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. | $3,542.00 | Existing tax basis; tax basis adjustments from unit exchanges; Blocker Company tax attributes (including NOLs); tax benefits from TRA payments. | Certain pre-IPO owners | 90% | recorded a Tax Receivable Agreements liability of $3,542 million; payment... of 90% of certain tax benefits; allocable share of existing tax basis; increases in... tax basis adjustments; utilization of certain tax attributes... of Blocker Companies; certain of its pre-IPO owners | ['TRA share is 90%, higher than standard 85%.'] | 2,046,386 | 2026-02-25 | 10-K | View Document | 90% | ||
| CHARTER COMMUNICATIONS, INC. /MO/ | $3,500.00 | step-up in tax basis | Charter and A/N | 50% | range of zero to $3.5 billion; step-up in tax basis; Charter and A/N; 50% of the tax benefit | ['TRA share is 50%.'] | 1,091,667 | 2026-01-30 | 10-K | View Document | 50% | ||
| ZoomInfo Technologies Inc. | $2,731.90 | Existing tax basis, tax basis adjustments, Blocker tax attributes, NOLs | Pre-IPO Owners and Pre-IPO Blocker Holders | 85% | lesser of 6.5% and LIBOR + 100bp | liability of $2,731.9 million; existing tax basis acquired in the IPO; Pre-IPO Owners and Pre-IPO Blocker Holders; 85% of the benefits; lesser of 6.5% and LIBOR plus 100bp | ['Two TRAs: Exchange and Reorganization.', '2025 remeasurement gain of $6.9 million.'] | 1,794,515 | 2026-02-12 | 10-K | View Document | 85% | |
| CARVANA CO. | $2,300.00 | Existing tax basis; basis adjustments; imputed interest | LLC Unitholders; related parties; TRA Holders | 85% | recorded a TRA liability of $2.3 billion; 85% of the tax benefits; existing tax basis of the assets; adjustment in the tax basis; imputed interest; accrue interest until paid | ['Liability increased following release of valuation allowance.'] | 1,690,820 | 2026-02-18 | 10-K | View Document | 85% | ||
| CARVANA CO. | $2,228.00 | Basis adjustments relating to assets of Carvana Group; tax benefits from TRA payments; imputed interest | LLC Unitholders; related parties | 85% | recorded a TRA liability of $2.2 billion; basis adjustment relating to the assets; pay to the LLC Unitholders 85%; deferred and will accrue interest until paid | ['$1.7 billion of liability due to related parties'] | 1,690,820 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Blackstone Inc. | $2,076.20 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments. | Senior managing directors, pre-IPO owners, and holders of Blackstone Holdings Partnership Units. | 85% | Due to Certain Non-Controlling Interest Holders; 85% of the amount of cash savings; increases in tax basis of tangible and intangible assets; senior managing directors and other pre-IPO owners | ['Liability aggregates $2.1 billion over 15 years.'] | 1,393,818 | 2026-02-27 | 10-K | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,659.00 | Increases in tax basis of tangible and intangible assets; certain other tax attributes | Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings, Blue Owl Carry, Partners | 85% | Total TRA Liability $1,658,999; 85% of certain tax benefits; increases in tax basis of the assets; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings | ['Dyal Acquisition portion is carried at fair value.'] | 1,823,945 | 2026-02-19 | 10-K | View Document | 85% | ||
| Dutch Bros Inc. | $821.00 | Existing tax basis, basis adjustments, Section 704(c) allocations, NOLs, capital losses, R&D credits, 163(j) carryforwards, charitable deductions, foreign tax credits | Continuing Members, Pre-IPO Blocker Holders | 85% | lesser of 6.5% or LIBOR + 100bp | $821.0 million of liabilities; 85% of the benefits; Continuing Members and Pre-IPO Blocker Holders; lesser of 6.5% or LIBOR + 100bp | ['Liability increased $202.7 million due to unit exchanges.'] | 1,866,581 | 2026-02-13 | 10-K | View Document | 85% | |
| TPG Inc. | $811.60 | Adjustments to tax basis of TPG Operating Group assets; tax benefits from TRA payments | Certain holders of Common Units (TRA holders); current and former employees and partners of TPG Partner Holdings; non-affiliate parties | 85% | lesser of 6.5% per annum and SOFR + 100bp | liability... was $811.6 million; 85% of the benefits; adjustments to the tax basis; certain holders of Common Units; lesser of 6.5% per annum and SOFR+100bp | ['Liability includes $495.1M to affiliates and $316.6M to non-affiliates.'] | 1,880,661 | 2026-02-17 | 10-K | View Document | 85% | |
| Apollo Global Management, Inc. | $781.00 | Increases in tax basis; Section 754; Bridge acquisition benefits. | Former Managing Partners, Contributing Partners, Bridge TRA holders. | 85% | Due to TRA holders $781; 85% of the amount of cash savings; increases in tax basis of assets; Former Managing Partners and Contributing Partners; Bridge TRA holders; interest is accrued on the balance | ['Holders no longer own units for exchange.'] | 1,858,681 | 2026-02-25 | 10-K | View Document | 85% | ||
| Core & Main, Inc. | $720.00 | Existing tax basis, basis increases from exchanges, TRA payment tax benefits | Former Limited Partners, Continuing Limited Partners, CD&R Waterworks Holdings, LLC, Management Feeder | 85% | Pro rata | $720 million payable to related parties; allocable share of existing tax basis; increases in tax basis; 85% of the realized benefits; 85% of the tax benefits to the exchanging party | ['Includes Former and Continuing Limited Partners TRAs.'] | 1,856,525 | 2026-03-24 | 10-K | View Document | 85% | |
| Cannae Holdings, Inc. | $664.00 | tax basis adjustments, utilization of tax attributes, other tax benefits | certain owners of Alight Holdings, TRA Party Representative | 85% | Ending balance as of December 31, 2025 664; tax basis adjustments from sales and exchanges; certain owners of Alight Holdings; distribute 85% of any tax benefits | ['Objection Notice received from TRA Party Representative in 2026.'] | 1,704,720 | 2026-03-02 | 10-K | View Document | 85% | ||
| Alight, Inc. / Delaware | $664.00 | Existing tax basis, tax basis adjustments, net operating losses, and tax benefits from TRA payments | Pre-Business Combination owners (TRA Parties) | 85% | Ending balance as of December 31, 2025 664; existing tax basis acquired in Business Combination; tax basis adjustments; net operating losses subject to the TRA; pre-Business Combination owners; 85% of the benefits | ['Objection Notice received in Q1 2026 regarding payments.'] | 1,809,104 | 2026-02-24 | 10-K | View Document | 85% | ||
| Rocket Companies, Inc. | $590.00 | Tax basis increases, imputed interest, Section 704(c) allocations, NOLs | RHI, RHI II, Mr. Gilbert | 90% | $590 million Tax Receivable Agreement liability; 90% of the amount of cash savings; increases in our allocable share of tax basis; RHI, RHI II, and Mr. Gilbert; remaining net operating losses | ['TRA amended; excludes exchanges after March 9, 2025.'] | 1,805,284 | 2026-03-02 | 10-K | View Document | 90% | ||
| Ares Management Corp | $579.90 | Tax basis of tangible and intangible assets; tax benefits attributable to TRA payments | Direct and indirect holders of AOG Units (TRA Recipients); Ares Owners Holdings L.P. | 85% | TRA liability balance was $579.9 million; 85% of the amount of cash tax savings; increases in tax basis; direct and indirect holders of AOG Units; tax benefits attributable to payments under the TRA | ['Ares Owners Holdings L.P. generally excluded from payments after 2023.'] | 1,176,948 | 2026-02-25 | 10-K | View Document | 85% | ||
| SOLV Energy, Inc. | $497.00 | Allocable share of tax basis, net operating losses, Basis Adjustments, and interest deductions. | SOLV Energy, Inc., SOLV Energy Holdings LLC, Continuing Equity Owners, and Blocker Shareholders. | 85% | approximately $497.0 million over the fifteen-year period; 85% of the tax benefits; allocable share of tax basis; net operating losses; Basis Adjustments; interest deductions; Continuing Equity Owners and the Blocker Shareholders | [] | 2,065,636 | 2026-03-25 | 10-K | View Document | 85% | ||
| RYAN SPECIALTY HOLDINGS, INC. | $459.00 | 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% | recorded Tax Receivable Agreement liabilities... $459.0 million; 85% of the net cash savings; current and certain former LLC Unitholders; increases in the tax basis of assets; Pre-IPO M&A Tax Attributes; remedial partnership tax allocations; TRA Payment Tax Attributes | ['Liability represents undiscounted estimated future payments.'] | 1,849,253 | 2026-02-13 | 10-K | View Document | 85% | ||
| Planet Fitness, Inc. | $415.80 | Tax attributes of Holdings Units, imputed interest, 2012 Acquisition attributes, tax basis adjustments | TRA Holders, existing and previous equity owners, affiliates of TSG Consumer Partners, Continuing LLC Owners | 85% | liability of $415.8 million; 85% of the applicable cash savings; tax attributes of their Holdings Units; affiliates of TSG Consumer Partners; imputed interest (generally calculated using one-year SOFR) | [] | 1,637,207 | 2026-02-25 | 10-K | View Document | 85% | ||
| Nextpower Inc. | $391.90 | existing tax basis in tangible and intangible assets; increases in tax basis | Flex (affiliate), TPG, TPG Affiliates (TPG Rise Climate Flash Cl BDH, L.P., TPG Rise Climate BDH, L.P., The Rise Fund II BDH, L.P.) | 85% | TRA liability... were $391.9 million; existing tax basis in tangible and intangible assets; Flex, TPG and the TPG Affiliates; 85% of the tax benefits | ['Includes current portion; Flex rights assigned to affiliate.'] | 1,852,131 | 2026-01-30 | 10-Q | View Document | 85% | ||
| Shift4 Payments, Inc. | $369.00 | increases in tax basis of assets; tax attributes of Searchlight; tax basis increases from TRA payments; imputed interest | Searchlight; Continuing Equity Owners; Rook; Shift4 Payments, LLC | 85% | TRA liability was $369 million; increases in the tax basis of assets; Searchlight, our former sponsor; 85% of the tax benefits | ['Rook assigned TRA rights to Company in February 2026.'] | 1,794,669 | 2026-02-27 | 10-K | View Document | 85% | ||
| KKR & Co. Inc. | $359.30 | Increase in tax basis of tangible and intangible assets of KKR Group Partnership, primarily goodwill. | KKR Holdings, its limited partners, current and former principals. | 85% | undiscounted payable of $359.3 million; tangible and intangible assets; primarily attributable to a portion of the goodwill; KKR Holdings or to its limited partners; 85% of the amount of cash savings | ['TRA terminated May 30, 2022, except for prior exchanges.'] | 1,404,912 | 2026-02-27 | 10-K | View Document | 85% | ||
| Portillo's Inc. | $352.40 | Existing tax basis, net operating losses, basis adjustments, imputed interest | Pre-IPO LLC Members | 85% | obligation for future payments... totaled $352.4 million; 85% of certain tax benefits we realize; pre-IPO LLC Members (“TRA Parties”); existing tax basis in depreciable or amortizable assets; net operating losses; imputed interest on such payments | ['Payments expected over 47 years.', 'Change of Control may accelerate payments.'] | 1,871,509 | 2026-02-24 | 10-K | View Document | 85% | ||
| Tradeweb Markets Inc. | $336.50 | Increases in tax basis of TWM LLC assets; tax benefits from TRA payments | Tradeweb Markets Inc., TWM LLC, Continuing LLC Owners | 50% | recorded a liability of $336.5 million; increases in the tax basis of TWM LLC’s assets; TWM LLC and the Continuing LLC Owners; equal to 50% of the... tax savings; unpaid amounts... will accrue interest | ['TRA share is 50%, lower than industry standard 85%.'] | 1,758,730 | 2026-02-05 | 10-K | View Document | 50% | ||
| Tradeweb Markets Inc. | $335.80 | Increases in tax basis of TWM LLC’s assets | Continuing LLC Owners, TWM LLC, Tradeweb Markets Inc. | 50% | tax receivable agreement liability... totaled $335.8 million; increases in tax basis of TWM LLC’s assets; Continuing LLC Owners; equal to 50% of the amount; 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% | ||
| StepStone Group Inc. | $334.30 | Increases in tax basis, utilization of certain other tax benefits, imputed interest | Class B, Class C, Class D limited partners; pre-IPO institutional investors | 85% | Pro rata | total Tax Receivable Agreements liability was $334.3 million; increases in tax basis; utilization of certain other tax benefits; imputed interest; Class B, Class C, Class D limited partners; pre-IPO institutional investors; 85% of the amount of the net cash tax savings; cause the Partnership to make pro rata distributions | ['Includes Exchanges TRA and Reorganization TRA.'] | 1,796,022 | 2026-02-05 | 10-Q | View Document | 85% | |
| Brighthouse Financial, Inc. | $328.00 | net operating losses, capital losses, tax basis and amortization or depreciation deductions | MetLife | 86% | payable to MetLife of $328 million; net operating losses, capital losses, tax basis; amortization or depreciation deductions; equal to 86% of the amount; accelerated upon closing of the Merger | ['Liability accelerated upon closing of the Merger.'] | 1,685,040 | 2026-02-24 | 10-K | View Document | 86% | ||
| Artisan Partners Asset Management Inc. | $303.40 | Tax attributes of preferred units, partnership units sold or exchanged, and imputed interest. | Pre-H&F Corp Merger Shareholder (and assignees), current or former limited partners of Holdings (and assignees). | 85% | Pro rata | recorded a $303.4 million liability; 85% of the applicable cash savings; tax attributes of the preferred units; partnership units sold or exchanged; imputed interest; made pro rata among all TRA counterparties | ['Company is party to two separate TRAs.'] | 1,517,302 | 2026-02-20 | 10-K | View Document | 85% | |
| Moelis & Co | $301.10 | Tangible and intangible assets of Group LP; imputed interest | Eligible Managing Directors | 85% | total payable of $301.1 million due; tangible and intangible assets of Group LP; our eligible Managing Directors; 85% of the amount of cash savings | ['Payments due within 225 days of tax filing.'] | 1,596,967 | 2026-02-26 | 10-K | View Document | 85% | ||
| GPGI, Inc. | $271.40 | Existing tax basis; basis increases; NOLs; TRA payment benefits | Holdings; TRA Parties (holders of interests in Holdings) | 90% | 15% per annum | recorded $271.4 million... in TRA liability; 90% of the benefits; allocable share of existing tax basis; certain increases in tax basis; remaining net operating losses; discount rate equal to 15% per annum | ['TRA share is 90%', 'Discount rate for acceleration amended to 15%'] | 1,823,144 | 2026-03-12 | 10-K | View Document | 90% | |
| Moelis & Co | $269.30 | increases in tax basis of Group LP assets; imputed interest | eligible Managing Directors; certain partners of Group LP | 85% | total payable of $269.3 million; 85% of the amount of cash savings; eligible Managing Directors; increases in tax basis; imputed interest | ['Payments required within 225 days of tax filing.'] | 1,596,967 | 2026-04-30 | 10-Q | View Document | 85% | ||
| AdaptHealth Corp. | $265.70 | Tax attributes of Access Point Medical; basis increases from unit exchanges; imputed interest; basis increases from TRA payments. | Pre-Business Combination owners of AdaptHealth Units; certain sellers; AdaptHealth Holdings members. | 85% | liability relating to the TRA was $265.7 million; tax attributes of Access Point Medical, Inc.; 85% of the net cash savings; pre-Business Combination owners of AdaptHealth Units | ['OBBBA law impacted 2025 estimated cash income tax liability.'] | 1,725,255 | 2026-02-24 | 10-K | View Document | 85% | ||
| Cactus, Inc. | $262.90 | Tax basis increases, imputed interest, basis from term loan repayment | Certain direct and indirect owners of Cactus LLC (TRA Holders) | 85% | liability under the TRA of $262.9 million; 85% of the net cash savings; certain increases in tax basis; imputed interest; repayment of borrowings; TRA Holders | [] | 1,699,136 | 2026-02-26 | 10-K | View Document | 85% | ||
| Stagwell Inc | $254.90 | Increases in tax basis of OpCo's tangible and intangible assets; tax benefits from TRA payments | Stagwell Media, OpCo | 85% | TRA liability of $254.9 million; increases in the tax basis of OpCo’s assets; 85% of such tax benefits; Stagwell Media; accrue interest until paid | ['Liability increased significantly following April 2025 Class C Exchange.'] | 876,883 | 2026-03-13 | 10-K | View Document | 85% | ||
| Shake Shack Inc. | $246.80 | Increases in tax basis of SSE Holdings net assets; tax basis increases from TRA payments; deductions from imputed interest. | Non-controlling interest holders (members of SSE Holdings) | 85% | obligations totaled $246.8 million; increases in the tax basis; non-controlling interest holders; 85% of the amount of any tax benefits | ['Payments contingent upon generation of future taxable income.'] | 1,620,533 | 2026-02-26 | 10-K | View Document | 85% | ||
| Clear Secure, Inc. | $244.70 | Increase in tax basis in Alclear’s assets; imputed interest | CLEAR Post-IPO Members; Alclear Members; TRA Holders | 85% | lesser of 6.5% or LIBOR + 100bp | liability due was $244.7 million; increase in tax basis in Alclear’s assets; CLEAR Post-IPO Members; 85% of the amount of cash savings; lesser of 6.5% or LIBOR plus 100bp | [] | 1,856,314 | 2026-02-25 | 10-K | View Document | 85% | |
| European Wax Center, Inc. | $243.60 | Existing tax basis, tangible and intangible asset basis adjustments, Blocker Company 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; existing tax basis of tangible and intangible assets; EWC Ventures Pre-IPO Members; 85% of the benefits; lesser of 6.5% and SOFR plus 100bp | ['Liability estimate based on $6.53 share price.'] | 1,856,236 | 2026-04-27 | 10-K/A | View Document | 85% | |
| OPAL Fuels Inc. | $240.80 | tax basis increases, loss carryovers | OPAL Fuels Inc, Opal Holdco LLC | undiscounted liability of approximately $240.8 million; tax basis increases associated with the deemed exchange; utilization of certain loss carryovers; OPAL Fuels Inc, Opal Holdco LLC | ['Full valuation allowance applied to deferred tax assets.'] | 1,842,279 | 2026-03-16 | 10-K | View Document | ||||
| Interactive Brokers Group, Inc. | $217.00 | Tax basis increases from purchases of IBG LLC interests | IBG, Inc., Holdings (IBG Holdings LLC), former members of IBG LLC | 85% | Payable to Holdings under Tax Receivable Agreement $217; tax basis increase... purchases of IBG LLC interests; agreement... with Holdings... benefit of former members; 85% of the tax savings | ['Cumulative payments made through 2025 total $308 million.'] | 1,381,197 | 2026-02-27 | 10-K | View Document | 85% | ||
| Legence Corp. | $207.40 | Existing tax basis, Blocker Entities tax attributes, Basis Adjustments, TRA payment tax benefits | Legence Parent, Legence Parent II, TRA Members, Legacy Owners | 85% | SOFR plus 100 basis points | total undiscounted TRA liability is $207.4 million; allocable share of existing tax basis; utilization of certain tax attributes; Basis Adjustments; Legence Parent and Legence Parent II; 85% of the net cash savings; SOFR plus 100 basis points | ['Early termination undiscounted liability estimated at $791 million.'] | 2,052,568 | 2026-03-30 | 10-K | View Document | 85% | |
| European Wax Center, Inc. | $201.50 | Existing tax basis; basis adjustments (tangible/intangible); Blocker Company tax attributes; TRA payment tax benefits | EWC Ventures; EWC Ventures Pre-IPO Members; General Atlantic Post-IPO Members; Founder Post-IPO Member | 85% | Lesser of 6.5% or SOFR + 100bp | recorded a liability of $201.5 million; 85% of the amount of tax benefits; existing tax basis; adjustments to the tax basis; EWC Ventures Pre-IPO Members; lesser of 6.5% or SOFR plus 100bp | ['General Atlantic waived change of control payment.'] | 1,856,236 | 2026-03-04 | 10-K | View Document | 85% | |
| WaterBridge Infrastructure LLC | $201.40 | Existing Basis, Basis Adjustments, Historical NOLs, Interest Deductions, NOLs and interest expense carryforwards of WB 892, imputed interest | OpCo and TRA Holders (certain shareholders/Legacy Owners) | 85% | SOFR + 100bp | recorded a TRA liability of $201.4 million; Existing Basis, Basis Adjustments, Historical NOLs; OpCo and certain of our shareholders; equal to 85% of the amount; SOFR plus 100 basis points | ['Early termination payment estimated at $589.2 million'] | 2,064,947 | 2026-03-16 | 10-K | View Document | 85% | |
| Repay Holdings Corp | $200.90 | Tax basis step-up in Hawk Parent assets, tax depreciation or amortization deductions, imputed interest | Repay Unitholders, Post-Merger Repay Unit holders | 100% | liability of $200.9 million; tax basis step-up; 100% of the tax benefits; Repay Unitholders; imputed interest | ['Company pays 100% of tax benefits.'] | 1,720,592 | 2026-03-09 | 10-K | View Document | 100% | ||
| UWM Holdings Corp | $196.90 | Basis increases from exchanges, imputed interest, 704(c) allocations | SFS Corp. | 85% | liability arising from the TRA of $196.9 million; 85% of the amount of cash savings; SFS Corp. (or its transferees or other assignees); increases in tax basis resulting from exchanges; deferred and will accrue interest until paid | ['Payments deferred by debt restrictions accrue interest.'] | 1,783,398 | 2026-02-25 | 10-K | View Document | 85% | ||
| OneStream, Inc. | $193.20 | tax basis adjustments, net operating losses, imputed interest, TRA payments | TRA Members (including KKR), Continuing Members, Former Members | 85% | 85% of the applicable savings; unrecorded TRA liability... is $193.2 million; tax basis adjustments; net operating losses; TRA Members (including KKR); interest, at the rate provided for therein | ['TRA terminates automatically upon consummation of the Mergers.'] | 1,889,956 | 2026-02-26 | 10-K | View Document | 85% | ||
| Five Point Holdings, LLC | $181.90 | certain tax attributes; exchanges of Class A units; California net operating loss deductions | holders of Class A Common Units of the Operating Company; holders of Class A units of the San Francisco Venture; prior holders | 85% | liabilities of $181.9 million; realize as a result of certain tax attributes; holders of Class A Common Units; equal to 85% of the cash savings | ['California SB 167 suspends NOL usage 2024-2026.'] | 1,574,197 | 2026-04-24 | 10-Q | View Document | 85% | ||
| Virtu Financial, Inc. | $181.90 | Tax basis adjustments, net operating losses (NOLs), imputed interest, intangible assets | Virtu Post-IPO Members, Investor Post-IPO Stockholders, Founder Post-IPO Member, Employee Trust, Virtu Employee Holdco, Silver Lake Post-IPO Members | 85% | Lesser of 6.5% or LIBOR + 100bp | $181.9 million has been recorded; 85% of the amount of actual cash savings; increase in tax basis; net operating losses; imputed interest; lesser of 6.5% or LIBOR plus 100bp | ['Company entered into three separate tax receivable agreements.'] | 1,592,386 | 2026-02-20 | 10-K | View Document | 85% | |
| Five Point Holdings, LLC | $181.50 | Basis increases from exchanges, Section 704(c) allocations, imputed interest, guaranteed payments | Current and former Class A unit holders of Operating Company and San Francisco Venture | 85% | liabilities of $181.5 million; 85% of the amount of cash savings; Increases in the Company’s tax basis; Section 704(c) of the Code; imputed interest or guaranteed payments; holders of Class A units | ['California SB 167 may accelerate payments 2026-2028.', 'Estimated termination payment is $123.9 million.'] | 1,574,197 | 2026-03-06 | 10-K | View Document | 85% | ||
| Goosehead Insurance, Inc. | $171.90 | Tax basis increases in tangible and intangible assets; imputed interest | Pre-IPO LLC Members | 85% | total TRA Payments... was $171.9 million; increase in tax basis in GSHD's assets; Pre-IPO LLC Members; 85% of the amount of cash savings | ['Liability relates to Section 754 tax basis adjustments.'] | 1,726,978 | 2026-04-23 | 10-Q | View Document | 85% | ||
| Goosehead Insurance, Inc. | $171.90 | Tax basis adjustments (tangible and intangible assets); imputed interest | Pre-IPO LLC Members | 85% | liabilities totaling $171.9 million; 85% of the amount of cash savings; Pre-IPO LLC Members; increase in tax basis; imputed interest | [] | 1,726,978 | 2026-02-19 | 10-K | View Document | 85% | ||
| PBF Energy Inc. | $168.20 | Increases in tax basis of PBF LLC assets | PBF LLC Series A and PBF LLC Series B unitholders | 85% | liability of $168.2 million; increases in tax basis; Series A and Series B unitholders; 85% of the amount of the benefits | ['Liability is undiscounted.'] | 1,534,504 | 2026-04-30 | 10-Q | View Document | 85% | ||
| PBF Energy Inc. | $168.20 | Increases in tax basis from acquisitions of PBF LLC Series A Units; tax benefits attributable to TRA payments. | Current and former holders of PBF LLC Series A Units and PBF LLC Series B Units. | 85% | total liability... of $168.2 million; 85% of the benefits; increases in tax basis; holders of PBF LLC Series A Units | ['Liability reflects undiscounted amounts expected to be paid.'] | 1,534,504 | 2026-02-12 | 10-K | View Document | 85% | ||
| PBF Holding Co LLC | $168.20 | Increases in tax basis; tax benefits from TRA payments | PBF Energy; pre-IPO owners of PBF LLC; holders of PBF LLC Series A and Series B Units | 85% | Pro rata | liability... of $168.2 million; increases in tax basis; tax benefits attributable to payments; holders of PBF LLC Series A Units; 85% of the amount of the benefits; PBF LLC makes on a pro-rata basis | ['TRA liability is obligation of parent PBF Energy.'] | 1,566,011 | 2026-02-23 | 10-K | View Document | 85% | |
| OLAPLEX HOLDINGS, INC. | $165.10 | Existing tax basis in intangible assets and capitalized transaction costs; additional tax benefits from TRA payments. | Pre-IPO Stockholders (former limited partners of Penelope Group Holdings, L.P. and Award Holders). | 85% | LIBOR + 5% | liability as of December 31, 2025: $165.1 million; intangible assets and capitalized transaction costs; Pre-IPO Stockholders; pay Pre-IPO Stockholders 85% of cash savings; LIBOR plus 5% | ['Liability reduced by $9.5 million due to OBBBA.', "Award Holders' payments deferred to fifth IPO anniversary."] | 1,868,726 | 2026-03-05 | 10-K | View Document | 85% | |
| Rithm Capital Corp. | $162.80 | taxable acquisitions of Sculptor operating partnership units; net operating losses | Sculptor; former holders of Sculptor operating partnership units (TRA Holders) | carrying value of the TRA liability... $162.8 million; taxable acquisitions... of Sculptor operating partnership units; including net operating losses; Sculptor; former holders of units... ('TRA Holders') | ['Sculptor Acquisition triggered change of control assumptions.'] | 1,556,593 | 2026-02-19 | 10-K | View Document | ||||
| Galaxy Digital Inc. | $150.40 | Increase in tax basis in GDH LP’s assets; imputed interest; depreciable or amortizable tax basis | Present and former limited partners of GDH LP (TRA Parties) | 85% | TRA-related liability... of $150.4 million; increase in tax basis in GDH LP’s assets; present and former limited partners of GDH LP; 85% of the amount of cash savings | ['TRA amended and restated on May 13, 2025.'] | 1,859,392 | 2026-02-26 | 10-K | View Document | 85% | ||
| Rush Street Interactive, Inc. | $133.40 | increase in tax basis; exchange of Retained RSILP Units; tax benefits attributable to payments under the TRA | Special Limited Partner | 85% | TRA liability of $133.4 million; increase in tax basis; exchange of Retained RSILP Units; Special Limited Partner; pay 85% of certain net tax benefits; accrue interest until paid | ['TRA liability includes $1.2 million current portion.', 'Payments are obligation of Special Limited Partner.'] | 1,793,659 | 2026-04-29 | 10-Q | View Document | 85% | ||
| MediaAlpha, Inc. | $131.10 | Tax basis step-up of QLH assets, net operating losses of Intermediate Holdco, imputed interest, tax benefits from TRA payments | Insignia, Senior Executives, White Mountains | 85% | recorded a $131.1 million liability; tax basis step-up of the assets; Insignia, the Senior Executives, and White Mountains; 85% of the amount of the cash savings; replace the LIBOR with the SOFR | ['TRA amended 2023 to replace LIBOR with SOFR.'] | 1,818,383 | 2026-02-23 | 10-K | View Document | 85% | ||
| Rush Street Interactive, Inc. | $130.10 | Increases in tax basis of RSILP’s assets (tangible and intangible), tax benefits from TRA payments. | Special Limited Partner, Sellers, exchanging holders of RSILP Units. | 85% | recognized a TRA liability of $130.1 million; 85% of the net income tax savings; increases in tax basis in RSILP’s assets; Special Limited Partner; Sellers; exchanging holders of RSILP Units | ['Liability recognized upon release of valuation allowance.'] | 1,793,659 | 2026-02-18 | 10-K | View Document | 85% | ||
| MediaAlpha, Inc. | $123.40 | Tax basis in QLH assets; NOLs of Intermediate Holdco; imputed interest | Insignia, Senior Executives, White Mountains | 85% | accrued $123.4 million; tax basis in the assets of QLH; 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 | [] | 1,818,383 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Nerdy Inc. | $118.24 | Tax basis increases from reverse recapitalization, redemptions, call rights, and imputed interest | Nerdy LLC unit holders (TRA Holders), Legacy Nerdy Holders | 85% | not recognized a liability of $118,238; 85% of the net cash savings; Nerdy LLC unit holders; certain increases in tax basis; imputed interest deemed to be paid | ['Liability not recognized as payment not probable.'] | 1,819,404 | 2026-02-26 | 10-K | View Document | 85% | ||
| Fluence Energy, Inc. | $117.00 | Increases in tax basis of assets from redemptions, exchanges, or distributions; tax benefits from TRA payments. | Fluence Energy, Inc.; Fluence Energy, LLC; Siemens Industry, Inc.; AES Grid Stability, LLC | 85% | Founders will be entitled to... $117 million; increases in our share of the tax basis; Siemens Industry, Inc. and AES Grid Stability, LLC; 85% of the tax benefits; accrue interest until paid | ['Liability not recognized due to full valuation allowance.'] | 1,868,941 | 2026-02-04 | 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 at December 31, 2025; tax attributes purchased from a related party | [] | 1,937,926 | 2026-03-02 | 10-K | View Document | ||||
| loanDepot, Inc. | $109.10 | tax basis adjustments, incremental tax basis adjustments, deemed interest deductions | Parthenon Stockholders, Parthenon affiliates, certain Continuing LLC Members | 85% | TRA liability of $109.1 million; tax basis adjustments; incremental tax basis adjustments; deemed interest deductions; 85% of the amount of cash savings; Parthenon Stockholders; Continuing LLC Members | ['Liability increased due to LLC unit exchanges.'] | 1,831,631 | 2026-03-12 | 10-K | View Document | 85% | ||
| Evolent Health, Inc. | $108.90 | Tax basis step-up, pre-IPO NOLs, imputed interest, future basis increases | Investor Stockholders, TRA Holders, affiliate of TPG, former stockholders | 85% | recorded a TRA liability of $108.9 million; tax basis step-up of the assets; utilization of the pre-IPO NOLs; deduction of any imputed interest; pay the TRA Holders 85% | ['Liability includes $17.8M NOLs and $91.1M basis step-up.'] | 1,628,908 | 2026-02-25 | 10-K | View Document | 85% | ||
| Perella Weinberg Partners | $93.50 | Tax basis of tangible and intangible assets; depreciation and amortization deductions | Investor Limited Partners, Professional Partners, and certain Partners | 85% | amount due of $93.5 million; increases in the tax basis of the assets; Investor Limited Partners and certain Partners; 85% of the cash tax savings | [] | 1,777,835 | 2026-02-27 | 10-K | View Document | 85% | ||
| Sun Country Airlines Holdings, Inc. | $87.17 | net operating loss carryforwards, deductions, tax basis and certain other tax attributes | Pre-IPO stockholders (including certain management and Board members) | 85% | total TRA liability balance... was $87,169; net operating loss carryforwards, deductions, tax basis; pre-IPO stockholders (the 'TRA holders'); 85% of the amount of cash savings; deferred and will accrue interest until paid | ['TRA terminates upon Merger with Allegiant.', 'OBBBA enacted July 2025 impacted payment timing.'] | 1,743,907 | 2026-02-12 | 10-K | View Document | 85% | ||
| ProFrac Holding Corp. | $86.60 | increases in tax basis; imputed interest | TRA Holders (certain holders of ProFrac LLC interests) | 85% | greater of 0.25% or 180-Day SOFR + 150bp | 85% of the net cash savings; increases in tax basis... acquisitions of Units; current liability... $4.6 million and $82.0 million; discount rate... SOFR... plus 150 basis points | ['Estimated termination payments up to $86 million.'] | 1,881,487 | 2026-03-13 | 10-K | View Document | 85% | |
| Solaris Energy Infrastructure, Inc. | $76.30 | Increases in tax basis from unit acquisitions; imputed interest; additional basis from TRA payments. | Then-existing members of Solaris LLC (TRA Holders). | 85% | Pro rata | liability under the Tax Receivable Agreement was $76.3 million; certain increases in tax basis; imputed interest; pay the TRA Holders 85% of the net cash savings; distribute cash pro rata to each of the other members | ['Early termination undiscounted liability estimated at $206.0 million.'] | 1,697,500 | 2026-02-27 | 10-K | View Document | 85% | |
| Liberty Energy Inc. | $74.80 | increases in tax basis, net operating losses, imputed interest | R/C Energy IV Direct Partnership, L.P., owners of Liberty Oilfield Services Holdings LLC | 85% | liability under the TRAs was $74.8 million; 85% of the net cash savings; increases in tax basis; net operating losses; imputed interest; R/C Energy IV Direct Partnership, L.P. | ['Company made $40.8 million of TRA payments in 2025.'] | 1,694,028 | 2026-02-02 | 10-K | View Document | 85% | ||
| Carlyle Group Inc. | $71.80 | increases in tax basis resulting from exchanges of Carlyle Holdings partnership units | limited partners of the Carlyle Holdings partnerships, The Carlyle Group Inc., Carlyle Holdings I GP Inc., Carlyle Holdings I L.P. | 85% | Amounts owed under the tax receivable agreement $71.8; increases in tax basis resulting from exchanges; limited partners of the Carlyle Holdings partnerships; pay such limited partners 85% of the amount | ['Conversion limited rights to pre-existing obligations.'] | 1,527,166 | 2026-02-27 | 10-K | View Document | 85% | ||
| Evercore Inc. | $69.84 | Tax basis of tangible and intangible assets | Current and former Senior Managing Directors; LP Unit holders | 85% | contractual obligations related to the Tax Receivable Agreement; tax basis of the tangible and intangible assets; current and former Senior Managing Directors; 85% of the amount of cash savings | ['TRA entered into in 2006.'] | 1,360,901 | 2026-02-20 | 10-K | View Document | 85% | ||
| Liberty Energy Inc. | $66.90 | increases in tax basis, net operating losses, imputed interest | R/C Energy IV Direct Partnership, L.P., Liberty LLC Unit owners | 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 | 2026-04-23 | 10-Q | View Document | 85% | ||
| Excelerate Energy, Inc. | $58.80 | Increases in tax basis from exchanges, existing tax basis, tax basis of IPO Vessels, tax benefits from TRA payments | EE Holdings, George Kaiser Family Foundation | 85% | expected future payments will equal $58.8 million; increases in the tax basis of assets; EE Holdings and the George Kaiser Family Foundation; 85% of the net cash tax savings; interest accrued from the due date | ['Hypothetical liability of $375.6 million if all interests exchanged.'] | 1,888,447 | 2026-02-27 | 10-K | View Document | 85% | ||
| Amneal Pharmaceuticals, Inc. | $57.50 | Amneal common units attributes, Section 754 basis adjustments, TRA payment tax benefits | Members of the Amneal Group and permitted transferees | 75% | Pro rata | TRA liability of $57.5 million; 75% of the realized tax benefits; Members of the Amneal Group; basis adjustments under Internal Revenue Code Section 754; on a one-to-one basis | ['TRA share reduced from 85% to 75%.'] | 1,723,128 | 2026-02-27 | 10-K | View Document | 75% | |
| Lazard, Inc. | $57.05 | increases in the tax basis of certain assets; tax basis increases from TRA payments; other tax benefits | Lazard; LTBP Trust; owners of the Trust (including an executive officer) | 45% (primary); 85% (on TRA payment basis increases) | Pro rata | cumulative liability... 2025 was $57,051; increases in the tax basis of certain assets; Lazard and LTBP Trust; approximately 45% of the amount of cash savings; distributed pro rata to the owners | ['TRA uses 45% and 85% tiers for payments.'] | 1,311,370 | 2026-02-23 | 10-K | View Document | 45% (primary); 85% (on TRA payment basis increases) | |
| GCM Grosvenor Inc. | $55.00 | Increases in tax basis from exchanges; existing tax basis in assets/intangibles; deductions from TRA payments (imputed interest). | GCMH Equityholders | 85% | liability of $55 million; 85% of the amount of tax savings; increases in tax basis; existing tax basis; deductions arising from payments; GCMH Equityholders | ['Simplifying assumptions may result in payments exceeding 85%.'] | 1,819,796 | 2026-02-19 | 10-K | View Document | 85% | ||
| VERRA MOBILITY Corp | $43.70 | PE Greenlight Holdings, LLC, Lakeside Smart Holdco L.P (“Lakeside”) | 50.0% | tax receivable agreement liability was approximately $43.7 million; payment to Lakeside of 50.0% of net cash savings; transferred to Lakeside Smart Holdco L.P | ['TRA share is 50% of net cash savings.', 'Rights transferred to Lakeside Smart Holdco in 2022.'] | 1,682,745 | 2026-02-24 | 10-K | View Document | 50.0% | |||
| Select Water Solutions, Inc. | $43.40 | Tax basis increases, net operating losses, and imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P., and affiliates of then-holders of SES Holdings LLC Units | 85% | 12-month term SOFR + 171.513bp | recorded liabilities of $43.4 million; 85% of the net cash savings; tax basis increases, net operating losses; Legacy Owner Holdco and Crestview Partners II GP; 12-month term SOFR plus 171.513 basis points | ['Amended in 2023 to replace LIBOR with SOFR.'] | 1,693,256 | 2026-02-18 | 10-K | View Document | 85% | |
| OppFi Inc. | $39.81 | Increases in tax basis of tangible and intangible assets; Section 754; TRA payment tax benefits | Members and exchanging holders of Retained OppFi-LLC Units | 90% | Tax receivable agreement liability 39,811; 90% of the net income tax savings; increases in tax basis in our assets; Members and/or the exchanging holders; election under Section 754 | ['TRA share percentage is 90%.', 'Company began making TRA payments in 2025.'] | 1,818,502 | 2026-03-12 | 10-K | View Document | 90% | ||
| Hagerty, Inc. | $39.80 | Tax basis adjustments from exchanges; Section 754 adjustments; tax benefits from TRA payments | HHC (Hagerty Holding Corp.), Markel, Legacy Unit Holders | 85% | TRA Liability was $39.8 million; tax basis adjustments resulting from TRA exchanges; TRA with HHC and Markel; 85% of the cash tax benefits; deferred and accrue interest until paid | ['Liability recognized in 2025 after valuation allowance release.'] | 1,840,776 | 2026-02-26 | 10-K | View Document | 85% | ||
| MALIBU BOATS, INC. | $39.60 | Increases in tax basis of tangible and intangible assets; Section 754 election. | Pre-IPO owners of the LLC (or their permitted assignees) | 85% | 39,603; increases in tax basis; pre-IPO owners of the LLC; 85% of the amount of the benefits; Section 754 election; tangible and intangible assets | ['Liability determined on an undiscounted basis.', 'Adjustment due to OB3 tax reform changes.'] | 1,590,976 | 2026-02-05 | 10-Q | View Document | 85% | ||
| Cardinal Infrastructure Group Inc. | $39.40 | Basis Adjustments; interest deductions from TRA payments | Cardinal Group; Cardinal Civil Contracting Holdings LLC; Continuing Equity Holders | 85% | Lesser of 6.5% per annum or SOFR + 100bp | liability... totaled $39,423,529; increases in the tax basis; interest deductions arising from payments; 85% of the tax benefits; lesser of 6.5%... and SOFR plus 100bp | ['Full exchange liability estimated at $180.5 million.'] | 2,079,999 | 2026-03-23 | 10-K | View Document | 85% | |
| Black Rock Coffee Bar, Inc. | $38.90 | Basis Adjustments and interest deductions from TRA payments | Black Rock OpCo and Continuing Equity Owners | 85% | recognized $38.9 million of liabilities; Basis Adjustments and certain tax benefits; Black Rock OpCo and the TRA Parties; 85% of the amount of tax benefits; unpaid amounts will be deferred and accrue interest | [] | 2,068,577 | 2026-03-04 | 10-K | View Document | 85% | ||
| OneWater Marine Inc. | $37.50 | increases in tax basis; imputed interest | certain of the owners of OneWater LLC | 85% | undiscounted liability was $37.5 million; 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 | ['Text contains conflicting liability amounts ($37.5M vs $33.5M).'] | 1,772,921 | 2026-02-09 | 10-Q | View Document | 85% | ||
| i3 Verticals, Inc. | $34.90 | increase in tax basis associated with Common Units | i3 Verticals, LLC and each Continuing Equity Owners | 85% | total amount due... was $34.9 million; increase in tax basis associated with Common Units; i3 Verticals, LLC and each Continuing Equity Owners; represents 85% of the estimated future tax benefits | ['Payments expected over the next 22 years.'] | 1,728,688 | 2026-02-06 | 10-Q | View Document | 85% | ||
| National CineMedia, Inc. | $33.80 | Tax basis in NCM LLC’s tangible and intangible assets; IRC § 163(j) | Cinemark, AMC, Regal, ESA Parties | 90% | payable under the TRA was $33.8 million; basis in NCM LLC’s tangible and intangible assets; 90% of the amount of any tax benefits; impact from Net Business Interest Expense Limitation 163(j) | ['AMC and Regal waived all TRA rights.', 'TRA share is 90%.'] | 1,377,630 | 2026-02-26 | 10-K | View Document | 90% | ||
| PJT Partners Inc. | $30.30 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments | Holders of Partnership Units (other than PJT Partners Inc.) | 85% | SOFR + 500bp | contractual obligations... of $30.3 million; 85% of the benefits; holders of Partnership Units; increases in tax basis; SOFR plus 500 basis points | ['Estimated early termination payment is $402.2 million.'] | 1,626,115 | 2026-02-26 | 10-K | View Document | 85% | |
| Definitive Healthcare Corp. | $27.20 | NOLs, tax basis adjustments, tangible and intangible assets | Pre-IPO LLC unitholders, former Blocker Company shareholders | 85% | recorded a TRA liability of $27.2 million; NOLs and increase in tax basis; pre-IPO holders and former shareholders of Blocker Companies; 85.0% of the amount of any tax benefits; accrue interest until paid | ['Liability decreased due to goodwill impairment remeasurement.'] | 1,861,795 | 2026-02-26 | 10-K | View Document | 85% | ||
| AlTi Global, Inc. | $25.70 | increase in tax basis of the assets of Umbrella | TWMH Members, TIG GP Members, TIG MGMT Members | 85% | liability associated with the TRA was $25.7 million; increase in tax basis of the assets; TWMH Members, TIG GP Members, TIG MGMT Members; pay certain parties 85% of tax benefits | [] | 1,838,615 | 2026-03-31 | 10-K | View Document | 85% | ||
| PennyMac Financial Services, Inc. | $24.76 | Increases in tax basis; tax benefits from payments | Certain former unitholders of PNMAC | 85% | Payable to exchanged... unitholders under tax receivable agreement; increases in tax basis of PNMAC’s assets; certain of the former unitholders of PNMAC; 85% of the amount of cash savings | ['2018 reorganization eliminated potential for additional unit exchanges.'] | 1,745,916 | 2026-02-20 | 10-K | View Document | 85% | ||
| FORWARD AIR CORP | $24.05 | Increases in tax basis, pre-existing tax attributes, tax allocations, and TRA payment benefits | Company, Opco, Omni Holders, and certain other parties | 83.5% | range of potential payments of $0 to $24,050; increases in tax basis in Opco’s assets; Company, Opco, Omni Holders and certain other parties; 83.5% of such tax benefits; deferred and will accrue interest until paid | ['Liability adjusted to $10.58 million as of 2025.', 'Valuation allowance recorded against associated deferred tax assets.'] | 912,728 | 2026-03-11 | 10-K | View Document | 83.5% | ||
| Utz Brands, Inc. | $24.00 | Increased tax basis in UBH partnership assets, future exchanges of Common Company Units, Kennedy Endeavors tax basis step-up, tax attributes of UBH, and tax benefits from TRA payments. | Noncontrolling Interest Holders | 85% | recorded a TRA liability of $24.0 million; share 85% of the cash tax savings; increased tax basis in UBH partnership assets; Noncontrolling Interest Holders; unpaid amounts will be deferred and accrue interest | ['Unrecorded $32.2 million liability due to valuation allowance.'] | 1,739,566 | 2026-02-12 | 10-K | View Document | 85% | ||
| Flowco Holdings Inc. | $22.00 | Basis Adjustments, Section 704(c) Allocations, Blocker tax attributes, and interest deductions | Flowco Holdings, Flowco LLC, and Continuing Equity Owners | 85% | total amount due under TRA was $22.0 million; Basis Adjustments, Section 704(c) Allocations, and interest deductions; Flowco Holdings, Flowco LLC and Continuing Equity Owners; pay each Continuing Equity Owner 85% of benefits | [] | 2,035,149 | 2026-02-26 | 10-K | View Document | 85% | ||
| Red Rock Resorts, Inc. | $20.60 | Existing tax basis; increases in tax basis from exchanges; Section 743(b) basis; TRA payment benefits. | Pre-IPO owners of Station Holdco; Fertitta Family Entities; current and former executives. | 85% | liability under the TRA was $20.6 million; 85% of the amount of benefits; increases in tax basis; pre-IPO owners of Station Holdco; Section 743 of the Internal Revenue Code | ['Payments expected over a period of approximately 40 years.'] | 1,653,653 | 2026-02-20 | 10-K | 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; increases in tax basis; imputed interest; 85.0% of the amount of cash savings; tax receivable agreement with ABP Trust | ['Liability includes $2.552 million current portion.'] | 1,644,378 | 2026-02-04 | 10-Q | View Document | 85.0% | ||
| NEWMARK GROUP, INC. | $17.51 | tax basis of the tangible and intangible assets | Newmark, Cantor | 85% | Payable related to Tax Receivable Agreement 17,511; tax basis of the tangible and intangible assets; Tax Receivable Agreement entered into with Cantor; payment by Newmark to Cantor of 85% | ['Liability offset by $19.5 million deferred tax asset.'] | 1,690,680 | 2026-03-02 | 10-K | View Document | 85% | ||
| NEWMARK GROUP, INC. | $17.50 | increases in tax basis of tangible and intangible assets; tax benefits from TRA payments; imputed interest | Cantor, Newmark Group, Inc. | 85% | $17.5 million liability to Cantor; increases to our share of the tax basis; Cantor and Newmark entered into a tax receivable agreement; payment by us to Cantor of 85% | ['20% of each payment deposited into escrow account.'] | 1,690,680 | 2026-04-30 | 10-K/A | View Document | 85% | ||
| Viant Technology Inc. | $12.40 | increases in tax basis; imputed interest; intangible assets | Viant Technology LLC; continuing members of Viant Technology LLC; TRA Representative | 85% | total TRA liability is approximately $12.4 million; 85% of the amount of the net cash tax savings; increases in tax basis; imputed interest; continuing members of Viant Technology LLC; TRA Representative | ['Liability recorded following release of valuation allowance.'] | 1,828,791 | 2026-03-11 | 10-K | View Document | 85% | ||
| P3 Health Partners Inc. | $12.40 | Tax basis increases in P3 LLC net assets; imputed interest | P3 LLC; P3 Equityholders (members of P3 LLC) | 85% | TRA liability is estimated to be $12.4 million; increases in tax basis of P3 LLC’s assets; 85% of the income tax benefits; P3 LLC and the members of P3 LLC | ['Liability not recorded due to full valuation allowance.'] | 1,832,511 | 2026-03-26 | 10-K | View Document | 85% | ||
| Smith Douglas Homes Corp. | $9.86 | Basis Adjustments, Section 704(c) Allocations, interest deductions, 743(b), 197 | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | Tax receivable agreement liability 9,857; Basis Adjustments, Section 704(c) Allocations, interest deductions; Smith Douglas Homes Corp. and Continuing Equity Owners; pay to each Continuing Equity Owner 85%; unpaid amounts will be deferred and accrue interest | ['Liability remeasured due to change in tax rate.'] | 1,982,518 | 2026-03-12 | 10-K | View Document | 85% | ||
| Silvercrest Asset Management Group Inc. | $9.32 | Step-up in tax basis of Silvercrest L.P. assets, imputed interest, TRA payments | Current principals and future employee-holders of Class B units | 85% | liability is estimated to be $9,325; 85% of the amount of cash savings; step-up in tax basis; imputed interest; current principals; future employee-holders of Class B units | [] | 1,549,966 | 2026-03-16 | 10-K | View Document | 85% | ||
| Array Technologies, Inc. | $8.30 | increase in the tax value of developed technology | Array Tech, Inc., former majority shareholder, former owners | fair value of the TRA was $8.3 million; increase in the tax value of developed technology; former majority shareholder of the Company; payment by Array Tech, Inc. to former owners | ['TRA is accounted for as contingent consideration.'] | 1,820,721 | 2026-02-25 | 10-K | View Document | ||||
| Vistra Corp. | $7.00 | benefits realized from transactions at emergence from reorganization | holders of TRA Rights | Tax Receivable Agreement obligations; 7; benefits realized as a result of certain transactions; emergence of our predecessor from reorganization; repurchase of TRA Rights | ['Liability decreased from $14 million in 2024.'] | 1,692,819 | 2026-02-27 | 10-K | View Document | ||||
| FLYEXCLUSIVE INC. | $6.10 | Tax basis adjustments from repurchases and taxable exchanges of LGM Common Units; tax deductions from TRA payments. | flyExclusive, LGM, Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust, Existing Equityholders, TRA Holder Representative | 85% | 85% of the amount of savings; tax basis adjustments; taxable exchanges of LGM Common Units; tax deductions in respect of portions; maximum amount payable... approximately $6.1 million; Thomas James Segrave Jr. | ['Liability not accrued as not probable.'] | 1,843,973 | 2026-03-05 | 10-K | View Document | 85% | ||
| Baldwin Insurance Group, Inc. | $4.50 | tax basis in tangible and intangible assets; imputed interest | Baldwin Holdings’ LLC Members | 85% | liability of $4.5 million; tangible and intangible assets; Baldwin Holdings’ LLC Members; 85% of the amount of cash savings; imputed interest resulting from payments | ['Full valuation allowance recorded against deferred tax assets.'] | 1,781,755 | 2026-02-26 | 10-K | View Document | 85% | ||
| biote Corp. | $4.39 | Tax basis increases in tangible and intangible assets; TRA payment tax benefits | Members (non-controlling interest holders) | 85% | TRA liability 4,386; increases in tax basis of BioTE Companies’ assets; 85% of the net income tax savings; Members; unpaid amounts will be deferred and will accrue interest | ['2024 legal settlement reduced TRA liability by $17.3 million.'] | 1,819,253 | 2026-03-13 | 10-K | View Document | 85% | ||
| MARKETWISE, INC. | $4.30 | Tax basis adjustments from exchanges and distributions; carryforward attributes | MarketWise Members; MarketWise, LLC | 85% | TRA liability was $4.3 million; increases in the tax basis of assets; MarketWise Members and MarketWise, LLC; equal to 85% of the tax benefits; unpaid amounts... will accrue interest until paid | ['No payments have been made under the TRA'] | 1,805,651 | 2026-03-06 | 10-K | View Document | 85% | ||
| Finance of America Companies Inc. | $3.90 | tax basis adjustments from sales, exchanges, and distributions; tax benefits from TRA payments | certain owners of FOA Equity | 85% | TRA obligation 3,901; 85% of the cash tax benefits; tax basis adjustments; certain owners of FOA Equity | ['Blackstone TRA terminated upon completion of Second Closing.'] | 1,828,937 | 2026-03-13 | 10-K | View Document | 85% | ||
| WM TECHNOLOGY, INC. | $2.70 | Increases to tax basis of WMH LLC’s assets, imputed interest, and tax attributes from TRA payments | WMH LLC Class A equity holders and their representative | 85% | TRA liability was $2.7 million; increases to the tax basis; WMH LLC Class A equity holders; 85% of the amount of cash savings; accrue interest until paid | ['Liability reduced by valuation allowance; $138.9M if reinstated.'] | 1,779,474 | 2026-03-12 | 10-K | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $1.54 | Step-up in tax basis (intangibles, franchise agreements, goodwill), imputed interest | RIHI; Parallaxes Rain Co-Investment, LLC | 85% | liability of $1.5 million; step-up in tax basis; RIHI and Parallaxes Rain Co-Investment, LLC; 85% of the tax benefits | ['TRA liabilities are not discounted', 'Valuation allowance led to $25.3 million gain'] | 1,581,091 | 2026-02-19 | 10-K | View Document | 85% | ||
| INFINITY NATURAL RESOURCES, INC. | $1.50 | Tax basis increases from exchanges, imputed interest, and additional tax basis from TRA payments. | Legacy Owners | 85% | recorded a TRA liability of $1.5 million; tax basis increases resulting from the exchange; Tax Receivable Agreement with the Legacy Owners; 85% of the net cash savings | ['Liability established in 2025 following unit exchanges.'] | 2,029,118 | 2026-03-10 | 10-K | View Document | 85% | ||
| Camping World Holdings, Inc. | $1.40 | Increases in tax basis from unit purchases and redemptions; tax benefits from TRA payments | Continuing Equity Owners, Crestview Partners II GP, L.P., Former Profits Unit Holders | 85% | remaining Tax Receivable Agreement liability of $1.4 million; increases in tax basis; 85% of the tax benefits; Continuing Equity Owners; Crestview Partners II GP, L.P. | ['Liability reduced by $149M due to valuation allowance.'] | 1,669,779 | 2026-02-27 | 10-K | View Document | 85% | ||
| GoHealth, Inc. | $1.30 | Existing tax basis, increases in tax basis, distributions, and TRA payments. | Continuing Equity Owners and the Blocker Shareholders | 85% | $1.3 million liability; 85% of the tax benefits; Continuing Equity Owners and the Blocker Shareholders; allocable share of existing tax basis; increases in tax basis | ['Payments accelerated upon change of control or breach.'] | 1,808,220 | 2026-03-31 | 10-K | View Document | 85% | ||
| GEN Restaurant Group, Inc. | $1.10 | Increases in tax basis, net operating losses, imputed interest | GEN Inc., Operating Company, and its Members | 85% | Lesser of 6.5% or SOFR + 400bp | 85% of the net cash tax savings; liability... of $1.1 million; increases in tax basis; net operating losses; imputed interest; lesser of 6.5% or SOFR plus 400bp | [] | 1,891,856 | 2026-03-31 | 10-K | View Document | 85% | |
| Bakkt, Inc. | $0.60 | Tangible and intangible assets of Opco; Section 743(b) or 734(b) basis adjustments; TRA payment tax benefits | Certain Opco equity holders, ICE, Mr. Naheta | 85% | 85% of certain net income tax benefits; approximately $0.6 million remained to be paid; tangible and intangible assets of Opco; Section 743(b) or 734(b); ICE and Mr. Naheta | ['TRA settled in 2025 for $26.9 million.'] | 1,820,302 | 2026-03-19 | 10-K | View Document | 85% | ||
| Funko, Inc. | $0.12 | Basis adjustments from unit redemptions/exchanges; Section 754; TRA payment tax benefits. | Continuing Equity Owners and certain transferees. | 85% | estimated a TRA liability... 2025... of $120 thousand; 85% of the tax benefits; redemptions or exchanges of common units; Section 754 of the Internal Revenue Code; Continuing Equity Owners and certain transferees; unpaid amounts... will accrue interest until paid | ['Liability reduced by valuation allowance; gross is $102.5M.'] | 1,704,711 | 2026-03-12 | 10-K | View Document | 85% | ||
| Sun Country Airlines Holdings, Inc. | $0.09 | Pre-IPO Tax Attributes including net operating loss carryforwards | Pre-IPO stockholders, management, and Board members | 85% | aggregate to approximately $87,169; Pre-IPO Tax Attributes,' include net operating loss carryforwards; pre-IPO stockholders, which includes certain members; payment by us of 85% of the amount; deferred and will accrue interest until paid | [] | 1,743,907 | 2026-04-30 | 10-K/A | View Document | 85% | ||
| Direct Digital Holdings, Inc. | $0.04 | Basis adjustments in tangible and intangible assets; imputed interest; tax benefits from TRA payments. | Direct Digital Holdings, Inc., DDH LLC, and Direct Digital Management, LLC (DDM) | 85% | Liability related to tax receivable agreement: $41; increases in the tax basis of assets; among Direct Digital Holdings, DDH LLC and DDM; equal to 85% of the tax benefits; deferred payments... will possibly accrue interest | ['Liability derecognized in 2024 due to valuation allowance.'] | 1,880,613 | 2026-03-31 | 10-K | View Document | 85% | ||
| TWFG, Inc. | $0.00 | increase in tax basis; imputed interest | Pre-IPO LLC Members; other holders of LLC Units | 85% | no related liability is recorded; increase in tax basis; imputed interest; Pre-IPO LLC Members; 85% of the amount of cash savings; accrue interest until paid | ['No exchanges occurred as of December 31, 2025.'] | 2,007,596 | 2026-03-10 | 10-K | View Document | 85% | ||
| Sky Harbour Group Corp | $0.00 | Existing tax basis; tax basis adjustments; tax deductions | Sky Harbour Group Corp, Sky Harbour LLC, Existing Sky Equityholders, Tal Keinan | 85% | no transactions... trigger the recording of a liability; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; tax deductions from certain payments; pay the TRA Holders 85% of the amount; Existing Sky Equityholders and Tal Keinan | ['No liability recorded as of December 31, 2025.'] | 1,823,587 | 2026-03-19 | 10-K | View Document | 85% | ||
| Vivid Seats Inc. | $0.00 | Increases in tax basis; existing tax basis; imputed interest | Existing Hoya Intermediate unitholders; Hoya Topco | 85% | 85% of any tax savings; increases in the tax basis; existing tax basis; deductions in respect of imputed interest; existing Hoya Intermediate unitholders; no longer have a TRA liability | ['TRA terminated October 2025 via Corporate Simplification Agreement.'] | 1,856,031 | 2026-03-12 | 10-K | View Document | 85% | ||
| Zeo Energy Corp. | $0.00 | Increases in tax basis; imputed interest | OpCo; TRA Holders (certain OpCo members) | 85% | had not recorded a liability; increases in tax basis; imputed interest; OpCo and certain OpCo members; 85% of the net cash savings; accrue interest until paid | ['Liability not recorded; realization not probable.', 'Estimated unrecorded liability is $5.7 million.', 'Early termination payment estimated at $18.6 million.'] | 1,865,506 | 2026-04-01 | 10-K | View Document | 85% | ||
| Bitcoin Depot Inc. | $0.00 | Existing tax basis; tax basis adjustments; imputed interest; depreciable or amortizable tax basis. | Bitcoin Depot Inc., BT HoldCo, BT Assets, Brandon Mintz, former stockholders of BT Assets. | 85% | no Tax Receivable Agreement liability; existing tax basis in certain assets; pay BT Assets 85% of the amount; Company, BT HoldCo and BT Assets | ['TRA terminated May 2025 via $9.3 million payment.'] | 1,901,799 | 2026-03-18 | 10-K | View Document | 85% | ||
| PROKIDNEY CORP. | $0.00 | Increases in tax basis of tangible and intangible assets; other tax attributes of PK Holdings; tax benefits related to entering into the TRA. | Closing ProKidney Unitholders | 85% | not recognized any liability; 85% of certain tax savings; increases in tax basis; Closing ProKidney Unitholders; other tax attributes of PK Holdings | No liability recognized as of December 31, 2025. | 1,850,270 | 2026-03-18 | 10-K | View Document | 85% | ||
| Cibus, Inc. | $0.00 | no TRA liability existed; TRA liability is not probable | ['Liability not probable due to valuation allowance'] | 1,705,843 | 2026-03-17 | 10-K | View Document | ||||||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | increases in tax basis of assets; tax attributes; TRA payment tax benefits | MLSH 1; MLSH 2; GTCR, LLC | 85% | SOFR + 500 basis points | no liabilities under the TRA; increases in the tax basis; MLSH 1 and MLSH 2; 85% of the tax benefits; SOFR... plus 500 basis points | ['Liability derecognized as realization is not probable.'] | 1,823,239 | 2026-02-26 | 10-K | View Document | 85% | |
| Greenlane Holdings, Inc. | $0.00 | Increases in tax basis from redemptions or exchanges; tax benefits from TRA payments | Members of the Operating Company | 85% | recorded no liability under the TRA; increases in the tax basis of assets; members of the Operating Company; 85% of the tax benefits | ['No liability recorded due to valuation allowance.'] | 1,743,745 | 2026-03-31 | 10-K | View Document | 85% | ||
| NUSCALE POWER Corp | $0.00 | Increases in tax basis of tangible and intangible assets | NuScale Corp, NuScale LLC, Legacy NuScale Equityholders, TRA Holders, Fluor | 85% | no liability... has been recorded; increases in tax basis; tangible and intangible assets; Legacy NuScale Equityholders; Fluor... TRA Representative; 85% of certain tax benefits; reduce the benefit percentage... to 42.5% | ["TRA Amendment reduced Fluor's share to 42.5%.", 'No liability recorded as of December 31, 2025.'] | 1,822,966 | 2026-02-26 | 10-K | View Document | 85% | ||
| Bumble Inc. | $0.00 | Existing tax basis, Common Basis, basis adjustments, Blocker Company tax attributes | Blackstone, the Founder, certain other pre-IPO owners | 85% | liability decreased to nil; allocable share of existing tax basis; Common Basis; tax attributes of the Blocker Companies; Blackstone, the Founder and certain other pre-IPO owners; 85% of the benefits | ['TRA fully terminated via buyout in November 2025.'] | 1,830,043 | 2026-03-16 | 10-K | View Document | 85% | ||
| Bioventus Inc. | $0.00 | Tax basis of assets of BV LLC | Smith & Nephew, Inc. (Continuing LLC Owner) | 85% | Company had not recorded any liabilities; increases in the tax basis of assets; Smith & Nephew, Inc.; 85% of the tax benefits; accrue interest until paid | ['No liability recorded as no exchanges occurred.'] | 1,665,988 | 2026-03-05 | 10-K | View Document | 85% | ||
| vTv Therapeutics Inc. | $0.00 | Tax basis increases from exchanges, imputed interest, TRA payment tax benefits | vTv Therapeutics Inc., M&F TTP Holdings Two LLC, M&F TTP Holdings LLC, MacAndrews | 85% | not recognized any liability; increases in the tax basis; 85% of the amount of cash savings; M&F TTP Holdings Two LLC; accrue interest until paid | ['No liability recognized as of December 31, 2025.'] | 1,641,489 | 2026-03-10 | 10-K | View Document | 85% | ||
| Rani Therapeutics Holdings, Inc. | $0.00 | Increases in tax basis of assets; TRA payments | Continuing LLC Owners, ICL | 85% | not recorded a liability under the TRA; increases in the tax basis of assets; 85% of the amount of tax benefits; terminated the TRA in December 2025 | ['TRA terminated December 2025; no payments required.'] | 1,856,725 | 2026-03-26 | 10-K | View Document | 85% | ||
| Clearwater Analytics Holdings, Inc. | $0.00 | Tax Attributes from redemptions or exchanges of units | TRA Parties, Continuing Equity Owners, certain executive officers | 85% | Balance - End of Year $—; result of Tax Attributes; 85% of certain tax benefits; the 'TRA Parties' | ['TRA settled in 2024 via one-time $72.5M payment.'] | 1,866,368 | 2026-02-18 | 10-K | View Document | 85% | ||
| Xponential Fitness, Inc. | $0.00 | NOLs, existing tax basis, tax basis adjustments, imputed interest | Continuing Pre-IPO LLC Members, owners of the Blocker Companies | 85% | LIBOR + 100bp | 85% of the amount of cash savings; LIBOR plus 100 basis points; net operating losses; existing tax basis; tax basis adjustments; deductions in respect of interest; Continuing Pre-IPO LLC Members; $88,439 of the TRA liability was not recorded | ['Liability not recorded due to valuation allowance.'] | 1,802,156 | 2026-03-04 | 10-K | View Document | 85% | |
| EVgo Inc. | $0.00 | Increases in tax basis; imputed interest | CRIS; Thunder Sub; EVgo Holdings; LS Power Equity Advisors, LLC | 85% | one-year LIBOR plus 100 basis points | 85% of the net cash savings; no amounts have been accrued; one-year LIBOR plus 100 basis points; increases in tax basis; imputed interest | ['Liability not accrued; unrecorded estimate is $33.2 million.'] | 1,821,159 | 2026-03-09 | 10-K | View Document | 85% | |
| Symbotic Inc. | $0.00 | attributes obtained as a result of exchanges | Legacy Warehouse Holders; TRA Holders | 85% | no TRA liability was recorded; 85% of these potential future tax benefits; Legacy Warehouse Holders; attributes obtained as a result of exchanges | ['No liability recorded; expected payments $464.7 million.'] | 1,837,240 | 2026-02-04 | 10-Q | View Document | 85% | ||
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from OpCo Unit exchanges; imputed interest; additional tax basis from TRA payments | Holdings, TRA Holders, Agent | 85% | did not record a tax receivable liability; increases in tax basis; imputed interest; Holdings; TRA Holders; pay each TRA Holder 85% | ['Payment cap of $50 million for change of control.'] | 1,841,425 | 2026-03-27 | 10-K | View Document | 85% | ||
| Zevia PBC | $0.00 | Net operating losses, existing tax basis, basis increases, imputed interest | Continuing members of Zevia LLC, Direct Zevia Stockholders | 85% | Secured Overnight Financing Rate plus 300 basis points | Pro rata | not recorded a liability; net operating losses; existing tax basis; increases in tax basis; 85% of the amount; Secured Overnight Financing Rate plus 300 basis points; pro rata based on their relative percentage ownership | ['Liability not recorded; potential liability is $58.9 million.'] | 1,854,139 | 2026-02-25 | 10-K | View Document | 85% |
| Purple Innovation, Inc. | $0.00 | Tax basis increases; imputed interest; other tax benefits | InnoHold; former founders | 80% | no liability was recorded; estimate of liability was $170.5 million; 80% of certain tax benefits; tax basis increases in the assets; InnoHold | ['Liability not recorded as profitability not probable.'] | 1,643,953 | 2026-03-31 | 10-K | View Document | 80% | ||
| Brilliant Earth Group, Inc. | $0.00 | Tax basis adjustments, Section 743(b), Section 197, imputed interest | Brilliant Earth Group, Inc., Brilliant Earth, LLC, Continuing Equity Owners | 85% | reduced the TRA liability to zero; increases in... tax basis of... assets; 85% of the amount of tax benefits; unpaid amounts... will accrue interest | ['Liability reduced to zero due to valuation allowance.'] | 1,866,757 | 2026-03-17 | 10-K | View Document | 85% | ||
| GRAFTECH INTERNATIONAL LTD | $0.00 | pre-IPO Tax Assets (including foreign tax credits) | Brookfield | 85% | SOFR + 1.10% | 85% of the amount of cash savings; Brookfield, as the sole Pre-IPO stockholder; utilization of the pre-IPO Tax Assets; SOFR plus 1.10%; liability was written off | ['Liability written off in 2025 due to valuation allowance'] | 931,148 | 2026-02-13 | 10-K | View Document | 85% | |
| Clearwater Analytics Holdings, Inc. | $0.00 | Tax Attributes | affiliates of the Prior Principal Equity Owners, other holders of interests, CWAN Holdings, executive officers | 85% | 85% of certain tax benefits; gross amount of approximately $72.5 million; as a result of Tax Attributes; affiliates of the Prior Principal Equity Owners; no further payment obligations | ['TRA terminated via $72.5M settlement completed Q1 2025.'] | 1,866,368 | 2026-04-01 | 10-K/A | View Document | 85% | ||
| NET Power Inc. | $0.00 | Existing tax basis of certain assets; tax basis adjustments from taxable exchanges; tax deductions from TRA payments | Certain OpCo unitholders | 75% | reduced the TRA liability... to zero; existing tax basis of certain assets; certain OpCo unitholders; pay approximately 75% of the calculated tax savings | ['TRA terminated effective June 12, 2025.'] | 1,845,437 | 2026-03-09 | 10-K | View Document | 75% | ||
| Andersen Group Inc. | $0.00 | Increase in tax basis in assets of AT Umbrella LLC and flow-through subsidiaries; tax benefits from TRA payments; imputed interest. | Aggregator, certain holders of Class X Umbrella Units, pre-IPO owners. | 85% | 85% of the tax benefits; increase in tax basis; Aggregator; not yet incurred a liability; aggregate to approximately $694.9 million | ['Estimated future payments aggregate to $694.9 million.'] | 2,065,708 | 2026-03-27 | 10-K | View Document | 85% | ||
| Intuitive Machines, Inc. | $0.00 | Existing Basis, Basis Adjustments, Business Combination benefits, and Interest Deductions | Intuitive Machines, LLC and certain Intuitive Machines Members (the “TRA Holders”) | 85% | SOFR + 100 basis points | The TRA is unrecognized.; equal to 85% of the amount; Existing Basis, Basis Adjustments and Interest Deductions; SOFR plus 100 basis points; Intuitive Machines, LLC and certain Intuitive Machines Members | ['TRA liability is unrecognized due to valuation allowance.'] | 1,844,452 | 2026-03-19 | 10-K | View Document | 85% | |
| El Pollo Loco Holdings, Inc. | $0.00 | net operating losses and other tax attributes | pre-IPO stockholders, FS Equity Partners V, L.P., FS Affiliates V, L.P. | 85% | no remaining obligations owed; net operating losses and other tax attributes; pre-IPO stockholders; FS Equity Partners V, L.P.; 85% of the savings in cash | ['TRA obligations terminated on May 29, 2024.'] | 1,606,366 | 2026-03-13 | 10-K | View Document | 85% | ||
| System1, Inc. | $0.00 | Tax basis increases from redemptions/exchanges, TRA payments, imputed interest | Certain then-existing members of System1 Holdings | 85% | reduced our TRA liability... to zero; increases in our share of the tax basis; certain of the then-existing members of System1 Holdings; payment by us of 85% of the amount | ['TRA liability reduced to zero as of 12/31/2025.'] | 1,805,833 | 2026-03-11 | 10-K | View Document | 85% | ||
| FuboTV Inc. | $0.00 | Historic NOLs; tax basis increases from redemptions, exchanges, or distributions; TRA payments; imputed interest | 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 | 2026-02-05 | 10-Q | View Document | 70% | ||
| Blackstone Inc. | [] | 1,393,818 | 2026-02-27 | 10-K | View Document | ||||||||
| York Space Systems Inc. | NOLs, R&D credits, 163(j) interest, 174 expenditures, asset amortization/depreciation, IPO-related deductions | Holdings equity holders, Class P Unit holders, AE Industrial Partners, BlackRock, pre-IPO owner | 85% | SOFR + 500bp | Pro rata | 85% of certain tax savings; SOFR plus 500 basis points; allocated pro rata; net operating losses; research and development tax credits; interest disallowed pursuant to Section 163(j) | ['Liability not recorded as realization is currently uncertain.', 'Early termination liability estimated at $262 million.'] | 2,086,587 | 2026-03-20 | 10-K | View Document | 85% | |
| Falcon's Beyond Global, Inc. | Increases in tax basis of Falcon’s Opco assets | Falcon’s Opco, TRA holder representative, TRA Holders | 85% | equal to 85% of the tax benefits; increases in the tax basis of assets; Company’s unitholders and Falcon’s Opco; unpaid amounts will be deferred and accrue interest | ['Amendment on October 24, 2024, regarding unit transfers.'] | 1,937,987 | 2026-03-30 | 10-K | View Document | 85% | |||
| Hamilton Lane INC | Increases in tax basis in assets of HLA; depreciation and amortization deductions | pre-IPO members of HLA | 85% | pay 85% of the amount; pre-IPO members of HLA; increases in the tax basis; depreciation and amortization deductions | ['Recorded $10.5M TRA liability from Sept 2025 offering.'] | 1,433,642 | 2026-02-03 | 10-Q | View Document | 85% | |||
| Liberty Broadband Corp | tax benefits realized by GCI Liberty | Liberty Broadband, Charter, GCI Liberty | entitled under a tax receivables agreement; tax benefits realized by GCI Liberty; Liberty Broadband, Charter and GCI Liberty; portion of the tax benefits | ['Liberty Broadband is the beneficiary of the TRA.'] | 1,611,983 | 2026-04-28 | 10-Q | View Document | |||||
| AST SpaceMobile, Inc. | Existing tax basis; tax basis adjustments; tax deductions; Blocker Corporation tax attributes | Company, AST LLC, TRA Holders, Thomas Severson | 85% | pay the TRA Holders 85%; existing tax basis in certain assets; tax basis adjustments from taxable exchanges; tax deductions in respect of certain payments; tax attributes of Blocker Corporations; Company, AST LLC, TRA Holders, Thomas Severson | ['TRA entered April 6, 2021.', 'Nonpayment may accelerate payments.'] | 1,780,312 | 2026-03-02 | 10-K | View Document | 85% | |||
| Solo Brands, Inc. | Tax basis increases from redemptions/exchanges, imputed interest, TRA payment basis increases | TRA Participants, Prior Continuing LLC Owners, non-controlling interest holders | 85% | 85% of the tax benefits; increases in Solo Brands, Inc.’s proportionate share; TRA Participants; unpaid amounts will be deferred and will accrue interest | ['No liability expected from Corporate Simplification.'] | 1,870,600 | 2026-03-23 | 10-K | View Document | 85% | |||
| indie Semiconductor, Inc. | Tax basis of tangible and intangible assets; tax attributes of ADK Blocker Group; tax benefits from TRA payments | Certain members of ADK LLC; indie Equity Holders; permitted assignees | 85% | 85% of the tax benefits; increases in tax basis; tax attributes of the ADK Blocker Group; certain members of ADK LLC; tangible and intangible assets of ADK LLC | [] | 1,841,925 | 2026-02-27 | 10-K | View Document | 85% | |||
| Ares Management Corp | Reference Assets, Basis Adjustments | Parent, Partnerships, TRA Holders, AOH | 85% | Pro rata | equal to 85% of the sum; tax basis in the applicable Reference Assets; each TRA Holder on a pro rata basis | [] | 1,176,948 | 2026-02-25 | 10-K | View Document | 85% | ||
| Forgent Power Solutions, Inc. | Opco LLC Interests basis, NOLs, Blocker basis, basis increases, imputed interest | Forgent Parent I LP, Forgent Parent II LP, Forgent Parent III LP, Forgent Parent IV LP (Continuing Equity Owners) | 85% | 85% of the amount of tax savings; Forgent Parent I LP, Forgent Parent II LP; allocable share of tax basis; net operating losses; imputed interest arising from any payments | [] | 2,080,126 | 2026-03-16 | 10-Q | View Document | 85% | |||
| Liberty Broadband Corp | tax benefits realized by GCI Liberty corresponding to excess corporate level tax liability | Liberty Broadband, Charter, GCI Liberty | tax benefits realized by GCI Liberty; exceeded $420 million; GCI Tax Receivables Agreement; Liberty Broadband and GCI Liberty | TRA entitlement triggered if tax liability exceeds $420 million. | 1,611,983 | 2026-02-05 | 10-K | View Document | |||||
| BRC Inc. | Existing tax basis; basis adjustments; Blocker Corp attributes; TRA payment benefits | Unitholders of Authentic Brands, LLC; certain shareholders | 85% | 85% of the tax benefits; Unitholders of Authentic Brands; increases in tax basis; pre-existing tax attributes of the Blocker Corp; record the TRA liability when probable | ['Full valuation allowance recorded against deferred tax assets.'] | 1,891,101 | 2026-03-02 | 10-K | View Document | 85% | |||
| GCI Liberty, Inc. | Liberty Broadband and GCI Liberty | tax receivables agreement (the “Tax Receivables Agreement”); Liberty Broadband and GCI Liberty | ['TRA mentioned but specific terms not detailed.'] | 2,057,463 | 2026-02-11 | 10-K | View Document | ||||||
| Finance of America Companies Inc. | Corporation, stockholders, BL Investors, Blackstone Investors | Corporation and the stockholders; BL Investors; Blackstone Investors; Exchange pursuant to the Tax Receivable Agreements | [] | 1,828,937 | 2026-03-13 | 10-K | View Document | ||||||
| INFINITY NATURAL RESOURCES, INC. | holders of INR Units at the time of our initial public offering | holders of INR Units; accelerating the payment due under our TRA | ['Change of control events accelerate TRA payments.'] | 2,029,118 | 2026-03-10 | 10-K | View Document | ||||||
| Vivid Seats Inc. | TRA Parties | Tax Receivable Agreement... were terminated; issued... 403,022 shares... to the TRA Parties | ['TRA terminated during Corporate Simplification.'] | 1,856,031 | 2026-03-12 | 10-K | View Document | ||||||
| OneStream, Inc. | Basis Adjustments from LLC Unit redemptions or exchanges; tax benefits from TRA payments | KKR, Continuing Members, and certain Former Members | 85% | 85% of the amount of tax benefits; KKR and other Continuing Members; basis increases as the Basis Adjustments; tax benefits attributable to payments made | [] | 1,889,956 | 2026-03-31 | 10-K/A | View Document | 85% | |||
| Purple Innovation, Inc. | Tax basis increases in assets of Purple LLC; imputed interest | InnoHold | 80% | 80% of the net cash savings; tax basis increases in the assets; InnoHold; imputed interest deemed to be paid | ['TRA share is 80%.'] | 1,643,953 | 2026-04-28 | 10-Q | View Document | 80% | |||
| EGH Acquisition Corp. | increases in tax basis and certain other tax benefits | the Parent (the “TRA Holder”) | 85% | pay the TRA Holder 85%; increases in tax basis; exchanges of Parent Hecate Units | ['TRA is with the Parent entity.'] | 2,052,547 | 2026-03-20 | 10-K | 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; New CND will agree to pay | [] | 1,851,959 | 2026-03-25 | 10-K | View Document | 85% | |||
| CCO HOLDINGS LLC | step-up in tax basis from exchange or sale of common units; tax benefits realized by GCI | Charter, A/N, GCI | 50% | Charter must pay to A/N 50%; step-up in tax basis; exchange or sale of the common units; tax benefits realized by GCI | ['TRA share is 50%.'] | 1,271,833 | 2026-01-30 | 10-K | View Document | 50% | |||
| Stagwell Inc | taxable exchanges of equity interests and 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 | 2026-03-13 | 10-K | View Document | 85% | |||
| Eve Holding, Inc. | Increases in tax basis from Pre-Closing Restructuring; tangible and intangible assets; tax benefits from TRA payments | Eve Holding, Inc., EAH | 75% | pay to EAH 75% of net tax savings; increases in tax basis in the assets; resulting from the Pre-Closing Restructuring; tax benefits attributable to payments under the TRA; unpaid amounts will be deferred and accrue interest | ['TRA share is 75%.', 'Deconsolidation from EAH in 2025 effectuated the TRA.'] | 1,823,652 | 2026-03-16 | 10-K | View Document | 75% | |||
| Alchemy Investments Acquisition Corp 1 | Tax basis adjustments from TRA Exchanges, tax benefits from TRA payments, depreciation and amortization deductions, Section 754 adjustments | 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 | 2026-04-09 | 10-K | View Document | 85% | |||
| Intercontinental Exchange, Inc. | Bakkt, Victory Park Capital Impact Acquisition Holdings | tax receivable agreement settlement; settle the outstanding tax receivable agreement; Bakkt reorganization; Victory Park Capital Impact Acquisition Holdings | ['TRA settled in 2025 via Bakkt reorganization.'] | 1,571,949 | 2026-02-05 | 10-K | View Document | ||||||
| FLUOR CORP | Fluor Corp, NuScale | tax receivable agreement with NuScale; 50% reduction in our benefits | ['Benefits reduced by 50% per November 2025 agreement.'] | 1,124,198 | 2026-02-17 | 10-K | View Document | ||||||
| Shoals Technologies Group, Inc. | exchanges of Class B common stock | Holders of Class B common stock | exchanges of Class B common stock; tax receivable agreement exchanges | ['TRA activity was zero for 2025.'] | 1,831,651 | 2026-02-24 | 10-K | View Document | |||||
| GLOBAL PAYMENTS INC | amounts outstanding under EVO’s tax receivable agreement; required to be repaid by us upon consummation | ['TRA was repaid upon consummation of the acquisition.'] | 1,123,360 | 2026-02-20 | 10-K | View Document | |||||||
| FIFTH THIRD BANCORP | Worldpay, Inc. | Income from the TRA associated with Worldpay, Inc. | ['TRA associated with Worldpay, Inc.'] | 35,527 | 2026-02-24 | 10-K | View Document |