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. | $4,021.00 | 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 the tangible and intangible assets; certain pre-IPO owners | ['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; projected obligations under the TRAs; No payments were made to TRA holders; refer to Note 15... 2025 Form 10-K | ['Remeasurement due to blended state tax rate.'] | 1,794,515 | 2026-05-11 | 10-Q | View Document | |||||
| CARVANA CO. | $2,229.00 | Basis adjustments; 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; 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 | 2026-07-29 | 10-Q | View Document | 85% | ||
| Blackstone Inc. | $2,047.93 | Tangible and intangible assets of Blackstone Holdings | Predecessor owners, senior managing directors, and partnership unit holders | 85% | 85% of the amount of cash savings; tangible and intangible assets of Blackstone Holdings; predecessor owners; senior managing directors; Due to Certain Non-Controlling Interest Holders | ['Liability reflects net present value of expected payments.'] | 1,393,818 | 2026-05-08 | 10-Q | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,636.77 | Increases in tax basis of Blue Owl Holdings assets | Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings, Blue Owl Capital Carry LP, Partners | 85% | pay 85% of certain tax benefits; increases in tax basis of the assets; Total TRA Liability $1,636,766; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings | ['Liability includes $98.7M at fair value.', 'Payments accelerated upon change of control or breach.'] | 1,823,945 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Dutch Bros Inc. | $820.10 | certain tax attributes and benefits | Dutch Bros OpCo owners, Co-Founder and Sponsor | 85% | total TRAs-related liabilities were $820.1 million; 85% of the income tax benefits; certain tax attributes and benefits; Dutch Bros OpCo owners; Co-Founder and Sponsor | ['Executed two TRAs in connection with IPO.'] | 1,866,581 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Apollo Global Management, Inc. | $778.00 | Tax basis of underlying assets (Section 754 election) | Former Managing Partners, Contributing Partners, and Bridge TRA holders | 85% | Due to TRA holders $778; increases in tax basis of assets; Former Managing Partners and Contributing Partners; 85% of the amount of cash tax savings | ['Includes Apollo and Bridge TRAs; no more exchangeable units.'] | 1,858,681 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Core & Main, Inc. | $683.00 | tax attributes from exchanges of Partnership Interests | Clayton, Dublier & Rice (CD&R), Core & Main Management Feeder, LLC | 85% | payables pursuant to Tax Receivable Agreements of $683 million; tax attributes from future exchanges of Partnership Interests; stockholders affiliated with Clayton, Dublier & Rice; Core & Main Management Feeder, LLC; 85% of the tax benefits realized | ['Two TRAs: Former and Continuing Limited Partners.'] | 1,856,525 | 2026-06-10 | 10-Q | View Document | 85% | ||
| Interactive Brokers Group, Inc. | $618.00 | Tax basis increases from redemptions of member interests | IBG, Inc., Holdings, former members of IBG LLC | 85% | payables to Holdings through March 31, 2026... $618 million; 85% of the tax savings; result of tax basis increases; redemptions of Holdings member interests; IBG, Inc. also entered into an agreement | ['Cumulative paid total of $308 million.'] | 1,381,197 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Ares Management Corp | $581.70 | 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 of the tangible; payment to the TRA recipients of 85%; Holders of AOG Units | ['Fifth Amended and Restated TRA dated February 2026'] | 1,176,948 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Alight, Inc. / Delaware | $509.00 | tax basis adjustments, existing tax basis, tax attributes | certain owners of Alight Holdings | 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 | ['Company received an Objection Notice regarding payment methodology.'] | 1,809,104 | 2026-05-05 | 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; 85% of the net cash savings; current and certain former LLC Unitholders; increases in the tax basis; Pre-IPO M&A Tax Attributes; remedial partnership tax allocations; TRA Payment Tax Attributes | ['Liability is undiscounted.', 'Attributable solely to Ryan Specialty Holdings, Inc.'] | 1,849,253 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Planet Fitness, Inc. | $415.80 | Tax attributes of Holdings Units; tax benefits from TRA payments including imputed interest; TSG Consumer Partners 2012 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; 85% of the applicable tax savings; Holdings Units sold to the Company; affiliates of TSG Consumer Partners, LLC; tax benefits attributable to payments | ['Company entered into two separate tax receivable agreements.'] | 1,637,207 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Nextpower Inc. | $393.20 | Existing tax basis in tangible and intangible assets; basis increases from exchanges; pre-existing tax attributes of blocker corporations; tax benefits from TRA payments. | Nextpower LLC, Yuma, Inc., Yuma Subsidiary, Inc., TPG Inc., TPG Rise Climate Flash Cl BDH, L.P., TPG Rise Climate BDH, L.P., The Rise Fund II BDH, L.P., Flex Ltd. affiliate. | 85% | recorded a liability of $393.2 million; existing tax basis in tangible and intangible assets; Flex’s affiliate, TPG and the TPG Affiliates; 85% of the tax benefits | ['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 Blocker Entity; tax benefits from TRA payments | AEVEX Corp., Holdings LLC, 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 estimated 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, Class C, and Class D limited partners; pre-IPO institutional investors | 85% | total Tax Receivable Agreements liability was $344.2 million; increases in tax basis; net operating loss; imputed interest; Class B, Class C, Class D limited partners; certain pre-IPO institutional investors; 85% of the net cash tax savings | [] | 1,796,022 | 2026-05-27 | 10-K | View Document | 85% | ||
| Portillo's Inc. | $344.20 | Existing tax basis; NOLs; basis adjustments from exchanges; tangible and intangible assets; TRA payments | Pre-IPO LLC Members; certain members of Portillo's OpCo (PHD Group Holdings LLC) | 85% | obligation for future payments... totaled $344.2 million; allocable share of existing tax basis; net operating losses; adjustments to the tax basis; payment by us of 85% of... tax benefits; certain members of Portillo's OpCo | ['Payments expected over next 15 to 47 years.'] | 1,871,509 | 2026-05-05 | 10-Q | View Document | 85% | ||
| 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 for 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 accelerated upon closing of the Merger.'] | 1,685,040 | 2026-05-07 | 10-Q | View Document | |||||
| Tradeweb Markets Inc. | $317.50 | increases in the tax basis of TWM LLC’s assets | Tradeweb Markets Inc., TWM LLC, Continuing LLC Owners | 50% | Not pro rata | liability... totaled $317.5 million; increases in the tax basis; Continuing LLC Owners; 50% of the amount; unpaid amounts... will accrue interest | ['TRA benefit share is 50%.'] | 1,758,730 | 2026-07-30 | 10-Q | View Document | 50% | |
| Artisan Partners Asset Management Inc. | $305.20 | Tax attributes of preferred units, step-up of tax basis, 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; 85% of the applicable cash savings; step-up of tax basis and other tax attributes; Pre-H&F Corp Merger Shareholder; current or former limited partners; Interest on the TRA payments will accrue | ['Two separate TRAs exist.', 'Paid $30.3 million in April 2026.'] | 1,517,302 | 2026-05-04 | 10-Q | View Document | 85% | ||
| GPGI, Inc. | $293.30 | Tax basis of GPGI Holdings’ assets | GPGI Holdings and holders of interests therein | 90% | Total payments $293.3; 90% of the tax benefits; GPGI Holdings and holders of interests therein; increase in the tax basis | ['TRA share percentage is 90%.'] | 1,823,144 | 2026-05-07 | 10-Q | View Document | 90% | ||
| Artisan Partners Asset Management Inc. | $275.00 | Preferred units tax attributes, partnership unit step-up, imputed interest, depreciation and amortization charges | Pre-H&F Corp Merger Shareholder, current or former limited partners of Holdings | 85% | Pro rata | $275.0 million liability as of June 30, 2026; tax attributes of the preferred units; imputed interest; depreciation and amortization charges; Pre-H&F Corp Merger Shareholder; limited partners of Holdings; 85% of the applicable cash savings; made pro rata among all TRA counterparties | ['Two separate TRAs were entered into.'] | 1,517,302 | 2026-07-31 | 10-Q | View Document | 85% | |
| Moelis & Co | $269.60 | Tax basis increases from exchanges, imputed interest | Eligible Managing Directors | 85% | Amount due pursuant to tax receivable agreement 269,639; increases in tax basis attributable to exchanges; eligible Managing Directors; 85% of the amount of cash savings | [] | 1,596,967 | 2026-07-29 | 10-Q | View Document | 85% | ||
| Cactus, Inc. | $267.00 | tax basis subject to the TRA | direct and indirect owners of Cactus LLC | 85% | total liability from the TRA was $267.0 million; 85% of the net cash savings; direct and indirect owners of Cactus LLC; tax basis subject to the TRA; deferred payments... will accrue interest | ['Total liability includes $21.3 million current portion.'] | 1,699,136 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Cactus, Inc. | $264.80 | tax basis subject to the TRA | direct and indirect owners of Cactus LLC | 85% | total liability from the TRA was $264.8 million; tax basis subject to the TRA; direct and indirect owners of Cactus LLC; 85% of the net cash savings | ['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 short-term and long-term portions.'] | 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; certain other tax benefits related to us making payments under the TRA | Stagwell Media | 85% | Tax Receivable Agreement liability... $252,390; increases in the tax basis of the assets; cash payments to Stagwell Media; equal to 85% of certain... tax savings | ['All Paired Units were exchanged for Class A Shares.'] | 876,883 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Shift4 Payments, Inc. | $247.00 | Shift4 Payments, Inc., Rook Holdings Inc., Jared Isaacman | TRA liability was $247 million; Rook assigned and waived TRA rights; Jared Isaacman; Rook Holdings Inc. | ['Rook assigned and waived TRA rights in February 2026.'] | 1,794,669 | 2026-05-07 | 10-Q | View Document | |||||
| Shake Shack Inc. | $246.00 | Tax basis increases from LLC Interest redemptions/exchanges, TRA payments, and imputed interest | Non-controlling members of SSE Holdings | 85% | obligations totaled $246.0 million; increases in the tax basis; non-controlling members of SSE Holdings; 85% of any tax benefits | ['TRA payments not conditioned on continued ownership.'] | 1,620,533 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Rush Street Interactive, Inc. | $239.70 | Increase in tax basis, Business Combination tax benefits, RSILP Unit exchanges, TRA payment tax benefits | RSI ASLP, Inc. (Special Limited Partner), holders of Retained RSILP Units | 85% | recognized a TRA liability of $239.7 million; increase in tax basis and tax benefits; 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-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; payment by AdaptHealth Corp. of 85%; current and former members of AdaptHealth Holdings LLC; tax attributes... increases in tax basis... imputed interest | ['TRA liability was $265.7 million at December 31, 2025.'] | 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; items of loss specially allocated; tax benefits from TRA payments. | Pre-IPO members of HLA; exchanging HLA unitholders (TRA Recipients). | 85% | liability of $235.4 million; increases in tax basis; tangible and intangible assets; pre-IPO members of HLA; 85% of the amount of tax savings; interest accrued from the due date | ['Potential $28.9M additional liability if valuation allowance released.'] | 1,433,642 | 2026-05-21 | 10-K | View Document | 85% | ||
| WaterBridge Infrastructure LLC | $218.50 | Tax basis increases from exchanges, existing tax basis (pre and post-IPO), NOLs and interest expense carryforwards of WB 892 LLC, and 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 | ['Includes NOLs and interest carryforwards from WB 892.'] | 2,064,947 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Legence Corp. | $217.00 | Existing tax basis, blocker entity tax attributes, basis increases from exchanges, TRA payment tax benefits | Legence Parent and Legence Parent II | 85% | TRA liability is $8.2 million and $208.8 million; allocable share of existing tax basis; tax attributes of the blocker entities; increases in tax basis from future redemptions; Legence Parent and Legence Parent II; 85% of the net cash tax savings | ['Liability increased $9.8 million from overallotment exercise.'] | 2,052,568 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Forgent Power Solutions, Inc. | $207.30 | Opco LLC Interests basis, Blockers' NOLs, Blockers' 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 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 | ['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 of tangible and intangible assets | EWC Ventures pre-IPO members | 85% | future payments under the TRA... $201,980; existing tax basis of tangible and intangible assets; EWC Ventures pre-IPO members; generally equal to 85% of cash tax savings | [] | 1,856,236 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Repay Holdings Corp | $191.80 | tax basis increases in Hawk Parent net assets; tax basis increases from TRA payments; imputed interest deductions | holders of Post-Merger Repay Units; selling Hawk Parent members | 100% | liability of $191.8 million; increases in its share of the tax basis; holders of Post-Merger Repay Units; payment by the Company of 100% | ['TRA share is 100% of realized tax benefits.'] | 1,720,592 | 2026-05-04 | 10-Q | View Document | 100% | ||
| Five Point Holdings, LLC | $181.50 | certain tax attributes, exchanges of Class A units, California net operating loss deductions | holders of Class A Common Units of the Operating Company, holders of Class A units of the San Francisco Venture, prior holders | 85% | liabilities of $181.5 million; 85% of the cash savings; certain tax attributes; exchanges of Class A units; California net operating loss deductions | ['California Senate Bill 167 suspends NOL usage', 'Majority of payments not expected for several years'] | 1,574,197 | 2026-07-24 | 10-Q | View Document | 85% | ||
| Goosehead Insurance, Inc. | $174.50 | Tax basis adjustments in tangible and intangible assets; 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 recognized after concluding payment was probable.'] | 1,726,978 | 2026-07-22 | 10-Q | View Document | 85% | ||
| Virtu Financial, Inc. | $173.10 | Increase in tax basis, intangible assets, Net Operating Losses (NOLs), and other tax attributes | Direct or indirect equity holders of Virtu Financial (TRA Parties) | 85% | liabilities... were approximately $173.1 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 | [] | 1,592,386 | 2026-07-31 | 10-Q | View Document | 85% | ||
| SOLV Energy, Inc. | $172.34 | Existing tax basis, net operating losses, tax basis adjustments, interest deductions | SOLV Energy, Inc., SOLV Energy Holdings LLC, Continuing Equity Owners, Blocker Shareholders | 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 | 2026-05-12 | 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% | ||
| Rithm Capital Corp. | $165.40 | taxable acquisitions of Sculptor operating partnership units, net operating losses | Sculptor, former holders of Sculptor operating partnership units (TRA Holders) | carrying value of the TRA liability $165.4 million; taxable acquisitions of Sculptor operating partnership units; including net operating losses; former holders of units in Sculptor’s operating partnerships | ['TRA payments calculated using change of control assumptions.'] | 1,556,593 | 2026-05-04 | 10-Q | View Document | ||||
| OLAPLEX HOLDINGS, INC. | $165.06 | Amortization of intangible assets and capitalized transaction costs | Pre-IPO Stockholders | 85% | Related Party payable pursuant to Tax Receivable Agreement; amortization of intangible assets and capitalized transaction costs; Pre-IPO Stockholders; 85% of the cash savings | ['TRA terminates upon merger; some stockholders waived rights.'] | 1,868,726 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Galaxy Digital Inc. | $149.40 | Increases in tax basis in GDH LP’s assets; imputed interest deductions. | Holders of Class B Units in GDH LP; present and former limited partners. | 85% | TRA-related liability... of $149.4 million; increase in tax basis in GDH LP’s assets; holders of Class B Units in GDH LP; 85% of the cash savings | ['TRA amended and restated on 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; Pre-IPO LLC Members | 85% | liabilities of $144.6 million; increase in tax basis; imputed interest; Baldwin Holdings’ LLC Members; 85% of the amount of cash savings | ['Liability recognized as realization became probable in 2026.'] | 1,781,755 | 2026-05-04 | 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 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, tax basis increases, pre-IPO tax attributes, 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 | [] | 1,934,114 | 2026-06-09 | 10-Q | View Document | 85% | ||
| Driven Brands Holdings Inc. | $129.00 | Depreciation and amortization deductions; tax basis in intangible assets | Principal Stockholders; senior management team; pre-IPO shareholders | 85% | SOFR + 5.00% | payable of $56 million and $73 million; 85% of the amount of cash savings; depreciation and amortization deductions; SOFR plus an applicable term adjustment plus 5% | ['Covers U.S. and Canadian income tax savings.'] | 1,804,745 | 2026-05-19 | 10-K | View Document | 85% | |
| Nerdy Inc. | $118.20 | Increases in tax basis from reverse recapitalization, redemption/call rights, imputed interest, and additional basis from TRA payments | Legacy Nerdy Holders | 85% | 85% of the net cash savings; Legacy Nerdy Holders; not recognized a liability of $118,238; increases in tax basis | ['Liability not recognized as payment was not probable.'] | 1,819,404 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Fluence Energy, Inc. | $117.00 | Tax basis increases from redemptions, exchanges, and distributions; TRA payment tax benefits. | Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc., AES Grid Stability, LLC | 85% | Company has not recognized the remaining liability; increases in our share of the tax basis; Siemens Industry, Inc. and AES Grid Stability, LLC; equal to 85% of the tax benefits; will be deferred and will accrue interest | ['Full valuation allowance; $117 million potential liability not recognized.'] | 1,868,941 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Xponential Fitness, Inc. | $116.53 | NOLs, 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 | $116,527 of the TRA liability was not recorded; net operating losses; existing tax basis; tax basis adjustments; deductions attributable to 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 | 2026-05-08 | 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 investment in LD Holdings; future deductions for payments made under TRA | Parthenon Stockholders and certain Continuing LLC Members | TRA liability of $111.0 million; Parthenon Stockholders and certain Continuing LLC Members; tax basis of loanDepot, Inc.’s investment; future deductions for payments made under a TRA | [] | 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 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 | ['TRA entered in 2015 during Offering Reorganization.'] | 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 + applicable term adjustment + 5.0% | current $35 million and non-current $73 million; Pre-IPO and IPO-Related Tax Benefits; Company’s pre-IPO shareholders; 85% of the amount of cash savings; SOFR plus an applicable term adjustment plus 5.0% | ['Payments deferred if restricted by debt agreements.'] | 1,804,745 | 2026-06-11 | 10-Q | View Document | 85% | |
| Perella Weinberg Partners | $105.60 | exchange of interests in PWP OpCo; step-up in tax basis | PWP OpCo, Professional Partners and Investor Limited Partners | 85% | liability of $105.6 million; exchange of interests in PWP OpCo; PWP OpCo, Professional Partners and Investor Limited Partners; payment of 85% of the amount | [] | 1,777,835 | 2026-07-31 | 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 under the TRA was $92.4 million; Basis Adjustments, Section 704(c) Allocations, and interest deductions; Flowco Holdings, Flowco LLC and the Continuing Equity Owners; pay to each Continuing Equity Owner 85% | ['Liability increased due to 12,041,729 Common Unit Conversions.'] | 2,035,149 | 2026-05-06 | 10-Q | View Document | 85% | ||
| ProFrac Holding Corp. | $86.60 | tax benefits covered by the tax receivable agreement | Tax receivable agreement liability 82.0; Tax receivable agreement obligation 4.6; $86.6 million of estimated tax receivable agreement obligations; realizes actual cash tax savings | ['Total liability includes $4.6M current and $82.0M non-current.'] | 1,881,487 | 2026-05-08 | 10-Q | View Document | |||||
| Liberty Energy Inc. | $66.90 | Increases in tax basis, net operating losses, and imputed interest | R/C Energy IV Direct Partnership, L.P. and TRA Holders | 85% | liability under the TRAs was $66.9 million; 85% of the net cash savings; increases in tax basis; net operating losses; imputed interest; R/C Energy IV Direct Partnership, L.P. | ['Liability decreased from $74.8 million at year-end 2025.'] | 1,694,028 | 2026-07-23 | 10-Q | View Document | 85% | ||
| Carlyle Group Inc. | $64.10 | increases in tax basis resulting from exchanges | limited partners of the Carlyle Holdings partnerships | 85% | Amounts owed under the tax receivable agreement; increases in tax basis resulting from exchanges; limited partners of the Carlyle Holdings partnerships; 85% of the amount of cash tax savings | ['Conversion limited rights to pre-existing obligations.'] | 1,527,166 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Zevia PBC | $59.20 | NOLs, existing tax basis, basis increases from exchanges, imputed interest | Continuing members of Zevia LLC, Blocker Companies shareholders, Direct Zevia Stockholders | 85% | Secured Overnight Financing Rate + 300 basis points | 85% of the tax benefits realized; Secured Overnight Financing Rate plus 300 basis points; net operating losses; existing tax basis; totaled $59.2 million at March 31, 2026; continuing members of Zevia LLC | ['Liability not recorded due to full valuation allowance.'] | 1,854,139 | 2026-05-06 | 10-Q | View Document | 85% | |
| Excelerate Energy, Inc. | $58.81 | Increases in tax basis from exchanges; existing tax basis; assets purchased from Foundation; TRA payment tax benefits. | EE Holdings, the Foundation | 85% | TRA liability 51,122; Current portion of TRA liability 7,685; 85% of the amount; increases in the tax basis; existing tax basis of assets; TRA with EE Holdings and the Foundation | ['Liability includes current and long-term portions.'] | 1,888,447 | 2026-05-07 | 10-Q | View Document | 85% | ||
| MediaAlpha, Inc. | $54.70 | Tax basis step-up of QLH assets, Intermediate Holdco NOLs, imputed interest | Insignia, Senior Executives, White Mountains | 85% | 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 | ["Repurchased Insignia's TRA interest for $31.0 million."] | 1,818,383 | 2026-07-29 | 10-Q | View Document | 85% | ||
| GCM Grosvenor Inc. | $54.60 | Increases in tax basis in assets of GCMH | TRA Parties; limited partners of GCMH | 85% | amount payable... was $54.6 million; increases in the tax basis; pay 85% of the amount; to the TRA Parties | [] | 1,819,796 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Lazard, Inc. | $46.83 | Increases in the tax basis of certain assets; other tax benefits | Lazard; LTBP Trust | 45% and 85% | Pro rata | cumulative liability... March 31, 2026... $46,832; increases in the tax basis of certain assets; Lazard and LTBP Trust; approximately 45%... and... 85%; distributed pro rata to the owners | ['TRA has two tiers: 45% and 85%', 'Term continues until approximately 2033'] | 1,311,370 | 2026-05-04 | 10-Q | View Document | 45% and 85% | |
| Lazard, Inc. | $46.81 | increases in the tax basis of certain assets, other tax benefits, tax basis increases attributable to payments under the TRA | Lazard, LTBP Trust | 45% and 85% | Pro rata | cumulative liability... was $46,814; increases in the tax basis of certain assets; Lazard and LTBP Trust; approximately 45%... and... 85%; distributed pro rata to the owners | ['Split percentage structure: 45% and 85%.'] | 1,311,370 | 2026-07-28 | 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 from unit acquisitions; imputed interest; additional tax basis from TRA payments; net operating losses (NOLs) | Legacy Owner Holdco; Crestview Partners II GP, L.P. (Crestview GP); affiliate of Legacy Owner Holdco and Crestview GP | 85% | 12-month term SOFR + 171.513 basis points | liability associated with the TRAs... $43.4 million; increases in tax basis; net operating losses; Legacy Owner Holdco and Crestview Partners II GP; 85% of the net cash savings; 12-month term SOFR plus 171.513 basis points | ['OBBBA enacted July 2025 expected to defer payments.'] | 1,693,256 | 2026-05-06 | 10-Q | View Document | 85% | |
| Black Rock Coffee Bar, Inc. | $42.53 | Basis Adjustments; interest deductions arising from TRA payments | Black Rock OpCo; Continuing Equity Owners; TRA Parties | 85% | Tax receivable agreement liability 42,527; Basis Adjustments and certain tax benefits; Black Rock OpCo and the TRA Parties; 85% of the amount of tax benefits | ['Liability increased due to exchanges of LLC Units.'] | 2,068,577 | 2026-05-12 | 10-Q | View Document | 85% | ||
| MALIBU BOATS, INC. | $39.60 | Section 754 election, increases in tax basis, tangible and intangible assets, benefits attributable to TRA payments | pre-IPO owners of the LLC | 85% | Payable pursuant to tax receivable agreement; 85% of the amount of the benefits; pre-IPO owners of the LLC; Section 754 election; increases in tax basis | ['Liability is recorded on an undiscounted basis.'] | 1,590,976 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Cardinal Infrastructure Group Inc. | $39.42 | Tax basis step-up, Section 743(b), Section 197, NOLs, interest deductions | Continuing Equity Holders, Diamond Interests Group LLC, Seller Owners | 85% | SOFR + 100bp | tax receivable agreement liability... totaled $39,423,529; 85% of the net cash tax savings; SOFR plus 100 basis points; increases in the tax basis; 743(b) and 197 of the Code; NOL carryforward mechanics | ['Includes separate Tax Benefit Agreement for ALGC acquisition.'] | 2,079,999 | 2026-05-13 | 10-Q | View Document | 85% | |
| Hagerty, Inc. | $38.30 | Increases in tax basis and Section 754 adjustments | Hagerty Holding Corp. ('HHC'), Markel, and Legacy Unit Holders | 85% | TRA Liability was $38.3 million; increases in tax basis; Section 754 of the IRC; Hagerty Holding Corp. ('HHC') and Markel; 85% of the... cash tax savings realized | ['TRA formed during 2021 business combination.'] | 1,840,776 | 2026-05-06 | 10-Q | View Document | 85% | ||
| OneWater Marine Inc. | $37.50 | increases in tax basis; imputed interest | certain owners of OneWater LLC; TRA Holders | 85% | undiscounted liability was $37.5 million; increases in tax basis; tax benefits attributable to imputed interest; certain of the owners of OneWater LLC; 85% of the calculated net cash savings; deferred payments... will accrue interest | ['Liability is undiscounted.', 'Payments may be deferred if cash unavailable.'] | 1,772,921 | 2026-05-04 | 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; 85% of the net cash savings; certain of the owners of OneWater LLC; increases in tax basis; imputed 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% | contractual obligations of $36.0 million; increases in tax basis related to such exchanges; 85% of the benefits; holders of Partnership Units | [] | 1,626,115 | 2026-07-30 | 10-Q | View Document | 85% | ||
| National CineMedia, Inc. | $35.70 | Cinemark, AMC | Payable under the TRA 2.9; Payable under the TRA 32.8; TRA payments to Cinemark; no longer... TRA payments to AMC | ['AMC TRA obligation terminated in 2025.'] | 1,377,630 | 2026-05-12 | 10-Q | View Document | |||||
| OppFi Inc. | $35.05 | tax basis "step-up" | Members, OppFi-LLC | Tax receivable agreement liability 35,046; tax basis 'step-up'; payments to the Members; aggregate early termination payment of approximately $40.8 million | ['TRA amended and terminated in April 2026.'] | 1,818,502 | 2026-05-07 | 10-Q | View Document | ||||
| EVgo Inc. | $33.80 | Increases in tax basis, imputed interest, additional tax basis | CRIS, Thunder Sub, EVgo Holdings, LS Power Equity Advisors, LLC | 85% | potential unrecorded tax liability related to the redemption; 85% of the net cash savings; increases in tax basis; imputed interest; CRIS, Thunder Sub, EVgo Holdings, LS Power | ['Liability not accrued as not deemed probable.'] | 1,821,159 | 2026-05-05 | 10-Q | View Document | 85% | ||
| i3 Verticals, Inc. | $32.40 | increase in tax basis; imputed interest | i3 Verticals, LLC; Continuing Equity Owners | 85% | total amount due... was $32.4 million; increase in tax basis; i3 Verticals, LLC and Continuing Equity Owners; 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% | TRA liability was approximately $30.6 million; increase in tax basis of Umbrella assets; TWMH Members, TIG GP Members, TIG MGMT Members; 85% of certain tax benefits | ['Portion of TRA liability is 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 | Tax Receivable Agreement liability of $10,580; total estimated payable of $17,675; certain Omni Holders; tax attributes as of the date of exchanges | ['Liability comprises contingent consideration and estimated payable.'] | 912,728 | 2026-05-11 | 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 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Utz Brands, Inc. | $23.70 | increases in tax basis in net assets of UBH; tax basis increases from TRA payments; tax amortization from Kennedy Endeavors acquisition | Noncontrolling Interest Holders | 85% | liability of $23.7 million; increases in the share of the tax basis; payment by the Company to Noncontrolling Interest Holders; 85% of the amount of any tax benefits | ['TRA includes benefits from Kennedy Endeavors asset deal.'] | 1,739,566 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Red Rock Resorts, Inc. | $19.40 | Section 754 basis step-up, NOLs, other tax attributes | Pre-IPO LLC Unit holders, Fertitta Family Entities | 85% | liability under the TRA was $19.4 million; step-up in the basis... under Section 754; 85% of the tax benefits realized; Fertitta Family Entities; Payments not made... generally accrue interest | ['Liability includes $4.9 million to Fertitta Family Entities.'] | 1,653,653 | 2026-05-07 | 10-Q | View Document | 85% | ||
| 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 the amount | ['Liability includes $2.552M current portion in accounts payable.'] | 1,644,378 | 2026-05-06 | 10-Q | View Document | 85.0% | ||
| NEWMARK GROUP, INC. | $17.50 | Tangible and intangible assets of Newmark OpCo | Newmark, Cantor | 85% | liability to Cantor of $17.5 million; tax basis of the tangible and intangible assets; Tax Receivable Agreement with Cantor; payment by Newmark to Cantor of 85% | ['Offsetting related deferred tax asset of $19.5 million'] | 1,690,680 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Amneal Pharmaceuticals, Inc. | $16.32 | realized tax benefits; deferred tax assets | Members | 75% | Tax receivable agreement liability - short term $16,323; reduce... obligation... to 75% of such realized benefits; Members - tax receivable agreement; unrecorded contingent TRA liability of $131.4 million | ['TRA 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 anticipated cash tax savings | ['TRA linked to compensation deduction for services.'] | 2,093,536 | 2026-05-28 | 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; Arcline Arxis Advisory I, L.P.; specified percentage (85%) of the cash tax | ['Payments contingent on continued provision of services.'] | 2,093,536 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Definitive Healthcare Corp. | $13.00 | Tax basis adjustments, net operating losses, unamortized tax basis, TRA payments | Pre-IPO LLC Unit holders, former shareholders of Blocker Companies | 85% | liability under the TRA of $13.0 million; 85% of the amount of cash savings; tax basis adjustments; net operating losses; pre-IPO holders; former shareholders of Blocker Companies; deferred and will accrue interest until paid | ['Liability remeasured due to 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 of intangible assets; Viant Technology LLC, continuing members, TRA Representative; 85% of the amount of net cash tax savings | [] | 1,828,791 | 2026-05-11 | 10-Q | View Document | 85% | ||
| P3 Health Partners Inc. | $12.40 | Basis increases from exchanges, TRA payments, imputed interest | P3 LLC and the members of P3 LLC | 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 TRA liability recorded as payments not probable.'] | 1,832,511 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Silvercrest Asset Management Group Inc. | $9.37 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments; exchanges of Class B for Class A shares. | SLP Partners; current principals of Silvercrest L.P.; future employee-holders of Class B units. | 85% | liability is estimated to be $9,371; increases in tax basis of tangible and intangible; 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 | 2026-07-30 | 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; tangible and intangible assets of SLP; pay the SLP Partners 85% | ['TRA terminates for cause or competition.'] | 1,549,966 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Array Technologies, Inc. | $5.80 | increase in the tax value of the developed technology | Array Tech, Inc., former majority stockholder, former owners | 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 certain 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; 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; collectively, the “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; tax basis in the net assets of Holdings; then-existing non-controlling interest holders; approximately 85% of the amount of any tax benefits | [] | 1,819,253 | 2026-05-11 | 10-Q | View Document | 85% | ||
| MARKETWISE, INC. | $4.04 | Step up in tax basis; basis adjustments; carryforward attributes | Certain shareholders; members of Marketwise, LLC; Arnold Parties | 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 be deferred and will accrue | ['Arnold Parties waived TRA rights in 2026 settlement.'] | 1,805,651 | 2026-05-07 | 10-Q | View Document | 85% | ||
| HMH Holding Inc | $3.80 | B.V. Voting Shares; B.V. Non-Voting Shares; redemptions or exchanges; imputed interest; investment basis difference | HMH B.V., Principal Stockholders | 85% | expects to record a TRA liability... $3.8 million; pay 85% of the net cash savings; HMH B.V. and the Principal Stockholders; acquisitions of B.V. Voting Shares; redemptions or exchanges of B.V. Non-Voting Shares; imputed interest deemed arising | ['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 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; owners of INR Holdings prior to the IPO; 85% of the net cash savings | ['Liability established following unit exchanges in March 2026.'] | 2,029,118 | 2026-05-12 | 10-Q | View Document | 85% | ||
| GoHealth, Inc. | $1.30 | GHH, LLC, Continuing Equity Owners, and Blocker Shareholders | 85% | $1.3 million liability related to the Tax Receivable Agreement; 85% of the amount of tax benefits; GHH, LLC, Continuing Equity Owners, Blocker Shareholders | [] | 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 from redemptions or exchanges; GEN Inc., Operating Company and each Members; 85% of the amount of tax benefits | ['Potential payments through 2037 estimated at $99.6 million.'] | 1,891,856 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Bakkt, Inc. | $0.50 | Tangible and intangible assets; Section 754, 743(b), 734(b) | Certain Opco equity holders, ICE, Mr. Naheta | 85% | approximately $0.5 million remained to be paid; tangible and intangible assets of Opco; certain Opco equity holders, ICE, Mr. Naheta; 85% of certain net income tax benefits | ['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; additional tax benefits from TRA payments | FAH, LLC, Continuing Equity Owners, and certain transferees | 85% | Ending balance $249; gross outstanding balance was $102.5 million; 85% of the amount of tax benefits; future redemptions funded by the Company or exchanges; FAH, LLC and each Continuing Equity Owners | ['Valuation allowance reduces recognized liability; gross balance is $102.5M.'] | 1,704,711 | 2026-05-07 | 10-Q | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $0.20 | RIHI, Inc. | total liability under the TRAs... is $0.2 million; between the Company and RIHI; RIHI TRA will terminate upon the closing | ['TRA terminates upon merger closing with no payments.'] | 1,581,091 | 2026-05-08 | 10-Q | View Document | |||||
| Direct Digital Holdings, Inc. | $0.04 | Tax basis in net assets of DDH LLC; Section 754 election; redemptions or exchanges of LLC units | DDH LLC and DDM | 85% | Total liability related to tax receivable agreement $41; increase in its share of the tax basis; TRA with DDH LLC and DDM; 85% of the net cash savings; accrue interest from the due date | ['Liability is $41 thousand.', 'Deferred tax asset is $0 net of valuation allowance.'] | 1,880,613 | 2026-05-15 | 10-Q | View Document | 85% | ||
| AST SpaceMobile, Inc. | $0.00 | Existing tax basis, tax basis adjustments, tax deductions, reorganization 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 acquired pursuant to a reorganization | ['Full valuation allowance against deferred tax assets.'] | 1,780,312 | 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 | certain shareholders | 85% | not recorded a liability under the TRAs; basis adjustments on future exchanges; other carryforward attributes; certain shareholders; 85% of the calculated tax savings | ['Full valuation allowance; no liability recorded.'] | 1,841,925 | 2026-05-08 | 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; 85% of the Realized Tax Benefit; Thomas James Segrave Jr.; LG Trust, ML Trust, LM Trust, TJ Trust | ['No TRA liability recorded as of March 31, 2026.'] | 1,843,973 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Cibus, Inc. | $0.00 | no TRA liability has been recorded; Tax Receivables Agreement (TRA), dated May 31, 2023 | ['No liability recorded 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 from exchanges; 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; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; 85% of the amount of the cash tax savings; 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% | ||
| 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; pre-IPO owners including our Founder; exchanges of Common Units | ['TRA was fully terminated in November 2025.'] | 1,830,043 | 2026-05-06 | 10-Q | View Document | ||||
| Vivid Seats Inc. | $0.00 | Increases in tax basis; existing tax basis; 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; deductions in respect of imputed interest; existing Hoya Intermediate unitholders; Hoya Topco, LLC | ['TRA terminated October 2025 via Corporate Simplification Agreement'] | 1,856,031 | 2026-05-05 | 10-Q | View Document | 85% | ||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | Increases in tax basis of assets; tax attributes of acquired entities; tax benefits from TRA payments | MLSH 1; MLSH 2 | 85% | no current liability under the TRA; 85% of the amount of certain tax benefits; increases in the tax basis of assets; tax attributes of the entities acquired; party to a TRA with MLSH 1 and MLSH 2 | ['Liability derecognized as realization not probable.'] | 1,823,239 | 2026-05-08 | 10-Q | View Document | 85% | ||
| FuboTV Inc. | $0.00 | Historic NOLs, basis adjustments from redemptions/exchanges, distributions, 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; 70% of the total tax benefit | ['TRA share is 70% rather than standard 85%'] | 1,484,769 | 2026-05-06 | 10-Q | View Document | 70% | ||
| Symbotic Inc. | $0.00 | attributes obtained as a result of exchanges | Symbotic Inc. and Legacy Warehouse Holders | 85% | no TRA liability was recorded; attributes obtained as a result of exchanges; Symbotic Inc. and certain Legacy Warehouse Holders; 85% of these potential future tax benefits | ['No liability recorded due to full valuation allowance.'] | 1,837,240 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Bioventus Inc. | $0.00 | Increases in tax basis of BV LLC assets from redemptions, exchanges, prior sales, or 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; deferred and will accrue interest until paid | ['No liabilities recorded as no LLC interests exchanged.'] | 1,665,988 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Camping World Holdings, Inc. | $0.00 | increases in the tax basis; Section 754 election | 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; Continuing Equity Owners and Crestview Partners II GP, L.P.; increases in the tax basis | ['Liability not probable; balance reduced to zero.'] | 1,669,779 | 2026-07-30 | 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 certain other tax benefits; former holders of interests in the Operating Company; 85% of certain tax benefits | ['Liability not recorded due to valuation allowance assessment.'] | 1,743,745 | 2026-05-15 | 10-Q | View Document | 85% | ||
| WM TECHNOLOGY, INC. | $0.00 | additional tax basis from redemptions or exchanges | 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 due to full valuation allowance.'] | 1,779,474 | 2026-05-11 | 10-Q | View Document | 85% | ||
| NET Power Inc. | $0.00 | deferred tax assets | agent of the TRA holders; TRA holders | reduced the TRA liability to zero; intent to terminate the TRA; became final and binding on June 12, 2025 | ['TRA terminated June 2025; liability is zero.'] | 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 | vTv Therapeutics Inc., MacAndrews, M&F TTP Holdings Two LLC, M&F TTP Holdings LLC | 85% | not recognized any liability; exchange of Class B common stock; imputed interest deemed to be paid; tax benefits attributable to payments; 85% of the amount of cash savings | ['No liability recognized as of March 31, 2026.'] | 1,641,489 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from OpCo Units acquisition; imputed interest; additional tax basis from TRA payments | Holdings, TRA Holders, 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, TRA Holders, and the Agent | ['Payment cap of $50,000 upon change of control.'] | 1,841,425 | 2026-05-11 | 10-Q | View Document | 85% | ||
| PROKIDNEY CORP. | $0.00 | Increases in tax basis from unit exchanges, other tax attributes of PK Holdings, and TRA-related tax benefits | Closing ProKidney Unitholders | 85% | not recognized any liability... as of March 31, 2026; 85% of the amount of cash savings; increases in tax basis attributable to exchanges; Closing ProKidney Unitholders | ['No liability recognized as of March 31, 2026.'] | 1,850,270 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Solo Brands, Inc. | $0.00 | no liability has been recorded; due to its immateriality; impact of valuation allowances; Tax Receivable Agreement remains in effect | ['No liability recorded due to immateriality.'] | 1,870,600 | 2026-05-14 | 10-Q | View Document | ||||||
| Brilliant Earth Group, Inc. | $0.00 | Historical tax basis; Sections 743(b) and 197 of the Code | Brilliant Earth, LLC; Continuing Equity Owners | 85% | no TRA liability reflected; Sections 743(b) and 197; Brilliant Earth, LLC and the Continuing Equity Owners; 85% of the amount of tax benefits | ['TRA liability not probable due to valuation allowance'] | 1,866,757 | 2026-05-07 | 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; future 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 | ||||
| Canopy Growth Corp | $0.00 | Acreage | Acreage Tax Receivable Agreement; Balance at March 31, 2025 | ['TRA liability zeroed out as of March 2025.'] | 1,737,927 | 2026-06-15 | 10-K | View Document | |||||
| Evercore Inc. | Payments Under Tax Receivable Agreement | ['Text only contains cash flow payment data.'] | 1,360,901 | 2026-05-06 | 10-Q | View Document | |||||||
| GMR Solutions Inc. | NOLs, deferred interest deductions, tax basis, deductible expenses | Stockholders, management, Named Executive Officers | 85% | Pro rata | 85% of the benefits; federal, state and local net operating losses; certain stockholders and members of management; take into account their holdings of warrants; allocated share of 6% of any such payments | ['Management parties receive 6% allocated share.', '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, TRA Holders | 85% | 85% of the amount of cash tax savings; Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions; TRA with XERC and certain equity owners; unpaid amounts will be deferred and accrue interest | ['Change of control triggers valuation assumptions for 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, TRA Holders, 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 of TRA Holder transferring units.'] | 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; corresponding to such excess; exceeded $420 million; GCI Tax Receivables Agreement | ['Entitlement requires tax liability to exceed $420 million.', 'Tax liability estimated below $420 million threshold.'] | 1,611,983 | 2026-07-29 | 10-Q | View Document | |||||
| Yesway, Inc. | Existing tax basis; basis increases from redemptions, exchanges, and distributions; Blocker Company 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... tax basis... from future redemptions; tax attributes of the Blocker Companies; unpaid amounts... will accrue interest | ['Liability amount and default rate not specified.'] | 1,859,836 | 2026-06-02 | 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, Exchange TRA Party, Blocker Shareholder | 85% | 12% | Pro rata | 85% of the Cumulative Net Realized Tax Benefit; Penalty Rate means a rate of 12%; allocated among the TRA Parties in proportion; Covered Tax Assets means (i) Existing Basis | ['Penalty Rate is defined as 12%.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | |
| Rocket Companies, Inc. | increases in tax basis and other tax benefits | RHI, RHI II, and Daniel Gilbert | 90% | 90% of the amount of cash savings; RHI II and Mr. Gilbert; increases in tax basis and other tax benefits | ['TRA share is 90% following Up-C Collapse amendment.'] | 1,805,284 | 2026-05-11 | 10-Q | View Document | 90% | |||
| X-Energy, Inc. | Corporation, Company, TRA Parties, Initial TRA Representative | 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 and TRA payments, imputed interest, and disproportionate allocations | SFS Corp. | 85% | 85% of the amount of cash savings; Tax Receivable Agreement ('TRA') with SFS Corp.; increases in tax basis resulting from Exchange Transactions; imputed interest deemed to be paid | [] | 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 and 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 | [] | 1,851,959 | 2026-05-13 | 10-Q | View Document | 85% | |||
| Andersen Group Inc. | Increase in tax basis in assets; TRA payments | Aggregator; holders of Class X Umbrella Units; pre-IPO owners | 85% | 85% of the amount of tax benefits; increase in tax basis in the assets; Aggregator; holders of Class X Umbrella Units; not yet incurred a liability | ['No liability has been incurred as of reporting.'] | 2,065,708 | 2026-05-12 | 10-Q | View Document | 85% | |||
| York Space Systems Inc. | net operating loss carryforwards, research and development credit carryforwards | equity holders of Holdings, holders of Class P Units | 85% | 100 basis points above SOFR | 85% of certain tax savings; net operating loss carryforwards; research and development credit carryforwards; equity holders of Holdings; holders of Class P Units; 100 basis points above SOFR; does not anticipate recording the TRA liability | ['Liability not recorded; early termination estimated at $261.0 million.'] | 2,086,587 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Clearwater Analytics Holdings, Inc. | Payment to terminate Enfusion’s tax receivable agreement | ["Paid $30M to terminate Enfusion's TRA."] | 1,866,368 | 2026-05-07 | 10-Q | View Document | |||||||
| Alchemy Investments Acquisition Corp 1 | tax basis adjustments from TRA Exchanges; tax benefits from TRA payments | Pubco; certain Cartiga Members (TRA Holders) | 85% | 85% of the cash tax benefits; certain Cartiga Members (the “TRA Holders”); tax basis adjustments resulting from TRA Exchanges; tax benefits attributable to making payments; accrue interest until paid | ['TRA payments are obligations of Pubco, not OpCo.'] | 1,901,336 | 2026-05-21 | 10-Q | View Document | 85% | |||
| NUSCALE POWER Corp | 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; entered into a Tax Receivable Agreement | ['Liability not recorded as not probable.'] | 1,822,966 | 2026-05-07 | 10-Q | View Document | ||||||
| System1, Inc. | parties to the Tax Receivable Agreement | 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 | ||||||
| Vistra Corp. | benefits realized as a result of certain transactions entered into at the emergence of our predecessor from reorganization under Chapter 11 | benefits realized as a result of certain transactions; emergence of our predecessor from reorganization; no material TRA payments | ["TRA relates to predecessor's Chapter 11 reorganization."] | 1,692,819 | 2026-05-07 | 10-Q | View Document | ||||||
| Fluence Energy, Inc. | liability under the Tax Receivable Agreement | ['Text provides definitions only; no specific TRA terms.'] | 1,868,941 | 2026-05-06 | 10-Q | View Document | |||||||
| TWFG, Inc. | make payments under the Tax Receivable Agreement | [] | 2,007,596 | 2026-05-08 | 10-Q | View Document | |||||||
| CINEMARK USA INC /TX | NCMI | cash receipts pursuant to a tax receivable agreement | ['Company receives 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 realized; Nextracker entered into a Tax Receivable Agreement; with Flex and TPG; range from zero to approximately $300 million | ['Flex is the beneficiary of the TRA.'] | 866,374 | 2026-05-20 | 10-K | View Document | 85% | |||
| J M SMUCKER Co | Payment of assumed tax receivable agreement obligation | ['Assumed tax receivable agreement obligation'] | 91,419 | 2026-06-09 | 10-K | View Document |