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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CARVANA CO. | $2,100.00 | related parties | $170 million and $82 million; $132 million and $61 million; due to related parties; $2.1 billion TRA liability | ['TRA payments of $17 million', '$13 million was paid to related parties', 'TRA expense'] | 1,690,820 | 2025-10-29 | 10-Q | View Document | |||
| Dutch Bros Inc. | $824.40 | Co-Founder and Sponsor | Liabilities were $824.4 million; Payments under TRA (4,698); Distributions and TRA payments to Co-Founder | [] | 1,866,581 | 2025-08-07 | 10-Q | View Document | |||
| TPG Inc. | $794.70 | 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 $794.7 million; increase in the Company’s tax basis; TPG Partner Holdings | ['Two TRA liabilities are reported.'] | 1,880,661 | 2025-11-04 | 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 | ['Represents 85% of tax benefit'] | 1,637,207 | 2025-08-07 | 10-Q | View Document | |||
| Core & Main, Inc. | $706.00 | Tax receivable agreement liabilities680 706 | [] | 1,856,525 | 2025-09-09 | 10-Q | View Document | ||||
| Bumble Inc. | $685.30 | 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 | total liability of $685.3 million; existing tax basis acquired in our IPO; pre-IPO owners; Founder, our Sponsor, Accel Partners LP | ['85% of benefits to pre-IPO owners'] | 1,830,043 | 2025-08-07 | 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 | ['TRA can be terminated for agreed amount', 'TRA has no stated term'] | 1,823,239 | 2025-08-11 | 10-Q | View Document | ||
| Rocket Companies, Inc. | $588.51 | 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 | ['TRA amended, not apply after March 9, 2025', 'RHI contributed rights to RHI II, LLC'] | 1,805,284 | 2025-08-08 | 10-Q | View Document | |||
| Ares Management Corp | $508.60 | Ares Owners Holdings L.P. | Tax receivable agreement liability $508,645; Ares Owners Holdings L.P.; no longer be entitled to any Tax Benefit Payment | ['Future payments expected to be substantial'] | 1,176,948 | 2025-08-08 | 10-Q | View Document | |||
| RYAN SPECIALTY HOLDINGS, INC. | $473.20 | Exchange Tax Attributes, Pre-IPO M&A Tax Attributes, TRA Payment Tax Attributes | current and certain former LLC Unitholders | TRA liabilities of $473.2 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 | 2025-10-31 | 10-Q | View Document | ||
| Premier, Inc. | $472.60 | member-owners | 1.8% | Tax Receivable Agreement (“TRA”) with certain member-owners; agreed to pay our member-owners approximately $472.6 million; payments were completed in the fourth quarter of fiscal year 2025; fixed annual rate of 1.8% | ['TRA was terminated.', 'Payments completed in Q4 2025.'] | 1,577,916 | 2025-08-19 | 10-K | View Document | ||
| Nextracker Inc. | $372.50 | Flex Ltd., TPG Inc., TPG Affiliates | Tax receivable agreement (TRA) liability; $372.5 million and $394.9 million; Flex Ltd. (“Flex”), TPG Inc. (“TPG”); TPG Affiliates pursuant to the Tax Receivable Agreement | ['Payment of $27.4 million was made.'] | 1,852,131 | 2025-10-30 | 10-Q | View Document | |||
| KKR & Co. Inc. | $355.50 | KKR Holdings | Amounts Due Under the Tax Receivable Agreement; undiscounted payable of $355.5 million; KKR terminated the tax receivable agreement; exchanges of KKR Holdings Units | ['TRA terminated May 30, 2022.', 'Payable for exchanges prior to termination.'] | 1,404,912 | 2025-08-08 | 10-Q | View Document | |||
| Portillo's Inc. | $353.20 | redemptions or exchanges of LLC Units | certain members of Portillo's OpCo | Term Secured Overnight Financing Rate | $353.2 million; 85% of the amount of tax benefits; Portillo's OpCo; Term Secured Overnight Financing Rate | ['Amendment replaces LIBOR with SOFR'] | 1,871,509 | 2025-11-04 | 10-Q | View Document | |
| Tradeweb Markets Inc. | $351.40 | Continuing LLC Owners | Tax receivable agreement liability $351.4 million; due to Continuing LLC Owners; paid over 15 years; $37.9 million within the next 12 months; $313.5 million thereafter | ['First payment in January 2021'] | 1,758,730 | 2025-10-30 | 10-Q | View Document | |||
| Moelis & Co | $299.20 | eligible selling holders of Group LP units | tax receivable agreement; Amount due pursuant to tax receivable agreement; $299.2 million due pursuant to the | ['Payment within 225 days of tax returns'] | 1,596,967 | 2025-10-30 | 10-Q | View Document | |||
| Cactus, Inc. | $281.70 | Cactus Companies, Cactus Inc. | total liability from the TRA was $281.7 million; Cactus Companies or Cactus Inc. | ['TRA commenced upon IPO completion'] | 1,699,136 | 2025-10-30 | 10-Q | View Document | |||
| AdaptHealth Corp. | $265.40 | certain tax attributes of the corresponding sellers | AdaptHealth Corp., certain current and former members of AdaptHealth Holdings LLC | TRA liability was $265.4 million; AdaptHealth Corp. is party to a TRA; certain current and former members; 85% of the tax savings | [] | 1,725,255 | 2025-11-04 | 10-Q | View Document | ||
| CompoSecure, Inc. | $253.12 | increase in the tax basis of Holdings’ assets | Holders of interests in Holdings | pro rata tax distributions | tax receivable agreement liability $253,117; increase in the tax basis of Holdings’ assets; holders of interests in Holdings; makes pro rata tax distributions | ['Payments will be deferred and accrue interest if unpaid.'] | 1,823,144 | 2025-11-03 | 10-Q | View Document | |
| CompoSecure, Inc. | $248.53 | increase in tax basis of Holdings’ assets | Holdings unitholders | pro rata tax distributions | tax receivable agreement liability234,412 248,534; increase in tax basis of Holdings’ assets; 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 | |
| Shake Shack Inc. | $248.50 | certain members of SSE Holdings | obligations totaled $248.5 million | ['Payments contingent on taxable income', 'and future changes in tax laws'] | 1,620,533 | 2025-10-30 | 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 | |||
| European Wax Center, Inc. | $198.33 | attributes obtained by us as a result of exchanges by our pre-IPO members | EWC Ventures LLC members | future payments under the TRA are expected to be $198,334; exchanges by our pre-IPO members; tax distribution payments to EWC Ventures members; payments made pursuant to the TRA | ['Payments only 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 | KKR, other Continuing Members, certain Former Members | maximum estimated TRA liability $193.5 million; certain tax attributes that are created; TRA Members, which include KKR; 85% of the applicable savings | ['TRA liability is not probable'] | 1,889,956 | 2025-08-07 | 10-Q | View Document | ||
| Repay Holdings Corp | $193.00 | Existing Tax Basis in the Reference Assets | holders of Post-Merger Repay Units | risk-free rate plus a spread | As of June 30, 2025, $193.0 million; holders of Post-Merger Repay Units; Existing Tax Basis in the Reference Assets; risk-free rate plus a spread | ['TRA measured at fair value under ASC 825'] | 1,720,592 | 2025-08-11 | 10-Q | View Document | |
| Goosehead Insurance, Inc. | $178.20 | tax basis increases related to the redemptions of LLC Units | Pre-IPO LLC Members | Liabilities under tax receivable agreement; $178.2 million; due to the Pre-IPO LLC Members; tax basis increases related to the redemptions | ['85% of aggregate tax benefits', 'Future exchanges will result in payments'] | 1,726,978 | 2025-10-23 | 10-Q | View Document | ||
| OLAPLEX HOLDINGS, INC. | $177.20 | Pre-IPO tax assets | Pre-IPO Stockholders | future payments could aggregate to $177.2 million; Tax Receivable Agreement with the Pre-IPO Stockholders; relating to the Pre-IPO tax assets | ['Payments expected to continue through 2041'] | 1,868,726 | 2025-08-07 | 10-Q | View Document | ||
| Virtu Financial, Inc. | $175.82 | TRA Parties | Tax receivable agreement obligations175,819; future payments to TRA Parties; We will retain the remaining 15% | ['Payments expected $0.1M to $22.1M per year'] | 1,592,386 | 2025-10-30 | 10-Q | View Document | |||
| Five Point Holdings, LLC | $173.80 | holders of Class A Common Units; San Francisco Venture | TRA with all of the holders; $173.8 million and $173.4 million | [] | 1,574,197 | 2025-10-31 | 10-Q | View Document | |||
| PBF Energy Inc. | $168.20 | PBF Energy | liability of $168.2 million; Tax Receivable Agreement obligation; Tax Receivable Agreement of $168.2 million | ['Undiscounted amounts expected to pay'] | 1,534,504 | 2025-10-30 | 10-Q | View Document | |||
| Rithm Capital Corp. | $160.40 | tax assets (including net operating losses) | former holders of units in Sculptor’s operating partnerships | estimated undiscounted future payment $237.9 million; TRA liability measured at amortized cost $160.4 million; former holders of units in Sculptor’s operating partnerships; tax assets (including net operating losses) | ['TRA related to Sculptor IPO in 2007'] | 1,556,593 | 2025-10-31 | 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; payment of 85%; current ... liability of $23 million; non-current ... liability of $111 million; Pre-IPO and IPO-Related Tax Benefits | ['85% of tax savings paid to pre-IPO shareholders'] | 1,804,745 | 2025-08-07 | 10-Q | View Document | ||
| Rush Street Interactive, Inc. | $124.00 | future tax benefits associated with the TRA | RSILP | TRA liability of $124.0 million; future tax benefits associated with the TRA; under our TRA and the amended; partnership agreement of RSILP | ['Increase due to RSILP Unit exchanges'] | 1,793,659 | 2025-10-30 | 10-Q | View Document | ||
| Nerdy Inc. | $117.23 | additional basis arising from payments | TRA Holders | liability of $117,228 under the Tax Receivable Agreement; additional basis arising from payments; payments to the TRA Holders | ['liability not recognized as not probable'] | 1,819,404 | 2025-08-07 | 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; 85% of the amount of the tax benefits | ['85% of tax benefits to investors'] | 1,628,908 | 2025-08-11 | 10-Q | View Document | ||
| Funko, Inc. | $102.80 | Continuing Equity Owners | estimated gross outstanding balance $102.8 million | ['full valuation allowance on deferred tax assets'] | 1,704,711 | 2025-08-07 | 10-Q | View Document | |||
| loanDepot, Inc. | $90.90 | tax basis step-up | Parthenon Stockholders, Continuing LLC Members | TRA liability of $90.9 million; tax savings associated with the amortization; Parthenon Stockholders and certain Continuing LLC | ['No payments made during the six months'] | 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 September 30, 2025 was $87,169; to the pre-IPO stockholders (the “TRA holders”) | ['TRA liability is an estimate.'] | 1,743,907 | 2025-10-30 | 10-Q | View Document | |||
| ProFrac Holding Corp. | $86.40 | As of June 30, 2025 we have $86.4 million; tax receivable agreement obligations | ['Estimated $3.4M due over next 12 months'] | 1,881,487 | 2025-08-07 | 10-Q | View Document | ||||
| Bridge Investment Group Holdings Inc. | $78.20 | Operating Company and the Continuing Equity Owners | tax receivable agreement with the Operating Company; 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 | |||
| Amneal Pharmaceuticals, Inc. | $66.01 | Members | tax receivable agreement liability- long term; tax receivable agreement liability- short term; Members - tax receivable agreement | ['Contingent TRA liability $118.7 million', 'TRA amended to 75% 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, 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 | ['Increase due to unit conversion.'] | 1,819,796 | 2025-08-07 | 10-Q | View Document | ||
| Excelerate Energy, Inc. | $58.95 | 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 | ['85% of net cash 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 | ||
| Lazard, Inc. | $55.68 | tax receivable agreement obligation; cumulative liability relating to our obligations; September 30, 2025 was $55,680 | ['Benefit due to revaluation of TRA liability'] | 1,311,370 | 2025-10-27 | 10-Q | View Document | ||||
| UWM Holdings Corp | $50.90 | anticipated temporary differences | Holdings LLC | increase in the TRA liability; subject to the TRA of $59.9 million; investment in Holdings LLC | ['Offsetting amounts recorded as adjustments to equity'] | 1,783,398 | 2025-08-07 | 10-Q | View Document | ||
| VERRA MOBILITY Corp | $43.14 | Tax receivable agreement liability, current portion 5,340; Tax receivable agreement liability, net of current portion 37,800 | [] | 1,682,745 | 2025-10-29 | 10-Q | View Document | ||||
| MALIBU BOATS, INC. | $40.16 | increases in tax basis in LLC’s tangible and intangible assets | pre-IPO owners of the LLC | Payable pursuant to tax receivable agreement; less current portion 39,332; MBI to the pre-IPO owners of the LLC; 85% of the amount of the benefits; tax basis in LLC’s tangible and intangible assets | ['Payment is 85% of tax benefits.', 'Payment depends on cash tax savings.'] | 1,590,976 | 2025-10-30 | 10-Q | View Document | ||
| MALIBU BOATS, INC. | $40.16 | increases in tax basis in LLC’s tangible and intangible assets, including increases attributable to payments made under the tax receivable agreement | pre-IPO owners (or their permitted assignees) | Payable pursuant to tax receivable agreement; less current portion 40,162; increases in tax basis; pre-IPO owners (or their permitted assignees); 85% of the amount of the benefits | ['85% of tax benefits', 'lump-sum payment upon changes of control'] | 1,590,976 | 2025-08-28 | 10-K | View Document | ||
| Hagerty, Inc. | $39.90 | increase in tax basis of Hagerty, Inc.'s assets | Legacy Unit Holders | TRA Liability was $39.9 million; pay Legacy Unit Holders 85%; increase in tax basis of Hagerty, Inc.'s assets; TRA entered into with the Legacy Unit Holders | ['Payments are due when taxable income is produced.'] | 1,840,776 | 2025-11-04 | 10-Q | View Document | ||
| National CineMedia, Inc. | $38.40 | AMC | Payable under the TRA 38.4; AMC waived all rights and interests; NCM will no longer have an obligation; payments to ESA Parties under the tax receivable agreement | ['AMC waived all rights and interests', 'Payable under the TRA reduced by $21.6M'] | 1,377,630 | 2025-10-30 | 10-Q | 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 obligations $35.117; Continuing Equity Owners; total amount due was $35.1 million | ['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 | |||
| Definitive Healthcare Corp. | $31.20 | certain tax basis adjustments | Definitive Healthcare Corp., Definitive OpCo, and the TRA Parties | 85% | recorded a liability under the TRA of $31.2 million; certain tax basis adjustments; Definitive Healthcare Corp., Definitive OpCo, and the TRA Parties; to pay to the TRA Parties 85% | ['TRA remeasurement gain/loss impacts net income'] | 1,861,795 | 2025-08-07 | 10-Q | View Document | |
| AlTi Global, Inc. | $30.40 | increase in tax basis of the assets of Umbrella | the TWMH Members, the TIG GP Members, and the TIG MGMT Members | TRA Liability as of June 30, 2025 $30.4 million; increase in tax basis of the assets of Umbrella; TWMH Members, the TIG GP Members, and the TIG MGMT Members | ['85% of costs borne by TRA parties'] | 1,838,615 | 2025-08-11 | 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 to exchanged; increases in tax basis of PNMAC’s assets; certain former owners of PNMAC | ['85% of net tax benefits'] | 1,745,916 | 2025-10-28 | 10-Q | View Document | ||
| Utz Brands, Inc. | $23.50 | liability of $23.5 million; timing and amount of taxable income | ['TRA liability split between current and non-current.'] | 1,739,566 | 2025-10-30 | 10-Q | View Document | ||||
| Rani Therapeutics Holdings, Inc. | $23.40 | Rani LLC | subject to the TRA, the TRA payable; range from zero to $23.4 million; exchanges of Paired Interest or non-corresponding | ['TRA payable is between zero and $23.4M'] | 1,856,725 | 2025-08-07 | 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 obligations are 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”); Zeo Energy Corp. is required to pay; 85% of the net cash savings | ['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 | Cantor | Tax receivable agreement liability $17,511; Newmark entered with Cantor; tax basis of the tangible and intangible assets | ['85% of cash savings to Cantor'] | 1,690,680 | 2025-08-08 | 10-Q | View Document | ||
| FORWARD AIR CORP | $14.72 | tax benefits related to the 700 shares | certain Omni Holders | Tax Receivable Agreement with certain Omni Holders; liability recorded to $14,716; tax benefits related to the 700 shares | ['Liability revalued during the period.'] | 912,728 | 2025-08-11 | 10-Q | View Document | ||
| Vistra Corp. | $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 | 2025-08-08 | 10-Q | View Document | ||
| P3 Health Partners Inc. | $11.50 | P3 LLC, members of P3 LLC | Tax Receivable Agreement, dated as of December 3, 2021; by and among P3 LLC and the members of P3 LLC; TRA liability is estimated to be $11.5 million | ['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"); unrecorded liability for the TRA; deferred tax assets subject to the TRA; distributions on a pro rata basis | ['Valuation allowance impacts TRA liability'] | 1,828,791 | 2025-08-11 | 10-Q | View Document | |
| Hamilton Lane INC | $10.51 | pre-IPO members of HLA | $10,512 pursuant to the tax receivable agreement; pre-IPO members of HLA; 85% of the amount of these and certain other tax benefits | ['85% of tax benefits paid to pre-IPO members'] | 1,433,642 | 2025-11-04 | 10-Q | View Document | |||
| Silvercrest Asset Management Group Inc. | $10.23 | increases in tax basis and certain other tax benefits | current principals of Silvercrest L.P. and future holders of Class B units | estimated to be $10,233; increases in tax basis and certain other tax benefits; principals of Silvercrest L.P. and future holders of Class B units | ['TRA liability is a liability of Silvercrest'] | 1,549,966 | 2025-10-31 | 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 liability requires significant judgment', 'Classified as Level 3 in the fair value hierarchy'] | 1,820,721 | 2025-08-07 | 10-Q | View Document | ||
| Brilliant Earth Group, Inc. | $7.80 | Brilliant Earth, LLC, Continuing Equity Owners | estimated liability with a balance of $7.8 million; Brilliant Earth, LLC; Continuing Equity Owners; 85% of the amount of tax benefits | [] | 1,866,757 | 2025-08-07 | 10-Q | View Document | |||
| MediaAlpha, Inc. | $6.90 | certain holders of Class B-1 units | Company is party to the TRA; holders of Class B-1 units; 85% of the amount of any tax benefits; accrued $6.9 million | ['Payments deemed probable'] | 1,818,383 | 2025-10-29 | 10-Q | View Document | |||
| System1, Inc. | $5.30 | Tax Receivable Agreement Payments due $5.3 million | [] | 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 | 2025-11-04 | 10-Q | View Document | |||
| biote Corp. | $4.48 | TRA liability 4,386 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 | MarketWise Members, MarketWise, Inc., MarketWise, LLC | cumulative liability of $4,260 under the TRA; TRA liability was $4.3 million; MarketWise Members exchange their LLC Units; 85% of the estimated future tax benefit | ['No significant payments expected next 12 months'] | 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 $1.6M reduction'] | 1,779,474 | 2025-08-07 | 10-Q | View Document | ||||
| GRAFTECH INTERNATIONAL LTD | $3.80 | pre-IPO tax assets | remaining $3.8 million Tax Receivable Agreement; pre-IPO tax assets covered by the Tax; Receivable Agreement | ['TRA liability was written off'] | 931,148 | 2025-10-24 | 10-Q | View Document | |||
| Xponential Fitness, Inc. | $2.00 | deferred tax assets | TRA expense, which was $2.0 million; $11 and $1,975 of the current; deferred tax assets subject to the TRA | ['Majority of TRA liability not recorded'] | 1,802,156 | 2025-08-08 | 10-Q | View Document | |||
| Camping World Holdings, Inc. | $1.20 | remaining Tax Receivable Agreement liability of $1.2 million | ['Liability remeasured, gain recorded'] | 1,669,779 | 2025-10-30 | 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 and December 31, 2024; liability was $1.1 million | [] | 1,808,220 | 2025-08-12 | 10-Q | View Document | |||
| Fluence Energy, Inc. | $0.30 | increases in our share of the tax basis of assets | 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; increases in our share of the tax basis of assets; $0.3 million of Tax Receivable Agreement payment | ['Payments not probable, remaining liability not recognized.'] | 1,868,941 | 2025-08-11 | 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 | ||||
| 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 agreed to issue common shares; assignment of such Holder’s rights under the TRA; Canopy USA is the sole member and beneficiary | ['Shares issued for assignment of TRA rights'] | 1,737,927 | 2025-08-08 | 10-Q | View Document | |||
| Cinemark Holdings, Inc. | $0.00 | NCM | tax receivable agreement with NCM | [] | 1,385,280 | 2025-11-05 | 10-Q | View Document | |||
| Bitcoin Depot Inc. | $0.00 | certain tax attributes that are created as part of and after the Merger | BT Assets | Bitcoin Depot is party to the TRA; required to pay BT Assets 85%; tax attributes that are created; part of and after the Merger | ['TRA terminated May 30, 2025', 'Cash payment of $8.4 million'] | 1,901,799 | 2025-08-12 | 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 | ||||
| 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 | 2025-08-11 | 10-Q | View Document | |||
| Verde Clean Fuels, Inc. | $0.00 | additional tax basis arising from payments under the Tax Receivable Agreement | additional tax basis arising from payments; under the Tax Receivable Agreement | ['Payment cap of $50,000,000', '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 | Liberty Broadband, Charter | tax benefits realized by GCI; Liberty Broadband; Charter | ['Charter bears corporate level tax liability'] | 1,611,983 | 2025-08-07 | 10-Q | View Document | ||
| Eve Holding, Inc. | $0.00 | Tax Sharing Agreement and Tax Receivable Agreement; Note 14 for details of these two agreements | [] | 1,823,652 | 2025-11-04 | 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”); obligations owed to the FS Equity Partners; no remaining obligation owed | ['TRA terminated May 29, 2024'] | 1,606,366 | 2025-10-31 | 10-Q | View Document | |||
| Falcon's Beyond Global, Inc. | $0.00 | Company, Exchange TRA Holders | Tax benefits attributable to payments under the Tax Receivable Agreement; Company and Exchange TRA Holders | ['Amendment to TRA on October 24, 2024'] | 1,937,987 | 2025-08-14 | 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; No early termination payment was payable | ['TRA was terminated', 'No early termination payment'] | 1,845,437 | 2025-08-11 | 10-Q | View Document | |||
| Inspirato Inc | $0.00 | basis adjustment relating to the assets | the other signatory parties | basis adjustment relating to the assets; the other signatory parties; termination and settlement of the TRA | ['TRA was terminated on August 9, 2024'] | 1,820,566 | 2025-08-13 | 10-Q | View Document | ||
| FLEX LTD. | $0.00 | Flex, Nextracker | higher tax receivable agreement payment; from Flex's former subsidiary Nextracker | ['Payment from former subsidiary Nextracker'] | 866,374 | 2025-10-31 | 10-Q | View Document | |||
| Goosehead Insurance, Inc. | $0.00 | Tax Receivable Agreement | [] | 1,726,978 | 2025-10-23 | 10-Q | View Document | ||||
| Intuitive Machines, Inc. | $0.00 | basis adjustments | TRA related to the tax savings; tax deductions related to basis adjustments; As of June 30, 2025, management does not expect | ['No TRA liability expected'] | 1,844,452 | 2025-08-07 | 10-Q | View Document | |||
| BLUE OWL CAPITAL INC. | increase in tax basis of certain Blue Owl Operating Group assets | Not specified | TRA liability (includes $102,203 and $108,257 at fair value; increase in tax basis of certain Blue Owl Operating Group assets; Total TRA Liability$1,633,433 | ['Payments depend on taxable income.'] | 1,823,945 | 2025-11-03 | 10-Q | View Document | |||
| ZoomInfo Technologies Inc. | TRA Holders | liability of $2,725.1 million; paid to TRA Holders pursuant to the TRA | ['Refer to Note 16 in 2024 Form 10-K'] | 1,794,515 | 2025-11-03 | 10-Q | View Document |