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 | Pro Rata | Payment Rate |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Medline Inc. | $4,021.00 | Existing tax basis; tax basis adjustments; tax attributes of corporate entities; 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; revaluation for the blended state tax rate | [] | 1,794,515 | 2026-05-11 | 10-Q | View Document | ||||||
| CARVANA CO. | $2,228.00 | Basis adjustments to Carvana Group assets; tax benefits from TRA payments; imputed interest | LLC Unitholders | 85% | 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.', 'Liability accelerates upon change of control or breach.'] | 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; 85% of the amount of cash savings; predecessor owners | [] | 1,393,818 | 2026-05-08 | 10-Q | View Document | 85% | |||
| BLUE OWL CAPITAL INC. | $1,612.61 | 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 | ['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, Co-Founder, Sponsor | 85% | total TRAs-related liabilities were $820.1 million; certain tax attributes and benefits; Dutch Bros OpCo owners; Co-Founder and Sponsor; 85% of the income tax benefits | [] | 1,866,581 | 2026-05-06 | 10-Q | View Document | 85% | |||
| TPG Inc. | $782.20 | increase in the tax basis of our investment in the TPG Operating Group; Covered Tax Items | beneficiaries; current and former employees and partners of TPG Partner Holdings; Related Parties; non-affiliates | 85% | liability pursuant to the Tax Receivable Agreement... $782.2 million; increase in the tax basis of our investment; current and former employees and partners; 85% of the applicable cash savings | [] | 1,880,661 | 2026-05-01 | 10-Q | View Document | 85% | |||
| Apollo Global Management, Inc. | $778.00 | Section 754 election; increases in tax basis | 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; interest is accrued on the balance | ['Includes Apollo TRA and Bridge TRA liabilities.'] | 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 | ['Total liability includes $41 million current portion.'] | 1,856,525 | 2026-06-10 | 10-Q | View Document | 85% | |||
| Ares Management Corp | $581.70 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments and interest | TRA recipients; Holders of AOG Units | 85% | TRA liability balance was $581.7 million; increases in the tax basis; tangible and intangible assets of AMC; payment to the TRA recipients of 85%; Holders of AOG Units | ['Fifth Amended and Restated TRA dated February 2026'] | 1,176,948 | 2026-05-08 | 10-Q | View Document | 85% | |||
| Alight, Inc. / Delaware | $509.00 | tax basis adjustments, existing tax basis, tax attributes | certain owners of Alight Holdings, TRA Party Representative | 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; 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 | Holdings Units sold or exchanged; tax benefits from TRA payments (imputed interest); equity interests from 2012 TSG purchase. | 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; existing and previous equity owners; affiliates of TSG Consumer Partners, LLC; Holdings Units sold to the Company; tax benefits attributable to payments; purchase of interests in Pla-Fit Holdings | ['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; basis increases; blocker tax attributes; TRA payment benefits | Flex Ltd. (affiliate), TPG Inc., TPG Affiliates, Yuma Inc., Yuma Subsidiary Inc. | 85% | liability of $393.2 million; existing tax basis in tangible and intangible assets; 85% of the tax benefits; Flex’s affiliate, TPG and the TPG Affiliates | ['LLC partnership status terminated for tax purposes in 2026.'] | 1,852,131 | 2026-05-19 | 10-K | View Document | 85% | |||
| AEVEX Corp. | $373.20 | Increases in tax basis, existing tax basis, and TRA payment tax benefits | AEVEX Corp., Holdings LLC, TRA Rights Holders, Madison Dearborn Partners, LLC | 85% | required to pay approximately $373.2 million; 85% of certain tax savings; increases in the tax basis; existing tax basis; Company, Holdings LLC and the TRA Rights Holders | ['Liability estimate assumes all exchanges occur immediately.'] | 2,096,300 | 2026-05-20 | 10-Q | View Document | 85% | |||
| StepStone Group Inc. | $344.20 | increases in tax basis, other tax benefits, imputed interest | Class B, Class C, and Class D limited partners; pre-IPO institutional investors | 85% | Pro rata | total Tax Receivable Agreements liability was $344.2 million; 85% of the net cash tax savings; increases in tax basis; Class B, Class C, Class D limited partners; distributed to the other partners pro rata | [] | 1,796,022 | 2026-05-27 | 10-K | View Document | 85% | ||
| Portillo's Inc. | $344.20 | Existing tax basis, NOLs, basis adjustments from exchanges | 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; increases in tax basis; pre-IPO LLC Members | ['Payments relate to tax years 2023-2025.'] | 1,871,509 | 2026-05-05 | 10-Q | 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 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 | Current and Former Employees; KKR Holdings | undiscounted payable of $335.1 million; exchanges of KKR Holdings equity; Current and Former Employees; KKR Holdings; terminated the tax receivable agreement | ['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 would be accelerated upon closing of Merger.'] | 1,685,040 | 2026-05-07 | 10-Q | View Document | ||||||
| Interactive Brokers Group, Inc. | $310.00 | tax basis increases | IBG, Inc., Holdings, former members of IBG LLC | 85% | payables to Holdings... were $618 million; paid Holdings a cumulative total of $308 million; result of tax basis increases; 85% of the tax savings; IBG, Inc. also entered into an agreement | ['Liability is cumulative payables less cumulative payments.'] | 1,381,197 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Artisan Partners Asset Management Inc. | $305.20 | Preferred unit tax attributes, step-up of tax basis, imputed interest, depreciation and amortization charges | Pre-H&F Corp Merger Shareholder, current or former limited partners of Holdings | 85% | TRA liability... $305.2 million at March 31, 2026; 85% of the applicable cash savings; step-up of tax basis; imputed interest; Pre-H&F Corp Merger Shareholder; limited partners of Holdings | ['Company entered into two separate TRAs.'] | 1,517,302 | 2026-05-04 | 10-Q | View Document | 85% | |||
| GPGI, Inc. | $293.30 | increase in the tax basis of assets | GPGI Holdings and holders of interests therein | 90% | Total payments $293.3; increase in the tax basis of assets; GPGI Holdings and holders of interests therein; obligated to make payments of 90%; unpaid amounts... will accrue interest | ['TRA share is 90%, higher than industry standard 85%.'] | 1,823,144 | 2026-05-07 | 10-Q | View Document | 90% | |||
| Moelis & Co | $269.30 | tax basis of the tangible and intangible assets; imputed interest | eligible Managing Directors | 85% | total payable of $269.3 million; tax basis of the tangible and intangible assets; eligible Managing Directors; 85% of the amount of cash savings | ['Payments required within 225 days of tax filing.'] | 1,596,967 | 2026-04-30 | 10-Q | View Document | 85% | |||
| Cactus, Inc. | $264.80 | tax basis subject to the TRA | certain 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; remaining members of Alclear; 85% of the net cash savings | ['Liability includes short-term and long-term portions.'] | 1,856,314 | 2026-05-06 | 10-Q | View Document | 85% | |||
| Stagwell Inc | $252.39 | increases in the tax basis of 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; assignment and waiver of Rook’s rights; collapse of its former “Up-C” structure; taxable exchange | ['Rook assigned and waived TRA rights to Company.', 'Liability reduced by $120M following Up-C collapse.'] | 1,794,669 | 2026-05-07 | 10-Q | View Document | |||||
| Shake Shack Inc. | $246.01 | Tax basis increases from LLC Interest redemptions/exchanges, TRA payments, and imputed interest. | Non-controlling members of SSE Holdings | 85% | obligations totaled $246.0 million; 85% of any tax benefits; increases in the tax basis; non-controlling members of SSE Holdings | ['Payments not conditioned upon continued ownership interest.'] | 1,620,533 | 2026-05-07 | 10-Q | View Document | 85% | |||
| European Wax Center, Inc. | $243.60 | Existing tax basis; tax basis adjustments; Blocker tax attributes; TRA payment tax benefits | EWC Ventures Pre-IPO Members | 85% | Lesser of 6.5% or one year SOFR + 100bp | aggregate to approximately $243.6 million; 85% of the benefits; certain existing tax basis of EWC Ventures; EWC Ventures Pre-IPO Members; lesser of 6.5% per annum and SOFR | ['Estimate assumes future exchanges occur on January 4, 2025.'] | 1,856,236 | 2026-04-27 | 10-K/A | 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; imputed interest deemed to be paid | ['Liability decreased from $265.7M to $238.9M in Q1.'] | 1,725,255 | 2026-05-05 | 10-Q | View Document | 85% | |||
| Hamilton Lane INC | $235.40 | Tax basis increases in tangible and intangible assets; specially allocated loss items; tax benefits from TRA payments. | Pre-IPO members of HLA; exchanging HLA unitholders (TRA Recipients). | 85% | liability of $235.4 million; increases in tax basis; exchanging HLA unitholders; pay them 85% of the amount; interest accrued from the due date | ['Liability decreased from $240.6 million in 2025.'] | 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 OpCo assets, NOLs and interest expense carryforwards of WB 892 LLC, imputed interest, and basis from TRA payments. | 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; TRA with OpCo and the TRA Holders | ['Liability includes NOLs from WB 892 LLC.'] | 2,064,947 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Legence Corp. | $217.00 | Existing tax basis, blocker tax attributes, basis increases from unit exchanges, and TRA payment tax benefits. | Legence Parent and Legence Parent II (the TRA Members) | 85% | TRA liability is $8.2 million and $208.8 million; allocable share of existing tax basis; tax attributes of the blocker entities; increases in tax basis from future redemptions; Legence Parent and Legence Parent II; 85% of the net cash tax savings | ["Liability increased $9.8 million from underwriters' overallotment exercise."] | 2,052,568 | 2026-05-14 | 10-Q | View Document | 85% | |||
| Forgent Power Solutions, Inc. | $207.30 | Opco LLC Interests basis, Blocker NOLs, 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; Forgent Parent I LP; allocable share of tax basis; net operating losses | ['Company has yet to make its first TRA payment.'] | 2,080,126 | 2026-05-14 | 10-Q | View Document | 85% | |||
| European Wax Center, Inc. | $201.98 | Existing tax basis; adjustments to tax basis | EWC Ventures pre-IPO members | 85% | Tax receivable agreement liability, net... 193,245; existing tax basis of the tangible and intangible; EWC Ventures pre-IPO members; 85% of the applicable cash tax savings; 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 from unit redemptions, exchanges, and acquisitions; TRA payment basis increases; imputed interest. | Holders of Post-Merger Repay Units; selling Hawk Parent members. | 100% | liability of $191.8 million; increases in its share of tax basis; holders of Post-Merger Repay Units; 100% of the amount of tax benefits | ['TRA measured at fair value', 'Company pays 100% of realized tax benefits'] | 1,720,592 | 2026-05-04 | 10-Q | View Document | 100% | |||
| Five Point Holdings, LLC | $181.90 | 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 $181.9 million; 85% of the cash savings; exchanges of Class A units; California net operating loss deductions | ['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 (NOLs); 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, the Blocker Shareholders | ['Liability recorded in connection with IPO.'] | 2,065,636 | 2026-05-13 | 10-Q | View Document | 85% | |||
| Goosehead Insurance, Inc. | $171.90 | Tax basis in tangible and intangible assets; imputed interest | Pre-IPO LLC Members | 85% | total amount of TRA Payments... $171.9 million; increase in tax basis in GSHD's assets; 85% of the amount of cash savings; TRA with the Pre-IPO LLC Members | ['Liability includes current and non-current portions.'] | 1,726,978 | 2026-04-23 | 10-Q | View Document | 85% | |||
| PBF Energy Inc. | $168.20 | Increases in tax basis from unit exchanges; tax benefits from TRA payments | PBF LLC Series A unitholders, PBF LLC Series B unitholders | 85% | recognized a liability of $168.2 million; 85% of the amount of the benefits; increases in tax basis; PBF LLC Series A and Series B unitholders; tax benefits attributable to payments | ['Liability is undiscounted and 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, other tax attributes | Direct or indirect equity holders; permitted assignees | 85% | Tax receivable agreement obligations 166,453; increase to the tax basis; intangible assets of Virtu Financial; Net Operating Losses (“NOLs”); 85% of the applicable cash tax savings; accrue interest until paid | [] | 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 units in Sculptor’s operating partnerships (TRA Holders) | carrying value of the TRA liability... $165.4 million; taxable acquisitions... of Sculptor operating partnership units; including net operating losses; former holders of units in Sculptor’s operating partnerships | ['Sculptor Acquisition triggered change of control assumptions.'] | 1,556,593 | 2026-05-04 | 10-Q | View Document | |||||
| OLAPLEX HOLDINGS, INC. | $165.10 | Amortization of intangible assets and capitalized transaction costs | Pre-IPO Stockholders | 85% | aggregate to $165.1 million; 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 | increase in tax basis in GDH LP’s assets; imputed interest | holders of Class B Units in GDH LP; TRA Holders | 85% | TRA-related liability... of $149.4 million; increase in tax basis in GDH LP’s assets; holders of Class B Units in GDH LP; 85% of the cash savings | ['Amended and restated TRA entered 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.', 'Liability is based on undiscounted estimated future payments.'] | 1,781,755 | 2026-05-04 | 10-Q | View Document | 85% | |||
| SUJA LIFE, INC. | $143.90 | unit exchanges, pre-IPO tax attributes, imputed interest, depreciable/amortizable tax basis | continuing equity owners and blocker shareholders | 85% | estimated total payments of approximately $143.9 million; 85% of the amount of cash tax savings; continuing equity owners and blocker shareholders; unit exchanges in Holdings LP; pre-IPO tax attributes acquired in the Organizational Transactions | [] | 1,934,114 | 2026-06-09 | 10-Q | View Document | 85% | |||
| Rush Street Interactive, Inc. | $133.40 | Increase in tax basis from Business Combination and RSILP Unit exchanges; TRA payment tax benefits. | Special Limited Partner, holders of Retained RSILP Units | 85% | recognized a TRA liability of $133.4 million; increase in tax basis; exchange of Retained RSILP Units; Special Limited Partner entered into the TRA; pay 85% of certain net tax benefits | ['Payments are obligation of Special Limited Partner', 'Exchanges after June 2025 are equity transactions'] | 1,793,659 | 2026-04-29 | 10-Q | View Document | 85% | |||
| Driven Brands Holdings Inc. | $129.00 | Depreciation and amortization deductions; tax basis in intangible assets | Principal Stockholders; senior management team; pre-IPO shareholders | 85% | SOFR + 5% | current... $56 million... non-current... $73 million; depreciation and amortization deductions; tax basis... intangible assets; Principal Stockholders, and our senior management team; 85% of the amount of cash savings; SOFR plus an applicable term adjustment plus 5% | ['Interest rate transitioned to SOFR in July 2023.'] | 1,804,745 | 2026-05-19 | 10-K | View Document | 85% | ||
| MediaAlpha, Inc. | $123.40 | Tax basis in assets of QLH; NOLs of Intermediate Holdco; imputed interest | Insignia, Senior Executives, White Mountains, Class B-1 unit holders | 85% | recorded a liability of $123.4 million; increases in tax basis of assets of QLH; net operating losses of Intermediate Holdco; Insignia, the 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 of assets; depreciation and amortization deductions; TRA payment tax benefits | Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc., AES Grid Stability, LLC | 85% | equaling 85% of such amount, or $117 million; increases in our share of the tax basis; Siemens Industry, Inc. and AES Grid Stability, LLC; 85% of the tax benefits; Company has not recognized the remaining liability | ['Liability not recognized due to full valuation allowance.'] | 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; $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 | Parthenon Stockholders, certain Continuing LLC Members | TRA liability of $111.0 million; tax basis of investment in LD Holdings; Parthenon Stockholders and certain Continuing LLC Members | ['TRA liability increased by $1.9 million.'] | 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 investors | 85% | TRA liability of $108.9 million; increases in our tax basis; utilization of pre-IPO NOLs; certain of its investors; 85% of the amount of tax benefits | ['Liability unchanged from December 31, 2025.'] | 1,628,908 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Driven Brands Holdings Inc. | $108.00 | Pre-IPO and IPO-Related Tax Benefits | pre-IPO shareholders | 85% | SOFR plus an applicable term adjustment plus 5.0% | current $35 million and non-current $73 million; Pre-IPO and IPO-Related Tax Benefits; Company’s pre-IPO shareholders; payment of 85% of cash savings; SOFR plus term adjustment plus 5.0% | [] | 1,804,745 | 2026-06-11 | 10-Q | View Document | 85% | ||
| Funko, Inc. | $102.50 | future redemptions or exchanges of common units; tax benefits from TRA payments | FAH, LLC, Continuing Equity Owners, and certain transferees | 85% | gross outstanding balance... was $102.5 million; future redemptions or exchanges of common units; FAH, LLC and each Continuing Equity Owners; 85% of the amount of tax benefits; unpaid amounts... will accrue interest until paid | ['Full valuation allowance on related deferred tax assets.'] | 1,704,711 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Perella Weinberg Partners | $94.00 | Exchange of interests in PWP OpCo; payments under TRA; 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 under TRA was $92.4 million; 85% of certain tax benefits; Basis Adjustments, Section 704(c) Allocations, interest deductions; Flowco Holdings, Flowco LLC and Continuing Equity Owners | ['Liability increased $70.5 million from Common Unit Conversions.'] | 2,035,149 | 2026-05-06 | 10-Q | View Document | 85% | |||
| Sun Country Airlines Holdings, Inc. | $87.17 | Pre-IPO Tax Attributes (including net operating loss carryforwards) | Pre-IPO stockholders (including management and Board members) | 85% | aggregate to approximately $87,169; Pre-IPO Tax Attributes, include net operating loss carryforwards; pre-IPO stockholders, management and Board of Directors; 85% of the amount of cash savings; deferred and will accrue interest until paid | ['Liability amount likely in thousands.'] | 1,743,907 | 2026-04-30 | 10-K/A | 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... IPO; pre-IPO stockholders (the 'TRA holders'); TRA will terminate... Merger Agreement with Allegiant | ['TRA terminates upon 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; $4.6 million coming due over the next twelve months; realizes actual cash tax savings from tax benefits | ['Liability split between current and long-term portions.'] | 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 Tax Receivable Agreement was $75.0 million; increases in tax basis; imputed interest; additional tax basis from payments; other then-existing members of Solaris LLC; 85% of the net cash savings; distribute cash pro rata to each member | ['TRA was amended on June 27, 2023.'] | 1,697,500 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Liberty Energy Inc. | $66.90 | increases in tax basis, net operating losses, imputed interest, additional tax basis from TRA payments | R/C Energy IV Direct Partnership, L.P., TRA Holders | 85% | liability under the TRAs was $66.9 million; 85% of the net cash savings; increases in tax basis; net operating losses; imputed interest; R/C Energy IV Direct Partnership, L.P. | [] | 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 | ['Payments 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 + 300 basis points | totaled $59.2 million; net operating losses; existing tax basis; 85% of the tax benefits realized; Secured Overnight Financing Rate plus 300 basis points; continuing members of Zevia LLC | ['Liability not recorded due to full valuation allowance.'] | 1,854,139 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Excelerate Energy, Inc. | $58.81 | Increases in tax basis, existing tax basis, assets purchased from Foundation | EE Holdings, the Foundation | 85% | TRA liability 51,122; Current portion of TRA liability 7,685; 85% of the amount; increases in the tax basis of assets; existing tax basis of assets; TRA with EE Holdings and the Foundation | ['Total liability includes 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; to the TRA Parties; pay 85% of the amount | [] | 1,819,796 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Lazard, Inc. | $46.83 | increases in the tax basis of certain assets; other tax benefits; tax basis increases from TRA payments | 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 | ['Term ends 2033; payments are 45% and 85%.'] | 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 | ['Total liability is $43.675 million.'] | 1,682,745 | 2026-05-06 | 10-Q | View Document | |||||||
| Select Water Solutions, Inc. | $43.40 | Increases in tax basis, net operating losses (NOLs), imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P. (Crestview GP), TRA Holders | 85% | liability associated with the TRAs... $43.4 million; 85% of the net cash savings; increases in tax basis; net operating losses (“NOLs”); Legacy Owner Holdco and Crestview Partners II GP | ['OBBBA enacted July 4, 2025, defers payment timing.'] | 1,693,256 | 2026-05-06 | 10-Q | View Document | 85% | |||
| Black Rock Coffee Bar, Inc. | $42.50 | Basis Adjustments, interest deductions | Black Rock OpCo, Continuing Equity Owners, TRA Parties | 85% | liability of approximately $42.5 million; Basis Adjustments and certain tax benefits; Black Rock OpCo and the TRA Parties; 85% of the amount of tax benefits | ['Liability increased $3.3 million due to unit exchanges'] | 2,068,577 | 2026-05-13 | 10-Q | View Document | 85% | |||
| MALIBU BOATS, INC. | $39.60 | increases in tax basis of LLC assets, Section 754 election, tangible and intangible assets | pre-IPO owners of the LLC (or their permitted assignees) | 85% | Ending balance $39,332; 85% of the amount of the benefits; increases in tax basis; pre-IPO owners of the LLC; 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 | Tax basis step-up (743(b)), 197 intangibles, NOL carryforwards, interest deductions | Diamond Interests Group LLC, Seller Owners, Continuing Equity Holders (Erik West, Mike Rowe, Jeremy Spivey) | 85% | SOFR + 100bp | liability... totaled $39,423,529; tax basis step-up in OpCo's assets; 85% of the net cash tax savings; SOFR plus 100 basis points; NOL carryforward mechanics | ['Company also has a separate Tax Benefit Agreement.'] | 2,079,999 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Hagerty, Inc. | $38.30 | Increases in tax basis, amortization of basis increase, imputed interest | Legacy Unit Holders (Hagerty Holding Corp. and Markel) | 85% | TRA Liability was $38.3 million; increases in tax basis; 85% of the... cash tax savings; Hagerty Holding Corp. ('HHC') and Markel; amortization of the basis increase | ['Liability decreased from $39.8M to $38.3M.'] | 1,840,776 | 2026-05-06 | 10-Q | View Document | 85% | |||
| OneWater Marine Inc. | $37.50 | Increases in tax basis and imputed interest | Certain owners of OneWater LLC; TRA Holders | 85% | undiscounted liability... was $37.5 million; increases in tax basis; tax benefits attributable to imputed interest; certain of the owners of OneWater LLC; 85% of the calculated net cash savings; deferred payments... will accrue interest | ['Liability is undiscounted.', 'Note 17 mentions $33.5 million.'] | 1,772,921 | 2026-05-04 | 10-Q | View Document | 85% | |||
| National CineMedia, Inc. | $35.70 | Intangible assets related to the ESA Parties | Cinemark, AMC (terminated) | Payable under the TRA 2.9; Payable under the TRA 32.8; TRA payments to Cinemark; no longer... obligation to make TRA payments to AMC; intangible asset related to the ESA Parties | ['AMC TRA obligation terminated in 2025.'] | 1,377,630 | 2026-05-12 | 10-Q | View Document | |||||
| OppFi Inc. | $35.05 | tax basis "step-up" | Members, OppFi-LLC, and other persons named therein | Tax receivable agreement liability 35,046; tax basis "step-up"; OppFi made payments to the Members; aggregate early termination payment of approximately $40.8 million | ['TRA amended and terminated in April 2026.'] | 1,818,502 | 2026-05-07 | 10-Q | View Document | |||||
| 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; imputed interest; i3 Verticals, LLC; Continuing Equity Owners; represents 85% of the estimated future tax benefits | ['Payments expected over the next 22 years.'] | 1,728,688 | 2026-05-08 | 10-Q | View Document | 85% | |||
| AlTi Global, Inc. | $30.60 | increase in tax basis of the 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 the assets; TWMH Members, TIG GP Members, TIG MGMT Members; pay certain parties 85% of 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 | Payment to terminate Enfusion’s tax receivable agreement | ["Payment to terminate Enfusion's TRA."] | 1,866,368 | 2026-05-07 | 10-Q | View Document | |||||||
| FORWARD AIR CORP | $28.25 | tax attributes as of the date of exchanges; tax benefits related to 700 shares of common stock; partnership tax rules | certain Omni Holders | liability of $10,580; total estimated payable of $17,675; certain Omni Holders; tax attributes as of the date of exchanges; tax benefits related to the 700 shares | ['Liability includes contingent consideration and estimated payables.', 'Liability increased by $16.7 million in Q1 2026.'] | 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 attributable to payments under the TRA | certain former owners of PNMAC; PNMAC’s exchanged unitholders | 85% | $24.8 million Payable to exchanged Private National Mortgage; increases in tax basis of PNMAC’s assets; certain former owners of PNMAC; 85% of the amount of the net | [] | 1,745,916 | 2026-05-05 | 10-Q | View Document | 85% | |||
| Utz Brands, Inc. | $23.70 | Tax basis in UBH net assets; TRA payment basis increases; Kennedy Endeavors tax amortization | Noncontrolling Interest Holders | 85% | liability of $23.7 million; 85% of the amount of any tax benefits; increases in the share of the tax basis; tax amortization deductions attributable to the acquisition; Noncontrolling Interest Holders | ['Includes benefits from Kennedy Endeavors acquisition.'] | 1,739,566 | 2026-05-06 | 10-Q | View Document | 85% | |||
| Red Rock Resorts, Inc. | $19.40 | Section 754 step-up, depreciable assets, outside basis, NOLs | Certain owners prior to IPO, Fertitta Family Entities | 85% | liability under the TRA was $19.4 million; step-up in the basis of depreciable assets; certain owners who held LLC Units; 85% of the tax benefits realized; Payments not made... generally accrue interest | ['Liability includes $4.9 million payable to Fertitta Family Entities.'] | 1,653,653 | 2026-05-07 | 10-Q | View Document | 85% | |||
| RMR GROUP INC. | $18.48 | Increases in tax basis; imputed interest | RMR Inc., ABP Trust | 85% | liability related to the tax receivable agreement of $18,478; increases in tax basis attributable to RMR Inc.’s dealings; RMR Inc. pays to ABP Trust; 85.0% of the amount of cash savings | ['Liability includes $2.552M current portion.'] | 1,644,378 | 2026-05-06 | 10-Q | View Document | 85% | |||
| NEWMARK GROUP, INC. | $17.51 | tax basis of the tangible and intangible assets | Cantor | 85% | liability to Cantor of $17.5 million; tax basis of the tangible and intangible assets; Newmark to Cantor of 85%; Tax Receivable Agreement with Cantor | ['Offsetting deferred tax asset of $19.5 million.'] | 1,690,680 | 2026-05-08 | 10-Q | View Document | 85% | |||
| NEWMARK GROUP, INC. | $17.50 | tax basis of tangible and intangible assets; tax benefits from TRA payments | Cantor, Newmark | 85% | $17.5 million liability to Cantor; tangible and intangible assets of Newmark OpCo; Cantor and Newmark; payment by us to Cantor of 85% | ['20% of each payment deposited into escrow.'] | 1,690,680 | 2026-04-30 | 10-K/A | 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; 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% | |||
| Definitive Healthcare Corp. | $13.00 | Tax basis adjustments, net operating losses, Section 754 adjustments, Blocker Company tax attributes | 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; accrue interest until paid | ['Liability remeasured due to goodwill impairment.'] | 1,861,795 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Viant Technology Inc. | $12.50 | Increases in tax basis of intangible assets; imputed interest | Viant Technology LLC, continuing members, TRA Representative | 85% | total TRA liability... was $12.5 million; increases in tax basis of the intangible assets; continuing members of Viant Technology LLC; 85% of the amount of net cash tax savings | ['Early termination discount: lesser of 6.5% or SOFR+400bp.'] | 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, 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% | ['Liability not recorded as payments are 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, 743(b) | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | TRA liability of $9.4 million; Basis Adjustments, Section 704(c) Allocations, interest deductions; pay to each Continuing Equity Owner 85%; deferred and will accrue interest until paid | ['TRA liability decreased following $0.5 million payment.'] | 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 common stock. | SLP Partners (partners of SLP); current principals; future employee-holders of Class B units. | 85% | liability is estimated to be $9,333; increases in tax basis; tangible and intangible assets of SLP; pay the SLP Partners 85%; partners of SLP | ['Terminates if partner fired for cause or competes.'] | 1,549,966 | 2026-05-11 | 10-Q | View Document | 85% | |||
| Array Technologies, Inc. | $5.80 | deductions from increase in tax value of 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.; 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 | |||||
| Zeo Energy Corp. | $4.60 | increases in tax basis and certain other tax attributes | OpCo and certain OpCo members | 85% | estimated unrecorded TRA liability was approximately $4.6 million; increases in tax basis; OpCo and certain OpCo members; 85% of the net cash savings | ['Liability unrecorded as realization not considered probable.'] | 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 Investor; Blackstone Tax Receivable Agreement was terminated | ['Blackstone TRA terminated; liability remains on balance sheet.'] | 1,828,937 | 2026-05-11 | 10-Q | View Document | ||||||
| biote Corp. | $4.19 | tax basis in the net assets of Holdings; tax basis increases from TRA payments | then-existing non-controlling interest holders | 85% | TRA liability 4,190; tax basis in the net assets of Holdings; then-existing non-controlling interest holders; 85% of the amount of any tax benefits | [] | 1,819,253 | 2026-05-11 | 10-Q | View Document | 85% | |||
| MARKETWISE, INC. | $4.04 | Step up in tax basis, basis adjustments, carryforward attributes | Certain shareholders, members of MarketWise, LLC, Arnold Parties | 85% | cumulative liability of $4,035 under the TRA; step up in the tax basis; 85% of the calculated tax savings; unpaid amounts will accrue interest until paid | ['Arnold Parties waived TRA rights in settlement.', 'Acquisition proposal contingent on TRA termination.'] | 1,805,651 | 2026-05-07 | 10-Q | View Document | 85% | |||
| HMH Holding Inc | $3.80 | Acquisitions of B.V. shares, redemptions, exchanges, imputed interest | HMH B.V. and the Principal Stockholders | 85% | expects to record a TRA liability... $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 exchanges, imputed interest, additional tax basis from TRA payments | Legacy Owners | 85% | recorded a TRA liability of $3.6 million; tax basis increases resulting from the exchange; with the owners... prior to the IPO; payment... of 85% of the net cash savings | ['TRA liability classified as a non-current liability.'] | 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; 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, and Members of GEN LLC | 85% | liability related to its projected obligations... $1.1 million; increases in tax basis resulting from any future redemptions; GEN Inc. entered into the TRA... 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; Section 743(b) or 734(b); certain Opco equity holders; ICE and 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% | |||
| RE/MAX Holdings, Inc. | $0.22 | RIHI, Inc. | total liability under the TRAs... is $0.2 million; RIHI, Inc. (“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; Section 754 basis increases | DDH LLC and DDM (TRA Holders) | 85% | Liability related to tax receivable agreement $41; increase in its share of the tax basis; TRA with DDH LLC and DDM; 85% of the net cash savings; deferred payments... will accrue interest | ['Liability is less than $0.1 million.'] | 1,880,613 | 2026-05-15 | 10-Q | View Document | 85% | |||
| Arxis, Inc. | $0.02 | compensation deduction from transfer of convertible common stock | Arcline Arxis Advisory I, L.P. | 85% | total liability... is approximately $16,000; 85% of the anticipated cash tax savings; compensation deduction resulting from the transfer; Arcline Arxis Advisory I, L.P. | ['TRA covers compensation deductions from convertible stock issuance.'] | 2,093,536 | 2026-05-28 | 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, Existing Equityholders | 85% | no TRA liability has been recorded; certain tax basis adjustments; 85% of the Realized Tax Benefit; Thomas James Segrave Jr.; Existing Equityholders | ['No liability recorded; $15M max early termination payment.'] | 1,843,973 | 2026-05-11 | 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 full valuation allowance.'] | 1,705,843 | 2026-05-14 | 10-Q | View Document | |||||||
| Bumble Inc. | $0.00 | Common Units | Founder, Sponsor, affiliate of Accel Partners LP, management | fully settled in November 2025; complete and full termination; pre-IPO owners including our Founder; exchanges of Common Units | ['TRA was fully settled and 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 resulting from taxable exchanges; TRA Holders (certain Intuitive Machines, LLC members); 85% of the amount of the cash tax savings | ['Full valuation allowance applied to deferred tax assets.'] | 1,844,452 | 2026-05-15 | 10-Q | View Document | 85% | |||
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from OpCo Units acquisition, imputed interest, and 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... and the Agent; pay each TRA Holder 85% | ['Payment cap of $50,000 for change of control.'] | 1,841,425 | 2026-05-12 | 10-Q | View Document | 85% | |||
| Vivid Seats Inc. | $0.00 | Increases in tax basis, existing tax basis, 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; existing tax basis; deductions in respect of imputed interest; existing Hoya Intermediate unitholders; Hoya Topco, LLC | ['TRA terminated October 2025 via Corporate Simplification.'] | 1,856,031 | 2026-05-05 | 10-Q | View Document | 85% | |||
| Symbotic Inc. | $0.00 | attributes obtained from exchanges by pre-IPO members | Legacy Warehouse Holders (TRA Holders) | 85% | no TRA liability was recorded; 85% of these potential future tax benefits; certain Legacy Warehouse Holders; attributes obtained by the Company | ['Full valuation allowance prevents recording TRA liability.'] | 1,837,240 | 2026-05-06 | 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 | ['TRA liability nil due to full valuation allowance.'] | 1,779,474 | 2026-05-11 | 10-Q | View Document | 85% | |||
| Brilliant Earth Group, Inc. | $0.00 | Tax basis adjustments, Section 743(b), Section 197 | Brilliant Earth Group, Inc., Brilliant Earth, LLC, Continuing Equity Owners | 85% | 85% of the amount of tax benefits; Continuing Equity Owners; Sections 743(b) and 197 of the Code; no TRA liability reflected; determined a TRA liability was not probable | ['TRA liability not probable due to valuation allowance.'] | 1,866,757 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Xponential Fitness, Inc. | $0.00 | NOLs, existing tax basis, tax basis adjustments, imputed interest | H&W Investco Blocker II, LP; Continuing Pre-IPO LLC Members | 85% | LIBOR + 100bp | 85% of the amount of cash savings; LIBOR plus 100 basis points; net operating losses; existing tax basis; tax basis adjustments; H&W Investco Blocker II, LP; Continuing Pre-IPO LLC Members; $116,527 of the TRA liability was not recorded | ['Liability not recorded due to valuation allowance.', 'Potential liability is $116.527 million.'] | 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 | ['Simplification expected to reduce future TRA payment obligations.'] | 1,870,600 | 2026-05-14 | 10-Q | View Document | |||||||
| 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 and binding; deferred tax assets subject to the TRA | ['TRA terminated effective June 12, 2025.'] | 1,845,437 | 2026-05-11 | 10-Q | View Document | |||||
| Andersen Group Inc. | $0.00 | increase in tax basis in the assets of AT Umbrella LLC and its flow-through subsidiaries; tax benefits attributable to payments under the TRA | Aggregator; certain holders of Class X Umbrella Units; pre-IPO owners | 85% | not yet incurred a liability; increase in tax basis in the assets; 85% of the amount of tax benefits; Aggregator; holders of Class X Umbrella Units | ['No liability has been incurred as of report.'] | 2,065,708 | 2026-05-12 | 10-Q | View Document | 85% | |||
| FuboTV Inc. | $0.00 | Historic NOLs, basis adjustments from redemptions or exchanges, distributions, TRA payments, and imputed interest. | FuboTV Inc., Newco, and Hulu | 70% | no TRA liability has been recorded; historic net operating loss carryforwards (“NOLs”); increases in tax basis in Newco’s assets; Company, Newco and Hulu; obligates the Company to pay Hulu... 70% | ['TRA share is 70% of realized tax benefits.'] | 1,484,769 | 2026-05-06 | 10-Q | View Document | 70% | |||
| Nerdy Inc. | $0.00 | Increases in tax basis, imputed interest, and additional basis from TRA payments | Legacy Nerdy Holders | 85% | 85% of the net cash savings; certain Legacy Nerdy Holders; certain increases in tax basis; imputed interest; not recognized a liability of $118,238 | ['Liability not recognized as payment not probable.'] | 1,819,404 | 2026-05-07 | 10-Q | View Document | 85% | |||
| Greenlane Holdings, Inc. | $0.00 | increases in tax basis and certain other tax attributes | Greenlane Holdings, LLC and certain of its former members | 85% | had not recorded a liability under the TRA; increases in tax basis and other tax attributes; Greenlane Holdings, LLC and certain former members; payment by the Company of 85% | ['Liability not recorded due to valuation allowance assessment.'] | 1,743,745 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| vTv Therapeutics Inc. | $0.00 | Exchange of Class B common stock and vTv Units, imputed interest, tax benefits from TRA payments | MacAndrews, M&F TTP Holdings Two LLC, M&F TTP Holdings LLC | 85% | not recognized any liability; exchange of Class B common stock; imputed interest deemed to be paid; tax benefits attributable to payments; 85% of the amount of cash savings; M&F TTP Holdings Two LLC | ['No liability recognized as of March 31, 2026.'] | 1,641,489 | 2026-05-13 | 10-Q | View Document | 85% | |||
| 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; party to a TRA with MLSH 1; increases in the tax basis of assets | ['Liability derecognized as realization not probable.'] | 1,823,239 | 2026-05-08 | 10-Q | View Document | 85% | |||
| Greenlane Holdings, Inc. | $0.00 | increases in tax basis and certain other tax benefits | certain former holders of interests in the Operating Company | 85% | recorded no liability under the TRA; increases in tax basis; certain other tax benefits; former holders of interests in the Operating Company; 85% of certain tax benefits | ['No liability recorded due to valuation allowance.'] | 1,743,745 | 2026-05-15 | 10-Q | View Document | 85% | |||
| York Space Systems Inc. | $0.00 | net operating loss carryforwards and research and development credit carryforwards | equity holders of Holdings and holders of Class P Units | 85% | SOFR + 100bp | 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 not probable.'] | 2,086,587 | 2026-05-15 | 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; tax deductions; certain tax attributes; entered into the Tax Receivable Agreement with AST LLC | ['Full valuation allowance recorded against deferred tax assets.'] | 1,780,312 | 2026-05-11 | 10-Q | View Document | 85% | |||
| indie Semiconductor, Inc. | $0.00 | basis adjustments on future exchanges of ADK, LLC units and other carryforward attributes | certain shareholders | 85% | not recorded a liability under the TRAs; basis adjustments on future exchanges; other carryforward attributes; certain shareholders; 85% of the calculated tax savings | ['Full valuation allowance prevents liability recognition.'] | 1,841,925 | 2026-05-11 | 10-Q | View Document | 85% | |||
| Bioventus Inc. | $0.00 | Tax basis increases from redemptions, exchanges, distributions, and TRA payments | Continuing LLC Owner | 85% | had not recorded any liabilities; increases in the tax basis of assets; Continuing LLC Owner; 85% of the amount of tax benefits; accrue interest until paid | ['No liability recorded as no LLC interests exchanged'] | 1,665,988 | 2026-05-06 | 10-Q | View Document | 85% | |||
| PROKIDNEY CORP. | $0.00 | Increases in tax basis from unit exchanges; 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; 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% | |||
| NUSCALE POWER Corp | $0.00 | NuScale Corp, NuScale LLC and legacy NuScale Equityholders | liability is not probable and therefore not recorded; NuScale Corp, NuScale LLC and legacy NuScale Equityholders; No TRA payments are expected | ['Liability not recorded due to valuation allowance.'] | 1,822,966 | 2026-05-07 | 10-Q | View Document | ||||||
| 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; Section 754 of the Internal Revenue Code; 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% | |||
| 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... $33.8 million; increases in tax basis... Redemption Right; imputed interest... additional tax basis; 85% of the net cash savings; EVgo Holdings and LS Power Equity Advisors | ['Liability not accrued; potential liability is $33.8 million.'] | 1,821,159 | 2026-05-05 | 10-Q | View Document | 85% | |||
| Canopy Growth Corp | $0.00 | Acreage | Acreage Tax Receivable Agreement; Balance at March 31, 2025 | ['TRA balance reduced to zero'] | 1,737,927 | 2026-06-15 | 10-K | View Document | ||||||
| RE/MAX Holdings, Inc. | step-up in tax basis on RMCO’s assets | RIHI; RMCO’s other pre-IPO owner | 85% | 85% of the amount of cash savings; step-up in tax basis on RMCO’s assets; RIHI and RMCO’s other pre-IPO owner; unpaid amounts will be deferred and accrue interest | [] | 1,581,091 | 2026-04-30 | 10-K/A | View Document | 85% | ||||
| GMR Solutions Inc. | federal, state and local net operating losses, deferred interest deductions, tax basis in amortizable or depreciable assets, and certain deductible expenses | certain stockholders and members of management | 85% | Pro rata | 85% of the benefits; federal, state and local net operating losses; deferred interest deductions; tax basis in amortizable or depreciable assets; certain stockholders and members of management; allocated share of 6%; take into account their holdings | ['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, TRA Holders | 85% | 85% of the amount of cash tax savings; Basis Adjustments, Existing Basis, Blocker Tax Attributes; X-Energy, Inc., XERC and the TRA Holders; unpaid amounts will be deferred and accrue interest | ['TRA not terminated upon change of control.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | ||||
| Falcon's Beyond Global, Inc. | Increases in tax basis from unit exchanges; tax benefits from TRA payments | Exchange TRA Holders, the Company, Falcon’s Opco, TRA holder representative | 85% | 85% of the amount of tax benefits; increases in tax basis resulting from any exchange; Exchange TRA Holders; Falcon’s Opco; TRA holder representative | ['Full valuation allowance maintained on deferred tax assets.'] | 1,937,987 | 2026-05-14 | 10-Q | View Document | 85% | ||||
| Repay Holdings Corp | Increases in tax basis of Hawk Parent assets, other tax attributes, and TRA-related tax benefits | Repay Unitholders, John Morris, Shaler Alias, Tim Murphy | 100% | Term SOFR + 571.513bp | 100% of the tax benefits; Term SOFR plus 571.513 basis points; increases to the tax basis; exchanging Repay Unitholders; John Morris, Shaler Alias, Tim Murphy | ['TRA share percentage is 100%.'] | 1,720,592 | 2026-04-30 | 10-K/A | View Document | 100% | |||
| Evercore Inc. | Payments Under Tax Receivable Agreement | [] | 1,360,901 | 2026-05-06 | 10-Q | View Document | ||||||||
| OLAPLEX HOLDINGS, INC. | tax basis in intangible assets and capitalized transaction costs | Pre-IPO Stockholders; Penelope Group Holdings GP, LLC; Advent Funds | 85% | 85% of the amount of cash savings; tax basis in intangible assets; capitalized transaction costs; pre-IPO unitholders of Penelope Group Holdings; Advent Funds | ['TRA Waiving Parties waived rights; agreement terminates upon merger.'] | 1,868,726 | 2026-04-30 | 10-K/A | View Document | 85% | ||||
| Liberty Broadband Corp | tax benefits realized by GCI Liberty | Liberty Broadband, GCI Liberty, Charter | tax benefits realized by GCI Liberty; portion... corresponding to such excess; Liberty Broadband and GCI Liberty; GCI Tax Receivables Agreement | ['TRA entitlement contingent on tax exceeding $420 million.'] | 1,611,983 | 2026-04-28 | 10-Q | View Document | ||||||
| Yesway, Inc. | Existing tax basis, basis increases, Blocker tax attributes, TRA payment benefits | Ultimate Parent, Continuing Equity Owners, Blocker Shareholders | 85% | obligated to pay the TRA Participants 85%; allocable share of the existing tax basis; increases in Yesway, Inc.’s allocable share; tax attributes of the Blocker Companies; Ultimate Parent, Continuing Equity Owners, Blocker Shareholders | [] | 1,859,836 | 2026-06-02 | 10-Q | View Document | 85% | ||||
| X-Energy, Inc. | Existing Basis, Exchange Existing Basis, Basis Adjustments, Blocker Tax Attributes, Imputed Interest, TRA Accounting and Legal Expenses | TRA Party, Exchange TRA Party, Blocker Shareholder | 85% | 12% | Pro rata | 85% of the Cumulative Net Realized Tax Benefit; Penalty Rate means a rate of 12%; allocated among the TRA Parties in proportion; Covered Tax Assets means (i) Existing Basis | ['Penalty Rate is 12%.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | ||
| Rocket Companies, Inc. | increases in tax basis and other tax benefits | RHI, RHI II, and Daniel Gilbert | 90% | 90% of the amount of cash savings; RHI II and Mr. Gilbert; increases in tax basis and other tax benefits | ['TRA share is 90%.', 'Up-C structure collapsed June 30, 2025.'] | 1,805,284 | 2026-05-12 | 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; consent of the 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, TRA payment basis increases, and disproportionate allocations | UWM Holdings Corp, 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 | ['TRA liability recorded as a loss contingency.', 'Liability adjustments from exchanges are recorded to equity.'] | 1,783,398 | 2026-05-11 | 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 | ||||||
| Concord Acquisition Corp II | Events.com’s pre-closing tax attributes | Events.com, the Company, certain Events.com shareholders, New CND | 85% | 85% of the tax benefits realized; Events.com’s pre-closing tax attributes; Events.com, the Company and certain Events.com shareholders | ['Change of control triggers early termination payment.'] | 1,851,959 | 2026-05-14 | 10-Q | View Document | 85% | ||||
| Alchemy Investments Acquisition Corp 1 | Tax basis adjustments from TRA Exchanges; Section 754; imputed interest; depreciation and amortization deductions | 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% | ||||
| Alchemy Investments Acquisition Corp 1 | tax basis adjustments from TRA Exchanges; Section 754; depreciation and amortization deductions; tax benefits from TRA payments | 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 | 2026-04-30 | 10-K/A | View Document | 85% | ||||
| Purple Innovation, Inc. | Tax basis increases in Purple LLC assets, imputed interest | InnoHold | 80% | 80% of the net cash savings; tax basis increases in the assets; InnoHold; imputed interest deemed to be paid | ['Full valuation allowance against deferred tax assets.'] | 1,643,953 | 2026-04-28 | 10-Q | View Document | 80% | ||||
| System1, Inc. | no amounts due; parties to the Tax Receivable Agreement | ['Full valuation allowance on deferred tax assets.'] | 1,805,833 | 2026-05-12 | 10-Q | View Document | ||||||||
| Fluence Energy, Inc. | liability under the Tax Receivable Agreement | ['TRA liability may adjust Consolidated EBITDA'] | 1,868,941 | 2026-05-06 | 10-Q | View Document | ||||||||
| Stagwell Inc | taxable exchanges of equity interests; tax basis adjustments | certain members or former members; parent of 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% | ||||
| 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 | 2026-05-08 | 10-Q | View Document | ||||||
| TWFG, Inc. | make payments under the Tax Receivable Agreement | ['Text lacks specific TRA financial details.'] | 2,007,596 | 2026-05-08 | 10-Q | View Document | ||||||||
| Alchemy Investments Acquisition Corp 1 | Tax basis adjustments from TRA Exchanges; Section 754; depreciation and amortization deductions; tax benefits from TRA payments | 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”); tax benefits attributable to making payments; accrue interest until paid | ['Payments accelerate upon change of control or default.'] | 1,901,336 | 2026-04-09 | 10-K | View Document | 85% | ||||
| FLEX LTD. | tax benefits realized in relation to the IPO | Nextracker, Flex, and TPG | 85% | Nextracker entered into a Tax Receivable Agreement; 85% of the tax benefits; Flex and TPG; tax benefits realized in relation to the IPO | ['Flex is beneficiary; potential receipts up to $300M.'] | 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 business acquisition.'] | 91,419 | 2026-06-09 | 10-K | View Document |