Comprehensive analysis of Tax Receivable Agreements from SEC filings
| Company Name | TRA Liability (M$) | Covered Assets | TRA Parties | TRA Share % | Default Interest Rate | Pro Rata Payment | References | Notes | CIK | Filing Date | Form Type | Filing URL | Payment Rate |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Medline Inc. | $4,021.00 | Existing tax basis, tax basis adjustments, corporate tax attributes | Certain pre-IPO owners | 90% | balance of the TRA liability was $4,021 million; 90% of certain tax benefits; allocable share of existing tax basis; certain pre-IPO owners | ['TRA share is 90%', 'Liability increased $479M 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 | ['Refers to 2025 Form 10-K for details.'] | 1,794,515 | 2026-05-11 | 10-Q | View Document | |||||
| CARVANA CO. | $2,228.00 | basis adjustment relating to the assets; imputed interest | LLC Unitholders | 85% | recorded a TRA liability of $2.2 billion; basis adjustment relating to the assets; pay to the LLC Unitholders; pay to the LLC Unitholders 85%; deferred and will accrue interest until paid | ['Liability includes $1.7 billion due to related parties.'] | 1,690,820 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Blackstone Inc. | $2,047.93 | tangible and intangible assets of Blackstone Holdings | predecessor owners, senior managing directors, and other unit holders | 85% | Due to Certain Non-Controlling Interest Holders; 85% of the amount of cash savings; tangible and intangible assets of Blackstone Holdings; predecessor owners; senior managing directors | [] | 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 | ['Includes $95.7 million 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; 85% of the income tax benefits; Co-Founder and Sponsor | ['Liability includes current and non-current portions.'] | 1,866,581 | 2026-05-06 | 10-Q | View Document | 85% | ||
| TPG Inc. | $782.20 | increase in the tax basis, Covered Tax Items | current and former employees and partners, Related Parties, non-affiliates | 85% | liability pursuant to the Tax Receivable Agreement... $782.2 million; increase in the tax basis; Covered Tax Items; pay the beneficiaries... 85% of the applicable cash savings | ['Liability split between related parties and non-affiliates.'] | 1,880,661 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Apollo Global Management, Inc. | $778.00 | Increases in tax basis of underlying assets | Former Managing Partners, Contributing Partners, Bridge TRA holders | 85% | Due to TRA holders $778; increases in tax basis of assets; Former Managing Partners and Contributing Partners; 85% of the amount of cash tax savings; interest is accrued on the balance | ['Includes Apollo TRA and Bridge TRA.', 'No more units available for exchange.'] | 1,858,681 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Core & Main, Inc. | $683.00 | tax attributes, exchanges of Partnership Interests | Clayton, Dublier & Rice (CD&R), Core & Main Management Feeder, LLC (Management Feeder) | 85% | payables to related parties of $683 million; 85% of the tax benefits realized; exchanges of Partnership Interests; Clayton, Dublier & Rice; Management Feeder | ['Two separate TRAs: Former and Continuing Limited Partners.'] | 1,856,525 | 2026-06-10 | 10-Q | View Document | 85% | ||
| Interactive Brokers Group, Inc. | $618.00 | Tax basis increases | IBG, Inc., Holdings | 85% | payables to Holdings... were $618 million; 85% of the tax savings; result of tax basis increases; IBG, Inc. also entered... with Holdings | [] | 1,381,197 | 2026-05-07 | 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. | Holders of AOG Units; TRA recipients | 85% | TRA liability balance was $581.7 million; increases in the tax basis; 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 | existing tax basis, tax basis adjustments, 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; plus interest as further detailed in the TRA | ['Objection Notice received; potential $40M increase in payments.'] | 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, and 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 based on undiscounted estimated future payments.'] | 1,849,253 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Planet Fitness, Inc. | $415.80 | tax attributes of Holdings Units sold or exchanged; imputed interest; 2012 purchase attributes | TRA Holders; existing and previous equity owners of Pla-Fit Holdings, LLC; affiliates of TSG Consumer Partners, LLC | 85% | liability of $415.8 million; 85% of the applicable tax savings; existing and previous equity owners; affiliates of TSG Consumer Partners, LLC; tax attributes of their Holdings Units; imputed interest | ['Company entered into two tax receivable agreements.'] | 1,637,207 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Nextpower Inc. | $393.20 | Existing tax basis; basis increases from exchanges; blocker corporation tax attributes; TRA payment tax benefits. | Flex Ltd. (affiliate), TPG Inc., TPG Affiliates | 85% | liability of $393.2 million... March 31, 2026; 85% of the tax benefits; allocable share of existing tax basis; increases in tax basis; pre-existing tax attributes of certain blocker corporations; Flex’s affiliate, TPG and the TPG Affiliates | ['Yuma and Yuma Sub assigned rights to Flex.', 'LLC partnership status terminated for tax purposes.'] | 1,852,131 | 2026-05-19 | 10-K | View Document | 85% | ||
| AEVEX Corp. | $373.20 | Increases in tax basis from exchanges, existing tax basis, Blocker Entity tax attributes, TRA payment tax benefits | AEVEX Corp., Holdings LLC, TRA Rights Holders (including Madison Dearborn Partners, LLC) | 85% | required to pay approximately $373.2 million; 85% of certain tax savings; increases in the tax basis of assets; existing tax basis; Company, Holdings LLC and 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, net operating loss (NOL), imputed interest | Class B, C, and D limited partners; pre-IPO institutional investors | 85% | lesser of 6.5% or SOFR + 400bp | Pro rata | total Tax Receivable Agreements liability was $344.2 million; increases in tax basis; net operating loss; imputed interest; Class B, Class C and Class D limited partners; 85% of net cash tax savings; lesser of 6.5% or SOFR plus 400bp; pro rata in accordance with assumed tax liabilities | ['Liability increased by $43.0 million due to unit exchanges.'] | 1,796,022 | 2026-05-27 | 10-K | View Document | 85% |
| Portillo's Inc. | $344.20 | Existing tax basis, NOLs, and basis adjustments | Pre-IPO LLC Members, certain members of Portillo's OpCo | 85% | obligation for future payments... totaled $344.2 million; existing tax basis; net operating losses; basis adjustments; payment by us of 85% of... tax benefits | ['TRA liability adjusted by $0.4 million this quarter'] | 1,871,509 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Tradeweb Markets Inc. | $335.80 | Increases in tax basis of TWM LLC’s assets; tax benefits from TRA payments | TWM LLC and the Continuing LLC Owners | 50% | liability... totaled $335.8 million; increases in the tax basis of TWM LLC’s assets; TWM LLC and the Continuing LLC Owners; equal to 50% of the amount; unpaid amounts... will accrue interest | ['TRA share is 50% of realized tax savings.'] | 1,758,730 | 2026-04-29 | 10-Q | View Document | 50% | ||
| KKR & Co. Inc. | $335.10 | exchanges of KKR Holdings equity | KKR Holdings, Current and Former Employees | undiscounted payable of $335.1 million; exchanges of KKR Holdings equity; KKR Holdings; Current and Former Employees | ['TRA terminated May 30, 2022, except prior exchanges.'] | 1,404,912 | 2026-05-08 | 10-Q | View Document | ||||
| Brighthouse Financial, Inc. | $328.00 | MetLife, Inc. | payable to MetLife of $328 million; Tax Receivables Agreement with MetLife; accelerated upon closing of the Merger | ['Payable accelerated upon closing of the Merger.'] | 1,685,040 | 2026-05-07 | 10-Q | View Document | |||||
| Artisan Partners Asset Management Inc. | $305.20 | Preferred units tax attributes, step-up of tax basis, imputed interest, partnership units sold or exchanged | Pre-H&F Corp Merger Shareholder, current or former limited partners of Holdings | 85% | TRA liability... $305.2 million at March 31, 2026; step-up of tax basis; imputed interest; Pre-H&F Corp Merger Shareholder; limited partners of Holdings; 85% of the applicable cash savings; Interest on the TRA payments will accrue | ['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 GPGI Holdings’ assets | GPGI Holdings and holders of interests therein | 90% | Total payments $293.3; increase in the tax basis of GPGI Holdings’ assets; GPGI Holdings and holders of interests therein; payments of 90% of the tax benefits; unpaid amounts generally will be deferred and will accrue interest | ['TRA share percentage is 90%.'] | 1,823,144 | 2026-05-07 | 10-Q | View Document | 90% | ||
| Moelis & Co | $269.30 | increases in tax basis; imputed interest; tangible and intangible assets | eligible Managing Directors | 85% | total payable of $269.3 million; increases in tax basis attributable to exchanges; eligible Managing Directors; 85% of the amount of cash savings | ['Payments due 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 | direct and indirect owners of Cactus LLC | 85% | total liability from the TRA was $264.8 million; tax basis subject to the TRA; direct and indirect owners of Cactus LLC; 85% of the net cash savings; accrue interest from the due date | [] | 1,699,136 | 2026-05-08 | 10-Q | View Document | 85% | ||
| York Space Systems Inc. | $261.00 | Net operating loss carryforwards; research and development credit carryforwards | Equity holders of Holdings; holders of Class P Units | 85% | 100 basis points above SOFR | 85% of certain tax savings; net operating loss carryforwards; research and development credit carryforwards; equity holders of Holdings; holders of Class P Units; 100 basis points above SOFR; early termination liability to be approximately $261.0 million | ['Liability not recorded; $261M is early termination estimate.'] | 2,086,587 | 2026-05-15 | 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 $11.8M short-term and $240.6M long-term.'] | 1,856,314 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Stagwell Inc | $252.39 | increases in the tax basis of the assets of Stagwell Global LLC (OpCo) and certain other tax benefits related to making payments under the TRA | Stagwell Media | 85% | Tax Receivable Agreement liability (1) $252,390; increases in the tax basis; payments to Stagwell Media; 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 in 2026.'] | 1,794,669 | 2026-05-07 | 10-Q | View Document | ||||
| Shake Shack Inc. | $246.00 | Tax basis increases from LLC Interest redemptions, TRA payments, and imputed interest. | Non-controlling members of SSE Holdings | 85% | obligations totaled $246.0 million; increases in the Company's share of tax basis; non-controlling members of SSE Holdings; pay the non-controlling interest holders 85% | ['TRA payments contingent on generating future taxable income.'] | 1,620,533 | 2026-05-07 | 10-Q | View Document | 85% | ||
| European Wax Center, Inc. | $243.60 | Existing tax basis; 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; existing tax basis of tangible and intangible assets; EWC Ventures Pre-IPO Members; lesser of 6.5% or SOFR + 100bp | ['Liability estimate based on $6.53 share price.'] | 1,856,236 | 2026-04-27 | 10-K/A | View Document | 85% | |
| AdaptHealth Corp. | $238.90 | Pre-Business Combination tax attributes; tax basis increases from exchanges; imputed interest; tax 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; increases in tax basis resulting from payments | ['TRA liability decreased from $265.7 million.'] | 1,725,255 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Hamilton Lane INC | $235.40 | Tax basis in tangible and intangible assets; specially allocated loss items; tax benefits from TRA payments. | Pre-IPO members of HLA; TRA Recipients. | 85% | liability of $235.4 million; 85% of the amount of tax savings; pre-IPO members of HLA; increases in tax basis | ['Change of control triggers present value payment.'] | 1,433,642 | 2026-05-21 | 10-K | View Document | 85% | ||
| WaterBridge Infrastructure LLC | $218.50 | Tax basis increases, existing tax basis, NOLs, interest expense carryforwards, imputed interest | OpCo, TRA Holders, Elda River Infrastructure WB LLC | 85% | TRA liability balance of $218.5 million; tax basis increases resulting from the exchange; existing tax basis of assets of OpCo; NOLs and interest expense carryforwards; 85% of the net cash savings; 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 entity tax attributes, basis increases from exchanges, TRA payment tax benefits | Legence Parent and Legence Parent II | 85% | current liability $8.2 million, long-term $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 option."] | 2,052,568 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Forgent Power Solutions, Inc. | $207.30 | Opco LLC Interests basis, Blocker NOLs, existing basis, basis adjustments from exchanges | Forgent Parent I LP, Forgent Parent II LP, Forgent Parent III LP, Forgent Parent IV LP (Continuing Equity Owners) | 85% | total amount due under TRA was $207.3 million; 85% of the amount of tax savings; allocable share of tax basis; net operating losses; Forgent Parent I LP... (collectively, the 'Continuing Equity Owners') | ['Liability recognized based on probable future taxable income.'] | 2,080,126 | 2026-05-14 | 10-Q | View Document | 85% | ||
| European Wax Center, Inc. | $201.98 | Existing tax basis; adjustments to tax basis of tangible and intangible assets | EWC Ventures pre-IPO members | 85% | Tax receivable agreement liability... $201,980; existing tax basis of tangible and intangible assets; EWC Ventures pre-IPO members; 85% of the applicable cash tax savings; accrue interest until paid | ['Liability includes current portion of $8.7 million.'] | 1,856,236 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Repay Holdings Corp | $191.80 | Tax basis increases from unit exchanges, Hawk Parent equity acquisition, TRA payment basis increases, and imputed interest. | Holders of Post-Merger Repay Units, selling Hawk Parent members. | 100% | liability of $191.8 million; increases in its share of the tax basis; holders of Post-Merger Repay Units; payment by the Company of 100% | ['TRA liability measured at fair value.', 'TRA share percentage is 100%.'] | 1,720,592 | 2026-05-04 | 10-Q | View Document | 100% | ||
| Five Point Holdings, LLC | $181.90 | certain tax attributes; California net operating loss deductions | holders of Class A Common Units; holders of Class A units of the San Francisco Venture | 85% | liabilities of $181.9 million; 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% | ||
| SOLV Energy, Inc. | $172.34 | Existing tax basis, net operating losses, tax basis adjustments, interest deductions | SOLV Energy, Inc., SOLV Energy Holdings LLC, Continuing Equity Owners, Blocker Shareholders, TRA Participants | 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; interest deductions; Continuing Equity Owners, the Blocker Shareholders | ['Liability recorded upon IPO and reorganizational transactions.'] | 2,065,636 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Goosehead Insurance, Inc. | $171.90 | Increase in tax basis; imputed interest | Pre-IPO LLC Members | 85% | total amount of TRA Payments... was $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 based on Section 754 election.'] | 1,726,978 | 2026-04-23 | 10-Q | View Document | 85% | ||
| PBF Energy Inc. | $168.20 | Increases in tax basis; tax benefits from payments | PBF LLC Series A and PBF LLC Series B unitholders | 85% | recognized a liability of $168.2 million; increases in tax basis; tax benefits attributable to payments; 85% of the amount of the benefits; PBF LLC Series A and Series B unitholders | ['Liability is undiscounted and net of valuation allowance.'] | 1,534,504 | 2026-04-30 | 10-Q | View Document | 85% | ||
| Virtu Financial, Inc. | $166.50 | Basis increase from unit exchanges, IPO intangible assets, NOLs, and other tax attributes | Direct or indirect equity holders (TRA Parties), Virtu Members | 85% | liabilities... were approximately $166.5 million; increase to the tax basis; intangible assets; Net Operating Losses (“NOLs”); 85% of the applicable cash tax savings; direct or indirect equity holders | [] | 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 TRA liability was $165.4 million; taxable acquisitions of Sculptor operating partnership units; including net operating losses; former holders of units in Sculptor’s operating partnerships | ['Payments calculated using 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; some stockholders waived rights.'] | 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 amount of cash savings | ['Amended and restated on May 13, 2025.'] | 1,859,392 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Baldwin Insurance Group, Inc. | $144.60 | increase in tax basis in Baldwin Holdings assets; imputed interest | Baldwin Holdings’ LLC Members | 85% | Tax Receivable Agreement liabilities of $144.6 million; increase in tax basis in Baldwin Holdings assets; Baldwin Holdings’ LLC Members; 85% of the amount of cash savings | ['Liability recorded after concluding tax benefits are realizable.', 'Liability 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, depletable or amortizable tax basis | Continuing equity owners and blocker shareholders (TRA Participants) | 85% | estimated total payments of approximately $143.9 million; 85% of the amount of cash tax savings; continuing equity owners and blocker shareholders; unit exchanges in Holdings LP; pre-IPO tax attributes acquired in Organizational Transactions; depreciable, depletable or amortizable tax basis | [] | 1,934,114 | 2026-06-09 | 10-Q | View Document | 85% | ||
| Rush Street Interactive, Inc. | $133.40 | increase in tax basis; tax benefits from exchanges; TRA payments | Special Limited Partner; holders of Retained RSILP Units | 85% | recognized a TRA liability of $133.4 million; increase in tax basis and tax benefits; Special Limited Partner entered into the TRA; pay 85% of certain net tax benefits; unpaid amounts... will accrue interest until paid | ['Exchanges after June 2025 are equity transactions.'] | 1,793,659 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Driven Brands Holdings Inc. | $129.30 | Depreciation and amortization deductions; tax basis in intangible assets | Principal Stockholders; senior management team; pre-IPO shareholders | 85% | SOFR plus an applicable term adjustment plus 5% | current... $56 million; non-current... $73 million; depreciation and amortization deductions; tax basis... intangible assets; Principal Stockholders... senior management team; 85% of... cash savings; SOFR plus... term adjustment plus 5% | ['TRA covers U.S. and Canadian income tax savings.'] | 1,804,745 | 2026-05-19 | 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 | ['TRA amended 10/1/2023 to replace LIBOR with SOFR.'] | 1,818,383 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Fluence Energy, Inc. | $117.00 | increases in tax basis of assets; depreciation and amortization deductions; tax attributes | 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 | 2026-05-06 | 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 | ['TRA is with Oaktree'] | 1,937,926 | 2026-05-08 | 10-Q | View Document | ||||
| loanDepot, Inc. | $111.00 | investment in LD Holdings; deductions for TRA payments | Parthenon Stockholders, certain Continuing LLC Members | TRA liability of $111.0 million; investment in LD Holdings; Parthenon Stockholders and certain Continuing LLC Members | ['TRA liability increased by $2.0 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 of its investors | 85% | TRA liability of $108.9 million; 85% of the amount of tax benefits; increases in our tax basis; utilization of pre-IPO NOLs; certain of its investors | ['TRA originated from 2015 Offering Reorganization.'] | 1,628,908 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Driven Brands Holdings Inc. | $108.00 | Pre-IPO and IPO-Related Tax Benefits | pre-IPO shareholders | 85% | SOFR plus an applicable term adjustment plus 5.0% | current... $35 million... 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% | ['Covers U.S. and Canadian income tax savings.'] | 1,804,745 | 2026-06-11 | 10-Q | View Document | 85% | |
| Perella Weinberg Partners | $94.00 | exchange of interests in PWP OpCo; step-up in tax basis; payments under TRA | PWP OpCo, Professional Partners and Investor Limited Partners | 85% | liability of $94.0 million; exchange of interests in PWP OpCo; PWP OpCo, Professional Partners and Investor Limited Partners; payment of 85% of the amount | [] | 1,777,835 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Flowco Holdings Inc. | $92.40 | Basis Adjustments, Section 704(c) Allocations, interest deductions, existing tax basis | Flowco Holdings, Flowco LLC, Continuing Equity Owners (TRA Participants) | 85% | total amount due under TRA was $92.4 million; Basis Adjustments, Section 704(c) Allocations, and interest deductions; Flowco Holdings, Flowco LLC and Continuing Equity Owners; pay to each Continuing Equity Owner 85% | ['Liability increased from $22.0M to $92.4M this quarter.'] | 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, management, and Board of Directors | 85% | aggregate to approximately $87,169; 85% of the amount of cash savings; Pre-IPO Tax Attributes; net operating loss carryforwards; pre-IPO stockholders; 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 | Income Tax Receivable Agreement Liability 87,137; attributes that existed at the time of IPO; pre-IPO stockholders (the 'TRA holders'); certain members of management and Board; TRA will terminate and be settled | ['TRA terminates upon merger with Allegiant.'] | 1,743,907 | 2026-05-01 | 10-Q | View Document | ||||
| ProFrac Holding Corp. | $86.60 | Tax receivable agreement liability 82.0; Tax receivable agreement obligation 4.6; $86.6 million of estimated tax receivable agreement obligations; realizes actual cash tax savings from tax benefits | ['Total liability includes $4.6M current and $82.0M non-current.'] | 1,881,487 | 2026-05-08 | 10-Q | View Document | ||||||
| Solaris Energy Infrastructure, Inc. | $75.00 | Increases in tax basis, imputed interest, additional tax basis from TRA payments | Other then-existing members of Solaris LLC | 85% | Pro rata | liability under the TRA was $75.0 million; increases in tax basis and certain tax benefits; other then-existing members of Solaris LLC; representing 85% of the net cash savings; distribute cash pro rata to each... other members | ['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 | R/C Energy IV Direct Partnership, L.P., TRA Holders | 85% | liability under the TRAs was $66.9 million; increases in tax basis; net operating losses; imputed interest; payment by the Company of 85%; 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 | ['Rights limited to pre-existing obligations after Conversion.'] | 1,527,166 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Excelerate Energy, Inc. | $58.81 | Increases in tax basis from exchanges; existing tax basis; tax basis of assets purchased from Foundation; tax benefits from TRA payments. | EE Holdings, the Foundation | 85% | TRA liability 51,122; Current portion of TRA liability 7,685; 85% of the amount; EE Holdings and the Foundation; increases in the tax basis of assets; existing tax basis of assets | ['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 GCMH assets | TRA Parties, limited partners of GCMH | 85% | amount payable... was $54.6 million; increases in the tax basis; limited partners of GCMH; 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 | Lazard; LTBP Trust | 45% and 85% | Pro rata | cumulative liability... was $46,832; 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 | ['Split payment percentages of 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 38,418 | [] | 1,682,745 | 2026-05-06 | 10-Q | View Document | ||||||
| Select Water Solutions, Inc. | $43.40 | Increases in tax basis from unit acquisitions, NOLs from reorganization, and imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P. | 85% | 12-month term SOFR + 171.513 basis points | liability associated with the TRAs... $43.4 million; certain increases in tax basis; net operating losses (“NOLs”); Legacy Owner Holdco and Crestview Partners II GP; 85% of the net cash savings; 12-month term SOFR... plus 171.513 basis points | ['OBBBA enacted July 2025 defers TRA payment timing.'] | 1,693,256 | 2026-05-06 | 10-Q | View Document | 85% | |
| Black Rock Coffee Bar, Inc. | $42.50 | Basis Adjustments and interest deductions from TRA payments | Black Rock OpCo, TRA Parties, Continuing Equity Owners | 85% | liability of approximately $42.5 million; result of 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% | ||
| FORWARD AIR CORP | $41.73 | Tax attributes from exchanges; benefits from 700 shares; partnership tax rules; allocation of gain or loss | certain Omni Holders | range of potential payments to $24,050; total estimated payable of $17,675; certain Omni Holders; tax attributes as of the date of exchanges; tax benefits related to the 700 shares | ['Total includes high end of contingent payment range.'] | 912,728 | 2026-05-11 | 10-Q | View Document | ||||
| 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 permitted assignees) | 85% | 39,603; 85% of the amount of the benefits; pre-IPO owners of the LLC; increases in tax basis; Section 754 election | ['Liability determined on an undiscounted basis.', 'Adjusted for tax rate changes.'] | 1,590,976 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Cardinal Infrastructure Group Inc. | $39.42 | Tax basis step-up, Section 743(b), Section 197, NOL carryforward | PubCo, OpCo, Continuing Equity Holders, Diamond Interests Group LLC, Seller Owners | 85% | SOFR + 100bp | liability... totaled $39,423,529; 85% of the net cash tax savings; SOFR plus 100 basis points; Sections 743(b) and 197; NOL carryforward mechanics | ['Includes separate Tax Benefit Agreement (TBA).'] | 2,079,999 | 2026-05-13 | 10-Q | View Document | 85% | |
| Hagerty, Inc. | $38.30 | increases in tax basis and imputed interest | Legacy Unit Holders (Hagerty Holding Corp. and Markel) | 85% | TRA Liability was $38.3 million; increases in tax basis; imputed interest; Legacy Unit Holders; Hagerty Holding Corp. ('HHC') and Markel; 85% of the... cash tax savings | ['TRA 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; imputed interest | certain owners of OneWater LLC; TRA Holder | 85% | undiscounted liability... was $37.5 million; increases in tax basis; imputed interest; certain of the owners of OneWater LLC; 85% of the calculated net cash savings; deferred payments... will accrue interest | [] | 1,772,921 | 2026-05-04 | 10-Q | View Document | 85% | ||
| National CineMedia, Inc. | $35.70 | Intangible asset related to the ESA Parties; Common Unit Adjustment Agreement | Cinemark, AMC (terminated) | Payable under the TRA 2.9; Payable under the TRA 32.8; intangible asset related to the ESA Parties; TRA payments to Cinemark; no longer... obligation to make TRA payments to AMC | ['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 | Tax receivable agreement liability 35,046; tax basis 'step-up' triggered by the Corporate Simplification; 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; tax benefits from payments | holders of Partnership Units (other than PJT Partners Inc.) | 85% | $34.6 million... pursuant to the tax receivable agreement; increases in tax basis related to such exchanges; holders of Partnership Units; 85% of the benefits | ["Liability represents management's best estimate of amounts owed."] | 1,626,115 | 2026-04-30 | 10-Q | View Document | 85% | ||
| i3 Verticals, Inc. | $32.40 | Increase in tax basis from reorganization and exchanges; imputed interest | i3 Verticals, LLC; Continuing Equity Owners | 85% | total amount due... was $32.4 million; increase in tax basis associated with Common Units; i3 Verticals, LLC and Continuing Equity Owners; represents 85% of estimated future tax benefits | ['Payments expected over the next 22 years.'] | 1,728,688 | 2026-05-08 | 10-Q | View Document | 85% | ||
| AlTi Global, Inc. | $30.60 | increase in tax basis of the assets of Umbrella | TWMH Members, TIG GP Members, and 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; 85% of certain tax benefits | ['Portion of TRA liability carried at fair value.'] | 1,838,615 | 2026-05-11 | 10-Q | View Document | 85% | ||
| PennyMac Financial Services, Inc. | $24.80 | Increases in tax basis of PNMAC’s assets; tax benefits from TRA payments | Certain former owners of PNMAC; PNMAC’s exchanged unitholders | 85% | recorded a $24.8 million Payable; increases in tax basis of PNMAC’s assets; certain former owners of PNMAC; amount equal to 85% of the amount | ['Liability unchanged from December 31, 2025.'] | 1,745,916 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Utz Brands, Inc. | $23.70 | Tax basis in UBH net assets, 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 Kennedy Endeavors | ['Includes tax amortization 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, NOLs, tax attributes | Certain pre-IPO LLC Unit holders, Fertitta Family Entities | 85% | liability under the TRA was $19.4 million; step-up in the basis of depreciable assets; 85% of the tax benefits realized; payable to Fertitta Family Entities | ['Liability includes $4.9 million payable to Fertitta Family Entities.'] | 1,653,653 | 2026-05-07 | 10-Q | View Document | 85% | ||
| RMR GROUP INC. | $18.48 | increases in tax basis; imputed interest | RMR Inc., ABP Trust | 85.0% | liability related to the tax receivable agreement of $18,478; increases in tax basis attributable to RMR Inc.’s dealings; RMR Inc. pays to ABP Trust; 85.0% of the amount of cash savings | ['Liability includes $2.552M current portion in accounts payable.'] | 1,644,378 | 2026-05-06 | 10-Q | View Document | 85.0% | ||
| NEWMARK GROUP, INC. | $17.51 | tax basis of tangible and intangible assets | Newmark, Cantor | 85% | liability to Cantor of $17.5 million; tax basis of the tangible and intangible assets; Tax Receivable Agreement that Newmark entered with Cantor; 85% of the amount of cash savings | ['Offsetting $19.5 million tax receivable balance included.'] | 1,690,680 | 2026-05-08 | 10-Q | View Document | 85% | ||
| NEWMARK GROUP, INC. | $17.50 | Tax basis of tangible and intangible assets of Newmark OpCo; tax benefits from TRA payments | 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; 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% | ||
| Amneal Pharmaceuticals, Inc. | $16.32 | realized tax benefits | Members | 75% | Total $16,323; obligation... to 75% of such realized benefits; Members - tax receivable agreement; unrecorded contingent TRA liability of $131.4 million | ['TRA amended from 85% to 75%', 'Contingent TRA liability of $131.4 million'] | 1,723,128 | 2026-05-07 | 10-Q | View Document | 75% | ||
| Arxis, Inc. | $16.00 | compensation deduction from transfer of convertible common stock | Arcline Arxis Advisory I, L.P. | 85% | total liability... is approximately $16,000; compensation deduction... transfer of the convertible common stock; Arcline Arxis Advisory I, L.P.; 85% of the anticipated cash tax savings | TRA linked to convertible common stock compensation deduction. | 2,093,536 | 2026-05-28 | 10-Q | View Document | 85% | ||
| Definitive Healthcare Corp. | $13.00 | Tax basis adjustments, net operating losses, tangible and intangible assets, TRA payments | Pre-IPO LLC Unit holders, former Blocker Company shareholders | 85% | recorded a liability under the TRA of $13.0 million; tax basis adjustments; net operating losses; pre-IPO holders of LLC Units; pay to the TRA Parties 85%; deferred and will accrue interest until paid | ['Liability decreased due to goodwill impairment remeasurement.'] | 1,861,795 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Viant Technology Inc. | $12.50 | Tax basis step-ups, intangible assets, imputed interest | Viant Technology LLC, continuing members, TRA Representative | 85% | total TRA liability was $12.5 million; tax basis step-ups; intangible assets; imputed interest; Viant Technology LLC, continuing members; TRA Representative; 85% of net cash tax savings | [] | 1,828,791 | 2026-05-11 | 10-Q | View Document | 85% | ||
| P3 Health Partners Inc. | $12.40 | tax basis increases from redemptions or exchanges, TRA payments, and imputed interest | P3 LLC and the members of P3 LLC | 85% | TRA liability is estimated to be $12.4 million; increases in our share of the tax basis; P3 LLC and the members of P3 LLC; payment by us of 85% of the amount | ['No liability 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), 197 | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | Tax receivable agreement liability 9,382; 85% of certain tax benefits; Basis Adjustments, Section 704(c) Allocations, interest deductions; Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | ['TRA liability decreased; $0.5M paid in Q1 2026.'] | 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 | Partners of SLP (SLP Partners), current principals, future employee-holders | 85% | liability is estimated to be $9,333; increases in tax basis of assets; partners of SLP (the “SLP Partners”); pay the SLP Partners 85% of cash savings | ['Terminates if partner is terminated for cause.'] | 1,549,966 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Array Technologies, Inc. | $5.80 | increase in the tax value of developed technology | former majority stockholder of Array Tech, Inc. | fair value of the TRA was $5.8 million; increase in the tax value of developed technology; former majority stockholder of Array Tech, Inc. | ['TRA is accounted for as contingent consideration.'] | 1,820,721 | 2026-05-06 | 10-Q | View Document | ||||
| Finance of America Companies Inc. | $4.52 | Blackstone Investor (BTO Urban Holdings L.L.C., Blackstone Family Tactical Opportunities Investment Partnership - NQ ESC L.P., BTO Urban Holdings II L.P.) | TRA obligation 4,524; Blackstone Tax Receivable Agreement was terminated; Blackstone Investor | ['Blackstone TRA terminated upon completion of Second Closing.'] | 1,828,937 | 2026-05-11 | 10-Q | View Document | |||||
| biote Corp. | $4.19 | Tax basis in net assets of Holdings; redemptions of member units; TRA payments | then-existing non-controlling interest holders | 85% | TRA liability 4,190; increases in the Company’s share of tax basis; then-existing non-controlling interest holders; 85% of the amount of tax benefits realized | [] | 1,819,253 | 2026-05-11 | 10-Q | View Document | 85% | ||
| MARKETWISE, INC. | $4.04 | step up in tax basis; basis adjustments; other carryforward attributes | certain shareholders; members of Marketwise, LLC; Arnold Parties (Mark P. Arnold, JAMA 2021, LLC) | 85% | cumulative liability of $4,035 under the TRA; step up in the tax basis; basis adjustments and other carryforward attributes; members of Marketwise, LLC; 85% of the calculated tax savings; unpaid amounts will be deferred and will accrue interest | ['Arnold Parties waived rights under TRA in settlement.'] | 1,805,651 | 2026-05-07 | 10-Q | View Document | 85% | ||
| HMH Holding Inc | $3.80 | B.V. Voting Shares, B.V. Non-Voting Shares, redemptions, exchanges, imputed interest | HMH B.V. and the Principal Stockholders | 85% | expects to record a TRA liability... $3.8 million; pay 85% of the net cash savings; HMH B.V. and the Principal Stockholders; acquisitions of B.V. Voting Shares; imputed interest deemed arising | ['Liability expected to be recorded in Q2 2026.'] | 2,021,880 | 2026-05-06 | 10-Q | View Document | 85% | ||
| INFINITY NATURAL RESOURCES, INC. | $3.60 | tax basis increases from exchange of INR Units; imputed interest; additional tax basis from TRA payments | Legacy Owners (owners of INR Holdings prior to the IPO) | 85% | TRA liability of $3.6 million; tax basis increases resulting from the exchange; owners of INR Holdings prior to the IPO; 85% of the net cash savings | ['Liability classified as a non-current liability.'] | 2,029,118 | 2026-05-12 | 10-Q | View Document | 85% | ||
| GoHealth, Inc. | $1.30 | GHH, LLC, Continuing Equity Owners, Blocker Shareholders | 85% | $1.3 million liability related to the Tax Receivable; 85% of the amount of tax benefits; GHH, LLC, Continuing Equity Owners, Blocker Shareholders | [] | 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... redemptions; GEN Inc... Operating Company and each... Members; payment... to the Members of 85% | ['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; 743(b); 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); 85% of certain net income tax benefits | ['The Reorganization terminated the TRA.'] | 1,820,302 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Funko, Inc. | $0.25 | Redemptions or exchanges of FAH, LLC units; TRA payment tax benefits | FAH, LLC, Continuing Equity Owners, and certain transferees | 85% | gross outstanding balance... was $102.5 million; 85% of the amount of tax benefits; exchanges... of common units of FAH, LLC; FAH, LLC and each Continuing Equity Owners | ['Full valuation allowance significantly reduced recognized liability.'] | 1,704,711 | 2026-05-07 | 10-Q | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $0.20 | RIHI, Inc. | total liability under the TRAs... is $0.2 million; between the Company and RIHI; terminate the RIHI TRA upon 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% | less than $0.1 million; 85% of the net cash savings; DDH LLC and DDM; increase in its share of the tax basis; accrue interest from the due date | ['Liability is less than $0.1 million.'] | 1,880,613 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Intuitive Machines, Inc. | $0.00 | Existing tax basis in certain assets; tax basis adjustments from taxable exchanges; tax benefits from Business Combination; tax deductions from TRA payments. | TRA Holders (certain Intuitive Machines, LLC members and related parties to the Company) | 85% | does not expect a TRA liability; 85% of the amount; existing tax basis in certain assets; tax basis adjustments; TRA Holders (certain Intuitive Machines, LLC members) | ['Full valuation allowance applied to deferred tax assets.'] | 1,844,452 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Vivid Seats Inc. | $0.00 | Increases in tax basis from redemptions/exchanges, existing tax basis in long-lived assets, imputed interest | Existing Hoya Intermediate unitholders, Hoya Topco, LLC | 85% | no longer have a TRA liability; 85% of the amount of any tax savings; increases in the tax basis of assets; existing tax basis in long-lived assets; deductions in respect of imputed interest; existing Hoya Intermediate unitholders; Hoya Topco, LLC | ['TRA terminated October 2025 via Corporate Simplification Agreement'] | 1,856,031 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Cibus, Inc. | $0.00 | no TRA liability has been recorded; TRA, dated May 31, 2023; liability... is not probable | ['No liability recorded due to valuation allowance.'] | 1,705,843 | 2026-05-14 | 10-Q | View Document | ||||||
| AST SpaceMobile, Inc. | $0.00 | Existing tax basis, tax basis adjustments, tax deductions, certain tax attributes | AST LLC, TRA holders | 85% | no TRA liabilities recorded; 85% of the amount of savings; existing tax basis; tax basis adjustments; tax deductions; certain tax attributes; entered into the TRA with AST LLC | [] | 1,780,312 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Zeo Energy Corp. | $0.00 | increases in tax basis and certain other tax attributes | OpCo and certain OpCo members (the “TRA Holders”) | 85% | had not recorded a liability; estimated unrecorded TRA liability was approximately $4.6 million; 85% of the net cash savings; increases in tax basis and other tax attributes; OpCo and certain OpCo members | ['Liability not recorded; estimated unrecorded liability is $4.6 million.'] | 1,865,506 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Symbotic Inc. | $0.00 | attributes obtained from exchanges by pre-IPO members | Legacy Warehouse Holders (the “TRA Holders”) | 85% | no TRA liability was recorded; expected to be $484.4 million; 85% of these potential future tax benefits; Legacy Warehouse Holders; exchanges by its pre-IPO members | ['No liability recorded due to full valuation allowance.'] | 1,837,240 | 2026-05-06 | 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, Existing Equityholders, LGM | 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 as benefit utilization not probable.'] | 1,843,973 | 2026-05-11 | 10-Q | View Document | 85% | ||
| indie Semiconductor, Inc. | $0.00 | basis adjustments on future exchanges of ADK, LLC units and other carryforward attributes assumed | certain shareholders | 85% | not recorded a liability under the TRAs; basis adjustments on future exchanges; other carryforward attributes assumed; certain shareholders; 85% of the calculated tax savings | ['Liability not recorded due to valuation allowance.'] | 1,841,925 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Nerdy Inc. | $0.00 | Increases in tax basis from reverse recapitalization and redemptions; imputed interest; 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 deemed to be paid; not recognized a liability of $118,238 | ['Liability not recognized; $118.2M potential amount.'] | 1,819,404 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Bumble Inc. | $0.00 | pre-IPO owners, Founder, Sponsor, affiliate of Accel Partners LP, management, other equity holders | fully settled in November 2025; complete and full termination; pre-IPO owners including our Founder, our Sponsor; one-time settlement payments | ['TRA was fully settled and terminated in November 2025.'] | 1,830,043 | 2026-05-06 | 10-Q | View Document | |||||
| 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 | ['Nil liability due to valuation allowance; hypothetical $136.2M.'] | 1,779,474 | 2026-05-11 | 10-Q | View Document | 85% | ||
| EVgo Inc. | $0.00 | Increases in tax basis from unit redemptions, imputed interest, additional tax basis from TRA payments | EVgo Holdings, LS Power Equity Advisors, LLC, CRIS, Thunder Sub | 85% | no amounts have been accrued; potential unrecorded tax liability is $33.8 million; 85% of the net cash savings; increases in tax basis; imputed interest; EVgo Holdings; LS Power Equity Advisors, LLC | ['Liability not accrued; potential liability is $33.8 million.'] | 1,821,159 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Camping World Holdings, Inc. | $0.00 | Increases in tax basis; Section 754 election | Continuing Equity Owners; Crestview Partners II GP, L.P. | 85% | did not have a Tax Receivable Agreement liability; 85% of the amount of tax benefits; increases in the tax basis; Section 754; Continuing Equity Owners and Crestview Partners II GP, L.P. | ['Full valuation allowance; liability considered not probable.'] | 1,669,779 | 2026-04-30 | 10-Q | View Document | 85% | ||
| NET Power Inc. | $0.00 | deferred tax assets | TRA holders | reduced the TRA liability to zero; deferred tax assets subject to the TRA; intent to terminate the TRA; Early Termination Notice became final and binding | ['TRA terminated June 2025; liability is zero.'] | 1,845,437 | 2026-05-11 | 10-Q | View Document | ||||
| vTv Therapeutics Inc. | $0.00 | exchange of Class B common stock and vTv Units, imputed interest, TRA payment tax benefits | 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; 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% | ||
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from OpCo Units; imputed interest; additional tax basis from payments | Holdings, TRA Holders, and the Agent | 85% | did not record a tax receivable liability; increases in tax basis; imputed interest; pay each TRA Holder 85% | ['Payment cap of $50,000 upon change of control.'] | 1,841,425 | 2026-05-12 | 10-Q | View Document | 85% | ||
| PROKIDNEY CORP. | $0.00 | increases in tax basis from exchanges, tax attributes of PK Holdings | Closing ProKidney Unitholders | 85% | not recognized any liability related to this agreement; 85% of the amount of cash savings; Closing ProKidney Unitholders; increases in tax basis attributable to exchanges; certain other tax attributes of PK Holdings | ['No liability recognized as of March 31, 2026.'] | 1,850,270 | 2026-05-15 | 10-Q | View Document | 85% | ||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | Increases in tax basis of assets; tax attributes of acquired entities; tax benefits from TRA payments | MLSH 1, MLSH 2 | 85% | 85% of the amount of certain tax benefits; no current liability under the TRA; MLSH 1 and MLSH 2; increases in the tax basis of assets; tax attributes of the entities acquired | ['Liability derecognized as realization not probable.'] | 1,823,239 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Brilliant Earth Group, Inc. | $0.00 | Tax basis adjustments, Section 743(b), Section 197 | Brilliant Earth, LLC, Continuing Equity Owners | 85% | no TRA liability reflected; tax basis adjustments; Sections 743(b) and 197; 85% of the amount of tax benefits; Continuing Equity Owners | ['TRA liability not probable due to valuation allowance.'] | 1,866,757 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Bioventus Inc. | $0.00 | Increases in tax basis of BV LLC assets; prior sales of interests; distributions; TRA payments. | Continuing LLC Owner | 85% | had not recorded any liabilities under the TRA; increases in the tax basis of assets; Continuing LLC Owner; 85% of the amount of tax benefits; will be deferred and will accrue interest | ['No liabilities recorded as of March 28, 2026.'] | 1,665,988 | 2026-05-06 | 10-Q | View Document | 85% | ||
| FuboTV Inc. | $0.00 | Historic NOLs, basis adjustments from redemptions, exchanges, 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; 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% | ||
| Solo Brands, Inc. | $0.00 | no liability has been recorded; due to its immateriality; impact of valuation allowances | ['No liability recorded due to immateriality.'] | 1,870,600 | 2026-05-14 | 10-Q | View Document | ||||||
| Xponential Fitness, Inc. | $0.00 | Net operating losses, existing tax basis, tax basis adjustments, and imputed interest | H&W Investco Blocker II, LP; Continuing Pre-IPO LLC Members | 85% | LIBOR (or a replacement rate) plus 100 basis points | Company has not recorded a liability; net operating losses; existing tax basis; tax basis adjustments; imputed interest; H&W Investco Blocker II, LP; Continuing Pre-IPO LLC Members; aggregate 85% of the amount of cash savings; LIBOR plus 100 basis points | ['Unrecorded liability of $116.5M due to valuation allowance.'] | 1,802,156 | 2026-05-08 | 10-Q | View Document | 85% | |
| Zevia PBC | $0.00 | NOLs, existing tax basis, basis increases, imputed interest | Continuing members of Zevia LLC, Direct Zevia Stockholders | 85% | SOFR + 300bp | has not recorded a liability; 85% of the tax benefits realized; Secured Overnight Financing Rate plus 300 basis points; net operating losses and existing tax basis; continuing members of Zevia LLC | ['Liability not recorded due to valuation allowance.'] | 1,854,139 | 2026-05-06 | 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; increases in tax basis; certain other tax attributes; Greenlane Holdings, LLC; certain of its 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% | ||
| Andersen Group Inc. | $0.00 | Increase in tax basis in assets; tax benefits attributable to payments under the TRA | Aggregator; certain holders of Class X Umbrella Units; pre-IPO owners | 85% | 85% of the amount of tax benefits; increase in tax basis in the assets; not yet incurred a liability; Aggregator; certain holders of Class X Umbrella Units | ['Company has not yet incurred a TRA liability.'] | 2,065,708 | 2026-05-12 | 10-Q | View Document | 85% | ||
| Greenlane Holdings, Inc. | $0.00 | increases in tax basis and certain other tax benefits | certain former holders of interests in the Operating Company | 85% | recorded no liability under the TRA; increases in tax basis; certain former holders of interests; 85% of certain tax benefits | ['No liability recorded due to valuation allowance assessment.'] | 1,743,745 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Canopy Growth Corp | $0.00 | Acreage | Acreage Tax Receivable Agreement; Balance at March 31, 2025: - | ['TRA liability 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% | pay the counterparties 85% of... cash savings; step-up in tax basis on RMCO’s assets; RIHI and... RMCO’s other pre-IPO owner; unpaid amounts... will accrue interest until paid | ['Payments of $0.4M (2025) and $0.7M (2026) made.'] | 1,581,091 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| GMR Solutions Inc. | NOLs, deferred interest deductions, tax basis in amortizable or depreciable assets, IPO-related deductible expenses | Certain stockholders, members of management, Management TRA party, Named Executive Officers | 85% | 85% of the benefits; federal, state and local net operating losses; deferred interest deductions; tax basis in amortizable or depreciable assets; certain stockholders and members of management | ['Management TRA parties receive 6% of payments.', 'Payments do not accelerate upon change of control.'] | 1,898,718 | 2026-06-02 | 10-Q | View Document | 85% | |||
| X-Energy, Inc. | Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions | X-Energy, Inc., XERC, and TRA Holders | 85% | 85% of the amount of cash tax savings; Basis Adjustments, Existing Basis, Blocker Tax Attributes; TRA with XERC and certain equity owners; unpaid amounts will be deferred and accrue interest | ['Change of control does not terminate the TRA.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | |||
| Falcon's Beyond Global, Inc. | Increases in tax basis from unit exchanges; TRA payment tax benefits | Falcon’s Opco, Exchange TRA Holders, the Company, TRA holder representative | 85% | 85% of the amount of tax benefits; increases in tax basis resulting from any exchange; partners of Falcon’s Opco... ('Exchange TRA Holders'); tax benefits attributable to payments made under TRA | ['Company maintains a full valuation allowance on DTAs.'] | 1,937,987 | 2026-05-14 | 10-Q | View Document | 85% | |||
| Repay Holdings Corp | Increases in tax basis, other tax attributes, TRA-related 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 | ['TRA share is 100% of realized tax benefits.'] | 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, Advent Funds, Penelope Group Holdings unitholders | 85% | equal to 85% of the amount of cash savings; tax basis in intangible assets; capitalized transaction costs; Pre-IPO Stockholders; Advent Funds | ['TRA Waiving Parties waived rights to payments in 2026.'] | 1,868,726 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Liberty Broadband Corp | tax benefits realized by GCI Liberty | Liberty Broadband, Charter, GCI Liberty | tax benefits realized by GCI Liberty; Liberty Broadband, Charter, GCI Liberty; portion of the tax benefits; liability estimated significantly less than $420 million | ['TRA contingent on tax liability exceeding $420 million.'] | 1,611,983 | 2026-04-28 | 10-Q | View Document | |||||
| Yesway, Inc. | Existing tax basis; basis increases from redemptions or exchanges; tax attributes of Blocker Companies; TRA payment benefits | Ultimate Parent, Continuing Equity Owners, and Blocker Shareholders | 85% | pay the TRA Participants 85%; allocable share of the existing tax basis; increases in... tax basis; tax attributes of the Blocker Companies; unpaid amounts... will accrue interest | ['Nonpayment may constitute a material breach.'] | 1,859,836 | 2026-06-02 | 10-Q | View Document | 85% | |||
| X-Energy, Inc. | Existing Basis, Exchange Existing Basis, Basis Adjustments, Blocker Tax Attributes, Imputed Interest, TRA Accounting and Legal Expenses | TRA Parties, Exchange TRA Parties, Blocker Shareholders | 85% | 12% | Pro rata | 85% of the Cumulative Net Realized Tax Benefit; Penalty Rate means a rate of 12%; allocated among the TRA Parties in proportion; Existing Basis, Exchange Existing Basis; Basis Adjustments | ['Includes accounting and legal expenses as covered assets.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | |
| Rocket Companies, Inc. | certain increases in tax basis and other tax benefits; amortization of intangible assets | RHI, RHI II, Daniel Gilbert | 90% | payment by the Company of 90%; certain increases in tax basis; RHI II and Mr. Gilbert; amortization of intangible assets | ['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; TRA Parties (as such term is defined); Initial TRA Representative | ['Agreement mentioned but specific financial terms not disclosed.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | ||||||
| UWM Holdings Corp | Tax basis from Exchange Transactions, imputed interest, TRA payment basis, and disproportionate allocations | SFS Corp. | 85% | 85% of the amount of cash savings; Tax Receivable Agreement ('TRA') with SFS Corp.; increases in tax basis resulting from Exchange Transactions; imputed interest deemed to be paid; disproportionate allocations (if any) of tax benefits | ['TRA liability recorded as a loss contingency.'] | 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 | ['TRA triggered upon closing of the merger.'] | 1,851,959 | 2026-05-14 | 10-Q | View Document | 85% | |||
| Clearwater Analytics Holdings, Inc. | Enfusion | terminate Enfusion’s tax receivable agreement; 30,000 | ['Enfusion TRA terminated for $30 million.'] | 1,866,368 | 2026-05-07 | 10-Q | View Document | ||||||
| Alchemy Investments Acquisition Corp 1 | Tax basis adjustments from TRA Exchanges, tax benefits from TRA payments, and imputed interest | Pubco and 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; certain Cartiga Members (the 'TRA Holders'); tax basis adjustments resulting from TRA Exchanges; tax benefits attributable to making payments; Section 754 of the Code | [] | 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; InnoHold; tax basis increases in the assets; imputed interest deemed to be paid | ['Full valuation allowance against deferred tax assets.'] | 1,643,953 | 2026-04-28 | 10-Q | View Document | 80% | |||
| NUSCALE POWER Corp | NuScale Corp, NuScale LLC and various legacy NuScale Equityholders | liability is not probable and therefore not recorded; NuScale Corp, NuScale LLC and legacy NuScale Equityholders | ['Liability not recorded as not probable.'] | 1,822,966 | 2026-05-07 | 10-Q | View Document | ||||||
| System1, Inc. | parties to the Tax Receivable Agreement | no amounts due; parties to the Tax Receivable Agreement | ['Full valuation allowance on deferred tax assets.'] | 1,805,833 | 2026-05-12 | 10-Q | View Document | ||||||
| Fluence Energy, Inc. | liability under the Tax Receivable Agreement | ['TRA mentioned only within EBITDA definition.'] | 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 of the Company | 85% | 85% of the tax savings realized; taxable exchanges of equity interests; related tax basis adjustments; certain members or former members | [] | 876,883 | 2026-05-01 | 10-Q | View Document | 85% | |||
| Vistra Corp. | benefits realized as a result of certain transactions entered into at the emergence of our predecessor from reorganization | predecessor from reorganization under Chapter 11 | benefits realized as a result of certain transactions; emergence of our predecessor from reorganization; no material TRA payments | ['No material TRA payments expected in next 12 months.'] | 1,692,819 | 2026-05-08 | 10-Q | View Document | |||||
| TWFG, Inc. | make payments under the Tax Receivable Agreement | ['Provided text lacks specific TRA financial details.'] | 2,007,596 | 2026-05-08 | 10-Q | View Document | |||||||
| FLEX LTD. | tax benefits realized in relation to the IPO | Flex and TPG | 85% | 85% of the tax benefits; Flex and TPG; tax benefits realized in relation to the IPO; range from zero to approximately $300 million; During fiscal year 2026, $20 million was received | ['Flex is a beneficiary, not the TRA payor.'] | 866,374 | 2026-05-20 | 10-K | View Document | 85% | |||
| J M SMUCKER Co | Payment of assumed tax receivable agreement obligation | ['Assumed TRA obligation payment of $86.4 million.'] | 91,419 | 2026-06-09 | 10-K | View Document |