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 acquired corporate entities | Certain pre-IPO owners | 90% | balance of the TRA liability was $4,021 million; allocable share of existing tax basis; tax basis adjustments to tangible and intangible assets; payment... of 90% of certain tax benefits | ['TRA share is 90%.', '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; TRA holders; refer to Note 15... 2025 Form 10-K | ['Refer to 2025 Form 10-K for detailed terms.'] | 1,794,515 | 2026-05-11 | 10-Q | View Document | |||||
| CARVANA CO. | $2,228.00 | Basis adjustments from LLC Unit exchanges; tax benefits from TRA payments (imputed interest) | LLC Unitholders; related parties | 85% | recorded a TRA liability of $2.2 billion; basis adjustment relating to the assets; pay to the LLC Unitholders; 85% of the amount of cash savings; accrue interest until paid | ['$1.7 billion of liability due to related parties.'] | 1,690,820 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Blackstone Inc. | $2,047.93 | tangible and intangible assets of Blackstone Holdings | predecessor owners, senior managing directors, non-controlling interest holders | 85% | 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 reported as Due to Affiliates.', 'NPV of payments is $636.3 million.'] | 1,393,818 | 2026-05-08 | 10-Q | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,612.60 | tax basis of the assets of Blue Owl Holdings | Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings, Blue Owl Capital Carry LP, Partners | 85% | Total TRA Liability $1,612,609; increases in tax basis of the assets; pay 85% of certain tax benefits; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings | ['Liability includes $95.7M at fair value.'] | 1,823,945 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Dutch Bros Inc. | $820.10 | certain tax attributes and benefits | Dutch Bros OpCo owners, non-controlling interest holders, Co-Founder, Sponsor | 85% | total TRAs-related liabilities were $820.1 million; certain tax attributes and benefits; certain Dutch Bros OpCo owners; 85% of the income tax benefits | ['Company executed two TRAs in connection with IPO.'] | 1,866,581 | 2026-05-06 | 10-Q | View Document | 85% | ||
| TPG Inc. | $782.20 | increase in the tax basis, Covered Tax Items | beneficiaries, Related Parties, non-affiliates, employees and partners | 85% | liability pursuant to the Tax Receivable Agreement... $782.2 million; increase in the tax basis; pay the beneficiaries... 85% of the applicable cash savings; Related Parties... and non-affiliates | ['Liability split between Related Parties and non-affiliates.'] | 1,880,661 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Apollo Global Management, Inc. | $778.00 | Section 754 election; tax basis of underlying assets; exchanges of AOG Units | Former Managing Partners; Contributing Partners; Bridge TRA holders | 85% | Due to TRA holders $778; 85% of the amount of cash tax savings; increases in tax basis of assets; Former Managing Partners and Contributing Partners; Bridge TRA holders; interest is accrued on the balance | ['Includes Apollo TRA and Bridge acquisition TRA.', 'No more units available for exchange.'] | 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... of $683 million; tax attributes... with future exchanges; stockholders affiliated with CD&R; 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 (for former members of IBG LLC) | 85% | payables to Holdings... were $618 million; result of tax basis increases; 85% of the tax savings; agreement... with Holdings | ['Payables reported in Payable to affiliate'] | 1,381,197 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Ares Management Corp | $581.70 | Tangible and intangible assets; payments under TRA; interest accrued | Holders of AOG Units; TRA recipients | 85% | TRA liability balance was $581.7 million; increases in tax basis of tangible and intangible assets; 85% of the amount of actual cash savings; Holders of AOG Units | ['Fifth Amended and Restated TRA dated February 24, 2026'] | 1,176,948 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Alight, Inc. / Delaware | $509.00 | Tax basis adjustments, distributions, tax attributes, existing tax basis | 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 | ['Objection Notice received from TRA Party Representative in 2026.'] | 1,809,104 | 2026-05-05 | 10-Q | View Document | 85% | ||
| RYAN SPECIALTY HOLDINGS, INC. | $460.80 | Exchange Tax Attributes (basis increases), Pre-IPO M&A Tax Attributes, remedial partnership tax allocations, TRA Payment Tax Attributes | Current and certain former LLC Unitholders | 85% | liabilities of $460.8 million; 85% of the net cash savings; current and certain former LLC Unitholders; increases in the tax basis; Pre-IPO M&A Tax Attributes; remedial partnership tax allocations | ['Liability based on undiscounted estimated future payments.'] | 1,849,253 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Planet Fitness, Inc. | $415.80 | Tax attributes of Holdings Units; imputed interest; tax attributes of TSG Consumer Partners equity interests. | Existing and previous equity owners of Pla-Fit Holdings, LLC; affiliates of TSG Consumer Partners, LLC; TRA Holders. | 85% | liability of $415.8 million; 85% of the applicable tax savings; tax attributes of their Holdings Units; affiliates of TSG Consumer Partners, LLC | ['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; increases in tax basis; pre-existing tax attributes of blocker corporations; tax benefits from TRA payments | Flex (affiliate), TPG, TPG Affiliates (TPG Rise Climate Flash Cl BDH, L.P., TPG Rise Climate BDH, L.P., The Rise Fund II BDH, L.P.) | 85% | liability of $393.2 million; allocable share of existing tax basis; increases in tax basis; pre-existing tax attributes of certain blocker corporations; 85% of the tax benefits | ['Yuma and Yuma Sub assigned rights to Flex affiliate.'] | 1,852,131 | 2026-05-19 | 10-K | View Document | 85% | ||
| AEVEX Corp. | $373.20 | Increases in tax basis; existing tax basis; tax attributes of Blocker Entity; TRA payment tax benefits | AEVEX Corp.; Holdings LLC; TRA Rights Holders; Madison Dearborn Partners, LLC | 85% | required to pay approximately $373.2 million; increases in the tax basis of assets; existing tax basis; TRA Rights Holders; 85% of certain tax savings | ['Liability is estimate assuming immediate exchange of units.'] | 2,096,300 | 2026-05-20 | 10-Q | View Document | 85% | ||
| Portillo's Inc. | $344.20 | Existing tax basis, NOLs, basis adjustments from exchanges/redemptions, tax benefits from TRA payments | Certain members of Portillo's OpCo (pre-IPO LLC Members) | 85% | obligation for future payments... totaled $344.2 million; existing tax basis; net operating losses; basis adjustments; certain members of Portillo's OpCo; payment by us of 85% of... tax benefits | ['Liability remeasured due to equity-based compensation activity.', 'Payments expected over 15 years, through year 47.'] | 1,871,509 | 2026-05-05 | 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; net operating loss; Class B, Class C and Class D partners; 85% of the 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% | |
| Tradeweb Markets Inc. | $335.80 | Increases in the tax basis of TWM LLC’s assets | TWM LLC and the Continuing LLC Owners | 50% | liability... totaled $335.8 million; increases in the tax basis of TWM LLC’s assets; TWM LLC and the Continuing LLC Owners; equal to 50% of the amount; unpaid amounts... will accrue interest | ['TRA share is 50%, lower than industry standard.'] | 1,758,730 | 2026-04-29 | 10-Q | View Document | 50% | ||
| KKR & Co. Inc. | $335.10 | exchanges of KKR Holdings equity | KKR Holdings, Current and Former Employees | undiscounted payable of $335.1 million; exchanges of KKR Holdings equity; Current and Former Employees; KKR Holdings | ['TRA terminated May 30, 2022, except prior exchanges.'] | 1,404,912 | 2026-05-08 | 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 | |||||
| Artisan Partners Asset Management Inc. | $305.20 | Preferred units tax attributes, imputed interest, step-up of tax basis, partnership units sold or exchanged | 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; Pre-H&F Corp Merger Shareholder; current or former limited partners of Holdings; tax attributes of the preferred units; tax benefits related to imputed interest | ['Two TRAs; $40.4M total 2026 payments expected.'] | 1,517,302 | 2026-05-04 | 10-Q | View Document | 85% | ||
| GPGI, Inc. | $293.30 | Increase in tax basis of GPGI Holdings’ assets | GPGI Holdings and holders of interests therein | 90% | Total payments $293.3; increase in the tax basis; GPGI Holdings and holders of interests; 90% of the tax benefits; accrue interest until paid | ['TRA share is 90% of tax benefits.'] | 1,823,144 | 2026-05-07 | 10-Q | View Document | 90% | ||
| Moelis & Co | $269.30 | Tax basis increases in Group LP assets; imputed interest | Eligible Managing Directors; certain partners of Group LP | 85% | total payable of $269.3 million; increases in tax basis; imputed interest; eligible Managing Directors; 85% of the amount of cash savings | [] | 1,596,967 | 2026-04-29 | 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; deferred payments... will accrue interest | [] | 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 revalued at lower income tax rate.'] | 1,856,314 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Stagwell Inc | $252.39 | increases in the tax basis of OpCo assets | Stagwell Media | 85% | Tax Receivable Agreement liability (1) $252,390; increases in the tax basis of the assets; make cash payments to Stagwell Media; equal to 85% of certain... tax savings | ['All Paired Units exchanged for Class A Shares.'] | 876,883 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Shift4 Payments, Inc. | $247.00 | Up-C Collapse via a taxable exchange | Rook Holdings Inc., Jared Isaacman, Shift4 Payments, Inc. | TRA liability was $247 million; Up-C Collapse via a taxable exchange; Rook assigned all of its rights; waived any rights to tax benefit payments | ['Rook assigned and waived TRA rights to Company.'] | 1,794,669 | 2026-05-07 | 10-Q | View Document | ||||
| Shake Shack Inc. | $246.00 | Tax basis increases from redemptions/exchanges, imputed interest | Non-controlling members of SSE Holdings | 85% | obligations totaled $246.0 million; increases in the Company's share of tax basis; non-controlling members of SSE Holdings; pay the non-controlling interest holders 85% | ['TRA payments not conditioned upon continued ownership.'] | 1,620,533 | 2026-05-07 | 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; certain tax attributes; certain increases in tax basis; imputed interest | ['Liability decreased from $265.7 million at year-end 2025.'] | 1,725,255 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Hamilton Lane INC | $235.40 | Tax basis in tangible and intangible assets; loss items specially allocated | Pre-IPO members of HLA; 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 | ['Valuation allowance release could add $28.9M liability.'] | 1,433,642 | 2026-05-21 | 10-K | View Document | 85% | ||
| WaterBridge Infrastructure LLC | $218.50 | Tax basis increases from exchanges, existing tax basis, NOLs and interest expense carryforwards, 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 of 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 (TRA Members) | 85% | current and long-term TRA liability is $8.2 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 $9.8 million from overallotment option exercise.'] | 2,052,568 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Forgent Power Solutions, Inc. | $207.30 | Opco LLC Interests basis, NOLs, Blocker tax basis, existing tax basis, basis adjustments from exchanges | Forgent Parent I LP, Forgent Parent II LP, Forgent Parent III LP, Forgent Parent IV LP (Continuing Equity Owners) | 85% | total amount due under TRA was $207.3 million; 85% of the amount of tax savings; Forgent Parent I LP, Forgent Parent II LP; allocable share of tax basis; net operating losses | [] | 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; deferred and will accrue interest until paid | ['Liability includes current and non-current portions.'] | 1,856,236 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Repay Holdings Corp | $191.80 | 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 $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.', 'Liability measured at fair value under ASC 825.'] | 1,720,592 | 2026-05-04 | 10-Q | View Document | 100% | ||
| Five Point Holdings, LLC | $181.90 | certain tax attributes, California net operating loss deductions | holders of Class A Common Units, holders of Class A units of San Francisco Venture | 85% | liabilities of $181.9 million; certain tax attributes; 85% of the cash savings; holders of Class A Common Units | ['California SB 167 suspends NOL usage 2024-2026.'] | 1,574,197 | 2026-04-24 | 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; 85% of the tax benefits; allocable share of existing tax basis; utilization of certain tax attributes; net operating losses; tax basis adjustments; interest deductions; Continuing Equity Owners, Blocker Shareholders | ['TRA liability recorded during IPO transactions.'] | 2,065,636 | 2026-05-12 | 10-Q | View Document | 85% | ||
| Goosehead Insurance, Inc. | $171.90 | Increase in tax basis of assets; imputed interest | Pre-IPO LLC Members | 85% | total amount of TRA Payments... was $171.9 million; increase in tax basis in GSHD's assets; Pre-IPO LLC Members; 85% of the amount of cash savings | ['TRA payments result from Section 754 basis adjustments.'] | 1,726,978 | 2026-04-22 | 10-Q | View Document | 85% | ||
| PBF Energy Inc. | $168.20 | Increases in tax basis of PBF LLC assets; tax benefits from TRA payments | PBF LLC Series A unitholders; PBF LLC Series B unitholders | 85% | liability of $168.2 million; increases in tax basis; 85% of the amount of the benefits; PBF LLC Series A and B unitholders | ['Liability reflects undiscounted amounts expected to be paid.'] | 1,534,504 | 2026-04-30 | 10-Q | View Document | 85% | ||
| Virtu Financial, Inc. | $166.50 | Tax basis increase, intangible assets, NOLs, other tax attributes | Direct or indirect equity holders (TRA Parties) | 85% | Tax receivable agreement obligations 166,453; increase to the tax basis; intangible assets; Net Operating Losses (“NOLs”); direct or indirect equity holders; 85% of the applicable cash tax savings | ['Payments expected $0.3M to $22.5M annually.'] | 1,592,386 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Rithm Capital Corp. | $165.40 | Taxable acquisitions of Sculptor operating partnership units; net operating losses | Sculptor; former holders of Sculptor operating partnership units (TRA Holders) | $165.4 million as of March 31, 2026; taxable acquisitions of Sculptor operating partnership units; including net operating losses; former holders of units in Sculptor’s operating partnerships | ["Includes 'change of control' assumptions from Sculptor Acquisition."] | 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 may terminate upon merger with Henkel.'] | 1,868,726 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Galaxy Digital Inc. | $149.40 | Tax basis increases from unit exchanges, imputed interest, and additional basis from TRA payments. | Holders of Class B Units in GDH LP; present and former limited partners. | 85% | TRA-related liability... of $149.4 million; 85% of the cash savings; increases in tax basis; deductions in respect of imputed interest; holders of Class B Units in GDH LP | ['Amended and restated 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 (current and former) | 85% | Tax Receivable Agreement liabilities of $144.6 million; increase in tax basis in Baldwin Holdings assets; Baldwin Holdings’ LLC Members; 85% of the amount of cash savings | ['Liability increased significantly as realization became probable.'] | 1,781,755 | 2026-05-04 | 10-Q | View Document | 85% | ||
| SUJA LIFE, INC. | $143.90 | unit exchanges in Holdings LP, 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 | ['Estimates based on IPO price of $21.00 per share.'] | 1,934,114 | 2026-06-09 | 10-Q | View Document | 85% | ||
| Rush Street Interactive, Inc. | $133.40 | Increase in tax basis; exchange of Retained RSILP Units; tax benefits from TRA payments | Special Limited Partner, RSILP | 85% | recognized a TRA liability of $133.4 million; increase in tax basis; exchange of Retained RSILP Units; pay 85% of certain net tax benefits; accrue interest until paid | ['Liability increased due to RSILP Unit exchanges.'] | 1,793,659 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Driven Brands Holdings Inc. | $129.30 | Depreciation and amortization deductions from intangible assets | Principal Stockholders and senior management team | 85% | SOFR + term adjustment + 5% | tax receivable agreement payable of $56 million; non-current tax receivable agreement payable of $73 million; depreciation and amortization deductions; intangible assets; Principal Stockholders, and our senior management team; 85% of the amount of cash savings; SOFR plus an applicable term adjustment plus 5% | ['2024 payment included pre-payment of future liabilities.'] | 1,804,745 | 2026-05-19 | 10-K | View Document | 85% | |
| MediaAlpha, Inc. | $123.40 | Tax basis increases in QLH assets, NOLs, imputed interest | Insignia, Senior Executives, White Mountains | 85% | accrued $123.4 million; increases in tax basis of assets; net operating losses of Intermediate Holdco; Insignia, Senior Executives, and White Mountains; 85% of the amount of any tax benefits; replace the LIBOR with the SOFR | ['Amended to replace LIBOR with SOFR benchmark.'] | 1,818,383 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Nerdy Inc. | $118.20 | Increases in tax basis (reverse recapitalization, redemptions), imputed interest, additional basis from TRA payments | Legacy Nerdy Holders | 85% | 85% of the net cash savings; certain Legacy Nerdy Holders; not recognized a liability of $118,238; increases in tax basis; imputed interest | ['Liability not recognized as payments are not probable.'] | 1,819,404 | 2026-05-07 | 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 | ['TRA liability increased by $2.0 million during period.'] | 1,831,631 | 2026-05-07 | 10-Q | View Document | ||||
| Evolent Health, Inc. | $108.90 | increases in tax basis related to exchanges of Class B common units; pre-IPO NOLs | certain of its investors | 85% | TRA liability of $108.9 million; 85% of the amount of the tax benefits; increases in our tax basis; exchanges of Class B common units; utilization of pre-IPO NOLs; certain of its investors | ['TRA established during 2015 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 plus an applicable term adjustment plus 5.0% | current payable $35 million; 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% | ['Includes U.S. and Canadian income tax savings.'] | 1,804,745 | 2026-06-11 | 10-Q | View Document | 85% | |
| Perella Weinberg Partners | $94.00 | exchange of interests in PWP OpCo; step-up in tax basis | PWP OpCo, Professional Partners, Investor Limited Partners | 85% | liability of $94.0 million; exchange of interests in PWP OpCo; PWP OpCo, Professional Partners and Investor Limited Partners; payment of 85% of the amount | [] | 1,777,835 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Flowco Holdings Inc. | $92.40 | Basis Adjustments, Section 704(c) Allocations, interest deductions, existing tax basis | Flowco Holdings, Flowco LLC, Continuing Equity Owners | 85% | total amount due was $92.4 million; Basis Adjustments, Section 704(c) Allocations, interest deductions; Flowco Holdings, Flowco LLC and Continuing Equity Owners; 85% of certain tax benefits | ['Liability increased significantly due to Common Unit Conversions.'] | 2,035,149 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Sun Country Airlines Holdings, Inc. | $87.14 | Pre-IPO Tax Attributes | pre-IPO stockholders, management, Board of Directors | balance as of March 31, 2026 ... $87,137; attributes that existed at the time of IPO; pre-IPO stockholders (the 'TRA holders') | ['TRA terminates upon change of control merger with Allegiant.'] | 1,743,907 | 2026-05-01 | 10-Q | View Document | ||||
| ProFrac Holding Corp. | $86.60 | $86.6 million of estimated tax receivable agreement obligations; Tax receivable agreement liability 82.0; Tax receivable agreement obligation 4.6; realizes actual cash tax savings | [] | 1,881,487 | 2026-05-08 | 10-Q | View Document | ||||||
| Solaris Energy Infrastructure, Inc. | $75.00 | Increases in tax basis, imputed interest, additional tax basis from TRA payments | Other then-existing members of Solaris LLC | 85% | Pro rata | liability under the Tax Receivable Agreement was $75.0; increases in tax basis and certain tax benefits; other then-existing members of Solaris LLC; representing 85% of the net cash savings; distribute cash pro rata to each other member | ['TRA was amended on June 27, 2023.'] | 1,697,500 | 2026-04-30 | 10-Q | View Document | 85% | |
| Liberty Energy Inc. | $66.90 | Increases in tax basis, net operating losses, imputed interest | R/C Energy IV Direct Partnership, L.P., TRA Holders | 85% | liability under the TRAs was $66.9 million; payment by the Company of 85%; increases in tax basis; net operating losses; imputed interest; R/C Energy IV Direct Partnership, L.P. | ['Liability decreased from $74.8 million at year-end.'] | 1,694,028 | 2026-04-23 | 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 64.1; increases in tax basis resulting from exchanges; limited partners of the Carlyle Holdings partnerships; 85% of the amount of cash tax savings | ['Rights limited to pre-existing obligations after Conversion.'] | 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, Direct Zevia Stockholders | 85% | SOFR + 300bp | 85% of the tax benefits realized; Secured Overnight Financing Rate plus 300 basis points; net operating losses; Blocker Companies’ allocable share of existing tax basis; increases in tax basis; continuing members of Zevia LLC; Direct Zevia Stockholders; totaled $59.2 million | ['Liability not recorded due to full valuation allowance.'] | 1,854,139 | 2026-05-06 | 10-Q | View Document | 85% | |
| Excelerate Energy, Inc. | $58.80 | Increases in tax basis from exchanges, existing tax basis of assets, tax basis of assets purchased from the Foundation, tax benefits from TRA payments | EE Holdings, the Foundation | 85% | TRA liability 51,122; Current portion of TRA liability 7,685; party to the TRA with EE Holdings and the Foundation; payment by us to EE Holdings of 85%; increases in the tax basis of assets; existing tax basis of assets | ['Liability split between current and long-term portions.'] | 1,888,447 | 2026-05-07 | 10-Q | View Document | 85% | ||
| GCM Grosvenor Inc. | $54.60 | Increases in tax basis in assets of GCMH | TRA Parties, limited partners of GCMH | 85% | amount payable... was $54.6 million; increases in the tax basis; pay 85% of the amount; limited partners of GCMH | [] | 1,819,796 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Lazard, Inc. | $46.83 | Increases in tax basis of certain assets | Lazard, LTBP Trust | 45% and 85% | Pro rata | cumulative liability... March 31, 2026... was $46,832; increases in the tax basis of certain assets; Lazard and LTBP Trust; approximately 45% of the amount; equal 85% of the cash tax savings; distributed pro rata to the owners | ['TRA payments split into 45% and 85% tiers.'] | 1,311,370 | 2026-05-04 | 10-Q | View Document | 45% and 85% | |
| VERRA MOBILITY Corp | $43.67 | Tax receivable agreement liability, current portion; Tax receivable agreement liability, net of current portion | [] | 1,682,745 | 2026-05-06 | 10-Q | View Document | ||||||
| Select Water Solutions, Inc. | $43.40 | Increases in tax basis, NOLs, imputed interest, additional tax basis from payments | Legacy Owner Holdco, Crestview Partners II GP, L.P. | 85% | $43.4 million; 85% of the net cash savings; increases in tax basis; net operating losses (“NOLs”); Legacy Owner Holdco; Crestview Partners II GP, L.P. | ['OBBBA enacted July 2025 may defer payment timing.'] | 1,693,256 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Black Rock Coffee Bar, Inc. | $42.50 | Basis Adjustments and interest deductions from TRA payments | Black Rock OpCo, Continuing Equity Owners, TRA Parties | 85% | 85% of the amount of tax benefits; liability of approximately $42.5 million; result of Basis Adjustments; interest deductions arising from payments; Continuing Equity Owners | ['Liability increased $3.3 million due to unit exchanges.'] | 2,068,577 | 2026-05-12 | 10-Q | View Document | 85% | ||
| MALIBU BOATS, INC. | $39.60 | Increases in tax basis; Section 754 election; tangible and intangible assets | Pre-IPO owners of the LLC (or permitted assignees) | 85% | Ending balance $39,332; current portion... 271; increases in tax basis; Section 754 election; 85% of the amount of the benefits; pre-IPO owners of the LLC | ['Liability is undiscounted', 'Liability decreased due to tax rate changes'] | 1,590,976 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Cardinal Infrastructure Group Inc. | $39.42 | Tax basis step-up in OpCo's assets; Section 743(b); Section 197; interest deductions | OpCo, Continuing Equity Holders, Diamond Interests Group LLC, Erik West, Mike Rowe, Jeremy Spivey | 85% | SOFR + 100bp | liability... totaled $39,423,529; tax basis step-up in OpCo's assets; Sections 743(b) and 197; 85% of the net cash tax savings; SOFR plus 100 basis points | ['TRA and TBA recognized as contingent consideration.'] | 2,079,999 | 2026-05-13 | 10-Q | View Document | 85% | |
| Hagerty, Inc. | $38.30 | Increases in tax basis and Section 754 adjustments | Legacy Unit Holders (Hagerty Holding Corp. and Markel) | 85% | TRA Liability was $38.3 million; increases in tax basis; Section 754 of the IRC; Legacy Unit Holders; Hagerty Holding Corp. 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 of the owners of OneWater LLC | 85% | undiscounted liability... was $37.5 million; certain of the owners of OneWater LLC; 85% of the calculated net cash savings; increases in tax basis; imputed interest; deferred payments... will accrue interest | ['Liability is reported as undiscounted.'] | 1,772,921 | 2026-05-04 | 10-Q | View Document | 85% | ||
| National CineMedia, Inc. | $35.70 | unpaid integration payments; Common Unit Adjustment Agreement | Cinemark; AMC | Payable under the TRA 2.9; Payable under the TRA 32.8; TRA payments to Cinemark; no longer... obligation to make TRA payments to AMC; unpaid integration payments; Common Unit Adjustment Agreement | ['AMC TRA obligation terminated in 2025.'] | 1,377,630 | 2026-05-12 | 10-Q | View Document | ||||
| OppFi Inc. | $35.05 | tax basis 'step-up' | OppFi Inc., OppFi-LLC, Members | Tax receivable agreement liability 35,046; tax basis 'step-up'; Company, OppFi-LLC and the other persons; OppFi made payments to the Members | ['TRA terminated April 2026 with $40.8M payment.'] | 1,818,502 | 2026-05-07 | 10-Q | View Document | ||||
| PJT Partners Inc. | $34.60 | increases in tax basis related to exchanges; tax benefits from TRA payments | holders of Partnership Units (other than PJT Partners Inc.) | 85% | contractual obligations of $34.6 million; increases in tax basis related to such exchanges; holders of Partnership Units; 85% of the benefits | [] | 1,626,115 | 2026-04-30 | 10-Q | View Document | 85% | ||
| i3 Verticals, Inc. | $32.40 | increase in tax basis from Common Unit exchanges | i3 Verticals, LLC and Continuing Equity Owners | 85% | total amount due... was $32.4 million; increase in tax basis associated with Common Units; i3 Verticals, LLC and Continuing Equity Owners; represents 85% of 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 the assets; TWMH Members, TIG GP Members, TIG MGMT Members; 85% of certain tax benefits | ['Portion of TRA liability carried at fair value.'] | 1,838,615 | 2026-05-11 | 10-Q | View Document | 85% | ||
| FORWARD AIR CORP | $28.25 | tax attributes as of the date of exchanges | certain Omni Holders | 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 includes contingent consideration and estimated payables.'] | 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 | [] | 1,745,916 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Utz Brands, Inc. | $23.70 | Tax basis in net assets of UBH; tax basis increases from TRA payments; tax amortization from Kennedy Endeavors acquisition. | Noncontrolling Interest Holders | 85% | liability of $23.7 million; increases in the share of the tax basis; Noncontrolling Interest Holders; 85% of the amount of any tax benefits | ['Includes tax amortization from Kennedy Endeavors acquisition.'] | 1,739,566 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Red Rock Resorts, Inc. | $19.40 | Step-up in basis under Section 754 | Owners of 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 | [] | 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 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 $2.552 million current portion.'] | 1,644,378 | 2026-05-06 | 10-Q | View Document | 85.0% | ||
| NEWMARK GROUP, INC. | $17.51 | 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; 85% of the amount of cash savings | ['Offsetting related deferred tax asset of $19.5 million.'] | 1,690,680 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Amneal Pharmaceuticals, Inc. | $16.30 | realized tax benefits | Members | 75% | Total $16,323; realized tax benefits subject to the TRA; Members - tax receivable agreement; 75% of such realized benefits | ['Amended from 85% to 75%', 'Unrecorded contingent liability of $131.4 million'] | 1,723,128 | 2026-05-07 | 10-Q | View Document | 75% | ||
| Arxis, Inc. | $16.00 | compensation deduction from transfer of convertible common stock | Arcline Arxis Advisory I, L.P. | 85% | total liability... is approximately $16,000; compensation deduction... transfer of the convertible common stock; Arcline Arxis Advisory I, L.P.; 85% of the cash tax savings | ['Payments contingent on continued provision of services.'] | 2,093,536 | 2026-05-28 | 10-Q | View Document | 85% | ||
| Definitive Healthcare Corp. | $13.00 | Tax basis adjustments, net operating losses, tangible and intangible assets, TRA payments | pre-IPO holders of LLC Units, former shareholders of Blocker Companies | 85% | liability under the TRA of $13.0 million; tax basis adjustments; net operating losses; tangible and intangible assets; pre-IPO holders of LLC Units; pay to the TRA Parties 85%; deferred and will accrue interest until paid | ['Liability decreased due to $6.5M remeasurement gain.'] | 1,861,795 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Viant Technology Inc. | $12.50 | Tax basis step-ups, intangible assets, imputed interest | Viant Technology LLC, continuing members, TRA Representative | 85% | total TRA liability... was $12.5 million; 85% of the net cash tax savings; tax basis step-ups; Viant Technology LLC, continuing members; TRA Representative; imputed interest | [] | 1,828,791 | 2026-05-11 | 10-Q | View Document | 85% | ||
| P3 Health Partners Inc. | $12.40 | Tax basis increases from redemptions or exchanges, TRA payments, and 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% | ||
| Smith Douglas Homes Corp. | $9.38 | Basis Adjustments, Section 704(c) Allocations, interest deductions, Section 743(b) | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | TRA liability of $9.4 million; 85% of certain tax benefits; Basis Adjustments, Section 704(c) Allocations, interest deductions; Smith Douglas Homes Corp. and Continuing Equity Owners | ['Company made TRA payments totaling $0.5 million.'] | 1,982,518 | 2026-04-30 | 10-Q | View Document | 85% | ||
| Silvercrest Asset Management Group Inc. | $9.33 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments; exchanges of Class B for Class A shares. | Partners of SLP (current principals and future employee-holders of Class B units). | 85% | liability is estimated to be $9,333; pay the SLP Partners 85%; increases in tax basis; tangible and intangible assets of SLP; exchanges of shares of Class B | ['TRA terminates if partner is fired for cause.'] | 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 (the “TRA Holders”) | 85% | estimated unrecorded TRA liability was approximately $4.6 million; OpCo and certain OpCo members; 85% of the net cash savings; increases in tax basis and certain tax attributes | ['Liability unrecorded as realization not more likely than not.'] | 1,865,506 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Finance of America Companies Inc. | $4.52 | Blackstone Investor | TRA obligation 4,524; Blackstone Tax Receivable Agreement; Blackstone Investor; terminated | ['Blackstone TRA terminated; residual liability remains on balance sheet.'] | 1,828,937 | 2026-05-11 | 10-Q | View Document | |||||
| biote Corp. | $4.19 | Increases in tax basis in net assets | then-existing non-controlling interest holders | 85% | TRA liability 4,190; 85% of the amount of any tax benefits; then-existing non-controlling interest holders; increases in the Company’s share of tax basis | [] | 1,819,253 | 2026-05-11 | 10-Q | View Document | 85% | ||
| MARKETWISE, INC. | $4.04 | step up in the tax basis, Section 754, basis adjustments, other carryforward attributes | certain shareholders, members of MarketWise, LLC, Arnold Parties | 85% | cumulative liability of $4,035; step up in the tax basis; 85% of the calculated tax savings; unpaid amounts... will accrue interest | ['Arnold Parties waived TRA rights in 2026 settlement.'] | 1,805,651 | 2026-05-07 | 10-Q | View Document | 85% | ||
| HMH Holding Inc | $3.80 | Acquisitions of B.V. Voting/Non-Voting Shares; redemptions or exchanges; imputed interest; investment basis difference | HMH B.V. and the Principal Stockholders | 85% | expects to record... approximately $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 INR Units exchanges, imputed interest, and 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 a non-current liability.'] | 2,029,118 | 2026-05-12 | 10-Q | View Document | 85% | ||
| GoHealth, Inc. | $1.30 | GHH, LLC, Continuing Equity Owners, Blocker Shareholders | 85% | 85% of the amount of tax benefits; $1.3 million liability; GHH, LLC, the Continuing Equity Owners | [] | 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, Members | 85% | liability related to its projected obligations... $1.1 million; increases in tax basis resulting from... redemptions; GEN Inc... Operating Company and each... Members; 85% of the amount of tax benefits | ['Total potential payments estimated at $99.6 million through 2037.'] | 1,891,856 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Bakkt, Inc. | $0.50 | Tangible and intangible assets; Section 754, 743(b), 734(b), TRA payments | 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 | Redemptions or exchanges of FAH, LLC units; TRA payments | FAH, LLC, Continuing Equity Owners, and certain transferees | 85% | Ending balance $249; future redemptions funded by the Company or exchanges; FAH, LLC and each of the Continuing Equity Owners; 85% of the amount of tax benefits; unpaid amounts... will accrue interest until paid | ['Full valuation allowance significantly reduced recognized TRA liability.'] | 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 with no further 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 basis increases; redemptions or exchanges of LLC Units | DDH LLC and DDM | 85% | Total liability related to tax receivable agreement $41; 85% of the net cash savings; TRA with DDH LLC and DDM; increase in its share of the tax basis; accrue interest from the due date | ['Liability is less than $0.1 million.', 'Payments may be deferred if cash is unavailable.'] | 1,880,613 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Brilliant Earth Group, Inc. | $0.00 | Historical tax basis, Sections 743(b) and 197 | Continuing Equity Owners | 85% | 85% of the amount of tax benefits; Continuing Equity Owners; Sections 743(b) and 197; no TRA liability reflected | ['TRA liability determined not probable.'] | 1,866,757 | 2026-05-07 | 10-Q | View Document | 85% | ||
| AST SpaceMobile, Inc. | $0.00 | Existing tax basis, tax basis adjustments, tax deductions, and acquired tax attributes | AST LLC, TRA holders | 85% | no TRA liabilities recorded; 85% of the amount of savings; existing tax basis of certain assets; tax basis adjustments resulting from taxable exchanges; tax deductions in respect of certain payments; tax attributes acquired pursuant to reorganization | [] | 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 assumed | certain shareholders | 85% | not recorded a liability under the TRAs; basis adjustments on future exchanges; other carryforward attributes assumed; certain shareholders; 85% of the calculated tax savings | ['No liability recorded due to valuation allowance.'] | 1,841,925 | 2026-05-08 | 10-Q | View Document | 85% | ||
| vTv Therapeutics Inc. | $0.00 | exchange of Class B common stock and vTv Units, imputed interest, tax benefits from TRA payments | MacAndrews, M&F TTP Holdings Two LLC, vTv Therapeutics Holdings, LLC, M&F TTP Holdings LLC | 85% | not recognized any liability; 85% of the amount of cash savings; exchange of Class B common stock; imputed interest deemed to be paid; tax benefits attributable to payments | ['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; imputed interest; additional tax basis from TRA payments | Holdings, TRA Holders, Agent | 85% | did not record a tax receivable liability; increases in tax basis; imputed interest; Holdings; TRA Holders; Agent; 85% of the amount of realized tax benefit | ['Payment cap of $50,000 for 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; tax benefits from TRA. | Closing ProKidney Unitholders | 85% | not recognized any liability related to this agreement; 85% of the amount of cash savings; increases in tax basis attributable to exchanges; Closing ProKidney Unitholders; certain other tax attributes of PK Holdings | ['No liability recognized as of March 31, 2026.'] | 1,850,270 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Canopy Growth Corp | $0.00 | Acreage | Acreage Tax Receivable Agreement; Balance at March 31, 2025 | ['TRA liability was $0 at March 31, 2025.'] | 1,737,927 | 2026-06-15 | 10-K | View Document | |||||
| 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, GTCR | 85% | no current liability under the TRA; 85% of the amount of certain tax benefits; MLSH 1 and MLSH 2; increases in the tax basis of assets; tax attributes of the entities acquired | ['Liability derecognized as realization not probable.'] | 1,823,239 | 2026-05-08 | 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% | ||
| 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.', 'Simplification expected to reduce future TRA obligations.'] | 1,870,600 | 2026-05-14 | 10-Q | View Document | ||||||
| EVgo Inc. | $0.00 | Increases in tax basis from OpCo Unit redemptions, imputed interest, and additional tax 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; certain increases in tax basis; imputed interest deemed to be paid; EVgo Holdings and LS Power Equity Advisors, LLC | ['Liability not accrued as not deemed probable.', 'Potential unrecorded liability is $33.8 million.'] | 1,821,159 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Greenlane Holdings, Inc. | $0.00 | increases in tax basis and certain other tax benefits | former holders of interests in the Operating Company | 85% | recorded no liability under the TRA; increases in tax basis; former holders of interests; 85% of certain tax benefits | ['Liability not recorded due to valuation allowance assessment.'] | 1,743,745 | 2026-05-15 | 10-Q | View Document | 85% | ||
| FuboTV Inc. | $0.00 | Historic NOLs, tax basis adjustments from redemptions or exchanges, distributions, TRA payments, and imputed interest. | FuboTV Inc., Newco, Hulu | 70% | no TRA liability has been recorded; historic net operating loss carryforwards; increases in tax basis; Company, Newco and Hulu; obligated to pay Hulu 70% | ['TRA share is 70% of tax benefits.'] | 1,484,769 | 2026-05-06 | 10-Q | View Document | 70% | ||
| Xponential Fitness, Inc. | $0.00 | NOLs, existing tax basis, tax basis adjustments, imputed interest | H&W Investco Blocker II, LP; Continuing Pre-IPO LLC Members | 85% | LIBOR (or a replacement rate) plus 100 basis points | not recorded a liability; $116,527 of the TRA liability was not recorded; net operating losses; allocable share of existing tax basis; tax basis adjustments; imputed interest; aggregate 85% of the amount of cash savings; LIBOR plus 100 basis points | ['Liability of $116.527M not recorded due to valuation allowance.'] | 1,802,156 | 2026-05-08 | 10-Q | View Document | 85% | |
| NET Power Inc. | $0.00 | deferred tax assets subject to the TRA | agent of the TRA holders; TRA holders | reduced the TRA liability to zero; intent to terminate the TRA; Early Termination Notice became final and binding; deferred tax assets subject to the TRA | ['TRA terminated effective June 12, 2025.', 'Liability reduced to zero in March 2025.'] | 1,845,437 | 2026-05-11 | 10-Q | View Document | ||||
| Fluence Energy, Inc. | $0.00 | Tax basis increases from redemptions, exchanges, and distributions; depreciation and amortization deductions; tax benefits from TRA payments. | 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; 85% of the tax benefits; will be deferred and will accrue interest | ['Potential $117M liability not recognized due to valuation allowance.'] | 1,868,941 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Andersen Group Inc. | $0.00 | increase in tax basis in the assets; tax benefits from TRA payments | Aggregator; holders of Class X Umbrella Units; pre-IPO owners | 85% | not yet incurred a liability; increase in tax basis in the assets; Aggregator; holders of Class X Umbrella Units; 85% of the amount of tax benefits | [] | 2,065,708 | 2026-05-12 | 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; entered into a Tax Receivable Agreement | ['Liability not recorded due to valuation allowance.'] | 1,822,966 | 2026-05-07 | 10-Q | View Document | |||||
| Symbotic Inc. | $0.00 | attributes obtained as a result of exchanges | Legacy Warehouse Holders (TRA Holders) | 85% | no TRA liability was recorded; attributes obtained as a result of exchanges; certain Legacy Warehouse Holders; 85% of these potential future tax benefits | ['No liability recorded; expected payments are $484.4 million.'] | 1,837,240 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Bioventus Inc. | $0.00 | increases in the tax basis of assets; redemptions or exchanges of LLC Interests; prior sales of interests; certain distributions; tax benefits from TRA payments | Continuing LLC Owner | 85% | had not recorded any liabilities under the TRA; increases in the tax basis of assets; Continuing LLC Owner; 85% of the amount of tax benefits | ['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 tax basis; Section 754 election; tax benefits from TRA payments | Continuing Equity Owners; Crestview Partners II GP, L.P. | 85% | did not have a Tax Receivable Agreement liability; increases in the tax basis; 85% of the amount of tax benefits; Continuing Equity Owners and Crestview Partners II GP, L.P.; Section 754 of the Internal Revenue Code | ['Liability zeroed due to full valuation allowance.'] | 1,669,779 | 2026-04-30 | 10-Q | View Document | 85% | ||
| Bumble Inc. | $0.00 | Founder, Sponsor, affiliate of Accel Partners LP, management, other equity holders | obligations were fully settled in November 2025; complete and full termination of the Company's payment obligations; Founder, our Sponsor, an affiliate of Accel Partners LP | ['TRA was fully terminated in November 2025.'] | 1,830,043 | 2026-05-06 | 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 from taxable exchanges; tax benefits from the Business Combination; TRA Holders (certain Intuitive Machines, LLC members); 85% of the amount of cash tax savings | ['Full valuation allowance applied due to historical losses.'] | 1,844,452 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Vivid Seats Inc. | $0.00 | Increases in tax basis from redemptions or exchanges; existing tax basis in long-lived assets; imputed interest deductions | 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 in long-lived assets; deductions in respect of imputed interest; existing Hoya Intermediate unitholders | ['TRA terminated October 2025 via Corporate Simplification Agreement.'] | 1,856,031 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Cibus, Inc. | $0.00 | no TRA liability has been recorded; liability associated with the... TRA... is not probable; Tax Receivables Agreement (TRA), dated May 31, 2023 | ['Liability not probable due to valuation allowance.'] | 1,705,843 | 2026-05-14 | 10-Q | View Document | ||||||
| Evercore Inc. | Payments Under Tax Receivable Agreement | ['Text only mentions cash flow payments.'] | 1,360,901 | 2026-05-06 | 10-Q | View Document | |||||||
| GMR Solutions Inc. | Pre-IPO Tax Benefits (federal, state and local net operating losses, deferred interest deductions, tax basis in amortizable or depreciable assets, and certain deductible expenses attributable to the transactions related to the IPO) | Certain stockholders, members of management (Management TRA parties), Nick Loporcaro, Brian Tierney, Edward Van Horne, Thomas Cook, Lisa Jacoba | 85% | 85% of the benefits; federal, state and local net operating losses; certain stockholders and members of management; deferred interest deductions; tax basis in amortizable or depreciable assets | ['Management TRA parties receive 6% of payments.', 'Payments do not accelerate upon change of control.', 'No right to terminate the TRA early.'] | 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; X-Energy, Inc. entered into a TRA with XERC; unpaid amounts will be deferred and will accrue interest | [] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | |||
| Falcon's Beyond Global, Inc. | Increases in tax basis from exchanges or redemptions and benefits from TRA payments | Exchange TRA Holders, Falcon’s Opco, the Company, TRA holder representative | 85% | 85% of the amount of tax benefits; increases in tax basis resulting from any exchange; benefits from payments under the Tax Receivable Agreement; Exchange TRA Holders; Falcon’s Opco | ['Full valuation allowance maintained on deferred tax assets.'] | 1,937,987 | 2026-05-14 | 10-Q | View Document | 85% | |||
| Liberty Broadband Corp | Tax benefits realized by GCI Liberty | Liberty Broadband, GCI Liberty, Charter | tax benefits realized by GCI Liberty; exceeded $420 million; GCI Tax Receivables Agreement; Liberty Broadband and GCI Liberty | ['TRA payments contingent on tax liability exceeding $420 million.'] | 1,611,983 | 2026-04-28 | 10-Q | View Document | |||||
| Yesway, Inc. | Existing tax basis; basis increases from redemptions, exchanges, or distributions; Blocker Company tax attributes; TRA payment tax 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 | [] | 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 | 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; Existing Basis, Exchange Existing Basis, Basis Adjustments | ['Includes TRA Accounting and Legal Expenses as assets.'] | 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 Mr. Gilbert | 90% | 90% of the amount of cash savings; increases in tax basis and other tax benefits; RHI II and Mr. Gilbert; recorded in Accounts payable and other liabilities | ['TRA share is 90%.', 'Up-C structure collapsed June 30, 2025.'] | 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; imputed interest; basis increases from TRA payments; disproportionate allocations | SFS Corp. | 85% | 85% of the amount of cash savings; Tax Receivable Agreement ('TRA') with SFS Corp.; increases in tax basis resulting from Exchange Transactions; imputed interest deemed to be paid; disproportionate allocations (if any) of tax benefits | ['Liability recorded as a loss contingency.'] | 1,783,398 | 2026-05-11 | 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 | ['TRA to be entered in connection with Closing.'] | 1,851,959 | 2026-05-13 | 10-Q | View Document | 85% | |||
| GRAFTECH INTERNATIONAL LTD | tax assets that have been utilized | sole pre-IPO stockholder | sole pre-IPO stockholder; tax assets that have been utilized; established a full valuation allowance | ['Full valuation allowance established in Q2 2025.'] | 931,148 | 2026-05-01 | 10-Q | View Document | |||||
| York Space Systems Inc. | net operating loss carryforwards and research and development credit carryforwards | equity holders of Holdings and holders of Class P Units | 85% | SOFR + 100bp | 85% of certain tax savings; net operating loss carryforwards; 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 | ['TRA liability not recorded as payment is not probable.'] | 2,086,587 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Clearwater Analytics Holdings, Inc. | Payment to terminate Enfusion’s tax receivable agreement | ['Enfusion TRA terminated for $30 million.'] | 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; depreciation and amortization deductions; tax attributes | 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 | [] | 1,901,336 | 2026-05-21 | 10-Q | View Document | 85% | |||
| Purple Innovation, Inc. | Tax basis increases in Purple LLC assets; imputed interest | InnoHold | 80% | 80% of the net cash savings; InnoHold; tax basis increases in the assets; imputed interest deemed to be paid | ['TRA share is 80%.'] | 1,643,953 | 2026-04-28 | 10-Q | View Document | 80% | |||
| System1, Inc. | no payments were made; no amounts due; parties to the Tax Receivable Agreement | ['Full valuation allowance on deferred tax assets.'] | 1,805,833 | 2026-05-12 | 10-Q | View Document | |||||||
| Vistra Corp. | benefits realized as a result of certain transactions entered into at the emergence of our predecessor from reorganization under Chapter 11 | Vistra | 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 | 2026-05-07 | 10-Q | View Document | |||||
| FLYEXCLUSIVE INC. | certain tax basis adjustments | Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust | 85% | no TRA liability has been recorded; certain tax basis adjustments; Thomas James Segrave Jr.; 85% of the Realized Tax Benefit | ['No TRA liability recorded as of March 31, 2026.'] | 1,843,973 | 2026-05-11 | 10-Q | View Document | 85% | |||
| Fluence Energy, Inc. | liability under the Tax Receivable Agreement | ['Text only mentions TRA in EBITDA definition.'] | 1,868,941 | 2026-05-06 | 10-Q | View Document | |||||||
| Stagwell Inc | taxable exchanges of equity interests; related tax basis adjustments | certain members or former members; direct or indirect parent of the Company | 85% | 85% of the tax savings realized; taxable exchanges of equity interests; related tax basis adjustments; certain members or former members | [] | 876,883 | 2026-05-01 | 10-Q | View Document | 85% | |||
| TWFG, Inc. | make payments under the Tax Receivable Agreement | [] | 2,007,596 | 2026-05-08 | 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; Flex and TPG; range from zero to approximately $300 million | ['Flex is the beneficiary, not the payer', 'Flex has not recorded an asset'] | 866,374 | 2026-05-20 | 10-K | View Document | 85% | |||
| J M SMUCKER Co | Payment of assumed tax receivable agreement obligation | ['TRA obligation assumed through acquisition.'] | 91,419 | 2026-06-09 | 10-K | View Document |