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 | $2.1 billion TRA liability | ['Deferred tax assets may not be realized.'] | 1,690,820 | 2025-10-29 | 10-Q | View Document | ||||
| Dutch Bros Inc. | $825.80 | Co-Founder and Sponsor | Ending balance $825,816; Distributions and TRA payments to Co-Founder | [] | 1,866,581 | 2025-11-06 | 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 | $794.7 million and $331.3 million; increase in the Company’s tax basis; TPG Partner Holdings; Tax Receivable Agreement liability | ['TRA liability increased significantly'] | 1,880,661 | 2025-11-04 | 10-Q | View Document | ||
| Apollo Global Management, Inc. | $767.00 | increases in tax basis of assets resulting from exchanges | Former Managing Partners, Contributing Partners, Bridge TRA holders | Due to TRA holders $767; 85% of the tax benefits realized; increases in tax basis of assets | ['Bridge TRA was amended and restated', 'Apollo and Bridge TRA holders no longer own operating units'] | 1,858,681 | 2025-11-10 | 10-Q | View Document | ||
| Alight, Inc. / Delaware | $723.00 | existing tax basis, anticipated tax basis adjustments | Ending balance as of September 30, 2025 723; existing tax basis; anticipated tax basis adjustments | ['TRA liability measured at fair value', '$100 million TRA payments'] | 1,809,104 | 2025-11-06 | 10-Q | View Document | |||
| Bumble Inc. | $692.40 | Existing tax basis acquired in our IPO | Founder, our Sponsor, an affiliate of Accel Partners LP and management and other equity holders | total liability of $692.4 million; existing tax basis acquired in our IPO; pre-IPO owners including our Founder; affiliated with Accel Partners LP; management and other equity holders | ['TRA Amendment for $186.0M settlement.'] | 1,830,043 | 2025-11-07 | 10-Q | View Document | ||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $683.80 | certain tax benefits | MLSH 1, MLSH 2 | We are a party to the TRA; with MLSH 1 and MLSH 2.; 85% of the amount of certain tax benefits; amount of the non-current liability amount; that had been derecognized was $683.8 million | ['TRA can be terminated for agreed amount'] | 1,823,239 | 2025-11-07 | 10-Q | View Document | ||
| Core & Main, Inc. | $680.00 | Continuing Limited Partners | Tax receivable agreement liabilities680; Continuing Limited Partners Tax Receivable Agreement | [] | 1,856,525 | 2025-09-09 | 10-Q | View Document | |||
| Interactive Brokers Group, Inc. | $618.00 | tax basis increases | Holdings | Payable to affiliate; Tax basis increases; Payable to Holdings annually | ['85% of tax savings'] | 1,381,197 | 2025-11-05 | 10-Q | View Document | ||
| Rocket Companies, Inc. | $590.49 | LLC Members, RHI, RHI II, LLC | Tax receivable agreement liability 590,490; Tax Receivable Agreement with related parties; RHI II, LLC became party to the Tax Receivable Agreement; payment of $749 was made to the LLC Members | ['TRA amended, not apply after March 9, 2025', 'RHI contributed rights to RHI II, LLC'] | 1,805,284 | 2025-11-06 | 10-Q | View Document | |||
| Ares Management Corp | $540.60 | increases in tax basis and of certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA and interest accrued thereon | TRA liability balance was $540.6 million; increases in tax basis; certain other tax benefits related to entering | ['TRA recipients receive 85% of Cash Tax Savings'] | 1,176,948 | 2025-11-06 | 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 of $328.7 million; Pre-IPO M&A Tax Attributes of $100.4 million; TRA Payment Tax Attributes of $127.6 million | ['Company retains 15% of cash savings.'] | 1,849,253 | 2025-10-31 | 10-Q | View Document | ||
| Symbotic Inc. | $452.90 | additional tax basis in the partnership | TRA Holders | projected to be $452.9 million; additional tax basis in the partnership; pay the TRA Holders 85% | [] | 1,837,240 | 2025-11-24 | 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 | |||
| Shift4 Payments, Inc. | $362.10 | Rook | TRA liability was $362.1 million; exchanges of LLC Interests with Rook | ['TRA liability increase with Rook exchanges'] | 1,794,669 | 2025-11-06 | 10-Q | View Document | |||
| KKR & Co. Inc. | $355.50 | KKR Holdings | $355.5 million has been recorded; due to affiliates; KKR terminated the tax receivable agreement; with KKR Holdings | ['TRA terminated May 30, 2022'] | 1,404,912 | 2025-11-07 | 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 (“SOFR”) | $353.2 million; redemptions or exchanges of LLC Units; certain members of Portillo's OpCo; Term Secured Overnight Financing Rate | ['85% of the amount of tax benefits'] | 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 | ['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 partnership units | tax receivable agreement; Amount due pursuant to tax receivable agreement; $299.2 million due pursuant to the tax | ['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. | ['Payments not conditional on continued ownership.'] | 1,699,136 | 2025-10-30 | 10-Q | View Document | |||
| AdaptHealth Corp. | $265.40 | certain tax attributes of the corresponding sellers | certain current and former members of AdaptHealth Holdings LLC | liability relating to the TRA was $265.4 million; current and former members of AdaptHealth Holdings LLC; 85% of the tax savings; certain tax attributes of the corresponding sellers | [] | 1,725,255 | 2025-11-04 | 10-Q | View Document | ||
| CompoSecure, Inc. | $253.12 | increase in the tax basis of Holdings’ assets | Holdings unitholders | pro rata tax distributions | tax receivable agreement liability253,117; increase in the tax basis of Holdings’ assets; exchange of the equity in Holdings by unitholders; makes pro rata tax distributions | ['Payments will be deferred and accrue interest if unpaid.'] | 1,823,144 | 2025-11-03 | 10-Q | View Document | |
| NUSCALE POWER Corp | $250.85 | increases in tax basis and other tax benefits | NuScale LLC, Fluor Enterprises | implied TRA obligation increased to $250,848; increases in tax basis and other tax benefits; NuScale LLC, Fluor Enterprises and the other parties | ['TRA amendment to reduce payments by 50%'] | 1,822,966 | 2025-11-06 | 10-Q | View Document | ||
| Shake Shack Inc. | $248.50 | certain members of SSE Holdings | obligations totaled $248.5 million; payments to certain members of SSE Holdings | ['Contingent on future taxable income', 'Contingent on 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 $214.8 $241.9; tax receivable agreement; limited partners of the Carlyle Holdings partnerships; 85% of the amount of cash tax savings | [] | 1,527,166 | 2025-11-07 | 10-Q | View Document | |||
| Clear Secure, Inc. | $233.48 | tax basis increase | Alclear Members | TRA liability of $233,478; tax basis increase; Alclear Members; payments under the TRA | ['TRA mirrors deferred tax assets'] | 1,856,314 | 2025-11-06 | 10-Q | View Document | ||
| Stagwell Inc | $225.90 | Existing Tax Basis in the Reference Assets | increase to TRA liability of $200.3 million; TRA liability of $225.9 million; Existing Tax Basis in the Reference Assets | ['TRA liability is an estimate'] | 876,883 | 2025-11-06 | 10-Q | View Document | |||
| European Wax Center, Inc. | $204.38 | attributes obtained by us as a result of exchanges by our pre-IPO members | pre-IPO members | future payments under the TRA are expected to be $204,384; exchanges by our pre-IPO members; payments made pursuant to the TRA | ['Payments when cash tax savings is realized'] | 1,856,236 | 2025-11-12 | 10-Q | View Document | ||
| WaterBridge Infrastructure LLC | $201.60 | existing tax basis of OpCo prior to the IPO as well as NOL carryforwards of WB 892 | OpCo, Legacy Owners | SOFR plus 100 basis points | TRA liability of $201.6 million; existing tax basis of OpCo prior to the IPO; NOL carryforwards of WB 892; entered into by the Company with OpCo; and the Legacy Owners; secured overnight financing rate (“SOFR”) plus 100 | [] | 2,064,947 | 2025-11-12 | 10-Q | View Document | |
| Repay Holdings Corp | $197.60 | Holders of Post-Merger Repay Units | Tax receivable agreement, net of current portion; Company entered into the TRA; with holders of Post-Merger Repay Units; liability of $197.6 million related to its obligations | ['TRA measured at fair value under ASC 825', 'TRA payables for related parties'] | 1,720,592 | 2025-11-10 | 10-Q | View Document | |||
| OneStream, Inc. | $195.20 | certain tax attributes that are created as a result of the exchanges or redemptions | KKR, other Continuing Members, certain Former Members | maximum estimated TRA liability $195.2 million; required to pay cash to the TRA Members; 85% of the applicable savings; tax attributes that are created | ['No TRA liability recorded.'] | 1,889,956 | 2025-11-06 | 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 | ||
| Virtu Financial, Inc. | $175.82 | TRA Parties | Tax receivable agreement obligations175,819; future payments to TRA Parties | ['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 | party to a TRA; holders of Class A Common Units; liabilities of $173.8 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; PBF Energy expects to pay | ['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 | ||
| OLAPLEX HOLDINGS, INC. | $157.60 | Pre-IPO Tax Assets | Pre-IPO Stockholders | Related Party payable pursuant to Tax Receivable Agreement; Tax Receivable Agreement with the Pre-IPO Stockholders; future payments under the Tax Receivable Agreement; relating to the Pre-IPO Tax Assets | ['Payments expected to continue through 2036', 'OBBBA impacted TRA liability'] | 1,868,726 | 2025-11-06 | 10-Q | View Document | ||
| Vivid Seats Inc. | $155.70 | TRA attributes | existing Hoya Intermediate unitholders | TRA liability 180 155,720; with the existing Hoya Intermediate unitholders; recognize all TRA attributes; pursuant to the TRA | ['TRA terminated on October 31, 2025'] | 1,856,031 | 2025-11-06 | 10-Q | View Document | ||
| Legence Corp. | $146.50 | arising from distributions by Legence Holdings pursuant to the Exchange Agreement; and (iv) certain additional tax benefits arising from payments made under the Tax Receivable Agreement. | Legence Holdings | $146.5 million as of September 30, 2025; distributions by Legence Holdings pursuant to the Exchange Agreement; payments made under the Tax Receivable Agreement | ['TRA commenced upon IPO'] | 2,052,568 | 2025-11-14 | 10-Q | View Document | ||
| Driven Brands Holdings Inc. | $134.00 | Pre-IPO and IPO-Related Tax Benefits | pre-IPO shareholders | current liability of $23 million; non-current liability of $111 million; pre-IPO shareholders with the right to receive payment; 85% of the amount of cash savings; Pre-IPO and IPO-Related Tax Benefits | ['No payments made in current period'] | 1,804,745 | 2025-11-05 | 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 payments improbable'] | 1,819,404 | 2025-11-06 | 10-Q | View Document | ||
| Galaxy Digital Inc. | $111.00 | tax basis in its Class B common stock | GDH Ltd., holders of Class B Units in GDH LP | TRA-related liability of $111.0 million; holders of Class B Units in GDH LP; tax basis in its Class B common stock | ['Original TRA was entered July 31, 2018'] | 1,859,392 | 2025-11-10 | 10-Q | View Document | ||
| Evolent Health, Inc. | $108.10 | tax basis related to exchanges of Class B common units as well as tax benefits attributable to the future utilization of pre-IPO NOLs | TRA liability of $108.1 million; September 30, 2025; pre-IPO NOLs | ['Liability estimate.'] | 1,628,908 | 2025-11-07 | 10-Q | View Document | |||
| Funko, Inc. | $102.80 | Continuing Equity Owners, certain transferees | TRA liability was $102.8 million; Continuing Equity Owners; certain transferees | ['85% of tax benefits realized'] | 1,704,711 | 2025-11-06 | 10-Q | View Document | |||
| Liberty Broadband Corp | $98.00 | Liberty Broadband, GCI Liberty, Charter | liability of $98 million due to GCI Liberty; tax receivables agreement; tax benefits realized by GCI Liberty | ['GCI Liberty is presented as discontinued operation'] | 1,611,983 | 2025-11-05 | 10-Q | View Document | |||
| loanDepot, Inc. | $97.60 | tax savings associated with the amortization of the tax basis step-up | Parthenon Stockholders and certain Continuing LLC Members | TRA liability of $97.6 million; tax basis step-up; Parthenon Stockholders and certain Continuing LLC Members | ['85% of the value for the tax savings'] | 1,831,631 | 2025-11-07 | 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 | Tax receivable agreement liability 82.9; $86.4 million of estimated tax receivable; agreement obligations | ['Estimate will not significantly increase'] | 1,881,487 | 2025-11-10 | 10-Q | View Document | ||||
| Perella Weinberg Partners | $86.10 | each exchange of interests in PWP OpCo | liability of $86.1 million; pursuant to the tax receivable agreement; each exchange of interests in PWP OpCo | ['Best estimate of amounts currently expected to be owed'] | 1,777,835 | 2025-11-07 | 10-Q | View Document | |||
| UWM Holdings Corp | $79.50 | temporary differences | SFS Corp. | increase in the TRA liability in the amount of $79.5 million; temporary differences subject to the TRA; payments to SFS Corp. under the TRA | ['Offsetting amounts recorded as adjustments to equity.'] | 1,783,398 | 2025-11-06 | 10-Q | View Document | ||
| Solaris Energy Infrastructure, Inc. | $76.90 | certain increases in tax basis and certain tax benefits | other then-existing members of Solaris LLC | cash distribution on a pro rata basis | liability under the Tax Receivable Agreement was $76.9 million; other then-existing members of Solaris LLC; cash distribution on a pro rata basis | ['TRA was amended on June 27, 2023.'] | 1,697,500 | 2025-11-06 | 10-Q | View Document | |
| MSP Recovery, Inc. | $64.40 | existing tax basis acquired in the Business Combination | Continuing Equity Owners and Blocker Shareholders | TRA liability of $64.4 million; existing tax basis acquired in the Business Combination; Continuing Equity Owners and Blocker Shareholders | ['Not probable to realize remaining tax benefits'] | 1,802,450 | 2025-11-19 | 10-Q | View Document | ||
| GCM Grosvenor Inc. | $60.60 | related parties | payable to related parties; tax receivable agreement was $60.6 million | ['Increase due to step-up in tax basis'] | 1,819,796 | 2025-11-05 | 10-Q | View Document | |||
| Excelerate Energy, Inc. | $58.95 | Existing Tax Basis in the Reference Assets | Excelerate Energy Holdings, LLC (“EEH”), George Kaiser Family Foundation | TRA liability 58,955; Existing Tax Basis in the Reference Assets; Excelerate Energy Holdings, LLC (“EEH”); George Kaiser Family Foundation | ['85% of net cash tax savings'] | 1,888,447 | 2025-11-06 | 10-Q | View Document | ||
| Zevia PBC | $58.60 | DTAs | Direct Zevia Stockholders, certain continuing members of Zevia LLC | TRA liability totaled $58.6 million; utilization of such DTAs; Direct Zevia Stockholders; continuing members of Zevia LLC | ['No liability recorded as realization unlikely'] | 1,854,139 | 2025-11-05 | 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.'] | 1,311,370 | 2025-10-27 | 10-Q | View Document | ||||
| Amneal Pharmaceuticals, Inc. | $45.20 | Members | tax receivable agreement liability - short term; tax receivable agreement liability - long term; Members - tax receivable agreement | ['TRA amended to reduce obligation to 75%'] | 1,723,128 | 2025-11-06 | 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 | ||||
| Black Rock Coffee Bar, Inc. | $40.60 | Basis Adjustments and certain tax benefits | TRA Parties, Continuing Equity Owners | recognized $40.6 million of liabilities; pay the TRA Parties 85%; Basis Adjustments and certain tax benefits; Continuing Equity Owners | ['85% of tax benefits to TRA parties'] | 2,068,577 | 2025-11-12 | 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; Payable pursuant to tax receivable agreement; MBI to the pre-IPO owners; increases in tax basis; tangible and intangible assets | ['85% of the amount of the benefits'] | 1,590,976 | 2025-10-30 | 10-Q | 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 assets | ['Payments are due when taxable income is reduced.'] | 1,840,776 | 2025-11-04 | 10-Q | View Document | ||
| OppFi Inc. | $38.70 | Existing Tax Basis in the Reference Assets | Members | Tax receivable agreement liability38,704; payments to the Members; Existing Tax Basis in the Reference Assets | ['Payments totaled $1.0 million YTD'] | 1,818,502 | 2025-11-06 | 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 | |||
| Definitive Healthcare Corp. | $38.20 | certain tax basis adjustments | Definitive OpCo, and the TRA Parties | recorded a liability under the TRA of $38.2 million; Definitive OpCo, and the TRA Parties; 85% of the amount of any tax benefits | ['TRA remeasurement loss of $7.1 million', 'decrease in the TRA liability of $25.0 million'] | 1,861,795 | 2025-11-06 | 10-Q | View Document | ||
| i3 Verticals, Inc. | $34.91 | increase in the tax basis of our investment in i3 Verticals, LLC | i3 Verticals, LLC and each of the Continuing Equity Owners | Tax Receivable Agreement liability of $34,911; i3 Verticals, LLC and each of the Continuing Equity Owners; increase in the tax basis of our investment | ['85% of certain tax benefits'] | 1,728,688 | 2025-11-21 | 10-K | View Document | ||
| PJT Partners Inc. | $34.30 | 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; $34.3 million and $29.3 million, respectively; exchanging holders of Partnership Units; 85% of the benefits, if any | ['payments may differ significantly from estimated amounts'] | 1,626,115 | 2025-11-06 | 10-Q | View Document | ||
| AlTi Global, Inc. | $32.50 | 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 September 30, 2025; was $32.5 million; increase in tax basis of the assets; TWMH Members, the TIG GP Members; the TIG MGMT Members | ['15% Company, 85% by TRA parties'] | 1,838,615 | 2025-11-13 | 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 the 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 | income tax benefits associated with the exchanges | Rani LLC | zero to $23.4 million at September 30, 2025; exchanges of Paired Interest or non-corresponding; Units of Rani LLC subject to the TRA | ['Not probable to realize tax benefits'] | 1,856,725 | 2025-11-06 | 10-Q | View Document | ||
| Red Rock Resorts, Inc. | $20.30 | Fertitta Family Entities | liability under the TRA was $20.3 million; payable to Fertitta Family Entities | ['Payments are Red Rock’s obligations'] | 1,653,653 | 2025-11-06 | 10-Q | View Document | |||
| Flowco Holdings Inc. | $19.80 | increase in the tax basis | Continuing Equity Owners | Tax receivable agreement liability 19,791; total amount due under the TRA was $19.8 million; Continuing Equity Owners; increase in the tax basis | ['Company has yet to make its first TRA payment.'] | 2,035,149 | 2025-11-05 | 10-Q | View Document | ||
| RMR GROUP INC. | $18.48 | increases in tax basis attributable to RMR Inc.’s dealings with ABP Trust | ABP Trust, RMR Inc. | liability related to the tax receivable agreement of $18,478; RMR Inc.’s dealings with ABP Trust; tax benefits related to imputed interest; payments of $2,384 to ABP Trust | ['Expect to pay $2,552 to ABP Trust during Q4 2026'] | 1,644,378 | 2025-11-12 | 10-K | View Document | ||
| NEWMARK GROUP, INC. | $17.50 | tax basis of the tangible and intangible assets | Cantor | tax receivable agreement liability $17,511; $20.6 million tax receivable; Newmark entered with Cantor; 85% of the amount of cash savings; tax basis of the tangible and intangible assets | ['85% of tax savings paid to Cantor'] | 1,690,680 | 2025-11-10 | 10-Q | View Document | ||
| FORWARD AIR CORP | $14.13 | tax benefits related to the 700 shares | certain Omni Holders | Tax Receivable Agreement liability of $14,131; with certain Omni Holders; tax benefits related to the 700 shares | ['Valuation allowance recorded against deferred tax assets.'] | 912,728 | 2025-11-05 | 10-Q | View Document | ||
| Viant Technology Inc. | $13.20 | deferred tax assets | Viant Technology LLC, continuing members of Viant Technology LLC, TRA Representative | pro rata | $13.2 million as of September 30, 2025; deferred tax assets; Viant Technology LLC; continuing members of Viant Technology LLC; TRA Representative; cash distributions on a pro rata basis | ['Unrecorded liability due to valuation allowance'] | 1,828,791 | 2025-11-10 | 10-Q | View Document | |
| P3 Health Partners Inc. | $11.50 | tax basis increases attributable to payments made under the TRA | P3 LLC and the members of P3 LLC | TRA liability is estimated to be $11.5 million; tax basis increases attributable to payments made; P3 LLC and the members of P3 LLC | ['No TRA liability recorded as of September 30, 2025'] | 1,832,511 | 2025-11-14 | 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 | |||
| 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 | 2025-11-05 | 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 | ||
| Vistra Corp. | $9.00 | certain tax benefits | Vistra | Tax Receivable Agreement, containing certain rights; receive payments from Vistra related to; certain tax benefits | ['Includes $10 million gain recognized on repurchase.'] | 1,692,819 | 2025-11-07 | 10-Q | View Document | ||
| Array Technologies, Inc. | $8.50 | certain deductions generated by the increase in the tax value of the developed technology | former owners | fair value of the TRA was $8.5 million; payments to the former owners; increase in the tax value; attributes defined in the TRA | ['TRA is accounted for as contingent consideration'] | 1,820,721 | 2025-11-05 | 10-Q | View Document | ||
| Brilliant Earth Group, Inc. | $7.80 | certain tax basis adjustments and payments made under the TRA | Brilliant Earth, LLC and the Continuing Equity Owners | liability with a balance of $7.8 million; tax basis adjustments and payments made; Brilliant Earth, LLC and the Continuing Equity Owners | [] | 1,866,757 | 2025-11-05 | 10-Q | View Document | ||
| Zeo Energy Corp. | $7.20 | net cash savings in U.S. federal, state and local income and franchise tax | Opco, certain Opco members (the “TRA Holders”) | total unrecorded TRA liability is approximately $7.2 million; Zeo entered into a TRA with Opco; certain Opco members (the “TRA Holders”); 85% of the net cash savings | ['Payments not considered probable as of September 30, 2025', 'TRA liability is unrecorded'] | 1,865,506 | 2025-11-14 | 10-Q | View Document | ||
| MediaAlpha, Inc. | $6.90 | holders of Class B-1 units | Company is party to the TRA; pay certain holders of Class B-1 units; 85% of the amount of any tax benefits; accrued $6.9 million | ['85% of tax benefits to TRA holders'] | 1,818,383 | 2025-10-29 | 10-Q | View Document | |||
| System1, Inc. | $5.30 | Payments due under the Tax Receivable Agreement; $5.3 million as of September 30, 2025 | [] | 1,805,833 | 2025-11-05 | 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. | $4.39 | TRA liability 4,386 | [] | 1,819,253 | 2025-11-07 | 10-Q | View Document | ||||
| MARKETWISE, INC. | $4.30 | tax-related benefits created as MarketWise Members exchange their LLC Units for Class A shares | MarketWise Members, MarketWise, Inc., MarketWise, LLC | 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 | ['Termination contingent on M&C acquisition'] | 1,805,651 | 2025-11-06 | 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 | |||
| WM TECHNOLOGY, INC. | $2.50 | TRA liability was $2.5 million | ['TRA liability remeasurement impacts other income'] | 1,779,474 | 2025-11-06 | 10-Q | View Document | ||||
| INFINITY NATURAL RESOURCES, INC. | $1.60 | recorded a TRA liability of $1.6 million | ['Classified as a non-current liability'] | 2,029,118 | 2025-11-10 | 10-Q | View Document | ||||
| Xponential Fitness, Inc. | $1.34 | deferred tax assets | Rumble Sellers | $11 and $1,331 of the current; deferred tax assets subject to the TRA; Rumble Sellers made a partial payment | ['Most TRA liability not recorded'] | 1,802,156 | 2025-11-10 | 10-Q | View Document | ||
| Camping World Holdings, Inc. | $1.20 | remaining Tax Receivable Agreement liability of $1.2 million; We expect to pay $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; September 30, 2025; $1.1 million | [] | 1,808,220 | 2025-11-14 | 10-Q | View Document | |||
| GEN Restaurant Group, Inc. | $1.10 | increases in tax basis | GEN Inc., Operating Company, Members | liability related to its projected obligations; GEN Inc. entered into the TRA; payment by GEN Inc. to the Members; 85% of the amount of tax benefits; increases in tax basis | ['TRA payments are not conditioned upon ownership'] | 1,891,856 | 2025-11-07 | 10-Q | View Document | ||
| Planet Fitness, Inc. | $0.41 | TRA Holders | $413,101 as of September 30, 2025; tax benefit generated by TRA Holders | ['Represents 85% of tax benefit'] | 1,637,207 | 2025-11-07 | 10-Q | View Document | |||
| Fluence Energy, Inc. | $0.30 | tax basis adjustment of the assets | Siemens, AES, Founders | payments under the Tax Receivable Agreement; tax basis adjustment of the assets; Siemens and AES will be entitled; Founders will be entitled | ['reduction in TRA liability', 'payments not probable'] | 1,868,941 | 2025-11-25 | 10-K | View Document | ||
| Direct Digital Holdings, Inc. | $0.04 | tax basis in the net assets of DDH, LLC | DDH LLC, DDM | liability related to tax receivable agreement $41; Company's TRA with DDH LLC and DDM; tax basis in the net assets of DDH, LLC | ['Company pays 85% of net cash savings.', 'Can defer payments if no available cash.'] | 1,880,613 | 2025-11-12 | 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 | ||||
| FLUOR CORP | $0.00 | NuScale | tax receivable agreement with NuScale | ['50% reduction in benefits'] | 1,124,198 | 2025-11-07 | 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 | |||
| Blackstone Inc. | $0.00 | excluding interest expense related to the tax receivable agreement; removal of interest expense associated with the tax receivable agreement | ['Interest expense related to TRA is excluded.'] | 1,393,818 | 2025-11-07 | 10-Q | View Document | ||||
| Verde Clean Fuels, Inc. | $0.00 | additional tax basis arising from payments | payments the Company makes under the Tax Receivable Agreement; additional tax basis arising from payments | ['Payment cap of $50,000 on change of control', 'No tax receivable balance recorded'] | 1,841,425 | 2025-11-14 | 10-Q | View Document | |||
| Bitcoin Depot Inc. | $0.00 | increase in the tax basis in the net assets of BT HoldCo | Company, BT HoldCo and BT Assets | TRA liability due to related party, non-current —; increase in the tax basis in the net assets of BT HoldCo; Company, BT HoldCo and BT Assets; no Tax Receivable Agreement liability | ['TRA was terminated on May 30, 2025.'] | 1,901,799 | 2025-11-13 | 10-Q | View Document | ||
| Select Water Solutions, Inc. | $0.00 | certain then-affiliates of the then-holders of SES Holdings LLC Units | entered into two tax receivable agreements; with certain then-affiliates | [] | 1,693,256 | 2025-11-05 | 10-Q | View Document | |||
| EVgo Inc. | $0.00 | EVgo Holdings, LS Power Equity Advisors, LLC | tax receivable agreement (the “Tax Receivable Agreement”); with EVgo Holdings and LS Power Equity Advisors, LLC | [] | 1,821,159 | 2025-11-10 | 10-Q | View Document | |||
| NET Power Inc. | $0.00 | 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 terminated in June 2025'] | 1,845,437 | 2025-11-13 | 10-Q | View Document | |||
| BELLRING BRANDS, INC. | $0.00 | payments made pursuant to Article IV; Tax Receivables Agreement; shall not exceed $1,500,000 in the aggregate | [] | 1,772,016 | 2025-11-18 | 10-K | View Document | ||||
| Goosehead Insurance, Inc. | $0.00 | material amendment, waiver or other modification; in respect of the Tax Receivable Agreement | [] | 1,726,978 | 2025-10-23 | 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; payments made under the TRA | ['TRA was terminated on August 9, 2024'] | 1,820,566 | 2025-11-05 | 10-Q | View Document | ||
| Bakkt Holdings, Inc. | $0.00 | Opco equity holders, ICE, Mr. Naheta | entered into a Tax Receivable Agreement; with certain Opco equity holders; Company has not recorded a liability; TRA payments to TRA holders at 18%; cash payments to TRA holders $5.7 million | ['No TRA liability recorded.', 'Discount rate is 18%.'] | 1,820,302 | 2025-11-12 | 10-Q | View Document | |||
| Falcon's Beyond Global, Inc. | $0.00 | Company, Exchange TRA Holders | payments made under the Tax Receivable Agreement; Company and Exchange TRA Holders | ['Amendment to clarify TRA Holder rights'] | 1,937,987 | 2025-11-14 | 10-Q | View Document | |||
| Intuitive Machines, Inc. | $0.00 | Tax Receivable Agreement; See Note 7 | [] | 1,844,452 | 2025-11-13 | 10-Q | View Document | ||||
| Alchemy Investments Acquisition Corp 1 | $0.00 | Tax Receivable Agreement | [] | 1,901,336 | 2025-11-18 | 10-Q | View Document | ||||
| FLEX LTD. | $0.00 | Flex, Nextracker | higher tax receivable agreement payment; from Flex's former subsidiary Nextracker | ['Payment received from former subsidiary.'] | 866,374 | 2025-10-31 | 10-Q | View Document | |||
| El Pollo Loco Holdings, Inc. | $0.00 | FS Equity Partners V, L.P., FS Affiliates V, L.P. (Sellers) | terminated most of the obligations; payment to the Sellers of $398,896; no remaining obligation owed | ['TRA terminated May 29, 2024'] | 1,606,366 | 2025-10-31 | 10-Q | View Document | |||
| Clearwater Analytics Holdings, Inc. | Tax Attributes, as defined in the Tax Receivable Agreement. | TRA Parties | Tax Attributes, as defined in the Tax Receivable Agreement.; one-time settlement payments in a gross amount of approximately $72.5 million; no further payment obligations to the TRA Parties; TRA Amendment; TRA Parties | ['TRA obligations fully paid.', 'No further TRA expense expected.'] | 1,866,368 | 2025-11-05 | 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 |