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. (ZI) (CIK 0001794515) | $2,763.70 | TRA holders | liability of $2,763.7 million related to its TRA; No payments were made to TRA holders | ['TRA remeasurement loss of $1.2 million'] | 1,794,515 | 2025-05-12 | 10-Q | View Document | |||
| Dutch Bros Inc. (BROS) (CIK 0001866581) | $799.50 | liabilities were $799.5 million; Beginning balance $627,834; Payments under TRA (71) | ['TRA liability increased significantly'] | 1,866,581 | 2025-05-08 | 10-Q | View Document | ||||
| Core & Main, Inc. (CNM) (CIK 0001856525) | $706.00 | Former Limited Partners, Continuing Limited Partners | Tax receivable agreement liabilities $706; Former Limited Partners Tax Receivable Agreement; Continuing Limited Partners Tax Receivable Agreement | ['Payments recorded against equity.', 'Common control transactions.'] | 1,856,525 | 2025-03-25 | 10-K | View Document | |||
| MARAVAI LIFESCIENCES HOLDINGS, INC. (MRVI) (CIK 0001823239) | $683.80 | Organizational Transactions, IPO and any subsequent purchases or exchanges of LLC Units | MLSH 1, MLSH 2 | derecognized was $683.8 million; Organizational Transactions, IPO and any subsequent purchases; We are a party to the TRA with MLSH 1 and MLSH 2 | ['No current liability as of March 31, 2025', 'TRA can be terminated for agreed amount'] | 1,823,239 | 2025-05-12 | 10-Q | View Document | ||
| Interactive Brokers Group, Inc. (IBKR) (CIK 0001381197) | $585.00 | tax basis increases | Holdings | Payables to Holdings; $585 million; Tax basis increases; Payable to Holdings annually | [] | 1,381,197 | 2025-05-08 | 10-Q | View Document | ||
| Rocket Companies, Inc. (RKT) (CIK 0001805284) | $570.44 | increases in the tax basis in Holdings’ assets | RHI, RHI II, Dan Gilbert | Tax Receivable Agreement liability recorded; increases in the tax basis in Holdings’ assets; future payments to RHI, RHI II and Dan Gilbert | ['Payments not conditioned on continued ownership.'] | 1,805,284 | 2025-04-28 | 10-K/A | View Document | ||
| Planet Fitness, Inc. (PLNT) (CIK 0001637207) | $466.83 | TRA Holders | tax benefit arrangement liability of $2,694; 85% of the tax benefits due to; the TRA Holders for shares exchanged; liability of $466,832 as of March 31, 2025 | [] | 1,637,207 | 2025-05-09 | 10-Q | View Document | |||
| TPG Inc. (TPG, TPGXL) (CIK 0001880661) | $455.60 | increase in the tax basis of its investment in the TPG Operating Group | holders of Common Units | liability of $455.6 million; increase in the tax basis; subject to the Tax Receivable Agreement; holders of Common Units | ['Liability included in due to affiliates.'] | 1,880,661 | 2025-05-07 | 10-Q | View Document | ||
| RYAN SPECIALTY HOLDINGS, INC. (RYAN) (CIK 0001849253) | $447.40 | Exchange Tax Attributes, Pre-IPO M&A Tax Attributes, TRA Payment Tax Attributes | current and certain former LLC Unitholders | TRA liabilities of $447.4 million; current and certain former LLC Unitholders; 85% of the net cash savings; Exchange Tax Attributes of $307.3 million; Pre-IPO M&A Tax Attributes of $98.9 million; TRA Payment Tax Attributes of $120.1 million | ['Company pays 85% of tax savings.'] | 1,849,253 | 2025-05-02 | 10-Q | View Document | ||
| Symbotic Inc. (SYM) (CIK 0001837240) | $433.10 | attributes obtained by the Company | pre-IPO members | future payments under the Tax Receivable Agreement; expected to be $433.1 million; 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 | 2025-05-07 | 10-Q | View Document | ||
| Nextracker Inc. (NXT) (CIK 0001852131) | $419.40 | existing tax basis, pre-existing tax attributes | LLC, Yuma, Yuma Sub, TPG Rise, TPG Affiliates | liability of $419.4 million; existing tax basis; pre-existing tax attributes; TPG Rise and the TPG Affiliates; 85% of the tax benefits | ['85% of estimated future tax benefits'] | 1,852,131 | 2025-05-22 | 10-K | View Document | ||
| Bumble Inc. (BMBL) (CIK 0001830043) | $400.93 | Existing tax basis acquired in our IPO | pre-IPO owners including our Founder, our Sponsor, an affiliate of Accel Partners LP and management and other equity holders | tax receivable agreement liability $399.7 million; pre-IPO owners; 85% of the benefits; existing tax basis acquired in our IPO | ['85% of tax benefits', 'payments dependent upon future taxable income'] | 1,830,043 | 2025-05-12 | 10-Q | View Document | ||
| Tradeweb Markets Inc. (TW) (CIK 0001758730) | $369.80 | increase in tax basis of TWM LLC’s assets | Continuing LLC Owners | $369.8 million; Continuing LLC Owners; increase in tax basis; TWM LLC’s assets | ['Substantially all due over 15 years'] | 1,758,730 | 2025-04-30 | 10-Q | View Document | ||
| Shift4 Payments, Inc. (FOUR) (CIK 0001794669) | $362.60 | Increases in the Company’s share of the tax basis in the net assets of Shift4 Payments, LLC resulting from any redemptions or exchanges of LLC Interests, tax basis increases attributable to payments made under the TRA, and deductions attributable to imputed interest pursuant to the TRA. | Continuing Equity Owners, Rook | TRA liability was $362.6 million; redemptions or exchanges of LLC Interests; tax basis increases attributable to payments; deductions attributable to imputed interest; Continuing Equity Owners; LLC Interests with Rook | ['TRA liability is imprecise and subject to assumptions'] | 1,794,669 | 2025-04-29 | 10-Q | View Document | ||
| KKR & Co. Inc. (KKR, KKRS, KKR-PD) (CIK 0001404912) | $354.00 | KKR Holdings | $354.0 million has been recorded; due to affiliates; KKR terminated the tax receivable agreement; with KKR Holdings | ['TRA terminated May 30, 2022'] | 1,404,912 | 2025-05-09 | 10-Q | View Document | |||
| Flowco Holdings Inc. (FLOC) (CIK 0002035149) | $305.00 | Continuing Equity Owners and Blocker Shareholders | Flowco Holdings entered into a Tax Receivable Agreement; with the Continuing Equity Owners; and Blocker Shareholders; required to pay approximately $305.0 million | ['Payments not conditioned on continued ownership.'] | 2,035,149 | 2025-03-20 | 10-K | View Document | |||
| Moelis & Co (MC) (CIK 0001596967) | $298.80 | step-up in the tax basis in Group LP assets | certain partners of Group LP | tax receivable agreement; Amount due pursuant to tax receivable agreement; $298.8 million due pursuant to the tax; step-up in the tax basis in Group LP assets; certain partners of Group LP | ['85% of tax benefits payable', 'payments within 225 days'] | 1,596,967 | 2025-04-24 | 10-Q | View Document | ||
| Cactus, Inc. (WHD) (CIK 0001699136) | $278.70 | Cactus Companies, Cactus Inc. | total liability from the TRA was $278.7 million; Cactus Companies or Cactus Inc.; payments under the TRA will not be conditional | ['TRA commenced upon completion of IPO'] | 1,699,136 | 2025-05-01 | 10-Q | View Document | |||
| AdaptHealth Corp. (AHCO) (CIK 0001725255) | $265.40 | increase in tax basis | certain current and former members of AdaptHealth Holdings LLC | Tax Receivable Agreement; AdaptHealth Corp. is party to a TRA; liability relating to the TRA was $265.4 million; 85% of the tax savings; increase in tax basis | ['85% of tax savings'] | 1,725,255 | 2025-05-06 | 10-Q | View Document | ||
| CompoSecure, Inc. (CMPO, CMPOW) (CIK 0001823144) | $248.53 | increase in tax basis of Holdings’ assets | Resolute Holdings Management | tax receivable agreement liability $248,534; Resolute Holdings Management; increase in tax basis of Holdings’ assets | ['Liability expected to increase'] | 1,823,144 | 2025-05-12 | 10-Q | View Document | ||
| Shake Shack Inc. (SHAK) (CIK 0001620533) | $248.10 | additional tax basis increases | certain members of SSE Holdings | $248.1 million; certain members of SSE Holdings; additional tax basis increases | ['Payments contingent on taxable income'] | 1,620,533 | 2025-05-01 | 10-Q | View Document | ||
| European Wax Center, Inc. (EWCZ) (CIK 0001856236) | $204.82 | attributes obtained by us as a result of exchanges | pre-IPO members | future payments under the TRA are expected to be $204,822; attributes obtained by us as a result of exchanges; exchanges by our pre-IPO members | ['Payments only when cash tax savings realized'] | 1,856,236 | 2025-05-14 | 10-Q | View Document | ||
| Clear Secure, Inc. (YOU) (CIK 0001856314) | $197.43 | increase in tax basis | remaining members of Alclear | pro rata | Tax Receivable Agreement (“TRA”); payment by the Company to Alclear; 85% of the net cash savings; increase in tax basis; TRA liability of $197,426; pro rata cash distributions | ['TRA mirrors deferred tax assets'] | 1,856,314 | 2025-05-08 | 10-Q | View Document | |
| Repay Holdings Corp (RPAY) (CIK 0001720592) | $190.40 | holders of Post-Merger Repay Units | risk-free rate plus a spread | liability of $190.4 million related to its TRA; holders of Post-Merger Repay Units; risk-free rate plus a spread | ['TRA measured at fair value'] | 1,720,592 | 2025-05-12 | 10-Q | View Document | ||
| OLAPLEX HOLDINGS, INC. (OLPX) (CIK 0001868726) | $177.47 | Pre-IPO Tax Assets | Pre-IPO Stockholders | Tax Receivable Agreement; Pre-IPO Stockholders; Pre-IPO Tax Assets; aggregate to $189.3 million | ['Payments expected through 2041'] | 1,868,726 | 2025-05-08 | 10-Q | View Document | ||
| Virtu Financial, Inc. (VIRT) (CIK 0001592386) | $175.80 | TRA Parties | tax receivable agreement obligations175,819; payments to TRA Parties; We will retain the remaining 15% | ['Payments expected $0.1 to $22.1 million/year'] | 1,592,386 | 2025-04-29 | 10-Q | View Document | |||
| Five Point Holdings, LLC (FPH) (CIK 0001574197) | $173.80 | holders of Class A Common Units, San Francisco Venture | The Company is a party to a TRA; holders of Class A Common Units; San Francisco Venture; TRA Parties | ['TRA payments may become payable between 2026 and 2028', 'Majority of TRA payments after 2028'] | 1,574,197 | 2025-04-25 | 10-Q | View Document | |||
| Rithm Capital Corp. (RITM, RITM-PA, RITM-PB, RITM-PC, RITM-PD) (CIK 0001556593) | $172.60 | certain tax benefits attributable to taxable acquisitions | former holders of units in Sculptor’s operating partnerships | Sculptor entered into a tax receivable agreement; former holders of units in Sculptor’s operating partnerships; tax benefits attributable to taxable acquisitions; estimated undiscounted future payment under the TRA; TRA liability measured at amortized cost was $172.6 | ["Sculptor's ability to use tax assets may be limited"] | 1,556,593 | 2025-05-02 | 10-Q | View Document | ||
| Goosehead Insurance, Inc. (GSHD) (CIK 0001726978) | $164.60 | tax basis increases related to the redemptions of LLC Units | Pre-IPO LLC Members | $164.6 million; Pre-IPO LLC Members; tax basis increases related to the redemptions of LLC Units | ['85% of aggregate tax benefits'] | 1,726,978 | 2025-04-24 | 10-Q | View Document | ||
| Vivid Seats Inc. (SEAT, SEATW) (CIK 0001856031) | $155.72 | increases in the tax basis of assets | existing Hoya Intermediate unitholders | TRA liability 149,967 155,720; with the existing Hoya Intermediate unitholders; increases in the tax basis of assets | ['85% of tax savings to unitholders'] | 1,856,031 | 2025-05-06 | 10-Q | View Document | ||
| OneStream, Inc. (OS) (CIK 0001889956) | $140.40 | certain tax attributes that are created as a result of the exchanges or redemptions | KKR, other Continuing Members, certain Former Members | TRA liability is not probable; maximum estimated TRA liability $140.4 million; required to pay cash to the TRA Members; 85% of the applicable savings | ['No TRA liability recorded as of March 31, 2025'] | 1,889,956 | 2025-05-08 | 10-Q | View Document | ||
| Nerdy Inc. (NRDY) (CIK 0001819404) | $117.23 | additional basis arising from, any payments | TRA Holders | liability of $117,226 under the Tax Receivable Agreement; additional basis arising from, any payments; payments to the TRA Holders | ['Liability not recognized as payment improbable'] | 1,819,404 | 2025-05-08 | 10-Q | View Document | ||
| Rush Street Interactive, Inc. (RSI) (CIK 0001793659) | $115.10 | basis adjustments created by the transactions | TRA liability of $1.1 million; unrecognized TRA liability as of March 31, 2025 was $115.1 million; basis adjustments created by the transactions | ['Management has not recorded the deferred tax asset'] | 1,793,659 | 2025-05-01 | 10-Q | View Document | |||
| Evolent Health, Inc. (EVH) (CIK 0001628908) | $108.10 | tax basis related to exchanges of Class B common units, tax benefits attributable to the future utilization of pre-IPO NOLs | investors | TRA liability of $108.1 million; exchanges of Class B common units; future utilization of pre-IPO NOLs; to these investors of 85% | ['Investors receive 85% of tax benefits.'] | 1,628,908 | 2025-05-09 | 10-Q | View Document | ||
| Fluence Energy, Inc. (FLNC) (CIK 0001868941) | $107.40 | 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 | payments to the Founders equal to 85%; future tax savings of $126.4 million; 85% of such amount, or $107.4 million | ['not probable payments would be made'] | 1,868,941 | 2025-05-08 | 10-Q | View Document | ||
| Enfusion, Inc. (ENFN) (CIK 0001868912) | $105.40 | assets of Enfusion Ltd. LLC | FTV IV, L.P., CSL Tech Holdings, LLC, ISP V-B EF LP, ISP V Main Fund EF LLC | lesser of (i) 6.5% per annum and (ii) one-year LIBOR plus 100 basis points | liability under the Tax Receivable Agreement of approximately $105.4 million; assets of Enfusion Ltd. LLC; FTV IV, L.P.; one-year LIBOR plus 100 basis points | ['TRA will automatically terminate upon Merger.', 'Company will pay $30M to pre-IPO owners.'] | 1,868,912 | 2025-04-21 | 10-K/A | View Document | |
| CARVANA CO. (CVNA) (CIK 0001690820) | $105.00 | TRA liability of $105 million; $78 million is due to related parties; TRA payments of $17 million | ['TRA expense of $40 million'] | 1,690,820 | 2025-05-07 | 10-Q | View Document | ||||
| Funko, Inc. (FNKO) (CIK 0001704711) | $102.80 | deferred tax assets | Continuing Equity Owners | estimated gross outstanding balance $102.8 million; Continuing Equity Owners; deferred tax assets subject to the TRA | ['payments related to unrealized tax benefits no longer probable'] | 1,704,711 | 2025-05-08 | 10-Q | View Document | ||
| Lazard, Inc. (LAZ) (CIK 0001311370) | $75.83 | Lazard, LTBP Trust | Tax receivable agreement obligation 75,826; Lazard and LTBP Trust; approximately 45% of the amount of cash savings | ['Second Amended and Restated'] | 1,311,370 | 2025-05-01 | 10-Q | View Document | |||
| Solaris Energy Infrastructure, Inc. (SEI) (CIK 0001697500) | $73.70 | increases in tax basis and certain tax benefits | Solaris Inc., members of Solaris LLC | cash pro rata to each of the other members | liability under the Tax Receivable Agreement was $73.7 million; increases in tax basis and certain tax benefits; Solaris Inc. entered into a Tax Receivable Agreement; with the then-existing members of Solaris LLC; distribute cash pro rata to each of the other members | ['TRA was amended on June 27, 2023.'] | 1,697,500 | 2025-05-07 | 10-Q | View Document | |
| National CineMedia, Inc. (NCMI) (CIK 0001377630) | $65.30 | AMC | Payable under the TRA 4.1; Payable under the TRA 65.3; waiver of AMC's rights under the TRA | ["Expects material decrease to 'Payable under the TRA'"] | 1,377,630 | 2025-05-06 | 10-Q | View Document | |||
| MSP Recovery, Inc. (MSPR, MSPRW, MSPRZ) (CIK 0001802450) | $64.40 | existing tax basis acquired in the Business Combination | Continuing Equity Owners, Blocker Shareholders | rights to receive 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 | 2025-05-15 | 10-Q | View Document | ||
| E2open Parent Holdings, Inc. (ETWO, ETWOW) (CIK 0001800347) | $63.40 | E2open Holdings | pro rata basis | liability was $63.4 million; holders of E2open Holdings; holders of Common Units on a pro rata basis | ['payments limited to one per member per year'] | 1,800,347 | 2025-04-29 | 10-K | View Document | ||
| Amneal Pharmaceuticals, Inc. (AMRX) (CIK 0001723128) | $61.59 | Members | tax receivable agreement (“TRA”); tax receivable agreement liability- short term; tax receivable agreement liability- long term; Members - tax receivable agreement | ['Contingent TRA liability of $123.1 million', 'TRA amended to 75% of realized benefits'] | 1,723,128 | 2025-05-07 | 10-Q | View Document | |||
| Excelerate Energy, Inc. (EE) (CIK 0001888447) | $58.95 | certain increases in the tax basis of assets of EELP | Excelerate Energy Holdings, LLC (“EEH”), George Kaiser Family Foundation | TRA liability 58,955; entered into the TRA with EEH; George Kaiser Family Foundation; 85% of the amount of the net cash tax savings; increases in the tax basis of assets of EELP | [] | 1,888,447 | 2025-05-08 | 10-Q | View Document | ||
| Aris Water Solutions, Inc. (ARIS) (CIK 0001865187) | $58.90 | legacy owners of Aris LLC units | estimated TRA liability totaled $58.9 million; legacy owners of Aris LLC units | ['Payment is 85% of net cash savings.'] | 1,865,187 | 2025-05-07 | 10-Q | View Document | |||
| GCM Grosvenor Inc. (GCMG, GCMGW) (CIK 0001819796) | $51.40 | increases in tax basis are expected to increase our depreciation and amortization deductions and create other tax benefits | TRA Parties | Tax Receivable Agreement; amount payable ... was $51.4 million; to the TRA Parties | ['Pays 85% of certain tax benefits'] | 1,819,796 | 2025-05-08 | 10-Q | View Document | ||
| Zeo Energy Corp. (ZEO, ZEOWW) (CIK 0001865506) | $48.80 | deferred tax assets | TRA Holders | total unrecorded TRA liability is approximately $48.8 million; Zeo Energy Corp. entered into the TRA with the TRA Holders; deferred tax assets subject to the TRA | ['Payments under the TRA are not considered probable'] | 1,865,506 | 2025-06-16 | 10-Q | View Document | ||
| UWM Holdings Corp (UWMC, UWMC-WT) (CIK 0001783398) | $45.90 | increase in the TRA liability in the amount of $45.9 million; Change in Tax Receivable Agreement liability (4)(442)180 | ['Change in TRA liability is non-cash.'] | 1,783,398 | 2025-05-06 | 10-Q | View Document | ||||
| OneWater Marine Inc. (ONEW) (CIK 0001772921) | $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; tax basis increases; tax benefits attributable to imputed interest; pro rata cash distributions to TRA Holders | ['85% of net cash savings.'] | 1,772,921 | 2025-05-02 | 10-Q | View Document | |
| MALIBU BOATS, INC. (MBUU) (CIK 0001590976) | $40.62 | increases in tax basis | pre-IPO owners of the LLC | Ending balance $40,616 $40,613; increases in tax basis; pre-IPO owners of the LLC; tax receivables agreement | ['85% of cash savings'] | 1,590,976 | 2025-05-08 | 10-Q | View Document | ||
| Clearwater Analytics Holdings, Inc. (CWAN) (CIK 0001866368) | $35.00 | increases in our share of the tax basis in the net assets of CWAN Holdings | TRA Parties | Tax receivable agreement liability— 35; increases in our share of the tax basis; paid to the TRA Parties; no further payment obligations | ['TRA obligations fully paid'] | 1,866,368 | 2025-05-02 | 10-Q | View Document | ||
| i3 Verticals, Inc. (IIIV) (CIK 0001728688) | $33.50 | Continuing Equity Owners | total amount due was $33.5 million; payments to the Continuing Equity Owners | ['Payments range from $0 to $3.4M per year', 'Expected to be paid over the next 26 years'] | 1,728,688 | 2025-05-09 | 10-Q | View Document | |||
| PJT Partners Inc. (PJT) (CIK 0001626115) | $32.80 | 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; $32.8 million and $29.3 million; 85% of the benefits; increases in tax basis related to such exchanges | ['Actual payments may differ significantly'] | 1,626,115 | 2025-05-01 | 10-Q | View Document | ||
| Definitive Healthcare Corp. (DH) (CIK 0001861795) | $28.50 | certain tax basis adjustments | Definitive Healthcare Corp., Definitive OpCo, and the TRA Parties | 85% | liability under the TRA of $28.5 million; certain tax basis adjustments; Definitive Healthcare Corp., Definitive OpCo; pay to the TRA Parties 85% | ['Decrease in TRA liability due to remeasurement.'] | 1,861,795 | 2025-05-08 | 10-Q | View Document | |
| Zeo Energy Corp. (ZEO, ZEOWW) (CIK 0001865506) | $27.60 | deferred tax assets | TRA Holders | total TRA would be $27.6 million; Zeo Energy Corp. entered into the TRA; deferred tax assets subject to the TRA | ['No TRA liability recorded as of 2024'] | 1,865,506 | 2025-05-28 | 10-K | View Document | ||
| PennyMac Financial Services, Inc. (PFSI) (CIK 0001745916) | $25.90 | increases in tax basis of PNMAC’s assets | certain former owners of PNMAC | $25.9 million Payable; former owners of PNMAC; increases in tax basis of PNMAC’s assets; 85% of the amount of the net tax benefits | ['No payments made during the quarter.'] | 1,745,916 | 2025-04-29 | 10-Q | View Document | ||
| Stagwell Inc (STGW) (CIK 0000876883) | $25.60 | increases in the tax basis of OpCo’s assets | TRA liability of $25.6 million; tax basis of OpCo’s assets | ['All Paired Units were exchanged for Class A Shares.'] | 876,883 | 2025-05-08 | 10-Q | View Document | |||
| Rani Therapeutics Holdings, Inc. (RANI) (CIK 0001856725) | $23.30 | TRA payable would range from zero to $23.3 million; at March 31, 2025; exchanges of Paired Interest or non-corresponding Class A Units; subject to the TRA | ['TRA liability not probable'] | 1,856,725 | 2025-05-13 | 10-Q | View Document | ||||
| Rani Therapeutics Holdings, Inc. (RANI) (CIK 0001856725) | $23.30 | Continuing LLC Owners | TRA payable would range from zero to $23.3 million; Company is party to a TRA; with the Continuing LLC Owners | ['No liability recorded as of Dec 31, 2024'] | 1,856,725 | 2025-03-31 | 10-K | View Document | |||
| RMR GROUP INC. (RMR) (CIK 0001644378) | $20.86 | increases in tax basis attributable to dealings with ABP Trust; tax benefits related to imputed interest | ABP Trust, RMR Inc. | liability related to the tax receivable agreement of $20,863; RMR Inc. pays to ABP Trust 85.0%; increases in tax basis attributable to RMR Inc.’s dealings; tax benefits related to imputed interest | ['RMR Inc. pays 85% of cash savings to ABP Trust'] | 1,644,378 | 2025-05-06 | 10-Q | View Document | ||
| Red Rock Resorts, Inc. (RRR) (CIK 0001653653) | $19.10 | Fertitta Family Entities | liability under the TRA was $19.1 million; payable to Fertitta Family Entities | ['Payments vary based on taxable income.'] | 1,653,653 | 2025-05-08 | 10-Q | View Document | |||
| NEWMARK GROUP, INC. (NMRK) (CIK 0001690680) | $17.51 | tax basis of the tangible and intangible assets | Cantor | payable related to tax receivable agreement; tax basis of the tangible and intangible assets; Newmark entered with Cantor | ['85% of cash savings to Cantor'] | 1,690,680 | 2025-05-09 | 10-Q | View Document | ||
| FORWARD AIR CORP (FWRD) (CIK 0000912728) | $13.29 | certain Omni Holders | Tax Receivable Agreement liability of $13,295; with certain Omni Holders | ['Valuation allowance recorded.', 'Payments not probable.'] | 912,728 | 2025-03-24 | 10-K | View Document | |||
| FORWARD AIR CORP (FWRD) (CIK 0000912728) | $13.29 | Liabilities under tax receivable agreement; $13,295 | [] | 912,728 | 2025-05-07 | 10-Q | View Document | ||||
| MSP Recovery, Inc. (LCAP, MSPR, MSPRW, MSPRZ) (CIK 0001802450) | $12.80 | existing tax basis acquired in the Business Combination | Continuing Equity Owners and Blocker Shareholders | payments under the TRA; TRA liability of $12.8 million; existing tax basis acquired; Blocker Shareholders (as defined in the TRA) | ['TRA liability not recognized'] | 1,802,450 | 2025-04-16 | 10-K | View Document | ||
| Flowco Holdings Inc. (FLOC) (CIK 0002035149) | $12.48 | existing tax basis acquired in its IPO | Continuing Equity Owners | Tax receivable agreement liability 12,484; entered into the TRA with the Continuing Equity Owners; 85% of the benefits; existing tax basis acquired in its IPO | ['85% of benefits to Continuing Equity Owners'] | 2,035,149 | 2025-05-13 | 10-Q | View Document | ||
| Vistra Corp. (VST) (CIK 0001692819) | $12.00 | certain tax benefits | Vistra | Tax Receivable Agreement obligation $12; receive payments from Vistra related to certain tax benefits | ['TRA Rights to receive payments from Vistra'] | 1,692,819 | 2025-05-08 | 10-Q | View Document | ||
| P3 Health Partners Inc. (PIII, PIIIW) (CIK 0001832511) | $11.50 | tax basis increases attributable to payments | P3 LLC and the members of P3 LLC | Tax Receivable Agreement, dated as of December 3, 2021; TRA liability is estimated to be $11.5 million; tax basis increases attributable to payments | ['No TRA liability recorded as of March 31, 2025'] | 1,832,511 | 2025-05-15 | 10-Q | View Document | ||
| P3 Health Partners Inc. (PIII, PIIIW) (CIK 0001832511) | $11.50 | increases in the tax basis in the net assets of P3 LLC | P3 LLC, members of P3 LLC | TRA liability is estimated to be $11.5 million; increases in the tax basis in the net assets of P3 LLC; P3 LLC and the members of P3 LLC | ['No TRA liability recorded as of Dec 31, 2024'] | 1,832,511 | 2025-03-28 | 10-K | View Document | ||
| Viant Technology Inc. (DSP) (CIK 0001828791) | $10.70 | deferred tax assets | Viant Technology LLC, continuing members of Viant Technology LLC, the TRA Representative | pro rata | Tax Receivable Agreement ("TRA"); total unrecorded liability is approximately $10.7 million; utilization of the deferred tax assets; Viant Technology LLC, continuing members; cash distributions on a pro rata basis | ['Liability not recorded due to valuation allowance.'] | 1,828,791 | 2025-05-06 | 10-Q | View Document | |
| Smith Douglas Homes Corp. (SDHC) (CIK 0001982518) | $10.40 | Basis Adjustments | Continuing Equity Owners | Tax receivable agreement liability10,401; related to the Basis Adjustments; to the Continuing Equity Owners; 85% of the projected tax benefits | ['85% of projected tax benefits'] | 1,982,518 | 2025-03-21 | 10-K | View Document | ||
| Smith Douglas Homes Corp. (SDHC) (CIK 0001982518) | $10.40 | tax basis adjustments | Continuing Equity Owners | TRA liability of $10.4 million; tax basis adjustments; Continuing Equity Owners | [] | 1,982,518 | 2025-05-14 | 10-Q | View Document | ||
| Silvercrest Asset Management Group Inc. (SAMG) (CIK 0001549966) | $10.08 | increases in tax basis and certain other tax benefits | current principals of Silvercrest L.P. | liability is estimated to be $10,078; increases in tax basis and certain other tax benefits; current principals of Silvercrest L.P. | ['TRA is a liability of Silvercrest not Silvercrest L.P.'] | 1,549,966 | 2025-05-08 | 10-Q | View Document | ||
| Brilliant Earth Group, Inc. (BRLT) (CIK 0001866757) | $7.80 | certain tax basis adjustments | Brilliant Earth, LLC, Continuing Equity Owners, Brilliant Earth Group, Inc. | estimated liability with a balance of $7.8 million; certain tax basis adjustments; Brilliant Earth, LLC; Continuing Equity Owners; Brilliant Earth Group, Inc. | ['85% of tax benefits to equity owners'] | 1,866,757 | 2025-05-13 | 10-Q | View Document | ||
| Array Technologies, Inc. (ARRY) (CIK 0001820721) | $7.70 | certain deductions generated by the increase in the tax value of the developed technology | former owners | fair value of the TRA was $7.7 million; payments to the former owners; tax value of the developed technology | ['TRA is accounted for as contingent consideration'] | 1,820,721 | 2025-05-06 | 10-Q | View Document | ||
| System1, Inc. (SST, SSTPW) (CIK 0001805833) | $5.30 | Tax Receivable Agreement Payments due; $5.3 million as of March 31, 2025 | [] | 1,805,833 | 2025-05-06 | 10-Q | View Document | ||||
| Baldwin Insurance Group, Inc. (BWIN) (CIK 0001781755) | $5.30 | current or former Baldwin Holdings’ LLC Members | Tax Receivable Agreement liability of $5.3 million; payments to be made to current or former | [] | 1,781,755 | 2025-05-06 | 10-Q | View Document | |||
| Direct Digital Holdings, Inc. (DRCT) (CIK 0001880613) | $5.24 | Basis Adjustments | DDH LLC, Direct Digital Management, LLC | recorded a liability of $0 and $5.2 million; DDH LLC and Direct Digital Management, LLC; 85% of the net cash savings; there been no Basis Adjustments | ['TRA liability derecognition of $5.2M in 2024'] | 1,880,613 | 2025-03-28 | 10-K | View Document | ||
| WM TECHNOLOGY, INC. (MAPS, MAPSW) (CIK 0001779474) | $5.00 | TRA liability was $5.0 million | [] | 1,779,474 | 2025-05-08 | 10-Q | View Document | ||||
| Finance of America Companies Inc. (FOA, FOACW) (CIK 0001828937) | $4.54 | certain owners of FOA Equity | Tax Receivable Agreements; certain owners of FOA Equity; TRA obligation4,537 | [] | 1,828,937 | 2025-05-20 | 10-K/A | View Document | |||
| biote Corp. (BTMD) (CIK 0001819253) | $4.48 | TRA liability 4,386 4,479 | [] | 1,819,253 | 2025-05-09 | 10-Q | View Document | ||||
| GRAFTECH INTERNATIONAL LTD (EAF) (CIK 0000931148) | $3.80 | one-month period secured overnight financing rate + 1.10% | Tax Receivable Agreement long-term; total Tax Receivable Agreement liability was $3.8 million; one-month period secured overnight financing rate + 1.10% | ['Amended to change interest rate.'] | 931,148 | 2025-04-25 | 10-Q | View Document | |||
| MARKETWISE, INC. (MKTW) (CIK 0001805651) | $3.70 | tax-related benefits created as MarketWise Members exchange their LLC Units for Class A shares | MarketWise Members | recorded a cumulative liability of $3,737 under the TRA; 85% of the estimated future tax benefit; MarketWise Members exchange their LLC Units | ['No payments made, none expected in 12 months'] | 1,805,651 | 2025-05-08 | 10-Q | View Document | ||
| Bitcoin Depot Inc. (BTM, BTMWW) (CIK 0001901799) | $2.20 | increase in tax basis in net assets | BT Assets | Bitcoin Depot party to the TRA; pay BT Assets 85% of tax savings; aggregate payments under the TRA $2.2 million; increase in tax basis in net assets | ['85% of tax savings to BT Assets'] | 1,901,799 | 2025-05-15 | 10-Q | View Document | ||
| Bitcoin Depot Inc. (BTM, BTMWW) (CIK 0001901799) | $2.20 | increase in its share of the tax basis in the net assets of BT HoldCo | BT Assets | aggregate payments of approximately $2.2 million; required to pay BT Assets 85%; tax basis in the net assets of BT HoldCo | ['85% of tax savings to BT Assets'] | 1,901,799 | 2025-03-24 | 10-K | View Document | ||
| Xponential Fitness, Inc. (XPOF) (CIK 0001802156) | $2.09 | deferred tax assets | $2,090 and $1,095 of the TRA; deferred tax assets subject to the TRA | ['Most TRA liability was not recorded'] | 1,802,156 | 2025-05-09 | 10-Q | View Document | |||
| Hagerty, Inc. (HGTY) (CIK 0001840776) | $2.00 | increase in tax basis of Hagerty, Inc.'s assets | Legacy Unit Holders | TRA Liability was $2.0 million; pay Legacy Unit Holders 85%; increase in tax basis of Hagerty, Inc.'s assets; entered into with the Legacy Unit Holders | ['Payments are 85% of cash savings.'] | 1,840,776 | 2025-05-07 | 10-Q | View Document | ||
| Camping World Holdings, Inc. (CWH) (CIK 0001669779) | $1.70 | Current portion of Tax Receivable Agreement liability 1,700 | [] | 1,669,779 | 2025-05-01 | 10-Q | View Document | ||||
| GoHealth, Inc. (GOCO) (CIK 0001808220) | $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; $1.1 million | [] | 1,808,220 | 2025-05-16 | 10-Q | View Document | |||
| GEN Restaurant Group, Inc. (GENK) (CIK 0001891856) | $0.96 | increases in tax basis resulting from exchanges | Operating Company, each of the Members | Tax receivable agreement liability $956 thousand; GEN Inc. entered into the TRA; with the Operating Company and each of the Members; 85% of the amount of tax benefits | ['TRA payments not conditioned on ownership'] | 1,891,856 | 2025-05-13 | 10-Q | View Document | ||
| Direct Digital Holdings, Inc. (DRCT) (CIK 0001880613) | $0.04 | certain tax benefits | DDH LLC, DDM | liability related to tax receivable agreement; TRA with DDH LLC and DDM; 85% of the net cash savings; certain other tax benefits covered by the TRA | ['Company may defer payments if cash insufficient.'] | 1,880,613 | 2025-05-07 | 10-Q | View Document | ||
| Liberty Broadband Corp (LBRDA, LBRDB, LBRDK, LBRDP) (CIK 0001611983) | $0.00 | tax benefits realized by GCI | Charter, Liberty Broadband, Advance/Newhouse Partnership (“A/N”) | tax benefits realized by GCI; Charter, Liberty Broadband and Advance/Newhouse Partnership | ['Charter bears corporate level tax liability'] | 1,611,983 | 2025-05-07 | 10-Q | View Document | ||
| Blackstone Inc. (BX) (CIK 0001393818) | $0.00 | interest expense related to the tax receivable agreement; removal of interest expense associated with the tax receivable agreement | [] | 1,393,818 | 2025-05-02 | 10-Q | View Document | ||||
| Greenlane Holdings, Inc. (GNLN) (CIK 0001743745) | $0.00 | noncontrolling interest holders | TRA liability was $0 as of December 31, 2024; payments to noncontrolling interest holders under the TRA | ['TRA liability is zero.'] | 1,743,745 | 2025-03-21 | 10-K | View Document | |||
| Verde Clean Fuels, Inc. (VGAS, VGASW) (CIK 0001841425) | $0.00 | additional tax basis arising from payments | Verde Clean Fuels | payments Verde Clean Fuels makes under the Tax Receivable Agreement; additional tax basis arising from payments; Verde Clean Fuels will retain the benefit | ['Payment cap of $50,000,000', 'No tax receivable balance as of 2024'] | 1,841,425 | 2025-03-28 | 10-K | View Document | ||
| Goosehead Insurance, Inc. (GSHD) (CIK 0001726978) | $0.00 | any material amendment, waiver or other modification; in respect of the Tax Receivable Agreement | [] | 1,726,978 | 2025-04-24 | 10-Q | View Document | ||||
| Canopy Growth Corp (CGC) (CIK 0001737927) | $0.00 | certain current or former unitholders of HSCP | third amendment to tax receivable agreement; certain current or former unitholders; HSCP's amended tax receivable agreement | ['Canopy USA is the sole member and beneficiary'] | 1,737,927 | 2025-05-30 | 10-K | View Document | |||
| Bakkt Holdings, Inc. (BKKT, BKKT-WT) (CIK 0001820302) | $0.00 | Section 743(b) or 734(b) of the Code | certain Opco Equity Holders | entered into a Tax Receivable Agreement; with certain Opco Equity Holders; Section 743(b) or 734(b) of the Code | ['No liability recorded as benefits not probable'] | 1,820,302 | 2025-03-20 | 10-K | View Document | ||
| Intuitive Machines, Inc. (LUNR) (CIK 0001844452) | $0.00 | basis adjustments | tax deductions related to basis adjustments | ['Management does not expect a TRA liability'] | 1,844,452 | 2025-05-13 | 10-Q | View Document | |||
| Inspirato Inc (ISPO, ISPOW) (CIK 0001820566) | $0.00 | basis adjustment relating to the assets | the Company and the other signatory parties | tax benefits attributable to payments made under the TRA; basis adjustment relating to the assets; TRA was terminated by the Company | ['TRA was terminated on August 9, 2024'] | 1,820,566 | 2025-05-08 | 10-Q | View Document | ||
| Premier, Inc. (PINC) (CIK 0001577916) | $0.00 | former limited partners | early termination of the TRA; notes payable to former LPs | ['TRA terminated as part of Restructuring'] | 1,577,916 | 2025-05-06 | 10-Q | View Document | |||
| NET Power Inc. (NPWR, NPWR-WT) (CIK 0001845437) | $0.00 | deferred tax assets | TRA liability of $21.3 million to zero; deferred tax assets subject to the TRA | ['TRA liability reduced to zero', 'payments not considered probable'] | 1,845,437 | 2025-05-12 | 10-Q | View Document | |||
| INFINITY NATURAL RESOURCES, INC. (INR) (CIK 0002029118) | $0.00 | Note 9 – Income Taxes and Tax Receivable Agreement | [] | 2,029,118 | 2025-05-13 | 10-Q | View Document | ||||
| Falcon's Beyond Global, Inc. (FBYD, FBYDW) (CIK 0001937987) | $0.00 | Company, Exchange TRA Holders | payments made under the Tax Receivable Agreement; Company and Exchange TRA Holders; Amendment to the Tax Receivable Agreement | ['Amendment to TRA on October 24, 2024'] | 1,937,987 | 2025-04-03 | 10-K | View Document | |||
| Bakkt Holdings, Inc. (BKKT, BKKT-WT) (CIK 0001820302) | $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 liability recorded due to taxable losses.'] | 1,820,302 | 2025-05-12 | 10-Q | View Document | |||
| Falcon's Beyond Global, Inc. (FBYD, FBYDW) (CIK 0001937987) | $0.00 | Company, Exchange TRA Holders | Amendment to the Tax Receivable Agreement; Company and Exchange TRA Holders | ['Amendment to clarify rights of TRA Holder'] | 1,937,987 | 2025-05-15 | 10-Q | View Document | |||
| Intuitive Machines, Inc. (LUNR) (CIK 0001844452) | $0.00 | tax deductions related to basis adjustments | management does not expect a TRA liability; tax deductions related to basis adjustments | ['No TRA liability expected as of 2024'] | 1,844,452 | 2025-03-25 | 10-K | View Document | |||
| Cibus, Inc. (CBUS) (CIK 0001705843) | $0.00 | certain favorable tax attributes | Electing Members | Tax Receivable Agreement (TRA); entered into a Tax Receivable Agreement; with the Electing Members; 85 percent of the net income tax savings; certain favorable tax attributes | [] | 1,705,843 | 2025-03-20 | 10-K | View Document | ||
| Carlyle Group Inc. (CG, CGABL) (CIK 0001527166) | $0.00 | cash tax savings, if any, in U.S. federal, state and lo | limited partners of the Carlyle Holdings partnerships | tax receivable agreement; 85% of the amount of cash tax savings | [] | 1,527,166 | 2025-05-09 | 10-Q | View Document | ||
| Excelerate Energy, Inc. (EE) (CIK 0001888447) | $0.00 | Parent | pursuant to Article III of the Tax Receivable Agreement; payments required to be made by Parent; Article III of the Tax Receivable Agreement | [] | 1,888,447 | 2025-05-08 | 10-Q | View Document | |||
| EVgo Inc. (EVGO, EVGOW) (CIK 0001821159) | $0.00 | early termination of the Tax Receivable Agreement; substantial negative impact on our liquidity | [] | 1,821,159 | 2025-05-06 | 10-Q | View Document | ||||
| El Pollo Loco Holdings, Inc. (LOCO) (CIK 0001606366) | $0.00 | NOLs and other tax attributes | FS Equity Partners V, L.P., FS Affiliates V, L.P. | utilizing its net operating losses (“NOLs”); other tax attributes attributable to preceding periods; no remaining obligations owed; terminated most of the obligations under the TRA | ['TRA terminated May 29, 2024'] | 1,606,366 | 2025-05-02 | 10-Q | View Document | ||
| Greenlane Holdings, Inc. (GNLN) (CIK 0001743745) | $0.00 | noncontrolling interest holders | TRA liability was $0 as of March 31, 2025 | ['Full valuation allowance against benefits.'] | 1,743,745 | 2025-05-15 | 10-Q | View Document | |||
| Verde Clean Fuels, Inc. (VGAS, VGASW) (CIK 0001841425) | $0.00 | additional tax basis arising from payments | Verde Clean Fuels | additional tax basis arising from payments; Verde Clean Fuels makes under the Tax Receivable Agreement; payment cap of $50,000,000; did not record a tax receivable balance | ['Payment cap applies to change of control.'] | 1,841,425 | 2025-05-14 | 10-Q | View Document | ||
| FLEX LTD. (FLEX) (CIK 0000866374) | $0.00 | IPO related tax benefits | Flex, TPG, Nextracker | Tax Receivable Agreement ("TRA") with Flex and TPG; 85% of the tax benefits realized; IPO related tax benefits; zero to approximately $300 million; $13 million was received under the Nextracker TRA | ['Flex has not recorded an asset'] | 866,374 | 2025-05-21 | 10-K | View Document | ||
| TWFG, Inc. (TWFG) (CIK 0002007596) | $0.00 | certain tax basis adjustments | other holders of LLC Units | entered into a Tax Receivable Agreement; certain tax basis adjustments | ['85% of applicable cash savings'] | 2,007,596 | 2025-03-27 | 10-K | View Document | ||
| MCKESSON CORP (MCK) (CIK 0000927653) | $0.00 | Change Healthcare Inc., McKesson | early termination of a tax receivable agreement; TRA exercised by Change Healthcare Inc.; Company was a party to a TRA; joint venture with Change; McKesson has since exited | ['TRA was terminated.'] | 927,653 | 2025-05-09 | 10-K | View Document | |||
| Array Technologies, Inc. (ARRY) (CIK 0001820721) | $0.00 | obligations owing pursuant to the TRA | [] | 1,820,721 | 2025-05-06 | 10-Q | View Document |