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 | Pro Rata +Payment | Payment Rate |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Medline Inc. | $4,021.00 | Existing tax basis; tax basis adjustments to tangible and intangible assets; tax attributes of corporate entities | Certain pre-IPO owners | 90% | balance of the TRA liability was $4,021 million; 90% of certain tax benefits; allocable share of existing tax basis; tax basis adjustments to tangible and intangible assets; utilization of certain tax attributes; certain pre-IPO owners | ['TRA liability increased $479 million from March 2026 Resale Offering.'] | 2,046,386 | 2026-05-06 | 10-Q | View Document | 90% | |||
| ZoomInfo Technologies Inc. | $2,730.40 | TRA holders | liability of $2,730.4 million; No payments were made to TRA holders; revaluation for the blended state tax rate | ['Refer to 2025 Form 10-K for details'] | 1,794,515 | 2026-05-11 | 10-Q | View Document | ||||||
| CARVANA CO. | $2,228.00 | basis adjustment relating to the assets of Carvana Group; tax benefits from TRA payments (imputed interest) | LLC Unitholders, related parties | 85% | TRA liability of $2.2 billion; basis adjustment relating to the assets; pay to the LLC Unitholders; pay to the LLC Unitholders 85%; deferred and will accrue interest until paid | ['$1.7 billion of liability due to related parties.'] | 1,690,820 | 2026-04-29 | 10-Q | View Document | 85% | |||
| Blackstone Inc. | $2,047.93 | tangible and intangible assets of Blackstone Holdings | predecessor owners, senior managing directors, non-controlling interest holders | 85% | Due to Certain Non-Controlling Interest Holders; tangible and intangible assets; 85% of the amount of cash savings; predecessor owners; senior managing directors | ['Liability is $2.0 billion undiscounted over 15 years.'] | 1,393,818 | 2026-05-08 | 10-Q | View Document | 85% | |||
| BLUE OWL CAPITAL INC. | $1,612.61 | 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 $1,612,609; increases in tax basis of the assets; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings; pay 85% of certain tax benefits | ['Liability includes $95.7M at fair value.'] | 1,823,945 | 2026-05-01 | 10-Q | View Document | 85% | |||
| Dutch Bros Inc. | $820.10 | certain tax attributes and benefits | certain Dutch Bros OpCo owners, non-controlling interest holders, Co-Founder, Sponsor | 85% | total TRAs-related liabilities were $820.1 million; certain tax attributes and benefits; certain Dutch Bros OpCo owners; 85% of the income tax benefits | ['Payments made to Co-Founder and Sponsor.'] | 1,866,581 | 2026-05-06 | 10-Q | View Document | 85% | |||
| TPG Inc. | $782.20 | increase in the tax basis; Covered Tax Items | beneficiaries; Related Parties; non-affiliates; current and former employees and partners | 85% | liability... was $782.2 million; increase in the tax basis; current and former employees and partners; 85% of the applicable cash savings | ['Liability includes $475.5 million to Related Parties.'] | 1,880,661 | 2026-05-01 | 10-Q | View Document | 85% | |||
| Apollo Global Management, Inc. | $778.00 | increase to the tax basis of underlying assets | Former Managing Partners, Contributing Partners, Bridge TRA holders | 85% | Due to TRA holders $778; increase to the tax basis of underlying 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.'] | 1,858,681 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Core & Main, Inc. | $720.00 | Existing tax basis; basis increases from exchanges; depreciation and amortization deductions | Former Limited Partners; Continuing Limited Partners; CD&R Waterworks Holdings, LLC; Core & Main Management Feeder, LLC | 85% | $720 million payable to related parties; 85% of the realized... benefits; increases in tax basis; existing tax basis; Former Limited Partners; Continuing Limited Partners; accrue interest until paid | ['Two TRAs: Former and Continuing Limited Partners.'] | 1,856,525 | 2026-03-24 | 10-K | 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... of $683 million; tax attributes... with future exchanges of Partnership Interests; stockholders affiliated with Clayton, Dublier & Rice; 85% of the tax benefits realized | ['Payments occur two years after tax benefit utilization.'] | 1,856,525 | 2026-06-10 | 10-Q | View Document | 85% | |||
| Interactive Brokers Group, Inc. | $618.00 | tax basis increases | IBG, Inc., Holdings (for the benefit of the former members of IBG LLC) | 85% | payables to Holdings... were $618 million; result of tax basis increases; entered into an agreement... with Holdings; 85% of the tax savings | ['Cumulative payments of $308 million through March 2026'] | 1,381,197 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Ares Management Corp | $581.70 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments and interest | Holders of AOG Units; TRA recipients | 85% | TRA liability balance was $581.7 million; increases in the tax basis; payment to the TRA recipients of 85%; Holders of AOG Units | [] | 1,176,948 | 2026-05-08 | 10-Q | View Document | 85% | |||
| Alight, Inc. / Delaware | $509.00 | tax basis adjustments, tax attributes, existing tax basis | certain owners of Alight Holdings, TRA Party Representative | 85% | Ending balance as of March 31, 2026 509; tax basis adjustments from sales and exchanges; certain owners of Alight Holdings; 85% of any savings that we realize | ['Objection Notice received; dispute could increase payments by $40M.'] | 1,809,104 | 2026-05-05 | 10-Q | View Document | 85% | |||
| SOLV Energy, Inc. | $497.00 | Allocable share of tax basis; net operating losses; Basis Adjustments; disallowed interest carryovers; interest deductions | SOLV Energy, Inc.; SOLV Energy Holdings LLC; Continuing Equity Owners; Blocker Shareholders | 85% | pay approximately $497.0 million; 85% of the tax benefits; allocable share of tax basis; net operating losses; Basis Adjustments; disallowed interest carryovers; interest deductions | ['Liability is an estimate assuming immediate exchange.'] | 2,065,636 | 2026-03-25 | 10-K | View Document | 85% | |||
| RYAN SPECIALTY HOLDINGS, INC. | $460.80 | Exchange Tax Attributes (basis increases), 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 $460.8 million; 85% of the net cash savings; current and certain former LLC Unitholders; increases in the tax basis; Pre-IPO M&A Tax Attributes; TRA Payment Tax Attributes | ['Liability is based on undiscounted estimated future payments.'] | 1,849,253 | 2026-05-01 | 10-Q | View Document | 85% | |||
| Planet Fitness, Inc. | $415.80 | Holdings Units sold or exchanged; tax benefits from TRA payments; imputed interest; TSG purchase attributes. | TRA Holders; existing and previous equity owners of Pla-Fit Holdings, LLC; affiliates of TSG Consumer Partners, LLC. | 85% | liability of $415.8 million as of March 31, 2026; tax attributes of their Holdings Units; affiliates of TSG Consumer Partners, LLC; 85% of the applicable tax savings | ['Company entered into two tax receivable agreements.'] | 1,637,207 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Nextpower Inc. | $393.20 | Existing tax basis; basis increases; blocker tax attributes; TRA payment benefits | Flex affiliate, TPG, TPG Affiliates, TPG Rise Flash, L.P. | 85% | liability of $393.2 million; existing tax basis in tangible and intangible assets; 85% of the tax benefits; Flex’s affiliate, TPG and the TPG Affiliates | ['Yuma and Yuma Sub assigned rights to Flex.'] | 1,852,131 | 2026-05-19 | 10-K | View Document | 85% | |||
| AEVEX Corp. | $373.20 | Increases in tax basis from exchanges; existing tax basis; tax attributes of the Blocker Entity; tax benefits from TRA payments. | AEVEX Corp., Holdings LLC, and TRA Rights Holders (including Madison Dearborn Partners, LLC). | 85% | required to pay approximately $373.2 million; 85% of certain tax savings; increases in the tax basis of assets; existing tax basis; tax attributes of... the Blocker Entity; Company, Holdings LLC and the TRA Rights Holders | ['Liability is estimate assuming immediate exchange of units.'] | 2,096,300 | 2026-05-20 | 10-Q | View Document | 85% | |||
| StepStone Group Inc. | $344.20 | Increases in tax basis, net operating losses, imputed interest | Class B, C, and D limited partners; pre-IPO institutional investors | 85% | Lesser of 6.5% and SOFR + 400bp | Pro rata | total Tax Receivable Agreements liability was $344.2 million; increases in tax basis; 85% of the amount; lesser of 6.5% and SOFR plus 400bp; distributed to the other partners pro rata | ['Includes Exchanges TRA and Reorganization TRA.'] | 1,796,022 | 2026-05-27 | 10-K | View Document | 85% | |
| Portillo's Inc. | $344.20 | Existing tax basis, NOLs, basis adjustments, tangible and intangible assets | Pre-IPO LLC Members, certain members of Portillo's OpCo | 85% | TRA liability totaled $344.2 million; existing tax basis; net operating losses; basis adjustments; certain members of Portillo's OpCo; payment by us of 85% | ['Payments expected over 47 years', 'Liability remeasured for equity-based compensation'] | 1,871,509 | 2026-05-05 | 10-Q | View Document | 85% | |||
| Tradeweb Markets Inc. | $335.80 | Increases in the tax basis of TWM LLC’s assets | TWM LLC and the Continuing LLC Owners | 50% | Not pro rata | liability... totaled $335.8 million; increases in tax basis of TWM LLC’s assets; TWM LLC and the Continuing LLC Owners; equal to 50% of the amount; unpaid amounts... will accrue interest; payment... to a Continuing LLC Owner... from such | ['TRA share is 50%, lower than industry standard.'] | 1,758,730 | 2026-04-29 | 10-Q | View Document | 50% | ||
| KKR & Co. Inc. | $335.10 | exchanges of KKR Holdings equity | Current and Former Employees; KKR Holdings | undiscounted payable of $335.1 million; exchanges of KKR Holdings equity; Current and Former Employees; KKR Holdings | ['TRA terminated May 30, 2022 except prior exchanges'] | 1,404,912 | 2026-05-08 | 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 would be accelerated upon closing of Merger.'] | 1,685,040 | 2026-05-07 | 10-Q | View Document | ||||||
| Artisan Partners Asset Management Inc. | $305.20 | Preferred units tax attributes, partnership unit step-up, imputed interest | Pre-H&F Corp Merger Shareholder, current or former limited partners of Holdings | 85% | TRA liability... $305.2 million at March 31, 2026; step-up of tax basis and other tax attributes; Pre-H&F Corp Merger Shareholder; current or former limited partners of Holdings; 85% of the applicable cash savings; Interest on the TRA payments will accrue | ['Company entered into two separate tax receivable agreements.'] | 1,517,302 | 2026-05-04 | 10-Q | View Document | 85% | |||
| FLEX LTD. | $300.00 | tax benefits realized in relation to the IPO | Flex, TPG, Nextracker Inc. | 85% | range from zero to approximately $300 million; tax benefits realized in relation to the IPO; TRA with Flex and TPG; 85% of the tax benefits realized | ['Flex is the beneficiary of the TRA.'] | 866,374 | 2026-05-20 | 10-K | View Document | 85% | |||
| GPGI, Inc. | $293.30 | increase in the tax basis of GPGI Holdings’ assets | GPGI Holdings and holders of interests therein | 90% | Total payments $293.3; increase in the tax basis of assets; GPGI Holdings and holders of interests therein; obligated to make payments of 90%; unpaid amounts will accrue interest | ['TRA share is 90%, higher than industry standard.'] | 1,823,144 | 2026-05-07 | 10-Q | View Document | 90% | |||
| Moelis & Co | $269.30 | Tax basis of tangible and intangible assets; imputed interest | Eligible Managing Directors | 85% | total payable of $269.3 million; tax basis of the tangible and intangible assets; eligible Managing Directors; 85% of the amount of cash savings | ['Payments made within 225 days of tax filing.'] | 1,596,967 | 2026-04-30 | 10-Q | View Document | 85% | |||
| Cactus, Inc. | $264.80 | tax basis subject to the TRA | certain direct and indirect owners of Cactus LLC | 85% | total liability from the TRA was $264.8 million; tax basis subject to the TRA; certain direct and indirect owners of Cactus LLC; 85% of the net cash savings; accrue interest from the due date | ['Liability revalued due to forecasted state tax rate.'] | 1,699,136 | 2026-05-08 | 10-Q | View Document | 85% | |||
| Clear Secure, Inc. | $252.45 | Increase in tax basis in Alclear’s assets; imputed interest | Remaining members of Alclear (Alclear Members) | 85% | recorded a tax receivable agreement liability of $252,452; 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 $240.6M long-term.'] | 1,856,314 | 2026-05-06 | 10-Q | View Document | 85% | |||
| Stagwell Inc | $252.39 | increases in the tax basis of the assets of Stagwell Global LLC and certain other tax benefits related to making payments under the TRA | Stagwell Media | 85% | Tax Receivable Agreement liability (1) $252,390; increases in the tax basis of the assets; make cash payments to Stagwell Media; equal to 85% of certain... tax savings | ['All Paired Units exchanged for Class A Shares'] | 876,883 | 2026-05-01 | 10-Q | View Document | 85% | |||
| Shift4 Payments, Inc. | $247.00 | taxable exchange | Shift4 Payments, Inc., Shift4 Payments, LLC, Jared Isaacman, Rook Holdings Inc. | TRA liability was $247 million; Up-C Collapse via a taxable exchange; Jared Isaacman; Rook Holdings Inc.; assignment and waiver of Rook’s rights | ['Rook assigned and waived TRA rights to Company.', 'Up-C structure collapsed via taxable exchange.'] | 1,794,669 | 2026-05-07 | 10-Q | View Document | |||||
| Shake Shack Inc. | $246.00 | Basis increases from redemptions/exchanges, TRA payment basis increases, imputed interest | Non-controlling members of SSE Holdings | 85% | Total obligations under the Tax Receivable Agreement $246,008; increases in the Company's share of tax basis; non-controlling members of SSE Holdings; pay the non-controlling interest holders 85% | [] | 1,620,533 | 2026-05-07 | 10-Q | View Document | 85% | |||
| European Wax Center, Inc. | $243.60 | Existing tax basis; basis adjustments; Blocker Company tax attributes; TRA payment tax benefits | EWC Ventures Pre-IPO Members | 85% | Lesser of 6.5% or one year SOFR + 100bp | aggregate to approximately $243.6 million; 85% of the benefits; existing tax basis of the tangible and intangible assets; EWC Ventures Pre-IPO Members; lesser of 6.5% per annum and one year SOFR plus 100 basis points | ['Liability estimate assumes all future exchanges occur Jan 2025.'] | 1,856,236 | 2026-04-27 | 10-K/A | View Document | 85% | ||
| OPAL Fuels Inc. | $240.80 | tax basis increases; loss carryovers | OPAL Fuels Inc; Opal Holdco LLC; Parties named therein | undiscounted liability of approximately $240.8 million; tax basis increases associated with the deemed exchange; utilization of certain loss carryovers; OPAL Fuels Inc, Opal Holdco LLC | ['Full valuation allowance applied to deferred tax assets.'] | 1,842,279 | 2026-03-16 | 10-K | View Document | |||||
| AdaptHealth Corp. | $238.90 | Pre-Business Combination tax attributes, 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; 85% of the tax savings; 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 | [] | 1,725,255 | 2026-05-05 | 10-Q | View Document | 85% | |||
| Hamilton Lane INC | $235.40 | Increases in tax basis of tangible and intangible assets, specially allocated loss items, and tax benefits from TRA payments. | Direct and indirect members of HLA (TRA Recipients) | 85% | liability of $235.4 million; increases in tax basis; direct and indirect members of HLA; 85% of the amount of tax savings; interest accrued from the due date | [] | 1,433,642 | 2026-05-21 | 10-K | View Document | 85% | |||
| WaterBridge Infrastructure LLC | $218.50 | Tax basis increases from exchanges; existing tax basis; NOLs and interest expense carryforwards of WB 892 LLC; imputed interest | OpCo; TRA Holders; Elda River Infrastructure WB LLC | 85% | TRA liability balance of $218.5 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; TRA with OpCo and the TRA Holders | ['Liability includes NOLs from WB 892 LLC.'] | 2,064,947 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Legence Corp. | $217.00 | Existing tax basis, blocker tax attributes, basis increases from exchanges, TRA payment tax benefits | Legence Parent and Legence Parent II | 85% | current and long-term TRA liability is $8.2 million; long-term TRA liability is $208.8 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 | ['Liability increased $9.8 million from overallotment exercise.', 'Released $20.3 million valuation allowance on TRA assets.'] | 2,052,568 | 2026-05-14 | 10-Q | View Document | 85% | |||
| Legence Corp. | $207.40 | Existing tax basis, tax attributes of Blocker Entities, Basis Adjustments, and tax benefits from TRA payments | Legence Parent, Legence Parent II, TRA Members, Legacy Owners | 85% | SOFR + 100bp | total undiscounted TRA liability... is $207.4 million; allocable share of existing tax basis; tax attributes of the Blocker Entities; Basis Adjustments; 85% of the net cash savings; SOFR plus 100 basis points | ['Early termination payment estimated at $545 million.'] | 2,052,568 | 2026-03-30 | 10-K | View Document | 85% | ||
| Forgent Power Solutions, Inc. | $207.30 | Opco LLC Interests basis, Blocker NOLs, existing tax basis, basis adjustments from exchanges | Forgent Parent I LP, Forgent Parent II LP, Forgent Parent III LP, Forgent Parent IV LP (Continuing Equity Owners) | 85% | total amount due under TRA was $207.3 million; 85% of the amount of tax savings; allocable share of tax basis; net operating losses; Forgent Parent I LP, Forgent Parent II LP | ['Company has yet to make its first TRA payment.'] | 2,080,126 | 2026-05-14 | 10-Q | View Document | 85% | |||
| European Wax Center, Inc. | $201.98 | existing tax basis of tangible and intangible assets | EWC Ventures pre-IPO members | 85% | expected to be $202.0 million; existing tax basis of the tangible and intangible; EWC Ventures pre-IPO members; 85% of the applicable cash tax savings; accrue interest until paid | ['Payments deferred and accrue interest if funds insufficient.'] | 1,856,236 | 2026-05-13 | 10-Q | View Document | 85% | |||
| WaterBridge Infrastructure LLC | $201.40 | Existing Basis, Basis Adjustments, Historical NOLs, Interest Deductions, Imputed Interest | OpCo, TRA Holders, Legacy Owners | 85% | SOFR + 100bp | TRA liability of $201.4 million; Existing Basis, Basis Adjustments, Historical NOLs; OpCo and certain shareholders (TRA Holders); 85% of the amount of cash tax savings; SOFR plus 100 basis points | ['Termination payments estimated at $589.2 million.'] | 2,064,947 | 2026-03-16 | 10-K | View Document | 85% | ||
| Repay Holdings Corp | $191.80 | Tax basis increases from unit redemptions/exchanges, acquisition of Hawk Parent equity, TRA payments, and imputed interest. | Holders of Post-Merger Repay Units, selling Hawk Parent members. | 100% | liability of $191.8 million; 100% of the amount of any tax benefits; increases in its share of the tax basis; holders of Post-Merger Repay Units; deductions attributable to imputed interest | ['Company pays 100% of realized tax benefits.', 'TRA liability measured at fair value.'] | 1,720,592 | 2026-05-04 | 10-Q | View Document | 100% | |||
| Five Point Holdings, LLC | $181.90 | certain tax attributes; exchanges of Class A units; California net operating loss deductions | holders of Class A Common Units; holders of Class A units of the San Francisco Venture; prior holders | 85% | liabilities of $181.9 million; result of certain tax attributes; holders of Class A Common Units; 85% of the cash savings | ['California SB 167 suspends NOL usage affecting payments'] | 1,574,197 | 2026-04-24 | 10-Q | View Document | 85% | |||
| SOLV Energy, Inc. | $172.34 | Existing tax basis, NOLs, tax basis adjustments, interest deductions | SOLV Energy, Inc., SOLV Energy Holdings LLC, Continuing Equity Owners, Blocker Shareholders, TRA Participants | 85% | Tax receivable agreement 172,344; pay to the TRA Participants 85%; allocable share of existing tax basis; utilization of certain tax attributes; net operating losses; tax basis adjustments; interest deductions | ['Liability recorded in connection with IPO and Transactions.'] | 2,065,636 | 2026-05-13 | 10-Q | View Document | 85% | |||
| Goosehead Insurance, Inc. | $171.90 | increase in tax basis; imputed interest | Pre-IPO LLC Members | 85% | total amount of TRA Payments... $171.9 million; increase in tax basis in GSHD's assets; 85% of the amount of cash savings; Pre-IPO LLC Members | [] | 1,726,978 | 2026-04-23 | 10-Q | View Document | 85% | |||
| PBF Energy Inc. | $168.20 | Increases in tax basis; tax benefits from TRA payments | PBF LLC Series A and PBF LLC Series B unitholders | 85% | recognized a liability of $168.2 million; 85% of the amount of the benefits; increases in tax basis; PBF LLC Series A and Series B unitholders | ['Liability reflects undiscounted amounts net of valuation allowance.'] | 1,534,504 | 2026-04-30 | 10-Q | View Document | 85% | |||
| Virtu Financial, Inc. | $166.50 | Increase in tax basis; intangible assets basis; NOLs; other tax attributes | Direct or indirect equity holders of Virtu Financial (TRA Parties) | 85% | liabilities... were approximately $166.5 million; increase to the tax basis; intangible assets; Net Operating Losses (“NOLs”); direct or indirect equity holders; equal to 85% of the... cash tax savings; deferred and will accrue interest until paid | ['Payments expected $0.3 million to $22.5 million annually.'] | 1,592,386 | 2026-05-01 | 10-Q | View Document | 85% | |||
| Rithm Capital Corp. | $165.40 | Taxable acquisitions of Sculptor operating partnership units; net operating losses | Former holders of units in Sculptor’s operating partnerships (TRA Holders) | carrying value... was $165.4 million; taxable acquisitions... of Sculptor operating partnership units; including net operating losses; former holders of units in Sculptor’s operating partnerships | ['TRA liability calculated using change of control assumptions.'] | 1,556,593 | 2026-05-04 | 10-Q | View Document | |||||
| OLAPLEX HOLDINGS, INC. | $165.10 | Amortization of intangible assets and capitalized transaction costs | Pre-IPO Stockholders | 85% | aggregate to $165.1 million; amortization of intangible assets and capitalized transaction costs; Pre-IPO Stockholders; 85% of the cash savings | ['TRA may terminate upon Henkel acquisition merger.'] | 1,868,726 | 2026-05-11 | 10-Q | View Document | 85% | |||
| Galaxy Digital Inc. | $149.40 | Increases in tax basis; deductions for imputed interest | Holders of Class B Units in GDH LP | 85% | TRA-related liability... of $149.4 million; 85% of the cash savings; increases in tax basis; deductions in respect of imputed interest; holders of Class B Units in GDH LP | ['Amended and restated TRA entered May 13, 2025.'] | 1,859,392 | 2026-05-08 | 10-Q | View Document | 85% | |||
| 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 recognized as tax benefits became probable.'] | 1,781,755 | 2026-05-04 | 10-Q | View Document | 85% | |||
| SUJA LIFE, INC. | $143.90 | unit exchanges, pre-IPO tax attributes, imputed interest, basis increases | continuing equity owners and blocker shareholders | 85% | estimated total payments of approximately $143.9 million; unit exchanges in Holdings LP; pre-IPO tax attributes acquired in the Organizational Transactions; continuing equity owners and blocker shareholders; 85% of the amount of cash tax savings | [] | 1,934,114 | 2026-06-09 | 10-Q | View Document | 85% | |||
| Rush Street Interactive, Inc. | $133.40 | Increase in tax basis from RSILP Unit exchanges; tax benefits from TRA payments. | Special Limited Partner | 85% | recognized a TRA liability of $133.4 million; increase in tax basis; exchange of Retained RSILP Units; pay 85% of certain net tax benefits; Special Limited Partner | ['Liability increase due to RSILP Unit exchanges.'] | 1,793,659 | 2026-04-29 | 10-Q | View Document | 85% | |||
| Driven Brands Holdings Inc. | $129.30 | Depreciation and amortization deductions; tax basis in intangible assets | Principal Stockholders; senior management team; pre-IPO shareholders | 85% | SOFR + applicable term adjustment + 5% | current... $56 million; non-current... $73 million; depreciation and amortization deductions; tax basis... in... intangible assets; Principal Stockholders, and our senior management team; 85% of the amount of cash savings; SOFR plus an applicable term adjustment plus 5% | ['Payments of $21 million made in Q1 2026'] | 1,804,745 | 2026-05-19 | 10-K | View Document | 85% | ||
| MediaAlpha, Inc. | $123.40 | Increases in tax basis of QLH assets; NOLs of Intermediate Holdco; imputed interest; tax benefits from TRA payments | Insignia; Senior Executives; White Mountains; Class B-1 unit holders | 85% | accrued $123.4 million; increases in tax basis of assets; net operating losses of Intermediate Holdco; Insignia, Senior Executives, and White Mountains; 85% of the cash savings; replace the LIBOR with the SOFR | ['TRA amended Oct 2023 to replace LIBOR with SOFR.'] | 1,818,383 | 2026-04-29 | 10-Q | View Document | 85% | |||
| Nerdy Inc. | $118.24 | Increases in tax basis from reverse recapitalization and redemptions, imputed interest, and additional basis | Legacy Nerdy Holders | 85% | 85% of the net cash savings; certain Legacy Nerdy Holders; not recognized a liability of $118,238; increases in tax basis; imputed interest | ['Liability not recognized; payments not considered probable.'] | 1,819,404 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Fluence Energy, Inc. | $117.00 | Tax basis increases from redemptions, exchanges, distributions, and TRA payments. | Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc., AES Grid Stability, LLC | 85% | Founders will be entitled to... $117 million; increases in our share of the tax basis; Siemens Industry, Inc. and AES Grid Stability, LLC; 85% of the tax benefits; deferred and will accrue interest until paid | ['Liability not recognized due to full valuation allowance.'] | 1,868,941 | 2026-05-06 | 10-Q | View Document | 85% | |||
| Brookfield Asset Management Ltd. | $116.00 | tax attributes purchased from a related party | Oaktree | payable under a tax receivable agreement with Oaktree; $116 million as of March 31, 2026; tax attributes purchased from a related party | [] | 1,937,926 | 2026-05-08 | 10-Q | View Document | |||||
| loanDepot, Inc. | $111.00 | tax basis of loanDepot, Inc.’s investment in LD Holdings | Parthenon Stockholders, certain Continuing LLC Members | recognized a TRA liability of $111.0 million; tax basis of loanDepot, Inc.’s investment; Parthenon Stockholders and certain Continuing LLC Members | ['TRA liability increased $1.9 million from year-end.'] | 1,831,631 | 2026-05-07 | 10-Q | View Document | |||||
| Evolent Health, Inc. | $108.90 | Increases in tax basis (Class B exchanges), pre-IPO NOLs | Certain investors | 85% | TRA liability of $108.9 million; 85% of the amount of the tax benefits; increases in our tax basis; pre-IPO NOLs; certain of its investors | ['Liability represents estimate of aggregate amount to pay.'] | 1,628,908 | 2026-05-07 | 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% | ['Payments deferred due to debt restrictions accrue lower interest.'] | 1,804,745 | 2026-06-11 | 10-Q | View Document | 85% | ||
| Perella Weinberg Partners | $94.00 | exchange of interests in PWP OpCo; step-up in tax basis; payments made under the TRA | PWP OpCo, Professional Partners, Investor Limited Partners | 85% | liability of $94.0 million; exchange of interests in PWP OpCo; PWP OpCo, Professional Partners and Investor Limited Partners; payment of 85% of the amount | [] | 1,777,835 | 2026-05-01 | 10-Q | View Document | 85% | |||
| Flowco Holdings Inc. | $92.40 | Basis Adjustments, Section 704(c) Allocations, interest deductions, existing tax basis | Flowco Holdings, Flowco LLC, Continuing Equity Owners | 85% | total amount due was $92.4 million; Basis Adjustments, Section 704(c) Allocations, and interest deductions; pay to each Continuing Equity Owner 85%; Flowco Holdings, Flowco LLC and Continuing Equity Owners | ['Liability increased due to 12,041,729 Common Unit Conversions.'] | 2,035,149 | 2026-05-06 | 10-Q | View Document | 85% | |||
| Sun Country Airlines Holdings, Inc. | $87.17 | Pre-IPO Tax Attributes including net operating loss carryforwards | Pre-IPO stockholders, management, and Board of Directors | 85% | aggregate to approximately $87,169; Pre-IPO Tax Attributes, include net operating loss carryforwards; pre-IPO stockholders, management and Board of Directors; 85% of the amount of cash savings; deferred and will accrue interest until paid | ['Liability amount likely reported in thousands.'] | 1,743,907 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Sun Country Airlines Holdings, Inc. | $87.14 | Pre-IPO Tax Attributes | pre-IPO stockholders, management, Board of Directors | balance as of March 31, 2026... $87,137; attributes that existed at the time of IPO; pre-IPO stockholders (the 'TRA holders'); Merger Agreement with Allegiant, TRA will terminate | TRA terminates upon merger with Allegiant. | 1,743,907 | 2026-05-01 | 10-Q | View Document | |||||
| ProFrac Holding Corp. | $86.60 | $86.6 million of estimated tax receivable agreement obligations; Tax receivable agreement liability 82.0; Tax receivable agreement obligation 4.6; realizes actual cash tax savings from the tax benefits | ['Total liability includes $4.6M current and $82.0M non-current.'] | 1,881,487 | 2026-05-08 | 10-Q | View Document | |||||||
| Solaris Energy Infrastructure, Inc. | $75.00 | 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 TRA was $75.0 million; increases in tax basis; benefits attributable to imputed interest; other then-existing members of Solaris LLC; representing 85% of the net cash savings; distribute cash pro rata to each | ['TRA was amended on June 27, 2023.'] | 1,697,500 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Liberty Energy Inc. | $66.90 | increases in tax basis, net operating losses, imputed interest, additional tax basis from TRA payments | 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. | [] | 1,694,028 | 2026-04-23 | 10-Q | View Document | 85% | |||
| Carlyle Group Inc. | $64.10 | increases in tax basis | 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 | 2026-05-08 | 10-Q | View Document | 85% | |||
| Excelerate Energy, Inc. | $58.81 | Increases in tax basis from exchanges; existing tax basis of assets; tax basis of assets purchased from the Foundation; tax benefits from TRA payments. | EE Holdings, the Foundation | 85% | TRA liability 51,122; Current portion of TRA liability 7,685; 85% of the amount of the net cash; party to the TRA with EE Holdings; increases in the tax basis of assets; existing tax basis of assets | ['Liability includes current and long-term portions.'] | 1,888,447 | 2026-05-07 | 10-Q | View Document | 85% | |||
| GCM Grosvenor Inc. | $54.60 | Increases in tax basis in assets of GCMH | TRA Parties, limited partners of GCMH | 85% | amount payable... was $54.6 million; increases in the tax basis; pay 85% of the amount; limited partners of GCMH | [] | 1,819,796 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Lazard, Inc. | $46.83 | increases in the tax basis of certain assets | Lazard; LTBP Trust | 45% and 85% | Pro rata | cumulative liability... March 31, 2026... was $46,832; increases in the tax basis of certain assets; Lazard and LTBP Trust; approximately 45% of the amount of cash savings; 85% of the cash tax savings; distributed pro rata to the owners | ['Term continues until approximately 2033.', 'Liability is undiscounted.'] | 1,311,370 | 2026-05-04 | 10-Q | View Document | 45% and 85% | ||
| VERRA MOBILITY Corp | $43.67 | Tax receivable agreement liability, current portion 5,257; Tax receivable agreement liability, net of current portion 38,418 | [] | 1,682,745 | 2026-05-06 | 10-Q | View Document | |||||||
| Select Water Solutions, Inc. | $43.40 | increases in tax basis, NOLs, imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P. | 85% | liability associated with the TRAs... of $43.4 million; certain increases in tax basis; net operating losses (“NOLs”); imputed interest deemed to be paid; Legacy Owner Holdco and Crestview Partners II GP; 85% of the net cash savings | ['OBBBA enacted July 2025 defers TRA payment timing.'] | 1,693,256 | 2026-05-06 | 10-Q | View Document | 85% | |||
| Black Rock Coffee Bar, Inc. | $42.53 | Basis Adjustments; interest deductions from TRA payments | Black Rock OpCo; TRA Parties; Continuing Equity Owners | 85% | liability of approximately $42.5 million; Basis Adjustments and certain tax benefits; Black Rock OpCo and the TRA Parties; 85% of the amount of tax benefits | ['Liability increased $3.3 million due to unit exchanges.'] | 2,068,577 | 2026-05-13 | 10-Q | View Document | 85% | |||
| MALIBU BOATS, INC. | $39.60 | Increases in tax basis of LLC assets; Section 754 election; benefits from TRA payments. | pre-IPO owners of the LLC (or their permitted assignees) | 85% | 85% of the amount of the benefits; increases in tax basis; pre-IPO owners of the LLC; Section 754 of the Internal Revenue Code; Payable pursuant to tax receivable agreement | ['Liability determined on an undiscounted basis.'] | 1,590,976 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Cardinal Infrastructure Group Inc. | $39.42 | Historical tax basis, tax basis step-up, Section 743(b), Section 197, NOL carryforwards, interest deductions | PubCo, OpCo, Continuing Equity Holders, Diamond Interests Group LLC, Seller Owners | 85% | SOFR plus 100 basis points | liability... totaled $39,423,529; tax basis step-up in OpCo's assets; Sections 743(b) and 197; 85% of the net cash tax savings; SOFR plus 100 basis points | ['Company also entered into a Tax Benefit Agreement.'] | 2,079,999 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Cardinal Infrastructure Group Inc. | $39.42 | Basis Adjustments from LLC unit exchanges; interest deductions from TRA payments | Cardinal Infrastructure Group Inc.; Cardinal Civil Contracting Holdings LLC; Continuing Equity Holders | 85% | Lesser of 6.5% or SOFR + 100bp | liability on balance sheet totaled $39,423,529; increases in tax basis; interest deductions arising from payments; 85% of the tax benefits; Continuing Equity Holders | [] | 2,079,999 | 2026-03-23 | 10-K | View Document | 85% | ||
| Hagerty, Inc. | $38.30 | Increases in tax basis; Section 754 adjustments; imputed interest | Legacy Unit Holders (Hagerty Holding Corp. and Markel) | 85% | TRA Liability was $38.3 million; increases in tax basis; Section 754; 85% of the... cash tax savings realized; Hagerty Holding Corp. ('HHC') and Markel | ['Liability decreased from $39.8 million to $38.3 million.'] | 1,840,776 | 2026-05-06 | 10-Q | View Document | 85% | |||
| OneWater Marine Inc. | $37.50 | increases in tax basis and imputed interest | certain of the owners of OneWater LLC | 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; deferred payments... generally will accrue interest | ['Liability is undiscounted and payments may be deferred.'] | 1,772,921 | 2026-05-04 | 10-Q | View Document | 85% | |||
| National CineMedia, Inc. | $35.70 | Cinemark, AMC (terminated), ESA Parties | Payable under the TRA 2.9; Payable under the TRA 32.8; TRA payments to Cinemark; no longer... obligation... to AMC; Loss on re-measurement of the payable | ['AMC TRA obligation terminated in 2025.'] | 1,377,630 | 2026-05-12 | 10-Q | View Document | ||||||
| OppFi Inc. | $35.05 | tax basis step-up | OppFi Inc., OppFi-LLC, Members | Tax receivable agreement liability 35,046; tax basis 'step-up' triggered by the Corporate Simplification; Company, OppFi-LLC and the other persons named therein; early termination payment of approximately $40.8 million | ['TRA terminated April 2026; $40.8 million termination payment.'] | 1,818,502 | 2026-05-07 | 10-Q | View Document | |||||
| PJT Partners Inc. | $34.60 | increases in tax basis related to exchanges; tax benefits from TRA payments | holders of Partnership Units (other than PJT Partners Inc.) | 85% | contractual obligations of $34.6 million; increases in tax basis related to such exchanges; holders of Partnership Units; 85% of the benefits | ['Liability represents management’s best estimate of amounts owed.'] | 1,626,115 | 2026-04-30 | 10-Q | View Document | 85% | |||
| i3 Verticals, Inc. | $32.40 | increase in tax basis associated with Common Units | i3 Verticals, LLC and Continuing Equity Owners | 85% | total amount due... was $32.4 million; increase in tax basis associated with Common Units; i3 Verticals, LLC and Continuing Equity Owners; represents 85% of the estimated future tax benefits | ['Payments expected over the next 22 years.'] | 1,728,688 | 2026-05-08 | 10-Q | View Document | 85% | |||
| AlTi Global, Inc. | $30.60 | increase in tax basis of Umbrella assets | TWMH Members, TIG GP Members, TIG MGMT Members | 85% | approximately $30.6 million; increase in tax basis of the assets; TWMH Members, TIG GP Members, TIG MGMT Members; 85% of certain tax benefits | ['Portion of TRA liability carried at fair value.'] | 1,838,615 | 2026-05-11 | 10-Q | View Document | 85% | |||
| FORWARD AIR CORP | $28.25 | tax attributes as of the date of exchanges | certain Omni Holders | total estimated payable of $17,675; liability of $10,580; tax attributes as of the date of exchanges; certain Omni Holders | ['Liability includes contingent consideration and estimated payables.'] | 912,728 | 2026-05-11 | 10-Q | View Document | |||||
| AlTi Global, Inc. | $25.70 | increase in tax basis of Umbrella assets | TWMH Members, TIG GP Members, TIG MGMT Members | 85% | liability associated with TRA was $25.7 million; increase in tax basis of Umbrella assets; TWMH Members, TIG GP Members, TIG MGMT Members; pay 85% of the net tax benefit | ['TRA liability includes portion at fair value.'] | 1,838,615 | 2026-03-31 | 10-K | View Document | 85% | |||
| PennyMac Financial Services, Inc. | $24.80 | Increases in tax basis of PNMAC’s assets; tax benefits attributable to TRA payments | Certain former owners of PNMAC; PNMAC’s exchanged unitholders | 85% | $24.8 million Payable to exchanged unitholders; increases in tax basis of PNMAC’s assets; 85% of the net tax benefits; certain former owners of PNMAC | ['Liability unchanged from December 31, 2025.'] | 1,745,916 | 2026-05-05 | 10-Q | View Document | 85% | |||
| Utz Brands, Inc. | $23.70 | Tax basis in net assets of UBH; Kennedy Endeavors tax amortization | Noncontrolling Interest Holders | 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 | ['Includes tax amortization from Kennedy Endeavors acquisition.'] | 1,739,566 | 2026-05-06 | 10-Q | View Document | 85% | |||
| Red Rock Resorts, Inc. | $19.40 | Section 754 step-up, outside basis difference, NOLs | Owners of LLC Units, Fertitta Family Entities | 85% | liability under the TRA was $19.4 million; 85% of the tax benefits realized; step-up in the basis... under Section 754; outside basis difference of its interest; payable to Fertitta Family Entities; Payments not made... generally accrue interest | ['Liability includes $4.9 million payable to Fertitta Family Entities.'] | 1,653,653 | 2026-05-07 | 10-Q | View Document | 85% | |||
| RMR GROUP INC. | $18.48 | increases in tax basis attributable to RMR Inc.’s dealings; imputed interest | RMR Inc., ABP Trust | 85.0% | liability related to the tax receivable agreement; increases in tax basis attributable to RMR Inc.’s dealings; RMR Inc. pays to ABP Trust; 85.0% of the amount of cash savings | ['Liability includes $2.552M current and $15.926M non-current.'] | 1,644,378 | 2026-05-06 | 10-Q | View Document | 85.0% | |||
| NEWMARK GROUP, INC. | $17.51 | tax basis of the tangible and intangible assets | Cantor | 85% | liability to Cantor of $17.5 million; tax basis of the tangible and intangible assets; payment by Newmark to Cantor of 85%; Payable related to Tax Receivable Agreement | ['Offsetting related deferred tax asset of $19.5 million'] | 1,690,680 | 2026-05-08 | 10-Q | View Document | 85% | |||
| NEWMARK GROUP, INC. | $17.50 | Tax basis of tangible and intangible assets of Newmark OpCo | Cantor, Newmark Group, Inc. | 85% | $17.5 million liability to Cantor; tangible and intangible assets of Newmark OpCo; Cantor and Newmark entered into; payment by us to Cantor of 85% | ['20% of each payment deposited into escrow.'] | 1,690,680 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Amneal Pharmaceuticals, Inc. | $16.32 | realized tax benefits | Members | 75% | Total $16,323; realized tax benefits subject to the TRA; Members - tax receivable agreement; 75% of such realized benefits | ['Amended from 85% to 75%', 'Unrecorded contingent TRA liability of $131.4 million'] | 1,723,128 | 2026-05-07 | 10-Q | View Document | 75% | |||
| Arxis, Inc. | $16.00 | compensation deduction from transfer of convertible common stock | Arcline Arxis Advisory I, L.P. | 85% | total liability... is approximately $16,000; compensation deduction... transfer of the convertible common stock; Arcline Arxis Advisory I, L.P.; 85% of the cash tax savings | ['TRA linked to convertible common stock compensation deduction.'] | 2,093,536 | 2026-05-28 | 10-Q | View Document | 85% | |||
| Definitive Healthcare Corp. | $13.00 | Net operating losses, tax basis adjustments, tangible and intangible assets, Blocker Company tax attributes, TRA payments. | Pre-IPO holders of LLC Units, former shareholders of Blocker Companies. | 85% | liability under the TRA of $13.0 million; 85% of the amount of cash savings; net operating losses; tax basis adjustments; pre-IPO holders of LLC Units; former shareholders of certain Blocker Companies | ['Liability remeasurement gain driven by goodwill impairment.'] | 1,861,795 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Viant Technology Inc. | $12.50 | Increases in tax basis of intangible assets, imputed interest | Viant Technology LLC, continuing members, TRA Representative | 85% | total TRA liability... was $12.5 million; increases in tax basis; intangible assets; imputed interest; Viant Technology LLC, continuing members; 85% of the amount of net cash tax savings | ['TRA liability is entirely classified as long-term.'] | 1,828,791 | 2026-05-11 | 10-Q | View Document | 85% | |||
| P3 Health Partners Inc. | $12.40 | Tax basis increases from redemptions/exchanges, imputed interest, TRA payment basis increases | P3 LLC and its members | 85% | TRA liability is estimated to be $12.4 million; increases in our share of the tax basis; P3 LLC and the members of P3 LLC; payment by us of 85% | ['No liability recorded as payments are not probable.'] | 1,832,511 | 2026-05-14 | 10-Q | View Document | 85% | |||
| P3 Health Partners Inc. | $12.40 | increases in tax basis of P3 LLC assets; tax basis increases from TRA payments; imputed interest | P3 LLC and the members of P3 LLC (P3 Equityholders) | 85% | TRA liability is estimated to be $12.4 million; increases in our share of the tax basis; 85% of the income tax benefits; P3 LLC and the members of P3 LLC | ['No liability recorded due to full valuation allowance.'] | 1,832,511 | 2026-03-26 | 10-K | View Document | 85% | |||
| Smith Douglas Homes Corp. | $9.38 | Basis Adjustments, Section 704(c) Allocations, interest deductions, 743(b) | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | Tax receivable agreement liability 9,382; Basis Adjustments, Section 704(c) Allocations, interest deductions; pay to each Continuing Equity Owner 85%; Smith Douglas Holdings LLC and Continuing Equity Owners | ['Company made TRA payments totaling $0.5 million.'] | 1,982,518 | 2026-04-30 | 10-Q | View Document | 85% | |||
| Silvercrest Asset Management Group Inc. | $9.33 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments; exchanges of Class B for Class A common stock. | Partners of SLP (SLP Partners); current principals; future employee-holders of Class B units. | 85% | liability is estimated to be $9,333; increases in tax basis; tangible and intangible assets of SLP; partners of SLP (the “SLP Partners”); pay the SLP Partners 85% | ['TRA terminates if partner fired for cause or competes.'] | 1,549,966 | 2026-05-11 | 10-Q | View Document | 85% | |||
| Silvercrest Asset Management Group Inc. | $9.32 | Step-up in tax basis of Silvercrest L.P. assets; imputed interest; prior distributions; prior transfers or exchanges. | Current principals of Silvercrest L.P.; future employee-holders of Class B units; partners of SLP. | 85% | liability is estimated to be $9,325; 85% of the amount of cash savings; step-up in tax basis; current principals of Silvercrest L.P.; imputed interest deemed to be paid | ['Liability adjusted for law changes in tax rates.'] | 1,549,966 | 2026-03-16 | 10-K | View Document | 85% | |||
| Array Technologies, Inc. | $5.80 | deductions from increase in tax value of developed technology | former majority stockholder of Array Tech, Inc. | fair value of the TRA was $5.8 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 | 2026-05-06 | 10-Q | View Document | |||||
| Zeo Energy Corp. | $4.60 | Increases in tax basis and other tax attributes | OpCo and certain OpCo members | 85% | estimated unrecorded TRA liability was approximately $4.6 million; increases in tax basis and certain tax attributes; OpCo and certain OpCo members; 85% of the net cash savings | ['Liability unrecorded as realization not more likely than not'] | 1,865,506 | 2026-05-15 | 10-Q | View Document | 85% | |||
| Finance of America Companies Inc. | $4.52 | Blackstone Investor | TRA obligation 4,524; Blackstone Investor; Blackstone Tax Receivable Agreement was terminated | ['Blackstone TRA terminated upon completion of Second Closing.'] | 1,828,937 | 2026-05-11 | 10-Q | View Document | ||||||
| biote Corp. | $4.19 | Tax basis in the net assets of Holdings | then-existing non-controlling interest holders | 85% | TRA liability 4,190; 85% of the amount of any tax benefits; then-existing non-controlling interest holders; tax basis in the net assets of Holdings | [] | 1,819,253 | 2026-05-11 | 10-Q | View Document | 85% | |||
| MARKETWISE, INC. | $4.04 | Basis adjustments from LLC Unit exchanges, Section 754, carryforward attributes | MarketWise Members, Arnold Parties (Mark P. Arnold and JAMA 2021, LLC) | 85% | cumulative liability of $4,035 under the TRA; step up in the tax basis; members of MarketWise, LLC; 85% of the calculated tax savings; unpaid amounts... will accrue interest until paid | ['Arnold Parties waived rights; acquisition contingent on termination.'] | 1,805,651 | 2026-05-07 | 10-Q | View Document | 85% | |||
| HMH Holding Inc | $3.80 | Acquisitions of B.V. Voting/Non-Voting Shares, redemptions, exchanges, imputed interest | HMH Holding Inc, HMH B.V., Principal Stockholders | 85% | expects to record... $3.8 million; pay 85% of the net cash savings; acquisitions of B.V. Voting Shares; acquisition of B.V. Non-Voting Shares; redemptions or exchanges; imputed interest; HMH B.V. and the Principal Stockholders | ['Liability expected to be recorded in Q2 2026.'] | 2,021,880 | 2026-05-06 | 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 the IPO) | 85% | 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 non-current.'] | 2,029,118 | 2026-05-12 | 10-Q | View Document | 85% | |||
| GoHealth, Inc. | $1.30 | Existing tax basis, increases in tax basis, distributions, and payments under the TRA | Continuing Equity Owners and the Blocker Shareholders | 85% | 85% of the tax benefits; Continuing Equity Owners and the Blocker Shareholders; $1.3 million liability; allocable share of existing tax basis; increases in tax basis; tax benefits arising from payments under TRA | [] | 1,808,220 | 2026-03-31 | 10-K | View Document | 85% | |||
| GoHealth, Inc. | $1.30 | GHH, LLC, Continuing Equity Owners, Blocker Shareholders | 85% | $1.3 million liability related to the Tax Receivable Agreement; GHH, LLC, Continuing Equity Owners, Blocker Shareholders; 85% of the amount of tax benefits | [] | 1,808,220 | 2026-05-18 | 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, and each of the Members | 85% | liability related to its projected obligations... $1.1 million; increases in tax basis resulting from... redemptions; GEN Inc... Operating Company and each... Members; payment... to the Members of 85% | ['Hypothetical total TRA payments could reach $99.6 million.'] | 1,891,856 | 2026-05-14 | 10-Q | View Document | 85% | |||
| GEN Restaurant Group, Inc. | $1.10 | Increases in tax basis, imputed interest, net operating losses | Operating Company, members of GEN LLC, permitted assignees | 85% | liability related to its projected obligations... $1.1 million; increases in tax basis; imputed interest; net operating losses; members of GEN LLC; permitted assignees; 85% of the net cash tax savings | ['Total payments estimated at $99.6 million through 2037.'] | 1,891,856 | 2026-03-31 | 10-K | View Document | 85% | |||
| Bakkt, Inc. | $0.60 | Tangible and intangible assets of Opco, Section 743(b), Section 734(b), tax benefits from TRA payments | Opco equity holders, ICE, Mr. Naheta | 85% | 85% of certain net income tax benefits; tangible and intangible assets of Opco; Section 743(b) or 734(b); ICE and Mr. Naheta; $0.6 million remained to be paid | ['TRA was settled in 2025 during Reorganization.'] | 1,820,302 | 2026-03-19 | 10-K | View Document | 85% | |||
| Bakkt, Inc. | $0.50 | Tangible and intangible assets; Section 743(b); Section 734(b); TRA payment tax benefits | Certain Opco equity holders; ICE; Mr. Naheta | 85% | approximately $0.5 million remained to be paid; tangible and intangible assets of Opco; Section 743(b) or 734(b); 85% of certain net income tax benefits; The Reorganization terminated the TRA | ['The Reorganization terminated the TRA.'] | 1,820,302 | 2026-05-11 | 10-Q | View Document | 85% | |||
| Funko, Inc. | $0.25 | Future redemptions or exchanges of common units; TRA payments | FAH, LLC, Continuing Equity Owners, and certain transferees | 85% | estimated a TRA liability of $249 thousand; future redemptions funded by the Company or exchanges; FAH, LLC and the Continuing Equity Owners; 85% of the amount of tax benefits; unpaid amounts generally will be deferred | ['Full valuation allowance; gross liability is $102.5 million.'] | 1,704,711 | 2026-05-07 | 10-Q | View Document | 85% | |||
| RE/MAX Holdings, Inc. | $0.22 | RE/MAX Holdings, Inc., RIHI, Inc. | Payable pursuant to tax receivable agreements... 219; between the Company and RIHI; RIHI TRA will terminate upon the closing | ['TRA terminates upon merger with no further payments.'] | 1,581,091 | 2026-05-08 | 10-Q | View Document | ||||||
| Direct Digital Holdings, Inc. | $0.04 | tax basis in the net assets; Section 754 | DDH LLC and DDM (TRA Holders) | 85% | Total liability related to tax receivable agreement $41; tax basis in the net assets; DDH LLC and DDM; 85% of the net cash savings; accrue interest from the due date | ['Liability is $41 thousand.', 'Payments may be deferred if cash is unavailable.'] | 1,880,613 | 2026-05-15 | 10-Q | View Document | 85% | |||
| Direct Digital Holdings, Inc. | $0.04 | Basis adjustments from LLC Unit exchanges, TRA payments, interest deductions imputed | Direct Digital Holdings, Inc., DDH LLC, Direct Digital Management, LLC (DDM) | 85% | liability... of less than $0.1 million; increases in the tax basis of assets; Direct Digital Holdings, DDH LLC and DDM; 85% of the tax benefits; deferred payments... will possibly accrue interest | ['Liability derecognized in 2024 due to valuation allowance.'] | 1,880,613 | 2026-03-31 | 10-K | View Document | 85% | |||
| Zeo Energy Corp. | $0.00 | Increases in tax basis; imputed interest; other tax attributes | TRA Holders; certain former equity holders of Sunergy; OpCo members | 85% | 85% of the net cash savings; increases in tax basis; benefits attributable to imputed interest; had not recorded a liability; certain former equity holders of Sunergy | ['Liability not recorded; estimated unrecorded liability is $5.7 million.'] | 1,865,506 | 2026-04-01 | 10-K | 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 | 2026-05-07 | 10-Q | View Document | ||||||
| AST SpaceMobile, Inc. | $0.00 | Existing tax basis, tax basis adjustments, tax deductions, acquired tax attributes | AST LLC, TRA holders | 85% | no TRA liabilities recorded; 85% of the amount of savings; existing tax basis of certain assets; tax basis adjustments resulting from taxable exchanges; tax deductions in respect of certain payments; tax attributes that are acquired directly or indirectly | [] | 1,780,312 | 2026-05-11 | 10-Q | View Document | 85% | |||
| Intuitive Machines, Inc. | $0.00 | Existing Basis, Basis Adjustments, Business Combination benefits, Interest Deductions | Intuitive Machines, LLC, certain Intuitive Machines Members | 85% | SOFR + 100 basis points | The TRA is unrecognized; 85% of the amount of cash tax savings; SOFR plus 100 basis points; Existing Basis, Basis Adjustments and Interest Deductions; Intuitive Machines, LLC and certain Intuitive Machines Members | ['TRA liability unrecognized due to full valuation allowance'] | 1,844,452 | 2026-03-19 | 10-K | View Document | 85% | ||
| Rani Therapeutics Holdings, Inc. | $0.00 | Increases in tax basis of Rani LLC assets; payments under TRA; other benefits from TRA payments. | Continuing LLC Owners, ICL | 85% | not recorded a liability under the TRA; increases in the tax basis of assets; Continuing LLC Owners; ICL; 85% of the amount of tax benefits | ['TRA terminated effective December 31, 2025.'] | 1,856,725 | 2026-03-26 | 10-K | View Document | 85% | |||
| Symbotic Inc. | $0.00 | Attributes from redemptions and exchanges | Legacy Warehouse Holders | 85% | 85% of these potential future tax benefits; no TRA liability was recorded; expected to be $484.4 million; certain Legacy Warehouse Holders; attributes obtained as a result of exchanges; redemption of their pass-through interests | ['No liability recorded due to full valuation allowance.'] | 1,837,240 | 2026-05-06 | 10-Q | View Document | 85% | |||
| Intuitive Machines, Inc. | $0.00 | existing tax basis; tax basis adjustments; tax benefits from Business Combination; tax deductions from TRA payments | TRA Holders (certain Intuitive Machines, LLC members and related parties) | 85% | does not expect a TRA liability; existing tax basis in certain assets; tax basis adjustments from taxable exchanges; tax benefits from the Business Combination; tax deductions from TRA payments; TRA Holders (certain Intuitive Machines, LLC members); 85% of the amount of cash tax savings | ['Full valuation allowance applied to deferred tax assets.'] | 1,844,452 | 2026-05-15 | 10-Q | View Document | 85% | |||
| Greenlane Holdings, Inc. | $0.00 | Increases in tax basis from redemptions or exchanges; tax benefits from TRA payments | Members of the Operating Company | 85% | recorded no liability under the TRA; increases in the tax basis of assets; members of the Operating Company; 85% of the tax benefits | ['No liability recorded due to valuation allowance.'] | 1,743,745 | 2026-03-31 | 10-K | View Document | 85% | |||
| Vivid Seats Inc. | $0.00 | Increases in tax basis from redemptions or exchanges; existing tax basis in long-lived assets; imputed interest | Existing 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 exchange for Class A shares.'] | 1,856,031 | 2026-05-05 | 10-Q | View Document | 85% | |||
| Bumble Inc. | $0.00 | exchanges of Common Units | Founder, Sponsor, affiliate of Accel Partners LP, management | fully settled in November 2025; complete and full termination; exchanges of Common Units; Founder, Sponsor, affiliate of Accel Partners LP | ['TRA was fully terminated in November 2025.'] | 1,830,043 | 2026-05-06 | 10-Q | View Document | |||||
| Cibus, Inc. | $0.00 | no TRA liability has been recorded; TRA, dated May 31, 2023; liability... is not probable | ['Liability not probable due to valuation allowance.'] | 1,705,843 | 2026-05-14 | 10-Q | View Document | |||||||
| FLYEXCLUSIVE INC. | $0.00 | certain tax basis adjustments | Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust, LGM | 85% | no TRA liability has been recorded; certain tax basis adjustments; Existing Equityholders, and Thomas James Segrave Jr.; 85% of the Realized Tax Benefit | ['No liability recorded; maximum termination payment $15.0 million.'] | 1,843,973 | 2026-05-11 | 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 | ['Liability not recorded due to valuation allowance.'] | 1,841,925 | 2026-05-11 | 10-Q | View Document | 85% | |||
| Sky Harbour Group Corp | $0.00 | Existing tax basis in certain assets; tax basis adjustments from taxable exchanges; tax deductions from TRA payments. | Sky Harbour Group Corp, Sky Harbour LLC, Existing Sky Equityholders, Tal Keinan (TRA Holder Representative) | 85% | no transactions... trigger the recording of a liability; pay the TRA Holders 85% of the amount; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; tax deductions in respect of portions of payments; Company, Sky, the Existing Sky Equityholders; Tal Keinan | ['No liability recorded as of December 31, 2025.'] | 1,823,587 | 2026-03-19 | 10-K | 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, 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 March 31, 2026.'] | 1,641,489 | 2026-05-13 | 10-Q | View Document | 85% | |||
| Brilliant Earth Group, Inc. | $0.00 | Increases in tax basis of LLC assets; TRA payments; 743(b); 197 | Brilliant Earth, LLC; Continuing Equity Owners | 85% | reduced the TRA liability to zero; 85% of the amount of tax benefits; increases in... tax basis of... LLC’s assets; Brilliant Earth, LLC and the Continuing Equity Owners; unpaid amounts... will accrue interest | ['TRA liability reduced to zero in 2025.'] | 1,866,757 | 2026-03-17 | 10-K | View Document | 85% | |||
| Solo Brands, Inc. | $0.00 | no liability has been recorded; due to its immateriality; eliminate its umbrella partnership-C corporation (UP-C) structure; reduce future cash payment obligations | ['TRA liability zero due to immateriality.'] | 1,870,600 | 2026-05-14 | 10-Q | View Document | |||||||
| EVgo Inc. | $0.00 | Increases in tax basis; imputed interest; additional tax basis from payments | CRIS; Thunder Sub; EVgo Holdings; LS Power Equity Advisors, LLC | 85% | no amounts have been accrued; potential unrecorded tax liability is $33.8 million; increases in tax basis; imputed interest; 85% of the net cash savings; CRIS, Thunder Sub, EVgo Holdings and LS Power | ['Potential unrecorded liability of $33.8 million.'] | 1,821,159 | 2026-05-05 | 10-Q | View Document | 85% | |||
| Verde Clean Fuels, Inc. | $0.00 | increases in tax basis from OpCo Units; imputed interest; additional tax basis from TRA payments | Holdings, TRA Holders, Agent | 85% | Company did not record a tax receivable liability; 85% of the amount of realized tax benefit; certain increases in tax basis; imputed interest deemed to be paid; Holdings (together with its permitted transferees); the Agent | ['Payment cap of $50,000 upon change of control.'] | 1,841,425 | 2026-05-12 | 10-Q | View Document | 85% | |||
| Purple Innovation, Inc. | $0.00 | Tax basis increases in Purple LLC assets; imputed interest | InnoHold; former founders | 80% | no liability was recorded; tax basis increases in the assets; imputed interest; InnoHold; 80% of certain tax benefits | ['Liability not recorded as not probable; estimate $170.5M.'] | 1,643,953 | 2026-03-31 | 10-K | View Document | 80% | |||
| PROKIDNEY CORP. | $0.00 | Increases in tax basis from exchanges; other tax attributes of PK Holdings | Closing ProKidney Unitholders | 85% | not recognized any liability as of March 31, 2026; increases in tax basis attributable to exchanges; certain other tax attributes of PK Holdings; Closing ProKidney Unitholders; 85% of the amount of cash savings | ['No liability recognized as of March 31, 2026.'] | 1,850,270 | 2026-05-15 | 10-Q | View Document | 85% | |||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | Increases in tax basis, acquired tax attributes, TRA payment tax benefits | MLSH 1, MLSH 2, GTCR | 85% | no current liability under the TRA; 85% of the amount of tax benefits; increases in the tax basis of assets; party to a TRA with MLSH 1 | ['Liability derecognized due to valuation allowance.'] | 1,823,239 | 2026-05-08 | 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.', 'Hypothetical liability if reinstated is $136.2 million.'] | 1,779,474 | 2026-05-11 | 10-Q | View Document | 85% | |||
| Camping World Holdings, Inc. | $0.00 | Increases in tax basis; Section 754 election; tax benefits from TRA payments | Continuing Equity Owners; Crestview Partners II GP, L.P. | 85% | did not have a Tax Receivable Agreement liability; 85% of the amount of tax benefits; increases in the tax basis; Section 754 of the Internal Revenue Code; Continuing Equity Owners and Crestview Partners II GP, L.P. | ['Full valuation allowance; liability considered not probable.'] | 1,669,779 | 2026-04-30 | 10-Q | View Document | 85% | |||
| Brilliant Earth Group, Inc. | $0.00 | Tax basis adjustments, Section 743(b), Section 197 | Brilliant Earth, LLC and the Continuing Equity Owners | 85% | no TRA liability reflected; tax basis adjustments and payments; Continuing Equity Owners; 85% of the amount of tax benefits; Sections 743(b) and 197 of the Code | ['TRA liability not probable at the current time.'] | 1,866,757 | 2026-05-07 | 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; final and binding on June 12, 2025; deferred tax assets subject to the TRA | ['TRA terminated effective June 12, 2025.'] | 1,845,437 | 2026-05-11 | 10-Q | View Document | |||||
| Cibus, Inc. | $0.00 | no TRA liability existed | ['TRA liability not probable due to valuation allowance.'] | 1,705,843 | 2026-03-17 | 10-K | View Document | |||||||
| Xponential Fitness, Inc. | $0.00 | NOLs, existing tax basis, tax basis adjustments, imputed interest | H&W Investco Blocker II, LP; Continuing Pre-IPO LLC Members | 85% | LIBOR (or a replacement rate) plus 100 basis points | not recorded a liability; $116,527 of the TRA liability was not recorded; net operating losses; allocable share of existing tax basis; tax basis adjustments; imputed interest; aggregate 85% of the amount of cash savings; rate of LIBOR plus 100 basis points; H&W Investco Blocker II, LP; Continuing Pre-IPO LLC Members | ['Liability not recorded due to valuation allowance.'] | 1,802,156 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Bioventus Inc. | $0.00 | increases in the tax basis of assets; redemptions or exchanges of LLC Interests; prior sales of interests; certain distributions; tax benefits from TRA payments | 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; accrue interest until paid | ['No liabilities recorded as no LLC interests exchanged.'] | 1,665,988 | 2026-05-06 | 10-Q | View Document | 85% | |||
| PROKIDNEY CORP. | $0.00 | increases in tax basis of tangible and intangible assets; other tax attributes | Closing ProKidney Unitholders | 85% | not recognized any liability... as of December 31, 2025; increases in tax basis of ProKidney assets; Closing ProKidney Unitholders; required to pay 85% of certain tax savings | ['No liability recognized as of December 31, 2025.'] | 1,850,270 | 2026-03-18 | 10-K | View Document | 85% | |||
| FuboTV Inc. | $0.00 | Historic NOLs, basis adjustments from redemptions or exchanges, distributions, TRA payments, and imputed interest. | FuboTV Inc., Newco, Hulu | 70% | no TRA liability has been recorded; historic net operating loss carryforwards; increases in tax basis; Company, Newco and Hulu; obligates the Company to pay Hulu 70% | ['TRA share is 70% rather than standard 85%.'] | 1,484,769 | 2026-05-06 | 10-Q | View Document | 70% | |||
| Bumble Inc. | $0.00 | Existing tax basis, Common Basis, basis adjustments, Blocker tax attributes | Blackstone, the Founder, and certain other pre-IPO owners | 85% | 85% of the benefits; liability decreased... to nil; allocable share of existing tax basis; Common Basis; Blackstone, the Founder... other pre-IPO owners | ['TRA fully terminated via $186M buyout in 2025.'] | 1,830,043 | 2026-03-16 | 10-K | View Document | 85% | |||
| Zevia PBC | $0.00 | Net operating losses, existing tax basis, increases in tax basis, imputed interest | Continuing members of Zevia LLC, Direct Zevia Stockholders | 85% | SOFR + 300bp | Company has not recorded a liability; 85% of the tax benefits realized; Secured Overnight Financing Rate plus 300 basis points; net operating losses; existing tax basis; increases in tax basis; imputed interest | ['Liability not recorded; potential liability is $59.2 million.'] | 1,854,139 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from unit acquisitions; imputed interest; additional tax basis from TRA payments. | Holdings; permitted transferees; the Agent. | 85% | did not record a tax receivable liability; 85% of the amount of realized tax benefit; certain increases in tax basis; imputed interest deemed to be paid; Holdings (together with its permitted transferees); accrue interest until paid | ['TRA includes a $50 million change of control cap.'] | 1,841,425 | 2026-03-27 | 10-K | View Document | 85% | |||
| Andersen Group Inc. | $0.00 | Increase in tax basis in assets of AT Umbrella LLC and flow-through subsidiaries; tax benefits from TRA payments; imputed interest | Aggregator; certain holders of Class X Umbrella Units | 85% | not yet incurred a liability; increase in tax basis in the assets; Aggregator; holders of Class X Umbrella Units; 85% of the tax benefits; accrue interest until paid | [] | 2,065,708 | 2026-03-27 | 10-K | View Document | 85% | |||
| Greenlane Holdings, Inc. | $0.00 | increases in tax basis and certain other tax attributes | Greenlane Holdings, LLC and certain of its former members | 85% | had not recorded a liability under the TRA; increases in tax basis and other tax attributes; Greenlane Holdings, LLC and certain former members; payment by the Company of 85% | ['No liability recorded due to valuation allowance assessment.'] | 1,743,745 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Andersen Group Inc. | $0.00 | Increase in tax basis in AT Umbrella LLC assets; tax benefits from TRA payments | Aggregator; holders of Class X Umbrella Units; pre-IPO owners | 85% | not yet incurred a liability; increase in tax basis in the assets; 85% of the amount of tax benefits; Aggregator; holders of Class X Umbrella Units | ['No liability has been incurred yet.'] | 2,065,708 | 2026-05-12 | 10-Q | View Document | 85% | |||
| Clearwater Analytics Holdings, Inc. | $0.00 | Tax Attributes | affiliates of the Prior Principal Equity Owners, CWAN Holdings, certain executive officers | 85% | no further payment obligations; Tax Attributes; affiliates of the Prior Principal Equity Owners; 85% of certain tax benefits | ['TRA terminated via $72.5M settlement in Q1 2025.'] | 1,866,368 | 2026-04-01 | 10-K/A | View Document | 85% | |||
| Greenlane Holdings, Inc. | $0.00 | increases in tax basis and certain other tax benefits | certain former holders of interests in the Operating Company | 85% | recorded no liability under the TRA; increases in tax basis; certain former holders of interests; 85% of certain tax benefits | ['No liability recorded due to valuation allowance assessment.'] | 1,743,745 | 2026-05-15 | 10-Q | View Document | 85% | |||
| Bitcoin Depot Inc. | $0.00 | Existing tax basis in certain assets; tax basis adjustments; Tax Attributes | Bitcoin Depot Inc., BT HoldCo, BT Assets, Brandon Mintz | 85% | no Tax Receivable Agreement liability; pay BT Assets 85%; existing tax basis; tax basis adjustments; BT Assets; Brandon Mintz | ['TRA terminated May 30, 2025.'] | 1,901,799 | 2026-03-18 | 10-K | View Document | 85% | |||
| RE/MAX Holdings, Inc. | step-up in tax basis on RMCO’s assets | RIHI; RMCO’s other pre-IPO owner | 85% | 85% of the amount of cash savings; step-up in tax basis on RMCO’s assets; RIHI and RMCO’s other pre-IPO owner; accrue interest until paid | ['Payments of $0.4M (2025) and $0.7M (2026)'] | 1,581,091 | 2026-04-30 | 10-K/A | View Document | 85% | ||||
| GMR Solutions Inc. | Federal, state and local NOLs, deferred interest deductions, tax basis in amortizable or depreciable assets, deductible IPO expenses | Certain stockholders, members of management, Management TRA party, Named Executive Officers | 85% | Pro rata | 85% of the benefits; federal, state and local net operating losses; deferred interest deductions; tax basis in amortizable or depreciable assets; certain stockholders and members of management; receive up to their allocated share | ['Management TRA parties receive 6% of total payments.', 'Payments do not accelerate upon change of control.'] | 1,898,718 | 2026-06-02 | 10-Q | View Document | 85% | |||
| X-Energy, Inc. | Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions | X-Energy, Inc., XERC, and TRA Holders | 85% | 85% of the amount of cash tax savings; Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions; X-Energy, Inc. entered into a TRA with XERC; unpaid amounts will accrue interest until paid | ['TRA covers Blocker Tax Attributes and Interest Deductions.', 'Change of control does not terminate the agreement.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | ||||
| Falcon's Beyond Global, Inc. | Increases in tax basis from unit exchanges; tax benefits from TRA payments | Exchange TRA Holders, the Company, Falcon’s Opco, TRA holder representative | 85% | 85% of the amount of tax benefits; increases in tax basis; partners of Falcon’s Opco; full valuation allowance on its deferred tax assets | ['Maintains full valuation allowance on deferred tax assets.'] | 1,937,987 | 2026-05-14 | 10-Q | View Document | 85% | ||||
| Repay Holdings Corp | Increases in tax basis, certain other tax attributes | Exchanging Repay Unitholders, John Morris, Shaler Alias, Tim Murphy | 100% | Term SOFR + 571.513bp | 100% of the tax benefits; Term SOFR plus 571.513 basis points; increases to the tax basis; exchanging Repay Unitholders | ['TRA share is 100% of realized tax benefits.'] | 1,720,592 | 2026-04-30 | 10-K/A | View Document | 100% | |||
| York Space Systems Inc. | Net operating losses, R&D credits, 163(j) interest, 174 expenditures, refunds, asset amortization/depreciation, IPO-related deductions | Equity holders of Holdings, Class P Unit holders, AE Industrial Partners, BlackRock | 85% | SOFR + 500 basis points | Pro rata | 85% of certain tax savings; net operating losses; Section 163(j) of the Code; SOFR plus 500 basis points; allocated pro rata; AE Industrial Partners and BlackRock | ['Liability not recorded; early termination estimate is $262M.'] | 2,086,587 | 2026-03-20 | 10-K | View Document | 85% | ||
| Evercore Inc. | Payments Under Tax Receivable Agreement(667) | ['Provided text only contains cash flow payment data.'] | 1,360,901 | 2026-05-06 | 10-Q | View Document | ||||||||
| Falcon's Beyond Global, Inc. | Increases in tax basis of Falcon’s Opco assets; TRA payment benefits | Falcon’s Beyond Global, Inc., Falcon’s Opco, TRA Holders, TRA holder representative | 85% | 85% of the tax benefits; increases in the tax basis of assets; unpaid amounts will be deferred and will accrue interest; Company’s unitholders and Falcon’s Opco | ['Amendment clarifies rights when units are transferred without TRA assignment.'] | 1,937,987 | 2026-03-30 | 10-K | View Document | 85% | ||||
| OLAPLEX HOLDINGS, INC. | Tax basis in intangible assets, capitalized transaction costs, and TRA payments | Pre-IPO unitholders of Penelope Group Holdings, certain holders of equity awards of Penelope Holdings Corp, Advent Funds | 85% | 85% of the amount of cash savings; tax basis in intangible assets; capitalized transaction costs; making of payments under the Tax Receivable Agreement; pre-IPO unitholders of Penelope Group Holdings | ['TRA Waiving Parties waived rights; agreement terminates upon merger.'] | 1,868,726 | 2026-04-30 | 10-K/A | View Document | 85% | ||||
| Liberty Broadband Corp | tax benefits realized by GCI Liberty | Liberty Broadband, GCI Liberty, Charter | tax benefits realized by GCI Liberty; Liberty Broadband and GCI Liberty; tax liability exceeded $420 million; Charter bearing the corporate level tax liability | ['TRA triggers if tax liability exceeds $420 million.'] | 1,611,983 | 2026-04-28 | 10-Q | View Document | ||||||
| Yesway, Inc. | Existing tax basis, basis increases from redemptions/exchanges/distributions, Blocker Company tax attributes, TRA payment benefits | Ultimate Parent, Continuing Equity Owners, Blocker Shareholders | 85% | obligated to pay the TRA Participants 85%; allocable share of the existing tax basis; increases in... tax basis; tax attributes of the Blocker Companies; unpaid amounts... will accrue interest until paid | [] | 1,859,836 | 2026-06-02 | 10-Q | View Document | 85% | ||||
| Solo Brands, Inc. | Tax basis increases from redemptions/exchanges, TRA payments, imputed interest | TRA Participants, Prior Continuing LLC Owners, non-controlling interest holders | 85% | 85% of the tax benefits; increases in its share of the tax basis; TRA Participants; unpaid amounts will be deferred and accrue interest; no payments due under the Tax Receivable Agreement | ['Liability not expected to be material.'] | 1,870,600 | 2026-03-23 | 10-K | View Document | 85% | ||||
| X-Energy, Inc. | Existing Basis, Exchange Existing Basis, Basis Adjustments, Blocker Tax Attributes, Imputed Interest, TRA Accounting and Legal Expenses | Exchange TRA Party, Blocker Shareholder | 85% | 12% | Pro rata | 85% of the Cumulative Net Realized Tax Benefit; Penalty Rate... equal to 12%; allocated among the TRA Parties in proportion; Covered Tax Assets means (i) Existing Basis | ['Liability cannot be reasonably ascertained.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | ||
| Rocket Companies, Inc. | increases in tax basis, amortization of intangible assets, other tax attributes | RHI, RHI II, Daniel Gilbert | 90% | payment by the Company of 90%; certain increases in tax basis; RHI II and Mr. Gilbert; amortization of intangible assets | ['TRA share is 90%', 'TRA amended due to Up-C Collapse'] | 1,805,284 | 2026-05-12 | 10-Q | View Document | 90% | ||||
| X-Energy, Inc. | Corporation, Company, and the TRA Parties | by and among the Corporation and the Company; and the TRA Parties; Initial TRA Representative | [] | 2,088,896 | 2026-06-04 | 10-Q | View Document | |||||||
| UWM Holdings Corp | increases in tax basis from Exchange Transactions; imputed interest; disproportionate allocations | SFS Corp. | 85% | 85% of the amount of cash savings; TRA with SFS Corp.; increases in tax basis from Exchange Transactions; imputed interest deemed to be paid; disproportionate allocations of tax benefits | ['TRA liability recorded as a loss contingency.'] | 1,783,398 | 2026-05-11 | 10-Q | View Document | 85% | ||||
| Forgent Power Solutions, Inc. | Allocable share of tax basis, Blocker NOLs, basis increases, basis adjustments, imputed interest | Forgent Parent I LP, Forgent Parent II LP, Forgent Parent III LP, Forgent Parent IV LP | 85% | 85% of the amount of tax savings; Forgent Parent I LP, Forgent Parent II LP; allocable share of tax basis; net operating losses; imputed interest arising from any payments | [] | 2,080,126 | 2026-03-16 | 10-Q | View Document | 85% | ||||
| GRAFTECH INTERNATIONAL LTD | tax assets that have been utilized | sole pre-IPO stockholder | sole pre-IPO stockholder; tax assets that have been utilized; established a full valuation allowance | ['Full valuation allowance established in Q2 2025.'] | 931,148 | 2026-05-01 | 10-Q | View Document | ||||||
| Concord Acquisition Corp II | Events.com’s pre-closing tax attributes | Events.com, the Company and certain Events.com shareholders | 85% | pay certain Events.com stockholders 85%; utilization of Events.com’s pre-closing tax attributes; Events.com, the Company and certain Events.com shareholders | ['TRA contingent on closing of the merger.'] | 1,851,959 | 2026-05-14 | 10-Q | View Document | 85% | ||||
| York Space Systems Inc. | net operating loss carryforwards and research and development credit carryforwards | equity holders of Holdings and holders of Class P Units | 85% | SOFR + 100bp | 85% of certain tax savings; net operating loss carryforwards; equity holders of Holdings; 100 basis points above SOFR; does not anticipate recording the TRA liability | ['Liability not recorded as payment is not probable.'] | 2,086,587 | 2026-05-15 | 10-Q | View Document | 85% | |||
| Clearwater Analytics Holdings, Inc. | Enfusion | Payment to terminate Enfusion’s tax receivable agreement; 30,000 | ["Paid $30M to terminate Enfusion's TRA."] | 1,866,368 | 2026-05-07 | 10-Q | View Document | |||||||
| OneStream, Inc. | Basis Adjustments from LLC Unit redemptions or exchanges; tax benefits from TRA payments | KKR, Continuing Members, and certain Former Members (TRA Members) | 85% | 85% of the amount of tax benefits; KKR and other Continuing Members; Basis Adjustments; tax benefits attributable to payments made | [] | 1,889,956 | 2026-03-31 | 10-K/A | View Document | 85% | ||||
| Alchemy Investments Acquisition Corp 1 | Tax basis adjustments from TRA Exchanges, imputed interest | Pubco, certain Cartiga Members (TRA Holders) | 85% | 85% of the cash tax benefits; tax basis adjustments resulting from TRA Exchanges; Pubco... with certain Cartiga Members; deferred and will accrue interest until paid | ['Payments accelerate upon change of control or late payment.'] | 1,901,336 | 2026-05-21 | 10-Q | View Document | 85% | ||||
| Alchemy Investments Acquisition Corp 1 | Tax basis adjustments from TRA Exchanges; Section 754 election; tax benefits from TRA payments; depreciation and amortization deductions | Pubco; certain Cartiga Members (TRA Holders) | 85% | 85% of the cash tax benefits; tax basis adjustments resulting from TRA Exchanges; certain Cartiga Members (the 'TRA Holders'); accrue interest until paid; Section 754 of the Code | [] | 1,901,336 | 2026-04-30 | 10-K/A | View Document | 85% | ||||
| Purple Innovation, Inc. | Tax basis increases in Purple LLC assets; imputed interest | InnoHold | 80% | 80% of the net cash savings; tax receivable agreement with InnoHold; tax basis increases in the assets; imputed interest deemed to be paid | ['Full valuation allowance against deferred tax assets.'] | 1,643,953 | 2026-04-28 | 10-Q | View Document | 80% | ||||
| EGH Acquisition Corp. | increases in tax basis and certain other tax benefits | Parent (the “TRA Holder”) | 85% | pay the TRA Holder 85%; increases in tax basis; certain other tax benefits; exchanges of Parent Hecate Units | [] | 2,052,547 | 2026-03-20 | 10-K | View Document | 85% | ||||
| Concord Acquisition Corp II | Events.com’s pre-closing tax attributes | Events.com, the Company, certain Events.com shareholders | 85% | 85% of the tax benefits realized; Events.com’s pre-closing tax attributes; Events.com, the Company and certain Events.com shareholders | ['TRA relates to utilization of pre-closing tax attributes.'] | 1,851,959 | 2026-03-25 | 10-K | View Document | 85% | ||||
| System1, Inc. | no payments were made; no amounts due; parties to the Tax Receivable Agreement | ['Full valuation allowance on deferred tax assets.'] | 1,805,833 | 2026-05-12 | 10-Q | View Document | ||||||||
| Fluence Energy, Inc. | liability under the Tax Receivable Agreement | ['Text defines EBITDA adjustments for TRA liability.'] | 1,868,941 | 2026-05-06 | 10-Q | View Document | ||||||||
| Stagwell Inc | taxable exchanges of equity interests, tax basis adjustments | certain members or former members, parent company | 85% | 85% of the tax savings realized; taxable exchanges of equity interests; related tax basis adjustments; certain members or former members | [] | 876,883 | 2026-05-01 | 10-Q | View Document | 85% | ||||
| Vistra Corp. | benefits realized from transactions at predecessor's emergence | Vistra | benefits realized as a result of certain transactions; emergence of our predecessor from reorganization; no material TRA payments | ["TRA relates to predecessor's Chapter 11 reorganization."] | 1,692,819 | 2026-05-08 | 10-Q | View Document | ||||||
| TWFG, Inc. | make payments under the Tax Receivable Agreement | [] | 2,007,596 | 2026-05-08 | 10-Q | View Document | ||||||||
| Eve Holding, Inc. | Increases in tax basis in tangible and intangible assets from Pre-Closing Restructuring; tax benefits from TRA payments. | Eve Holding, Inc. (the Company), EAH | 75% | pay to EAH 75% of the net income; increases in tax basis in the assets; tangible and intangible assets; unpaid amounts will be deferred and accrue interest | ['TRA share is 75% instead of standard 85%.', 'Deconsolidation from EAH in 2025 effectuated the TRA.'] | 1,823,652 | 2026-03-16 | 10-K | View Document | 75% | ||||
| Alchemy Investments Acquisition Corp 1 | Tax basis adjustments from TRA Exchanges; tax benefits from TRA payments; depreciation and amortization deductions; imputed interest | Pubco; certain Cartiga Members (TRA Holders) | 85% | 85% of the cash tax benefits; tax basis adjustments resulting from TRA Exchanges; certain Cartiga Members (the 'TRA Holders'); tax benefits attributable to making payments; accrue interest until paid | [] | 1,901,336 | 2026-04-09 | 10-K | View Document | 85% | ||||
| J M SMUCKER Co | Payment of assumed tax receivable agreement obligation | ['Assumed TRA obligation payment of $86.4 million.'] | 91,419 | 2026-06-09 | 10-K | View Document |