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. | $2,763.70 | TRA holders | liability of $2,763.7 million under the TRA; No payments were made to TRA holders; $31.6 million was paid to TRA holders | ['TRA remeasurement loss of $1.2 million'] | 1,794,515 | 2025-05-12 | 10-Q | View Document | |||
| ZoomInfo Technologies Inc. | $2,749.00 | TRA holders | liability of $2,749.0 million related to its TRA; payments were made to TRA holders; increase to the 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. | $799.50 | Ending balance $799,458 | [] | 1,866,581 | 2025-05-08 | 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 | Alight | TRA liability was measured at fair value; TRA liabilities (in millions); Ending balance as of June 30, 2025 789; payments that Alight may make under the TRA; existing tax basis, the anticipated tax basis adjustments | ['TRA liability split between fair value and undiscounted'] | 1,809,104 | 2025-08-05 | 10-Q | View Document | ||
| Alight, Inc. / Delaware | $766.00 | existing tax basis, the anticipated tax basis adjustments and the actual amount and utilization of tax attributes | TRA liability was measured at fair value; Ending balance as of March 31, 2025 766; existing tax basis; anticipated tax basis adjustments; utilization of tax attributes | ['TRA liability split between fair value and undiscounted'] | 1,809,104 | 2025-05-08 | 10-Q | View Document | |||
| Core & Main, Inc. | $706.00 | Continuing Limited Partners | Tax receivable agreement liabilities669 706; Continuing Limited Partners Tax Receivable Agreement | [] | 1,856,525 | 2025-06-10 | 10-Q | View Document | |||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $683.80 | certain tax benefits | MLSH 1, MLSH 2 | We are a party to the TRA; TRA with MLSH 1 and MLSH 2; 85% of the amount of certain tax benefits; no current liability under the TRA; $683.8 million derecognized | ['Liability derecognized due to uncertainty.'] | 1,823,239 | 2025-05-12 | 10-Q | View Document | ||
| Interactive Brokers Group, Inc. | $585.00 | Holdings | Payable to Holdings; $585 million; Tax Receivable Agreement; former members of IBG LLC | ['85% of tax savings'] | 1,381,197 | 2025-05-08 | 10-Q | View Document | |||
| Rocket Companies, Inc. | $581.18 | increases in the tax basis in Holdings LLC’s assets | RHI, RHI II and Mr. Gilbert | Tax receivable agreement liability580,434 581,183; RHI, RHI II and Mr. Gilbert; increases in the tax basis in Holdings LLC’s assets | ['Future payments could be substantial.'] | 1,805,284 | 2025-05-09 | 10-Q | View Document | ||
| Ares Management Corp | $475.10 | Ares Owners Holdings L.P. | TRA liability balance was $475.1 million; Ares Owners Holdings L.P. | ['Future payments expected to be substantial'] | 1,176,948 | 2025-05-12 | 10-Q | View Document | |||
| Planet Fitness, Inc. | $466.92 | TRA Holders | $466,916 as of December 31, 2024; tax benefits due to the TRA Holders | [] | 1,637,207 | 2025-05-09 | 10-Q | 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 pays 85% of net cash savings'] | 1,849,253 | 2025-08-01 | 10-Q | View Document | ||
| Nextracker Inc. | $419.40 | existing tax basis, pre-existing tax attributes | Flex, TPG, TPG Affiliates | liability of $419.4 million; existing tax basis; pre-existing tax attributes; paid to Flex, TPG 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. | $399.70 | existing tax basis acquired in our IPO and other tax benefits | pre-IPO owners including our Founder, our Sponsor, an affiliate of Accel Partners LP and management and other equity holders | tax receivable agreement liability of $399.7 million; existing tax basis acquired in our IPO; pre-IPO owners including our Founder; 85% of the benefits that the Company realizes | ['85% of benefits paid to pre-IPO owners'] | 1,830,043 | 2025-05-12 | 10-Q | View Document | ||
| Nextracker Inc. | $391.90 | Flex Ltd., TPG Inc., TPG Affiliates | Tax receivable agreement (TRA) liability; $416.4 million and $419.4 million; $391.9 million and $394.9 million; payment of $2.9 million was made; 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 with Rook exchanges'] | 1,794,669 | 2025-08-05 | 10-Q | View Document | |||
| KKR & Co. Inc. | $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 | |||
| 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”) | TRA liability totaled $352.9 million; increase in the tax basis of assets; certain members of Portillo's OpCo; Term Secured Overnight Financing Rate (“SOFR”); payment by us of 85% | ['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 | totaled $351.4 million; due to Continuing LLC Owners; increase in tax basis of TWM LLC’s assets; Continuing LLC Owners | ['Substantially all due 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 | Amount due pursuant to tax receivable agreement 298,802; $298.8 million due pursuant to the tax receivable agreement; eligible selling holders of Group LP partnership units | ['Payment within 225 days of filing 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. | ['Payments can be deferred if no available cash.'] | 1,699,136 | 2025-07-31 | 10-Q | View Document | |||
| AdaptHealth Corp. | $265.40 | certain tax attributes of the corresponding sellers | certain current and former members of AdaptHealth Holdings LLC | Company's liability relating to the TRA was $265.4 million; AdaptHealth Corp. is party to a Tax Receivable Agreement; certain current and former members of AdaptHealth Holdings LLC; payment by AdaptHealth Corp. of 85% of the tax savings; certain tax attributes of the corresponding sellers | [] | 1,725,255 | 2025-08-05 | 10-Q | View Document | ||
| CompoSecure, Inc. | $248.53 | increase in tax basis of Holdings’ assets | Holdings' interests by holders | tax receivable agreement liability; increase in tax basis of Holdings’ assets; Holdings' interests by holders | ['Liability increased due to Tungsten Transactions'] | 1,823,144 | 2025-05-12 | 10-Q | View Document | ||
| Shake Shack Inc. | $248.30 | certain members of SSE Holdings | obligations totaled $248.3 million; certain members of SSE Holdings | ['payments contingent on taxable income', 'contingent on future changes in tax laws'] | 1,620,533 | 2025-07-31 | 10-Q | View Document | |||
| Hamilton Lane INC | $240.60 | future tax deductions of tax basis step-ups | TRA Recipients | liability of $240.6 million; tax basis step-ups related to our IPO; additional estimated payable will be due; payable to related parties pursuant to tax receivable agreement | ['Payable to related parties through equity'] | 1,433,642 | 2025-05-30 | 10-K | View Document | ||
| Stagwell Inc | $225.70 | tax basis of OpCo’s assets resulting from exchanges of Paired Units and certain other tax benefits related to us making payments under the TRA | increase to TRA liability of $200.1 million; TRA liability of $225.7 million; exchange of Paired Units; obligations under the TRA | ['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 basis increase subject to the provisions; TRA liability of $208,508; payments under the TRA | ['TRA liability mirrors deferred tax assets'] | 1,856,314 | 2025-08-05 | 10-Q | View Document | ||
| European Wax Center, Inc. | $204.82 | pre-IPO members | future payments under the TRA; expected to be $204,822; exchanges by our pre-IPO members; attributes subject to the TRA | ['Payments when cash tax savings realized'] | 1,856,236 | 2025-05-14 | 10-Q | View Document | |||
| Clear Secure, Inc. | $197.43 | increase in tax basis | remaining members of Alclear | pro rata | TRA liability of $197,426; increase in tax basis; members of Alclear; pro rata cash distributions | ['Payment of 85% of net tax savings'] | 1,856,314 | 2025-05-08 | 10-Q | View Document | |
| Repay Holdings Corp | $190.40 | holders of Post-Merger Repay Units | risk-free rate plus a spread | Tax receivable agreement liability; holders of Post-Merger Repay Units; risk-free rate plus a spread; liability of $190.4 million | ['TRA measured at fair value'] | 1,720,592 | 2025-05-12 | 10-Q | View Document | ||
| OLAPLEX HOLDINGS, INC. | $177.47 | Pre-IPO Tax Assets | Pre-IPO Stockholders | Related Party payable pursuant to Tax Receivable Agreement 177,469; Tax Receivable Agreement with the Pre-IPO Stockholders; payments under the Tax Receivable Agreement relating to the Pre-IPO Tax Assets | ['Payments expected to continue through 2041'] | 1,868,726 | 2025-05-08 | 10-Q | View Document | ||
| Virtu Financial, Inc. | $175.80 | tax receivable agreement obligation $175.8 million | ['Payments expected $0.1 to $22.1 million per year'] | 1,592,386 | 2025-07-31 | 10-Q | View Document | ||||
| Five Point Holdings, LLC | $173.80 | holders of Class A Common Units of the Operating Company, all the holders of Class A units of the San Francisco Venture, and prior holders of Class A Common Units of the Operating Company and prior holders of Class A units of the San Francisco Venture | The Company is a party to a TRA; the “TRA Parties”; liabilities of $173.8 million | ['No TRA payments were made during the six months'] | 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 | Liabilities under tax receivable agreement; $171.8 million; TRA Payments due to the Pre-IPO LLC Members; tax basis increases related to the redemptions of LLC Units | ['85% of aggregate tax benefits'] | 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 | ['Estimate of undiscounted amounts'] | 1,534,504 | 2025-07-31 | 10-Q | View Document | |||
| Rithm Capital Corp. | $158.20 | tax assets (including net operating losses) | Sculptor, TRA Holders | Sculptor entered into a tax receivable agreement; with the former holders of units; estimated undiscounted future payment under the TRA; TRA liability measured at amortized cost; tax assets (including net operating losses) | ['TRA from 2007 IPO of Sculptor'] | 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 | ['TRA liability decreased due to cumulative losses'] | 1,856,031 | 2025-08-05 | 10-Q | View Document | ||
| OneStream, Inc. | $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; tax attributes that are created | ['No TRA liability recorded as of March 31, 2025'] | 1,889,956 | 2025-05-08 | 10-Q | View Document | ||
| Driven Brands Holdings Inc. | $134.00 | Pre-IPO and IPO-Related Tax Benefits | pre-IPO shareholders | Tax Receivable Agreement; pre-IPO shareholders; 85% of the amount of cash savings; Pre-IPO and IPO-Related Tax Benefits; $23 million as of March 29, 2025; $111 million as of March 29, 2025 | ['85% of tax savings paid to pre-IPO shareholders'] | 1,804,745 | 2025-05-08 | 10-Q | View Document | ||
| CARVANA CO. | $131.00 | related parties | TRA liability of $131 million; $98 million is due to related parties; TRA payments of $17 million; $13 million was paid to related parties; remaining $2.0 billion 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, 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. | $113.80 | deferred tax assets | RSILP Unit holders | TRA liability of $113.8 million; deferred tax assets subject to the TRA; payments under the TRA; RSILP Unit exchanges | ['Payments may be significant.', 'Unpaid amounts accrue interest.'] | 1,793,659 | 2025-07-31 | 10-Q | View Document | ||
| Evolent Health, Inc. | $108.10 | increases in our tax basis related to exchanges of Class B common units as well as 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% | ['85% of tax benefits to investors'] | 1,628,908 | 2025-05-09 | 10-Q | View Document | ||
| Fluence Energy, Inc. | $107.40 | increases in our share of the tax basis of assets of Fluence Energy, LLC | Fluence Energy, LLC, Siemens Industry, AES Grid Stability | Tax Receivable Agreement; cash payments to the Founders equal to 85%; tax basis of assets of Fluence Energy, LLC; 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 | ||
| Funko, Inc. | $102.80 | Continuing Equity Owners | estimated gross outstanding balance of the TRA; $102.8 million as of March 31, 2025; Continuing Equity Owners have been joined | ['Payments contingent on future taxable income', 'Payments related to unrealized tax benefits no longer probable'] | 1,704,711 | 2025-05-08 | 10-Q | View Document | |||
| Galaxy Digital Inc. | $97.80 | increase in tax basis | GDH Ltd., holders of Class B Units in GDH LP | TRA-related liability of $97.8 million; holders of Class B Units in GDH LP; increase in tax basis | ['Original TRA dated July 31, 2018'] | 1,859,392 | 2025-08-05 | 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; payments of $10,525 to the TRA holders | ['TRA liability is an estimate'] | 1,743,907 | 2025-08-01 | 10-Q | View Document | |||
| loanDepot, Inc. | $86.50 | tax savings associated with the amortization of the tax basis step-up | Parthenon Stockholders and certain Continuing LLC Members | TRA liability of $86.5 million; tax basis step-up; Parthenon Stockholders; Continuing LLC Members; 85% of the value | ['Compensate original owners'] | 1,831,631 | 2025-05-08 | 10-Q | View Document | ||
| Lazard, Inc. | $75.83 | cumulative liability relating to our obligations; TRA as of June 30, 2025 was $75,826; recorded in tax receivable agreement obligation | [] | 1,311,370 | 2025-07-25 | 10-Q | View Document | ||||
| Perella Weinberg Partners | $75.60 | each exchange of interests in PWP OpCo | Company had a liability of $75.6 million; each exchange of interests in PWP OpCo | ["Management's best estimate of amounts owed."] | 1,777,835 | 2025-08-01 | 10-Q | View Document | |||
| Bridge Investment Group Holdings Inc. | $75.20 | Operating Company, Continuing Equity Owners | tax receivable agreement with the Operating Company; Continuing Equity Owners; TRA liability as of March 31, 2025 was $75.2 million | ['Increase primarily attributed to redemption of Class A units'] | 1,854,401 | 2025-05-09 | 10-Q | View Document | |||
| Solaris Energy Infrastructure, Inc. | $73.70 | certain increases in tax basis and certain tax benefits attributable to imputed Right and additional tax basis arising from any payments the Company makes under the Tax Receivable Agreement | 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; increases in tax basis and certain tax benefits; cash distribution on a pro rata basis | ['TRA amended on June 27, 2023.'] | 1,697,500 | 2025-08-01 | 10-Q | View Document | |
| MSP Recovery, Inc. | $64.40 | existing tax basis acquired in the Business Combination | Continuing Equity Owners and 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 | ||
| Excelerate Energy, Inc. | $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 | ||
| GCM Grosvenor Inc. | $51.40 | increases in tax basis are expected to increase our depreciation and amortization deductions and create other tax benefits | TRA Parties | As of March 31, 2025, $51.4 million; increase our depreciation and amortization deductions; to the TRA Parties | ['Pays 85% of certain tax benefits.'] | 1,819,796 | 2025-05-08 | 10-Q | View Document | ||
| Zeo Energy Corp. | $48.80 | TRA Holders | total unrecorded TRA liability is approximately $48.8 million; Zeo Energy Corp. entered into the TRA with the TRA Holders | ['TRA liability is currently unrecorded.'] | 1,865,506 | 2025-06-16 | 10-Q | View Document | |||
| National CineMedia, Inc. | $45.60 | AMC | Payable under the TRA 4.4; Payable under the TRA 41.2; AMC waived all rights and interests | ['AMC waived rights to TRA.'] | 1,377,630 | 2025-08-05 | 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 | TRA 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; certain tax basis increases; pro rata cash distributions | ['85% of net cash savings'] | 1,772,921 | 2025-08-01 | 10-Q | View Document | |
| MALIBU BOATS, INC. | $40.62 | increases in tax basis | pre-IPO owners of the LLC | Ending balance $40,616; increases in tax basis; pre-IPO owners of the LLC; 85% of the amount of the benefits | ['85% of tax benefits to pre-IPO owners'] | 1,590,976 | 2025-05-08 | 10-Q | View Document | ||
| i3 Verticals, Inc. | $33.50 | Continuing Equity Owners | Tax Receivable Agreement was $33.5 million; payments to the Continuing Equity Owners | ['Payments range $0 to $3.4 million per year', 'Expected to be paid over the next 26 years'] | 1,728,688 | 2025-05-09 | 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; tax benefits attributable to payments under the tax receivable agreement | ['Payments may differ significantly from estimated amounts.'] | 1,626,115 | 2025-07-31 | 10-Q | View Document | ||
| OppFi Inc. | $32.83 | Existing Tax Basis in the Reference Assets | Members | tax receivable agreement liability 32,830; payments to the Members pursuant to; Existing Tax Basis in the Reference Assets | [] | 1,818,502 | 2025-05-08 | 10-Q | View Document | ||
| AlTi Global, Inc. | $29.60 | increase in tax basis of certain of AlTi’s assets | the TWMH Members, the TIG GP Members, and the TIG MGMT Members | TRA Liability as of March 31, 2025: $29.6 million; increase in tax basis of certain of AlTi’s assets; TWMH Members, TIG GP Members, and TIG MGMT Members | ['15% costs borne by the Company', '85% costs borne by TRA parties'] | 1,838,615 | 2025-05-12 | 10-Q | View Document | ||
| Definitive Healthcare Corp. | $28.50 | certain tax basis adjustments | Definitive Healthcare Corp., Definitive OpCo, and the TRA Parties | recorded a liability under the TRA of $28.5 million; certain tax basis adjustments; Definitive Healthcare Corp., Definitive OpCo, and the TRA Parties; 85% of the amount of cash savings | ['TRA liability remeasurement gain of $20.7 million', '$13.8 million of payments to TRA Parties'] | 1,861,795 | 2025-05-08 | 10-Q | View Document | ||
| Zeo Energy Corp. | $27.60 | deferred tax assets | TRA Holders | Zeo Energy Corp. entered into the TRA; TRA with the TRA Holders; total TRA would be $27.6 million; utilization of such deferred tax assets | ['No TRA liability recorded as of 12/31/2024'] | 1,865,506 | 2025-05-28 | 10-K | View Document | ||
| Stagwell Inc | $25.60 | increases in the tax basis of OpCo’s assets | TRA liability of $25.6 million; increases in the tax basis of OpCo’s assets | ['All Paired Units were exchanged for Class A Shares'] | 876,883 | 2025-05-08 | 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; liability of $25.5 million and $24.4 million; Existing Tax Basis in the Reference Assets; acquisition of Kennedy Endeavors | ['Rights are assignable subject to restrictions.'] | 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 | recorded a $24.8 million; increases in tax basis of PNMAC’s assets; certain former owners of PNMAC; equal to 85% of the amount | ['85% of net tax benefits'] | 1,745,916 | 2025-07-29 | 10-Q | View Document | ||
| Rani Therapeutics Holdings, Inc. | $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 | ['Payment not probable'] | 1,856,725 | 2025-05-13 | 10-Q | View Document | ||||
| NET Power Inc. | $21.30 | deferred tax assets | TRA liability of $21.3 million; deferred tax assets subject to the TRA | ['TRA liability reduced to zero'] | 1,845,437 | 2025-05-12 | 10-Q | View Document | |||
| RMR GROUP INC. | $20.86 | increases in tax basis attributable to RMR Inc.’s dealings with ABP Trust and tax benefits related to imputed interest | ABP Trust, RMR Inc. | liability related to the tax receivable agreement of $20,863; increases in tax basis attributable to RMR Inc.’s dealings with ABP Trust; tax benefits related to imputed interest; Pursuant to our tax receivable agreement with ABP Trust | ['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 | ["Payments are Red Rock's obligations"] | 1,653,653 | 2025-05-08 | 10-Q | View Document | |||
| NEWMARK GROUP, INC. | $17.51 | tax basis of the tangible and intangible assets of Newmark OpCo | Cantor | payable related to tax receivable agreement; tax basis of the tangible and intangible assets; Newmark entered with Cantor; payment by Newmark to Cantor | ['85% of cash savings to Cantor'] | 1,690,680 | 2025-05-09 | 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; total amount due under the TRA was $12.5 million; the TRA with the Continuing Equity Owners; 85% of the benefits, that the Company realizes; existing tax basis acquired in its IPO | ['Company pays 85% of benefits realized.'] | 2,035,149 | 2025-08-05 | 10-Q | View Document | ||
| Flowco Holdings Inc. | $12.48 | existing tax basis acquired in its IPO | Continuing Equity Owners | Tax receivable agreement liability 12,484; TRA with the Continuing Equity Owners; existing tax basis acquired in its IPO; 85% of the benefits | ['85% of benefits to Continuing Equity Owners'] | 2,035,149 | 2025-05-13 | 10-Q | View Document | ||
| Vistra Corp. | $12.00 | certain tax benefits | Vistra | Tax Receivable Agreement obligation 12 14 | [] | 1,692,819 | 2025-05-08 | 10-Q | View Document | ||
| P3 Health Partners Inc. | $11.50 | tax basis increases attributable to payments | P3 LLC, members of P3 LLC | TRA liability is estimated to be $11.5 million; P3 LLC and the members of P3 LLC; 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 | ||
| 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 | 2025-05-14 | 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. | ['TRA effective upon IPO consummation'] | 1,549,966 | 2025-07-31 | 10-Q | View Document | ||
| Silvercrest Asset Management Group Inc. | $10.08 | increases in tax basis and certain other tax benefits | Silvercrest, Silvercrest L.P., current principals of Silvercrest L.P., future holders of Class B units | estimated to be $10,078; increases in tax basis and certain other tax benefits; liability of Silvercrest and not Silvercrest L.P.; payments to current principals of Silvercrest L.P.; future holders of Class B units | ['TRA effective upon IPO consummation'] | 1,549,966 | 2025-05-08 | 10-Q | View Document | ||
| Brilliant Earth Group, Inc. | $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 projected tax benefits'] | 1,866,757 | 2025-05-13 | 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; Legacy Unit Holders; 85% of the amount of cash savings; increase in tax basis of Hagerty, Inc.'s assets | ['Payments not due until taxable income produced.'] | 1,840,776 | 2025-08-04 | 10-Q | View Document | ||
| WM TECHNOLOGY, INC. | $5.00 | TRA liability was $5.0 million; and $4.4 million, respectively. | [] | 1,779,474 | 2025-05-08 | 10-Q | View Document | ||||
| Finance of America Companies Inc. | $4.54 | certain owners of FOA Equity | Tax Receivable Agreements (the “Tax Receivable Agreements”; certain owners of FOA Equity (the “TRA Parties”); TRA obligation4,537 | [] | 1,828,937 | 2025-05-20 | 10-K/A | View Document | |||
| biote Corp. | $4.48 | TRA liability 4,386; TRA liability 4,479 | ['Increase in tax basis generated TRA liability'] | 1,819,253 | 2025-05-09 | 10-Q | View Document | ||||
| GRAFTECH INTERNATIONAL LTD | $3.80 | pre-IPO tax assets | remaining $3.8 million Tax Receivable Agreement; remaining pre-IPO tax assets; covered by the Tax Receivable Agreement | ['TRA liability was written off'] | 931,148 | 2025-07-25 | 10-Q | View Document | |||
| MARKETWISE, INC. | $3.70 | tax-related benefits created as MarketWise Members exchange their LLC Units for Class A shares | MarketWise Members | cumulative liability of $3,737 under the TRA; 85% of the estimated future tax benefit; MarketWise Members exchange their LLC Units | ['No significant payments are expected in the next 12 months'] | 1,805,651 | 2025-05-08 | 10-Q | View Document | ||
| Xponential Fitness, Inc. | $3.19 | 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 | |||
| Bitcoin Depot Inc. | $2.20 | Increase in its share of the tax basis in the net assets of BT HoldCo | BT Assets, BT HoldCo members | aggregate payments under the TRA of approximately $2.2 million; Bitcoin Depot generally will be required to pay BT Assets 85%; increase in the tax basis of its investment in BT HoldCo | ['85% of tax savings to BT Assets'] | 1,901,799 | 2025-05-15 | 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 to the Continuing Equity Owners; and the Blocker Shareholders of 85% of the amount; As of both March 31, 2025 and December 31, 2024; the liability related to the Tax Receivable Agreement was $1.1 million | [] | 1,808,220 | 2025-05-16 | 10-Q | View Document | |||
| GEN Restaurant Group, Inc. | $0.96 | increases in tax basis resulting from exchanges | GEN Inc., Operating Company, Members | Tax receivable agreement liability $956 thousand; increases in tax basis resulting from exchanges; GEN Inc., Operating Company, Members; 85% of the amount of tax benefits | ['85% of tax benefits to members'] | 1,891,856 | 2025-05-13 | 10-Q | View Document | ||
| Canopy Growth Corp | $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 | |||
| J M SMUCKER Co | $0.00 | $86.4 payment to terminate the tax receivable agreement | ['TRA terminated with Hostess Brands acquisition'] | 91,419 | 2025-06-18 | 10-K | View Document | ||||
| FLEX LTD. | $0.00 | Not specified | Flex, TPG, Nextracker | Not specified | Nextracker entered into a Tax Receivable Agreement; with Flex and TPG; 85% of the tax benefits realized; range from zero to approximately $300 million; $13 million was received under the Nextracker TRA | ['Flex has not recorded an asset.', 'Amounts contingent upon Nextracker realizing tax benefits.'] | 866,374 | 2025-05-21 | 10-K | View Document | |
| INFINITY NATURAL RESOURCES, INC. | $0.00 | Note 9 – Income Taxes and Tax Receivable Agreement | [] | 2,029,118 | 2025-05-13 | 10-Q | View Document | ||||
| Verde Clean Fuels, Inc. | $0.00 | additional tax basis arising from payments | Verde Clean Fuels | additional tax basis arising from payments; payment cap of $50,000,000; Verde Clean Fuels makes under the Tax Receivable Agreement; Verde Clean Fuels will retain the benefit | ['Payment cap applies to change of control.'] | 1,841,425 | 2025-05-14 | 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; As of June 25, 2025, there was no remaining obligation | ['TRA terminated 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 | ||||
| Carlyle Group Inc. | $0.00 | cash tax savings, if any, in U.S. federal, state and lo | the limited partners of the Carlyle Holdings partnerships | tax receivable agreement with the limited partners; 85% of the amount of cash tax savings | ['Payment is 85% of tax savings.'] | 1,527,166 | 2025-05-09 | 10-Q | View Document | ||
| Excelerate Energy, Inc. | $0.00 | Parent | 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 | |||
| 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 liability recorded due to taxable losses.'] | 1,820,302 | 2025-05-12 | 10-Q | View Document | |||
| Hamilton Lane INC | $0.00 | certain other tax benefits | pre-IPO members of HLA | tax receivable agreement will require us to pay; 85% of the amount of these; certain other tax benefits; pre-IPO members of HLA | ['Payment triggered by early termination, change in control'] | 1,433,642 | 2025-08-05 | 10-Q | View Document | ||
| Greenlane Holdings, Inc. | $0.00 | noncontrolling interest holders | our TRA liability was $0; payments to noncontrolling interest holders | ['Full valuation allowance established.'] | 1,743,745 | 2025-05-15 | 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 TRA on October 24, 2024'] | 1,937,987 | 2025-05-15 | 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 | |||||
| Inspirato Inc | $0.00 | any 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 of Inspirato; TRA was terminated by the Company; full and final settlement amount of $0.3 million | ['TRA was terminated on August 9, 2024.'] | 1,820,566 | 2025-05-08 | 10-Q | View Document | ||
| Intuitive Machines, Inc. | $0.00 | tax deductions related to basis adjustments | liability under the TRA related to the tax savings; tax deductions related to basis adjustments | ['management does not expect a TRA liability'] | 1,844,452 | 2025-05-13 | 10-Q | View Document | |||
| Cinemark Holdings, Inc. | $0.00 | NCM | tax receivable agreement with NCM | [] | 1,385,280 | 2025-08-01 | 10-Q | View Document | |||
| MCKESSON CORP | $0.00 | Change Healthcare Inc., McKesson | early termination of a tax receivable agreement; exercised by Change Healthcare Inc.; party to a TRA entered into; joint venture with Change; McKesson has since exited | ['TRA was terminated.'] | 927,653 | 2025-05-09 | 10-K | 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; increases in tax basis of the assets; Blue Owl Operating Group | ['Company will pay 85% of certain tax benefits'] | 1,823,945 | 2025-08-01 | 10-Q | View Document |