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; certain pre-IPO owners; 90% of certain tax benefits | ['TRA share is 90% of tax benefits.'] | 2,046,386 | 2026-08-05 | 10-Q | View Document | 90% | ||
| ZoomInfo Technologies Inc. | $2,730.40 | TRA holders | liability of $2,730.4 million; TRA holders; refer to Note 15... 2025 Form 10-K | ['Refer to 2025 Form 10-K for detailed terms.'] | 1,794,515 | 2026-05-11 | 10-Q | View Document | |||||
| ZoomInfo Technologies Inc. | $2,726.40 | certain tax attributes | TRA holders | liability of $2,726.4 million; utilization of certain tax attributes; TRA holders | [] | 1,794,515 | 2026-08-05 | 10-Q | View Document | ||||
| CARVANA CO. | $2,229.00 | basis adjustment relating to the assets; imputed interest | LLC Unitholders; related parties | 85% | recorded a TRA liability of $2.2 billion; basis adjustment relating to the assets; pay to the LLC Unitholders; 85% of the amount of cash savings; deferred and will accrue interest until paid | ['Liability includes $1.7 billion due to related parties.', 'Payments accelerated upon change of control or breach.'] | 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, non-controlling interest holders | 85% | Due to Certain Non-Controlling Interest Holders $2,067,107; tangible and intangible assets of Blackstone Holdings; predecessor owners... senior managing directors; 85% of the amount of cash savings | ['Payments aggregate $2.1 billion over next 15 years.'] | 1,393,818 | 2026-08-07 | 10-Q | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,636.80 | 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; pay 85% of certain tax benefits; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings | ['Total potential payments estimated at $1.74 billion.'] | 1,823,945 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Dutch Bros Inc. | $973.00 | certain tax attributes and benefits | certain Dutch Bros OpCo owners, non-controlling interest holders, Co-Founder and Sponsor | 85% | total TRAs-related liabilities were $973.0 million; certain tax attributes and benefits; certain Dutch Bros OpCo owners; 85% of the income tax benefits | ['Liability increased $166.3 million from unit exchanges.'] | 1,866,581 | 2026-08-05 | 10-Q | View Document | 85% | ||
| TPG Inc. | $848.20 | increase in the tax basis of its investment; Covered Tax Items | beneficiaries, Related Parties, non-affiliates, current and former employees and partners | 85% | liability pursuant to the Tax Receivable Agreement... $848.2 million; increase in the tax basis of our investment; pay the beneficiaries... 85% of the applicable cash savings; current and former employees and partners | ['Liability split between Related Parties and non-affiliates.'] | 1,880,661 | 2026-08-04 | 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 (“Management Feeder”) | 85% | payables... of $683 million; tax attributes... with future exchanges of Partnership Interests; stockholders affiliated with Clayton, Dublier & Rice; Core & Main Management Feeder, LLC; 85% of the tax benefits realized | ['Includes $41 million current portion.', 'Two TRAs: Former and Continuing Limited Partners.'] | 1,856,525 | 2026-06-10 | 10-Q | View Document | 85% | ||
| Ares Management Corp | $622.00 | increases in tax basis of tangible and intangible assets; TRA payments; interest accrued | TRA recipients; Holders of AOG Units | 85% | TRA liability balance was $622.0 million; increases in tax basis of tangible and intangible assets; 85% of the amount of actual cash savings; Holders of AOG Units | [] | 1,176,948 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Interactive Brokers Group, Inc. | $618.00 | Tax basis increases in assets of IBG LLC | IBG, Inc., Holdings, former members of IBG LLC | 85% | payables to Holdings ... were $618 million; 85% of the tax savings; result of tax basis increases; IBG, Inc. ... with Holdings | [] | 1,381,197 | 2026-08-06 | 10-Q | View Document | 85% | ||
| RYAN SPECIALTY HOLDINGS, INC. | $463.70 | 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% | liabilities of $463.7 million; increases in the tax basis; Pre-IPO M&A Tax Attributes; remedial partnership tax allocations; TRA Payment Tax Attributes; current and certain former LLC Unitholders; 85% of the net cash savings; TRA contractual interest | ['Liability is undiscounted estimated future payments.', 'Includes Pre-IPO M&A and remedial tax attributes.'] | 1,849,253 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Alight, Inc. / Delaware | $463.00 | tax basis adjustments from sales and exchanges; utilization of certain tax attributes; existing tax basis | certain owners of Alight Holdings prior to the Business Combination; TRA Party Representative | 85% | Ending balance as of June 30, 2026 463; tax basis adjustments from sales and exchanges; 85% of any savings that we realize; certain owners of Alight Holdings; plus interest as further detailed in the TRA | ['Objection Notice received; potential $40 million payment increase.'] | 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, TPG Rise Flash, L.P., Yuma, Inc., Yuma Sub, Nextpower LLC | 85% | TRA liability... was $393.2 million; existing tax basis in tangible and intangible assets; Flex Ltd., TPG Inc., and TPG Affiliates; 85% of the tax benefits | [] | 1,852,131 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Nextpower Inc. | $393.20 | Existing tax basis; basis increases; blocker tax attributes; TRA payment benefits | Flex Ltd. (affiliate), TPG Inc., TPG Affiliates | 85% | liability of $393.2 million; allocable share of existing tax basis; increases in tax basis; pre-existing tax attributes of certain blocker corporations; Flex’s affiliate, TPG and the TPG Affiliates; 85% of the tax benefits | ['Yuma and Yuma Sub assigned rights to Flex affiliate.'] | 1,852,131 | 2026-05-19 | 10-K | View Document | 85% | ||
| AEVEX Corp. | $373.20 | increases in tax basis; existing tax basis; Blocker Entity attributes; TRA payment benefits | AEVEX Corp., Holdings LLC, TRA Rights Holders, Madison Dearborn Partners, LLC | 85% | required to pay approximately $373.2 million; 85% of certain tax savings; increases in the tax basis; existing tax basis; TRA Rights Holders; Madison Dearborn Partners, LLC | ['Liability assumes all exchanges occur immediately after IPO.'] | 2,096,300 | 2026-05-20 | 10-Q | View Document | 85% | ||
| Planet Fitness, Inc. | $361.40 | Tax attributes of Holdings Units, tax basis increase, imputed interest, TSG purchase attributes | TRA Holders, Pla-Fit Holdings, LLC 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 separate tax receivable agreements.'] | 1,637,207 | 2026-08-06 | 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% or SOFR + 400bp | Pro rata | total Tax Receivable Agreements liability was $344.2 million; increases in tax basis; Class B, Class C and Class D partners; 85% of the net cash tax savings; lesser of 6.5% or 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. | $343.40 | Existing tax basis, NOLs, and basis increases from exchanges/redemptions | Pre-IPO LLC Members, certain members of Portillo's OpCo | 85% | TRA liability totaled $343.4 million; 85% of the amount of tax benefits; existing tax basis; net operating losses; increases in our allocable share; pre-IPO LLC Members | ['Liability remeasured due to equity-based compensation activity.'] | 1,871,509 | 2026-08-05 | 10-Q | View Document | 85% | ||
| StepStone Group Inc. | $341.10 | Increases in tax basis; imputed interest | Class B, Class C, and Class D limited partners; pre-IPO institutional investors | 85% | total Tax Receivable Agreements liability was $341.1 million; 85% of the net cash tax savings; increases in tax basis; Class B, Class C, Class D limited partners; pre-IPO institutional investors | ['TRA includes Exchanges and Reorganization agreements.'] | 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 except prior exchanges'] | 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 would be 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 | 50% | liability... totaled $317.5 million; increases in the tax basis of assets; TWM LLC and the Continuing LLC Owners; 50% of the amount of... tax savings; unpaid amounts... will accrue interest | ['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; NOLs; interest expense carryforwards; 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; legacy owners | ['Includes $2.5 million current portion.', 'Recognized $3.2 million TRA remeasurement loss.'] | 2,064,947 | 2026-08-05 | 10-Q | View Document | 85% | ||
| GPGI, Inc. | $284.90 | tax benefits; interest carryforward (per section 163j) | GPGI Holdings and holders of interests therein | 90% | Total payments $284.9; 90% of the tax benefits; GPGI Holdings and holders of interests therein; unpaid amounts... will accrue interest; interest carryforward (per section 163j) | ['TRA share is 90% of realized tax benefits.'] | 1,823,144 | 2026-08-06 | 10-Q | View Document | 90% | ||
| Artisan Partners Asset Management Inc. | $275.00 | Preferred units tax attributes, partnership units sold/exchanged, imputed interest, depreciable basis, amortizable basis | Pre-H&F Corp Merger Shareholder, current or former limited partners of Holdings | 85% | Pro rata | $275.0 million liability; 85% of the applicable cash savings; Pre-H&F Corp Merger Shareholder; current or former limited partners; made pro rata among all TRA counterparties; imputed interest or depreciable basis | ['Two separate TRAs were entered into.'] | 1,517,302 | 2026-07-31 | 10-Q | View Document | 85% | |
| Moelis & Co | $269.60 | Increases in tax basis; imputed interest | Eligible Managing Directors | 85% | total payable of $269.6 million; increases in tax basis; imputed interest; eligible Managing Directors; 85% of the amount of cash savings | ['Payments due 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, basis differences | certain direct and indirect owners of Cactus LLC | 85% | total liability from the TRA was $267.0 million; 85% of the net cash savings; tax basis subject to the TRA; direct and indirect owners of Cactus LLC; accrue interest from the due date | [] | 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 | Stagwell Media | 85% | Long-term tax receivable agreement liability $252,390; increases in the tax basis of the assets; cash payments to Stagwell Media; 85% of certain... tax savings | ['All Paired Units were 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; 85% of any tax benefits; increases in tax basis; non-controlling members of SSE Holdings; deductions from imputed interest | ['TRA payments not conditioned upon continued ownership interest.'] | 1,620,533 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Rush Street Interactive, Inc. | $239.70 | increase in tax basis, exchange of Retained RSILP Units, tax benefits from TRA payments | RSI ASLP, Inc. (Special Limited Partner), holders of Retained RSILP Units | 85% | TRA liability of $239.7 million; increase in tax basis; exchange of Retained RSILP Units; pay 85% of certain net tax benefits; unpaid amounts... will accrue interest until paid | ['Liability increased due to RSILP Unit exchanges.'] | 1,793,659 | 2026-07-30 | 10-Q | View Document | 85% | ||
| AdaptHealth Corp. | $238.90 | Pre-Business Combination tax attributes, tax basis increases from exchanges, imputed interest, tax 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; increases in tax basis; imputed interest | [] | 1,725,255 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Hamilton Lane INC | $235.40 | Tax basis in tangible and intangible assets; loss allocations | Pre-IPO members of HLA; TRA Recipients | 85% | liability of $235.4 million; tax basis of the tangible and intangible assets; pre-IPO members of HLA; 85% of the amount of the tax savings; interest accrued from the due date | ['Additional $28.9 million payable if valuation allowance released.'] | 1,433,642 | 2026-05-21 | 10-K | View Document | 85% | ||
| Shift4 Payments, Inc. | $226.00 | Continuing Equity Owners, Rook Holdings Inc., Jared Isaacman | TRA liability was $226 million; payments... made to the Continuing Equity Owners; Rook assigned all of its rights; Up-C Collapse via a taxable exchange | ['Rook assigned and waived TRA rights in 2026.'] | 1,794,669 | 2026-08-06 | 10-Q | View Document | |||||
| Legence Corp. | $217.00 | Allocable share of existing tax basis; blocker entity tax attributes; basis increases from exchanges; TRA payment benefits | Legence Parent, Legence Parent II | 85% | current portion of TRA liability is $8.2 million; long-term TRA liability is $208.8 million; allocable share of existing tax basis; utilization of certain tax attributes; increases in tax basis from future redemptions; 85% of the net cash tax savings; Legence Parent and Legence Parent II | ['Liability increased $9.8 million from underwriter overallotment exercise.'] | 2,052,568 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Forgent Power Solutions, Inc. | $207.30 | Opco LLC Interests basis, NOLs, Blocker tax basis, 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; Forgent Parent I LP, Forgent Parent II LP; allocable share of tax basis; net operating losses | ['Liability recognized based on probable future taxable income.'] | 2,080,126 | 2026-05-14 | 10-Q | View Document | 85% | ||
| European Wax Center, Inc. | $201.98 | Existing tax basis; adjustments to tax basis of tangible and intangible assets | EWC Ventures pre-IPO members | 85% | future payments... expected to be $201,980; existing tax basis of tangible and intangible assets; EWC Ventures pre-IPO members; 85% of the applicable cash tax savings; deferred and will accrue interest until paid | ['Liability remeasurement recorded in other expense.'] | 1,856,236 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Five Point Holdings, LLC | $181.50 | certain tax attributes, exchanges of Class A units, NOLs | holders of Class A Common Units, San Francisco Venture | 85% | liabilities of $181.5 million; result of certain tax attributes; holders of Class A Common Units; equal to 85% of the cash savings | ['California SB 167 may delay payments to 2027-2028.'] | 1,574,197 | 2026-07-24 | 10-Q | View Document | 85% | ||
| Goosehead Insurance, Inc. | $174.50 | increase in tax basis; imputed interest | Pre-IPO LLC Members | 85% | total amount of TRA Payments... $174.5 million; increase in tax basis in GSHD's assets; Pre-IPO LLC Members; 85% of the amount of cash savings | ['Liability includes imputed interest benefits.'] | 1,726,978 | 2026-07-22 | 10-Q | View Document | 85% | ||
| Virtu Financial, Inc. | $173.10 | Basis increase from unit exchanges, IPO intangible assets, NOLs, other tax attributes | Direct or indirect equity holders, permitted assignees, Virtu Members | 85% | liabilities... were approximately $173.1 million; increase to the tax basis; NOLs and other tax attributes; direct or indirect equity holders; 85% of the applicable cash tax savings; deferred and will accrue interest until paid | [] | 1,592,386 | 2026-07-31 | 10-Q | View Document | 85% | ||
| SOLV Energy, Inc. | $172.34 | Existing tax basis, basis adjustments, NOLs, interest deductions | SOLV Energy, Inc., SOLV Energy Holdings LLC, Continuing Equity Owners, Blocker Shareholders | 85% | Tax receivable agreement 172,344; 85% of the tax benefits; Continuing Equity Owners, the Blocker Shareholders; existing tax basis acquired in the IPO | ['Nonpayment for specified period may accelerate payments'] | 2,065,636 | 2026-05-12 | 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% | liability of $168.2 million; increases in tax basis; PBF LLC Series A and Series B unitholders; 85% of the amount of the benefits | [] | 1,534,504 | 2026-07-30 | 10-Q | View Document | 85% | ||
| OLAPLEX HOLDINGS, INC. | $165.10 | Amortization of intangible assets and capitalized transaction costs | Pre-IPO Stockholders | 85% | 85% of the cash savings; Pre-IPO Stockholders; amortization of intangible assets; capitalized transaction costs; aggregate to $165.1 million | ['TRA may terminate upon merger with Henkel.'] | 1,868,726 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Rithm Capital Corp. | $149.30 | Taxable acquisitions of Sculptor operating partnership units; net operating losses | 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 recognized following release of valuation allowance.'] | 1,781,755 | 2026-07-30 | 10-Q | View Document | 85% | ||
| SUJA LIFE, INC. | $143.90 | Unit exchanges in Holdings LP; pre-IPO tax attributes; tax basis increases; imputed interest | Continuing equity owners and blocker shareholders (TRA Participants) | 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 the Organizational Transactions | ['Total payments are estimates based on IPO price.'] | 1,934,114 | 2026-06-09 | 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 | 85% | SOFR plus an applicable term adjustment plus 5% | payable of $56 million and $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% | ['Interest rate transitioned to SOFR in July 2023.'] | 1,804,745 | 2026-05-19 | 10-K | View Document | 85% | |
| Nerdy Inc. | $118.24 | Increases in tax basis, imputed interest, 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 as payment not considered probable.'] | 1,819,404 | 2026-08-06 | 10-Q | View Document | 85% | ||
| loanDepot, Inc. | $111.50 | tax basis of loanDepot, Inc.’s investment in LD Holdings | Parthenon Stockholders and 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 | ['No payments made during six months ended June 30, 2026.'] | 1,831,631 | 2026-08-06 | 10-Q | View Document | ||||
| Solaris Energy Infrastructure, Inc. | $109.20 | Increases in tax basis, imputed interest, and additional tax basis from TRA payments | Other then-existing members of Solaris LLC | 85% | Pro rata | liability... was $109.2 million; increases in tax basis; imputed interest; additional tax basis; 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 | 2026-08-06 | 10-Q | View Document | 85% | |
| Driven Brands Holdings Inc. | $109.00 | Pre-IPO and IPO-Related Tax Benefits | pre-IPO shareholders | 85% | SOFR + applicable term adjustment + 5.0% | current... $30 million... non-current... $79 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 by debt restrictions accrue lower interest.'] | 1,804,745 | 2026-08-06 | 10-Q | View Document | 85% | |
| Evolent Health, Inc. | $108.90 | increases in tax basis (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... $35 million... non-current... $73 million; Pre-IPO and IPO-Related Tax Benefits; pre-IPO shareholders; 85% of the amount of cash savings; SOFR plus... term adjustment plus 5.0% | [] | 1,804,745 | 2026-06-11 | 10-Q | View Document | 85% | |
| Perella Weinberg Partners | $105.60 | Step-up in tax basis from exchanges of PWP OpCo units | PWP OpCo, Professional Partners and Investor Limited Partners | 85% | liability of $105.6 million; exchange of interests in PWP OpCo; step-up in tax basis; Professional Partners and Investor Limited Partners; payment of 85% of cash savings | [] | 1,777,835 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Funko, Inc. | $102.40 | Redemptions or exchanges of FAH, LLC common units | FAH, LLC, Continuing Equity Owners, and transferees | 85% | gross outstanding balance was $102.4 million; exchanges of common units of FAH, LLC; FAH, LLC and each Continuing Equity Owners; 85% of the amount of tax benefits; unpaid amounts generally will accrue interest | ['Full valuation allowance makes payments currently not probable.'] | 1,704,711 | 2026-08-06 | 10-Q | View Document | 85% | ||
| ProFrac Holding Corp. | $86.70 | $86.7 million of estimated tax receivable agreement obligations; $4.7 million coming due over the next twelve months; realizes actual cash tax savings from the tax benefits | [] | 1,881,487 | 2026-08-06 | 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 following $7.9 million payment in 2026.'] | 1,694,028 | 2026-07-23 | 10-Q | View Document | 85% | ||
| Zevia PBC | $59.20 | Net operating losses, existing tax basis, basis increases from exchanges, 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 and existing tax basis; continuing members of Zevia LLC; 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 basis of assets purchased from Foundation; TRA payment tax benefits. | EE Holdings, the Foundation | 85% | TRA liability 49,966; Current portion of TRA liability 7,685; 85% of the amount; EE Holdings and the Foundation; increases in the tax basis; 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 (QLH assets), NOLs (Intermediate Holdco), imputed interest | Insignia, Senior Executives, White Mountains | 85% | Pro rata | accrued $54.7 million; tax basis step-up of the assets; Insignia, Senior Executives, and White Mountains; 85% of the amount; replace the LIBOR with the SOFR; QLH made a pro rata distribution | ["Repurchased Insignia's TRA interest for $31.0 million."] | 1,818,383 | 2026-07-29 | 10-Q | View Document | 85% | |
| Select Water Solutions, Inc. | $50.10 | Increases in tax basis, NOLs, and imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P. | 85% | 12-month term SOFR + 171.513 basis points | 85% of the net cash savings; 12-month term SOFR plus 171.513 basis points; increases in tax basis; net operating losses (“NOLs”); Legacy Owner Holdco and Crestview Partners II GP; $50.1 million | [] | 1,693,256 | 2026-08-05 | 10-Q | View Document | 85% | |
| Lazard, Inc. | $46.81 | increases in the tax basis of certain assets; other tax benefits; 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% of the cash tax savings; distributed pro rata | ['Liability is undiscounted.', 'Term continues until approximately 2033.'] | 1,311,370 | 2026-07-28 | 10-Q | View Document | 45% and 85% | |
| Black Rock Coffee Bar, Inc. | $42.50 | Basis Adjustments and certain tax benefits (interest deductions) | Black Rock OpCo, 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 | 2026-05-12 | 10-Q | View Document | 85% | ||
| Cardinal Infrastructure Group Inc. | $39.42 | Basis Adjustments, 743(b), 197, NOL carryforwards | Cardinal Civil Contracting Holdings LLC, Diamond Interests Group LLC, Seller Owners, Erik West, Mike Rowe, Jeremy Spivey | 85% | SOFR plus 100 basis points | Tax receivable agreement liability 39,423,529; 85% of the net cash tax savings; SOFR plus 100 basis points; tax basis step-up in OpCo's assets; Continuing Equity Holders; Sections 743(b) and 197 | ['Additional $15.3M TRA/TBA liability recorded as contingent consideration.'] | 2,079,999 | 2026-05-13 | 10-Q | 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 and Section 754 adjustments | Legacy Unit Holders (Hagerty Holding Corp. and Markel) | 85% | TRA Liability was $38.3 million; 85% of the... cash tax savings realized; Legacy Unit Holders; increases in tax basis; Section 754 | [] | 1,840,776 | 2026-08-05 | 10-Q | View Document | 85% | ||
| OneWater Marine Inc. | $37.50 | increases in tax basis; imputed interest | certain of the owners of OneWater LLC; TRA Holder | 85% | undiscounted liability... was $37.5 million; certain 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.'] | 1,772,921 | 2026-07-31 | 10-Q | View Document | 85% | ||
| PJT Partners Inc. | $36.03 | Increases in tax basis from exchanges; tax benefits from TRA payments | Holders of Partnership Units (other than PJT Partners Inc.) | 85% | Amount Due Pursuant to Tax Receivable Agreement 36,032; 85% of the benefits; holders of Partnership Units; increases in tax basis related to such exchanges | [] | 1,626,115 | 2026-07-30 | 10-Q | View Document | 85% | ||
| National CineMedia, Inc. | $35.70 | unpaid integration payments, Common Unit Adjustment Agreement | Cinemark, AMC (terminated) | Payable under the TRA 2.9; Payable under the TRA 32.8; TRA payments to Cinemark; no longer... obligation to make TRA payments to AMC | ['AMC TRA obligation terminated in 2025.'] | 1,377,630 | 2026-05-12 | 10-Q | View Document | ||||
| i3 Verticals, Inc. | $32.40 | increase in tax basis associated with Common Units; imputed interest | i3 Verticals, Inc., i3 Verticals, LLC, Continuing Equity Owners | 85% | total amount due... was $32.4 million; increase in tax basis associated with Common Units; 85% of the amount of certain tax benefits; i3 Verticals, LLC and each Continuing Equity Owner | ['Payments are expected over the next 22 years.'] | 1,728,688 | 2026-08-07 | 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% | liability associated with the TRA was 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 | $27.01 | Tax benefits from Omni Acquisition, 700 shares, 163(j) interest disallowances, exchange tax attributes | certain Omni Holders | Tax Receivable Agreement liability of $12,057; total estimated payable of $14,953; certain Omni Holders; tax benefits related to the 700 shares; tax attributes as of the date of exchanges | ['Liability includes contingent consideration and estimated payables.'] | 912,728 | 2026-08-05 | 10-Q | View Document | ||||
| 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% | $24.8 million Payable to exchanged unitholders; increases in tax basis of PNMAC’s assets; certain former owners of PNMAC; 85% of the amount of net tax benefits | ['Liability unchanged from December 31, 2025.'] | 1,745,916 | 2026-08-04 | 10-Q | View Document | 85% | ||
| FORWARD AIR CORP | $24.05 | tax attributes as of the date of exchanges, hypothetical sale of assets, allocation of gain or loss, partnership tax rules | certain Omni Holders | total estimated payable of $17,675; range of potential payments of $0 to $24,050; tax attributes as of the date of exchanges; certain Omni Holders | ['Liability increased by $16.7M in the current period.'] | 912,728 | 2026-05-11 | 10-Q | View Document | ||||
| Utz Brands, Inc. | $23.70 | Tax basis in net assets of UBH; tax basis increases from TRA payments; tax amortization from Kennedy Endeavors acquisition. | 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 closing.'] | 1,739,566 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Red Rock Resorts, Inc. | $19.40 | Section 754 step-up, depreciable assets | Owners holding LLC Units prior to IPO, Fertitta Family Entities | 85% | liability under the TRA was $19.4 million; step-up in the basis of depreciable assets; 85% of the tax benefits realized; certain owners who held LLC Units; Fertitta Family Entities | ['Liability includes $4.9 million payable to Fertitta Family Entities.'] | 1,653,653 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Amneal Pharmaceuticals, Inc. | $18.95 | deferred tax assets | Members | Total $18,947; utilization of the Company’s deferred tax assets; Members - tax receivable agreement; unrecorded contingent TRA liability of $129.0 million | ['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 the tax receivable agreement of $18,478; increases in tax basis attributable to RMR Inc.’s dealings; tax benefits related to imputed interest; pays to ABP Trust 85.0% of cash savings | ['Liability includes $2.552M current portion.'] | 1,644,378 | 2026-08-05 | 10-Q | View Document | 85.0% | ||
| NEWMARK GROUP, INC. | $17.51 | 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 with respect to the convertible common stock; Arcline Arxis Advisory I, L.P.; specified percentage (85%) of the cash tax savings | ['Payments contingent on continued provision of services.'] | 2,093,536 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Viant Technology Inc. | $12.50 | Tax basis step-ups from unit acquisitions and exchanges, intangible assets, imputed interest | Viant Technology Inc., Viant Technology LLC, continuing members, TRA Representative | 85% | total TRA liability... was $12.5 million; increases in tax basis... resulting from... acquisition; tax basis of the intangible assets; tax benefits related to imputed interest; Viant Technology LLC, continuing members; TRA Representative; 85% of the amount | [] | 1,828,791 | 2026-05-11 | 10-Q | View Document | 85% | ||
| P3 Health Partners Inc. | $12.40 | Tax basis increases from exchanges, TRA payments, and imputed interest | 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% of the amount | ['No TRA liability recorded as payments not probable.'] | 1,832,511 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Smith Douglas Homes Corp. | $9.40 | Basis Adjustments, Section 704(c) Allocations, interest deductions, Section 743(b) | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | recorded a TRA liability of $9.4 million; 85% of certain tax benefits; Basis Adjustments, Section 704(c) Allocations, interest deductions; accrue interest until paid | ['TRA liability is $9.4 million as of 6/30/2026.'] | 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; Class B exchanges. | SLP Partners; current principals; future employee-holders of Class B units. | 85% | liability is estimated to be $9,371; increases in tax basis of tangible and intangible assets; partners of SLP (the 'SLP Partners'); pay the SLP Partners 85% of cash savings | ['Payments forfeit if partner competes within twelve months.'] | 1,549,966 | 2026-07-30 | 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 shares. | 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 of tangible and intangible assets; partners of SLP (the 'SLP Partners'); pay the SLP Partners 85% of cash savings | ['TRA terminates if partner is fired for cause.'] | 1,549,966 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Array Technologies, Inc. | $6.20 | deductions generated by the increase in the tax value of the developed technology | former majority stockholder of Array Tech, Inc.; former owners | fair value of the TRA was $6.2 million; deductions generated by the increase in tax value; former majority stockholder of Array Tech, Inc.; due within 125 days following the filing | ['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 | OpCo and certain OpCo members (TRA Holders) | 85% | estimated unrecorded TRA liability was approximately $4.6 million; increases in tax basis and other tax attributes; OpCo and certain OpCo members; pay the TRA Holders 85% | ['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 Tactical Opportunities Fund L.P., Blackstone Family Tactical Opportunities Investment Partnership - NQ ESC L.P., BTO Urban Holdings II L.P. | TRA obligation 4,524; Blackstone Tactical Opportunities Fund L.P.; Blackstone Tax Receivable Agreement was terminated | ['Blackstone TRA terminated March 2026; liability remains.'] | 1,828,937 | 2026-05-11 | 10-Q | View Document | |||||
| Finance of America Companies Inc. | $4.22 | exchanges of Class A LLC units | certain owners of FOA Equity | TRA obligation 4,221; exchanges of Class A LLC units; certain owners of FOA Equity | ['Blackstone TRA terminated Feb 2026', 'Liability reestablished after valuation allowance release'] | 1,828,937 | 2026-08-07 | 10-Q | View Document | ||||
| biote Corp. | $4.19 | Tax basis in net assets of Holdings | then-existing non-controlling interest holders | 85% | TRA liability 4,190; approximately 85% of the amount; then-existing non-controlling interest holders; tax basis in the net assets | [] | 1,819,253 | 2026-05-11 | 10-Q | View Document | 85% | ||
| 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; tax basis in the net assets of Holdings; then-existing non-controlling interest holders | [] | 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 or exchanges, imputed interest | HMH B.V., Principal Stockholders (Baker Hughes Holdings LLC, Akastor AS) | 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; tax benefits related to imputed interest; Baker Hughes Holdings LLC; Akastor AS | ['TRA includes foreign income and franchise taxes.'] | 2,021,880 | 2026-08-05 | 10-Q | View Document | 85% | ||
| INFINITY NATURAL RESOURCES, INC. | $3.60 | Tax basis increases from INR Unit exchanges, imputed interest, additional tax basis from TRA payments | Legacy Owners | 85% | TRA liability of $3.6 million; tax basis increases resulting from the exchange; Legacy Owners; 85% of the net cash savings | ['Liability recorded following unit redemptions in March 2026.'] | 2,029,118 | 2026-05-12 | 10-Q | View Document | 85% | ||
| MARKETWISE, INC. | $3.10 | step up in the tax basis; basis adjustments; carryforward attributes | certain shareholders; MarketWise Members; members of Marketwise, LLC | 85% | cumulative liability of $3.1 million; step up in the tax basis; basis adjustments and other carryforward attributes; approximately 85% of the calculated tax savings; unpaid amounts... will accrue interest until paid | ['Arnold Parties waived TRA rights in legal settlement.', 'M&C acquisition proposal contingent on TRA termination.'] | 1,805,651 | 2026-08-06 | 10-Q | View Document | 85% | ||
| GoHealth, Inc. | $1.30 | GHH, LLC, the Continuing Equity Owners and the 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 | ['Liability unchanged from December 31, 2025.'] | 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 | GEN Inc., Operating Company, Members of GEN LLC | 85% | liability related to its projected obligations... $1.1 million; increases in tax basis resulting from... redemptions; GEN Inc... Operating Company and each... Members; Members of 85% of... tax benefits | ['Hypothetical total TRA payments of $99.6 million through 2037.'] | 1,891,856 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Bakkt, Inc. | $0.50 | Tangible and intangible assets, Section 743(b), Section 734(b) | Certain Opco equity holders, ICE, Mr. Naheta | 85% | approximately $0.5 million remained to be paid; increases in the tax basis of the tangible; certain Opco equity holders; 85% of certain net income tax benefits | ['The Reorganization terminated the TRA.'] | 1,820,302 | 2026-05-11 | 10-Q | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $0.20 | RIHI, Inc. (RIHI) | total liability under the TRAs... is $0.2 million; between the Company and RIHI; RIHI TRA will terminate upon the closing | ['TRA terminates upon closing of the Mergers.'] | 1,581,091 | 2026-08-06 | 10-Q | View Document | |||||
| Direct Digital Holdings, Inc. | $0.04 | Tax basis in net assets of DDH LLC; Section 754 | DDH LLC, DDM | 85% | Short term $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 $0.041M; payments can be deferred.'] | 1,880,613 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Arxis, Inc. | $0.02 | compensation deduction from transfer of convertible common stock | Arcline Arxis Advisory I, L.P. | 85% | total liability... is approximately $16,000; compensation deduction resulting from the transfer; Arcline Arxis Advisory I, L.P.; 85% of the anticipated cash tax savings | ['TRA based on compensation deduction for services.'] | 2,093,536 | 2026-05-28 | 10-Q | View Document | 85% | ||
| AST SpaceMobile, Inc. | $0.00 | Existing tax basis, tax basis adjustments, TRA payment deductions, and 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 portions; tax attributes acquired pursuant to a reorganization transaction | ['No TRA liabilities recorded as of March 31, 2026.'] | 1,780,312 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Symbotic Inc. | $0.00 | attributes obtained as a result of exchanges | Legacy Warehouse Holders, TRA Holders | 85% | no TRA liability was recorded; 85% of these potential future tax benefits; attributes obtained as a result of exchanges; Legacy Warehouse Holders; TRA Holders | ['Expected future payments are $487.0 million.'] | 1,837,240 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Cibus, Inc. | $0.00 | no TRA liability has been recorded; Tax Receivables Agreement (TRA), dated May 31, 2023 | ['Liability not probable due to valuation allowance.'] | 1,705,843 | 2026-05-14 | 10-Q | View Document | ||||||
| Intuitive Machines, Inc. | $0.00 | Existing tax basis, tax basis adjustments, Business Combination tax benefits, TRA payment tax deductions | TRA Holders (certain Intuitive Machines, LLC members and related parties) | 85% | does not expect a TRA liability to be recorded; 85% of the amount of cash tax savings; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; TRA Holders (certain Intuitive Machines, LLC members) | ['Full valuation allowance applied due to historical losses.'] | 1,844,452 | 2026-05-14 | 10-Q | View Document | 85% | ||
| FLYEXCLUSIVE INC. | $0.00 | certain tax basis adjustments | Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust | 85% | no TRA liability has been recorded; certain tax basis adjustments; Thomas James Segrave Jr., LG Trust, ML Trust; 85% of the Realized Tax Benefit | ['No liability recorded as tax benefit utilization not probable.'] | 1,843,973 | 2026-05-11 | 10-Q | View Document | 85% | ||
| NUSCALE POWER Corp | $0.00 | NuScale Corp, NuScale LLC and various 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 as not probable.'] | 1,822,966 | 2026-08-05 | 10-Q | View Document | |||||
| Vivid Seats Inc. | $0.00 | Increases in tax basis; existing tax basis; imputed interest | Hoya Intermediate unitholders, Hoya Topco, LLC | 85% | no longer have a TRA liability; 85% of the amount of any tax savings; increases in the tax basis of assets; existing tax basis in long-lived assets; existing Hoya Intermediate unitholders | ['TRA terminated October 2025 via Corporate Simplification Agreement'] | 1,856,031 | 2026-08-04 | 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; approximately 85% of the calculated tax savings | ['Full valuation allowance; no liability recorded.'] | 1,841,925 | 2026-08-07 | 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, 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% | ||
| 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 and 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 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from Class C OpCo Units; imputed interest; basis from TRA payments. | Holdings, TRA Holders, and the Agent | 85% | did not record a tax receivable liability; 85% of the amount of realized tax benefit; Holdings (together with its permitted transferees); increases in tax basis; imputed interest deemed to be paid | ['Payment cap of $50,000 for change of control.'] | 1,841,425 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Bumble Inc. | $0.00 | exchanges of Common Units | Founder, Sponsor, affiliate of Accel Partners LP, management, other equity holders | complete and full termination; exchanges of Common Units; Founder, our Sponsor, affiliate of Accel Partners LP | ['TRA terminated November 2025 via one-time settlement.'] | 1,830,043 | 2026-08-06 | 10-Q | View Document | ||||
| FuboTV Inc. | $0.00 | Historic NOLs, basis adjustments from redemptions, 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%, lower than industry standard.'] | 1,484,769 | 2026-08-05 | 10-Q | View Document | 70% | ||
| SUJA LIFE, INC. | $0.00 | Basis increases from exchanges and distributions, holder tax attributes, and TRA payment benefits. | Direct or indirect owners of Holdings LP, including PSP | 85% | no Tax Receivable Agreement-related liability recorded; increases in the tax basis of assets; owners of Holdings LP, including PSP; pay such persons 85% of cash savings | ['Maximum potential obligation is approximately $163.6 million.'] | 1,934,114 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Camping World Holdings, Inc. | $0.00 | Increases in tax basis; Section 754 election; other tax benefits | Continuing Equity Owners, Crestview Partners II GP, L.P. | 85% | did not have a Tax Receivable Agreement liability; increases in the tax basis; Continuing Equity Owners and Crestview Partners II GP, L.P.; 85% of the amount of tax benefits; election under Section 754 | ['Liability remeasured to zero; utilization not probable.'] | 1,669,779 | 2026-07-30 | 10-Q | View Document | 85% | ||
| EVgo Inc. | $0.00 | Increases in tax basis from OpCo Unit redemptions, imputed interest, and additional tax basis from TRA payments | EVgo Holdings, LS Power Equity Advisors, LLC, CRIS, Thunder Sub | 85% | no amounts have been accrued; potential unrecorded tax liability... is $33.8 million; 85% of the net cash savings; increases in tax basis... acquisition... of EVgo OpCo Units; imputed interest deemed to be paid | ['Liability not accrued as not deemed probable.'] | 1,821,159 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Fluence Energy, Inc. | $0.00 | Tax basis increases from redemptions, exchanges, and distributions; depreciation and amortization deductions. | Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc., AES Grid Stability, LLC | 85% | 85% of the tax benefits; Siemens Industry, Inc., and AES Grid Stability, LLC; not recognized the remaining liability; Founders entitled to receive... $165.1 million; accrue interest until paid; increases in the tax basis of assets | ['Liability not recognized as payments are not probable.'] | 1,868,941 | 2026-08-05 | 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 | ['The TRA was terminated effective June 12, 2025.'] | 1,845,437 | 2026-05-11 | 10-Q | View Document | ||||
| 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; tax benefits attributable to payments | ['No liability recognized as of June 30, 2026.'] | 1,641,489 | 2026-08-06 | 10-Q | View Document | 85% | ||
| PROKIDNEY CORP. | $0.00 | Increases in tax basis from unit exchanges, other tax attributes of PK Holdings, and tax benefits from the TRA. | Closing ProKidney Unitholders | 85% | not recognized any liability; 85% of the amount of cash savings; increases in tax basis attributable to exchanges; certain other tax attributes of PK Holdings; Closing ProKidney Unitholders | ['No liability recognized as of March 31, 2026.'] | 1,850,270 | 2026-05-15 | 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; 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; will be deferred and will accrue interest | ['Company states no liabilities recorded as of June 2026.'] | 1,665,988 | 2026-08-05 | 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; 85% of the amount of tax benefits; continuing Class A Unit holders | ['Liability nil due to full valuation allowance.', 'Hypothetical liability if reinstated is $136.2 million.'] | 1,779,474 | 2026-08-06 | 10-Q | View Document | 85% | ||
| WM TECHNOLOGY, INC. | $0.00 | additional tax basis from redemptions or exchanges | continuing members; continuing Class A Unit holders | 85% | TRA liability was nil; additional tax basis; continuing Class A Unit holders; 85% of the amount of tax benefits | ['Liability nil; hypothetical reinstated liability is $136.2 million.'] | 1,779,474 | 2026-05-11 | 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 liabilities outstanding under the TRA; 85% of the amount of tax benefits; MLSH 1 and MLSH 2; increases in the tax basis of assets; tax attributes of the entities acquired | ['No liability recorded as realization not probable.'] | 1,823,239 | 2026-08-07 | 10-Q | View Document | 85% | ||
| GRAFTECH INTERNATIONAL LTD | $0.00 | tax assets that have been utilized | sole pre-IPO stockholder | write off of the remaining $3.8 million liability; payment to our sole pre-IPO stockholder; tax assets that have been utilized | ['Remaining liability written off in Q2 2025.'] | 931,148 | 2026-07-24 | 10-Q | View Document | ||||
| 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; Sections 743(b) and 197; Continuing Equity Owners | ['TRA liability not probable due to valuation allowance'] | 1,866,757 | 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 | ['Liability is zero due to immateriality.'] | 1,870,600 | 2026-05-14 | 10-Q | View Document | ||||||
| Xponential Fitness, Inc. | $0.00 | Net operating losses, existing tax basis, tax basis adjustments, imputed interest | H&W Investco Blocker II, LP; Continuing Pre-IPO LLC Members | 85% | LIBOR plus 100 basis points | $117,150 of the TRA liability was not recorded; net operating losses; existing tax basis; tax basis adjustments; imputed interest; H&W Investco Blocker II, LP; Continuing Pre-IPO LLC Members; aggregate 85% of the amount of cash savings; LIBOR plus 100 basis points | ['Liability not recorded due to full valuation allowance.'] | 1,802,156 | 2026-08-07 | 10-Q | View Document | 85% | |
| Andersen Group Inc. | $0.00 | increase in tax basis in the 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; unpaid amounts will accrue interest until paid | ['No liability incurred as of the reporting date.'] | 2,065,708 | 2026-05-12 | 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 as of March 2025'] | 1,737,927 | 2026-06-15 | 10-K | View Document | |||||
| Evercore Inc. | Payments Under Tax Receivable Agreement | ['Text only mentions TRA payments in cash flows.'] | 1,360,901 | 2026-08-05 | 10-Q | View Document | |||||||
| GMR Solutions Inc. | federal, state and local net operating losses, deferred interest deductions, tax basis in amortizable or depreciable assets, and certain deductible expenses attributable to the transactions related to the IPO | certain stockholders, members of management, Nick Loporcaro, Brian Tierney, Edward Van Horne, Thomas Cook, Lisa Jacoba | 85% | 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 | ['Management TRA parties receive 6% of total payments.', 'Payments do not accelerate upon change of control.', 'Entitlements take into account holdings of warrants.'] | 1,898,718 | 2026-06-02 | 10-Q | View Document | 85% | |||
| X-Energy, Inc. | Basis Adjustments, Existing Basis, Blocker Tax Attributes, and 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. ... XERC and ... TRA Holders; unpaid amounts will be deferred and accrue interest | ['Interest Deductions include imputed interest from TRA payments.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | |||
| Falcon's Beyond Global, Inc. | increases in tax basis; tax benefits from TRA payments | Falcon’s Opco; TRA holder representative; Exchange TRA Holders; the Company | 85% | 85% of the amount of tax benefits; increases in tax basis; Exchange TRA Holders; Falcon’s Opco; tax benefits attributable to payments | ['Full valuation allowance on deferred tax assets.', 'Amendment clarifies rights upon unit transfer.'] | 1,937,987 | 2026-05-14 | 10-Q | View Document | 85% | |||
| Liberty Broadband Corp | tax benefits realized by Liberty Capital | Liberty Broadband, Charter, Liberty Capital | tax benefits realized by Liberty Capital; Liberty Broadband, Charter, and Liberty Capital; estimated to be significantly less than $420 million | ['TRA triggered if tax liability exceeds $420 million.'] | 1,611,983 | 2026-07-29 | 10-Q | View Document | |||||
| Yesway, Inc. | Existing tax basis; basis increases from exchanges, redemptions, or distributions; Blocker tax attributes; TRA payment benefits | Ultimate Parent, Continuing Equity Owners, and Blocker Shareholders | 85% | 85% of certain tax benefits; Ultimate Parent, Continuing Equity Owners, Blocker Shareholders; existing tax basis of Ultimate Parent’s assets; increases in Yesway, Inc.’s allocable share; tax attributes of the Blocker Companies; unpaid amounts... will accrue interest | [] | 1,859,836 | 2026-06-02 | 10-Q | View Document | 85% | |||
| 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.'] | 1,433,642 | 2026-08-04 | 10-Q | View Document | 85% | |||
| X-Energy, Inc. | Existing Basis, Exchange Existing Basis, Basis Adjustments, Blocker Tax Attributes, Imputed Interest, TRA Accounting and Legal Expenses | TRA Party, Blocker Shareholder, Exchange TRA Party, XERC | 85% | 12% | Pro rata | 85% of the Cumulative Net Realized Tax Benefit; Penalty Rate means a rate... equal to 12%; allocated among the TRA Parties in proportion; Covered Tax Assets means (i) Existing Basis | ['Includes TRA accounting and legal expenses as covered assets.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | |
| Rocket Companies, Inc. | increases in tax basis and other tax benefits | RHI II, RHI, and Mr. Gilbert | 90% | 90% of the amount of cash savings; increases in tax basis and other tax benefits; RHI II and Mr. Gilbert | ['TRA share is 90%. Amended during Up-C Collapse.'] | 1,805,284 | 2026-05-11 | 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 | ||||||
| Rocket Companies, Inc. | increases in tax basis and other tax benefits | RHI II, LLC, Daniel Gilbert | 90% | 90% of the amount of cash savings; increases in tax basis and other tax benefits; RHI II, LLC and Mr. Gilbert; TRA Amendment... with RHI and Mr. Gilbert | ['TRA share is 90%.', 'TRA amended following Up-C Collapse.'] | 1,805,284 | 2026-08-07 | 10-Q | View Document | 90% | |||
| UWM Holdings Corp | Tax basis increases from Exchange Transactions, imputed interest, tax basis increases from TRA payments, and disproportionate allocations | UWM Holdings Corp, SFS Corp. | 85% | 85% of the amount of cash savings; 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 | [] | 1,783,398 | 2026-05-11 | 10-Q | View Document | 85% | |||
| Concord Acquisition Corp II | Events.com’s pre-closing tax attributes | Events.com, the Company, certain Events.com shareholders, New CND | 85% | pay certain Events.com stockholders 85%; Events.com’s pre-closing tax attributes; Events.com, the Company and certain Events.com shareholders | [] | 1,851,959 | 2026-05-13 | 10-Q | View Document | 85% | |||
| UWM Holdings Corp | increases in tax basis from Exchange Transactions; imputed interest; increases in tax basis from TRA payments; disproportionate allocations | SFS Corp. | 85% | 85% of the amount of cash savings; increases in tax basis resulting from Exchange Transactions; imputed interest deemed to be paid; disproportionate allocations (if any) of tax benefits; Tax Receivable Agreement ('TRA') with SFS Corp. | ['Liability recorded as a loss contingency.'] | 1,783,398 | 2026-08-07 | 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 | does not anticipate recording the TRA liability; net operating loss carryforwards; research and development credit carryforwards; equity holders of Holdings and Class P Units; 85% of certain tax savings; 100 basis points above SOFR | ['Liability not recorded; early termination liability is $261.0M.'] | 2,086,587 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Alchemy Investments Acquisition Corp 1 | tax basis adjustments from TRA Exchanges; tax benefits from TRA payments; 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'); accrue interest until paid | ['Payment obligation is of Pubco, not OpCo.'] | 1,901,336 | 2026-05-21 | 10-Q | View Document | 85% | |||
| TWFG, Inc. | Bunch Family Holdings, LLC, RFB Spousal Lifetime Trust, MCB Spousal Lifetime Trust | Tax Receivable Agreement, dated July 17, 2024; transferee became a party to the Tax Receivable Agreement; make payments under the Tax Receivable Agreement | ['New trusts became parties to the TRA.'] | 2,007,596 | 2026-08-06 | 10-Q | View Document | ||||||
| System1, Inc. | 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 | |||||||
| System1, Inc. | 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 | |||||||
| 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 | ||||||
| FLEX LTD. | tax benefits realized in relation to the IPO | Flex, TPG, Nextracker | 85% | 85% of the tax benefits; Flex and TPG; tax benefits realized in relation to the IPO; range from zero to approximately $300 million | ['Flex is beneficiary; no asset recorded yet.'] | 866,374 | 2026-05-20 | 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 |