] | 1,868,726 | 2025-08-07 | 10-Q | View Document | ||
| Virtu Financial, Inc. | $175.80 | TRA Parties | Tax receivable agreement obligations175,819; future payments to TRA Parties; We will retain the remaining 15% | ['Payments range $0.1M to $22.1M per year'] | 1,592,386 | 2025-07-31 | 10-Q | View Document | |||
| Five Point Holdings, LLC | $173.80 | Holders of Class A Common Units, San Francisco Venture units, prior holders | The “TRA Parties”; $173.8 million and $173.4 million; holders of Class A Common Units; San Francisco Venture units | ['TRA payments may become payable between 2026 and 2028'] | 1,574,197 | 2025-07-25 | 10-Q | View Document | |||
| Goosehead Insurance, Inc. | $171.80 | tax basis increases related to the redemptions of LLC Units | Pre-IPO LLC Members | total amount of TRA Payments was $171.8 million; TRA Payments due to the Pre-IPO LLC Members; 85% of the aggregate tax benefits; tax basis increases related to the redemptions | ['85% of tax benefits', 'Future exchanges will result in payments'] | 1,726,978 | 2025-07-24 | 10-Q | View Document | ||
| PBF Energy Inc. | $168.20 | PBF Energy | liability of $168.2 million; Tax Receivable Agreement obligation; PBF Energy expects to pay | ['Liability is undiscounted amounts'] | 1,534,504 | 2025-07-31 | 10-Q | View Document | |||
| Rithm Capital Corp. | $158.20 | certain tax benefits | Sculptor, TRA Holders | Sculptor entered into a tax receivable agreement; former holders of units in Sculptor’s operating partnerships; certain tax benefits; estimated undiscounted future payment under the TRA; $158.2 million as of June 30, 2025 | ['TRA liability is recorded in unsecured notes'] | 1,556,593 | 2025-08-01 | 10-Q | View Document | ||
| Vivid Seats Inc. | $155.70 | increases in the tax basis of assets | existing Hoya Intermediate unitholders | TRA with the existing Hoya Intermediate unitholders; total TRA payment obligation was $155.7 million; increases in the tax basis of assets; payments of liabilities under the TRA | ['Estimate of TRA liability is subject to change'] | 1,856,031 | 2025-08-05 | 10-Q | View Document | ||
| Driven Brands Holdings Inc. | $134.00 | Pre-IPO and IPO-Related Tax Benefits | pre-IPO shareholders | pre-IPO shareholders with the right to receive payment; 85% of the amount of cash savings; current income tax receivable liability of $23 million; non-current income tax receivable liability of $111 million; Pre-IPO and IPO-Related Tax Benefits | ['No payments made during the six months ended June 28, 2025'] | 1,804,745 | 2025-08-07 | 10-Q | View Document | ||
| CARVANA CO. | $131.00 | TRA liability of $131 million; $98 million is due to related parties; TRA payments of $17 million | ['Remaining $2.0B TRA liability', 'TRA expense of $65 million'] | 1,690,820 | 2025-07-30 | 10-Q | View Document | ||||
| Nerdy Inc. | $117.23 | additional basis arising from payments under the Tax Receivable Agreement | TRA Holders | liability of $117,228 under the Tax Receivable Agreement; additional basis arising from payments under the Tax Receivable Agreement; payments to the TRA Holders; not probable that such Tax Receivable Agreement payments | ['Liability not recognized as payment improbable'] | 1,819,404 | 2025-08-07 | 10-Q | View Document | ||
| Fluence Energy, Inc. | $117.00 | increases in our share of the tax basis of assets of Fluence Energy, LLC and its subsidiaries | Fluence Energy, LLC, Siemens Industry, AES Grid Stability | Tax Receivable Agreement; Fluence Energy, LLC and Siemens Industry; AES Grid Stability (together, the “Founders”); equal to 85% of the tax benefits; future tax savings of $137.6 million; 85% of such amount, or $117 million | ['payments not probable', 'has not recognized the remaining liability'] | 1,868,941 | 2025-08-11 | 10-Q | View Document | ||
| Rush Street Interactive, Inc. | $113.80 | RSILP Unit holders | TRA liability of $113.8 million; RSILP Unit exchanges | ['No material payments expected next 12 months.'] | 1,793,659 | 2025-07-31 | 10-Q | View Document | |||
| Evolent Health, Inc. | $108.10 | tax basis related to exchanges of Class B common units, pre-IPO NOLs | investors | TRA liability of $108.1 million; exchanges of Class B common units; future utilization of pre-IPO NOLs; 85% of the amount of the tax benefits; deemed to realize | ['85% of tax benefits to investors'] | 1,628,908 | 2025-08-11 | 10-Q | View Document | ||
| Funko, Inc. | $102.80 | deferred tax assets | Continuing Equity Owners | TRA liability was $102.8 million; Continuing Equity Owners have been joined | ['Payments contingent on future taxable income', 'Payments related to unrealized tax benefits no longer probable'] | 1,704,711 | 2025-08-07 | 10-Q | View Document | ||
| Galaxy Digital Inc. | $97.80 | amount of the redeeming unit holder’s tax basis | GDH Ltd., TRA Holders | tax receivables agreement (“the Original TRA”); holders of Class B Units in GDH LP; GDH Ltd. of 85% of the cash savings; TRA-related liability of $97.8 million | ['Original TRA dated July 31, 2018'] | 1,859,392 | 2025-08-05 | 10-Q | View Document | ||
| loanDepot, Inc. | $90.90 | tax basis step-up | Parthenon Stockholders, Continuing LLC Members | TRA liability of $90.9 million; compensate the original owners for 85%; tax savings associated with the amortization; TRA with Parthenon Stockholders; Continuing LLC Members | ['85% of tax savings to original owners'] | 1,831,631 | 2025-08-08 | 10-Q | View Document | ||
| Sun Country Airlines Holdings, Inc. | $87.17 | pre-IPO stockholders (the “TRA holders”) | TRA balance as of June 30, 2025 was $87,169; to the pre-IPO stockholders (the “TRA holders”) | ['TRA liability is an estimate.'] | 1,743,907 | 2025-08-01 | 10-Q | View Document | |||
| ProFrac Holding Corp. | $86.40 | As of June 30, 2025 we have $86.4 million; tax receivable agreement obligations | ['Estimate; $3.4M due next 12 months'] | 1,881,487 | 2025-08-07 | 10-Q | View Document | ||||
| Bridge Investment Group Holdings Inc. | $78.20 | Operating Company, Continuing Equity Owners | tax receivable agreement with the Operating Company; Continuing Equity Owners; TRA liability as of June 30, 2025 was $78.2 million | ['Liability increase due to redemption of Class A units'] | 1,854,401 | 2025-08-08 | 10-Q | View Document | |||
| Lazard, Inc. | $75.83 | cumulative liability relating to our obligations; TRA as of June 30, 2025; was $75,826 | [] | 1,311,370 | 2025-07-25 | 10-Q | View Document | ||||
| Perella Weinberg Partners | $75.60 | each exchange of interests in PWP OpCo | PWP OpCo | liability of $75.6 million; pursuant to the tax receivable agreement; each exchange of interests in PWP OpCo | ["Management's best estimate of amounts owed."] | 1,777,835 | 2025-08-01 | 10-Q | View Document | ||
| Solaris Energy Infrastructure, Inc. | $73.70 | certain increases in tax basis and certain tax benefits | other then-existing members of Solaris LLC | cash distribution on a pro rata basis | liability under the Tax Receivable Agreement was $73.7 million; other then-existing members of Solaris LLC; cash distribution on a pro rata basis | ['TRA was amended on June 27, 2023'] | 1,697,500 | 2025-08-01 | 10-Q | View Document | |
| Amneal Pharmaceuticals, Inc. | $66.01 | Members | tax receivable agreement liability- short term; tax receivable agreement liability- long term; Members - tax receivable agreement | ['Contingent TRA liability of $118.7 million', 'TRA amended to 75% of realized benefits'] | 1,723,128 | 2025-08-07 | 10-Q | View Document | |||
| MSP Recovery, Inc. | $64.40 | existing tax basis acquired in the Business Combination | Continuing Equity Owners and Blocker Shareholders | payments under the Tax Receivable Agreement; TRA liability of $64.4 million; Continuing Equity Owners and Blocker Shareholders | ['Not probable to realize remaining tax benefits'] | 1,802,450 | 2025-08-14 | 10-Q | View Document | ||
| GCM Grosvenor Inc. | $60.60 | step-up in tax basis under IRS §754 | related parties | tax receivable agreement was $60.6 million; step-up in tax basis under IRS §754; payable to related parties | ['Payable to related parties'] | 1,819,796 | 2025-08-07 | 10-Q | View Document | ||
| National CineMedia, Inc. | $59.90 | AMC | Payable under the TRA 4.4 4.1; Payable under the TRA 41.2 59.9; AMC waived all rights and interests as to the TRA | ['AMC waived rights to the TRA.', "Released $21.6M of 'Payable under the TRA'"] | 1,377,630 | 2025-08-05 | 10-Q | View Document | |||
| Excelerate Energy, Inc. | $58.95 | net cash tax savings | Excelerate Energy Holdings, LLC, George Kaiser Family Foundation | TRA liability 58,955; TRA with Excelerate Energy Holdings, LLC; George Kaiser Family Foundation; 85% of the amount of the net cash tax savings | ['TRA Beneficiaries receive 85% of tax savings.'] | 1,888,447 | 2025-08-11 | 10-Q | View Document | ||
| Aris Water Solutions, Inc. | $58.90 | net cash savings in U.S. federal, state and local income tax and franchise tax | certain of the legacy owners of Aris LLC units | estimated TRA liability totaled $58.9 million; legacy owners of Aris LLC units; 85% of the net cash savings | ['TRA Amendment on August 6, 2025'] | 1,865,187 | 2025-08-11 | 10-Q | View Document | ||
| Zevia PBC | $58.60 | DTAs | Direct Zevia Stockholders, certain continuing members of Zevia LLC | TRA liability totaled $58.6 million; DTAs subject to the TRA; Direct Zevia Stockholders; continuing members of Zevia LLC | ['TRA liability not recorded.'] | 1,854,139 | 2025-08-06 | 10-Q | View Document | ||
| UWM Holdings Corp | $50.90 | anticipated temporary differences | increase in the TRA liability in the amount of $50.9 million; anticipated temporary differences potentially subject to the TRA | ['TRA liability increased.'] | 1,783,398 | 2025-08-07 | 10-Q | View Document | |||
| VERRA MOBILITY Corp | $43.14 | Tax receivable agreement liability, current portion 5,163; Tax receivable agreement liability, net of current portion 37,977 | ['Combined current and non-current TRA liability.'] | 1,682,745 | 2025-08-06 | 10-Q | View Document | ||||
| E2open Parent Holdings, Inc. | $42.70 | Increases in tax, utilization of pre-existing tax attributes | Certain selling equity holders of E2open Holdings | Tax Receivable Agreement liability was $42.7 million; selling equity holders of E2open Holdings; increases in tax, utilization of pre-existing tax attributes | ['TRA Amendment with WiseTech'] | 1,800,347 | 2025-07-10 | 10-Q | View Document | ||
| OneWater Marine Inc. | $40.80 | certain tax basis increases and certain tax benefits attributable to imputed interest | certain of the owners of OneWater LLC | pro rata | Tax Receivable Agreement; owners of OneWater LLC; $40.8 million; 85% of the net cash savings; pro rata cash distributions | [] | 1,772,921 | 2025-08-01 | 10-Q | View Document | |
| MALIBU BOATS, INC. | $40.16 | increase in our share of tax basis in LLC’s tangible and intangible assets | pre-IPO owners (or their permitted assignees) | Payable pursuant to tax receivable agreement; Ending balance $40,162 $40,613; pre-IPO owners (or their permitted assignees); increase in our share of tax basis; tangible and intangible assets | ['85% of tax benefits'] | 1,590,976 | 2025-08-28 | 10-K | View Document | ||
| OppFi Inc. | $37.53 | Members | Tax receivable agreement liability $37,531; payments to the Members pursuant to the Tax Receivable Agreement | ['TRA liability increased by $11.0 million'] | 1,818,502 | 2025-08-07 | 10-Q | View Document | |||
| i3 Verticals, Inc. | $35.10 | Continuing Equity Owners | Tax Receivable Agreement was $35.1 million; payments to the Continuing Equity Owners | ['Payments range from $0 to $3.5M per year', 'Expected to be paid over the next 26 years'] | 1,728,688 | 2025-08-08 | 10-Q | View Document | |||
| PJT Partners Inc. | $33.50 | increases in tax basis related to such exchanges of Partnership Units and of certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement | exchanging holders of Partnership Units | Amount Due Pursuant to Tax Receivable Agreement; $33.5 million and $29.3 million; exchanges of Partnership Units; certain other tax benefits; tax benefits attributable to payments | ['Payments may differ significantly from estimates.'] | 1,626,115 | 2025-07-31 | 10-Q | View Document | ||
| Definitive Healthcare Corp. | $31.20 | certain tax basis adjustments | Definitive Healthcare Corp., Definitive OpCo, and the TRA Parties | liability under the TRA of $31.2 million; certain tax basis adjustments; Definitive Healthcare Corp., Definitive OpCo; payments to TRA Parties | ['85% of cash tax savings to TRA parties'] | 1,861,795 | 2025-08-07 | 10-Q | View Document | ||
| AlTi Global, Inc. | $30.40 | increase in tax basis of the assets of Umbrella | TWMH Members, the TIG GP Members, and the TIG MGMT Members | TRA Liability as of June 30, 2025; was $30.4 million; increase in tax basis of the assets; TWMH Members, the TIG GP Members; and the TIG MGMT Members | ['85% costs borne by TRA parties', '15% costs borne by the Company'] | 1,838,615 | 2025-08-11 | 10-Q | View Document | ||
| Utz Brands, Inc. | $25.50 | Existing Tax Basis in the Reference Assets | Kennedy Endeavors | Tax Receivable Agreement liability4.6 0.1; Tax Receivable Agreement liability20.9 24.3; $25.5 million and $24.4 million; Existing Tax Basis in the Reference Assets; attributable to the acquisition of Kennedy Endeavors | ['Rights are assignable subject to restrictions.', 'Timing and amount of payments may vary.'] | 1,739,566 | 2025-07-31 | 10-Q | View Document | ||
| PennyMac Financial Services, Inc. | $24.80 | increases in tax basis of PNMAC’s assets | certain former owners of PNMAC | $24.8 million Payable; increases in tax basis of PNMAC’s assets; certain former owners of PNMAC | ['85% of the net tax benefits'] | 1,745,916 | 2025-07-29 | 10-Q | View Document | ||
| Rani Therapeutics Holdings, Inc. | $23.40 | income tax benefits associated with the exchanges | Rani LLC | zero to $23.4 million at June 30, 2025; exchanges of Paired Interest or non-corresponding Class; income tax benefits associated with the exchanges; Units of Rani LLC subject to the TRA | ['TRA payable would range from zero to $23.4 million'] | 1,856,725 | 2025-08-07 | 10-Q | View Document | ||
| RMR GROUP INC. | $20.86 | increases in tax basis attributable to dealings | ABP Trust | tax receivable agreement with ABP Trust; liability related to the tax receivable agreement; increases in tax basis attributable to dealings; tax benefits related to imputed interest; RMR Inc. pays to ABP Trust 85.0% | ['85% of cash savings paid to ABP Trust'] | 1,644,378 | 2025-08-05 | 10-Q | View Document | ||
| Red Rock Resorts, Inc. | $19.10 | Fertitta Family Entities | liability under the TRA was $19.1 million; payable to Fertitta Family Entities | ["TRA is Red Rock's obligations"] | 1,653,653 | 2025-08-07 | 10-Q | View Document | |||
| Zeo Energy Corp. | $18.90 | Opco, certain Opco members (the “TRA Holders”) | total unrecorded TRA liability is approximately $18.9 million; Zeo entered into a TRA with Opco; certain Opco members (the “TRA Holders”) | ['Payments not considered probable as of June 30, 2025', 'TRA liability is unrecorded'] | 1,865,506 | 2025-08-13 | 10-Q | View Document | |||
| NEWMARK GROUP, INC. | $17.51 | tax basis of the tangible and intangible assets of Newmark OpCo | Cantor | 85% | Tax receivable agreement liability $17,511; Newmark entered with Cantor; payment by Newmark to Cantor of 85%; tax basis of the tangible and intangible assets | ['Offsetting deferred tax asset of $20.6 million'] | 1,690,680 | 2025-08-08 | 10-Q | View Document | |
| FORWARD AIR CORP | $14.72 | 700 shares of Company common stock | certain Omni Holders | Tax Receivable Agreement with certain Omni Holders; liability recorded to $14,716; tax attributes subject to the Tax Receivable Agreement; Liabilities under tax receivable agreement $14,716; 700 shares of Company common stock | ['Liability remeasured based on current estimates.'] | 912,728 | 2025-08-11 | 10-Q | View Document | ||
| Flowco Holdings Inc. | $12.50 | existing tax basis acquired in its IPO | Continuing Equity Owners | Tax receivable agreement liability 12,484; TRA of $12.5 million; with the Continuing Equity Owners; 85% of the benefits; existing tax basis acquired in its IPO | ['Company pays 85% of benefits.'] | 2,035,149 | 2025-08-05 | 10-Q | View Document | ||
| Vistra Corp. | $12.00 | certain tax benefits, including benefits realized as a result of certain transactions entered into at the emergence of our predecessor from reorganization under Chapter 11 of the U.S. Bankruptcy Code | Vistra | TRAAmended and Restated Tax Receivable Agreement; rights (TRA Rights) to receive payments from Vistra; Tax Receivable Agreement obligation12 14 | [] | 1,692,819 | 2025-08-08 | 10-Q | View Document | ||
| P3 Health Partners Inc. | $11.50 | increases in the tax basis of P3 | P3 LLC, members of P3 LLC | Tax Receivable Agreement, dated as of December 3, 2021; P3 LLC and the members of P3 LLC; TRA liability is estimated to be $11.5 million; increases in the tax basis of P3 | ['No TRA liability recorded as of June 30, 2025'] | 1,832,511 | 2025-08-14 | 10-Q | View Document | ||
| Viant Technology Inc. | $10.80 | deferred tax assets | Viant Technology LLC, continuing members of Viant Technology LLC, TRA Representative | pro rata | Tax Receivable Agreement ("TRA"); $10.8 million as of June 30, 2025; deferred tax assets subject to the TRA; distributions on a pro rata basis | ['Liability not recorded due to valuation allowance'] | 1,828,791 | 2025-08-11 | 10-Q | View Document | |
| Smith Douglas Homes Corp. | $10.40 | tax basis adjustments | Continuing Equity Owners | TRA liability of $10.4 million; tax basis adjustments; Continuing Equity Owners | [] | 1,982,518 | 2025-08-06 | 10-Q | View Document | ||
| Silvercrest Asset Management Group Inc. | $10.15 | increases in tax basis and certain other tax benefits | current principals of Silvercrest L.P. | liability is estimated to be $10,150; increases in tax basis and certain other tax benefits; current principals of Silvercrest L.P. | ['payments are a liability of Silvercrest'] | 1,549,966 | 2025-07-31 | 10-Q | View Document | ||
| Array Technologies, Inc. | $7.90 | certain deductions generated by the increase in the tax value of the developed technology | former majority shareholder of Array Te | fair value of the TRA was $7.9 million; increase in the tax value of the developed technology; former majority shareholder of Array Te | ['TRA is accounted for as contingent consideration'] | 1,820,721 | 2025-08-07 | 10-Q | View Document | ||
| Brilliant Earth Group, Inc. | $7.80 | certain tax basis adjustments | Brilliant Earth, LLC, Continuing Equity Owners | TRA Obligation associated with redemption; estimated liability with a balance of $7.8 million; Brilliant Earth, LLC; Continuing Equity Owners; certain tax basis adjustments; 85% of the amount of tax benefits | ['85% of tax benefits to owners'] | 1,866,757 | 2025-08-07 | 10-Q | View Document | ||
| MediaAlpha, Inc. | $7.10 | increases in tax basis | holders of Class B-1 units | Company had a $7.1 million liability; holders of Class B-1 units; 85% of the amount of any tax benefits; increases in tax basis | ['85% of tax benefits to Class B-1 holders'] | 1,818,383 | 2025-08-06 | 10-Q | View Document | ||
| System1, Inc. | $5.30 | parties to the Tax Receivable Agreement | Tax Receivable Agreement Payments due; $5.3 million as of June 30, 2025; parties to the Tax Receivable Agreement | [] | 1,805,833 | 2025-08-07 | 10-Q | View Document | |||
| Baldwin Insurance Group, Inc. | $5.20 | current or former Baldwin Holdings’ LLC Members | Tax Receivable Agreement liability of $5.2 million; payments to be made to current or former | [] | 1,781,755 | 2025-08-05 | 10-Q | View Document | |||
| Hagerty, Inc. | $5.10 | increase in tax basis of Hagerty, Inc.'s assets | Legacy Unit Holders | TRA Liability was $5.1 million; increase in tax basis of Hagerty, Inc.'s assets; TRA entered into with the Legacy Unit Holders; pay Legacy Unit Holders 85% | ['Payments are dependent on taxable income.'] | 1,840,776 | 2025-08-04 | 10-Q | View Document | ||
| biote Corp. | $4.48 | TRA liability 4,386; TRA liability 4,479 | [] | 1,819,253 | 2025-08-08 | 10-Q | View Document | ||||
| MARKETWISE, INC. | $4.30 | tax-related benefits created as MarketWise Members exchange their LLC Units for Class A shares | MarketWise Members, MarketWise, Inc., MarketWise, LLC | recorded a cumulative liability of $4,260; TRA liability was $4.3 million; MarketWise Members exchange their LLC Units; 85% of the estimated future tax benefit | ['No payments have been made under the TRA'] | 1,805,651 | 2025-08-07 | 10-Q | View Document | ||
| WM TECHNOLOGY, INC. | $4.10 | TRA liability was $4.1 million | ['Act would result in $1.6 million reduction'] | 1,779,474 | 2025-08-07 | 10-Q | View Document | ||||
| GRAFTECH INTERNATIONAL LTD | $3.80 | pre-IPO tax assets | remaining $3.8 million; pre-IPO tax assets; Tax Receivable Agreement | ['TRA liability was written off'] | 931,148 | 2025-07-25 | 10-Q | View Document | |||
| Xponential Fitness, Inc. | $2.09 | deferred tax assets | Change in tax receivable agreement liability; $86,878 of the TRA liability was not recorded; deferred tax assets subject to the TRA | ['Most of TRA liability was not recorded'] | 1,802,156 | 2025-08-08 | 10-Q | View Document | |||
| Camping World Holdings, Inc. | $1.70 | Current portion of Tax Receivable Agreement liability 1,700 | [] | 1,669,779 | 2025-07-30 | 10-Q | View Document | ||||
| GoHealth, Inc. | $1.10 | Continuing Equity Owners, Blocker Shareholders | payment by the Company; Continuing Equity Owners; Blocker Shareholders; 85% of the amount of tax benefits; liability related to the Tax Receivable Agreement; June 30, 2025; December 31, 2024; was $1.1 million | [] | 1,808,220 | 2025-08-12 | 10-Q | View Document | |||
| GEN Restaurant Group, Inc. | $1.10 | increases in tax basis resulting from a purchase or exchange | Operating Company, Members | liability related to its projected obligations; TRA of $1.1 million; GEN Inc. entered into the TRA; with the Operating Company and each of the Members; increases in tax basis resulting from a purchase or exchange; 85% of the amount of tax benefits | ['TRA payments are not conditioned upon ownership'] | 1,891,856 | 2025-08-06 | 10-Q | View Document | ||
| Direct Digital Holdings, Inc. | $0.10 | increase in its share of the tax basis in the net assets of DDH, LLC | DDH LLC, DDM | liability related to tax receivable agreement; less than $0.1 million as of June 30, 2025; DDH LLC and DDM; 85% of the net cash savings; tax basis in the net assets of DDH, LLC | ['Company may defer payments if cash insufficient.'] | 1,880,613 | 2025-08-06 | 10-Q | View Document | ||
| Intuitive Machines, Inc. | $0.00 | basis adjustments | liability under the TRA related to the tax savings; tax deductions related to basis adjustments; management does not expect a TRA liability | ['No TRA liability expected'] | 1,844,452 | 2025-08-07 | 10-Q | View Document | |||
| Cinemark Holdings, Inc. | $0.00 | NCM | tax receivable agreement with NCM; distributions received from NCMI and NCM | [] | 1,385,280 | 2025-08-01 | 10-Q | View Document | |||
| Canopy Growth Corp | $0.00 | Canopy Growth Corp, Canopy USA, Holders of High Street Capital Partners, LLC | third amendment to tax receivable agreement; Canopy USA entered into Amended TRA; certain current or former unitholders; assignment of such Holder’s rights; Canopy USA is the sole member | ['Common shares issued for TRA rights.'] | 1,737,927 | 2025-08-08 | 10-Q | View Document | |||
| Blackstone Inc. | $0.00 | interest expense related to the tax receivable agreement; interest expense associated with the tax receivable agreement; excluding interest expense related to the tax receivable agreement | [] | 1,393,818 | 2025-08-08 | 10-Q | View Document | ||||
| INFINITY NATURAL RESOURCES, INC. | $0.00 | Note 9 – Income Taxes and Tax Receivable Agreement | [] | 2,029,118 | 2025-08-12 | 10-Q | View Document | ||||
| Inspirato Inc | $0.00 | basis adjustment relating to the assets | the other signatory parties | basis adjustment relating to the assets; tax benefits attributable to payments; terminated by the Company; the other signatory parties | ['TRA was terminated on August 9, 2024', 'Settlement amount of $0.3 million'] | 1,820,566 | 2025-08-13 | 10-Q | View Document | ||
| Bitcoin Depot Inc. | $0.00 | Increase in its share of the tax basis in the net assets of BT HoldCo | Bitcoin Depot, BT Assets, BT HoldCo | Company currently has no TRA liability; increase in the tax basis in the net assets | ['TRA terminated May 30, 2025'] | 1,901,799 | 2025-08-12 | 10-Q | View Document | ||
| El Pollo Loco Holdings, Inc. | $0.00 | FS Equity Partners V, L.P., FS Affiliates V, L.P. | Tax Receivable Agreement (“TRA”); payment to the Sellers of $398,896; no remaining obligation owed | ['TRA terminated on May 29, 2024'] | 1,606,366 | 2025-08-01 | 10-Q | View Document | |||
| Shake Shack Inc. | $0.00 | “Early Termination Payments” as defined in the Tax Receivable Agreement | [] | 1,620,533 | 2025-07-31 | 10-Q | View Document | ||||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | Organizational Transactions, IPO and any subsequent purchases | MLSH 1, MLSH 2 | no current liability under the TRA; TRA with MLSH 1 and MLSH 2; 85% of the amount of certain tax benefits; Organizational Transactions, IPO and any subsequent purchases | ['Liability derecognized due to uncertainty.'] | 1,823,239 | 2025-08-11 | 10-Q | View Document | ||
| NET Power Inc. | $0.00 | agent of the TRA holders | reduced the TRA liability of $21.3 million to zero; payments related to the TRA were not considered probable; delivered to the agent of the TRA holders; intent to terminate the TRA | ['TRA was terminated', 'No early termination payment was payable'] | 1,845,437 | 2025-08-11 | 10-Q | View Document | |||
| Verde Clean Fuels, Inc. | $0.00 | additional tax basis arising from payments | additional tax basis arising from payments; payment cap of $50,000,000; retain the benefit of the remaining 15% | ['No tax receivable balance recorded.'] | 1,841,425 | 2025-08-13 | 10-Q | View Document | |||
| Liberty Broadband Corp | $0.00 | tax benefits realized by GCI | Charter, Liberty Broadband, Advance/Newhouse Partnership (“A/N”) | tax receivables agreement; tax benefits realized by GCI; Charter, Liberty Broadband and Advance/Newhouse Partnership | ['Charter bears corporate level tax liability'] | 1,611,983 | 2025-08-07 | 10-Q | View Document | ||
| Hamilton Lane INC | $0.00 | certain other tax benefits | pre-IPO members of HLA | tax receivable agreement; pre-IPO members of HLA; certain other tax benefits | ['Pay 85% of tax benefits'] | 1,433,642 | 2025-08-05 | 10-Q | View Document | ||
| Falcon's Beyond Global, Inc. | $0.00 | Company, Exchange TRA Holders | payments made under the Tax Receivable Agreement; Company and Exchange TRA Holders | ['Amendment to clarify TRA Holder rights'] | 1,937,987 | 2025-08-14 | 10-Q | View Document | |||
| Bakkt Holdings, Inc. | $0.00 | certain Opco equity holders | entered into a Tax Receivable Agreement; with certain Opco equity holders; no value has been recorded under the TRA | ['no value recorded under the TRA'] | 1,820,302 | 2025-08-11 | 10-Q | View Document | |||
| Cactus, Inc. | $0.00 | payments made with respect to the Tax Receivable Agreement; $50,000,000 | [] | 1,699,136 | 2025-07-31 | 10-Q | View Document | ||||
| EVgo Inc. | $0.00 | [] | 1,821,159 | 2025-08-05 | 10-Q | View Document | |||||
| Select Water Solutions, Inc. | $0.00 | certain then-affiliates of the then-holders of SES Holdings LLC Units | entered into two tax receivable agreements; with certain then-affiliates of the then-holders | [] | 1,693,256 | 2025-08-06 | 10-Q | View Document | |||
| Clearwater Analytics Holdings, Inc. | Tax Attributes, as defined in the Tax Receivable Agreement | TRA Parties | Tax Attributes, as defined in the Tax Receivable Agreement; approximately $72.5 million; paid to the TRA Parties; no further payment obligations; TRA Parties have no further rights | ['TRA obligations fully paid', 'No further TRA expense expected'] | 1,866,368 | 2025-08-06 | 10-Q | View Document | |||
| BLUE OWL CAPITAL INC. | increases in tax basis of the assets of the Blue Owl Operating Group | Blue Owl Operating Group | TRA liability 1,571,657; tax basis of the assets; Blue Owl Operating Group | ['85% of certain tax benefits'] | 1,823,945 | 2025-08-01 | 10-Q | View Document |