Comprehensive analysis of Tax Receivable Agreements from SEC filings
| Company Name | TRA Liability (M$) | Covered Assets | TRA Parties | TRA Share % | Default Interest Rate | Pro Rata Payment | References | Notes | CIK | Filing Date | Form Type | Filing URL | Payment Rate |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Medline Inc. | $4,404.00 | Existing tax basis; tax basis adjustments; tax attributes | Pre-IPO owners | 90% | balance of the TRA liability was $4,404 million; allocable share of existing tax basis; 90% of certain tax benefits; certain pre-IPO owners | ['Liability increased by $862 million due to exchanges.'] | 2,046,386 | 2026-08-05 | 10-Q | View Document | 90% | ||
| ZoomInfo Technologies Inc. | $2,726.40 | TRA holders | liability of $2,726.4 million; No payments were made to TRA holders; utilization of certain tax attributes | [] | 1,794,515 | 2026-08-05 | 10-Q | View Document | |||||
| CARVANA CO. | $2,229.00 | basis adjustment relating to the assets of Carvana Group; tax benefits attributable to payments made under the TRA (including imputed interest) | LLC Unitholders; related parties | 85% | TRA liability of $2.2 billion; basis adjustment relating to the assets; pay to the LLC Unitholders 85%; deferred and will accrue interest; LLC Unitholders | ['Liability includes $1.7 billion due to related parties.'] | 1,690,820 | 2026-07-29 | 10-Q | View Document | 85% | ||
| Blackstone Inc. | $2,067.10 | tangible and intangible assets of Blackstone Holdings | predecessor owners, senior managing directors | 85% | Due to Certain Non-Controlling Interest Holders; 85% of the amount of cash savings; tangible and intangible assets of Blackstone Holdings; predecessor owners; senior managing directors | ['Expected future payments aggregate $2.1 billion.'] | 1,393,818 | 2026-08-07 | 10-Q | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,636.77 | Increases in tax basis of Blue Owl Holdings assets | Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings, Blue Owl Capital Carry LP, Partners | 85% | Total TRA Liability $1,636,766; increases in tax basis of the assets; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings; pay 85% of certain tax benefits | ['Liability includes $98.7 million at fair value.'] | 1,823,945 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Dutch Bros Inc. | $973.00 | certain tax attributes and benefits; charitable contributions | certain Dutch Bros OpCo owners; non-controlling interest holders; Co-Founder and Sponsor | 85% | total TRAs-related liabilities were $973.0 million; 85% of the income tax benefits; certain Dutch Bros OpCo owners; certain tax attributes and benefits | ['Liability increased $166.3 million from Q2 2026 exchanges.'] | 1,866,581 | 2026-08-05 | 10-Q | View Document | 85% | ||
| TPG Inc. | $848.20 | Tax basis in TPG Operating Group | Current and former employees and partners, non-affiliates | 85% | liability pursuant to the Tax Receivable Agreement... $848.2 million; increase in the tax basis of our investment; current and former employees and partners; pay the beneficiaries... 85% of the applicable cash savings | ['Liability split between related parties and non-affiliates.'] | 1,880,661 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Apollo Global Management, Inc. | $768.00 | Increases in tax basis of assets from exchanges; Bridge acquisition tax benefits | Former Managing Partners, Contributing Partners, Bridge TRA holders | 85% | Due to TRA holders $768; increases in tax basis of assets; Former Managing Partners and Contributing Partners; 85% of the amount of cash tax savings; interest is accrued on the balance | ['Includes Apollo TRA and Bridge TRA.', 'No more units available for exchange.'] | 1,858,681 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Core & Main, Inc. | $683.00 | tax attributes from exchanges of Partnership Interests | Clayton, Dublier & Rice (CD&R), Core & Main Management Feeder, LLC | 85% | payables to related parties... $683 million; tax attributes... with future exchanges of Partnership Interests; stockholders affiliated with Clayton, Dublier & Rice; 85% of the tax benefits realized | ['Two TRAs: Former and Continuing Limited Partners.'] | 1,856,525 | 2026-06-10 | 10-Q | View Document | 85% | ||
| Ares Management Corp | $622.00 | tangible and intangible assets, TRA payments, interest accrued | TRA recipients, Holders of AOG Units | 85% | TRA liability balance was $622.0 million; increases in the tax basis of the tangible; 85% of the amount of actual cash savings; TRA recipients | [] | 1,176,948 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Interactive Brokers Group, Inc. | $618.00 | Tax basis increases | IBG, Inc. and Holdings | 85% | payables to Holdings... were $618 million; result of tax basis increases; IBG, Inc. also entered into an agreement... with Holdings; 85% of the tax savings | ['Liability is cumulative amount arising from offerings.'] | 1,381,197 | 2026-08-06 | 10-Q | View Document | 85% | ||
| GMR Solutions Inc. | $468.40 | federal net operating losses, deferred interest deductions, tax basis in amortizable or depreciable assets, deductible expenses attributable to IPO transactions | certain stockholders, Management party participants (Nick Loporcaro, Brian Tierney, Edward Van Horne, Thomas Cook, Lisa Jacoba) | 85% | SOFR + 1.0% | Pro rata | recorded a TRA liability of $468.4 million; federal net operating losses, deferred interest deductions; certain stockholders and members of management; payment by the Company of 85%; rate equal to SOFR plus 1.0%; reallocated to participating stockholders | ['Management payments require service condition satisfaction.', 'Forfeitures reallocated to stockholders.', 'Payments do not accelerate upon change of control.'] | 1,898,718 | 2026-08-12 | 10-Q | View Document | 85% |
| RYAN SPECIALTY HOLDINGS, INC. | $463.70 | Exchange Tax Attributes, Pre-IPO M&A Tax Attributes, remedial partnership tax allocations, TRA Payment Tax Attributes | Current and certain former LLC Unitholders | 85% | Tax Receivable Agreement liabilities of $463.7 million; 85% of the net cash savings; current and certain former LLC Unitholders; increases in the tax basis; Pre-IPO M&A Tax Attributes; remedial partnership tax allocations; TRA Payment Tax Attributes | ['Liability is based on undiscounted estimated future payments.'] | 1,849,253 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Alight, Inc. / Delaware | $463.00 | tax basis adjustments from sales and exchanges; existing tax basis; tax attributes | certain owners of Alight Holdings; TRA Party Representative | 85% | Ending balance as of June 30, 2026 463; tax basis adjustments from sales and exchanges; certain owners of Alight Holdings; 85% of any savings that we realize | ['Dispute with TRA Party Representative could increase payments.'] | 1,809,104 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Nextpower Inc. | $393.20 | existing tax basis in tangible and intangible assets; increases in tax basis | Flex Ltd., TPG Inc., TPG Affiliates, Yuma, Inc., Yuma Sub | 85% | $393.2 million... as of July 3, 2026; existing tax basis in tangible and intangible assets; 85% of the tax benefits; Flex Ltd., TPG Inc., and TPG Affiliates | ['Liability split between TRA liability and other current liabilities.'] | 1,852,131 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Planet Fitness, Inc. | $361.40 | Holdings Units tax attributes, basis increase, imputed interest, TSG 2012 purchase attributes | TRA Holders, Pla-Fit Holdings owners, TSG Consumer Partners, LLC affiliates | 85% | liability of $361.4 million; 85% of the applicable tax savings; tax attributes of their Holdings Units; affiliates of TSG Consumer Partners, LLC; imputed interest | ['Company entered into two tax receivable agreements.'] | 1,637,207 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Legence Corp. | $350.90 | allocable share of existing tax basis; tax attributes of blocker entities; increases in tax basis from future redemptions or exchanges; tax benefits from TRA payments | Legence Parent and Legence Parent II (TRA Members) | 85% | 8.2 million and $342.7 million; 85% of the net cash tax savings; Legence Parent and Legence Parent II; allocable share of existing tax basis; tax attributes of the blocker entities; increases in tax basis from future redemptions | ['Liability increased by $133.8M from Subsequent Secondary Offering.'] | 2,052,568 | 2026-08-13 | 10-Q | View Document | 85% | ||
| Portillo's Inc. | $343.40 | Existing tax basis; net operating losses; tax basis adjustments; TRA payment benefits | Pre-IPO LLC Members | 85% | obligation for future payments totaled $343.4 million; existing tax basis in depreciable or amortizable assets; net operating losses; adjustments to the tax basis; certain of our pre-IPO LLC Members; payment by us of 85% of tax benefits | ['Liability includes current and long-term portions.'] | 1,871,509 | 2026-08-05 | 10-Q | View Document | 85% | ||
| StepStone Group Inc. | $341.10 | Increases in tax basis, utilization of certain other tax benefits, imputed interest | Class B limited partners, Class C limited partners, Class D limited partners, pre-IPO institutional investors | 85% | total Tax Receivable Agreements liability was $341.1 million; increases in tax basis; utilization of certain other tax benefits; Class B, Class C, Class D limited partners; 85% of the net cash tax savings | ['Includes Exchanges TRA and Reorganization TRA.'] | 1,796,022 | 2026-08-07 | 10-Q | View Document | 85% | ||
| KKR & Co. Inc. | $335.10 | exchanges of KKR Holdings equity | KKR Holdings, Current and Former Employees | undiscounted payable of $335.1 million; exchanges of KKR Holdings equity; Current and Former Employees; KKR Holdings | ['TRA terminated May 30, 2022'] | 1,404,912 | 2026-08-06 | 10-Q | View Document | ||||
| Brighthouse Financial, Inc. | $328.00 | MetLife, Inc. | payable to MetLife of $328 million; tax receivables agreement... with MetLife; accelerated upon closing of the Merger | ['Payable accelerated upon closing of the Merger.'] | 1,685,040 | 2026-08-06 | 10-Q | View Document | |||||
| Tradeweb Markets Inc. | $317.50 | Increases in tax basis of TWM LLC's assets; tax benefits from TRA payments | Tradeweb Markets Inc., TWM LLC, Continuing LLC Owners (including Refinitiv subsidiary, Bank Stockholders, management) | 50% | Not pro rata | liability... totaled $317.5 million; increases in the tax basis; Continuing LLC Owners; equal to 50% of the amount; from such Continuing LLC Owner | ['TRA share is 50%, lower than industry standard 85%.'] | 1,758,730 | 2026-07-30 | 10-Q | View Document | 50% | |
| WaterBridge Infrastructure LLC | $297.00 | Tax basis increases from exchanges, existing tax basis of OpCo assets, NOLs, interest expense carryforwards, and imputed interest. | OpCo, legacy owners (TRA Holders), Elda River Infrastructure WB LLC | 85% | TRA liability balance of $297.0 million; 85% of the net cash savings; tax basis increases resulting from the exchange; existing tax basis of assets of OpCo; NOLs and interest expense carryforwards; OpCo and our legacy owners | ['Recognized a TRA remeasurement loss of $3.2 million.'] | 2,064,947 | 2026-08-05 | 10-Q | View Document | 85% | ||
| GPGI, Inc. | $284.90 | tax benefits; section 163j interest carryforward | GPGI Holdings; holders of interests therein | 90% | Total payments $284.9; payments of 90% of the tax benefits; GPGI Holdings and holders of interests therein; non-cash interest carryforward (per section 163j); unpaid amounts... will accrue interest until paid | ['TRA share percentage is 90%.'] | 1,823,144 | 2026-08-06 | 10-Q | View Document | 90% | ||
| Artisan Partners Asset Management Inc. | $275.00 | Step-up of tax basis, tax attributes of preferred units, imputed interest | Pre-H&F Corp Merger Shareholder, current or former limited partners of Holdings | 85% | Pro rata | $275.0 million liability as of June 30, 2026; step-up of tax basis and other tax attributes; Pre-H&F Corp Merger Shareholder; 85% of the applicable cash savings; made pro rata among all TRA counterparties | ['Company entered into two separate tax receivable agreements.'] | 1,517,302 | 2026-07-31 | 10-Q | View Document | 85% | |
| Moelis & Co | $269.60 | tangible and intangible assets of Group LP; imputed interest | eligible Managing Directors | 85% | total payable of $269.6 million due; tangible and intangible assets of Group LP; eligible Managing Directors; 85% of the amount of cash savings | ['Payments made within 225 days of tax filing'] | 1,596,967 | 2026-07-29 | 10-Q | View Document | 85% | ||
| Cactus, Inc. | $267.00 | tax basis subject to the TRA | certain direct and indirect owners of Cactus LLC | 85% | total liability from TRA was $267.0 million; tax basis subject to the TRA; direct and indirect owners of Cactus LLC; 85% of the net cash savings | ['Liability includes $21.3 million current portion.'] | 1,699,136 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Clear Secure, Inc. | $256.69 | increase in tax basis in Alclear’s assets; imputed interest | Alclear Members (or their transferees or assignees) | 85% | recorded a tax receivable agreement liability of $256,695; increase in tax basis in Alclear’s assets; remaining members of Alclear; 85% of the net cash savings | ['Liability includes $11.8M short-term and $244.9M long-term.'] | 1,856,314 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Stagwell Inc | $252.39 | Increases in tax basis of OpCo assets; tax benefits from TRA payments. | Stagwell Media | 85% | Tax Receivable Agreement liability (1) $252,390; increases in the tax basis of the assets; make cash payments to Stagwell Media; 85% of certain U.S. federal, state | ['All Paired Units exchanged for Class A Shares.'] | 876,883 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Shake Shack Inc. | $246.10 | Tax basis increases from redemptions/exchanges, TRA payments, and imputed interest | Non-controlling members of SSE Holdings | 85% | obligations totaled $246.1 million; increases in the Company's share of tax basis; non-controlling members of SSE Holdings; 85% of any tax benefits | ['TRA payments not conditioned upon continued ownership interest.'] | 1,620,533 | 2026-08-05 | 10-Q | View Document | 85% | ||
| SOLV Energy, Inc. | $240.68 | Existing tax basis, tax basis adjustments, net operating losses, interest deductions | SOLV Energy, Inc., SOLV Energy Holdings LLC, Continuing Equity Owners, Blocker Shareholders | 85% | Tax receivable agreement 240,677; 85% of the tax benefits; allocable share of existing tax basis; net operating losses; tax basis adjustments; interest deductions; Continuing Equity Owners, the Blocker Shareholders; accrue interest until paid | ['Liability increased by $70.8M due to secondary offering.'] | 2,065,636 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Rush Street Interactive, Inc. | $239.70 | Increase in tax basis from Business Combination and unit exchanges. | RSI ASLP, Inc. (Special Limited Partner), holders of Retained RSILP Units. | 85% | recognized a TRA liability of $239.7 million; pay 85% of certain net tax benefits; increase in tax basis and tax benefits; RSI ASLP, Inc. (the 'Special Limited Partner') | ['Initial recognition of TRA liability occurred in 2025.'] | 1,793,659 | 2026-07-30 | 10-Q | View Document | 85% | ||
| AdaptHealth Corp. | $238.90 | tax attributes prior to Business Combination, basis increases from exchanges, imputed interest, basis increases from TRA payments | current and former members of AdaptHealth Holdings LLC | 85% | liability relating to the TRA was $238.9 million; payment by AdaptHealth Corp. of 85%; current and former members of AdaptHealth Holdings LLC; tax attributes... existing prior to the Business Combination; increases in tax basis... exchanges; imputed interest; increases in tax basis... payments | ['TRA liability decreased from $265.7M to $238.9M.'] | 1,725,255 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Shift4 Payments, Inc. | $226.00 | Continuing Equity Owners, Rook Holdings Inc. | TRA liability was $226 million; payments... made to the Continuing Equity Owners; assignment and waiver of Rook’s rights | ['Up-C Collapse reduced TRA liability by $121M.', 'Rook assigned and waived its TRA rights.'] | 1,794,669 | 2026-08-06 | 10-Q | View Document | |||||
| Repay Holdings Corp | $194.30 | Tax basis in net assets of Hawk Parent, TRA payment basis increases, and imputed interest deductions. | Holders of Post-Merger Repay Units and selling Hawk Parent members. | 100% | liability of $194.3 million; tax basis in the net assets; holders of Post-Merger Repay Units; 100% of the amount of any tax benefits | ['TRA share is 100% of realized tax benefits.'] | 1,720,592 | 2026-08-10 | 10-Q | View Document | 100% | ||
| Five Point Holdings, LLC | $181.50 | exchanges of Class A units; certain tax attributes | holders of Class A Common Units; San Francisco Venture unit holders | 85% | liabilities of $181.5 million; 85% of the cash savings; holders of Class A Common Units; exchanges of Class A units | ['California SB 167 may affect payment timing.'] | 1,574,197 | 2026-07-24 | 10-Q | View Document | 85% | ||
| Goosehead Insurance, Inc. | $174.50 | Increase in tax basis of tangible and intangible assets; imputed interest | Pre-IPO LLC Members | 85% | total amount of TRA Payments... was $174.5 million; increase in tax basis in GSHD's assets; TRA with the Pre-IPO LLC Members; 85% of the amount of cash savings | [] | 1,726,978 | 2026-07-22 | 10-Q | View Document | 85% | ||
| Virtu Financial, Inc. | $173.10 | Increase to tax basis, intangible assets, NOLs, other tax attributes | Direct or indirect equity holders (TRA Parties) | 85% | liabilities... were approximately $173.1 million; increase to the tax basis; intangible assets; NOLs; direct or indirect equity holders; equal to 85% of... cash tax savings; accrue interest until paid | ['Payments expected $0.7M to $23.2M per year.'] | 1,592,386 | 2026-07-31 | 10-Q | View Document | 85% | ||
| PBF Energy Inc. | $168.20 | Increases in tax basis from unit exchanges; tax benefits from TRA payments | PBF LLC Series A and PBF LLC Series B unitholders | 85% | liability of $168.2 million; increases in tax basis; PBF LLC Series A and B unitholders; 85% of the amount of the benefits | [] | 1,534,504 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Galaxy Digital Inc. | $162.20 | Increase in tax basis in GDH LP’s assets; imputed interest | Present and former limited partners of GDH LP | 85% | liability... of $162.2 million... as of June 30, 2026; increase in tax basis in GDH LP’s assets; present and former limited partners of GDH LP; 85% of the amount of cash savings | ['TRA amended May 13, 2025 for reorganization.'] | 1,859,392 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Rithm Capital Corp. | $149.30 | Taxable acquisitions of Sculptor operating partnership units, net operating losses (NOLs) | Sculptor, former holders of units in Sculptor’s operating partnerships (TRA Holders) | carrying value... was $149.3 million; taxable acquisitions... of Sculptor operating partnership units; including net operating losses; former holders of units in Sculptor’s operating partnerships | ['Sculptor Acquisition triggered change of control assumptions.'] | 1,556,593 | 2026-08-04 | 10-Q | View Document | ||||
| Baldwin Insurance Group, Inc. | $144.60 | Increase in tax basis in Baldwin Holdings’ assets; imputed interest | Baldwin Holdings’ LLC Members | 85% | Tax Receivable Agreement liabilities of $144.6 million; increase in tax basis in Baldwin Holdings’ assets; Baldwin Holdings’ LLC Members; 85% of the amount of cash savings | ['Liability increased due to valuation allowance release.'] | 1,781,755 | 2026-07-30 | 10-Q | View Document | 85% | ||
| SUJA LIFE, INC. | $143.90 | unit exchanges, tax basis increase, pre-IPO attributes, imputed interest | Suja Life, Inc., Holdings LP, continuing equity owners, blocker shareholders | 85% | estimated total payments of approximately $143.9 million; 85% of the amount of cash tax savings; continuing equity owners and blocker shareholders; unit exchanges in Holdings LP; pre-IPO tax attributes acquired in Organizational Transactions | ['Estimated payments based on $21.00 IPO price.'] | 1,934,114 | 2026-06-09 | 10-Q | View Document | 85% | ||
| Nerdy Inc. | $118.24 | increases in tax basis, imputed interest, and additional basis | Legacy Nerdy Holders | 85% | 85% of the net cash savings; Legacy Nerdy Holders; increases in tax basis; reverse recapitalization; redemption or call rights; imputed interest; not recognized a liability of $118,238 | ['Liability not recognized as payments are not probable.'] | 1,819,404 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Brookfield Asset Management Ltd. | $116.00 | Oaktree | payable under a tax receivable agreement with Oaktree; $116 million as of June 30, 2026 | [] | 1,937,926 | 2026-08-07 | 10-Q | View Document | |||||
| loanDepot, Inc. | $111.50 | tax basis of loanDepot, Inc.’s investment in LD Holdings | Parthenon Stockholders, certain Continuing LLC Members | TRA liability of $111.5 million; tax basis of loanDepot, Inc.’s investment in LD Holdings; Parthenon Stockholders and certain Continuing LLC Members | [] | 1,831,631 | 2026-08-06 | 10-Q | View Document | ||||
| Solaris Energy Infrastructure, Inc. | $109.20 | Increases in tax basis, imputed interest, additional tax basis from TRA payments | Other then-existing members of Solaris LLC | 85% | Pro rata | liability under the Tax Receivable Agreement was $109.2 million; increases in tax basis and certain tax benefits; other then-existing members of Solaris LLC; representing 85% of the net cash savings; distribute cash pro rata to each of the other members | ['TRA was amended on June 27, 2023.'] | 1,697,500 | 2026-08-06 | 10-Q | View Document | 85% | |
| Evolent Health, Inc. | $108.90 | increases in tax basis from Class B exchanges; pre-IPO NOLs | certain of its investors | 85% | TRA liability of $108.9 million; increases in our tax basis; utilization of pre-IPO NOLs; certain of its investors; 85% of the amount of tax benefits | ['Liability unchanged from December 31, 2025.'] | 1,628,908 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Driven Brands Holdings Inc. | $108.27 | Pre-IPO and IPO-Related Tax Benefits | pre-IPO shareholders | 85% | SOFR plus an applicable term adjustment plus 5.0% | current... $30 million; non-current... $79 million; Pre-IPO and IPO-Related Tax Benefits; pre-IPO shareholders; 85% of the amount of cash savings; SOFR plus an applicable term adjustment plus 5.0% | ['Payments deferred by debt restrictions accrue lower interest.'] | 1,804,745 | 2026-08-06 | 10-Q | View Document | 85% | |
| Driven Brands Holdings Inc. | $108.27 | Pre-IPO and IPO-Related Tax Benefits | pre-IPO shareholders | 85% | SOFR plus an applicable term adjustment plus 5.0% | current tax receivable agreement payable of $35 million; non-current tax receivable agreement payable of $73 million; Pre-IPO and IPO-Related Tax Benefits; pre-IPO shareholders; payment of 85% of the amount; SOFR plus an applicable term adjustment plus 5.0% | [] | 1,804,745 | 2026-06-11 | 10-Q | View Document | 85% | |
| Flowco Holdings Inc. | $108.20 | Basis Adjustments, Section 704(c) Allocations, interest deductions, existing tax basis | Flowco Holdings, Flowco LLC, Continuing Equity Owners | 85% | total amount due was $108.2 million; Basis Adjustments, Section 704(c) Allocations, interest deductions; pay to each Continuing Equity Owner 85% | ['Liability increased significantly due to Common Unit Conversions.'] | 2,035,149 | 2026-08-11 | 10-Q | View Document | 85% | ||
| Perella Weinberg Partners | $105.60 | exchange of interests in PWP OpCo; step-up in tax basis; payments under TRA | PWP OpCo, Professional Partners, Investor Limited Partners | 85% | liability of $105.6 million; exchange of interests in PWP OpCo; step-up in tax basis; PWP OpCo, Professional Partners and Investor Limited Partners; payment of 85% of the amount | [] | 1,777,835 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Funko, Inc. | $102.40 | common units of FAH, LLC exchanges | FAH, LLC, Continuing Equity Owners, and transferees | 85% | estimated gross outstanding balance... $102.4 million; exchanges... of common units of FAH, LLC; FAH, LLC and each Continuing Equity Owners; 85% of the amount of tax benefits | ['Full valuation allowance makes recorded liability immaterial.'] | 1,704,711 | 2026-08-06 | 10-Q | View Document | 85% | ||
| AEVEX Corp. | $95.90 | Increases in tax basis, existing tax basis, Blocker Entity tax attributes, TRA payment tax benefits | AEVEX Corp., Holdings LLC, TRA Rights Holders, Principal Stockholder | 85% | estimated TRA liability balance was approximately $95.9 million; increases in the tax basis of assets; Company, Holdings LLC and the TRA Rights Holders; 85% of certain tax savings; unpaid amounts... will accrue interest | ['Liability increased following a Secondary Offering in 2026.'] | 2,096,300 | 2026-08-12 | 10-Q | View Document | 85% | ||
| Yesway, Inc. | $92.30 | Existing tax basis, Basis Adjustments, Blocker Corporation assets, NOLs, interest deductions | Ultimate Parent, Continuing Equity Owners, Blocker Shareholders | 85% | $92.3 million of liabilities; existing tax basis in the assets; Basis Adjustments; NOLs and other tax attributes; Ultimate Parent, Continuing Equity Owners, Blocker Shareholders; cash payment of 85% of the amount; unpaid amounts generally will accrue interest | ['Liability recorded following IPO and LLC interest redemptions.'] | 1,859,836 | 2026-08-13 | 10-Q | View Document | 85% | ||
| ProFrac Holding Corp. | $86.70 | $86.7 million of estimated tax receivable agreement obligations; Tax receivable agreement liability 82.0; Tax receivable agreement obligation 4.7 | ['Refers to Annual Report for additional TRA information.'] | 1,881,487 | 2026-08-06 | 10-Q | View Document | ||||||
| Lincoln International, Inc. | $84.80 | Basis adjustments from redemptions/exchanges; existing tax basis in long-lived assets; imputed interest | LILP, certain LILP Partners, and other eligible parties | 85% | liability of $84.8$ million; equaling 85% of the tax benefits; increases in the tax basis; existing tax basis; imputed interest; LILP, certain LILP Partners | ['No payments anticipated within next 12 months.'] | 1,925,283 | 2026-08-07 | 10-Q | View Document | 85% | ||
| Allegiant Travel CO | $80.46 | pre-IPO shareholders of Sun Country | Termination payment under Tax Receivable Agreement; pre-IPO shareholders of Sun Country | ['TRA terminated as part of Sun Country acquisition'] | 1,362,468 | 2026-08-10 | 10-Q | View Document | |||||
| Liberty Energy Inc. | $66.90 | Increases in tax basis, net operating losses, imputed interest | R/C Energy IV Direct Partnership, L.P., TRA Holders | 85% | liability under the TRAs was $66.9 million; payment by the Company of 85%; increases in tax basis; net operating losses; imputed interest; R/C Energy IV Direct Partnership, L.P. | ['Liability decreased from $74.8 million at year-end 2025.'] | 1,694,028 | 2026-07-23 | 10-Q | View Document | 85% | ||
| Carlyle Group Inc. | $63.90 | increases in tax basis from unit exchanges | limited partners of the Carlyle Holdings partnerships | 85% | Amounts owed under the tax receivable agreement; 85% of the amount of cash tax savings; increases in tax basis resulting from exchanges; limited partners of the Carlyle Holdings partnerships | Rights limited to pre-existing obligations after Conversion. | 1,527,166 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Black Rock Coffee Bar, Inc. | $62.00 | Basis Adjustments; interest deductions from TRA payments | Black Rock OpCo; Continuing Equity Owners; Co-Founders; Sponsor | 85% | liability of approximately $62.0 million; Basis Adjustments and certain tax benefits; Black Rock OpCo and the TRA Parties; 85% of the amount of tax benefits | ['Liability increased $23.1 million due to unit exchanges.'] | 2,068,577 | 2026-08-11 | 10-Q | View Document | 85% | ||
| Zevia PBC | $59.20 | NOLs, existing tax basis, basis increases, imputed interest | Continuing members of Zevia LLC, Direct Zevia Stockholders | 85% | Secured Overnight Financing Rate plus 300 basis points | totaled $59.2 million at June 30, 2026; net operating losses; existing tax basis; increases in tax basis; imputed interest; continuing members of Zevia LLC; Direct Zevia Stockholders; 85% of the tax benefits realized; Secured Overnight Financing Rate plus 300 basis points | ['Liability not recorded due to full valuation allowance.'] | 1,854,139 | 2026-08-05 | 10-Q | View Document | 85% | |
| Excelerate Energy, Inc. | $57.65 | Increases in tax basis; existing tax basis; tax attributes | EE Holdings; the Foundation | 85% | TRA liability 49,966; Current portion of TRA liability 7,685; 85% of the amount of the net cash; TRA with EE Holdings and the Foundation; increases in the tax basis of assets; existing tax basis of assets | ['Share repurchases decreased TRA liability by $1.2 million.'] | 1,888,447 | 2026-08-06 | 10-Q | View Document | 85% | ||
| MediaAlpha, Inc. | $54.70 | Tax basis step-up of QLH assets, NOLs of Intermediate Holdco, imputed interest | Insignia, Senior Executives, White Mountains | 85% | accrued $54.7 million; tax basis step-up; net operating losses; Insignia, Senior Executives, and White Mountains; 85% of the amount; replace the LIBOR with the SOFR | ["Repurchased Insignia's interest for $31M; $37.7M gain."] | 1,818,383 | 2026-07-29 | 10-Q | View Document | 85% | ||
| GCM Grosvenor Inc. | $54.60 | Increases in tax basis in assets of GCMH | TRA Parties | 85% | amount payable... was $54.6 million; increases in the tax basis; pay 85% of the amount; to the TRA Parties | [] | 1,819,796 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Select Water Solutions, Inc. | $50.10 | Increases in tax basis, NOLs, imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P. | 85% | 12-month term SOFR + 171.513bp | liability associated with the TRAs... $50.1 million; 85% of the net cash savings; increases in tax basis; NOLs; imputed interest; Legacy Owner Holdco and Crestview Partners II GP; 12-month term SOFR... plus 171.513 basis points | ['Liability increased due to exchange of 5,063,000 units.'] | 1,693,256 | 2026-08-05 | 10-Q | View Document | 85% | |
| Cardinal Infrastructure Group Inc. | $47.16 | Basis step-up in OpCo assets, 743(b), 197 intangibles, NOLs, interest deductions | PubCo, Cardinal Civil Contracting Holdings LLC (OpCo), Continuing Equity Holders, Diamond Interests Group LLC, Seller Owners | 85% | SOFR + 100bp | tax receivable agreement liability totaled $47,156,582; increases in the tax basis; Sections 743(b) and 197; NOL carryforward mechanics; 85% of the net cash tax savings; SOFR plus 100 basis points | ['Includes a separate Tax Benefit Agreement (TBA).'] | 2,079,999 | 2026-08-11 | 10-Q | View Document | 85% | |
| Lazard, Inc. | $46.81 | increases in the tax basis of certain assets; tax basis increases from TRA payments | Lazard, LTBP Trust | 45% and 85% | Pro rata | cumulative liability... was $46,814; increases in the tax basis; Lazard and LTBP Trust; approximately 45%... 85%; distributed pro rata to the owners | ['Split percentage: 45% for assets, 85% for TRA payments.'] | 1,311,370 | 2026-07-28 | 10-Q | View Document | 45% and 85% | |
| MALIBU BOATS, INC. | $38.70 | Existing tax basis; increases in tax basis; Section 754; TRA payment tax benefits. | pre-IPO owners (or their permitted assignees) | 85% | 85% of the amount of the benefits; pre-IPO owners (or their permitted assignees); Ending balance $38,559; increases in tax basis; Section 754; existing tax basis | ['Liability decreased due to OB3 tax reform.'] | 1,590,976 | 2026-08-27 | 10-K | View Document | 85% | ||
| VERRA MOBILITY Corp | $38.67 | Tax receivable agreement liability, current portion 5,257; Tax receivable agreement liability, net of current portion 33,418 | [] | 1,682,745 | 2026-08-05 | 10-Q | View Document | ||||||
| Hagerty, Inc. | $38.30 | Increases in tax basis, Section 754 adjustments, and amortization of basis increase | Legacy Unit Holders (Hagerty Holding Corp. and Markel) | 85% | TRA Liability was $38.3 million; increases in tax basis and certain other tax benefits; Hagerty Holding Corp. ('HHC') and Markel; 85% of the... cash tax savings realized | ['Liability decreased from $39.8 million at year-end 2025.'] | 1,840,776 | 2026-08-05 | 10-Q | View Document | 85% | ||
| OneWater Marine Inc. | $37.50 | Increases in tax basis and imputed interest | Certain owners of OneWater LLC (TRA Holders) | 85% | undiscounted liability... was $37.5 million; increases in tax basis; tax benefits attributable to imputed interest; certain of the owners of OneWater LLC; 85% of the calculated net cash savings | ['Undiscounted liability reported as $37.5 million.'] | 1,772,921 | 2026-07-31 | 10-Q | View Document | 85% | ||
| PJT Partners Inc. | $36.00 | increases in tax basis related to exchanges of Partnership Units; tax benefits attributable to payments under the tax receivable agreement | holders of Partnership Units (other than PJT Partners Inc.) | 85% | contractual obligations of $36.0 million; increases in tax basis related to such exchanges; holders of Partnership Units; 85% of the benefits | [] | 1,626,115 | 2026-07-30 | 10-Q | View Document | 85% | ||
| National CineMedia, Inc. | $32.40 | ESA Parties, Cinemark, AMC | Payable under the TRA 2.3; Payable under the TRA 30.1; Payments to the ESA Parties; TRA payments to Cinemark; no longer... obligation... TRA payments to AMC | ['AMC TRA obligation terminated in 2025.'] | 1,377,630 | 2026-08-11 | 10-Q | View Document | |||||
| i3 Verticals, Inc. | $32.40 | Increase in tax basis from Common Unit exchanges; imputed interest | i3 Verticals, Inc., i3 Verticals, LLC, Continuing Equity Owners | 85% | total amount due... was $32.4 million; increase in tax basis; 85% of the amount of certain tax benefits; Continuing Equity Owners | ['Payments expected over the next 22 years.'] | 1,728,688 | 2026-08-07 | 10-Q | View Document | 85% | ||
| AlTi Global, Inc. | $30.30 | Increase in tax basis of Umbrella assets | TWMH Members, TIG GP Members, TIG MGMT Members | 85% | TRA liability ... $30.3 million; increase in tax basis of the assets; TWMH Members, TIG GP Members, TIG MGMT Members; 85% of certain tax benefits | ['TRA liability includes fair value and expected payments'] | 1,838,615 | 2026-08-10 | 10-Q | View Document | 85% | ||
| P3 Health Partners Inc. | $29.70 | Tax basis increases from redemptions, TRA payments, imputed interest | P3 LLC and members of P3 LLC | 85% | TRA liability is estimated to be $29.7 million; increases in our share of the tax basis; P3 LLC and the members of P3 LLC; payment by us of 85% of the amount | ['No liability recorded as payments are not probable'] | 1,832,511 | 2026-08-10 | 10-Q | View Document | 85% | ||
| PennyMac Financial Services, Inc. | $24.80 | Increases in tax basis of PNMAC’s assets; tax benefits from TRA payments | Certain former owners of PNMAC; PNMAC’s exchanged unitholders | 85% | recorded a $24.8 million Payable; increases in tax basis of PNMAC’s assets; certain former owners of PNMAC; amount equal to 85% of the amount | [] | 1,745,916 | 2026-08-04 | 10-Q | View Document | 85% | ||
| FORWARD AIR CORP | $24.05 | tax attributes as of the date of exchanges; tax benefits related to the 700 shares of Company common stock | certain Omni Holders | range of potential payments of zero to $24,050; tax attributes as of the date of exchanges; tax benefits related to the 700 shares; certain Omni Holders | ['Liability remeasured based on expected future tax benefits.'] | 912,728 | 2026-08-05 | 10-Q | View Document | ||||
| Utz Brands, Inc. | $23.70 | Tax basis in UBH net assets, TRA payments, Kennedy Endeavors tax amortization | Noncontrolling Interest Holders, Series U of UM Partners, LLC, Series R of UM Partners, LLC | 85% | liability of $23.7 million; increases in the share of the tax basis; Noncontrolling Interest Holders; 85% of the amount of any tax benefits | ['TRA terminates for $44.0 million upon merger.'] | 1,739,566 | 2026-08-05 | 10-Q | View Document | 85% | ||
| OppFi Inc. | $20.40 | tax basis 'step-up' from Corporate Simplification and exchanges | OppFi, OppFi-LLC, and the Members | Tax receivable agreement liability 20,403; tax basis 'step-up' triggered by Corporate Simplification; OppFi, OppFi-LLC and the other persons; aggregate early termination payment of $40.8 million | ['TRA amended and terminated for $40.8 million payment.'] | 1,818,502 | 2026-08-10 | 10-Q | View Document | ||||
| Red Rock Resorts, Inc. | $19.40 | Section 754 step-up, depreciable assets, NOLs, other tax attributes, outside basis difference | LLC Unit holders, Fertitta Family Entities | 85% | liability under the TRA was $19.4 million; step-up in the basis of depreciable assets; payable to Fertitta Family Entities; 85% of the tax benefits realized | [] | 1,653,653 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Amneal Pharmaceuticals, Inc. | $18.95 | deferred tax assets | Members | Total $18,947; unrecorded contingent TRA liability of $129.0 million; Members - tax receivable agreement; utilization of the Company’s deferred tax assets | ['Unrecorded contingent TRA liability of $129.0 million.'] | 1,723,128 | 2026-08-06 | 10-Q | View Document | ||||
| RMR GROUP INC. | $18.48 | Increases in tax basis; imputed interest | RMR Inc., ABP Trust | 85.0% | liability related to tax receivable agreement of $18,478; increases in tax basis attributable to RMR Inc.’s dealings; 85.0% of the amount of cash savings; RMR Inc. pays to ABP Trust | ['Liability includes $2,552k current portion in accounts payable.'] | 1,644,378 | 2026-08-05 | 10-Q | View Document | 85.0% | ||
| NEWMARK GROUP, INC. | $17.51 | tax basis of the tangible and intangible assets of Newmark OpCo | Cantor | 85% | liability to Cantor of $17.5 million; tax basis of the tangible and intangible assets; Tax Receivable Agreement with Cantor; 85% of the amount of cash savings | ['Liability offset by $19.5 million deferred tax asset.'] | 1,690,680 | 2026-08-07 | 10-Q | View Document | 85% | ||
| Arxis, Inc. | $13.30 | Compensation deductions from convertible common stock and Section 83(b) election | Arcline Arxis Advisory I, L.P. | 85% | accrued $13.3 million related to its obligations; compensation deductions from convertible common stock; Arcline Arxis Advisory I, L.P.; specified percentage (85%) of the cash tax savings | ['Payments subject to continued provision of services.'] | 2,093,536 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Viant Technology Inc. | $12.90 | Tax basis step-ups; intangible assets; imputed interest | Viant Technology LLC, continuing members, TRA Representative | 85% | total TRA liability... was $12.9 million; tax basis step-ups (and certain other tax benefits); Viant Technology LLC, continuing members... and the TRA Representative; 85% of the net cash tax savings | [] | 1,828,791 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Definitive Healthcare Corp. | $12.70 | Tax basis adjustments, net operating losses, unamortized tax basis, TRA payments | Pre-IPO LLC Unit holders, former Blocker Company shareholders | 85% | recorded a liability... of $12.7 million; tax basis adjustments, net operating losses, TRA payments; pre-IPO holders of LLC Units; former shareholders of certain Blocker Companies; pay to the TRA Parties 85% of the amount; deferred and will accrue interest until paid | ['Liability decreased due to goodwill impairment affecting tax attribute realizability.'] | 1,861,795 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Smith Douglas Homes Corp. | $9.40 | Basis Adjustments, Section 704(c) Allocations, and interest deductions | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | recorded a TRA liability of $9.4 million; Basis Adjustments, Section 704(c) Allocations, and interest deductions; Smith Douglas Homes Corp. and Continuing Equity Owners; pay to each Continuing Equity Owner 85% | ['Tax benefits amortized over 15.0 years.'] | 1,982,518 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Silvercrest Asset Management Group Inc. | $9.37 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments; exchanges of Class B for Class A shares. | SLP Partners, current principals of Silvercrest L.P., future employee-holders of Class B units. | 85% | liability is estimated to be $9,371; increases in tax basis; tangible and intangible assets of SLP; pay the SLP Partners 85%; partners of SLP; current principals | ['TRA terminates for cause or competition.'] | 1,549,966 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Array Technologies, Inc. | $6.20 | increase in the tax value of the developed technology | Array Tech, Inc., former majority stockholder | fair value of the TRA was $6.2 million; increase in tax value of developed technology; former majority stockholder of Array Tech, Inc. | ['TRA is accounted for as contingent consideration.'] | 1,820,721 | 2026-08-05 | 10-Q | View Document | ||||
| Zeo Energy Corp. | $4.60 | Increases in tax basis and other tax attributes | ESGEN OpCo, LLC and certain OpCo members (TRA Holders) | 85% | estimated unrecorded TRA liability was approximately $4.6 million; increases in tax basis and certain other tax attributes; ESGEN OpCo, LLC and certain OpCo members; 85% of the net cash savings | ['Liability unrecorded; realization not more likely than not.'] | 1,865,506 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Finance of America Companies Inc. | $4.22 | applicable future exchanges of Class A LLC units | certain owners of FOA Equity; Blackstone Investor (terminated) | TRA obligation 4,221; applicable future exchanges of Class A LLC units; certain owners of FOA Equity; Blackstone Tax Receivable Agreement was to be terminated | ['Blackstone Tax Receivable Agreement was terminated.'] | 1,828,937 | 2026-08-07 | 10-Q | View Document | ||||
| biote Corp. | $4.19 | Tax basis in net assets of Holdings; tax basis increases from TRA payments | then-existing non-controlling interest holders | 85% | TRA liability 4,190; tax basis in net assets of Holdings; then-existing non-controlling interest holders; 85% of the amount of any tax benefits | [] | 1,819,253 | 2026-08-07 | 10-Q | View Document | 85% | ||
| HMH Holding Inc | $3.80 | Acquisitions of B.V. Voting/Non-Voting Shares, redemptions, exchanges, imputed interest | HMH B.V., Principal Stockholders (Baker Hughes, Akastor) | 85% | recorded a TRA liability of $3.8 million; pay 85% of the net cash savings; acquisitions of B.V. Voting Shares; redemptions or exchanges of B.V. Non-Voting Shares; imputed interest deemed arising; HMH B.V. and the Principal Stockholders | ['Liability split equally between Baker Hughes and Akastor.'] | 2,021,880 | 2026-08-05 | 10-Q | View Document | 85% | ||
| INFINITY NATURAL RESOURCES, INC. | $3.60 | Tax basis increases from exchange of INR Units; imputed interest; additional tax basis from TRA payments. | Legacy Owners (owners of INR Holdings prior to IPO) | 85% | recorded a TRA liability of $3.6 million; tax basis increases resulting from the exchange; owners of INR Holdings prior to the IPO; 85% of the net cash savings | ['TRA liability is classified as a non-current liability.'] | 2,029,118 | 2026-08-10 | 10-Q | View Document | 85% | ||
| MARKETWISE, INC. | $3.10 | Basis adjustments, carryforward attributes, Section 754 step-up | Members of MarketWise, LLC, Arnold Parties | 85% | cumulative liability of $3.1 million; step up in the tax basis; 85% of the calculated tax savings; accrue interest until paid; members of Marketwise, LLC | ['Arnold Parties waived TRA rights in legal settlement.', 'M&C proposal contingent on TRA termination.'] | 1,805,651 | 2026-08-06 | 10-Q | View Document | 85% | ||
| GEN Restaurant Group, Inc. | $1.10 | Increases in tax basis from redemptions or exchanges; tax benefits from TRA payments | GEN Inc., Operating Company, Members of GEN LLC | 85% | TRA of $1.1 million; increases in tax basis; exchanges of Class A Common Units; 85% of the amount of tax benefits | ['Potential payments estimated at $99.6 million through 2037.'] | 1,891,856 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Bakkt, Inc. | $0.50 | Tangible and intangible assets of Opco; Section 743(b); Section 734(b); TRA payments | Certain Opco equity holders; ICE; Mr. Naheta | 85% | 85% of certain net income tax benefits; approximately $0.5 million remained to be paid; tangible and intangible assets of Opco; Section 743(b) or 734(b); ICE and Mr. Naheta; The Reorganization terminated the TRA | ['The Reorganization terminated the TRA.'] | 1,820,302 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Fluence Energy, Inc. | $0.30 | Tax basis increases from redemptions, exchanges, and distributions; tax benefits from TRA payments. | Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc., AES Grid Stability, LLC | 85% | payment made of $0.3 million liability; increases in the tax basis of assets; Siemens Industry and AES Grid Stability; 85% of the tax benefits | ['Liability not recognized; $165.1 million potential total obligation.'] | 1,868,941 | 2026-08-05 | 10-Q | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $0.20 | RIHI, Inc. | total liability under the TRAs... is $0.2 million; between the Company and RIHI; RIHI TRA will terminate upon the closing | ['TRA terminates upon merger closing with no payment.'] | 1,581,091 | 2026-08-06 | 10-Q | View Document | |||||
| SUJA LIFE, INC. | $0.00 | Basis increases from unit exchanges and distributions, pre-IPO attributes, and TRA payment benefits. | Owners of Holdings LP, including PSP | 85% | total amount due under the TRA was $0.0; increases in the tax basis of assets; tax attributes of the current or former holders; tax benefits attributable to payments; owners of Holdings LP, including PSP; pay such persons 85% of cash savings | ['No liability recorded due to valuation allowance assessment.'] | 1,934,114 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Intuitive Machines, Inc. | $0.00 | existing tax basis, tax basis adjustments, Business Combination benefits, TRA payment deductions | TRA Holders (certain Intuitive Machines, LLC members and related parties) | 85% | management does not expect a TRA liability; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; 85% of the amount of cash tax savings; TRA Holders (certain Intuitive Machines, LLC members) | ['Full valuation allowance applied to deferred tax assets.'] | 1,844,452 | 2026-08-13 | 10-Q | View Document | 85% | ||
| Brilliant Earth Group, Inc. | $0.00 | Tax basis adjustments; Section 743(b); Section 197 | Brilliant Earth Group, Inc.; Continuing Equity Owners | 85% | no TRA liability reflected; 85% of the amount of tax benefits; tax basis adjustments; Sections 743(b) and 197; Brilliant Earth Group, Inc. and Continuing Equity Owners | ['TRA liability not probable due to valuation allowance'] | 1,866,757 | 2026-08-06 | 10-Q | View Document | 85% | ||
| FuboTV Inc. | $0.00 | Historic NOLs, basis adjustments, distributions, TRA payments, imputed interest | FuboTV Inc., Newco, Hulu | 70% | no TRA liability has been recorded; historic net operating loss carryforwards; increases in tax basis in Newco’s assets; Company, Newco and Hulu; obligates the Company to pay Hulu... 70% | ['NOL share is lesser of 70% or ownership.'] | 1,484,769 | 2026-08-05 | 10-Q | View Document | 70% | ||
| Vivid Seats Inc. | $0.00 | Increases in tax basis, existing tax basis, imputed interest | Hoya Intermediate unitholders, Hoya Topco, LLC | 85% | we no longer have a TRA liability; 85% of the amount of any tax savings; increases in the tax basis; existing tax basis; imputed interest; existing Hoya Intermediate unitholders; Hoya Topco, LLC | ['TRA terminated in connection with Corporate Simplification.'] | 1,856,031 | 2026-08-04 | 10-Q | View Document | 85% | ||
| System1, Inc. | $0.00 | no amounts due; parties to the Tax Receivable Agreement | ['Full valuation allowance on deferred tax assets.'] | 1,805,833 | 2026-08-05 | 10-Q | View Document | ||||||
| FLYEXCLUSIVE INC. | $0.00 | tax basis adjustments | Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust, LGM | 85% | no TRA liability has been recorded; tax savings from certain tax basis adjustments; pay the Existing Equityholders 85%; Thomas James Segrave Jr.; Existing Equityholders | ['No liability recorded as of June 30, 2026.'] | 1,843,973 | 2026-08-12 | 10-Q | View Document | 85% | ||
| indie Semiconductor, Inc. | $0.00 | basis adjustments on future exchanges of ADK, LLC units and other carryforward attributes assumed | certain shareholders | 85% | not recorded a liability under the TRAs; basis adjustments on future exchanges; other carryforward attributes assumed; certain shareholders; 85% of the calculated tax savings | ['Full valuation allowance prevents recording TRA liability.'] | 1,841,925 | 2026-08-07 | 10-Q | View Document | 85% | ||
| Quantinuum Inc. | $0.00 | Basis Adjustments, Existing Basis, interest deductions | Quantinuum Holdings, TRA Parties, Members, Honeywell Entities, Continuing Common Unitholders | 85% | liability is not recognized; Basis Adjustments; Existing Basis; interest deductions; 85% of such tax savings; accrue interest until paid | ['Liability not recognized due to valuation allowance.'] | 2,110,105 | 2026-08-13 | 10-Q | View Document | 85% | ||
| Bumble Inc. | $0.00 | Common Units | Founder, Sponsor, affiliate of Accel Partners LP, management, other equity holders | complete and full termination of the Company's payment obligations; exchanges of Common Units; Founder, our Sponsor, an affiliate of Accel Partners LP; one-time settlement payments | ['TRA terminated November 2025 via one-time settlement.'] | 1,830,043 | 2026-08-06 | 10-Q | View Document | ||||
| AST SpaceMobile, Inc. | $0.00 | existing tax basis, tax basis adjustments, tax deductions, tax attributes | AST LLC, TRA holders | 85% | no TRA liabilities recorded; 85% of the amount of savings; existing tax basis; tax basis adjustments; tax deductions; tax attributes | [] | 1,780,312 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Camping World Holdings, Inc. | $0.00 | Increases in tax basis; Section 754 election | Continuing Equity Owners; Crestview Partners II GP, L.P. | 85% | did not have a Tax Receivable Agreement liability; increases in the tax basis; Section 754; Continuing Equity Owners and Crestview Partners; 85% of the amount of tax benefits | ['Liability not probable as of June 30, 2026', 'Paid $1.4 million during current period'] | 1,669,779 | 2026-07-30 | 10-Q | View Document | 85% | ||
| NUSCALE POWER Corp | $0.00 | NuScale Corp, NuScale LLC and legacy NuScale Equityholders | liability is not probable and therefore not recorded; NuScale Corp, NuScale LLC and legacy NuScale Equityholders; No TRA payments are expected | ['Liability not recorded due to valuation allowance.'] | 1,822,966 | 2026-08-05 | 10-Q | View Document | |||||
| York Space Systems Inc. | $0.00 | net operating loss carryforwards, research and development credit carryforwards | equity holders of Holdings, holders of Class P Units | 85% | 100 basis points above SOFR | does not anticipate recording the TRA liability; net operating loss carryforwards and research and development; equity holders of Holdings and Class P Units; 85% of certain tax savings; 100 basis points above SOFR | ['Liability not recorded; early termination estimated at $261M.'] | 2,086,587 | 2026-08-13 | 10-Q | View Document | 85% | |
| Net Power Inc. | $0.00 | deferred tax assets | TRA holders | reduced the TRA liability to zero; intent to terminate the TRA; became final and binding on June 12, 2025; deferred tax assets subject to the TRA | ['TRA terminated effective June 12, 2025.'] | 1,845,437 | 2026-08-13 | 10-Q | View Document | ||||
| GRAFTECH INTERNATIONAL LTD | $0.00 | tax assets that have been utilized | sole pre-IPO stockholder | write off of the remaining $3.8 million liability; future payment to our sole pre-IPO stockholder; tax assets that have been utilized | ['Liability written off in Q2 2025.'] | 931,148 | 2026-07-24 | 10-Q | View Document | ||||
| Xponential Fitness, Inc. | $0.00 | NOLs, existing tax basis, tax basis adjustments, imputed interest | H&W Investco Blocker II, LP (Blocker Company), Continuing Pre-IPO LLC Members | 85% | LIBOR + 100 basis points | Company has not recorded a liability; net operating losses; existing tax basis; tax basis adjustments; imputed interest; Blocker Company; Continuing Pre-IPO LLC Members; aggregate 85% of the amount of cash savings; LIBOR plus 100 basis points | ['Liability of $117.15M unrecorded due to valuation allowance.'] | 1,802,156 | 2026-08-07 | 10-Q | View Document | 85% | |
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | Increases in tax basis of assets, tax attributes of acquired entities, tax benefits from TRA payments | MLSH 1, MLSH 2 | 85% | no current liability under the TRA; 85% of the amount of tax benefits; MLSH 1 and MLSH 2; increases in the tax basis of assets | ['Liability zero as realization not considered probable.'] | 1,823,239 | 2026-08-07 | 10-Q | View Document | 85% | ||
| WM TECHNOLOGY, INC. | $0.00 | additional tax basis from redemptions or exchanges of Units | continuing Class A Unit holders | 85% | TRA liability was nil; additional tax basis; redemptions or exchanges of Units; continuing Class A Unit holders; 85% of the amount of tax benefits | ['Liability nil due to full valuation allowance.'] | 1,779,474 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Solo Brands, Inc. | $0.00 | no liability has been recorded; due to its immateriality; impact of valuation allowances; reduce future cash payment obligations | ['Corporate Simplification eliminated UP-C structure.'] | 1,870,600 | 2026-08-13 | 10-Q | View Document | ||||||
| PROKIDNEY CORP. | $0.00 | increases in tax basis attributable to exchanges; tax attributes of PK Holdings; tax benefits related to entering into the Tax Receivable Agreement | Closing ProKidney Unitholders | 85% | not recognized any liability related to this agreement; 85% of the amount of cash savings; increases in tax basis attributable to exchanges; Closing ProKidney Unitholders | ['Full valuation allowance prevents liability recognition.'] | 1,850,270 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Bioventus Inc. | $0.00 | Increases in tax basis of BV LLC assets | Continuing LLC Owner | 85% | had not recorded any liabilities under the TRA; increases in the tax basis of assets; Continuing LLC Owner; 85% of the amount of tax benefits; will be deferred and will accrue interest | [] | 1,665,988 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Symbotic Inc. | $0.00 | attributes obtained as a result of exchanges | Legacy Warehouse Holders (the “TRA Holders”) | 85% | no TRA liability was recorded; future payments... expected to be $487.0 million; 85% of these potential future tax benefits; certain Legacy Warehouse Holders; attributes obtained... as a result of exchanges | ['No liability recorded due to full valuation allowance.'] | 1,837,240 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from Class C OpCo Units, imputed interest, and additional tax basis from TRA payments | Holdings, TRA Holders, Agent | 85% | did not record a liability; increases in tax basis; imputed interest; Holdings and the Agent; pay each TRA Holder 85%; payment cap of $50,000 | ['Payment cap of $50,000 for change of control.'] | 1,841,425 | 2026-08-10 | 10-Q | View Document | 85% | ||
| vTv Therapeutics Inc. | $0.00 | Exchange of Class B common stock and vTv Units, imputed interest, tax benefits from TRA payments | MacAndrews, M&F TTP Holdings Two LLC, vTv Therapeutics Holdings, LLC, M&F TTP Holdings LLC | 85% | not recognized any liability; 85% of the amount of cash savings; exchange of Class B common stock; imputed interest deemed to be paid; tax benefits attributable to payments; M&F TTP Holdings Two LLC | ['No liability recognized as of June 30, 2026.'] | 1,641,489 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Direct Digital Holdings, Inc. | $0.00 | Tax basis in net assets of DDH LLC; Section 754; redemptions or exchanges of LLC Units | DDH LLC and DDM (TRA Holders) | 85% | liability related to the tax receivable agreement of $0; tax basis in net assets of DDH LLC; DDH LLC and DDM (together, the 'TRA Holders'); 85% of the net cash savings; accrue interest from the due date | ['Company derecognized its TRA liability during 2026.'] | 1,880,613 | 2026-08-14 | 10-Q | View Document | 85% | ||
| CIM GROUP, INC. | $0.00 | Increases in tax basis of tangible and intangible assets and other tax attributes | CMFH, CMGH, and TRA Recipients | 85% | had not recorded a liability; increases in tax basis; CMFH and CMGH; pay CMGH 85% of certain tax benefits | ['Potential obligation is contingent and cannot be estimated.'] | 1,498,547 | 2026-08-14 | 10-Q | View Document | 85% | ||
| EVgo Inc. | $0.00 | Increases in tax basis from OpCo Unit redemptions, imputed interest | EVgo Holdings, LS Power Equity Advisors, LLC, CRIS, Thunder Sub | 85% | no amounts have been accrued; potential unrecorded tax liability... $33.8 million; 85% of the net cash savings; increases in tax basis; imputed interest; EVgo Holdings; LS Power Equity Advisors, LLC | ['Liability not accrued; potential liability is $33.8 million.'] | 1,821,159 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Greenlane Holdings, Inc. | $0.00 | increases in tax basis and certain other tax benefits | former holders of interests in the Operating Company | 85% | recorded no liability under the TRA; increases in tax basis; certain other tax benefits; former holders of interests in the Operating Company; 85% of certain tax benefits | ['Liability not recorded due to valuation allowance assessment.'] | 1,743,745 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Canopy Growth Corp | $0.00 | Acreage | Acreage Tax Receivable Agreement; Balance at March 31, 2025 | ['TRA balance reduced to zero in 2025.'] | 1,737,927 | 2026-06-15 | 10-K | View Document | |||||
| Evercore Inc. | Payments Under Tax Receivable Agreement | ['Only TRA payment amounts are explicitly stated.'] | 1,360,901 | 2026-08-05 | 10-Q | View Document | |||||||
| X-Energy, Inc. | Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions, 734(b), 743(b), 754 | XERC, certain equity owners of XERC (TRA Holders) | 85% | 85% of the amount of cash tax savings; Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions; XERC and certain equity owners of XERC; Sections 734(b), 743(b) and 754 | ['TRA payments may be accelerated upon change of control.'] | 2,088,896 | 2026-08-13 | 10-Q | View Document | 85% | |||
| Quantinuum Inc. | IPO Existing Basis, Exchange Existing Basis, Basis Adjustments, Imputed Interest | TRA Party, Corporation | 85% | SOFR plus 150 basis points | Pro rata | 85% of the Cumulative Net Realized Tax Benefit; Agreed Rate means SOFR plus 150 basis points; allocated among the TRA Parties in proportion; IPO Existing Basis, Exchange Existing Basis, Basis Adjustments | [] | 2,110,105 | 2026-08-13 | 10-Q | View Document | 85% | |
| Falcon's Beyond Global, Inc. | Increases in tax basis; TRA payment benefits | Exchange TRA Holders, the Company, Falcon's Opco, TRA holder representative | 85% | 85% of the amount of tax benefits; increases in tax basis resulting from any exchange; partners of Falcon’s Opco; Exchange TRA Holders | ['Full valuation allowance maintained on deferred tax assets.'] | 1,937,987 | 2026-08-13 | 10-Q | View Document | 85% | |||
| Liberty Broadband Corp | tax benefits realized by Liberty Capital | Liberty Broadband, Charter, Liberty Capital Corporation | tax benefits realized by Liberty Capital; tax liability exceeded $420 million; Liberty Broadband and Liberty Capital | ['TRA triggered if tax liability exceeds $420 million.'] | 1,611,983 | 2026-07-29 | 10-Q | View Document | |||||
| Hamilton Lane INC | increases in the tax basis in HLA assets | pre-IPO members of HLA | 85% | pay 85% of the amount; increases in the tax basis; pre-IPO members of HLA | ['Company made $1.951 million in TRA payments during quarter.'] | 1,433,642 | 2026-08-04 | 10-Q | View Document | 85% | |||
| ERock, Inc. | Tax basis adjustments from exchanges; Reorganization tax attributes; TRA payment tax benefits | Continuing Equity Unitholders, Continuing Profits Interest Unitholders, Blocked Unitholders, Energy Impact Fund (FT-B) LP, designated TRA representative | 85% | 85% of the amount of net cash savings; increases in, or adjustments to, the tax basis; Continuing Equity Unitholders, Continuing Profits Interest Unitholders; recognize a liability if determine it is probable | ['Full valuation allowance; liability recognized only if probable.'] | 2,110,029 | 2026-08-12 | 10-Q | View Document | 85% | |||
| Rocket Companies, Inc. | increases in tax basis and other tax benefits | RHI II, LLC and Mr. Gilbert | 90% | 90% of the amount of cash savings; RHI II, LLC and Mr. Gilbert; increases in tax basis and other tax benefits | ['TRA share is 90%', 'Up-C structure collapsed June 30, 2025'] | 1,805,284 | 2026-08-07 | 10-Q | View Document | 90% | |||
| Quantinuum Inc. | Corporation, Company, and the TRA Parties | by and among the Corporation and the Company; and the TRA Parties | [] | 2,110,105 | 2026-08-13 | 10-Q | View Document | ||||||
| UWM Holdings Corp | Increases in tax basis from Exchange Transactions, imputed interest, and disproportionate allocations. | SFS Corp. | 85% | 85% of the amount of cash savings; Tax Receivable Agreement ('TRA') with SFS Corp.; increases in tax basis resulting from Exchange Transactions; imputed interest deemed to be paid; disproportionate allocations (if any) of tax benefits | ['Liability recorded as a loss contingency.'] | 1,783,398 | 2026-08-07 | 10-Q | View Document | 85% | |||
| Intuitive Machines, Inc. | Corporation, Company, and the Members | by and among the Corporation and the Company; and the Members... party thereto | ['Text defines TRA but lacks specific financial terms.'] | 1,844,452 | 2026-08-13 | 10-Q | View Document | ||||||
| Concord Acquisition Corp II | Events.com’s pre-closing tax attributes | Events.com, the Company, certain Events.com shareholders, New CND | 85% | 85% of the tax benefits realized; Events.com’s pre-closing tax attributes; Events.com, the Company and certain Events.com shareholders | [] | 1,851,959 | 2026-08-13 | 10-Q | View Document | 85% | |||
| Andersen Group Inc. | Increase in tax basis in assets of AT Umbrella LLC; tax benefits from TRA payments | Aggregator; certain pre-IPO owners; certain holders of Class X Umbrella Units | 85% | 85% of the amount of tax benefits; increase in tax basis in the assets; not yet incurred a liability; unpaid amounts will accrue interest until paid | ['No liability has been incurred as of report date.'] | 2,065,708 | 2026-08-12 | 10-Q | View Document | 85% | |||
| ITG, Inc./DE/ | allocable share of tax basis, net operating losses, basis adjustments from LLC Interest exchanges, imputed interest | former owners of ITG Parent (TRA Participants) | 85% | 85% of the amount of tax savings; former owners of ITG Parent ('TRA Participants'); allocable share of tax basis; net operating losses; imputed interest arising from any payments | [] | 2,110,117 | 2026-08-12 | 10-Q | View Document | 85% | |||
| Alchemy Investments Acquisition Corp 1 | Tax basis adjustments from TRA Exchanges, Section 754 adjustments, depreciation and amortization deductions, imputed interest, tax benefits from TRA payments | Pubco, certain Cartiga Members (TRA Holders) | 85% | 85% of the cash tax benefits; tax basis adjustments resulting from TRA Exchanges; certain Cartiga Members; accrue interest until paid | [] | 1,901,336 | 2026-08-27 | 10-Q | View Document | 85% | |||
| Purple Innovation, Inc. | Tax basis increases in Purple LLC assets; imputed interest | InnoHold | 80% | 80% of the net cash savings; InnoHold; tax basis increases in the assets; imputed interest deemed to be paid | [] | 1,643,953 | 2026-08-11 | 10-Q | View Document | 80% | |||
| TWFG, Inc. | Bunch Family Holdings, LLC, RFB Spousal Lifetime Trust, MCB Spousal Lifetime Trust | transferee became a party to the Tax Receivable Agreement; Tax Receivable Agreement, dated July 17, 2024 | ['New parties added via share transfers in 2026.'] | 2,007,596 | 2026-08-06 | 10-Q | View Document | ||||||
| CINEMARK USA INC /TX | NCMI | cash receipts pursuant to a tax receivable agreement | ['Company is recipient of TRA payments from NCMI.'] | 885,975 | 2026-07-30 | 10-Q | View Document | ||||||
| Vistra Corp. | benefits realized as a result of certain transactions entered into at the emergence of our predecessor from reorganization under Chapter 11 | benefits realized as a result of certain transactions; emergence of our predecessor from reorganization; no material TRA payments | ['No material TRA payments expected in 12 months.'] | 1,692,819 | 2026-08-07 | 10-Q | View Document | ||||||
| J M SMUCKER Co | Payment of assumed tax receivable agreement obligation | ['TRA obligation was assumed via business acquisition.'] | 91,419 | 2026-06-09 | 10-K | View Document |