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; corporate tax attributes; TRA payment tax benefits | Certain pre-IPO owners | 90% | balance of the TRA liability was $4,021 million; payment... of 90% of certain tax benefits; allocable share of existing tax basis; certain pre-IPO owners | ['Liability increased $479 million from March 2026 Resale Offering.'] | 2,046,386 | 2026-05-06 | 10-Q | View Document | 90% | ||
| ZoomInfo Technologies Inc. | $2,730.40 | TRA holders | liability of $2,730.4 million; payments were made to TRA holders; refer to Note 15 in 2025 Form 10-K | [] | 1,794,515 | 2026-05-11 | 10-Q | View Document | |||||
| CARVANA CO. | $2,228.00 | Basis adjustments relating to assets of Carvana Group; tax benefits from TRA payments (including imputed interest) | LLC Unitholders | 85% | TRA liability of $2.2 billion; basis adjustment relating to the assets; pay to the LLC Unitholders; pay to the LLC Unitholders 85%; deferred and will accrue interest | ['$1.7 billion is due to related parties.'] | 1,690,820 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Blackstone Inc. | $2,047.93 | tangible and intangible assets of Blackstone Holdings | predecessor owners, senior managing directors, non-controlling interest holders | 85% | Due to Certain Non-Controlling Interest Holders; tangible and intangible assets of Blackstone Holdings; predecessor owners; senior managing directors; 85% of the amount of cash savings | ['Undiscounted aggregate future payments estimated at $2.0 billion.'] | 1,393,818 | 2026-05-08 | 10-Q | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,612.60 | increases in tax basis of the assets | Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings, Blue Owl Capital Carry LP, Partners | 85% | Total TRA Liability $1,612,609; increases in tax basis of the assets; pay 85% of certain tax benefits; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings | ['TRA amended and restated as of April 1, 2025.'] | 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; Co-Founder and Sponsor | 85% | total TRAs-related liabilities were $820.1 million; 85% of the income tax benefits; certain Dutch Bros OpCo owners; Co-Founder and Sponsor; certain tax attributes and benefits | ['Executed two TRAs in connection with IPO.'] | 1,866,581 | 2026-05-06 | 10-Q | View Document | 85% | ||
| TPG Inc. | $782.20 | Increase in tax basis, Covered Tax Items | Current and former employees, partners, Related Parties, non-affiliates | 85% | liability pursuant to the Tax Receivable Agreement... $782.2 million; 85% of the applicable cash savings; increase in the tax basis; current and former employees and partners | ['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; increases in tax basis of assets | Former Managing Partners; Contributing Partners; Bridge TRA holders | 85% | Due to TRA holders $778; 85% of the amount of cash tax savings; Former Managing Partners and Contributing Partners; increases in tax basis of assets; Section 754 | ['Includes both Apollo TRA and Bridge TRA liabilities.', 'No remaining exchangeable operating units.'] | 1,858,681 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Core & Main, Inc. | $683.00 | tax attributes from exchanges of Partnership Interests | Clayton, Dublier & Rice (CD&R), Core & Main Management Feeder, LLC | 85% | payables to related parties... of $683 million; tax attributes... with future exchanges of Partnership Interests; stockholders affiliated with Clayton, Dublier & Rice; 85% of the tax benefits realized | ['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 | IBG, Inc., Holdings (for former IBG LLC members) | 85% | payables to Holdings... were $618 million; 85% of the tax savings; result of tax basis increases; Holdings (for the benefit of the former members) | [] | 1,381,197 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Ares Management Corp | $581.70 | tangible and intangible assets, payments under the TRA, interest accrued | Holders of AOG Units, TRA recipients | 85% | TRA liability balance was $581.7 million; tax basis of tangible and intangible assets; Holders of AOG Units; 85% of the amount of actual cash savings | ['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 from sales and exchanges, distributions, tax attributes, and existing tax basis | certain owners of Alight Holdings prior to the Business Combination | 85% | Ending balance as of March 31, 2026 509; tax basis adjustments from sales and exchanges; certain owners of Alight Holdings; 85% of any savings that we realize | ['Company received Objection Notice from TRA Party Representative.'] | 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; TRA Payment Tax Attributes | ['Liability is based on undiscounted estimated future payments.'] | 1,849,253 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Planet Fitness, Inc. | $415.80 | Tax attributes from Holdings Units exchanges, imputed interest, and TSG purchase attributes | TRA Holders, existing and previous equity owners of Pla-Fit Holdings, LLC, affiliates of TSG Consumer Partners, LLC | 85% | liability of $415.8 million; 85% of the applicable tax savings; tax attributes of their Holdings Units; affiliates of TSG Consumer Partners, LLC; tax benefits attributable to payments | ['Company entered into two tax receivable agreements.'] | 1,637,207 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Nextpower Inc. | $393.20 | Existing tax basis in tangible and intangible assets; basis increases from exchanges; blocker corporation tax attributes; TRA payment benefits | Nextpower LLC, Yuma, Inc., Yuma Subsidiary, Inc., TPG Inc., TPG Rise Climate Flash Cl BDH, L.P., TPG Rise Climate BDH, L.P., The Rise Fund II BDH, L.P., Flex Ltd. affiliate, TPG Rise Flash, L.P. | 85% | recorded a liability of $393.2 million; existing tax basis in tangible and intangible assets; 85% of the tax benefits; Nextpower LLC, Yuma, Inc., Yuma Sub, TPG | [] | 1,852,131 | 2026-05-19 | 10-K | View Document | 85% | ||
| AEVEX Corp. | $373.20 | Increases in tax basis; existing tax basis; Blocker Entity tax attributes; 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; tax attributes of the Blocker Entity; Company, Holdings LLC and the 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, net operating losses, basis adjustments, TRA payments | Pre-IPO LLC Members, certain members of Portillo's OpCo | 85% | obligation for future payments... totaled $344.2 million; 85% of the amount of tax benefits; existing tax basis; net operating losses; basis adjustments; pre-IPO LLC Members | ['Payments expected to continue 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, NOLs | Class B, C, D 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 the amount of net cash tax savings; cause the Partnership to make pro rata distributions | ['Includes Exchanges TRA and Reorganization TRA.'] | 1,796,022 | 2026-05-27 | 10-K | View Document | 85% | |
| Tradeweb Markets Inc. | $335.80 | increases in tax basis of TWM LLC's assets; other tax benefits from TRA payments | TWM LLC, Continuing LLC Owners (including Refinitiv subsidiary, Bank Stockholders, and management) | 50% | liability... totaled $335.8 million; increases in the tax basis of assets; TWM LLC and the Continuing LLC Owners; 50% of the amount of... tax savings; unpaid amounts... will accrue interest | ['TRA share is 50%, lower than industry standard 85%.'] | 1,758,730 | 2026-04-29 | 10-Q | View Document | 50% | ||
| KKR & Co. Inc. | $335.10 | exchanges of KKR Holdings equity | Current and Former Employees, KKR Holdings | undiscounted payable of $335.1 million; exchanges of KKR Holdings equity; Current and Former Employees; KKR Holdings | ['TRA terminated May 30, 2022 for future 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 unit tax attributes, imputed interest, step-up of tax basis | 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; step-up of tax basis and other tax attributes; Interest... will accrue from the due date | ['Two separate TRAs; $30.3M paid in April 2026.'] | 1,517,302 | 2026-05-04 | 10-Q | View Document | 85% | ||
| GPGI, Inc. | $293.30 | Tax basis of GPGI Holdings’ assets | GPGI Holdings and holders of interests therein | 90% | Total payments $293.3; obligated to make payments of 90%; increase in the tax basis; GPGI Holdings and holders of interests therein | ['TRA share percentage is 90%.'] | 1,823,144 | 2026-05-07 | 10-Q | View Document | 90% | ||
| Moelis & Co | $269.30 | Increases in tax basis of Group LP assets; imputed interest | Eligible Managing Directors | 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 TRA was $264.8 million; tax basis subject to the TRA; direct and indirect owners of Cactus LLC; 85% of the net cash savings; accrue interest from the due date | ['Liability revalued due to forecasted state tax rate.'] | 1,699,136 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Clear Secure, Inc. | $252.45 | Increase in tax basis in Alclear’s assets; imputed interest | Remaining members of Alclear (Alclear Members) | 85% | recorded a tax receivable agreement liability of $252,452; increase in tax basis in Alclear’s assets; tax benefits related to imputed interest; 85% of the net cash savings; remaining members of Alclear | ['Liability includes $11.8M short-term and $240.6M long-term.'] | 1,856,314 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Stagwell Inc | $252.39 | increases in the tax basis of 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 | taxable exchange | Shift4 Payments, Inc., Rook Holdings Inc., Jared Isaacman | TRA liability was $247 million; Rook Holdings Inc.; Jared Isaacman; taxable exchange; Up-C Collapse | ['Rook assigned and waived TRA rights in Feb 2026.'] | 1,794,669 | 2026-05-07 | 10-Q | View Document | ||||
| Shake Shack Inc. | $246.01 | SSE Holdings tax basis increases; LLC Interest redemptions; TRA payments; imputed interest | Non-controlling members of SSE Holdings | 85% | Total obligations under the Tax Receivable Agreement $246,008; increases in the tax basis of SSE Holdings; non-controlling members of SSE Holdings; pay the non-controlling interest holders 85% | ['TRA payments not conditioned upon continued ownership interest.'] | 1,620,533 | 2026-05-07 | 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; payment by AdaptHealth Corp. of 85%; current and former members of AdaptHealth Holdings LLC; tax attributes of the corresponding sellers; increases in tax basis resulting from exchanges | ['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 | Increases in tax basis of tangible and intangible assets; special loss allocations | Pre-IPO members of HLA (TRA Recipients) | 85% | liability of $235.4 million; 85% of the amount of tax savings; tangible and intangible assets of HLA; pre-IPO members of HLA; interest accrued from the due date | ['Additional $28.9M payable if valuation allowance released.'] | 1,433,642 | 2026-05-21 | 10-K | View Document | 85% | ||
| WaterBridge Infrastructure LLC | $218.50 | tax basis increases from exchanges; existing tax basis of assets; 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; existing tax basis; 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 tax attributes; basis increases from exchanges; TRA payment tax benefits | Legence Parent and Legence Parent II | 85% | current TRA liability is $8.2 million; long-term TRA liability is $208.8 million; 85% of the net cash tax savings; Legence Parent and Legence Parent II; allocable share of existing tax basis; tax attributes of the blocker entities; increases in tax basis resulting from future redemptions | ["Liability increased $9.8 million from underwriters' overallotment exercise."] | 2,052,568 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Forgent Power Solutions, Inc. | $207.30 | Opco LLC Interests basis, NOLs, Blocker tax basis, existing tax basis, basis adjustments | Forgent Parent I LP, Forgent Parent II LP, Forgent Parent III LP, Forgent Parent IV LP | 85% | total amount due was $207.3 million; 85% of the amount of tax savings; allocable share of tax basis; net operating losses; existing tax basis; Forgent Parent I LP, Forgent Parent II LP | ['Liability recognized as future taxable income is probable.'] | 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... expected to be $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 | ['TRA liability includes current and non-current portions.'] | 1,856,236 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Repay Holdings Corp | $191.80 | increases in tax basis in net assets of Hawk Parent; tax basis increases from TRA payments; deductions for imputed interest | 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; 100% of the amount of any tax benefits | ['TRA liability measured at fair value.', 'TRA share is 100% of realized tax benefits.'] | 1,720,592 | 2026-05-04 | 10-Q | View Document | 100% | ||
| Five Point Holdings, LLC | $181.50 | certain tax attributes; exchanges of Class A units; California net operating loss deductions | holders of Class A Common Units; holders of Class A units of the San Francisco Venture | 85% | liabilities of $181.5 million; result of certain tax attributes; holders of Class A Common Units; 85% of the cash savings; exchanges of Class A units | ['California SB 167 suspends NOL usage for 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... $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 probable future taxable income.'] | 1,726,978 | 2026-07-22 | 10-Q | View Document | 85% | ||
| SOLV Energy, Inc. | $172.30 | Existing tax basis; net operating losses; tax basis adjustments; interest deductions | Continuing Equity Owners; Blocker Shareholders; TRA Participants | 85% | Tax receivable agreement 172,344; pay to the TRA Participants 85%; allocable share of existing tax basis; utilization of certain tax attributes; net operating losses; tax basis adjustments; interest deductions; accrue interest until paid | Liability recorded in connection with the IPO. | 2,065,636 | 2026-05-12 | 10-Q | View Document | 85% | ||
| PBF Energy Inc. | $168.20 | increases in tax basis of the assets of PBF LLC; tax benefits attributable to payments under the Tax Receivable Agreement | PBF LLC Series A and PBF LLC Series B unitholders | 85% | Pro rata | recognized a liability of $168.2 million; increases in tax basis; PBF LLC Series A and Series B unitholders; equal to 85% of the amount; makes on a pro-rata basis to its owners | ['Liability reflects undiscounted amounts net of valuation allowance.'] | 1,534,504 | 2026-04-30 | 10-Q | View Document | 85% | |
| Virtu Financial, Inc. | $166.50 | Increase in tax basis, intangible assets, NOLs, and other tax attributes | Direct or indirect equity holders, Virtu Members | 85% | Tax receivable agreement obligations 166,453; 85% of the applicable cash tax savings; direct or indirect equity holders; increase to the tax basis; Net Operating Losses (“NOLs”); accrue interest until paid | ['Payments expected between $0.3M and $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 terminates upon merger with Henkel US Operations Corporation'] | 1,868,726 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Galaxy Digital Inc. | $149.40 | Increases in tax basis in GDH LP's assets; deductions in respect of imputed interest | Holders of Class B Units in GDH LP; present and former limited partners | 85% | TRA-related liability... of $149.4 million; increases in tax basis; deductions in respect of imputed interest; 85% of the cash savings; 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 | 85% | Tax Receivable Agreement liabilities of $144.6 million; increase in tax basis in Baldwin Holdings assets; Baldwin Holdings’ LLC Members; 85% of the amount of cash savings | ['Liability recognized after concluding tax benefits are realizable.'] | 1,781,755 | 2026-05-04 | 10-Q | View Document | 85% | ||
| SUJA LIFE, INC. | $143.90 | unit exchanges; pre-IPO tax attributes; tax basis; imputed interest; depreciable, depletable or amortizable tax basis | continuing equity owners; 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 | ['Total payments estimated over 35-year period.'] | 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 | 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 | ['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; tax basis in intangible assets | Principal Stockholders; senior management team; pre-IPO shareholders | 85% | SOFR + applicable term adjustment + 5.0% | current $56 million and non-current $73 million; depreciation and amortization deductions; tax basis in intangible assets; Principal Stockholders, and our senior management team; 85% of the amount of cash savings; SOFR plus an applicable term adjustment plus 5% | ['Includes U.S. and Canadian income tax savings.'] | 1,804,745 | 2026-05-19 | 10-K | View Document | 85% | |
| MediaAlpha, Inc. | $123.40 | increases in tax basis of assets; net operating losses; 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 Oct 2023 to replace LIBOR with SOFR.'] | 1,818,383 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Fluence Energy, Inc. | $117.00 | Tax basis increases from redemptions; depreciation and amortization; tax attributes | Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc., AES Grid Stability, LLC | 85% | $117 million; increases in our share of the tax basis; Siemens Industry, Inc. and AES Grid Stability, LLC; 85% of the tax benefits | ['Full valuation allowance; liability not recognized as not probable.'] | 1,868,941 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Brookfield Asset Management Ltd. | $116.00 | tax attributes purchased from a related party | Oaktree | payable under a tax receivable agreement with Oaktree; for $116 million as of March 31, 2026; recognized 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 | Parthenon Stockholders and certain Continuing LLC Members | TRA liability of $111.0 million; tax basis of... investment in LD Holdings; Parthenon Stockholders and certain Continuing LLC Members | [] | 1,831,631 | 2026-05-07 | 10-Q | View Document | ||||
| 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; pre-IPO NOLs; certain of its investors; 85% of the amount of the tax benefits | ['TRA established during 2015 Offering Reorganization.'] | 1,628,908 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Driven Brands Holdings Inc. | $108.00 | Pre-IPO and IPO-Related Tax Benefits | Pre-IPO shareholders | 85% | SOFR + applicable term adjustment + 5.0% | current tax receivable agreement payable of $35 million; non-current tax receivable agreement payable of $73 million; Pre-IPO and IPO-Related Tax Benefits; Company’s pre-IPO shareholders; payment of 85% of the amount; SOFR plus an applicable term adjustment plus 5.0% | ['Covers 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; payments under the TRA | PWP OpCo, Professional Partners, and 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 (TRA Participants) | 85% | Tax receivable agreement liability 92,437; Basis Adjustments, Section 704(c) Allocations, interest deductions; Flowco Holdings, Flowco LLC and Continuing Equity Owners; 85% of certain tax benefits | ['Liability increased $70.5 million from unit redemptions.'] | 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 will terminate and be settled | ['TRA terminates upon merger with Allegiant.'] | 1,743,907 | 2026-05-01 | 10-Q | View Document | ||||
| ProFrac Holding Corp. | $86.60 | Tax receivable agreement liability 82.0; Tax receivable agreement obligation 4.6; $86.6 million of estimated tax receivable agreement obligations; realizes actual cash tax savings | ['Total liability includes $4.6 million current portion.'] | 1,881,487 | 2026-05-08 | 10-Q | View Document | ||||||
| Solaris Energy Infrastructure, Inc. | $75.00 | Increases in tax basis, imputed interest, and additional tax basis from TRA payments | Other then-existing members of Solaris LLC | 85% | Pro rata | liability under the TRA was $75.0 million; increases in tax basis and tax benefits; other then-existing members of Solaris LLC; representing 85% of the net cash savings; distribute cash pro rata to each 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, and imputed interest | R/C Energy IV Direct Partnership, L.P. and Liberty LLC Unit holders | 85% | liability under the TRAs was $66.9 million; payment by the Company of 85%; increases in tax basis; net operating losses; imputed interest; R/C Energy IV Direct Partnership, L.P. | [] | 1,694,028 | 2026-07-23 | 10-Q | View Document | 85% | ||
| Carlyle Group Inc. | $64.10 | increases in tax basis resulting from exchanges | limited partners of the Carlyle Holdings partnerships | 85% | Amounts owed under the tax receivable agreement; increases in tax basis resulting from exchanges; limited partners of the Carlyle Holdings partnerships; 85% of the amount of cash tax savings | ['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, imputed interest | Continuing members of Zevia LLC, Direct Zevia Stockholders | 85% | SOFR + 300bp | TRA liability... totaled $59.2 million; net operating losses and existing tax basis; continuing members of Zevia LLC, Direct Zevia Stockholders; 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 | 2026-05-06 | 10-Q | View Document | 85% | |
| Excelerate Energy, Inc. | $58.81 | Increases in tax basis from exchanges; existing tax basis of assets; tax basis of assets purchased from the Foundation; tax benefits from TRA payments | EE Holdings, the Foundation | 85% | TRA liability 51,122; Current portion of TRA liability 7,685; 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 | [] | 1,888,447 | 2026-05-07 | 10-Q | View Document | 85% | ||
| GCM Grosvenor Inc. | $54.60 | Increases in tax basis in assets of GCMH | TRA Parties; limited partners of GCMH | 85% | amount payable... was $54.6 million; increases in the tax basis; pay 85% of the amount; limited partners of GCMH | [] | 1,819,796 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Lazard, Inc. | $46.83 | increases in the tax basis of certain assets | Lazard, LTBP Trust | 45% and 85% | Pro rata | cumulative liability... March 31, 2026... was $46,832; increases in the tax basis of certain assets; Lazard and LTBP Trust; approximately 45%... and... 85%; distributed pro rata to the owners | ['Liability is undiscounted; split 45%/85% share structure.'] | 1,311,370 | 2026-05-04 | 10-Q | View Document | 45% and 85% | |
| VERRA MOBILITY Corp | $43.67 | Tax receivable agreement liability, current portion 5,257; Tax receivable agreement liability, net of current portion 38,418 | [] | 1,682,745 | 2026-05-06 | 10-Q | View Document | ||||||
| Select Water Solutions, Inc. | $43.40 | Increases in tax basis, NOLs, imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P. (Crestview GP) | 85% | 12-month term SOFR + 171.513 bp | $43.4 million; 85% of the net cash savings; increases in tax basis; NOLs; imputed interest; 12-month term SOFR plus 171.513 basis points | ['OBBBA enacted July 2025 defers TRA payment timing.'] | 1,693,256 | 2026-05-06 | 10-Q | View Document | 85% | |
| Black Rock Coffee Bar, Inc. | $42.53 | Basis Adjustments and certain tax benefits (interest deductions) | Black Rock OpCo, Continuing Equity Owners | 85% | liability of approximately $42.5 million; Basis Adjustments and certain tax benefits; Black Rock OpCo and the TRA Parties; 85% of the amount of tax benefits | TRA liability increased due to LLC 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 | 85% | Ending balance $39,332; current portion $271; 85% of the amount of the benefits; pre-IPO owners of the LLC; increases in tax basis; Section 754 election | ['Liability determined on an undiscounted basis.'] | 1,590,976 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Cardinal Infrastructure Group Inc. | $39.42 | Basis step-up, 743(b), 197 intangibles, NOLs, interest deductions | PubCo, OpCo, Continuing Equity Holders, Diamond Interests Group LLC, Seller Owners, Erik West, Mike Rowe, Jeremy Spivey | 85% | SOFR + 100bp | liability... totaled $39,423,529; increases in the tax basis; 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, Section 754 adjustments, imputed interest | Hagerty Holding Corp. (HHC), Markel, Legacy Unit Holders | 85% | TRA Liability was $38.3 million; increases in tax basis and other tax benefits; Hagerty Holding Corp. ('HHC') and Markel; 85% of the... cash tax savings realized | ['Payments under the TRA are expected to be substantial.'] | 1,840,776 | 2026-05-06 | 10-Q | View Document | 85% | ||
| OneWater Marine Inc. | $37.50 | increases in tax basis; imputed interest | certain owners of OneWater LLC; TRA Holder | 85% | undiscounted liability... was $37.5 million; 85% of the calculated net cash savings; increases in tax basis; imputed interest; certain of the owners of OneWater LLC; 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, ESA Parties | Payable under the TRA 2.9... 32.8; TRA payments to Cinemark; 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' triggered by the Corporate Simplification and previous exchanges | Company, OppFi-LLC, Members, other persons named therein | Tax receivable agreement liability 35,046; tax basis 'step-up'; Company, OppFi-LLC and the other persons; aggregate early termination payment of approximately $40.8 million | ['TRA amended and terminated in April 2026.'] | 1,818,502 | 2026-05-07 | 10-Q | View Document | ||||
| 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; imputed interest | i3 Verticals, LLC; 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; generally represents 85% of... 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 assets of Umbrella | TWMH Members, TIG GP Members, TIG MGMT Members | 85% | liability associated with TRA was approximately $30.6 million; increase in tax basis of assets of Umbrella; 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% | ||
| Clearwater Analytics Holdings, Inc. | $30.00 | Enfusion, Inc. | Payment to terminate Enfusion’s tax receivable agreement; 30,000 | ['Enfusion TRA terminated for $30 million.'] | 1,866,368 | 2026-05-07 | 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% | recorded a $24.8 million Payable; increases in tax basis of PNMAC’s assets; certain former owners of PNMAC; amount equal to 85% of net tax benefits | ['Liability unchanged from December 31, 2025.'] | 1,745,916 | 2026-05-05 | 10-Q | View Document | 85% | ||
| FORWARD AIR CORP | $24.05 | tax attributes as of the date of exchanges | certain Omni Holders | Tax Receivable Agreement liability of $10,580; total estimated payable of $17,675; range of potential payments of $0 to $24,050; certain Omni Holders; tax attributes as of the date of exchanges | ['Liability relates to contingent consideration from Omni Acquisition.'] | 912,728 | 2026-05-11 | 10-Q | View Document | ||||
| Utz Brands, Inc. | $23.70 | Tax basis in net assets of UBH; tax basis increases from TRA payments; tax amortization from Kennedy Endeavors acquisition. | Noncontrolling Interest Holders | 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 of depreciable assets under Section 754; net operating losses and other tax attributes | Certain owners who held LLC Units prior to the IPO; Fertitta Family Entities | 85% | liability under the TRA was $19.4 million; step-up in the basis of depreciable assets; 85% of the tax benefits realized; Fertitta Family Entities; Payments not made... generally accrue interest | ['TRA liability includes $4.9 million payable to Fertitta Family Entities.'] | 1,653,653 | 2026-05-07 | 10-Q | View Document | 85% | ||
| RMR GROUP INC. | $18.48 | Increases in tax basis; imputed interest | RMR Inc.; ABP Trust | 85.0% | liability related to the tax receivable agreement of $18,478; increases in tax basis attributable to RMR Inc.’s dealings; tax benefits related to imputed interest; 85.0% of the amount of cash savings | ['Liability includes $2.552M current portion.'] | 1,644,378 | 2026-05-06 | 10-Q | View Document | 85.0% | ||
| NEWMARK GROUP, INC. | $17.50 | Tangible and intangible assets of Newmark OpCo | Newmark, Cantor | 85% | liability to Cantor of $17.5 million; tax basis of the tangible and intangible assets; Tax Receivable Agreement with Cantor; 85% of the amount of cash savings | ['Offsetting deferred tax asset of $19.5 million.'] | 1,690,680 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Amneal Pharmaceuticals, Inc. | $16.32 | realized tax benefits | Members | 75% | Total $16,323; realized tax benefits subject to the TRA; Members - tax receivable agreement; reduce our future obligation... to 75%; unrecorded contingent TRA liability of $131.4 million | ['TRA amended from 85% to 75% share.', 'Unrecorded contingent TRA liability of $131.4 million.'] | 1,723,128 | 2026-05-07 | 10-Q | View Document | 75% | ||
| Arxis, Inc. | $16.00 | Compensation deduction from transfer of convertible common stock | Arcline Arxis Advisory I, L.P. | 85% | total liability... is approximately $16,000; compensation deduction resulting from the transfer; Arcline Arxis Advisory I, L.P.; 85% of the anticipated 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 from LLC Unit redemptions/exchanges, Blocker Company tax attributes (NOLs, existing basis), and TRA payments. | Pre-IPO LLC Unit holders, former Blocker Company shareholders. | 85% | liability under the TRA of $13.0 million; 85% of the amount of cash savings; tax basis adjustments; net operating losses; pre-IPO holders of LLC Units; former shareholders of certain Blocker Companies; accrue interest until paid | ['Liability decreased due to goodwill impairment remeasurement.'] | 1,861,795 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Viant Technology Inc. | $12.50 | Tax basis step-ups in intangible assets and imputed interest | Viant Technology LLC, continuing members of Viant Technology LLC, TRA Representative | 85% | total TRA liability... was $12.5 million; increases in tax basis of the intangible assets; 85% of the amount of net cash savings; Viant Technology LLC, continuing members, TRA Representative | ['TRA liability is entirely classified as long-term.'] | 1,828,791 | 2026-05-11 | 10-Q | View Document | 85% | ||
| P3 Health Partners Inc. | $12.40 | Tax basis increases from redemptions/exchanges, TRA payments, imputed interest | P3 LLC and its members | 85% | TRA liability is estimated to be $12.4 million; increases in our share of the tax basis; P3 LLC and the members of P3 LLC; payment by us of 85% | ['No TRA liability recorded as payments not probable.'] | 1,832,511 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Smith Douglas Homes Corp. | $9.40 | Basis Adjustments, Section 704(c) Allocations, and interest deductions | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, and Continuing Equity Owners | 85% | recorded a TRA liability of $9.4 million; Basis Adjustments, Section 704(c) Allocations, interest deductions; Smith Douglas Homes Corp., Smith Douglas Holdings LLC; pay to each Continuing Equity Owner 85%; deferred and will accrue interest until paid | ['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 (SLP Partners); current principals; future employee-holders of Class B units. | 85% | liability is estimated to be $9,333; increases in tax basis of assets; partners of SLP (the 'SLP Partners'); pay the SLP Partners 85% of the amount | ['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 developed technology | Array Tech, Inc., former majority stockholder, former owners | fair value of the TRA was $5.8 million; increase in the tax value of developed technology; former majority stockholder of Array Tech, Inc.; payment by Array Tech, Inc., to former owners | ['TRA is accounted for as contingent consideration.'] | 1,820,721 | 2026-05-06 | 10-Q | View Document | ||||
| Finance of America Companies Inc. | $4.52 | Blackstone Investor | TRA obligation 4,524; Blackstone Investor; Blackstone Tax Receivable Agreement was terminated | Blackstone TRA terminated; residual liability remains on balance sheet. | 1,828,937 | 2026-05-11 | 10-Q | View Document | |||||
| biote Corp. | $4.19 | Tax basis in net assets of Holdings; TRA payments | then-existing non-controlling interest holders | 85% | TRA liability 4,190; tax basis in net assets of Holdings; then-existing non-controlling interest holders; 85% of the amount of any tax benefits | [] | 1,819,253 | 2026-05-11 | 10-Q | View Document | 85% | ||
| MARKETWISE, INC. | $4.04 | Step up in tax basis; Section 754; basis adjustments; other carryforward attributes | Certain shareholders; members of Marketwise, LLC | 85% | cumulative liability of $4,035 under the TRA; step up in the tax basis; 85% of the calculated tax savings; unpaid amounts... will accrue interest until paid | Arnold Parties waived rights; acquisition contingent on termination. | 1,805,651 | 2026-05-07 | 10-Q | View Document | 85% | ||
| HMH Holding Inc | $3.80 | B.V. Voting Shares, B.V. Non-Voting Shares, redemptions, exchanges, imputed interest | HMH B.V., Principal Stockholders | 85% | expects to record... $3.8 million; acquisitions of B.V. Voting Shares; redemptions or exchanges; imputed interest; HMH B.V. and the Principal Stockholders; 85% of the net cash savings | ['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 Unit exchanges; imputed interest; additional tax basis from TRA payments. | Legacy Owners | 85% | TRA liability of $3.6 million; tax basis increases resulting from the exchange; owners of INR Holdings prior to the IPO; 85% of the net cash savings | ['Liability recorded following unit redemptions in March 2026.'] | 2,029,118 | 2026-05-12 | 10-Q | View Document | 85% | ||
| GoHealth, Inc. | $1.30 | GHH, LLC, the Continuing Equity Owners and the Blocker Shareholders | 85% | $1.3 million liability related to the Tax Receivable; GHH, LLC, the Continuing Equity Owners; 85% of the amount of tax benefits | [] | 1,808,220 | 2026-05-18 | 10-Q | View Document | 85% | |||
| GEN Restaurant Group, Inc. | $1.10 | increases in tax basis from redemptions or exchanges; tax benefits from TRA payments | GEN Inc., Operating Company, 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 of Opco; Section 743(b); Section 734(b) | 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; Section 743(b) or 734(b); ICE and Mr. Naheta | ['The Reorganization terminated the TRA.'] | 1,820,302 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Funko, Inc. | $0.25 | future redemptions or exchanges of common units of FAH, LLC; tax benefits from TRA payments | FAH, LLC, Continuing Equity Owners, and certain transferees | 85% | Ending balance $249; 85% of the amount of tax benefits; FAH, LLC and Continuing Equity Owners; redemptions or exchanges of common units | ['Full valuation allowance on deferred tax assets.'] | 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 the net assets of DDH LLC; Section 754 basis adjustments | DDH LLC, DDM | 85% | less than $0.1 million; tax basis in the net assets; DDH LLC and DDM; 85% of the net cash savings; accrue interest from the due date | [] | 1,880,613 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from OpCo Units acquisition; imputed interest; additional tax basis from TRA payments. | Holdings, TRA Holders, Agent | 85% | Company did not record a tax receivable liability; 85% of the amount of realized tax benefit; certain increases in tax basis; imputed interest; additional tax basis arising from payments | Payment cap of $50,000 for change of control. | 1,841,425 | 2026-05-11 | 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 $3.8 million liability written off in Q2 2025.'] | 931,148 | 2026-07-24 | 10-Q | View Document | ||||
| Brilliant Earth Group, Inc. | $0.00 | tax basis adjustments; aggregate historical tax basis; Sections 743(b) and 197 | Brilliant Earth Group, Inc.; Brilliant Earth, LLC; Continuing Equity Owners | 85% | no TRA liability reflected on the balance sheet; 85% of the amount of tax benefits; Sections 743(b) and 197 of the Code; Brilliant Earth Group, Inc. to Continuing Equity Owners | ['TRA liability not probable due to valuation allowance.'] | 1,866,757 | 2026-05-07 | 10-Q | View Document | 85% | ||
| FLYEXCLUSIVE INC. | $0.00 | certain tax basis adjustments | Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust, LGM | 85% | 85% of the Realized Tax Benefit; certain tax basis adjustments; no TRA liability has been recorded; Thomas James Segrave Jr. | [] | 1,843,973 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Zeo Energy Corp. | $0.00 | increases in tax basis and other tax attributes | OpCo and certain OpCo members | 85% | had not recorded a liability; increases in tax basis; OpCo and certain OpCo members; 85% of the net cash savings | ['Estimated unrecorded TRA liability was $4.6 million.'] | 1,865,506 | 2026-05-15 | 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 | ['Full valuation allowance; no liability recorded.'] | 1,841,925 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Nerdy Inc. | $0.00 | Increases in tax basis (reverse recapitalization, redemptions); imputed interest; additional basis from 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; additional basis arising from payments | ['Liability not recognized; payment not considered probable.'] | 1,819,404 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Intuitive Machines, Inc. | $0.00 | Existing tax basis; tax basis adjustments; Business Combination tax benefits; TRA payment tax deductions | TRA Holders (certain Intuitive Machines, LLC members and related parties) | 85% | does not expect a TRA liability; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; 85% of the amount of cash tax savings; TRA Holders (certain Intuitive Machines, LLC members) | ['Full valuation allowance applied due to historical losses.'] | 1,844,452 | 2026-05-14 | 10-Q | View Document | 85% | ||
| AST SpaceMobile, Inc. | $0.00 | Existing tax basis; tax basis adjustments; tax deductions from TRA payments; tax attributes from reorganization | AST LLC, TRA holders | 85% | no TRA liabilities recorded; 85% of the amount of savings; existing tax basis of certain assets; tax basis adjustments; AST LLC | ['Full valuation allowance against deferred tax assets.'] | 1,780,312 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Symbotic Inc. | $0.00 | attributes obtained as a result of exchanges | Legacy Warehouse Holders (the “TRA Holders”) | 85% | no TRA liability was recorded; expected to be $484.4 million; 85% of these potential future tax benefits; certain Legacy Warehouse Holders; attributes obtained as a result of exchanges | ['No liability recorded due to full valuation allowance.'] | 1,837,240 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Bumble Inc. | $0.00 | exchanges of Common Units | Founder, Sponsor, affiliate of Accel Partners LP, management | fully settled in November 2025; complete and full termination; Founder, our Sponsor, an affiliate of Accel Partners LP; exchanges of Common Units | ['TRA was fully terminated in November 2025.'] | 1,830,043 | 2026-05-06 | 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. | EVgo Holdings, LS Power Equity Advisors, LLC, CRIS, Thunder Sub | 85% | no amounts have been accrued; 85% of the net cash savings; increases in tax basis; imputed interest; EVgo Holdings; LS Power Equity Advisors, LLC | ['Liability not accrued; potential unrecorded liability $33.8 million.'] | 1,821,159 | 2026-05-05 | 10-Q | View Document | 85% | ||
| FuboTV Inc. | $0.00 | Historic NOLs, tax basis increases from redemptions/exchanges, imputed interest, and TRA payment-related benefits | FuboTV Inc., Newco, Hulu | 70% | no TRA liability has been recorded; historic net operating loss carryforwards; increases in tax basis in Newco’s assets; Company, Newco and Hulu entered into; obligates the Company to pay Hulu... 70% | ['TRA share is 70%, lower than industry standard.'] | 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 | $116,527 of the TRA liability was not recorded; net operating losses; existing tax basis; tax basis adjustments; imputed interest; aggregate 85% of the amount of cash savings; LIBOR (or a replacement rate) plus 100 basis points | ['Liability not recorded due to valuation allowance.'] | 1,802,156 | 2026-05-08 | 10-Q | View Document | 85% | |
| Solo Brands, Inc. | $0.00 | no liability has been recorded; due to its immateriality; impact of valuation allowances; eliminate its umbrella partnership-C corporation (UP-C) structure | ['TRA liability is zero due to immateriality.'] | 1,870,600 | 2026-05-14 | 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 as of March 31, 2026; 85% of the amount of cash savings; increases in tax basis attributable to exchanges; certain other tax attributes of PK Holdings; Closing ProKidney Unitholders | ['No liability recognized as of March 31, 2026.'] | 1,850,270 | 2026-05-15 | 10-Q | View Document | 85% | ||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | Increases in tax basis; tax attributes of acquired entities; tax benefits from TRA payments | MLSH 1, MLSH 2 | 85% | no current liability under the TRA; 85% of the amount of tax benefits; increases in the tax basis of assets; party to a TRA with MLSH 1 | ['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 of Units | Continuing Class A Unit holders | 85% | TRA liability was nil; additional tax basis; continuing Class A Unit holders; 85% of the amount of tax benefits | ['Liability nil due to full valuation allowance.'] | 1,779,474 | 2026-05-11 | 10-Q | View Document | 85% | ||
| NET Power Inc. | $0.00 | deferred tax assets | TRA holders | reduced the TRA liability to zero; intent to terminate the TRA; Early Termination Notice became final; deferred tax assets subject to the TRA | ['TRA terminated June 2025; liability reduced to zero.'] | 1,845,437 | 2026-05-11 | 10-Q | View Document | ||||
| vTv Therapeutics Inc. | $0.00 | Exchange of Class B common stock and vTv Units, imputed interest, tax benefits from TRA payments | 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% | ||
| Camping World Holdings, Inc. | $0.00 | Increases in tax basis; Section 754; TRA payment benefits | Continuing Equity Owners, Crestview Partners II GP, L.P. | 85% | did not have a Tax Receivable Agreement liability; increases in the tax basis; Section 754; Continuing Equity Owners and Crestview Partners II GP, L.P.; 85% of the amount of tax benefits | ['Full valuation allowance; liability considered not probable.'] | 1,669,779 | 2026-04-30 | 10-Q | View Document | 85% | ||
| Bioventus Inc. | $0.00 | Tax basis increases from redemptions, exchanges, prior sales, distributions, and benefits from TRA payments. | Continuing LLC Owner | 85% | had not recorded any liabilities under the TRA; increases in the tax basis of assets; 85% of the amount of tax benefits; Continuing LLC Owner; deferred and will accrue interest until paid | ['No liabilities recorded as no exchanges have occurred.'] | 1,665,988 | 2026-05-06 | 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 former holders of interests; 85% of certain tax benefits | ['No liability recorded due to valuation allowance assessment.'] | 1,743,745 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Vivid Seats Inc. | $0.00 | Increases in tax basis from exchanges; existing tax basis in long-lived assets; imputed interest. | existing 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; deductions in respect of imputed interest; existing Hoya Intermediate unitholders; Hoya Topco, LLC | ['TRA terminated in October 2025 Corporate Simplification.'] | 1,856,031 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Cibus, Inc. | $0.00 | no TRA liability has been recorded; TRA... dated May 31, 2023; liability... is not probable | ['No liability recorded due to valuation allowance.'] | 1,705,843 | 2026-05-14 | 10-Q | View Document | ||||||
| System1, Inc. | $0.00 | no amounts due; parties to the Tax Receivable Agreement; full valuation allowance | ['Full valuation allowance on deferred tax assets.'] | 1,805,833 | 2026-05-12 | 10-Q | View Document | ||||||
| Canopy Growth Corp | $0.00 | Acreage | Acreage Tax Receivable Agreement; Balance at March 31, 2025: - | ['TRA liability reduced to zero in 2025.'] | 1,737,927 | 2026-06-15 | 10-K | View Document | |||||
| Evercore Inc. | Payments Under Tax Receivable Agreement | [] | 1,360,901 | 2026-05-06 | 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 and members of management | 85% | 85% of the benefits; federal, state and local net operating losses; deferred interest deductions; tax basis in amortizable or depreciable assets; certain stockholders and members of management | ['Management TRA parties receive 6% of payments.', 'Payments do not accelerate upon change of control.'] | 1,898,718 | 2026-06-02 | 10-Q | View Document | 85% | |||
| X-Energy, Inc. | Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions | X-Energy, Inc., XERC, and TRA Holders | 85% | 85% of the amount of cash tax savings; Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions; X-Energy, Inc. entered into a TRA with XERC | ['TRA payments are substantial and not available for reinvestment.', 'Change of control does not terminate the TRA.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | |||
| Falcon's Beyond Global, Inc. | Increases in tax basis from exchanges; TRA payments | Falcon’s Opco, Exchange TRA Holders, the Company, TRA holder representative | 85% | 85% of the amount of tax benefits; increases in tax basis; future redemptions funded by Falcon’s Opco; Exchange TRA Holders | ['Maintains full valuation allowance 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, Charter, GCI Liberty | tax benefits realized by GCI Liberty; tax liability exceeded $420 million; Liberty Broadband; Charter; GCI Liberty | ['TRA triggers if tax liability exceeds $420 million'] | 1,611,983 | 2026-04-28 | 10-Q | View Document | |||||
| Yesway, Inc. | Existing tax basis, basis increases from redemptions/exchanges/distributions, Blocker Company tax attributes, benefits from TRA payments | Ultimate Parent, Continuing Equity Owners, Blocker Shareholders | 85% | obligated to pay the TRA Participants 85%; existing tax basis of Ultimate Parent’s assets; increases in Yesway, Inc.’s allocable share; tax attributes of the Blocker Companies; Ultimate Parent, Continuing Equity Owners, Blocker Shareholders | ['Nonpayment may constitute a material breach.'] | 1,859,836 | 2026-06-02 | 10-Q | View Document | 85% | |||
| X-Energy, Inc. | Existing Basis, Exchange Existing Basis, Basis Adjustments, Blocker Tax Attributes, Imputed Interest, TRA Accounting and Legal Expenses | TRA Party, Exchange TRA Party, Blocker Shareholder | 85% | 12% | Pro rata | 85% of the Cumulative Net Realized Tax Benefit; Penalty Rate means a rate of 12%; allocated among the TRA Parties in proportion; Existing Basis, Exchange Existing Basis, Basis Adjustments | ['Penalty Rate is defined as 12%.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | |
| Rocket Companies, Inc. | certain increases in tax basis and other tax benefits | RHI II, RHI, and Mr. Gilbert | 90% | 90% of the amount of cash savings; RHI II and Mr. Gilbert; increases in tax basis and other tax benefits; recorded in Accounts payable and other liabilities | ['TRA share is 90%. Up-C structure collapsed June 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; increase in the TRA liability... $50.1 million | ['TRA 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 | [] | 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 | |||||
| Andersen Group Inc. | Increase in tax basis in AT Umbrella LLC assets; tax benefits from TRA payments | Aggregator; holders of Class X Umbrella Units; pre-IPO owners | 85% | 85% of the amount of tax benefits; increase in tax basis in the assets; not yet incurred a liability; Aggregator; holders of Class X Umbrella Units | ['Company has not yet incurred a TRA liability.'] | 2,065,708 | 2026-05-12 | 10-Q | View Document | 85% | |||
| York Space Systems Inc. | Net operating loss carryforwards and research and development credit carryforwards | Equity holders of Holdings and holders of Class P Units | 85% | 100 basis points above SOFR | does not anticipate recording the TRA liability; net operating loss carryforwards; research and development credit carryforwards; equity holders of Holdings; holders of Class P Units; 85% of certain tax savings; 100 basis points above SOFR | ['Liability not recorded as payment is not probable.'] | 2,086,587 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Alchemy Investments Acquisition Corp 1 | tax basis adjustments from TRA Exchanges, tax benefits from TRA payments, imputed interest | Pubco, certain Cartiga Members (TRA Holders) | 85% | 85% of the cash tax benefits; tax basis adjustments resulting from TRA Exchanges; certain Cartiga Members (the 'TRA Holders'); accrue interest until paid | [] | 1,901,336 | 2026-05-21 | 10-Q | View Document | 85% | |||
| Purple Innovation, Inc. | Tax basis increases in Purple LLC assets, imputed interest, additional tax basis from payments | InnoHold, noncontrolling interest holders | 80% | payment by the Company to InnoHold; 80% of the net cash savings; tax basis increases in the assets; imputed interest deemed to be paid | ['TRA share is 80%; full valuation allowance recorded.'] | 1,643,953 | 2026-04-28 | 10-Q | View Document | 80% | |||
| NUSCALE POWER Corp | NuScale Corp, NuScale LLC and 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 | ||||||
| Vistra Corp. | benefits realized as a result of certain transactions entered into at the emergence of our predecessor from reorganization under Chapter 11 of the U.S. Bankruptcy Code | benefits realized as a result of certain transactions; emergence of our predecessor from reorganization; no material TRA payments | ["TRA relates to predecessor's Chapter 11 reorganization."] | 1,692,819 | 2026-05-07 | 10-Q | View Document | ||||||
| Fluence Energy, Inc. | liability under the Tax Receivable Agreement | ['Text mentions TRA but lacks specific financial details.'] | 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 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 | Nextracker Inc., Flex, TPG | 85% | 85% of the tax benefits realized; Nextracker entered into a TRA with Flex; range from zero to approximately $300 million; tax benefits realized in relation to the IPO | ['Flex is the beneficiary; no asset recorded.'] | 866,374 | 2026-05-20 | 10-K | View Document | 85% | |||
| J M SMUCKER Co | Payment of assumed tax receivable agreement obligation | ['Assumed TRA obligation from an acquisition.'] | 91,419 | 2026-06-09 | 10-K | View Document |