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 to tangible and intangible assets, tax attributes of corporate entities, and tax benefits from TRA payments. | Certain pre-IPO owners | 90% | balance of the TRA liability was $4,404 million; payment... of 90% of certain tax benefits; allocable share of existing tax basis; tax basis adjustments to tangible and intangible assets; utilization of certain tax attributes; certain pre-IPO owners | ['Liability increased by $862 million due to exchanges.'] | 2,046,386 | 2026-08-05 | 10-Q | View Document | 90% | ||
| ZoomInfo Technologies Inc. | $2,726.40 | certain tax attributes | TRA holders | liability of $2,726.4 million; utilization of certain tax attributes; TRA holders | ['Remeasurement gains from tax attribute utilization.'] | 1,794,515 | 2026-08-05 | 10-Q | View Document | ||||
| CARVANA CO. | $2,229.00 | Basis adjustments relating to Carvana Group 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%; deferred and will accrue interest until paid | ['Liability includes $1.7 billion due to related parties.'] | 1,690,820 | 2026-07-29 | 10-Q | View Document | 85% | ||
| Blackstone Inc. | $2,067.10 | tangible and intangible assets of Blackstone Holdings | predecessor owners, senior managing directors, non-controlling interest holders | 85% | Due to Certain Non-Controlling Interest Holders; 85% of the amount of cash savings; tangible and intangible assets of Blackstone Holdings; predecessor owners; senior managing directors | ['Aggregate payments of $2.1 billion over 15 years.'] | 1,393,818 | 2026-08-07 | 10-Q | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,636.77 | increases in tax basis of Blue Owl Holdings assets | Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings, Blue Owl Capital Carry LP, Partners | 85% | Total TRA Liability $1,636,766; increases in tax basis of the assets; pay 85% of certain tax benefits; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings | ['Liability includes $98.7M at fair value.'] | 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; 85% of the income tax benefits; certain Dutch Bros OpCo owners; certain tax attributes and 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 tax basis of investment in TPG Operating Group; Covered Tax Items | Current and former employees and partners of TPG Partner Holdings; Related Parties; non-affiliates | 85% | liability pursuant to the Tax Receivable Agreement... $848.2 million; increase in the tax basis of our investment; current and former employees and partners; 85% of the applicable cash savings | ['Liability split between related parties and non-affiliates.'] | 1,880,661 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Apollo Global Management, Inc. | $768.00 | increases in tax basis of assets; Section 754 | Former Managing Partners; Contributing Partners; Bridge TRA holders | 85% | Due to TRA holders $768; increases in tax basis of assets; Former Managing Partners and Contributing Partners; 85% of the amount of cash tax savings; interest is accrued on the balance | ['Holders no longer own exchangeable operating units.'] | 1,858,681 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Core & Main, Inc. | $683.00 | tax attributes from exchanges of Partnership Interests | Clayton, Dublier & Rice (CD&R), Core & Main Management Feeder, LLC | 85% | payables to related parties... $683 million; tax attributes... future exchanges of Partnership Interests; stockholders affiliated with Clayton, Dublier & Rice; 85% of the tax benefits realized | ['Two TRAs: Former and Continuing Limited Partners.'] | 1,856,525 | 2026-06-10 | 10-Q | View Document | 85% | ||
| Ares Management Corp | $622.00 | Tangible and intangible assets, TRA payments, interest accrued | TRA recipients, Holders of AOG Units | 85% | TRA liability balance was $622.0 million; increases in the tax basis; 85% of the amount of actual cash savings; TRA recipients; Holders of AOG Units | [] | 1,176,948 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Interactive Brokers Group, Inc. | $618.00 | Tax basis increases | IBG, Inc. and Holdings | 85% | payables to Holdings... were $618 million; result of tax basis increases; IBG, Inc. also entered into an agreement... with Holdings; 85% of the tax savings | ['Cumulative payables of $618 million; $321 million paid.'] | 1,381,197 | 2026-08-06 | 10-Q | View Document | 85% | ||
| GMR Solutions Inc. | $468.40 | Federal NOLs, deferred interest deductions, tax basis in amortizable or depreciable assets, deductible expenses from IPO transactions | Certain stockholders, Management party participants (including Nick Loporcaro, Brian Tierney, Edward Van Horne, Thomas Cook, Lisa Jacoba) | 85% | SOFR plus 1.0% | recorded a TRA liability of $468.4 million; federal net operating losses, deferred interest deductions; certain stockholders and members of management; payment by the Company of 85%; rate equal to SOFR plus 1.0% | ['Management payments require service; no change-of-control acceleration.'] | 1,898,718 | 2026-08-12 | 10-Q | View Document | 85% | |
| RYAN SPECIALTY HOLDINGS, INC. | $463.70 | Increases in tax basis (Exchange Tax Attributes), 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.', 'Company retains 15% of savings.'] | 1,849,253 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Alight, Inc. / Delaware | $463.00 | tax basis adjustments, existing tax basis, tax attributes | certain owners of Alight Holdings, TRA Party Representative | 85% | Ending balance as of June 30, 2026 463; tax basis adjustments from sales and exchanges; certain owners of Alight Holdings; 85% of any savings that we realize | ['Dispute with TRA Representative could increase payments by $40M.'] | 1,809,104 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Nextpower Inc. | $393.20 | existing tax basis in tangible and intangible assets; increases in tax basis | Flex Ltd., TPG Inc., TPG Affiliates, Yuma, Inc., Yuma Sub | 85% | 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 | ['Liability includes $19.4 million in other current liabilities.'] | 1,852,131 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Planet Fitness, Inc. | $361.40 | Tax attributes of Holdings Units, basis increase, imputed interest | TRA Holders, Pla-Fit Holdings owners, TSG Consumer Partners affiliates | 85% | liability of $361.4 million; tax attributes of their Holdings Units; affiliates of TSG Consumer Partners, LLC; 85% of the applicable tax savings | ['Company entered into two tax receivable agreements.'] | 1,637,207 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Legence Corp. | $350.90 | Allocable share of existing tax basis; tax attributes of blocker entities; increases in tax basis from future redemptions or exchanges; tax benefits from TRA payments. | Legence Parent and Legence Parent II (the “TRA Members”) | 85% | current and long-term TRA liability is $8.2 million and $342.7 million; 85% of the net cash tax savings; Legence Parent and Legence Parent II; allocable share of existing tax basis; tax attributes of the blocker entities; increases in tax basis from future redemptions | ['Liability increased by $133.8M from Subsequent Secondary Offering.'] | 2,052,568 | 2026-08-13 | 10-Q | View Document | 85% | ||
| StepStone Group Inc. | $344.20 | Increases in tax basis, imputed interest, net operating losses | Class B, C, and D limited partners; pre-IPO institutional investors | 85% | Pro rata | total Tax Receivable Agreements liability was $344.2 million; increases in tax basis; imputed interest; Class B, Class C, Class D limited partners; 85% of net cash tax savings; 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, basis increases from exchanges, tangible and intangible assets | Pre-IPO LLC Members; certain members of Portillo's OpCo | 85% | TRA liability totaled $343.4 million; existing tax basis; net operating losses; basis of the tangible and intangible assets; certain of our pre-IPO LLC Members; payment by us of 85% of tax benefits | ['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; increases in tax basis; 85% of the net cash tax savings; Class B, Class C, Class D limited partners; tax benefits related to imputed interest | ['Includes Exchanges TRA and Reorganization TRA.'] | 1,796,022 | 2026-08-07 | 10-Q | View Document | 85% | ||
| KKR & Co. Inc. | $335.10 | exchanges of KKR Holdings equity | 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.', 'Covers exchanges prior to termination.'] | 1,404,912 | 2026-08-06 | 10-Q | View Document | ||||
| Brighthouse Financial, Inc. | $328.00 | MetLife, Inc. | payable to MetLife of $328 million; tax receivables agreement with MetLife; accelerated upon closing of the Merger | ['Payable accelerated upon closing of the Merger.'] | 1,685,040 | 2026-08-06 | 10-Q | View Document | |||||
| Tradeweb Markets Inc. | $317.50 | Increases in tax basis of TWM LLC's assets; tax benefits from TRA payments | Tradeweb Markets Inc., TWM LLC, Continuing LLC Owners | 50% | liability... totaled $317.5 million; increases in the tax basis of TWM LLC’s assets; 50% of the amount of... tax savings; unpaid amounts... will accrue interest | ['TRA share is 50%, lower than industry standard.'] | 1,758,730 | 2026-07-30 | 10-Q | View Document | 50% | ||
| WaterBridge Infrastructure LLC | $297.00 | Tax basis increases from exchanges, existing tax basis (pre-IPO and post-IPO), NOLs and interest expense carryforwards of WB 892 LLC, and imputed interest. | WaterBridge Infrastructure LLC, OpCo, and legacy owners (TRA Holders). | 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 | ['Liability increased due to redemptions by TRA Holders.'] | 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 generally will be deferred; interest carryforward (per section 163j) | ['TRA share is 90%, higher than industry standard.'] | 1,823,144 | 2026-08-06 | 10-Q | View Document | 90% | ||
| Artisan Partners Asset Management Inc. | $275.00 | Preferred units merger attributes, partnership unit step-up, imputed interest, depreciation, amortization | Pre-H&F Corp Merger Shareholder, current or former limited partners of Holdings | 85% | Pro rata | TRA liability... $275.0 million at June 30, 2026; 85% of the applicable cash savings; Pre-H&F Corp Merger Shareholder; current or former limited partners of Holdings; made pro rata among all TRA counterparties; tax attributes of the preferred units; partnership units sold to APAM or exchanged; imputed interest | ['Company entered into two separate tax receivable agreements.'] | 1,517,302 | 2026-07-31 | 10-Q | View Document | 85% | |
| Moelis & Co | $269.60 | tangible and intangible assets of Group LP; imputed interest | eligible Managing Directors | 85% | total payable of $269.6 million due; tax basis of the tangible and intangible assets; 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 | Certain direct and indirect owners of Cactus LLC | 85% | total liability from the TRA was $267.0 million; tax basis subject to the TRA; direct and indirect owners of Cactus LLC; 85% of the net cash savings | [] | 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 (remaining members of Alclear) | 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 the tax basis of the assets of Stagwell Global LLC (OpCo) and certain other tax benefits related to making payments under the TRA. | Stagwell Media | 85% | Tax Receivable Agreement liability (1) $252,390; increases in the tax basis of the assets; make cash payments to Stagwell Media; 85% of certain... income tax savings | ['All Paired Units exchanged for Class A Shares.'] | 876,883 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Shake Shack Inc. | $246.10 | increases in tax basis of SSE Holdings, redemptions or exchanges of LLC Interests, tax basis increases from TRA payments, imputed interest deductions | non-controlling members of SSE Holdings | 85% | obligations totaled $246.1 million; increases in the tax basis; non-controlling members of SSE Holdings; 85% of any tax benefits | ['Payments not conditioned upon continued ownership interest.'] | 1,620,533 | 2026-08-05 | 10-Q | View Document | 85% | ||
| SOLV Energy, Inc. | $240.68 | allocable share of 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 240,677; 85% of the tax benefits; allocable share of existing tax basis; net operating losses; tax basis adjustments; interest deductions; Continuing Equity Owners, the Blocker Shareholders | ['Liability increased by $70.8M due to secondary offering.'] | 2,065,636 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Rush Street Interactive, Inc. | $239.70 | Increase in tax basis; tax benefits from TRA payments | RSI ASLP, Inc. (Special Limited Partner); holders of RSILP Units | 85% | recognized a TRA liability of $239.7 million; pay 85% of certain net tax benefits; increase in tax basis; tax benefits attributable to payments under the TRA; RSI ASLP, Inc.; holders of RSILP Units | ['Initial recognition of TRA liability occurred in 2025.'] | 1,793,659 | 2026-07-30 | 10-Q | View Document | 85% | ||
| AdaptHealth Corp. | $238.90 | Pre-Business Combination tax attributes; basis increases from exchanges; imputed interest; basis increases from TRA payments | Current and former members of AdaptHealth Holdings LLC | 85% | liability relating to the TRA was $238.9 million; tax attributes of the corresponding sellers; increases in tax basis resulting from exchanges; imputed interest deemed to be paid; current and former members of AdaptHealth Holdings LLC; payment by AdaptHealth Corp. of 85% | [] | 1,725,255 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Shift4 Payments, Inc. | $226.00 | taxable exchange | Continuing Equity Owners, Rook Holdings Inc. | TRA liability was $226 million; payments... to the Continuing Equity Owners; Up-C Collapse via a taxable exchange; assignment and waiver of Rook’s rights | ['Rook assigned and waived TRA rights in 2026.'] | 1,794,669 | 2026-08-06 | 10-Q | View Document | ||||
| Repay Holdings Corp | $194.30 | Tax basis increases in Hawk Parent net assets, TRA payment basis increases, imputed interest deductions | Holders of Post-Merger Repay Units, selling Hawk Parent members | 100% | liability of $194.3 million; payment by the Company of 100%; increases in its share of the tax basis; holders of Post-Merger Repay Units | ['TRA payment is 100% of realized tax benefits.', 'Liability measured at fair value under ASC 825.'] | 1,720,592 | 2026-08-10 | 10-Q | View Document | 100% | ||
| Five Point Holdings, LLC | $181.50 | exchanges of Class A units; California net operating loss deductions | holders of Class A Common Units; holders of Class A units of San Francisco Venture | 85% | liabilities of $181.5 million; 85% of the cash savings; holders of Class A Common Units; exchanges of Class A units; California net operating loss deductions | ['California SB 167 suspends NOL usage 2024-2026.'] | 1,574,197 | 2026-07-24 | 10-Q | View Document | 85% | ||
| Goosehead Insurance, Inc. | $174.50 | Tax basis increases in tangible and intangible assets; imputed interest | Pre-IPO LLC Members | 85% | total amount of TRA Payments... was $174.5 million; increase in tax basis in GSHD's assets; Pre-IPO LLC Members; 85% of the amount of cash savings | ['Liability based on Section 754 tax basis adjustments.'] | 1,726,978 | 2026-07-22 | 10-Q | View Document | 85% | ||
| Virtu Financial, Inc. | $173.10 | Increase in tax basis, intangible assets at IPO, NOLs, inside basis, outside basis | Direct or indirect equity holders or permitted assignees (TRA Parties) | 85% | liabilities... were approximately $173.1 million; increase to the tax basis of the assets; intangible assets; Net Operating Losses (“NOLs”); direct or indirect equity holders; equal to 85% of the cash tax savings; outside basis... as compared to... inside basis | [] | 1,592,386 | 2026-07-31 | 10-Q | View Document | 85% | ||
| PBF Energy Inc. | $168.20 | Increases in tax basis from purchases or exchanges of PBF LLC Series A Units; tax benefits from TRA payments | PBF LLC Series A and PBF LLC Series B unitholders | 85% | recognized a liability of $168.2 million; 85% of the amount of the benefits; PBF LLC Series A and Series B unitholders; increases in tax basis; purchases or exchanges of PBF LLC Series A Units | ['Liability reflects undiscounted amounts expected to be paid.'] | 1,534,504 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Fluence Energy, Inc. | $165.10 | Tax basis of assets; redemptions or exchanges; 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 and AES Grid Stability; increases in our share of the tax basis; $165.1 million | ['Liability not recognized due to valuation allowance.'] | 1,868,941 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Galaxy Digital Inc. | $162.20 | Increase in tax basis in GDH LP’s assets; imputed interest | Holders of Class B Units in GDH LP | 85% | $162.2 million as of June 30, 2026; increase in tax basis in GDH LP’s assets; holders of Class B Units in GDH LP; 85% of the cash savings | ['Amended and restated on May 13, 2025.'] | 1,859,392 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Rithm Capital Corp. | $149.30 | Taxable acquisitions of Sculptor operating partnership units, NOLs | Sculptor, former holders of units (TRA Holders) | carrying value... was $149.3 million; taxable acquisitions... of Sculptor operating partnership units; including net operating losses; former holders of units | ['Payments calculated without regard to actual tax asset use.'] | 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; 85% of the amount of cash savings; Baldwin Holdings’ LLC Members | ['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 increase, pre-IPO tax attributes, imputed interest | continuing equity owners and blocker shareholders | 85% | estimated total payments of approximately $143.9 million; 85% of the amount of cash tax savings; continuing equity owners and blocker shareholders; unit exchanges in Holdings LP; pre-IPO tax attributes acquired in the Organizational Transactions | ['Estimates based on IPO price of $21.00 per share.'] | 1,934,114 | 2026-06-09 | 10-Q | View Document | 85% | ||
| Nerdy Inc. | $118.24 | Increases in tax basis, imputed interest, additional basis | Legacy Nerdy Holders | 85% | not recognized a liability of $118,238; certain increases in tax basis; certain Legacy Nerdy Holders; 85% of the net cash savings; imputed interest deemed to be paid | ['Liability not recognized; payment not considered probable.'] | 1,819,404 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Brookfield Asset Management Ltd. | $116.00 | Oaktree | payable under a tax receivable agreement with Oaktree; $116 million as of June 30, 2026 | [] | 1,937,926 | 2026-08-07 | 10-Q | View Document | |||||
| loanDepot, Inc. | $111.50 | Investment in LD Holdings, net operating loss carryforwards, tax credit carryforwards | Parthenon Stockholders, certain Continuing LLC Members | recognized a TRA liability of $111.5 million; investment in LD Holdings; net operating loss carryforwards; Parthenon Stockholders and certain Continuing LLC Members | ['Liability decreased due to conversion-related adjustments.'] | 1,831,631 | 2026-08-06 | 10-Q | View Document | ||||
| Solaris Energy Infrastructure, Inc. | $109.20 | Increases in tax basis, imputed interest, additional tax basis from TRA payments | Other then-existing members of Solaris LLC | 85% | Pro rata | liability under the Tax Receivable Agreement was $109.2; representing 85% of the net cash savings; other then-existing members of Solaris LLC; distribute cash pro rata to each member; increases in tax basis; imputed interest; additional tax basis | ['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 plus an applicable term adjustment plus 5.0% | current $30 million; non-current $79 million; Pre-IPO and IPO-Related Tax Benefits; pre-IPO shareholders; 85% of the amount of cash savings; SOFR plus an applicable term adjustment plus 5.0% | ['Payments deferred by debt restrictions accrue lower interest.'] | 1,804,745 | 2026-08-06 | 10-Q | View Document | 85% | |
| Evolent Health, Inc. | $108.90 | Increases in tax basis from Class B exchanges; pre-IPO NOLs | Certain of its investors | 85% | TRA liability of $108.9 million; increases in our tax basis; utilization of pre-IPO NOLs; 85% of the amount of the tax benefits; certain of its investors | ['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 an applicable term adjustment plus 5.0% | ['Interest rate depends on reason for payment deferral.'] | 1,804,745 | 2026-06-11 | 10-Q | View Document | 85% | |
| Flowco Holdings Inc. | $108.20 | Basis Adjustments, Section 704(c) Allocations, interest deductions, existing tax basis | Flowco Holdings, Flowco LLC, Continuing Equity Owners, TRA Participants | 85% | total amount due was $108.2 million; Basis Adjustments, Section 704(c) Allocations, and interest deductions; pay to each Continuing Equity Owner 85%; Flowco Holdings, Flowco LLC and the Continuing Equity Owners | ['Company has yet to make its first TRA payment.'] | 2,035,149 | 2026-08-11 | 10-Q | View Document | 85% | ||
| Perella Weinberg Partners | $105.62 | Exchange of interests in PWP OpCo; step-up in tax basis; payments under TRA | PWP OpCo, Professional Partners, Investor Limited Partners | 85% | Total payments $105,625; exchange of interests in PWP OpCo; step-up in tax basis; Professional Partners and Investor Limited Partners; payment of 85% of the amount | [] | 1,777,835 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Funko, Inc. | $102.40 | Redemptions or exchanges of FAH, LLC units; TRA payments | FAH, LLC, Continuing Equity Owners, and transferees | 85% | 85% of the amount of tax benefits; gross outstanding balance was $102.4 million; FAH, LLC and each Continuing Equity Owners; redemptions or exchanges of common units | ['Full valuation allowance; recorded liability is not material.'] | 1,704,711 | 2026-08-06 | 10-Q | View Document | 85% | ||
| AEVEX Corp. | $95.90 | Increases in tax basis; existing tax basis; Blocker Entity tax attributes; TRA payment tax benefits | Company, Holdings LLC, and TRA Rights Holders | 85% | total estimated amount due... $95.9 million; 85% of certain tax savings; increases in the tax basis of assets; existing tax basis; Company, Holdings LLC and TRA Rights Holders | ['Liability increased by $36.9 million from Secondary Offering.'] | 2,096,300 | 2026-08-12 | 10-Q | View Document | 85% | ||
| Yesway, Inc. | $92.30 | Existing tax basis, Basis Adjustments, Blocker NOLs, interest deductions | Ultimate Parent, Continuing Equity Owners, Blocker Shareholders | 85% | $92.3 million of liabilities; 85% of the amount of income tax benefits; existing tax basis; Basis Adjustments; Blocker Shareholders; accrue interest until paid | ['Liability primarily due over the next 15 years.'] | 1,859,836 | 2026-08-13 | 10-Q | View Document | 85% | ||
| ProFrac Holding Corp. | $86.70 | $86.7 million of estimated tax receivable agreement obligations; Tax receivable agreement liability 82.0; Tax receivable agreement obligation 4.7 | ['Refers to Annual Report for additional TRA information.'] | 1,881,487 | 2026-08-06 | 10-Q | View Document | ||||||
| Lincoln International, Inc. | $84.80 | Increases in tax basis from redemptions/exchanges, existing tax basis in long-lived assets, and imputed interest deductions. | LILP, certain LILP Partners, and other eligible parties | 85% | recorded a liability of $84.8 million; equaling 85% of the tax benefits; increases in the tax basis; existing tax basis; imputed interest | ['No payments anticipated within next 12 months.'] | 1,925,283 | 2026-08-07 | 10-Q | View Document | 85% | ||
| Allegiant Travel CO | $80.46 | pre-IPO shareholders of Sun Country | Termination payment under Tax Receivable Agreement; pre-IPO shareholders of Sun Country; 80,461 | ['TRA terminated as part of acquisition.'] | 1,362,468 | 2026-08-10 | 10-Q | View Document | |||||
| Liberty Energy Inc. | $66.90 | Increases in tax basis, net operating losses, imputed interest, and additional tax basis | R/C Energy IV Direct Partnership, L.P. and TRA Holders | 85% | liability under the TRAs was $66.9 million; payment by the Company of 85%; increases in tax basis; net operating losses; imputed interest; R/C Energy IV Direct Partnership, L.P. | ['Liability decreased from $74.8 million at year-end 2025.'] | 1,694,028 | 2026-07-23 | 10-Q | View Document | 85% | ||
| Carlyle Group Inc. | $63.90 | increases in tax basis 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 | ['Payments limited to pre-existing obligations after Conversion.'] | 1,527,166 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Black Rock Coffee Bar, Inc. | $62.00 | Basis Adjustments; interest deductions arising from TRA payments | Black Rock OpCo; TRA Parties; Continuing Equity Owners | 85% | liability of approximately $62.0 million; Basis Adjustments and certain tax benefits; interest deductions arising from payments; Black Rock OpCo and the TRA Parties; 85% of the amount of tax benefits | ['Liability increased $23.1 million due to unit exchanges'] | 2,068,577 | 2026-08-11 | 10-Q | View Document | 85% | ||
| Zevia PBC | $59.20 | Net operating losses, existing tax basis, increases in tax basis, and tax basis increases from imputed interest. | Continuing members of Zevia LLC and Direct Zevia Stockholders (shareholders of Blocker Companies). | 85% | SOFR + 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, tax benefits from TRA payments | EE Holdings, the Foundation | 85% | TRA liability 49,966; Current portion of TRA liability 7,685; increases in the tax basis of assets; existing tax basis of assets; TRA with EE Holdings and the Foundation; 85% of the amount of the net cash | ['Share repurchases decreased expected TRA payments 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% | accrued $54.7 million; tax basis step-up; net operating losses; Insignia, Senior Executives, White Mountains; 85% of the amount | ["Repurchased Insignia's TRA interest for $31.0 million", 'Recorded $37.7 million gain on TRA settlement'] | 1,818,383 | 2026-07-29 | 10-Q | View Document | 85% | ||
| GCM Grosvenor Inc. | $54.60 | Increases in tax basis in GCMH assets | TRA Parties | 85% | payable to related parties... was $54.6 million; increases in the tax basis; pay 85% of the amount; to the TRA Parties | [] | 1,819,796 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Select Water Solutions, Inc. | $50.10 | Increases in tax basis, NOLs, imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P. | 85% | 12-month term SOFR + 171.513 basis points | liability... of $50.1 million; 85% of the net cash savings; increases in tax basis; NOLs; imputed interest; 12-month term SOFR plus 171.513 basis points | ['Liability increased due to exchange of LLC units.'] | 1,693,256 | 2026-08-05 | 10-Q | View Document | 85% | |
| Cardinal Infrastructure Group Inc. | $47.16 | Basis step-up (743(b), 197), NOLs, interest deductions | PubCo, OpCo, Continuing Equity Holders, Diamond Interests Group LLC, Seller Owners | 85% | SOFR plus 100 basis points | tax receivable agreement liability 47,156,582; increases in the tax basis; Sections 743(b) and 197; NOL carryforward mechanics; interest deductions; 85% of the amount of tax savings; SOFR plus 100 basis points | ['Includes a separate Tax Benefit Agreement (TBA).'] | 2,079,999 | 2026-08-11 | 10-Q | View Document | 85% | |
| Lazard, Inc. | $46.81 | increases in the tax basis of certain assets; other tax benefits; tax basis increases from TRA payments | Lazard; LTBP Trust; owners of the Trust | 45% and 85% | Pro rata | cumulative liability... was $46,814; increases in the tax basis; Lazard and LTBP Trust; approximately 45% of the amount; 85% of the cash tax savings; distributed pro rata to the owners | ['TRA includes 45% and 85% payment tiers.'] | 1,311,370 | 2026-07-28 | 10-Q | View Document | 45% and 85% | |
| VERRA MOBILITY Corp | $38.70 | Tax receivable agreement liability, current portion 5,257; Tax receivable agreement liability, net of current portion 33,418 | [] | 1,682,745 | 2026-08-05 | 10-Q | View Document | ||||||
| Hagerty, Inc. | $38.30 | Increases in tax basis, Section 754 adjustments, amortization of basis increase | Legacy Unit Holders (Hagerty Holding Corp. and Markel) | 85% | TRA Liability was $38.3 million; increases in tax basis; Legacy Unit Holders; 85% of the... cash tax savings realized; Section 754 of the IRC | ['Liability remeasurement recorded within interest expense and other.'] | 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; increases in tax basis; imputed interest; certain of the owners of OneWater LLC; 85% of the calculated net cash savings; deferred payments... 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 related to exchanges of Partnership Units; tax benefits attributable to payments under the tax receivable agreement | Holders of Partnership Units (other than PJT Partners Inc.) | 85% | contractual obligations of $36.0 million; 85% of the benefits; increases in tax basis related to such exchanges; holders of Partnership Units | [] | 1,626,115 | 2026-07-30 | 10-Q | View Document | 85% | ||
| National CineMedia, Inc. | $32.40 | intangible asset related to the ESA Parties; Common Unit Adjustment Agreement; integration payments | ESA Parties; Cinemark; AMC | Payable under the TRA 2.3; Payable under the TRA 30.1; ESA Parties; Cinemark; AMC; intangible asset related to the ESA Parties; Common Unit Adjustment Agreement | ["AMC's TRA rights were terminated in 2025."] | 1,377,630 | 2026-08-11 | 10-Q | View Document | ||||
| i3 Verticals, Inc. | $32.38 | Increase in tax basis, imputed interest | i3 Verticals, LLC, Continuing Equity Owners | 85% | liability of $32,379; increase in tax basis; Continuing Equity Owners; 85% of the amount; imputed interest | ['Liability includes $187k current and $32.2M long-term.'] | 1,728,688 | 2026-08-07 | 10-Q | View Document | 85% | ||
| AlTi Global, Inc. | $30.33 | increase in tax basis of the assets of Umbrella | TWMH Members, TIG GP Members, TIG MGMT Members | 85% | TRA liability... 30,333; increase in tax basis of the assets; TWMH Members, TIG GP Members, TIG MGMT Members; 85% of certain tax benefits | ['Portion of liability carried at fair value.'] | 1,838,615 | 2026-08-10 | 10-Q | View Document | 85% | ||
| P3 Health Partners Inc. | $29.70 | Tax basis increases from redemptions/exchanges, TRA payments, imputed interest | P3 LLC and members of P3 LLC | 85% | TRA liability is estimated to be $29.7 million; increases in our share of the tax basis; P3 LLC and the members of P3 LLC; payment by us of 85% | ['No TRA liability recorded as payments not probable.'] | 1,832,511 | 2026-08-10 | 10-Q | View Document | 85% | ||
| PennyMac Financial Services, Inc. | $24.80 | Increases in tax basis of PNMAC’s assets; tax benefits from TRA payments | Certain former owners of PNMAC; PNMAC’s exchanged unitholders | 85% | recorded a $24.8 million Payable; increases in tax basis of PNMAC’s assets; certain former owners of PNMAC; 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; tax benefits related to the 700 shares; deferred tax assets | certain Omni Holders | Tax Receivable Agreement liability of $12,057; certain Omni Holders; tax attributes as of the date of exchanges; range of potential payments of zero to $24,050 | ['Liability relates to contingent consideration from Omni Acquisition.'] | 912,728 | 2026-08-05 | 10-Q | View Document | ||||
| Utz Brands, Inc. | $23.70 | Tax basis in UBH net assets, 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% | ||
| OppFi Inc. | $20.40 | tax basis 'step-up' from Corporate Simplification and exchanges | OppFi, OppFi-LLC and the other persons named therein | Tax receivable agreement liability 20,403; tax basis 'step-up' triggered by Corporate Simplification; OppFi, OppFi-LLC and the other persons; aggregate early termination payment of $40.8 million | ['TRA terminated for $40.8 million early termination payment.'] | 1,818,502 | 2026-08-10 | 10-Q | View Document | ||||
| Red Rock Resorts, Inc. | $19.40 | Step-up in basis under Section 754 | Owners holding LLC Units prior to IPO; Fertitta Family Entities | 85% | liability under the TRA was $19.4 million; step-up in the basis... under Section 754; certain owners who held LLC Units; 85% of the tax benefits realized; Payments not made... generally accrue interest | ['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; contingent TRA liability of $129.0 million; Members - tax receivable agreement; utilization of the Company’s deferred tax assets | ['Unrecorded contingent TRA liability of $129.0 million.'] | 1,723,128 | 2026-08-06 | 10-Q | View Document | ||||
| RMR GROUP INC. | $18.48 | Increases in tax basis; imputed interest | RMR Inc., ABP Trust | 85.0% | liability related to the tax receivable agreement; increases in tax basis attributable to dealings; RMR Inc. pays to ABP Trust; 85.0% of the amount 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; tangible and intangible assets of Newmark OpCo; 85% of the amount of cash savings; Tax Receivable Agreement that Newmark entered with Cantor | [] | 1,690,680 | 2026-08-07 | 10-Q | View Document | 85% | ||
| 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 resulting from the transfer; Arcline Arxis Advisory I, L.P.; 85% of the anticipated cash tax savings | ['TRA linked to convertible common stock compensation.'] | 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 common stock; Arcline Arxis Advisory I, L.P.; specified percentage (85%) of the cash tax savings | ['TRA linked to Section 83(b) compensation deductions.'] | 2,093,536 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Viant Technology Inc. | $12.90 | Increases in tax basis of intangible assets; imputed interest | Viant Technology LLC; continuing members; TRA Representative | 85% | total TRA liability... was $12.9 million; increases in tax basis; intangible assets; imputed interest; Viant Technology LLC, continuing members; TRA Representative; 85% of the net cash tax savings | ['Total liability classified as long-term.'] | 1,828,791 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Definitive Healthcare Corp. | $12.70 | Tax basis adjustments, NOLs, tangible and intangible assets, TRA payments | Pre-IPO LLC Unit holders, former Blocker Company shareholders | 85% | recorded a liability under the TRA of $12.7 million; tax basis adjustments; net operating losses; tangible and intangible assets; pre-IPO holders of LLC Units; former shareholders of certain Blocker Companies; pay to the TRA Parties 85% of the amount; deferred and will accrue interest until paid | ['Liability decreased due to remeasurement and payments.'] | 1,861,795 | 2026-08-10 | 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; Basis Adjustments, Section 704(c) Allocations, interest deductions; Smith Douglas Homes Corp. and Continuing Equity Owners; pay to each Continuing Equity Owner 85%; deferred and will accrue interest until paid | ['TRA liability decreased from $9.9M to $9.4M.'] | 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 | Partners of SLP, current principals, future employee-holders | 85% | liability is estimated to be $9,371; increases in tax basis; tangible and intangible assets of SLP; partners of SLP; pay the SLP Partners 85% | ['Terminates if partner fired for cause or competes.'] | 1,549,966 | 2026-07-30 | 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; increase in tax value of developed technology; 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 | ||||
| Finance of America Companies Inc. | $4.22 | applicable future exchanges of Class A LLC Units | certain owners of FOA Equity; Blackstone Investor | TRA obligation 4,221; applicable future exchanges of Class A LLC Units; certain owners of FOA Equity; Blackstone Tax Receivable Agreement was terminated | ['Blackstone TRA terminated Feb 2026. Reestablished $6.6M contingent liability.'] | 1,828,937 | 2026-08-07 | 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; increases in the Company’s share of tax basis; then-existing non-controlling interest holders; 85% of the amount of any tax benefits | ['No exchanges of units occurred during the period.'] | 1,819,253 | 2026-08-07 | 10-Q | View Document | 85% | ||
| HMH Holding Inc | $3.80 | Acquisitions of B.V. Voting/Non-Voting Shares, redemptions, exchanges, imputed interest | HMH B.V., Principal Stockholders (Baker Hughes, Akastor) | 85% | recorded a TRA liability of $3.8 million; acquisitions of B.V. Voting Shares; pay 85% of the net cash savings; HMH B.V. and the Principal Stockholders | [] | 2,021,880 | 2026-08-05 | 10-Q | View Document | 85% | ||
| INFINITY NATURAL RESOURCES, INC. | $3.60 | tax basis increases from INR Units 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 | ['TRA liability is classified as non-current.'] | 2,029,118 | 2026-08-10 | 10-Q | View Document | 85% | ||
| MARKETWISE, INC. | $3.10 | basis adjustments and other carryforward attributes | MarketWise, LLC and the members of Marketwise, LLC | 85% | cumulative liability of $3.1 million; basis adjustments and other carryforward attributes; MarketWise, LLC and the members; 85% of the calculated tax savings; unpaid amounts will accrue interest | ['Arnold Parties waived TRA rights in 2026 settlement.', 'M&C acquisition proposal contingent on TRA termination.'] | 1,805,651 | 2026-08-06 | 10-Q | View Document | 85% | ||
| GEN Restaurant Group, Inc. | $1.10 | Increases in tax basis from redemptions or exchanges; tax benefits from TRA payments. | GEN Inc., Operating Company, and Members. | 85% | TRA of $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 | [] | 1,891,856 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Bakkt, Inc. | $0.50 | Tangible and intangible assets of Opco; Section 754 | Certain Opco equity holders; ICE; Mr. Naheta | 85% | approximately $0.5 million remained to be paid; tangible and intangible assets of Opco; 85% of certain net income tax benefits; ICE and Mr. Naheta; election in effect under Section 754 | ['The Reorganization terminated the TRA.'] | 1,820,302 | 2026-08-10 | 10-Q | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $0.20 | RIHI, Inc. (“RIHI”); non-controlling unitholders | total liability under the TRAs... is $0.2 million; RIHI, Inc. (“RIHI”); RIHI TRA will terminate upon the closing | TRA terminates upon merger closing with no payment. | 1,581,091 | 2026-08-06 | 10-Q | View Document | |||||
| WM TECHNOLOGY, INC. | $0.00 | Additional tax basis from redemptions or exchanges of Units | Continuing Class A Unit holders | 85% | TRA liability was nil; additional tax basis; redemptions or exchanges of Units; continuing Class A Unit holders; 85% of the amount of tax benefits | ['Full valuation allowance resulted in nil TRA liability.'] | 1,779,474 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Zeo Energy Corp. | $0.00 | increases in tax basis and other tax attributes | ESGEN OpCo, LLC and certain OpCo members | 85% | had not recorded a liability; increases in tax basis; certain other tax attributes; ESGEN OpCo, LLC; certain OpCo members; 85% of the net cash savings | ['Estimated unrecorded TRA liability was $4.6 million.'] | 1,865,506 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Intuitive Machines, Inc. | $0.00 | existing tax basis; tax basis adjustments; Business Combination benefits; TRA payment deductions | TRA Holders (certain Intuitive Machines, LLC members and related parties) | 85% | management does not expect a TRA liability; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; TRA Holders (certain Intuitive Machines, LLC members); 85% of the amount of cash tax savings | ['Full valuation allowance applied; no liability recorded.'] | 1,844,452 | 2026-08-13 | 10-Q | View Document | 85% | ||
| 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 was terminated | ['TRA terminated Oct 2025 via Corporate Simplification Agreement.'] | 1,856,031 | 2026-08-04 | 10-Q | View Document | 85% | ||
| York Space Systems Inc. | $0.00 | Net operating loss carryforwards and research and development credit carryforwards | Equity holders of Holdings and holders of Class P Units | 85% | 100 basis points above SOFR | does not anticipate recording the TRA liability; net operating loss and R&D credit carryforwards; equity holders of Holdings and Class P Units; 85% of certain tax savings; 100 basis points above SOFR | ['Company does not believe payment is probable.'] | 2,086,587 | 2026-08-13 | 10-Q | View Document | 85% | |
| FLYEXCLUSIVE INC. | $0.00 | tax basis adjustments | Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust, LGM | 85% | no TRA liability has been recorded; tax savings from certain tax basis adjustments; pay the Existing Equityholders 85%; Thomas James Segrave Jr.; Existing Equityholders | ['No liability recorded as of June 30, 2026.'] | 1,843,973 | 2026-08-12 | 10-Q | View Document | 85% | ||
| indie Semiconductor, Inc. | $0.00 | basis adjustments on future exchanges of ADK, LLC units and other carryforward attributes assumed | certain shareholders | 85% | not recorded a liability under the TRAs; basis adjustments on future exchanges; other carryforward attributes assumed; approximately 85% of the calculated tax savings; certain shareholders | ['Full valuation allowance prevents liability recognition.'] | 1,841,925 | 2026-08-07 | 10-Q | View Document | 85% | ||
| System1, Inc. | $0.00 | parties to the Tax Receivable Agreement | 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 | |||||
| PROKIDNEY CORP. | $0.00 | increases in tax basis attributable to exchanges; certain other tax attributes of PK Holdings | Closing ProKidney Unitholders | 85% | not recognized any liability; 85% of the amount of cash savings; Closing ProKidney Unitholders; increases in tax basis attributable to exchanges; certain other tax attributes of PK Holdings | ['No liability recognized due to full valuation allowance.'] | 1,850,270 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Quantinuum Inc. | $0.00 | Basis Adjustments, Existing Basis, interest deductions, deferred tax assets | Quantinuum Holdings, TRA Parties, Members, Honeywell Entities | 85% | liability is not recognized; 85% of such tax savings; Basis Adjustments; Existing Basis; interest deductions; Quantinuum Holdings and the TRA Parties | ['Liability not recognized due to full valuation allowance.'] | 2,110,105 | 2026-08-13 | 10-Q | View Document | 85% | ||
| Net Power Inc. | $0.00 | deferred tax assets | agent of the TRA holders | reduced the TRA liability to zero; deferred tax assets subject to the TRA; agent of the TRA holders; intent to terminate the TRA | ['TRA was terminated effective June 12, 2025.'] | 1,845,437 | 2026-08-13 | 10-Q | View Document | ||||
| Brilliant Earth Group, Inc. | $0.00 | Historical tax basis, Section 743(b), Section 197 | Brilliant Earth, LLC, Continuing Equity Owners | 85% | no TRA liability reflected; aggregate historical tax basis; Sections 743(b) and 197; Brilliant Earth, LLC and Continuing Equity Owners; 85% of the amount of tax benefits | ['TRA liability not probable at the current time'] | 1,866,757 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from OpCo Unit acquisitions; imputed interest; additional tax basis from TRA payments | Holdings, TRA Holders, Agent | 85% | did not record a liability; increases in tax basis; imputed interest; 85% of the amount of realized tax benefit; Holdings; TRA Holders; Agent | ['Payment cap of $50,000 upon change of control.'] | 1,841,425 | 2026-08-10 | 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 | ||||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | Tax basis increases, acquired tax attributes, TRA-related tax benefits | 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 | ['Liability not probable due to valuation allowance.'] | 1,823,239 | 2026-08-07 | 10-Q | View Document | 85% | ||
| FuboTV Inc. | $0.00 | Historic NOLs, tax basis adjustments, 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% of realized tax benefits.'] | 1,484,769 | 2026-08-05 | 10-Q | View Document | 70% | ||
| vTv Therapeutics Inc. | $0.00 | exchange of Class B common stock and vTv Units, imputed interest, tax benefits from TRA payments | MacAndrews, M&F TTP Holdings Two LLC, vTv Therapeutics Holdings, LLC, M&F TTP Holdings LLC | 85% | not recognized any liability; 85% of the amount of cash savings; exchange of Class B common stock; imputed interest deemed to be paid; tax benefits attributable to payments | ['No liability recognized as of June 30, 2026.'] | 1,641,489 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Direct Digital Holdings, Inc. | $0.00 | Tax basis in net assets of DDH LLC; Section 754 election | DDH LLC and DDM (TRA Holders) | 85% | liability related to tax receivable agreement of $0; tax basis in the net assets; Section 754; DDH LLC and DDM; 85% of the net cash savings; accrue interest from the due date | ['Company derecognized its TRA liability during 2026.'] | 1,880,613 | 2026-08-14 | 10-Q | View Document | 85% | ||
| SUJA LIFE, INC. | $0.00 | Tax basis increases from exchanges and distributions, pre-IPO attributes, TRA payment benefits | Direct or indirect owners of Holdings LP, including PSP | 85% | no Tax Receivable Agreement-related liability recorded; pay such persons 85% of cash savings; increases in the tax basis of assets; certain pre-IPO tax attributes; owners of Holdings LP, including PSP | ['Liability not recorded due to valuation allowance assessment'] | 1,934,114 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Xponential Fitness, Inc. | $0.00 | NOLs, existing tax basis, tax basis adjustments, imputed interest | H&W Investco Blocker II, LP (Blocker Company), Continuing Pre-IPO LLC Members | 85% | LIBOR + 100bp | aggregate 85% of the amount of cash savings; LIBOR plus 100 basis points; net operating losses and existing tax basis; tax basis adjustments and imputed interest; Blocker Company; Continuing Pre-IPO LLC Members; not recorded a liability | ['Unrecorded liability of $117.15M due to valuation allowance.'] | 1,802,156 | 2026-08-07 | 10-Q | View Document | 85% | |
| Solo Brands, Inc. | $0.00 | no liability has been recorded; due to its immateriality; impact of valuation allowances; reduce future cash payment obligations | ['Corporate Simplification eliminated UP-C structure.'] | 1,870,600 | 2026-08-13 | 10-Q | View Document | ||||||
| CIM GROUP, INC. | $0.00 | Increases in tax basis of tangible and intangible assets and other tax attributes | CMFH, CMGH, and TRA Recipients | 85% | had not recorded a liability related to the TRA; increases in tax basis and certain other tax attributes; entered into a Tax Receivable Agreement with CMFH and CMGH; pay CMGH 85% of certain tax benefits | ['Potential obligation is contingent and cannot be estimated.'] | 1,498,547 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Bioventus Inc. | $0.00 | Increases in tax basis of BV LLC assets | Continuing LLC Owner | 85% | had not recorded any liabilities; 85% of the amount of tax benefits; Continuing LLC Owner; increases in the tax basis of assets | ['Text states no liability recorded as of June 2026.'] | 1,665,988 | 2026-08-05 | 10-Q | View Document | 85% | ||
| EVgo Inc. | $0.00 | Increases in tax basis from OpCo Unit redemptions, imputed interest, and basis from TRA payments | CRIS, Thunder Sub, EVgo Holdings, LS Power Equity Advisors, LLC | 85% | no amounts have been accrued; potential unrecorded tax liability... is $33.8 million; 85% of the net cash savings; increases in tax basis; imputed interest; EVgo Holdings; LS Power Equity Advisors, LLC, as agent | ['Liability not accrued as not deemed probable.'] | 1,821,159 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Camping World Holdings, Inc. | $0.00 | Increases in tax basis; Section 754 election | Continuing Equity Owners, Crestview Partners II GP, L.P. | 85% | no Tax Receivable Agreement liability balance recorded; 85% of the amount of tax benefits; Continuing Equity Owners and Crestview Partners II GP, L.P.; increases in the tax basis; Section 754 of the Internal Revenue Code | ['Liability considered not probable as of June 30, 2026.', 'Paid $1.4 million during six months ended 2026.'] | 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; certain other tax benefits; former holders of interests in the Operating Company; 85% of certain tax benefits | ['No liability recorded due to valuation allowance assessment.'] | 1,743,745 | 2026-08-14 | 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 | ['Liability not recorded due to tax situation.'] | 1,822,966 | 2026-08-05 | 10-Q | View Document | |||||
| Symbotic Inc. | $0.00 | attributes obtained as a result of exchanges | Symbotic Inc., Legacy Warehouse Holders (TRA Holders) | 85% | no TRA liability was recorded; attributes obtained as a result of exchanges; Legacy Warehouse Holders (the “TRA Holders”); 85% of these potential future tax benefits | ['Full valuation allowance; expected payments are $487.0 million.'] | 1,837,240 | 2026-08-05 | 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 of payment obligations; due to exchanges of Common Units; Founder, Sponsor, affiliate of Accel Partners LP | ['TRA terminated November 2025 via one-time settlement payments.'] | 1,830,043 | 2026-08-06 | 10-Q | View Document | ||||
| AST SpaceMobile, Inc. | $0.00 | Existing tax basis, tax basis adjustments, tax deductions, tax attributes | AST LLC, TRA holders | 85% | no TRA liabilities recorded; 85% of the amount of savings; existing tax basis of certain assets; tax basis adjustments resulting from taxable exchanges; tax deductions in respect of certain payments; tax attributes acquired pursuant to a reorganization | ['No TRA liabilities recorded as of June 30, 2026.'] | 1,780,312 | 2026-08-10 | 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 during the period.'] | 1,737,927 | 2026-06-15 | 10-K | View Document | |||||
| Evercore Inc. | Payments Under Tax Receivable Agreement | [] | 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, deductible expenses from IPO | Certain stockholders, members of management, and Named Executive Officers (Nick Loporcaro, Brian Tierney, Edward Van Horne, Thomas Cook, Lisa Jacoba) | 85% | Pro rata | 85% of the benefits; federal, state and local net operating losses; deferred interest deductions; tax basis in amortizable or depreciable assets; certain stockholders and members of management; take into account their holdings of warrants | ['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, 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. entered into a TRA with XERC; unpaid amounts will be deferred and accrue interest | ['TRA includes Blocker Tax Attributes and Interest Deductions.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | |||
| X-Energy, Inc. | Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions | X-energy, XERC, and certain equity owners (TRA Holders) | 85% | 85% of the amount of cash tax savings; Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions; X-energy, XERC, and certain equity owners (TRA Holders) | ['No maximum term for the Tax Receivable Agreement.'] | 2,088,896 | 2026-08-13 | 10-Q | View Document | 85% | |||
| Quantinuum Inc. | IPO Existing Basis, Exchange Existing Basis, Basis Adjustments, Imputed Interest | TRA Party | 85% | Pro rata | 85% of the Cumulative Net Realized Tax Benefit; IPO Existing Basis, Exchange Existing Basis, Basis Adjustments; allocated among the TRA Parties... pro rata | ['Agreed Rate is SOFR plus 150 basis points.'] | 2,110,105 | 2026-08-13 | 10-Q | View Document | 85% | ||
| Falcon's Beyond Global, Inc. | Increases in tax basis from unit exchanges; tax benefits from TRA payments | Falcon's Beyond Global, Inc., Falcon's Opco, Exchange TRA Holders, TRA holder representative | 85% | 85% of the amount of tax benefits; increases in tax basis resulting from any exchange; Exchange TRA Holders; Falcon’s Opco; TRA holder representative | ['Full valuation allowance maintained on deferred tax assets.'] | 1,937,987 | 2026-08-13 | 10-Q | View Document | 85% | |||
| Liberty Broadband Corp | tax benefits realized by Liberty Capital | Liberty Broadband, Charter, Liberty Capital | Liberty Broadband, Charter, Liberty Capital; tax benefits realized by Liberty Capital; portion... corresponding to such excess; GCI Tax Receivables Agreement | ['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, distributions, Blocker Company tax attributes, and benefits from TRA payments | Yesway, Inc., Ultimate Parent, Continuing Equity Owners, 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 | [] | 1,859,836 | 2026-06-02 | 10-Q | View Document | 85% | |||
| Hamilton Lane INC | increases in the tax basis in HLA assets; depreciation and amortization deductions | pre-IPO members of HLA | 85% | pay 85% of the amount; pre-IPO members of HLA; increases in the tax basis; depreciation and amortization deductions | ['Company made $1.951 million in TRA payments.'] | 1,433,642 | 2026-08-04 | 10-Q | View Document | 85% | |||
| X-Energy, Inc. | (i) Existing Basis, (ii) Exchange Existing Basis, (iii) Basis Adjustments, (iv) Blocker Tax Attributes, (v) Imputed Interest, (vi) 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... equal to 12%; allocated among the TRA Parties in proportion; Covered Tax Assets means (i) Existing Basis | ['Penalty Rate is 12%.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | |
| 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 | ||||||
| ERock, Inc. | Basis adjustments from exchanges; Reorganization tax attributes; TRA payment tax benefits | Continuing Equity Unitholders; Continuing Profits Interest Unitholders; Blocked Unitholders; Energy Impact Fund (FT-B) LP | 85% | 85% of the amount of the net cash; increases in, or adjustments to, the tax basis; Continuing Equity Unitholders, Continuing Profits Interest Unitholders; only recognize a liability for TRA payments if | ['Liability recognized only if future taxable income probable.'] | 2,110,029 | 2026-08-12 | 10-Q | View Document | 85% | |||
| Rocket Companies, Inc. | increases in tax basis and other tax benefits | RHI II, LLC and Mr. Gilbert | 90% | payment by the Company of 90%; RHI II, LLC and Mr. Gilbert; increases in tax basis and other tax benefits | ['TRA share is 90%', 'Up-C structure collapsed June 30, 2025'] | 1,805,284 | 2026-08-07 | 10-Q | View Document | 90% | |||
| Quantinuum Inc. | the Corporation, the Company, and TRA Parties | by and among the Corporation and the Company; and the TRA Parties | [] | 2,110,105 | 2026-08-13 | 10-Q | View Document | ||||||
| UWM Holdings Corp | Basis increases from exchanges and TRA payments, imputed interest, and disproportionate allocations. | SFS Corp. | 85% | 85% of the amount of cash savings; SFS Corp.; increases in tax basis resulting from Exchange Transactions; imputed interest deemed to be paid; disproportionate allocations (if any) of tax benefits | ['Recorded as loss contingency in accounts payable.'] | 1,783,398 | 2026-08-07 | 10-Q | View Document | 85% | |||
| Intuitive Machines, Inc. | the Corporation, the Company, and the Members | by and among the Corporation and the Company; and the Members... party thereto | [] | 1,844,452 | 2026-08-13 | 10-Q | View Document | ||||||
| Concord Acquisition Corp II | Events.com’s pre-closing tax attributes | Events.com, the Company, certain Events.com shareholders, New CND | 85% | 85% of the tax benefits realized; Events.com’s pre-closing tax attributes; Events.com, the Company and certain Events.com shareholders | ['TRA relates to pre-closing tax attributes.'] | 1,851,959 | 2026-08-13 | 10-Q | View Document | 85% | |||
| Andersen Group Inc. | Tax basis increases in AT Umbrella LLC assets; tax benefits from 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; tax benefits attributable to payments; not yet incurred a liability; unpaid amounts will accrue interest | ['No liability has been incurred yet.'] | 2,065,708 | 2026-08-12 | 10-Q | View Document | 85% | |||
| ITG, Inc./DE/ | Allocable share of tax basis, NOLs, basis adjustments, imputed interest | Former owners of ITG Parent, Oaktree Blocked Fund | 85% | 85% of the amount of tax savings; former owners of ITG Parent; allocable share of tax basis; net operating losses; imputed interest arising from any payments | ['TRA entered into on July 2, 2026.'] | 2,110,117 | 2026-08-12 | 10-Q | View Document | 85% | |||
| Purple Innovation, Inc. | Tax basis increases in Purple LLC assets; imputed interest | InnoHold | 80% | 80% of the net cash savings; tax basis increases in the assets; imputed interest deemed to be paid; InnoHold | ['TRA share is 80% instead of standard 85%.'] | 1,643,953 | 2026-08-11 | 10-Q | View Document | 80% | |||
| TWFG, Inc. | Bunch Family Holdings, LLC, RFB Spousal Lifetime Trust, MCB Spousal Lifetime Trust | each transferee became a party to the Tax Receivable Agreement; Tax Receivable Agreement, dated July 17, 2024 | [] | 2,007,596 | 2026-08-06 | 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 | ||||||
| Vistra Corp. | benefits realized as a result of certain transactions entered into at the emergence of our predecessor from reorganization under Chapter 11 | benefits realized as a result of certain transactions; emergence of our predecessor from reorganization; no material TRA payments | ['No material TRA payments expected in next 12 months.'] | 1,692,819 | 2026-08-07 | 10-Q | View Document | ||||||
| J M SMUCKER Co | Payment of assumed tax receivable agreement obligation | ['TRA obligation assumed via business acquisition.'] | 91,419 | 2026-06-09 | 10-K | View Document |