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; tax attributes; TRA payment tax benefits | Certain pre-IPO owners | 90% | balance of the TRA liability was $4,021 million; allocable share of existing tax basis; certain pre-IPO owners; 90% of certain tax benefits | ['TRA share is 90%.', 'Liability increased $479 million from March 2026 offering.'] | 2,046,386 | 2026-05-06 | 10-Q | View Document | 90% | ||
| Medline Inc. | $3,542.00 | Existing tax basis, tax basis adjustments, Blocker Company tax attributes, and TRA payment tax benefits | Pre-IPO owners | 90% | Tax Receivable Agreements liability of $3,542 million; 90% of certain tax benefits; allocable share of existing tax basis; tax basis adjustments to tangible and intangible assets; tax attributes of the Blocker Companies; interest on such payments will accrue | ['TRA share is 90%, higher than industry standard 85%.'] | 2,046,386 | 2026-02-25 | 10-K | 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 | ['Remeasurement gain/loss due to state tax rate.'] | 1,794,515 | 2026-05-11 | 10-Q | View Document | |||||
| CARVANA CO. | $2,300.00 | Existing tax basis, basis adjustments from exchanges, imputed interest | LLC Unitholders | 85% | recorded a TRA liability of $2.3 billion; 85% of the tax benefits; increase in the existing tax basis; adjustment in the tax basis; interest deductions imputed under the TRA; payments will be deferred and accrue interest | ['Liability increased significantly due to valuation allowance release.'] | 1,690,820 | 2026-02-18 | 10-K | View Document | 85% | ||
| CARVANA CO. | $2,228.00 | basis adjustment relating to the assets; imputed interest | LLC Unitholders; related parties | 85% | TRA liability of $2.2 billion; basis adjustment relating to the assets; pay to the LLC Unitholders; 85% of the amount of cash savings; 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. | $2,076.20 | Tangible and intangible assets of Blackstone Holdings; tax benefits from payments under the TRA | Senior managing directors and other pre-IPO owners | 85% | Due to Certain Non-Controlling Interest Holders; 85% of the amount of cash savings; tangible and intangible assets of Blackstone Holdings; senior managing directors and other pre-IPO owners | ['Payments aggregate $2.1 billion over next 15 years.'] | 1,393,818 | 2026-02-27 | 10-K | 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; tax basis of the tangible and intangible assets; 85% of the amount of cash savings; predecessor owners; senior managing directors | ['NPV of payments is $636.3 million', 'Aggregate payments $2.0 billion over 15 years'] | 1,393,818 | 2026-05-08 | 10-Q | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,659.00 | Tax basis increases; other tax attributes; acquired corporations' attributes | Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings, Blue Owl Carry, Partners | 85% | Total TRA Liability $1,658,999; increases in tax basis of the assets; 85% of certain tax benefits; Registrant, Blue Owl Capital GP LLC | ['Dyal Acquisition portion is carried at fair value.'] | 1,823,945 | 2026-02-19 | 10-K | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,612.60 | increases in tax basis of the assets | Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings, Blue Owl Capital Carry LP, Partners | 85% | Total TRA Liability $1,612,609; increase in tax basis of certain assets; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings; pay 85% of certain tax benefits | ['Liability 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 and Sponsor | 85% | total TRAs-related liabilities were $820.1 million; certain tax attributes and benefits; certain Dutch Bros OpCo owners; 85% of the income tax benefits; Co-Founder and Sponsor | ['TRA executed in connection with IPO.'] | 1,866,581 | 2026-05-06 | 10-Q | View Document | 85% | ||
| TPG Inc. | $811.60 | Adjustments to tax basis of TPG Operating Group assets; tax benefits from TRA payments | TPG Inc., TPG Operating Group partnership, wholly-owned subsidiaries, TRA holders | 85% | liability... was $811.6 million; adjustments to the tax basis; 85% of the benefits | ['Liability split between related parties and non-affiliates.'] | 1,880,661 | 2026-02-17 | 10-K | View Document | 85% | ||
| TPG Inc. | $782.20 | Increase in tax basis and Covered Tax Items | beneficiaries, current and former employees and partners of TPG Partner Holdings, Related Parties, non-affiliates | 85% | liability... was $782.2 million; increase in the tax basis; current and former employees and partners; 85% of the applicable cash savings | [] | 1,880,661 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Apollo Global Management, Inc. | $781.00 | Increases in tax basis of assets; Bridge acquisition tax benefits. | Former Managing Partners, Contributing Partners, Bridge TRA holders. | 85% | Due to TRA holders $781; increases in tax basis of assets; Former Managing Partners and Contributing Partners; 85% of the amount of cash savings; interest is accrued on the balance | ['Includes Apollo and Bridge TRAs. Units no longer exchangeable.'] | 1,858,681 | 2026-02-25 | 10-K | View Document | 85% | ||
| Apollo Global Management, Inc. | $778.00 | Section 754 election; increases in tax basis | Former Managing Partners; Contributing Partners; Bridge TRA holders | 85% | Due to TRA holders $778; 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 liabilities.'] | 1,858,681 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Core & Main, Inc. | $720.00 | Existing tax basis; increases in tax basis from exchanges; tax benefits from TRA payments | Former Limited Partners; Continuing Limited Partners; CD&R Waterworks Holdings, LLC; Core & Main Management Feeder, LLC | 85% | $720 million payable to related parties; allocable share of existing tax basis; increases in tax basis; 85% of the realized... benefits; deferred and will accrue interest until paid | ['Two separate TRAs: Former and Continuing Limited Partners.'] | 1,856,525 | 2026-03-24 | 10-K | View Document | 85% | ||
| Cannae Holdings, Inc. | $664.00 | tax basis adjustments, tax attributes, other tax benefits | certain owners of Alight Holdings | 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, tangible and intangible assets, net operating losses, tax benefits from TRA payments | Pre-Business Combination owners and their assignees | 85% | Ending balance as of December 31, 2025 664; existing tax basis; tax basis adjustments; net operating losses; pre-Business Combination owners; 85% of the benefits | ['Objection Notice received in 2026 regarding payment methodology.'] | 1,809,104 | 2026-02-24 | 10-K | View Document | 85% | ||
| Rocket Companies, Inc. | $590.00 | Tax basis increases, imputed interest, 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... tax basis in Holdings LLC’s assets; imputed interest; section 704(c); net operating losses; RHI and Mr. Gilbert; RHI II | ['TRA amended; no application to exchanges after 3/9/2025.'] | 1,805,284 | 2026-03-02 | 10-K | View Document | 90% | ||
| Ares Management Corp | $581.70 | tangible and intangible assets of AMC; TRA payments; interest | Holders of AOG Units; TRA recipients | 85% | TRA liability balance was $581.7 million; tangible and intangible assets of AMC; payment to the TRA recipients of 85%; Holders of AOG Units | [] | 1,176,948 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Ares Management Corp | $579.90 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments | Direct and indirect holders of AOG Units (TRA Recipients); Ares Owners Holdings L.P. | 85% | TRA liability balance was $579.9 million; increases in tax basis of the tangible and intangible assets; direct and indirect holders of AOG Units; 85% of the amount of cash tax savings | ['Ares Owners Holdings L.P. restricted after May 1, 2023.'] | 1,176,948 | 2026-02-25 | 10-K | View Document | 85% | ||
| Alight, Inc. / Delaware | $509.00 | tax basis adjustments from sales and exchanges; tax attributes; existing tax basis | certain owners of Alight Holdings; TRA Party Representative | 85% | Ending balance as of March 31, 2026 $509; tax basis adjustments from sales and exchanges; certain owners of Alight Holdings; 85% of any savings that we realize | ['Objection Notice received; dispute could increase payments by $40M.'] | 1,809,104 | 2026-05-05 | 10-Q | 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% | pay approximately $497.0 million; 85% of the tax benefits; allocable share of tax basis; net operating losses; Basis Adjustments; interest deductions; Continuing Equity Owners; Blocker Shareholders | ['Liability is an estimate assuming immediate exchange.'] | 2,065,636 | 2026-03-25 | 10-K | 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 is based on undiscounted estimated future payments.'] | 1,849,253 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Planet Fitness, Inc. | $415.80 | Holdings Units tax attributes, TSG purchase attributes, imputed interest | TRA Holders, Pla-Fit Holdings owners, TSG Consumer Partners affiliates | 85% | liability of $415.8 million; 85% of the applicable tax savings; tax attributes of their Holdings Units; affiliates of TSG Consumer Partners, LLC; imputed interest | ['Company entered into two tax receivable agreements.'] | 1,637,207 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Planet Fitness, Inc. | $415.80 | Tax basis adjustments from Holdings Units exchanges; 2012 Acquisition tax attributes; imputed interest | TRA Holders; existing and previous equity owners of Pla-Fit Holdings, LLC; affiliates of TSG Consumer Partners; Continuing LLC Owners | 85% | tax benefit obligation was $415.8 million; 85% of the applicable cash savings; tax attributes of their Holdings Units; affiliates of TSG Consumer Partners; deductions for imputed interest | ['Company is party to two tax receivable agreements.'] | 1,637,207 | 2026-02-25 | 10-K | View Document | 85% | ||
| Shift4 Payments, Inc. | $369.00 | Tax basis increases from redemptions/exchanges, tax attributes, 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 2026.', 'Simplification Transactions relieved material future TRA payments.'] | 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 (primarily goodwill) | KKR Holdings, its limited partners, current and former principals | 85% | undiscounted payable of $359.3 million; tax basis of the tangible and intangible assets; 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 from exchanges; imputed interest | pre-IPO LLC Members; Blocker Companies | 85% | obligation for future payments totaled $352.4 million; 85% of certain tax benefits; existing tax basis; net operating losses; pre-IPO LLC Members; deductions for imputed interest | [] | 1,871,509 | 2026-02-24 | 10-K | View Document | 85% | ||
| Portillo's Inc. | $344.20 | Existing tax basis, NOLs, basis adjustments from exchanges | Pre-IPO LLC Members of Portillo's OpCo | 85% | obligation for future payments... totaled $344.2 million; existing tax basis in depreciable or amortizable assets; net operating losses; certain members of Portillo's OpCo; payment by us of 85% of... tax benefits | ['Liability includes $1.3M current and $342.8M long-term.'] | 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, Continuing LLC Owners (including Refinitiv, Bank Stockholders, and management) | 50% | liability... totaled $335.8 million; increases in the tax basis of TWM LLC’s assets; TWM LLC and the Continuing LLC Owners; 50% of the amount of... tax savings; unpaid amounts... will accrue interest | ['TRA share is 50% instead of standard 85%.'] | 1,758,730 | 2026-04-29 | 10-Q | View Document | 50% | ||
| KKR & Co. Inc. | $335.10 | exchanges of KKR Holdings equity | Current and Former Employees, KKR Holdings | undiscounted payable of $335.1 million; exchanges of KKR Holdings equity; Current and Former Employees; KKR Holdings; terminated the tax receivable agreement | ['TRA terminated May 2022 except for 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 | |||||
| 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 would be accelerated upon closing of Merger.'] | 1,685,040 | 2026-02-24 | 10-K | View Document | 86% | ||
| Interactive Brokers Group, Inc. | $310.00 | Tax basis increases in assets of IBG LLC | IBG, Inc., Holdings, former members of IBG LLC | 85% | 85% of the tax savings; result of tax basis increases; payables to Holdings... were $618 million; paid Holdings a cumulative total of $308 million; agreement... with Holdings to pay Holdings | ['Liability calculated as cumulative payable less cumulative paid.'] | 1,381,197 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Artisan Partners Asset Management Inc. | $305.20 | Preferred units tax attributes, imputed interest, step-up of tax basis, amortizable basis | Pre-H&F Corp Merger Shareholder, current or former limited partners of Holdings | 85% | TRA liability... $305.2 million at March 31, 2026; 85% of the applicable cash savings; tax attributes of the preferred units; imputed interest; step-up of tax basis; Pre-H&F Corp Merger Shareholder; current or former limited partners | ['Company entered into two tax receivable agreements.'] | 1,517,302 | 2026-05-04 | 10-Q | View Document | 85% | ||
| Artisan Partners Asset Management Inc. | $303.40 | Tax attributes of preferred units, partnership units sold or exchanged, imputed interest, and increased depreciation and amortization. | 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 to us or exchanged; Pre-H&F Corp Merger Shareholder; current or former limited partners of Holdings; made pro rata among all TRA counterparties; accrue interest from the due date | ['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; tangible and intangible assets of Group LP; 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. | $293.30 | tax basis of GPGI Holdings’ assets | GPGI Holdings and holders of interests therein | 90% | Total payments $293.3; 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 | ['90% share; includes $21.9 million remeasurement loss.'] | 1,823,144 | 2026-05-07 | 10-Q | View Document | 90% | ||
| GPGI, Inc. | $271.40 | Existing tax basis; tax basis increases; net operating losses; tax benefits from TRA payments | Holdings and holders of interests in Holdings (TRA Parties) | 90% | 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; holders of interests in Holdings | ['TRA share is 90% of tax benefits.', 'Early termination discount rate is 15%.', 'Liability increased due to Tungsten Transactions.'] | 1,823,144 | 2026-03-12 | 10-K | View Document | 90% | ||
| Moelis & Co | $269.30 | Tax basis of Group LP's tangible and intangible assets; imputed interest | Eligible Managing Directors; certain partners of Group LP | 85% | total payable of $269.3 million; increases in tax basis; imputed interest; eligible Managing Directors; 85% of the amount of cash savings | [] | 1,596,967 | 2026-04-30 | 10-Q | View Document | 85% | ||
| AdaptHealth Corp. | $265.70 | Tax attributes of Access Point Medical, Inc.; basis increases from 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; 85% of the net cash savings; tax attributes of Access Point Medical, Inc.; pre-Business Combination owners of AdaptHealth Units | ['OBBBA legislation impacted 2025 tax liability and TRA.'] | 1,725,255 | 2026-02-24 | 10-K | View Document | 85% | ||
| Cactus, Inc. | $264.80 | tax basis subject to the TRA | certain direct and indirect owners of Cactus LLC | 85% | total liability from TRA was $264.8 million; tax basis subject to the TRA; certain direct and indirect owners of Cactus LLC; 85% of the net cash savings; accrue interest from the due date | ['Liability revalued due to forecasted state tax rate changes.'] | 1,699,136 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Cactus, Inc. | $262.90 | Increases in tax basis from unit acquisitions, repayment of borrowings, and imputed interest. | Certain direct and indirect owners of Cactus LLC (TRA Holders), including officers, directors, and employees. | 85% | liability under the TRA of $262.9 million; 85% of the net cash savings; certain increases in tax basis; imputed interest; certain direct and indirect owners; TRA Holders | ['Termination payment estimated at $251.2 million.', 'Payments anticipated to continue for approximately 20 years.'] | 1,699,136 | 2026-02-26 | 10-K | View Document | 85% | ||
| Stagwell Inc | $254.90 | increases in the tax basis of OpCo’s assets | Stagwell Inc, OpCo, Stagwell Media | 85% | recorded a TRA liability of $254.9 million; increases in the tax basis of OpCo’s assets; Tax Receivables Agreement with OpCo and Stagwell Media; 85% of such tax benefits; accrue interest until paid | ['All Paired Units were exchanged for Class A Shares.'] | 876,883 | 2026-03-13 | 10-K | View Document | 85% | ||
| Clear Secure, Inc. | $252.45 | Increase in tax basis in Alclear’s assets; imputed interest | Alclear Members (remaining members of Alclear) | 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 | ['TRA liability revalued at lower income tax rate.'] | 1,856,314 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Stagwell Inc | $252.39 | Increases in tax basis of OpCo assets | Stagwell Media | 85% | Tax Receivable Agreement liability (1) $252,390; increases in the tax basis of the assets; make cash payments to Stagwell Media; 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; Up-C Collapse via a taxable exchange; Rook assigned all of its rights; Jared Isaacman, the Company’s founder | ['Rook assigned and waived TRA rights to Company', 'TRA liability reduced by $120 million'] | 1,794,669 | 2026-05-07 | 10-Q | View Document | ||||
| Shake Shack Inc. | $246.80 | Tax basis increases from redemptions/exchanges, TRA payments, and imputed interest | Non-controlling interest holders of SSE Holdings | 85% | obligations totaled $246.8 million; increases in the tax basis; 85% of any tax benefits; non-controlling interest holders; deductions from imputed interest | ['Payments contingent on generating future taxable income.'] | 1,620,533 | 2026-02-26 | 10-K | View Document | 85% | ||
| Shake Shack Inc. | $246.00 | Tax basis increases from redemptions, TRA payments, imputed interest | Certain then-existing non-controlling members of SSE Holdings | 85% | Total obligations under the Tax Receivable Agreement $246,008; increases in the Company's share of tax basis; certain then-existing non-controlling members of SSE Holdings; pay the non-controlling interest holders 85% | ['Payments contingent upon generation of future taxable income.'] | 1,620,533 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Clear Secure, Inc. | $244.70 | Existing and anticipated tax basis adjustments; imputed interest | CLEAR Post-IPO Members; Alclear Members; TRA Holders | 85% | Lesser of 6.5% or LIBOR + 100bp | liability due was $244.7 million; existing and anticipated tax basis adjustments; 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; basis adjustments; Blocker tax attributes; TRA payment tax benefits | EWC Ventures Pre-IPO Members | 85% | Lesser of 6.5% or 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; SOFR plus 100 basis points | ['Liability based on $6.53 share price assumption.'] | 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 | ||||
| AdaptHealth Corp. | $238.90 | Pre-combination tax attributes, basis increases from exchanges, imputed interest, and basis increases from TRA payments. | Certain current and former members of AdaptHealth Holdings LLC | 85% | liability relating to the TRA was $238.9 million; 85% of the tax savings; current and former members of AdaptHealth Holdings LLC; certain tax attributes of the corresponding sellers | [] | 1,725,255 | 2026-05-05 | 10-Q | View Document | 85% | ||
| WaterBridge Infrastructure LLC | $218.50 | Tax basis increases from exchanges, existing tax basis of OpCo assets, NOLs and interest expense carryforwards of WB 892 LLC, and imputed interest. | OpCo, TRA Holders, Elda River Infrastructure WB LLC | 85% | TRA liability balance of $218.5 million; 85% of the net cash savings; tax basis increases resulting from the exchange; NOLs and interest expense carryforwards | ['March 2026 redemption added $17.2 million to liability.'] | 2,064,947 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Legence Corp. | $217.00 | allocable share of existing tax basis; blocker tax attributes; basis increases from future redemptions or exchanges; TRA payment tax benefits | Legence Parent and Legence Parent II (the “TRA Members”) | 85% | current and long-term TRA liability is $8.2 million and $208.8 million; 85% of the net cash tax savings; allocable share of existing tax basis; utilization of certain tax attributes of blocker entities; increases in tax basis from future redemptions; Legence Parent and Legence Parent II | ["Liability increased $9.8 million from underwriters' overallotment option exercise."] | 2,052,568 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Interactive Brokers Group, Inc. | $217.00 | Tax basis increases from purchases of IBG LLC interests | IBG, Inc., Holdings, former members of IBG LLC | 85% | Payable to Holdings under Tax Receivable Agreement $217; tax basis increase from purchases of interests; IBG, Inc. entered into agreement with Holdings; 85% of the tax savings | ['Potential tax basis increase could be $44.6 billion.'] | 1,381,197 | 2026-02-27 | 10-K | View Document | 85% | ||
| Legence Corp. | $207.40 | Existing tax basis, tax attributes of Blocker Entities, Basis Adjustments, and tax benefits from TRA payments. | TRA Members (Legence Parent and Legence Parent II), Legacy Owners | 85% | SOFR + 100bp | undiscounted TRA liability... is $207.4 million; 85% of the net cash savings; SOFR plus 100 basis points; allocable share of existing tax basis; utilization of certain tax attributes of blocker entities; Legence Parent and Legence Parent II | ['Early termination payment estimated at $545 million.'] | 2,052,568 | 2026-03-30 | 10-K | View Document | 85% | |
| Forgent Power Solutions, Inc. | $207.30 | Opco LLC Interests basis, Blocker NOLs, Blocker tax basis, existing tax basis, basis adjustments from exchanges | Forgent Parent I LP, Forgent Parent II LP, Forgent Parent III LP, Forgent Parent IV LP (Continuing Equity Owners) | 85% | total amount due was $207.3 million; 85% of the amount of tax savings; allocable share of tax basis; net operating losses; existing tax basis; Forgent Parent I LP, Forgent Parent II LP | ['Liability recognized 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; tangible and intangible assets | EWC Ventures pre-IPO members | 85% | future payments under the TRA... $201,980; existing tax basis of tangible and intangible assets; EWC Ventures pre-IPO members; 85% of the applicable cash tax savings; deferred and will accrue interest until paid | ['Payments triggered by exchanges of EWC Ventures Units.'] | 1,856,236 | 2026-05-13 | 10-Q | View Document | 85% | ||
| European Wax Center, Inc. | $201.50 | Existing tax basis; basis adjustments to tangible and intangible assets; Blocker Company tax attributes; TRA payment tax benefits | EWC Ventures; EWC Ventures Pre-IPO Members | 85% | Lesser of 6.5% or one year SOFR + 100bp | recorded a liability of $201.5 million; 85% of the amount of tax benefits; existing tax basis; adjustments to the tax basis; 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, WB 892 NOLs, and Imputed Interest | OpCo, Legacy Owners (TRA Holders) | 85% | SOFR + 100bp | Tax receivable agreement liability 201,375; 85% of the amount of cash tax savings; Existing Basis, Basis Adjustments, Historical NOLs; OpCo and the Legacy Owners; 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 tangible and intangible assets, TRA payment basis increases, and imputed interest. | Repay Unitholders (holders of Post-Merger Repay Units) | 100% | liability of $200.9 million; tax basis step-up; tangible and intangible assets; imputed interest; Repay Unitholders; pay 100% of the tax benefits | ['Company pays 100% of benefits, exceeding standard 85%.', 'Liability is carried at fair value.'] | 1,720,592 | 2026-03-09 | 10-K | View Document | 100% | ||
| UWM Holdings Corp | $196.90 | Basis increases from exchanges, imputed interest, basis increases from TRA payments, Section 704(c) allocations | SFS Corp. | 85% | liability arising from the TRA of $196.9 million; 85% of the amount of cash savings; tax receivable agreement with SFS Corp.; increases in tax basis; imputed interest; disproportionate allocations | ['Deferred payments accrue interest until paid.'] | 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 | OneStream Software LLC, KKR, Continuing Members, Former Members | 85% | unrecorded TRA liability... is $193.2 million; 85% of the applicable savings; tax basis adjustments; net operating losses; imputed interest; TRA with OneStream Software LLC, KKR | ['TRA terminates automatically upon consummation of the Mergers.'] | 1,889,956 | 2026-02-26 | 10-K | View Document | 85% | ||
| Repay Holdings Corp | $191.80 | Tax basis increases in Hawk Parent, TRA payment basis increases, imputed interest deductions | Post-Merger Repay Unit holders, selling Hawk Parent members | 100% | risk-free rate plus a spread | liability of $191.8 million; increases in its share of the tax basis; holders of Post-Merger Repay Units; 100% of the amount of any tax benefits; risk-free rate plus a spread | ['TRA share is 100% of realized tax benefits.'] | 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; San Francisco Venture holders | 85% | liabilities of $181.9 million; 85% of the cash savings; holders of Class A Common Units; result of certain tax attributes | ['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 increases, intangible asset basis, NOLs, imputed interest | 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 plus 100 basis points | 181.9 million has been recorded; 85% of the amount of actual cash savings; increase in tax basis; net operating losses; Virtu Post-IPO Members; Investor Post-IPO Stockholders; 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 | Increases in tax basis from exchanges; Section 704(c) allocations; imputed interest; guaranteed payments. | Current and former holders of Class A units of the operating company and the San Francisco Venture. | 85% | liabilities of $181.5 million; 85% of the amount of cash savings; increases in tax basis; Section 704(c) of the Code; imputed interest or guaranteed payments; holders of Class A units | ['Termination payment estimated at $123.9 million.', 'California SB 167 may accelerate payments 2026-2028.'] | 1,574,197 | 2026-03-06 | 10-K | View Document | 85% | ||
| SOLV Energy, Inc. | $172.34 | Existing tax basis, net operating losses, tax basis adjustments, interest deductions | SOLV Energy, Inc., SOLV Energy Holdings LLC, Continuing Equity Owners, Blocker Shareholders | 85% | Tax receivable agreement 172,344; pay to the TRA Participants 85%; allocable share of existing tax basis; utilization of certain tax attributes; Continuing Equity Owners, the Blocker Shareholders | ['Liability recorded concurrent with IPO and reorganizational transactions.'] | 2,065,636 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Goosehead Insurance, Inc. | $171.90 | Tax basis increases in tangible and intangible assets; imputed interest | Pre-IPO LLC Members | 85% | total amount of TRA Payments... was $171.9 million; increase in tax basis in GSHD's assets; payment... of 85% of the amount of cash savings; TRA with the Pre-IPO LLC Members | ['TRA payments based on Section 754 tax basis adjustments.'] | 1,726,978 | 2026-04-23 | 10-Q | View Document | 85% | ||
| Goosehead Insurance, Inc. | $171.90 | Tax basis adjustments in tangible and intangible assets; imputed interest | Pre-IPO LLC Members | 85% | liabilities totaling $171.9 million; 85% of the amount of cash savings; increase in tax basis; imputed interest; Pre-IPO LLC Members | [] | 1,726,978 | 2026-02-19 | 10-K | View Document | 85% | ||
| Purple Innovation, Inc. | $170.50 | Tax basis increases in Purple LLC assets; imputed interest | InnoHold; former founders | 80% | estimate of liability... was $170.5 million; tax basis increases in the assets; InnoHold; 80% of certain tax benefits | ['No liability recorded as not probable.', 'Change of control triggers $137.5M lump-sum.'] | 1,643,953 | 2026-03-31 | 10-K | View Document | 80% | ||
| PBF Holding Co LLC | $168.20 | Increases in tax basis; tax benefits from TRA payments | PBF Energy; PBF LLC Series A and B unitholders | 85% | total liability... of $168.2 million; increases in tax basis; tax benefits attributable to payments; PBF LLC Series A and B unitholders; 85% of the amount of the benefits | ['TRA liability is an obligation of PBF Energy.'] | 1,566,011 | 2026-02-23 | 10-K | View Document | 85% | ||
| PBF Energy Inc. | $168.20 | Increases in tax basis of PBF LLC assets; tax benefits from TRA payments | PBF LLC Series A and PBF LLC Series B unitholders | 85% | recognized a liability of $168.2 million; increases in tax basis; tax benefits attributable to payments; PBF LLC Series A and PBF LLC Series B unitholders; amount equal to 85% of the amount | ['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 exchanges, IPO intangibles, NOLs | Direct or indirect equity holders, Virtu Members | 85% | liabilities... were approximately $166.5 million; increase to the tax basis; NOLs and other tax attributes; intangible assets of Virtu Financial; direct or indirect equity holders; 85% of the applicable cash tax savings; accrue interest until paid | ['Payments expected to range $0.3M to $22.5M annually.'] | 1,592,386 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Rithm Capital Corp. | $165.40 | Taxable acquisitions of Sculptor operating partnership units, net operating losses | Sculptor, former holders of units in Sculptor’s operating partnerships (TRA Holders) | carrying value... was $165.4 million; taxable acquisitions... of Sculptor operating partnership units; tax assets (including net operating losses); former holders of units in Sculptor’s operating partnerships | ['Sculptor Acquisition triggered change of control assumptions', 'Liability presented within unsecured notes'] | 1,556,593 | 2026-05-04 | 10-Q | View Document | ||||
| OLAPLEX HOLDINGS, INC. | $165.10 | Existing tax basis in intangible assets and capitalized transaction costs | Pre-IPO Stockholders (former Penelope Group Holdings limited partners and option holders) | 85% | LIBOR + 5% | liability as of December 31, 2025: $165.1 million; intangible assets and capitalized transaction costs; pay the Pre-IPO Stockholders 85% of cash savings; fail to make payment... LIBOR plus 5% | ["Award Holders' payments deferred to 5th IPO anniversary.", 'Liability reduced by $9.5 million due to OBBBA.'] | 1,868,726 | 2026-03-05 | 10-K | View Document | 85% | |
| OLAPLEX HOLDINGS, INC. | $165.10 | Amortization of intangible assets and capitalized transaction costs | Pre-IPO Stockholders | 85% | 85% of the cash savings; amortization of intangible assets and capitalized transaction costs; Pre-IPO Stockholders; aggregate to $165.1 million | ['TRA terminates automatically upon completion of Henkel merger.'] | 1,868,726 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Rithm Capital Corp. | $162.80 | taxable acquisitions of Sculptor operating partnership units; net operating losses | former holders of units in Sculptor’s operating partnerships (TRA Holders) | carrying value... was $162.8 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 | 2026-02-19 | 10-K | View Document | ||||
| Galaxy Digital Inc. | $150.40 | Increase in tax basis in GDH LP’s assets; imputed interest | Present and former limited partners of GDH LP | 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 | ['Amended and restated on May 13, 2025.'] | 1,859,392 | 2026-02-26 | 10-K | View Document | 85% | ||
| Galaxy Digital Inc. | $149.40 | increases in tax basis; deductions in respect of imputed interest | holders of Class B Units in GDH LP; present and former limited partners | 85% | liability... of $149.4 million; increases in tax basis; deductions in respect of imputed interest; holders of Class B Units in GDH LP; 85% of the 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 recognized as realization became probable in 2026.'] | 1,781,755 | 2026-05-04 | 10-Q | View Document | 85% | ||
| Rush Street Interactive, Inc. | $133.40 | Increase in tax basis; tax benefits from exchanges | Special Limited Partner | 85% | recognized a TRA liability of $133.4 million; increase in tax basis; exchange of Retained RSILP Units; pay 85% of certain net tax benefits; Special Limited Partner entered into the TRA | ['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; tax basis increases from TRA payments; imputed interest deductions | Insignia, the Senior Executives, and White Mountains | 85% | SOFR | 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 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 | Sellers, exchanging holders of RSILP Units | 85% | recognized a TRA liability of $130.1 million; increases in tax basis in RSILP’s assets; Sellers and/or the exchanging holders; 85% of the net income tax savings | ['Initial recognition of TRA liability occurred in 2025.'] | 1,793,659 | 2026-02-18 | 10-K | View Document | 85% | ||
| MediaAlpha, Inc. | $123.40 | Increases in tax basis of QLH assets, NOLs, imputed interest | Insignia, Senior Executives, White Mountains | 85% | accrued $123.4 million; increases in tax basis of assets; Insignia, Senior Executives, and White Mountains; 85% of the amount; replace the LIBOR with the SOFR | ['Amended Oct 2023 to replace LIBOR with SOFR.'] | 1,818,383 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Xponential Fitness, Inc. | $116.53 | Net operating losses, existing tax basis, tax basis adjustments, imputed interest | H&W Investco Blocker II, LP, Continuing Pre-IPO LLC Members | 85% | LIBOR (or a replacement rate) plus 100 basis points | $116,527 of the TRA liability was not recorded; net operating losses and existing tax basis; tax basis adjustments; deductions attributable to imputed interest; aggregate 85% of the amount of cash savings; LIBOR plus 100 basis points | ['Liability of $116.5M unrecorded due to valuation allowance.'] | 1,802,156 | 2026-05-08 | 10-Q | View Document | 85% | |
| Brookfield Asset Management Ltd. | $116.00 | tax attributes purchased from a related party | Oaktree | payable under a tax receivable agreement; with Oaktree for $116 million; recognized tax attributes purchased | ['TRA liability is with Oaktree.'] | 1,937,926 | 2026-05-08 | 10-Q | View Document | ||||
| Brookfield Asset Management Ltd. | $116.00 | tax attributes purchased from a related party | Oaktree | amounts payable under a tax receivable agreement; with Oaktree for $116 million; tax attributes purchased from a related party | [] | 1,937,926 | 2026-03-02 | 10-K | View Document | ||||
| loanDepot, Inc. | $111.00 | tax basis of investment in LD Holdings | Parthenon Stockholders, certain Continuing LLC Members | TRA liability of $111.0 million; tax basis of investment in LD Holdings; Parthenon Stockholders and certain Continuing LLC Members | ['TRA liability increased by $2.0 million.'] | 1,831,631 | 2026-05-07 | 10-Q | View Document | ||||
| loanDepot, Inc. | $109.10 | tax basis adjustments, incremental tax basis adjustments, deemed interest deductions | Parthenon Stockholders, Parthenon affiliates, Continuing LLC Members | 85% | TRA liability of $109.1 million; 85% of the amount of cash savings; tax basis adjustments; incremental tax basis adjustments; deemed interest deductions; Parthenon Stockholders; Continuing LLC Members | [] | 1,831,631 | 2026-03-12 | 10-K | View Document | 85% | ||
| Evolent Health, Inc. | $108.90 | Increases in tax basis from Class B exchanges; pre-IPO NOLs | Certain of its investors | 85% | TRA liability of $108.9 million; increases in our tax basis; utilization of pre-IPO NOLs; certain of its investors; 85% of the amount of tax benefits | ['Liability unchanged from December 31, 2025.'] | 1,628,908 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Evolent Health, Inc. | $108.90 | Tax basis step-up from Class B exchanges, pre-IPO NOLs, imputed interest, future basis increases. | Investor Stockholders, TRA Holders, former Evolent Health LLC members, Class B unit holders, former Evolent Health Holdings stockholders, TPG affiliate. | 85% | recorded a TRA liability of $108.9 million; tax basis step-up; pre-IPO NOLs; imputed interest; pay the TRA Holders 85% | [] | 1,628,908 | 2026-02-25 | 10-K | View Document | 85% | ||
| Funko, Inc. | $102.50 | Redemptions or exchanges of FAH, LLC common units; tax benefits from TRA payments | FAH, LLC, Continuing Equity Owners, and certain transferees | 85% | 85% of the amount of tax benefits; FAH, LLC and each Continuing Equity Owners; exchanges of common units of FAH, LLC; gross outstanding balance was $102.5 million; Ending balance $249 | ['Recognized liability is $0.249 million due to valuation allowance.'] | 1,704,711 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Perella Weinberg Partners | $94.00 | exchange of interests in PWP OpCo, step-up in tax basis, payments under the TRA | PWP OpCo, Professional Partners and Investor Limited Partners | 85% | liability of $94.0 million; exchange of interests in PWP OpCo; PWP OpCo, Professional Partners and Investor Limited Partners; payment of 85% of the amount; step-up in tax basis | [] | 1,777,835 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Perella Weinberg Partners | $93.50 | tax basis of the tangible and intangible assets | Investor Limited Partners, Professional Partners, PWP OpCo | 85% | liability of $93.5 million; tax basis of the tangible and intangible assets; 85% of the cash tax savings; Investor Limited Partners and certain Partners | ['No reimbursement if tax benefits are disallowed.'] | 1,777,835 | 2026-02-27 | 10-K | View Document | 85% | ||
| Flowco Holdings Inc. | $92.40 | Basis Adjustments, Section 704(c) Allocations, interest deductions, existing tax basis | Continuing Equity Owners, TRA Participants | 85% | total amount due was $92.4 million; Basis Adjustments, Section 704(c) Allocations, and certain other; Continuing Equity Owners; 85% of certain tax benefits; accrue interest until paid | ['Liability increased due to 12,041,729 Common Unit Conversions'] | 2,035,149 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Sun Country Airlines Holdings, Inc. | $87.17 | Pre-IPO Tax Attributes including net operating loss carryforwards | Pre-IPO stockholders, management, and Board of Directors | 85% | aggregate to approximately $87,169; Pre-IPO Tax Attributes, include net operating loss carryforwards; 85% of the amount of cash savings; pre-IPO stockholders; accrue interest until paid | ['Liability likely in thousands per standard SEC reporting.'] | 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, certain management, and Board members | TRA balance March 31, 2026 was $87,137; attributes that existed at the time of IPO; pre-IPO stockholders (the 'TRA holders'); TRA will terminate and be settled | ['TRA terminates upon change of control merger with Allegiant.'] | 1,743,907 | 2026-05-01 | 10-Q | View Document | ||||
| ProFrac Holding Corp. | $86.60 | Increases in tax basis from Unit acquisitions; imputed interest; additional basis from TRA payments | TRA Holders (holders of ProFrac LLC interests) | 85% | 85% of the net cash savings; increases in tax basis; imputed interest; holders of limited liability company interests; liability... was $4.6 million and $82.0 million | [] | 1,881,487 | 2026-03-13 | 10-K | View Document | 85% | ||
| 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 the tax benefits | ['Liability includes $4.6 million current portion.'] | 1,881,487 | 2026-05-08 | 10-Q | View Document | ||||||
| Solaris Energy Infrastructure, Inc. | $76.30 | Increases in tax basis; imputed interest; additional basis | Solaris Inc. and TRA Holders | 85% | Pro rata | liability under Tax Receivable Agreement was $76.3 million; increases in tax basis; imputed interest; pay TRA Holders 85% of net cash savings; distribute cash pro rata to each member | ['Early termination undiscounted liability estimated at $206.0 million.'] | 1,697,500 | 2026-02-27 | 10-K | View Document | 85% | |
| Solaris Energy Infrastructure, Inc. | $75.00 | increases in tax basis, imputed interest, additional tax basis | other then-existing members of Solaris LLC | 85% | Pro rata | liability... was $75.0 million; increases in tax basis; tax benefits attributable to imputed interest; additional tax basis arising from any payments; other then-existing members of Solaris LLC; representing 85% of the net cash savings; distribute cash pro rata | ['TRA was amended on June 27, 2023.'] | 1,697,500 | 2026-05-01 | 10-Q | View Document | 85% | |
| Carlyle Group Inc. | $71.80 | increases in tax basis resulting from exchanges | limited partners of the Carlyle Holdings partnerships | 85% | Amounts owed under the tax receivable agreement 71.8; 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 2020 Conversion.'] | 1,527,166 | 2026-02-27 | 10-K | View Document | 85% | ||
| Evercore Inc. | $69.84 | tangible and intangible assets of Evercore LP | current and former Senior Managing Directors; LP Unit holders | 85% | contractual obligations related to the Tax Receivable Agreement; tangible and intangible assets of Evercore LP; 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, additional tax basis from TRA payments | R/C Energy IV Direct Partnership, L.P., TRA Holders | 85% | liability under the TRAs was $66.9 million; 85% of the net cash savings; increases in tax basis; net operating losses; imputed interest; additional tax basis arising from TRA payments | [] | 1,694,028 | 2026-04-23 | 10-Q | View Document | 85% | ||
| Carlyle Group Inc. | $64.10 | Increases in tax basis from unit 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 | ['Conversion limited rights to pre-existing exchange obligations.'] | 1,527,166 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Zevia PBC | $59.20 | Net operating losses, existing tax basis, basis increases from exchanges, imputed interest. | Continuing members of Zevia LLC and the Direct Zevia Stockholders. | 85% | Secured Overnight Financing Rate plus 300 basis points | totaled $59.2 million at March 31, 2026; 85% of the tax benefits realized; Secured Overnight Financing Rate plus 300 basis points; net operating losses; allocable share of existing tax basis; increases in tax basis; tax benefits related to imputed interest | ['Liability not recorded due to full valuation allowance.'] | 1,854,139 | 2026-05-06 | 10-Q | View Document | 85% | |
| Zevia PBC | $58.90 | Net operating losses, existing tax basis, basis step-ups, imputed interest | Continuing members of Zevia LLC, Direct Zevia Stockholders | 85% | SOFR plus 300 basis points | Pro rata | 85% of the amount; SOFR plus 300 basis points; pro rata based on... ownership; net operating losses; existing tax basis; increases in tax basis | ['Liability not recorded due to valuation allowance.'] | 1,854,139 | 2026-02-25 | 10-K | View Document | 85% |
| Excelerate Energy, Inc. | $58.81 | Increases in tax basis from exchanges; existing tax basis; assets purchased from Foundation; TRA payment benefits. | EE Holdings and the Foundation | 85% | TRA liability 51,122; Current portion of TRA liability 7,685; 85% of the amount of the net; TRA with EE Holdings and the Foundation; increases in the tax basis of assets; existing tax basis of assets | ['Liability includes current and long-term portions.'] | 1,888,447 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Excelerate Energy, Inc. | $58.80 | Increases in tax basis from exchanges; existing tax basis of assets; tax basis of IPO Vessels; tax basis of assets purchased from the Foundation; tax benefits from TRA payments. | EE Holdings; George Kaiser Family Foundation (the “Foundation”). | 85% | future payments... equal $58.8 million; increases in the tax basis of assets; existing tax basis of assets; EE Holdings and the George Kaiser Family Foundation; 85% of the net cash tax savings; increased by any interest accrued | ['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 sold/exchanged, 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% in 2023.'] | 1,723,128 | 2026-02-27 | 10-K | View Document | 75% | |
| Lazard, Inc. | $57.05 | increases in the tax basis of certain assets | Lazard; LTBP Trust; owners of the Trust | 45% and 85% | Pro rata | cumulative liability ... 2025 ... $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 | ['45% share for assets; term ends 2033.'] | 1,311,370 | 2026-02-23 | 10-K | View Document | 45% and 85% | |
| GCM Grosvenor Inc. | $55.00 | Increases in tax basis from exchanges; existing tax basis in intangible assets; imputed interest. | GCMH Equityholders, and their successors and assigns | 85% | liability of $55 million; increases in tax basis; existing tax basis; imputed interest; GCMH Equityholders; 85% of the amount of the tax savings; unpaid amounts will accrue interest until paid | ['Payments may exceed 85% due to simplifying assumptions.'] | 1,819,796 | 2026-02-19 | 10-K | View Document | 85% | ||
| GCM Grosvenor Inc. | $54.60 | increases in the tax basis in assets | TRA Parties, limited partners of GCMH | 85% | amount payable... was $54.6 million; increases in the tax basis; pay 85% of the amount; TRA Parties | [] | 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 | liability... as of March 31, 2026 was $46,832; increases in the tax basis of certain assets; Lazard and LTBP Trust; approximately 45% of the amount of cash savings; 85% of the cash tax savings; distributed pro rata to the owners | ['TRA includes 45% and 85% payment tiers.'] | 1,311,370 | 2026-05-04 | 10-Q | View Document | 45% and 85% | |
| VERRA MOBILITY Corp | $43.70 | net cash savings in income tax | PE Greenlight Holdings, LLC, Lakeside Smart Holdco L.P | 50.0% | TRA liability was $43.7 million; net cash savings... in income tax; PE Greenlight Holdings, LLC; Lakeside Smart Holdco L.P; payment to Lakeside of 50.0% | ['TRA share is 50.0%.'] | 1,682,745 | 2026-02-24 | 10-K | View Document | 50.0% | ||
| 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 | Tax basis increases, net operating losses, imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P. | 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, imputed interest; Legacy Owner Holdco and Crestview Partners II GP; 12-month term SOFR plus 171.513 basis points | ['Amended 2023 to replace LIBOR with SOFR.', 'Estimated termination payment is $79.1 million.'] | 1,693,256 | 2026-02-18 | 10-K | View Document | 85% | |
| Select Water Solutions, Inc. | $43.40 | Basis increases from acquisitions, NOLs, 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 of $43.4 million; 85% of the net cash savings; increases in tax basis; net operating losses; Legacy Owner Holdco and Crestview Partners II GP; 12-month term SOFR plus 171.513 basis points | ['OBBBA enacted July 2025 defers TRA payment timing.'] | 1,693,256 | 2026-05-06 | 10-Q | View Document | 85% | |
| Black Rock Coffee Bar, Inc. | $42.53 | Basis Adjustments, interest deductions, and aggregate historical tax basis | Black Rock OpCo, Continuing Equity Owners, and TRA Parties | 85% | Tax receivable agreement liability 42,527; Basis Adjustments and certain tax benefits; Black Rock OpCo and the TRA Parties; 85% of the amount of tax benefits | ['Liability increased due to LLC unit exchanges.'] | 2,068,577 | 2026-05-13 | 10-Q | View Document | 85% | ||
| OppFi Inc. | $39.81 | Increases in tax basis of tangible and intangible assets; Section 754 election; tax benefits from TRA payments | Members; exchanging holders of Retained OppFi-LLC Units; Members’ Representative | 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; unpaid amounts will be deferred and accrue interest | ['TRA share is 90%.', 'First TRA payment of $1.0M made in 2025.'] | 1,818,502 | 2026-03-12 | 10-K | View Document | 90% | ||
| Hagerty, Inc. | $39.80 | Tax basis adjustments; benefits from TRA payments; tax attributes | HHC; 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 | ['Liability established in 2025 based on taxable income.'] | 1,840,776 | 2026-02-26 | 10-K | View Document | 85% | ||
| MALIBU BOATS, INC. | $39.60 | Increases in tax basis, Section 754 election, tangible and intangible assets | pre-IPO owners of the LLC | 85% | Payable pursuant to tax receivable agreement; 85% of the amount of the benefits; pre-IPO owners of the LLC; increases in tax basis; Section 754 election | ['Liability determined on an undiscounted basis.'] | 1,590,976 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Cardinal Infrastructure Group Inc. | $39.42 | Basis step-up, 743(b), 197 intangibles, NOLs, interest deductions | PubCo, OpCo, Continuing Equity Holders, Diamond Interests Group LLC, Seller Owners, Erik West, Mike Rowe, Jeremy Spivey | 85% | SOFR plus 100 basis points | Tax receivable agreement liability 39,423,529; 85% of the net cash tax savings; SOFR plus 100 basis points; Continuing Equity Holders; basis step-up in OpCo's assets; NOL carryforward mechanics capped at 80% | ['TRA and TBA recognized as contingent consideration.'] | 2,079,999 | 2026-05-13 | 10-Q | View Document | 85% | |
| Cardinal Infrastructure Group Inc. | $39.42 | Basis Adjustments (increases in tax basis); interest deductions | Cardinal Infrastructure Group Inc., Cardinal Civil Contracting Holdings LLC, Continuing Equity Holders | 85% | liability on the consolidated balance sheet totaled $39,423,529; 85% of the tax benefits; increases in tax basis; interest deductions; Cardinal and each of the Continuing Equity Holders | ['Early termination rate: lesser of 6.5% or SOFR+100bp.'] | 2,079,999 | 2026-03-23 | 10-K | View Document | 85% | ||
| Black Rock Coffee Bar, Inc. | $38.90 | Basis Adjustments; interest deductions arising from TRA payments | Black Rock OpCo; Continuing Equity Owners; Co-Founders; Sponsor | 85% | $38.9 million of liabilities related to our obligations; 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 | ['TRA remeasurement gain of $0.334 million in 2025'] | 2,068,577 | 2026-03-04 | 10-K | View Document | 85% | ||
| Hagerty, Inc. | $38.30 | increases in tax basis and certain other tax benefits | Legacy Unit Holders (Hagerty Holding Corp. and Markel) | 85% | TRA Liability was $38.3 million; increases in tax basis; Legacy Unit Holders (Hagerty Holding Corp. and Markel); 85% of the U.S. federal, state and local | [] | 1,840,776 | 2026-05-06 | 10-Q | View Document | 85% | ||
| OneWater Marine Inc. | $37.50 | Increases in tax basis and imputed interest | OneWater Inc.; Certain owners of OneWater LLC; TRA Holders | 85% | undiscounted liability was $37.5 million; 85% of the calculated net cash savings; increases in tax basis and imputed interest; certain of the owners of OneWater LLC | [] | 1,772,921 | 2026-05-04 | 10-Q | View Document | 85% | ||
| National CineMedia, Inc. | $35.70 | unpaid integration payments, Common Unit Adjustment Agreement | Cinemark, AMC | Payable under the TRA 2.9; Payable under the TRA 32.8; TRA payments to Cinemark; no longer... obligation to make TRA payments to AMC; Common Unit Adjustment Agreement | ['NCM no longer obligated to pay AMC.'] | 1,377,630 | 2026-05-12 | 10-Q | View Document | ||||
| OppFi Inc. | $35.05 | tax basis 'step-up' | OppFi Inc., OppFi-LLC, and Members | 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% | contractual obligations of $34.6 million; increases in tax basis related to such exchanges; 85% of the benefits; holders of Partnership Units | [] | 1,626,115 | 2026-04-30 | 10-Q | View Document | 85% | ||
| National CineMedia, Inc. | $33.80 | Tax basis in tangible and intangible assets; 163(j) | Cinemark, AMC (waived), Regal (waived), ESA Parties | 90% | payable under the TRA was $33.8 million; tax basis in tangible and intangible assets; 90% of the amount of any tax benefits; ESA Parties; Cinemark; AMC waived all rights; Regal waived all rights | ['AMC and Regal waived all TRA rights.', 'Liability includes 163(j) interest expense limitation impact.'] | 1,377,630 | 2026-02-26 | 10-K | View Document | 90% | ||
| i3 Verticals, Inc. | $32.40 | Increase in tax basis; imputed interest | i3 Verticals, LLC; Continuing Equity Owners | 85% | total amount due... was $32.4 million; increase in tax basis; imputed interest; i3 Verticals, LLC; Continuing Equity Owners; 85% of the estimated future tax benefits | ['Payments expected over the next 22 years.'] | 1,728,688 | 2026-05-08 | 10-Q | View Document | 85% | ||
| AlTi Global, Inc. | $30.60 | increase in tax basis of the assets | TWMH Members, TIG GP Members, TIG MGMT Members | 85% | liability associated with the TRA was $30.6 million; increase in tax basis of the assets; TWMH Members, TIG GP Members, TIG MGMT Members; pay certain parties... 85% of tax benefits | ['Portion of TRA liability carried at fair value'] | 1,838,615 | 2026-05-11 | 10-Q | View Document | 85% | ||
| 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; increases in tax basis of tangible and intangible assets; holders of Partnership Units (other than PJT Partners Inc.); 85% of the benefits; SOFR plus 500 basis points | ['Estimated termination payment is $402.2 million at year-end 2025.'] | 1,626,115 | 2026-02-26 | 10-K | View Document | 85% | |
| Clearwater Analytics Holdings, Inc. | $30.00 | Enfusion | Payment to terminate Enfusion’s tax receivable agreement; 30,000; Represents payment to terminate Enfusion's tax receivable agreement | ['TRA was terminated in connection with acquisition.'] | 1,866,368 | 2026-05-07 | 10-Q | View Document | |||||
| Definitive Healthcare Corp. | $27.20 | NOLs, Section 743(b) basis adjustments, acquired Blocker attributes | pre-IPO LLC Unit holders, former Blocker shareholders | 85% | recorded a TRA liability of $27.2 million; 85.0% of the amount of any tax benefits; acquired from the Blocker Companies; tax basis adjustments; net operating losses; pre-IPO holders of LLC Units; accrue interest until paid | ['Goodwill impairment reduced liability', 'Potential additional liability of $227.6 million'] | 1,861,795 | 2026-02-26 | 10-K | View Document | 85% | ||
| AlTi Global, Inc. | $25.70 | Increase in tax basis of Umbrella assets | TWMH Members, TIG GP Members, TIG MGMT Members | 85% | liability associated with the TRA was $25.7 million; increase in tax basis of Umbrella 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 | 2026-03-31 | 10-K | View Document | 85% | ||
| PennyMac Financial Services, Inc. | $24.80 | increases in tax basis of PNMAC’s assets | certain former owners of PNMAC; exchanged unitholders | 85% | $24.8 million Payable to exchanged... unitholders; increases in tax basis of PNMAC’s assets; certain former owners of PNMAC; 85% of the amount of net tax benefits | No payments made during the quarter ended March 31, 2026. | 1,745,916 | 2026-05-05 | 10-Q | View Document | 85% | ||
| PennyMac Financial Services, Inc. | $24.76 | Increases in tax basis of PNMAC’s assets; tax benefits from TRA payments | Certain former unitholders of PNMAC | 85% | Payable to exchanged PNMAC unitholders under TRA; 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; TRA payments | Company, Opco, Omni Holders, and certain other parties | 83.5% | range of potential payments to $24,050; increases in tax basis in Opco’s assets; Company, Opco, Omni Holders; 83.5% of such tax benefits | ['Liability adjusted based on estimates of future taxable income.'] | 912,728 | 2026-03-11 | 10-K | View Document | 83.5% | ||
| FORWARD AIR CORP | $24.05 | tax attributes as of the date of exchanges, hypothetical sale of assets, allocation of gain or loss | certain Omni Holders | range of potential payments of $0 to $24,050; tax attributes as of the date of exchanges; certain Omni Holders | ['Liability relates to contingent consideration from Omni Acquisition.'] | 912,728 | 2026-05-11 | 10-Q | View Document | ||||
| Utz Brands, Inc. | $23.70 | Tax basis in UBH net assets, tax basis increases from TRA payments, and tax amortization deductions from Kennedy Endeavors acquisition. | 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; Noncontrolling Interest Holders | ['TRA liability includes current and non-current portions.'] | 1,739,566 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Flowco Holdings Inc. | $22.00 | Basis Adjustments, Section 704(c) Allocations, existing tax basis, Blocker tax attributes, interest deductions | Flowco Holdings, Flowco LLC, Continuing Equity Owners (TRA Participants) | 85% | total amount due under the TRA was $22.0 million; Basis Adjustments, Section 704(c) Allocations, and certain tax benefits; Flowco Holdings, Flowco LLC and the Continuing Equity Owners; pay to each Continuing Equity Owner 85% | [] | 2,035,149 | 2026-02-26 | 10-K | View Document | 85% | ||
| Red Rock Resorts, Inc. | $20.60 | Existing tax basis; increases in tax basis; Section 743(b); TRA payment tax benefits | Pre-IPO owners; 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; Fertitta Family Entities; Section 743 | ['Payments expected over approximately 40 years.'] | 1,653,653 | 2026-02-20 | 10-K | View Document | 85% | ||
| Red Rock Resorts, Inc. | $19.40 | Section 754 basis step-up, net operating losses, other tax attributes | Pre-IPO LLC Unit holders, Fertitta Family Entities | 85% | liability under the TRA was $19.4 million; 85% of the tax benefits realized; step-up in the basis of depreciable assets; Fertitta Family Entities; owners who held LLC Units | [] | 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; increases in tax basis; imputed interest; 85.0% of the amount of cash savings | [] | 1,644,378 | 2026-05-06 | 10-Q | View Document | 85.0% | ||
| NEWMARK GROUP, INC. | $17.51 | tax basis of the 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 with Cantor; 85% of the amount of cash savings | ['Offsetting tax receivable asset of $19.5 million.'] | 1,690,680 | 2026-05-08 | 10-Q | View Document | 85% | ||
| NEWMARK GROUP, INC. | $17.51 | Tax basis of tangible and intangible assets; tax benefits from TRA payments | Cantor | 85% | Tax Receivable Agreement liability $17,511; increase in the tax basis of... 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 | tax basis of the tangible and intangible assets of Newmark OpCo; tax benefits attributable to payments under the TRA; imputed interest | Cantor; Newmark Group, Inc. | 85% | $17.5 million liability to Cantor; tax basis of the tangible and intangible assets; payment by us to Cantor of 85%; Cantor and Newmark entered into a tax receivable | ['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; realized tax benefits subject to the TRA; Members - tax receivable agreement; reduce... 85%... to 75% of such realized benefits | ['TRA amended from 85% to 75%.', 'Unrecorded contingent TRA liability of $131.4 million.'] | 1,723,128 | 2026-05-07 | 10-Q | View Document | 75% | ||
| Definitive Healthcare Corp. | $13.01 | Net operating losses; tax basis adjustments; tangible and intangible assets basis; payments under TRA. | Pre-IPO LLC Unit holders; former Blocker Company shareholders. | 85% | liability under the TRA of $13.0 million; 85% of the amount of cash savings; net operating losses; tax basis adjustments; pre-IPO holders of LLC Units; 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; 85% of the amount; Viant Technology LLC, continuing members; increases in tax basis; intangible assets | ['Total TRA liability is classified as long-term.'] | 1,828,791 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Viant Technology Inc. | $12.40 | Tax basis step-ups, 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 net cash tax savings; increases in tax basis; imputed interest; continuing members of Viant Technology LLC; TRA Representative | ['Liability recorded upon release of valuation allowance.'] | 1,828,791 | 2026-03-11 | 10-K | View Document | 85% | ||
| P3 Health Partners Inc. | $12.40 | Tax basis in P3 LLC net assets, imputed interest | P3 LLC, P3 Equityholders | 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; 85% of the income tax benefits | ['No liability recorded due to full valuation allowance.'] | 1,832,511 | 2026-03-26 | 10-K | 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; payment by us of 85%; increases in our share of the tax basis; P3 LLC and the members of P3 LLC | ['No TRA liability recorded as payments not probable.'] | 1,832,511 | 2026-05-14 | 10-Q | 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; 85% of certain tax benefits; unpaid amounts will be deferred and accrue interest | ['Liability remeasured due to tax rate change.'] | 1,982,518 | 2026-03-12 | 10-K | View Document | 85% | ||
| Smith Douglas Homes Corp. | $9.40 | Basis Adjustments, Section 704(c) Allocations, interest deductions, 743(b) | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | recorded a TRA liability of $9.4 million; 85% of certain tax benefits; Basis Adjustments, Section 704(c) Allocations, interest deductions; Smith Douglas Homes Corp., Smith Douglas Holdings LLC; deferred and will accrue interest until paid | ['Quarterly payments under the TRA totaled $0.5 million.'] | 1,982,518 | 2026-04-30 | 10-Q | View Document | 85% | ||
| Silvercrest Asset Management Group Inc. | $9.33 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments; exchanges of Class B for Class A shares. | Partners of SLP (SLP Partners); current principals; future employee-holders of Class B units. | 85% | liability is estimated to be $9,333; increases in tax basis; tangible and intangible assets; partners of SLP; pay the SLP Partners 85% | ['TRA terminates if partner fired for cause or competes.'] | 1,549,966 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Silvercrest Asset Management Group Inc. | $9.32 | Step-up in tax basis of Silvercrest L.P. assets; imputed interest; prior distributions, transfers, or exchanges. | Current principals of Silvercrest L.P. and future employee-holders of Class B units. | 85% | liability is estimated to be $9,325; step-up in tax basis in Silvercrest L.P.’s assets; current principals of Silvercrest L.P.; 85% of the amount of the cash savings | ['Terminates if partner is terminated for cause or competes.'] | 1,549,966 | 2026-03-16 | 10-K | View Document | 85% | ||
| Array Technologies, Inc. | $8.30 | deductions generated by the increase in the tax value of the developed technology | former majority shareholder; former owners | fair value of the TRA was $8.3 million; increase in tax value of the 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 | TRA Rights holders | Tax Receivable Agreement obligations; benefits realized as a result of certain transactions; emergence of our predecessor from reorganization; TRA Rights | ['Liability reduced through repurchases and tender offers.'] | 1,692,819 | 2026-02-27 | 10-K | View Document | ||||
| Array Technologies, Inc. | $5.80 | Deductions from increased tax value of developed technology | Array Tech, Inc., former majority stockholder | fair value of the TRA was $5.8 million; increase in tax value of developed technology; former majority stockholder of Array Tech, Inc.; payment by Array Tech, Inc., to former owners | ['Accounted for as contingent consideration.'] | 1,820,721 | 2026-05-06 | 10-Q | View Document | ||||
| Zeo Energy Corp. | $4.60 | increases in tax basis and other tax attributes | OpCo and certain OpCo members (TRA Holders) | 85% | estimated unrecorded TRA liability was approximately $4.6 million; increases in tax basis and other tax attributes; OpCo and certain OpCo members; pay the TRA Holders 85% | ['Liability unrecorded as realization not more likely than not.'] | 1,865,506 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Finance of America Companies Inc. | $4.52 | Blackstone Investor | TRA obligation 4,524; Blackstone Investor; Blackstone Tax Receivable Agreement was terminated | ['Blackstone TRA terminated; $4.5M liability remains reported.'] | 1,828,937 | 2026-05-11 | 10-Q | View Document | |||||
| Baldwin Insurance Group, Inc. | $4.50 | Tangible and intangible assets; tax basis adjustments; 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 | [] | 1,781,755 | 2026-02-26 | 10-K | View Document | 85% | ||
| biote Corp. | $4.39 | Increases in tax basis of tangible and intangible assets resulting from the Business Combination and redemptions; tax benefits from TRA payments. | Members (non-controlling interest holders) | 85% | TRA liability 4,386; increases in tax basis of BioTE Companies’ assets; pay to the Members; 85% of the net income tax savings; unpaid amounts will be deferred and will accrue | ['Legal settlements in 2024 reduced TRA liability by $17.3M.'] | 1,819,253 | 2026-03-13 | 10-K | View Document | 85% | ||
| MARKETWISE, INC. | $4.30 | Increases in tax basis of assets; depreciation and amortization deductions; other 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; 85% of the tax benefits; unpaid amounts will be deferred and accrue interest | ['TRA liability was $4.3 million as of 12/31/2025.'] | 1,805,651 | 2026-03-06 | 10-K | View Document | 85% | ||
| biote Corp. | $4.19 | tax basis in the net assets of Holdings | then-existing non-controlling interest holders | 85% | TRA liability 4,190; tax basis in the net assets of Holdings; then-existing non-controlling interest holders; approximately 85% of the amount | [] | 1,819,253 | 2026-05-11 | 10-Q | View Document | 85% | ||
| MARKETWISE, INC. | $4.04 | basis adjustments and other carryforward attributes | certain shareholders, members of MarketWise, LLC, Mark P. Arnold, Jama 2021, LLC | 85% | cumulative liability of $4,035; basis adjustments and other carryforward attributes; 85% of the calculated tax savings; unpaid amounts... will accrue interest until paid | ['Arnold Parties waived TRA rights in settlement.', 'M&C proposal contingent on TRA termination.'] | 1,805,651 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Finance of America Companies Inc. | $3.90 | Tax basis adjustments from sales, exchanges, and distributions of Class A LLC Units; tax benefits from TRA payments | Certain owners of FOA Equity; Blackstone Investor (terminated) | 85% | TRA obligation 3,901; 85% of the cash tax benefits; tax basis adjustments; sales and exchanges of Class A LLC Units; Blackstone Tax Receivable Agreement was terminated | ['Blackstone TRA terminated Jan 2026.', 'Liability measured at fair value.'] | 1,828,937 | 2026-03-13 | 10-K | View Document | 85% | ||
| HMH Holding Inc | $3.80 | B.V. Voting Shares; B.V. Non-Voting Shares; Imputed Interest; Tax Basis in HMH B.V. | 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; redemptions or exchanges of B.V. Non-Voting Shares; tax benefits related to imputed interest | ['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% | recorded a TRA liability of $3.6 million; 85% of the net cash savings; tax basis increases resulting from the exchange; owners of INR Holdings prior to the IPO; deductions arising from imputed interest | ['TRA liability is classified as a non-current liability.'] | 2,029,118 | 2026-05-12 | 10-Q | View Document | 85% | ||
| WM TECHNOLOGY, INC. | $2.70 | Increases in tax basis of WMH LLC assets, imputed interest, 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; tax benefits related to imputed interest; WMH LLC Class A equity holders; 85% of the amount of cash savings; accrue interest until paid | ['Liability significantly reduced by full valuation allowance.'] | 1,779,474 | 2026-03-12 | 10-K | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $1.54 | Step-up in tax basis (intangible assets, franchise agreements, goodwill), imputed interest | RIHI and Parallaxes Rain Co-Investment, LLC | 85% | total liability of $1.5 million; step-up in tax basis; intangible assets including franchise agreements and goodwill; RIHI and Parallaxes Rain Co-Investment, LLC; 85% of the tax benefits; imputed interest deduction pursuant to tax receivable agreements | ['TRA liabilities are not discounted.', 'Valuation allowance caused $25.3 million remeasurement gain.'] | 1,581,091 | 2026-02-19 | 10-K | View Document | 85% | ||
| INFINITY NATURAL RESOURCES, INC. | $1.50 | tax basis increases from exchange of INR Units, imputed interest, 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; pay the Legacy Owners 85% of the net | ['Liability established in 2025 following unit exchange.'] | 2,029,118 | 2026-03-10 | 10-K | View Document | 85% | ||
| Camping World Holdings, Inc. | $1.40 | Increases in tax basis (Section 754); 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; Section 754; Continuing Equity Owners; Crestview Partners II GP, L.P.; 85% of the tax benefits | ['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, imputed interest | Continuing Equity Owners and the Blocker Shareholders | 85% | $1.3 million liability; 85% of the tax benefits; allocable share of existing tax basis; increases in tax basis; Continuing Equity Owners and the Blocker Shareholders | ['Liability arose from the Transactions.'] | 1,808,220 | 2026-03-31 | 10-K | View Document | 85% | ||
| GEN Restaurant Group, Inc. | $1.10 | Increases in tax basis, imputed interest, net operating losses, and increased amortization. | Members of GEN LLC (excluding GEN Inc.) and their permitted assignees. | 85% | Lesser of 6.5% and SOFR + 400bp | obligations under the TRA of $1.1 million; increases in tax basis; net operating losses; imputed interest; members of GEN LLC; 85% of the net cash tax savings; lesser of 6.5% and SOFR plus 400bp | ['Early termination payment estimated at $56.6 million.'] | 1,891,856 | 2026-03-31 | 10-K | 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 | 85% | liability related to its projected obligations... $1.1 million; increases in tax basis resulting from... redemptions; GEN Inc... Operating Company and each... Members; Members of 85% of... tax benefits | ['Estimated total TRA payments of $99.6 million through 2037.'] | 1,891,856 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Bakkt, Inc. | $0.60 | tangible and intangible assets of Opco; Section 743(b); 734(b); tax benefits from TRA payments | certain Opco equity holders; ICE; Mr. Naheta | 85% | approximately $0.6 million remained to be paid; tangible and intangible assets of Opco; certain Opco equity holders, ICE, Mr. Naheta; 85% of certain net income tax benefits | ['TRA settled in 2025; 18% discount rate used.'] | 1,820,302 | 2026-03-19 | 10-K | View Document | 85% | ||
| Bakkt, Inc. | $0.50 | tangible and intangible assets; Section 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); certain Opco equity holders, ICE, Mr. Naheta; 85% of certain net income tax benefits | ['The Reorganization terminated the TRA.'] | 1,820,302 | 2026-05-11 | 10-Q | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $0.20 | common units of RMCO | RE/MAX Holdings, Inc., RIHI, Inc. | total liability under the TRAs... is $0.2 million; between the Company and RIHI; RIHI TRA will terminate upon the closing | ['TRA terminates upon merger with no further payments.'] | 1,581,091 | 2026-05-08 | 10-Q | View Document | ||||
| Funko, Inc. | $0.12 | Redemptions or exchanges of common units; Section 754 basis adjustments; tax benefits from TRA payments. | Continuing Equity Owners; certain transferees; FAH, LLC. | 85% | liabilities under the tax receivable agreement totaled $0.1 million; redemptions funded by us or exchanges; 85% of the tax benefits; accrue interest until paid; Continuing Equity Owners | ['Gross TRA liability is $102.5 million.', 'Full valuation allowance significantly reduced recognized liability.'] | 1,704,711 | 2026-03-12 | 10-K | View Document | 85% | ||
| Direct Digital Holdings, Inc. | $0.04 | Tax basis in net assets of DDH LLC; Section 754 basis increases | DDH LLC, DDM | 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% | ||
| Direct Digital Holdings, Inc. | $0.04 | Basis adjustments in tangible and intangible assets; imputed interest | Direct Digital Holdings, Inc., DDH LLC, Direct Digital Management, LLC (DDM) | 85% | Total 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% | ||
| Andersen Group Inc. | $0.00 | Increase in tax basis in assets of AT Umbrella LLC; tax benefits from TRA payments | Aggregator; holders of Class X Umbrella Units; pre-IPO owners | 85% | not yet incurred a liability; increase in tax basis; 85% of the amount; Aggregator; holders of Class X Umbrella Units | ['No liability incurred as of March 31, 2026.'] | 2,065,708 | 2026-05-12 | 10-Q | View Document | 85% | ||
| Cibus, Inc. | $0.00 | no TRA liability existed as of December 31, 2025; TRA liability is not probable | ['Liability not probable due to full valuation allowance.'] | 1,705,843 | 2026-03-17 | 10-K | View Document | ||||||
| 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) | 85% | management does not expect a TRA liability; 85% of the amount of cash tax savings; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; 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% | ||
| FuboTV Inc. | $0.00 | Historic NOLs, tax basis adjustments, 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%, below industry standard 85%.'] | 1,484,769 | 2026-05-06 | 10-Q | View Document | 70% | ||
| Greenlane Holdings, Inc. | $0.00 | Increases in tax basis from unit exchanges; tax benefits from TRA payments | Former holders of interests in the Operating Company; Operating Company | 85% | recorded no liability under the TRA; 85% of the tax benefits; increases in the tax basis of assets; former holders of interests; redemptions or exchanges of Common Units | ['No liability recorded due to valuation allowance.'] | 1,743,745 | 2026-03-31 | 10-K | View Document | 85% | ||
| vTv Therapeutics Inc. | $0.00 | Exchange of Class B common stock and vTv Units, imputed interest, tax benefits from TRA payments | vTv Therapeutics Inc., MacAndrews, M&F TTP Holdings Two LLC, M&F TTP Holdings LLC, vTv Therapeutics Holdings, LLC | 85% | not recognized any liability; 85% of the amount of cash savings; exchange of Class B common stock; imputed interest deemed to be paid; tax benefits attributable to payments; M&F TTP Holdings Two LLC | [] | 1,641,489 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Vivid Seats Inc. | $0.00 | increases in tax basis; existing tax basis; imputed interest | existing Hoya Intermediate unitholders; Hoya Topco, LLC | 85% | no longer have a TRA liability; 85% of the amount of any tax savings; increases in the tax basis of assets; existing tax basis in long-lived assets; deductions in respect of imputed interest; existing Hoya Intermediate unitholders; Hoya Topco, LLC | ['TRA terminated in October 2025 Corporate Simplification.'] | 1,856,031 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Solo Brands, Inc. | $0.00 | Increases in tax basis of Holdings assets; tax basis increases from TRA payments; imputed interest deductions. | TRA Participants; Prior Continuing LLC Owners; non-controlling interest holders. | 85% | 85% of the tax benefits; increases in... tax basis of the assets; TRA Participants; no payments due under the Tax Receivable Agreement | ['Liability not expected to be material.'] | 1,870,600 | 2026-03-23 | 10-K | View Document | 85% | ||
| NET Power Inc. | $0.00 | deferred tax assets | TRA holders | reduced the TRA liability to zero; intent to terminate the TRA; final and binding on June 12, 2025; deferred tax assets subject to the TRA | TRA terminated June 2025; liability reduced to zero. | 1,845,437 | 2026-05-11 | 10-Q | View Document | ||||
| vTv Therapeutics Inc. | $0.00 | 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 & Forbes | 85% | not recognized any liability; 85% of the amount of cash savings; increases in the tax basis; imputed interest deemed to be paid; accrue interest until paid | ['Company has not recognized any TRA liability.'] | 1,641,489 | 2026-03-10 | 10-K | View Document | 85% | ||
| Cibus, Inc. | $0.00 | no TRA liability has been recorded; Tax Receivables Agreement (TRA), dated May 31, 2023; liability... is not probable | ['TRA liability not recorded due to valuation allowance.'] | 1,705,843 | 2026-05-14 | 10-Q | View Document | ||||||
| Brilliant Earth Group, Inc. | $0.00 | Tax basis adjustments, Section 743(b), Section 197, TRA payments | Brilliant Earth Group, Inc., Brilliant Earth, LLC, Continuing Equity Owners | 85% | reduced the TRA liability to zero; increases in... tax basis of... assets; Sections 743(b) and 197; Brilliant Earth, LLC and the Continuing Equity Owners; 85% of the amount of tax benefits; unpaid amounts... will accrue interest until paid | ['Liability reduced to zero due to valuation allowance.'] | 1,866,757 | 2026-03-17 | 10-K | View Document | 85% | ||
| PROKIDNEY CORP. | $0.00 | Increases in tax basis from exchanges; tangible and intangible assets; other tax attributes of PK Holdings; tax benefits from entering TRA | Closing ProKidney Unitholders | 85% | not recognized any liability related to this agreement; increases in tax basis of ProKidney assets; certain other tax attributes of PK Holdings; Closing ProKidney Unitholders; 85% of certain tax savings | ['No liability recognized as of December 31, 2025.'] | 1,850,270 | 2026-03-18 | 10-K | View Document | 85% | ||
| Clearwater Analytics Holdings, Inc. | $0.00 | Tax Attributes from redemptions or exchanges | TRA Parties, executive officers, Continuing Equity Owners | 85% | Balance - End of Year $—; result of Tax Attributes; the 'TRA Parties'; 85% of certain tax benefits | ['TRA fully settled and terminated in 2024.'] | 1,866,368 | 2026-02-18 | 10-K | View Document | 85% | ||
| FLYEXCLUSIVE INC. | $0.00 | certain tax basis adjustments | Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust, LGM | 85% | no TRA liability has been recorded; certain tax basis adjustments; Thomas James Segrave Jr.; 85% of the Realized Tax Benefit | ['No liability recorded as of March 31, 2026.'] | 1,843,973 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Bitcoin Depot Inc. | $0.00 | Existing tax basis in assets; tax basis adjustments; imputed interest | Bitcoin Depot Inc., BT HoldCo, BT Assets, former stockholders of BT Assets | 85% | no Tax Receivable Agreement liability; pay BT Assets 85% of net cash savings; existing tax basis in certain assets; tax basis adjustments; Company, BT HoldCo and BT Assets; accrue interest (generally at a default rate) | ['TRA terminated May 30, 2025.'] | 1,901,799 | 2026-03-18 | 10-K | View Document | 85% | ||
| Zeo Energy Corp. | $0.00 | Increases in tax basis, imputed interest | OpCo, certain OpCo members (TRA Holders) | 85% | had not recorded a liability; increases in tax basis; imputed interest; OpCo and certain OpCo members; 85% of the net cash savings | ['Unrecorded liability estimated at $5.7 million.'] | 1,865,506 | 2026-04-01 | 10-K | View Document | 85% | ||
| indie Semiconductor, Inc. | $0.00 | basis adjustments on future exchanges of ADK, LLC units and other carryforward attributes assumed | certain shareholders | 85% | not recorded a liability under the TRAs; basis adjustments on future exchanges; other carryforward attributes assumed; certain shareholders; 85% of the calculated tax savings | ['Full valuation allowance prevents recording TRA liability.'] | 1,841,925 | 2026-05-11 | 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; Agent; 85% of the amount of realized tax benefit | ['Payment cap of $50,000,000 for change of control.', 'Early termination payment estimated at $32 million.'] | 1,841,425 | 2026-03-27 | 10-K | View Document | 85% | ||
| Sky Harbour Group Corp | $0.00 | existing tax basis; tax basis adjustments; tax deductions from TRA payments | 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; pay the TRA Holders 85% of savings; Company, Sky, Existing Sky Equityholders, Tal Keinan | [] | 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% | we will no longer have a TRA liability; 85% of the amount of any tax savings; increases in the tax basis; existing tax basis; deductions in respect of imputed interest; existing Hoya Intermediate unitholders | ['TRA terminated October 2025 via Corporate Simplification Agreement.'] | 1,856,031 | 2026-03-12 | 10-K | View Document | 85% | ||
| AST SpaceMobile, Inc. | $0.00 | Existing tax basis; tax basis adjustments; tax deductions; tax attributes | AST LLC; TRA holders | 85% | no TRA liabilities recorded; 85% of the amount of savings; existing tax basis of certain assets; tax basis adjustments resulting from taxable exchanges; tax deductions in respect of portions of payments; tax attributes acquired pursuant to a reorganization | ['Full valuation allowance recorded against deferred tax assets.'] | 1,780,312 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Nerdy Inc. | $0.00 | Increases in tax basis (reverse recapitalization, redemptions, call rights), imputed interest, and additional basis from TRA payments. | Nerdy LLC unit holders (TRA Holders); Legacy Nerdy Holders | 85% | not recognized a liability of $118,238; 85% of the net cash savings; certain increases in tax basis; imputed interest deemed to be paid; Nerdy LLC unit holders | ['Liability not recognized as payment not considered probable.'] | 1,819,404 | 2026-02-26 | 10-K | View Document | 85% | ||
| NUSCALE POWER Corp | $0.00 | Tax basis of tangible and intangible assets | Legacy NuScale Equityholders, Fluor, TRA Holders, NuScale LLC | 85% (42.5% for Fluor) | no liability... has been recorded; increases in tax basis; tangible and intangible assets; 85% of certain tax benefits; 42.5% of such net cash tax savings | ['Fluor rate reduced to 42.5%; implied obligation $582.7M.'] | 1,822,966 | 2026-02-26 | 10-K | View Document | 85% (42.5% for Fluor) | ||
| Fluence Energy, Inc. | $0.00 | increases in tax basis of assets; depreciation and amortization deductions; tax benefits from TRA payments | Siemens Industry, Inc.; AES Grid Stability, LLC; Fluence Energy, LLC | 85% | Company has not recognized the remaining liability; increases in our share of the tax basis; Siemens Industry, Inc. and AES Grid Stability, LLC; 85% of the tax benefits; deferred and will accrue interest until paid | ['Potential $117 million obligation not recognized due to valuation allowance.'] | 1,868,941 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Bioventus Inc. | $0.00 | Tax basis increases from redemptions, exchanges, distributions, and prior sales | Smith & Nephew, Inc. (Continuing LLC Owner) | 85% | had not recorded any liabilities under the TRA; pay to Smith & Nephew, Inc.; 85% of the tax benefits; increases in the tax basis of assets; accrue interest until paid | No liability recorded as no exchanges occurred. | 1,665,988 | 2026-03-05 | 10-K | View Document | 85% | ||
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from Class C OpCo Units; imputed interest; additional tax basis from TRA payments | Holdings, TRA Holders, Agent | 85% | did not record a tax receivable liability; increases in tax basis; imputed interest; 85% of the amount of realized tax benefit; Holdings, TRA Holders, Agent | ['Payment cap of $50,000 for change of control.'] | 1,841,425 | 2026-05-12 | 10-Q | View Document | 85% | ||
| Greenlane Holdings, Inc. | $0.00 | increases in tax basis and certain other tax attributes | Greenlane Holdings, LLC and certain of its former members | 85% | had not recorded a liability under the TRA; increases in tax basis and other tax attributes; Greenlane Holdings, LLC and certain former members; payment by the Company of 85% | ['Liability not recorded due to valuation allowance assessment.'] | 1,743,745 | 2026-04-30 | 10-K/A | View Document | 85% | ||
| Symbotic Inc. | $0.00 | attributes obtained from exchanges by pre-IPO members | certain Legacy Warehouse Holders (the “TRA Holders”) | 85% | no TRA liability was recorded; 85% of these potential future tax benefits; certain Legacy Warehouse Holders; expected to be $484.4 million | ['No liability recorded; expected payments are $484.4 million.'] | 1,837,240 | 2026-05-06 | 10-Q | View Document | 85% | ||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | Tax basis increases from exchanges; Organizational Transaction attributes; TRA payment tax benefits; net operating losses. | MLSH 1, MLSH 2 | 85% | SOFR + 500bp | no liabilities under the TRA; increases in the tax basis of assets; MLSH 1 and MLSH 2; 85% of the tax benefits; SOFR... plus 500 basis points | ['Liability derecognized in 2023 due to valuation allowance.'] | 1,823,239 | 2026-02-26 | 10-K | View Document | 85% | |
| System1, Inc. | $0.00 | Tax basis increases from LLC exchanges, TRA payments, and imputed interest deductions. | 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; payment by us of 85% | ['TRA liability reduced to zero in 2025.'] | 1,805,833 | 2026-03-11 | 10-K | View Document | 85% | ||
| Bumble Inc. | $0.00 | exchanges of Common Units | Founder, Sponsor, affiliate of Accel Partners LP, management, other equity holders | obligations were fully settled in November 2025; complete and full termination of the Company's payment obligations; Founder, our Sponsor, an affiliate of Accel Partners LP | ['TRA was fully settled and terminated in November 2025.'] | 1,830,043 | 2026-05-06 | 10-Q | View Document | ||||
| EVgo Inc. | $0.00 | Increases in tax basis from business combination and unit redemptions; imputed interest. | CRIS; Thunder Sub; EVgo Holdings; LS Power Equity Advisors, LLC | 85% | one-year LIBOR plus 100 basis points | no amounts have been accrued; 85% of the net cash savings; increases in tax basis; imputed interest; one-year LIBOR plus 100 basis points | ['Liability not accrued as not deemed probable.', 'Unrecorded liability estimated at $33.2 million.'] | 1,821,159 | 2026-03-09 | 10-K | View Document | 85% | |
| Bumble Inc. | $0.00 | Existing tax basis; Common Basis; tax basis adjustments; Blocker Company tax attributes; NOLs | Blackstone; Founder of the Company; certain other pre-IPO owners | 85% | liability decreased... to nil; allocable share of existing tax basis; Common Basis; Blackstone, the Founder; 85% of the benefits | ['TRA was fully terminated via buyout in 2025.'] | 1,830,043 | 2026-03-16 | 10-K | View Document | 85% | ||
| Clearwater Analytics Holdings, Inc. | $0.00 | Tax Attributes | affiliates of the Prior Principal Equity Owners, CWAN Holdings | 85% | payment by the Company of 85%; settlement payments in a gross amount of $72.5 million; no further payment obligations; as a result of Tax Attributes | ['TRA terminated via $72.5M settlement in 2025.'] | 1,866,368 | 2026-04-01 | 10-K/A | View Document | 85% | ||
| TWFG, Inc. | $0.00 | Increase in tax basis in TWFG Holding’s assets; imputed interest | Pre-IPO LLC Members; other holders of LLC Units | 85% | no related liability is recorded; increase in tax basis; Pre-IPO LLC Members; 85% of the amount of cash savings; accrue interest until paid; imputed interest | [] | 2,007,596 | 2026-03-10 | 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 | TRA liability was not recorded; 85% of the amount of cash savings; LIBOR... plus 100 basis points; Continuing Pre-IPO LLC Members; net operating losses; existing tax basis | ['Full valuation allowance; $88.4M potential liability not recorded.'] | 1,802,156 | 2026-03-04 | 10-K | View Document | 85% | |
| Camping World Holdings, Inc. | $0.00 | Increases in tax basis; Section 754 election; tax benefits from TRA payments | Continuing Equity Owners and Crestview Partners II GP, L.P. | 85% | did not have a Tax Receivable Agreement liability; increases in the tax basis; Section 754; Continuing Equity Owners and Crestview Partners II GP, L.P.; 85% of the amount of tax benefits | ['Full valuation allowance; liability considered not probable.'] | 1,669,779 | 2026-04-30 | 10-Q | View Document | 85% | ||
| El Pollo Loco Holdings, Inc. | $0.00 | Net operating losses (NOLs) 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 mostly terminated on May 29, 2024.'] | 1,606,366 | 2026-03-13 | 10-K | View Document | 85% | ||
| Solo Brands, Inc. | $0.00 | no liability has been recorded; due to its immateriality; impact of valuation allowances; Tax Receivable Agreement remains in effect | ['No liability recorded due to immateriality.'] | 1,870,600 | 2026-05-14 | 10-Q | View Document | ||||||
| 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.'] | 1,743,745 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Bioventus Inc. | $0.00 | Tax basis increases from redemptions, exchanges, prior sales, and distributions; tax benefits from TRA payments | Continuing LLC Owner | 85% | had not recorded any liabilities under the TRA; increases in the tax basis of assets; Continuing LLC Owner; 85% of the amount of tax benefits; accrue interest until paid | ['No liability recorded as no LLC interests exchanged.'] | 1,665,988 | 2026-05-06 | 10-Q | View Document | 85% | ||
| EVgo Inc. | $0.00 | increases in tax basis; imputed interest; basis from TRA payments | CRIS; Thunder Sub; EVgo Holdings; LS Power Equity Advisors, LLC | 85% | no amounts have been accrued; 85% of the net cash savings; increases in tax basis; imputed interest; EVgo Holdings; LS Power Equity Advisors, LLC | ['Potential unrecorded liability is $33.8 million.'] | 1,821,159 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Andersen Group Inc. | $0.00 | Increase in tax basis in assets of AT Umbrella LLC; 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; accrue interest until paid | ['Liability not yet incurred; $694.9M estimated total payments.'] | 2,065,708 | 2026-03-27 | 10-K | View Document | 85% | ||
| NET Power Inc. | $0.00 | existing tax basis, tax basis adjustments, tax benefits realized, tax deductions | 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% | ||
| Brilliant Earth Group, Inc. | $0.00 | tax basis adjustments, Sections 743(b) and 197 | Brilliant Earth, LLC, Continuing Equity Owners | 85% | 85% of the amount of tax benefits; tax basis adjustments; Sections 743(b) and 197; Continuing Equity Owners; no TRA liability reflected | ['TRA liability determined not probable due to valuation allowance.'] | 1,866,757 | 2026-05-07 | 10-Q | View Document | 85% | ||
| WM TECHNOLOGY, INC. | $0.00 | additional tax basis from redemptions or exchanges of Units | continuing Class A Unit holders | 85% | TRA liability was nil; additional tax basis; continuing Class A Unit holders; 85% of the amount of tax benefits | ['Liability nil due to full valuation allowance.'] | 1,779,474 | 2026-05-11 | 10-Q | View Document | 85% | ||
| NUSCALE POWER Corp | $0.00 | NuScale Corp, NuScale LLC, legacy NuScale Equityholders | liability is not probable and therefore not recorded; NuScale Corp, NuScale LLC and legacy NuScale Equityholders | ['Liability not recorded due to valuation allowance.'] | 1,822,966 | 2026-05-07 | 10-Q | View Document | |||||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | Increases in tax basis of assets; tax attributes of acquired entities; tax benefits from TRA payments | MLSH 1, MLSH 2 | 85% | no current liability under the TRA; 85% of the amount of certain tax benefits; increases in the tax basis of assets; tax attributes of the entities acquired; tax benefits attributable to payments | ['Liability derecognized as realization is not probable.'] | 1,823,239 | 2026-05-08 | 10-Q | View Document | 85% | ||
| PROKIDNEY CORP. | $0.00 | Increases in tax basis from unit exchanges, tax attributes of PK Holdings, TRA-related tax benefits | Closing ProKidney Unitholders | 85% | not recognized any liability; 85% of the amount of cash savings; increases in tax basis attributable to exchanges; certain other tax attributes of PK Holdings; Closing ProKidney Unitholders | ['No liability recognized as of March 31, 2026'] | 1,850,270 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Nerdy Inc. | $0.00 | increases in tax basis; imputed interest; additional basis | Legacy Nerdy Holders | 85% | not recognized a liability of $118,238; certain Legacy Nerdy Holders; 85% of the net cash savings; certain increases in tax basis; imputed interest | ['Liability not recognized; payment not probable.'] | 1,819,404 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Rani Therapeutics Holdings, Inc. | $0.00 | increases in the tax basis of assets | Continuing LLC Owners, ICL | 85% | not recorded a liability under the TRA; increases in the tax basis of assets; Continuing LLC Owners; 85% of the amount of tax benefits; terminated the TRA in December 2025 | ['TRA terminated effective December 31, 2025.'] | 1,856,725 | 2026-03-26 | 10-K | View Document | 85% | ||
| Intuitive Machines, Inc. | $0.00 | Existing Basis, Basis Adjustments, Business Combination benefits, and Interest Deductions (including 743(b) adjustments and TRA payment deductions) | Intuitive Machines, LLC and certain Intuitive Machines Members (TRA Holders) | 85% | SOFR + 100 basis points | The TRA is unrecognized.; 85% of the amount of cash tax savings; Existing Basis, Basis Adjustments and Interest Deductions; SOFR plus 100 basis points; Intuitive Machines, LLC and certain Intuitive Machines Members | ['TRA liability unrecognized due to full valuation allowance.'] | 1,844,452 | 2026-03-19 | 10-K | View Document | 85% | |
| RE/MAX Holdings, Inc. | step-up in tax basis on RMCO’s assets | RIHI; RMCO’s other pre-IPO owner | 85% | 85% of the amount of cash savings; step-up in tax basis on RMCO’s assets; RIHI and RMCO’s other pre-IPO owner; unpaid amounts will be deferred and accrue interest | ['Payments of $0.4M and $0.7M were made.'] | 1,581,091 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Blackstone Inc. | [] | 1,393,818 | 2026-02-27 | 10-K | View Document | ||||||||
| Falcon's Beyond Global, Inc. | Increases in tax basis from exchanges; tax benefits from TRA payments | Exchange TRA Holders, the Company, Falcon’s Opco, TRA holder representative | 85% | 85% of the amount of tax benefits; increases in tax basis from any exchange; Exchange TRA Holders; Falcon’s Opco; TRA holder representative | ['Full valuation allowance maintained on deferred tax assets.'] | 1,937,987 | 2026-05-14 | 10-Q | View Document | 85% | |||
| Repay Holdings Corp | increases in tax basis; certain other tax attributes of Hawk Parent; tax benefits attributable to payments under the Tax Receivable Agreement | exchanging Repay Unitholders; John Morris; Shaler Alias; Tim Murphy | 100% | Term SOFR plus 571.513 basis points | 100% of the tax benefits; Term SOFR plus 571.513 basis points; increases to the tax basis; certain other tax attributes; exchanging Repay Unitholders | ['TRA share is 100% of realized tax benefits.'] | 1,720,592 | 2026-04-30 | 10-K/A | View Document | 100% | ||
| York Space Systems Inc. | NOLs, R&D credits, 163(j) interest, 174 expenditures, refunds, asset amortization/depreciation, IPO deductions | Equity holders of Holdings, Class P Unit holders, AE Industrial Partners, BlackRock | 85% | SOFR + 500bp | Pro rata | 85% of certain tax savings; SOFR plus 500 basis points; allocated pro rata; net operating losses, R&D credits, 163(j), 174; AE Industrial Partners and BlackRock | ['Liability not recorded as realization is currently uncertain.'] | 2,086,587 | 2026-03-20 | 10-K | View Document | 85% | |
| Evercore Inc. | Payments Under Tax Receivable Agreement | ['Only cash flow payment mentioned in text.'] | 1,360,901 | 2026-05-06 | 10-Q | View Document | |||||||
| Falcon's Beyond Global, Inc. | Increases in tax basis of Falcon’s Opco assets; tax benefits from TRA payments | Falcon’s Opco, TRA holder representative, TRA Holders (Exchange TRA Holders and the Company), Company’s unitholders | 85% | 85% of the tax benefits; increases in the tax basis of assets; unpaid amounts will be deferred and accrue interest; Company’s unitholders and Falcon’s Opco | ['Amendment on October 24, 2024, regarding unit transfers.'] | 1,937,987 | 2026-03-30 | 10-K | View Document | 85% | |||
| OLAPLEX HOLDINGS, INC. | tax basis in intangible assets and capitalized transaction costs | pre-IPO unitholders of Penelope Group Holdings; certain holders of equity awards of Penelope Holdings Corp.; Advent Funds | 85% | 85% of the amount of cash savings; tax basis in intangible assets; capitalized transaction costs; pre-IPO unitholders of Penelope Group Holdings; payment... of $12.1 million | ['TRA Waiving Parties waived rights; agreement terminates upon merger.'] | 1,868,726 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Liberty Broadband Corp | tax benefits realized by GCI Liberty | Liberty Broadband, GCI Liberty, Charter | tax benefits realized by GCI Liberty; exceeded $420 million; Liberty Broadband and GCI Liberty | ['Entitlement triggers if tax liability exceeds $420 million.'] | 1,611,983 | 2026-04-28 | 10-Q | View Document | |||||
| FLYEXCLUSIVE INC. | Tax basis adjustments from repurchases and taxable exchanges of LGM Common Units; tax deductions from TRA payments. | flyExclusive Inc., LGM, Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust, TRA Holder Representative. | 85% | pay the Existing Equityholders 85% of the amount; tax basis adjustments resulting from the repurchase; tax basis adjustments resulting from taxable exchanges; tax deductions in respect of certain payments | ['Early termination maximum payment estimated at $6.1 million.'] | 1,843,973 | 2026-03-05 | 10-K | View Document | 85% | |||
| AST SpaceMobile, Inc. | Existing tax basis, tax basis adjustments, TRA payment deductions, Blocker Corporation attributes | Company, AST LLC, TRA Holders, Thomas Severson | 85% | pay the TRA Holders 85% of the amount; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; Thomas Severson, as the TRA Holder Representative; accrue interest until paid | [] | 1,780,312 | 2026-03-02 | 10-K | View Document | 85% | |||
| indie Semiconductor, Inc. | Tax basis step-up in tangible and intangible assets; ADK Blocker Group tax attributes; TRA payment tax benefits. | Certain indie Equity Holders; certain members of ADK LLC; permitted assignees. | 85% | 85% of the tax benefits; increases in tax basis; tax attributes of the ADK Blocker Group; certain members of ADK LLC | ['TRA liability is a contingent liability.'] | 1,841,925 | 2026-02-27 | 10-K | View Document | 85% | |||
| Ares Management Corp | Reference Assets; Basis Adjustment | Parent, Partnerships, TRA Holders, AOH | 85% | Pro rata | 85% of the sum of the Net Tax Benefit; Tax Benefit Payments... on a pro rata basis; tax basis in the applicable Reference Assets; Parent, the Partnerships and the other parties | [] | 1,176,948 | 2026-02-25 | 10-K | View Document | 85% | ||
| Rocket Companies, Inc. | increases in tax basis and other tax benefits | RHI, RHI II, Daniel Gilbert | 90% | payment by the Company of 90%; with RHI II and Mr. Gilbert; certain increases in tax basis | ['TRA amended June 30, 2025', 'Up-C structure collapsed June 2025'] | 1,805,284 | 2026-05-12 | 10-Q | View Document | 90% | |||
| UWM Holdings Corp | increases in tax basis from Exchange Transactions, imputed interest, disproportionate allocations | SFS Corp. | 85% | 85% of the amount of cash savings; 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% | |||
| Forgent Power Solutions, Inc. | allocable share of tax basis, NOLs, Blocker tax basis, increases in existing tax basis, basis adjustments, imputed interest | Forgent Parent I LP, Forgent Parent II LP, Forgent Parent III LP, Forgent Parent IV LP | 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; increases in the Corporation’s allocable share | TRA entered on February 4, 2026. | 2,080,126 | 2026-03-16 | 10-Q | View Document | 85% | |||
| GRAFTECH INTERNATIONAL LTD | tax assets that have been utilized | sole pre-IPO stockholder | tax assets that have been utilized; sole pre-IPO stockholder; established a full valuation allowance | ['Full valuation allowance established in second quarter 2025.'] | 931,148 | 2026-05-01 | 10-Q | View Document | |||||
| BRC Inc. | Existing tax basis; basis increases from redemptions and future exchanges; Blocker Corp pre-existing tax attributes; TRA payment tax benefits | Unitholders of Authentic Brands, LLC | 85% | 85% of the tax benefits; Unitholders of Authentic Brands; existing tax basis; future exchanges of Units; pre-existing tax attributes of the Blocker Corp; record the TRA liability when it is probable | ['Liability not recorded as not yet probable and estimable.'] | 1,891,101 | 2026-03-02 | 10-K | View Document | 85% | |||
| Concord Acquisition Corp II | Events.com’s pre-closing tax attributes | Events.com, the Company, certain Events.com shareholders, New CND | 85% | pay certain Events.com stockholders 85%; utilization of Events.com’s pre-closing tax attributes; Events.com, the Company and certain Events.com shareholders | ['TRA covers pre-closing tax attributes.'] | 1,851,959 | 2026-05-14 | 10-Q | View Document | 85% | |||
| Finance of America Companies Inc. | Corporation, stockholders, BL Investors, Blackstone Investors | among the 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 Tax Receivable Agreement | [] | 2,029,118 | 2026-03-10 | 10-K | View Document | ||||||
| York Space Systems Inc. | net operating loss carryforwards and research and development credit carryforwards | equity holders of Holdings and holders of Class P Units | 85% | 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; does not anticipate recording the TRA liability; early termination liability... approximately $261.0 million | ['Liability not recorded as payment is not probable.'] | 2,086,587 | 2026-05-15 | 10-Q | View Document | 85% | ||
| 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; 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 under TRA | [] | 1,889,956 | 2026-03-31 | 10-K/A | View Document | 85% | |||
| 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; certain Cartiga Members (the 'TRA Holders'); tax basis adjustments resulting from TRA Exchanges; tax benefits attributable to making payments; accrue interest until paid | ['TRA payments accelerate upon change of control or default.'] | 1,901,336 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Purple Innovation, Inc. | tax basis increases in Purple LLC assets; imputed interest | InnoHold | 80% | 80% of the net cash savings; tax basis increases in the assets; InnoHold; imputed interest deemed to be paid | ['Full valuation allowance against deferred tax assets.'] | 1,643,953 | 2026-04-28 | 10-Q | View Document | 80% | |||
| EGH Acquisition Corp. | Increases in tax basis and certain other tax benefits | Parent (the “TRA Holder”) | 85% | pay the TRA Holder 85%; increases in tax basis; certain other tax benefits; exchanges of Parent Hecate Units; Parent (in such capacity, the “TRA Holder”) | [] | 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, 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; paying an “early termination payment” | ['TRA covers post-closing utilization of pre-closing tax attributes.'] | 1,851,959 | 2026-03-25 | 10-K | View Document | 85% | |||
| 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 | ||||||
| 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% | |||
| Fluence Energy, Inc. | liability under the Tax Receivable Agreement | ['Provided text lacks specific TRA financial details.'] | 1,868,941 | 2026-05-06 | 10-Q | View Document | |||||||
| 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 | 2026-05-01 | 10-Q | View Document | 85% | |||
| Vistra Corp. | benefits realized as a result of certain transactions entered into at the emergence of our predecessor | predecessor from reorganization under Chapter 11 | benefits realized as a result of certain transactions; emergence of our predecessor from reorganization | ["TRA relates to predecessor's Chapter 11 reorganization."] | 1,692,819 | 2026-05-08 | 10-Q | View Document | |||||
| TWFG, Inc. | make payments under the Tax Receivable Agreement | [] | 2,007,596 | 2026-05-08 | 10-Q | View Document | |||||||
| Eve Holding, Inc. | Increases in tax basis from Pre-Closing Restructuring; tax benefits from entering TRA; 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 related to entering into the TRA; unpaid amounts will be deferred and accrue interest | ['TRA share is 75%.', 'Tax deconsolidation in 2025 effectuated the TRA.', 'Uncompensated TSA benefits offset TRA payments.'] | 1,823,652 | 2026-03-16 | 10-K | View Document | 75% | |||
| Alchemy Investments Acquisition Corp 1 | Tax basis adjustments from TRA Exchanges; Section 754; tax benefits from TRA payments; depreciation/amortization deductions. | Pubco; certain Cartiga Members (the '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 | ['TRA obligations accelerate upon change of control.'] | 1,901,336 | 2026-04-09 | 10-K | View Document | 85% | |||
| FLUOR CORP | Fluor, NuScale | tax receivable agreement with NuScale; 50% reduction in our benefits | ['Fluor is beneficiary; benefits reduced by 50%.'] | 1,124,198 | 2026-02-17 | 10-K | View Document | ||||||
| Shoals Technologies Group, Inc. | exchanges of Class B common stock | exchanges of Class B common stock; tax receivable agreement exchanges | [] | 1,831,651 | 2026-02-24 | 10-K | View Document | ||||||
| GLOBAL PAYMENTS INC | amounts outstanding under EVO’s tax receivable agreement; repaid by us upon consummation | ['TRA was repaid upon consummation of EVO 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 |