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, and 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 Resale Offering', 'TRA rights assigned for $1.4 billion in 2026'] | 2,046,386 | 2026-05-06 | 10-Q | View Document | 90% | ||
| Medline Inc. | $3,542.00 | Existing tax basis; tax basis adjustments to tangible and intangible assets; Blocker Company tax attributes; tax benefits from TRA payments | Certain 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; utilization of certain tax attributes; tax benefits attributable to payments under the TRA; certain of its pre-IPO owners; interest on such payments will accrue | ['TRA share is 90%, higher than industry standard.', 'Uses assumed 6% blended state/local tax rate.'] | 2,046,386 | 2026-02-25 | 10-K | View Document | 90% | ||
| ZoomInfo Technologies Inc. | $2,731.90 | Existing tax basis; tax basis adjustments; Blocker Company tax attributes; net operating losses | Pre-IPO Owners; Pre-IPO Blocker Holders | 85% | Lesser of 6.5% or LIBOR + 100bp | liability of $2,731.9 million; 85% of the benefits; allocable share of existing tax basis; lesser of 6.5% and LIBOR plus 100bp; Pre-IPO Owners and Pre-IPO Blocker Holders | ['Includes Exchange TRA and Reorganization TRA.'] | 1,794,515 | 2026-02-12 | 10-K | View Document | 85% | |
| CARVANA CO. | $2,300.00 | Existing tax basis, basis adjustments, imputed interest | LLC Unitholders, Carvana Co., Carvana Group, LLC, TRA Holders | 85% | TRA liability of $2.3 billion; 85% of the tax benefits; existing tax basis; basis adjustment; imputed interest; accrue interest until paid | ['Significant liability increase following 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%; deferred and will accrue interest until paid | ['1.7 billion of liability due to related parties'] | 1,690,820 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Blackstone Inc. | $2,076.20 | tangible and intangible assets of Blackstone Holdings; tax benefits from TRA payments | senior managing directors, pre-IPO owners, and holders of Blackstone Holdings Partnership Units | 85% | Due to Certain Non-Controlling Interest Holders; 85% of the amount of cash savings; tangible and intangible assets of Blackstone Holdings; senior managing directors and other pre-IPO owners | ['Payments not conditioned upon continued ownership of equity interests.'] | 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, non-controlling interest holders | 85% | 85% of the amount of cash savings; tangible and intangible assets of Blackstone Holdings; predecessor owners; senior managing directors; Due to Certain Non-Controlling Interest Holders; $2,047,929 | ['Liability reflects net present value in financial statements.'] | 1,393,818 | 2026-05-08 | 10-Q | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,659.00 | increases in tax basis of tangible and intangible assets and other tax attributes | Blue Owl Capital Inc., 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; payment of 85% of certain tax benefits; Registrant, Blue Owl GP, Blue Owl Holdings | ['Dyal portion is contingent consideration 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; increases in tax basis of the assets; pay 85% of certain tax benefits; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings | ['Liability includes $95.7 million at fair value.'] | 1,823,945 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Dutch Bros Inc. | $821.00 | Existing tax basis, basis adjustments, Section 704(c) allocations, NOLs, capital losses, R&D credits, work opportunity tax credits, excess Section 163(j) limitation carryforwards, charitable deductions, foreign tax credits | Continuing Members, Pre-IPO Blocker Holders, Co-Founder, Sponsor | 85% | lesser of 6.5% or LIBOR + 100bp | liability... was $821.0 million; 85% of the benefits; Continuing Members and Pre-IPO Blocker Holders; existing tax basis, NOLs, Section 163(j); lesser of 6.5% or LIBOR+100bp | [] | 1,866,581 | 2026-02-13 | 10-K | View Document | 85% | |
| Dutch Bros Inc. | $820.10 | certain tax attributes and benefits | certain 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 | [] | 1,866,581 | 2026-05-06 | 10-Q | View Document | 85% | ||
| TPG Inc. | $811.60 | Adjustments to tax basis of assets; tax benefits from TRA payments. | TPG Inc., TPG Operating Group partnership, TRA holders. | 85% | Pro rata | liability... was $811.6 million; adjustments to the tax basis; 85% of the benefits; pro rata cash distributions | ['Liability includes $495.1M to related parties.'] | 1,880,661 | 2026-02-17 | 10-K | View Document | 85% | |
| TPG Inc. | $782.20 | increase in the tax basis of our investment | current and former employees and partners, Related Parties | 85% | liability pursuant to the Tax Receivable Agreement... $782.2 million; increase in the tax basis of our investment; current and former employees and partners; 85% of the applicable cash savings | ['Liability split between related parties and non-affiliates.'] | 1,880,661 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Apollo Global Management, Inc. | $781.00 | increases in tax basis of assets; Section 754; Bridge acquisition tax benefits | Former Managing Partners; Contributing Partners; Bridge TRA holders | 85% | Due to TRA holders $781; 85% of the amount of cash savings; Former Managing Partners and Contributing Partners; increases in tax basis of assets; tax benefits realized from the Bridge acquisition; interest is accrued on the balance | ['No more operating units left to exchange.'] | 1,858,681 | 2026-02-25 | 10-K | View Document | 85% | ||
| Apollo Global Management, Inc. | $778.00 | increase to the tax basis of underlying assets; Section 754 election | Former Managing Partners, Contributing Partners, Bridge TRA holders | 85% | Due to TRA holders $778; increase to the tax basis of underlying assets; Former Managing Partners and Contributing Partners; 85% of the amount of cash tax savings; interest is accrued on the balance | ['Includes Apollo and Bridge TRAs; no units remaining.'] | 1,858,681 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Core & Main, Inc. | $720.00 | Existing tax basis; basis increases 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; accrue interest until paid | ['Two separate TRAs for Former and Continuing Partners.'] | 1,856,525 | 2026-03-24 | 10-K | View Document | 85% | ||
| Alight, Inc. / Delaware | $664.00 | Existing tax basis, tax basis adjustments, net operating losses, and tax benefits from TRA payments. | Pre-Business Combination owners, TRA Parties, TRA Party Representative. | 85% | Ending balance as of December 31, 2025 664; existing tax basis and tax basis adjustments; net operating losses subject to the TRA; pre-Business Combination owners; 85% of the benefits | ['Objection Notice received regarding 2026 payment methodology.'] | 1,809,104 | 2026-02-24 | 10-K | View Document | 85% | ||
| Cannae Holdings, Inc. | $664.00 | tax basis adjustments; utilization of tax attributes | 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 | ['Company received Objection Notice from TRA Party Representative.'] | 1,704,720 | 2026-03-02 | 10-K | View Document | 85% | ||
| Interactive Brokers Group, Inc. | $618.00 | Tax basis increases from redemptions of member interests | IBG, Inc., Holdings (for former IBG LLC members) | 85% | payables to Holdings... were... $618 million; result of tax basis increases; 85% of the tax savings; IBG, Inc. also entered into... Tax Receivable Agreement | [] | 1,381,197 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Rocket Companies, Inc. | $590.00 | Increases in tax basis of Holdings LLC's assets, imputed interest, Section 704(c) allocations, net operating losses | RHI, RHI II, Mr. Gilbert (Dan Gilbert) | 90% | $590 million Tax Receivable Agreement liability; 90% of the amount of cash savings; increases in tax basis; imputed interest; section 704(c); net operating losses; RHI and Mr. Gilbert; RHI II | ['TRA share is 90%.', 'Amended to exclude exchanges after March 9, 2025.'] | 1,805,284 | 2026-03-02 | 10-K | View Document | 90% | ||
| Ares Management Corp | $581.70 | tangible and intangible assets of AMC; tax benefits from TRA payments and interest | TRA recipients; Holders of AOG Units | 85% | TRA liability balance was $581.7 million; tangible and intangible assets of AMC; TRA recipients of 85% of the amount; tax benefits attributable to payments under the TRA | ['TRA relates to exchanges of AOG Units.'] | 1,176,948 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Ares Management Corp | $579.90 | 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; 85% of the amount of cash tax savings; tax basis of the tangible and intangible assets; direct and indirect holders of AOG Units; tax benefits attributable to payments under the TRA | ['Ares Owners Holdings L.P. excluded from payments after 2023.', 'Early termination payment estimated at $2.4 billion.'] | 1,176,948 | 2026-02-25 | 10-K | View Document | 85% | ||
| Alight, Inc. / Delaware | $509.00 | existing tax basis, tax basis adjustments, tax attributes | certain owners of Alight Holdings | 85% | Ending balance as of March 31, 2026 509; tax basis adjustments from sales and exchanges; certain owners of Alight Holdings; 85% of any savings that we realize | ['Objection Notice received from TRA Party Representative in 2026.'] | 1,809,104 | 2026-05-05 | 10-Q | View Document | 85% | ||
| SOLV Energy, Inc. | $497.00 | Allocable share of tax basis; Blocker Company tax attributes (NOLs, tax basis); Basis Adjustments; interest deductions | SOLV Energy, Inc., SOLV Energy Holdings LLC, Continuing Equity Owners, 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 | ['Estimated liability of $497 million over 15 years.'] | 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 undiscounted', 'Attributable solely to Ryan Specialty Holdings, Inc.'] | 1,849,253 | 2026-05-01 | 10-Q | View Document | 85% | ||
| RYAN SPECIALTY HOLDINGS, INC. | $459.00 | Exchange Tax Attributes (basis increases); Pre-IPO M&A Tax Attributes; remedial partnership tax allocations; TRA Payment Tax Attributes | current and certain former LLC Unitholders | 85% | recorded Tax Receivable Agreement liabilities... $459.0 million; 85% of the net cash savings; current and certain former LLC Unitholders; increases in the tax basis of assets; Pre-IPO M&A Tax Attributes; remedial partnership tax allocations; TRA Payment Tax Attributes | ['Liability is undiscounted.', 'Payments accelerate upon change of control or breach.'] | 1,849,253 | 2026-02-13 | 10-K | View Document | 85% | ||
| Planet Fitness, Inc. | $415.80 | tax attributes of Holdings Units; tax benefits from TRA payments; tax attributes from TSG purchase | TRA Holders; existing and previous equity owners of Pla-Fit Holdings, LLC; affiliates of TSG Consumer Partners, LLC | 85% | liability of $415.8 million; 85% of the applicable tax savings; tax attributes of their Holdings Units; affiliates of TSG Consumer Partners, LLC | ['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; imputed interest; 2012 Acquisition tax attributes | TRA Holders; TSG Consumer Partners; Pla-Fit Holdings, LLC owners | 85% | tax benefit obligation was $415.8 million; 85% of the applicable cash savings; tax attributes of their Holdings Units; imputed interest; affiliates of TSG Consumer Partners; 2012 Acquisition | ['Company is party to two tax receivable agreements.'] | 1,637,207 | 2026-02-25 | 10-K | View Document | 85% | ||
| Shift4 Payments, Inc. | $369.00 | increases in the tax basis of assets; tax attributes of Searchlight; deductions attributable to imputed interest | Searchlight; Rook Holdings Inc.; Continuing Equity Owners; 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 Feb 2026.'] | 1,794,669 | 2026-02-27 | 10-K | View Document | 85% | ||
| KKR & Co. Inc. | $359.30 | tax basis of the tangible and intangible assets | KKR Holdings, former limited partners, current and former principals | 85% | undiscounted payable of $359.3 million; tax basis of the tangible and intangible assets; 85% of the amount of cash savings; KKR Holdings or to its limited partners | ['TRA terminated May 30, 2022, except for prior exchanges.'] | 1,404,912 | 2026-02-27 | 10-K | View Document | 85% | ||
| Portillo's Inc. | $352.40 | existing tax basis; net operating losses; basis adjustments; imputed interest | pre-IPO LLC Members | 85% | obligation for future payments totaled $352.4 million; 85% of certain tax benefits; existing tax basis; net operating losses; pre-IPO LLC Members | ['Payments expected to continue through year 47.'] | 1,871,509 | 2026-02-24 | 10-K | View Document | 85% | ||
| Portillo's Inc. | $344.20 | Existing tax basis; net operating losses; basis adjustments from exchanges | Pre-IPO LLC Members of Portillo's OpCo | 85% | TRA liability totaled $344.2 million; payment by us of 85%; existing tax basis; net operating losses; certain members of Portillo's OpCo | ['Liability adjusted by $0.4 million due to remeasurement.'] | 1,871,509 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Tradeweb Markets Inc. | $335.80 | increases in the tax basis of TWM LLC’s assets; tax benefits related to making payments | Tradeweb Markets Inc., TWM LLC, Continuing LLC Owners (including Refinitiv, Bank Stockholders, and management) | 50% | tax receivable agreement liability... totaled $335.8 million; increases in the tax basis of TWM LLC’s assets; Continuing LLC Owners; equal to 50% of the amount; unpaid amounts... will accrue interest until paid | ['TRA share is 50%, lower than industry standard.'] | 1,758,730 | 2026-04-29 | 10-Q | View Document | 50% | ||
| KKR & Co. Inc. | $335.10 | exchanges of KKR Holdings equity | Current and Former Employees, KKR Holdings | undiscounted payable of $335.1 million; exchanges of KKR Holdings equity; Current and Former Employees; KKR Holdings | ['TRA terminated May 30, 2022, except prior exchanges.'] | 1,404,912 | 2026-05-08 | 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 accelerated upon closing of the Merger.'] | 1,685,040 | 2026-02-24 | 10-K | View Document | 86% | ||
| Brighthouse Financial, Inc. | $328.00 | MetLife, Inc. | payable to MetLife of $328 million; entered into a tax receivables agreement; separation from MetLife, Inc.; accelerated upon closing of the Merger | ['Payable accelerated upon closing of the Merger.'] | 1,685,040 | 2026-05-07 | 10-Q | View Document | |||||
| Artisan Partners Asset Management Inc. | $305.20 | Preferred units tax attributes, imputed interest, step-up of tax basis, other tax attributes from merger/exchanges | Pre-H&F Corp Merger Shareholder, current or former limited partners of Holdings | 85% | $305.2 million at March 31, 2026; 85% of the applicable cash savings; Pre-H&F Corp Merger Shareholder; current or former limited partners of Holdings; step-up of tax basis; imputed interest | ['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, and imputed interest. | Assignees of the Pre-H&F Corp Merger Shareholder; current or former limited partners of Holdings or their assignees. | 85% | Pro rata | $303.4 million liability as of December 31, 2025; tax attributes of the preferred units; partnership units sold to us or exchanged; tax benefits related to imputed interest; 85% of the applicable cash savings; made pro rata among all TRA counterparties | ['Company is party to two separate TRAs.'] | 1,517,302 | 2026-02-20 | 10-K | View Document | 85% | |
| Moelis & Co | $301.10 | tangible and intangible assets of Group LP; imputed interest | eligible Managing Directors | 85% | total payable of $301.1 million due; tangible and intangible assets of Group LP; our eligible Managing Directors; 85% of the amount of cash savings | ['Payments due within 225 days of tax filing.'] | 1,596,967 | 2026-02-26 | 10-K | View Document | 85% | ||
| GPGI, Inc. | $293.30 | increase in the tax basis of GPGI Holdings’ assets | GPGI Holdings and holders of interests therein | 90% | Total payments $293.3; increase in the tax basis; GPGI Holdings and holders of interests therein; 90% of the tax benefits; unpaid amounts... will accrue interest | ['TRA share is 90% of tax benefits.'] | 1,823,144 | 2026-05-07 | 10-Q | View Document | 90% | ||
| GPGI, Inc. | $271.40 | Existing tax basis, basis increases from exchanges, NOLs, TRA payment benefits | Holdings, TRA Parties (holders of interests in Holdings) | 90% | 15% per annum | 90% of the benefits; TRA liability totaled $271,353 at December 31, 2025; existing tax basis in the assets; discount rate equal to 15% per annum | ['TRA share is 90%. Acceleration discount rate is 15%.'] | 1,823,144 | 2026-03-12 | 10-K | View Document | 90% | |
| Moelis & Co | $269.34 | Increases in tax basis of Group LP assets; imputed interest | Eligible Managing Directors; certain partners of Group LP | 85% | total payable of $269.3 million; increases in tax basis; imputed interest; eligible Managing Directors; 85% of the amount of cash savings | ['Payments required within 225 days of tax filing.'] | 1,596,967 | 2026-04-30 | 10-Q | View Document | 85% | ||
| AdaptHealth Corp. | $265.70 | Access Point Medical tax attributes; basis increases from unit and Class B stock exchanges; imputed interest; basis increases from TRA payments. | TRA Holders (pre-Business Combination owners); 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.; increases in tax basis from exchanges | [] | 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 the 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 and debt repayment; imputed interest; tangible and intangible assets. | TRA Holders (direct and indirect owners of Cactus LLC/Companies), 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; direct and indirect owners; officers, directors and employees | ['Liability revalued due to changes in state tax rates.'] | 1,699,136 | 2026-02-26 | 10-K | View Document | 85% | ||
| Stagwell Inc | $254.90 | Increases in tax basis of OpCo's assets; tax benefits related to TRA payments | Stagwell Media, OpCo | 85% | recorded a TRA liability of $254.9 million; increases in the tax basis of OpCo’s assets; 85% of such tax benefits; accrue interest until paid | ['Liability increased significantly following Class C Exchange.'] | 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 | remaining members of Alclear (Alclear Members) | 85% | recorded a tax receivable agreement liability of $252,452; increase in tax basis in Alclear’s assets; remaining members of Alclear; 85% of the net cash savings | ['Liability includes short-term and long-term portions.'] | 1,856,314 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Stagwell Inc | $252.39 | increases in tax basis of OpCo assets; other tax benefits from TRA payments | Stagwell Media | 85% | Tax Receivable Agreement liability (1) $252,390; increases in the tax basis of the assets; make cash payments to Stagwell Media; equal to 85% of certain... tax savings | ['All Paired Units exchanged for Class A Shares.'] | 876,883 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Shift4 Payments, Inc. | $247.00 | Shift4 Payments, Inc., Rook Holdings Inc., Jared Isaacman | TRA liability was $247 million; Rook assigned all of its rights; Up-C Collapse via a taxable exchange | ['Rook assigned and waived TRA rights in Feb 2026'] | 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; non-controlling interest holders; 85% of the amount of any tax benefits | ['Liability 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 LLC redemptions, TRA payments, and 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; 85% of any tax benefits | ['OBBBA signed July 2025 affects federal tax law.'] | 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 | ['Liability established in 2024 following valuation allowance release.'] | 1,856,314 | 2026-02-25 | 10-K | View Document | 85% | |
| European Wax Center, Inc. | $243.60 | Existing tax basis; tangible and intangible asset basis adjustments; Blocker Company tax attributes; TRA payment tax benefits | EWC Ventures Pre-IPO Members | 85% | lesser of 6.5% or SOFR + 100bp | 85% of the benefits; aggregate to approximately $243.6 million; EWC Ventures Pre-IPO Members; existing tax basis of tangible and intangible assets; lesser of 6.5% or SOFR plus 100bp | ['Liability estimate based on $6.53 share price.'] | 1,856,236 | 2026-04-27 | 10-K/A | View Document | 85% | |
| AdaptHealth Corp. | $238.90 | Pre-Business Combination tax attributes, basis increases from exchanges, imputed interest, basis increases from TRA payments. | Current and former members of AdaptHealth Holdings LLC | 85% | liability relating to the TRA was $238.9 million; 85% of the tax savings; current and former members of AdaptHealth Holdings LLC; certain tax attributes; increases in tax basis; imputed interest | [] | 1,725,255 | 2026-05-05 | 10-Q | View Document | 85% | ||
| WaterBridge Infrastructure LLC | $218.50 | Tax basis increases from exchanges, existing tax basis, NOLs, interest expense carryforwards, imputed interest | OpCo, TRA Holders, Elda River Infrastructure WB LLC | 85% | TRA liability balance of $218.5 million; 85% of the net cash savings; tax basis increases resulting from the exchange; existing tax basis of assets of OpCo; NOLs and interest expense carryforwards; TRA with OpCo and the TRA Holders | ['Liability includes NOLs from WB 892 LLC.'] | 2,064,947 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Interactive Brokers Group, Inc. | $217.00 | Tax basis increases from purchases of IBG LLC interests; amortization of intangible assets; foreign tax credits. | IBG, Inc.; Holdings (for the benefit of former members of IBG LLC). | 85% | payable to Holdings under Tax Receivable Agreement... $217 million; tax basis increases; amortization of intangible assets; foreign tax credits; 85% of the tax savings; IBG, Inc.; Holdings | ['Cumulative payments made through 2025 total $308 million.'] | 1,381,197 | 2026-02-27 | 10-K | View Document | 85% | ||
| Legence Corp. | $207.40 | allocable share of existing tax basis; tax attributes of Blocker Entities; Basis Adjustments; tax benefits from TRA payments | Legence Parent, Legence Parent II, TRA Members, Legacy Owners | 85% | SOFR + 100 basis points | undiscounted TRA liability... is $207.4 million; allocable share of existing tax basis; utilization of certain tax attributes; Basis Adjustments; Legence Parent and Legence Parent II; 85% of the net cash savings; SOFR plus 100 basis points | ['Early termination payment estimated at $545 million.'] | 2,052,568 | 2026-03-30 | 10-K | View Document | 85% | |
| European Wax Center, Inc. | $201.50 | Existing tax basis, basis adjustments, Blocker Company tax attributes, TRA payment tax benefits | EWC Ventures, EWC Ventures Pre-IPO Members, General Atlantic equity holders, EWC Founder Holdco | 85% | lesser of 6.5% per annum and one year SOFR + 100bp | recorded a liability of $201.5 million; 85% of the amount of tax benefits; lesser of 6.5% or SOFR plus 100bp; existing tax basis; adjustments to the tax basis; tax attributes of the Blocker Companies | ['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, Imputed Interest | OpCo, Legacy Owners (TRA Holders) | 85% | SOFR + 100 basis points | recorded a TRA liability of $201.4 million; Existing Basis, Basis Adjustments, Historical NOLs, Interest Deductions; OpCo and certain of our shareholders; equal to 85% of the amount; SOFR plus 100 basis points | ['Early termination payment estimated at $589.2 million.'] | 2,064,947 | 2026-03-16 | 10-K | View Document | 85% | |
| Repay Holdings Corp | $200.90 | Tax basis step-up in tangible and intangible assets; imputed interest; tax benefits from TRA payments | Repay Unitholders (holders of Post-Merger Repay Units); certain service providers | 100% | liability of $200.9 million; tax basis of the tangible and intangible assets; holders... of Post-Merger Repay Units; required to pay 100% of the tax benefits; deductions attributable to imputed interest | ['Company pays 100% of tax benefits, exceeding standard 85%.', 'TRA liability is measured 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.; certain increases in tax basis; imputed interest deemed to be paid; disproportionate allocations... result of section 704(c); accrue interest until paid | ["Payments require 'more likely than not' tax opinion.", 'SFS Corp indemnifies 85% of disallowed tax savings.'] | 1,783,398 | 2026-02-25 | 10-K | View Document | 85% | ||
| Repay Holdings Corp | $191.80 | Tax basis increases in Hawk Parent net assets, TRA payment basis increases, and imputed interest deductions. | Holders of Post-Merger Repay Units and selling Hawk Parent members. | 100% | liability of $191.8 million; increases in its share of tax basis; holders of Post-Merger Repay Units; 100% of any tax benefits realized | ['Liability measured at fair value; 100% benefit share.'] | 1,720,592 | 2026-05-04 | 10-Q | View Document | 100% | ||
| Five Point Holdings, LLC | $181.90 | certain tax attributes; California net operating loss deductions | holders of Class A Common Units; holders of Class A units of the San Francisco Venture; prior 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 adjustments, NOLs, imputed interest, intangible assets | Virtu Post-IPO Members, Investor Post-IPO Stockholders | 85% | Lesser of 6.5% or LIBOR + 100bp | recorded for amounts due pursuant to TRA; 85% of the amount of actual cash savings; increase in tax basis; net operating losses available; imputed interest deemed arising; lesser of 6.5% or LIBOR plus 100bp | ['Company entered into three separate tax receivable agreements.'] | 1,592,386 | 2026-02-20 | 10-K | View Document | 85% | |
| Five Point Holdings, LLC | $181.50 | Basis increases from exchanges, Section 704(c) allocations, imputed interest, guaranteed payments | Holders of Class A units of the Operating Company and San Francisco Venture | 85% | liabilities of $181.5 million; 85% of the amount of cash savings; increases in tax basis; Section 704(c); imputed interest; holders of Class A units | ['Termination payment estimated at $123.9 million.', 'California SB 167 may trigger payments 2026-2028.'] | 1,574,197 | 2026-03-06 | 10-K | View Document | 85% | ||
| Goosehead Insurance, Inc. | $171.90 | Tax basis increases in tangible and intangible assets; imputed interest | Pre-IPO LLC Members | 85% | total amount of TRA Payments... was $171.9 million; increase in tax basis in GSHD's assets; GSHD entered into a TRA with Pre-IPO LLC Members; 85% of the amount of cash savings | ['TRA payments based on Section 754 election.'] | 1,726,978 | 2026-04-23 | 10-Q | View Document | 85% | ||
| Goosehead Insurance, Inc. | $171.90 | Tax basis adjustments; imputed interest. | Pre-IPO LLC Members | 85% | liabilities totaling $171.9 million; 85% of the amount of cash savings; Pre-IPO LLC Members; increase in tax basis; imputed interest | [] | 1,726,978 | 2026-02-19 | 10-K | View Document | 85% | ||
| Purple Innovation, Inc. | $170.50 | Tax basis increases in Purple LLC assets; imputed interest | InnoHold; former founders | 80% | preliminary estimate of liability was $170.5 million; tax basis increases in the assets; payment to our former founders of 80%; entered into a tax receivable agreement with InnoHold | ['Liability not recorded due to valuation allowance.'] | 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% | Pro rata | total liability... of $168.2 million; increases in tax basis; tax benefits attributable to payments; PBF LLC Series A and B unitholders; amount equal to 85% of the benefits; PBF LLC makes on a pro-rata basis | ["Liability is PBF Energy's obligation, not PBF Holding's."] | 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% | liability of $168.2 million; increases in tax basis; tax benefits attributable to payments; PBF LLC Series A and 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% | ||
| PBF Energy Inc. | $168.20 | increases in tax basis from acquisitions of PBF LLC Series A Units; tax benefits from TRA payments | current and former holders of PBF LLC Series A Units and PBF LLC Series B Units | 85% | total liability for the Tax Receivable Agreement of $168.2 million; increases in tax basis resulting from its acquisitions; current and former holders of PBF LLC Series A Units; 85% of the benefits | ['Liability decreased from $293.6 million in 2024.'] | 1,534,504 | 2026-02-12 | 10-K | View Document | 85% | ||
| Virtu Financial, Inc. | $166.45 | Basis increase from unit exchanges, intangible assets, Net Operating Losses (NOLs), and other tax attributes | Direct or indirect equity holders of Virtu Financial (TRA Parties) | 85% | Tax receivable agreement obligations 166,453; increase to the tax basis; intangible assets; Net Operating Losses (“NOLs”); direct or indirect equity holders; generally equal to 85%; deferred and will accrue interest until paid | ['Payments expected $0.3M to $22.5M over 15 years.'] | 1,592,386 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Rithm Capital Corp. | $165.40 | Taxable acquisitions of Sculptor operating partnership units; net operating losses | Sculptor; former holders of units in Sculptor’s operating partnerships (TRA Holders) | carrying value of TRA liability was $165.4 million; taxable acquisitions... of Sculptor operating partnership units; including net operating losses; former holders of units in Sculptor’s operating partnerships | ['Sculptor Acquisition triggered change of control assumptions.'] | 1,556,593 | 2026-05-04 | 10-Q | View Document | ||||
| OLAPLEX HOLDINGS, INC. | $165.10 | Amortization of intangible assets and capitalized transaction costs existing as of the IPO date. | Pre-IPO Stockholders (former limited partners of Penelope Group Holdings, L.P. and Award Holders). | 85% | LIBOR + 5% | liability as of December 31, 2025: $165.1 million; amortization of intangible assets and capitalized transaction costs; Pre-IPO Stockholders; pay the Pre-IPO Stockholders 85% of cash savings; rate equal to LIBOR... plus 5% | ["Award Holders' payments are deferred to fifth IPO anniversary."] | 1,868,726 | 2026-03-05 | 10-K | View Document | 85% | |
| Rithm Capital Corp. | $162.80 | Taxable acquisitions of Sculptor operating partnership units; net operating losses | Sculptor; former holders of 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 | ['Sculptor Acquisition triggered change of control assumptions.'] | 1,556,593 | 2026-02-19 | 10-K | View Document | ||||
| Galaxy Digital Inc. | $150.40 | increase in tax basis in GDH LP’s assets; imputed interest | present and former limited partners of GDH LP | 85% | $150.4 million as of December 31, 2025; 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; 85% of the cash savings; increases in tax basis; deductions in respect of imputed interest; holders of Class B Units in GDH LP | ['Amended and restated on May 13, 2025.'] | 1,859,392 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Baldwin Insurance Group, Inc. | $144.60 | increase in tax basis in Baldwin Holdings assets; imputed interest | Baldwin Holdings’ LLC Members | 85% | Tax Receivable Agreement liabilities of $144.6 million; increase in tax basis in Baldwin Holdings assets; Baldwin Holdings’ LLC Members; 85% of the amount of cash savings | ['Liability increased from $4.5M due to realizability assessment.'] | 1,781,755 | 2026-05-04 | 10-Q | View Document | 85% | ||
| Rush Street Interactive, Inc. | $133.40 | increase in tax basis; tax benefits from Business Combination; exchange of Retained RSILP Units; TRA payment tax benefits | Special Limited Partner | 85% | recognized a TRA liability of $133.4 million; increase in tax basis and tax benefits; Special Limited Partner entered into the TRA; pay 85% of certain net tax benefits; accrue interest until paid | ['Liability increase due to RSILP Unit exchanges.'] | 1,793,659 | 2026-04-29 | 10-Q | View Document | 85% | ||
| MediaAlpha, Inc. | $131.10 | Tax basis step-up of QLH assets, Intermediate Holdco NOLs, and imputed interest | Insignia, the Senior Executives, and White Mountains | 85% | recorded a $131.1 million liability; tax basis step-up of the assets; Insignia, the Senior Executives, and White Mountains; 85% of the amount of the cash savings; replace the LIBOR with the SOFR | ['Amended 2023 to replace LIBOR with SOFR.', 'Insignia units repurchased in 2025.'] | 1,818,383 | 2026-02-23 | 10-K | View Document | 85% | ||
| Rush Street Interactive, Inc. | $130.10 | Increases in tax basis of RSILP’s tangible and intangible assets; tax benefits from TRA payments | Special Limited Partner; Sellers; exchanging holders of RSILP Units | 85% | recognized a TRA liability of $130.1 million; 85% of the net income tax savings; increases in tax basis in RSILP’s assets; Special Limited Partner to pay to the Sellers; unpaid amounts... will accrue interest until paid | ['Liability increased in 2025 due to unit exchanges.'] | 1,793,659 | 2026-02-18 | 10-K | View Document | 85% | ||
| MediaAlpha, Inc. | $123.40 | Tax basis in assets of QLH; net operating losses of Intermediate Holdco; imputed interest | Insignia, Senior Executives, and White Mountains | 85% | accrued $123.4 million... for estimated payments; increases in tax basis of assets of QLH; net operating losses of Intermediate Holdco; Insignia, Senior Executives, and White Mountains; 85% of the amount of any tax benefits; replace the LIBOR with the SOFR | ['Amended Oct 2023 to replace LIBOR with SOFR.'] | 1,818,383 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Nerdy Inc. | $118.24 | Increases in tax basis; imputed interest; additional basis | Legacy Nerdy Holders | 85% | not recognized a liability of $118,238; certain increases in tax basis; imputed interest deemed to be paid; certain Legacy Nerdy Holders; 85% of the net cash savings | ['Liability not recognized as payment not probable.'] | 1,819,404 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Nerdy Inc. | $118.24 | Increases in tax basis from reverse recapitalization and redemptions; imputed interest; 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; accrue interest until paid | ['Liability not recognized; payment not considered probable.'] | 1,819,404 | 2026-02-26 | 10-K | View Document | 85% | ||
| Fluence Energy, Inc. | $117.00 | Tax basis increases from redemptions, exchanges, distributions; depreciation; amortization. | Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc., AES Grid Stability, LLC | 85% | Founders will be entitled to receive $117 million; increases in our share of the tax basis; Siemens Industry, Inc. and AES Grid Stability, LLC; equal to 85% of the tax benefits; deferred and will accrue interest until paid | ['Liability of $117M not recognized due to valuation allowance.'] | 1,868,941 | 2026-05-06 | 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) + 100bp | $116,527 of the TRA liability was not recorded; net operating losses; existing tax basis; tax basis adjustments; imputed interest; aggregate 85% of the amount of cash savings; LIBOR plus 100 basis points | ['Liability not recorded 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; $116 million as of March 31, 2026; tax attributes purchased from a related party | [] | 1,937,926 | 2026-05-08 | 10-Q | View Document | ||||
| Brookfield Asset Management Ltd. | $116.00 | tax attributes purchased from a related party | Oaktree | payable under a tax receivable agreement with Oaktree; $116 million as at December 31, 2025; tax attributes purchased from a related party | [] | 1,937,926 | 2026-03-02 | 10-K | View Document | ||||
| loanDepot, Inc. | $111.00 | investment in LD Holdings; net operating loss carryforwards; tax credit carryforwards | Parthenon Stockholders and certain Continuing LLC Members | TRA liability of $111.0 million; investment in LD Holdings; Parthenon Stockholders and certain Continuing LLC Members | [] | 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, certain 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 | ['Liability increased due to LLC unit exchanges.', 'Payment of $2.9 million made in 2025.'] | 1,831,631 | 2026-03-12 | 10-K | View Document | 85% | ||
| Evolent Health, Inc. | $108.90 | Tax basis step-up from Class B exchanges; pre-IPO NOLs; imputed interest. | Investor Stockholders; Class B common unit holders; former stockholders of Evolent Health Holdings; TPG affiliate. | 85% | recorded a TRA liability of $108.9 million; tax basis step-up of the assets; utilization of the pre-IPO NOLs; deduction of any imputed interest; pay the TRA Holders 85% | [] | 1,628,908 | 2026-02-25 | 10-K | View Document | 85% | ||
| Evolent Health, Inc. | $108.90 | Increases in tax basis (Class B exchanges), pre-IPO NOLs | Certain investors | 85% | TRA liability of $108.9 million; increases in our tax basis; utilization of pre-IPO NOLs; certain of its investors; 85% of the amount of tax benefits | [] | 1,628,908 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Funko, Inc. | $102.50 | common units of FAH, LLC; TRA payment benefits | FAH, LLC, Continuing Equity Owners, and certain transferees | 85% | gross outstanding balance... was $102.5 million; exchanges... of common units of FAH, LLC; FAH, LLC and each Continuing Equity Owners; 85% of the amount of tax benefits | ['Full valuation allowance on related deferred tax assets.'] | 1,704,711 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Perella Weinberg Partners | $94.00 | exchange of interests in PWP OpCo, step-up in tax basis, payments under TRA | PWP OpCo, Professional Partners and Investor Limited Partners | 85% | liability of $94.0 million; exchange of interests in PWP OpCo; step-up in tax basis; Professional Partners and Investor Limited Partners; payment of 85% of the amount | [] | 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, and certain Partners | 85% | amount due of $93.5 million; tax basis of the tangible and intangible assets; Investor Limited Partners and certain Partners; 85% of the cash tax savings | ['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, Flowco LLC | 85% | total amount due was $92.4 million; Basis Adjustments, Section 704(c) Allocations, and interest deductions; Continuing Equity Owners; 85% of certain tax benefits; accrue interest until paid | ['Company has yet to make its first TRA payment.'] | 2,035,149 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Xponential Fitness, Inc. | $88.44 | Net operating losses, existing tax basis, tax basis adjustments, imputed interest | Continuing Pre-IPO LLC Members, owners of the Blocker Companies | 85% | LIBOR + 100 basis points | $88,439 of the TRA liability was not recorded; net operating losses and existing tax basis; 85% of the amount of cash savings; LIBOR plus 100 basis points | ['Liability not recorded due to valuation allowance.'] | 1,802,156 | 2026-03-04 | 10-K | View Document | 85% | |
| Sun Country Airlines Holdings, Inc. | $87.17 | Pre-IPO Tax Attributes including net operating loss carryforwards, deductions, and tax basis. | Pre-IPO stockholders, management, and Board of Directors. | 85% | total TRA liability balance ... was $87,169; net operating loss carryforwards, deductions, tax basis; pre-IPO stockholders ... management and ... Board; 85% of the amount of cash savings; deferred and will accrue interest until paid | ['TRA terminates and settles upon Allegiant merger.'] | 1,743,907 | 2026-02-12 | 10-K | View Document | 85% | ||
| Sun Country Airlines Holdings, Inc. | $87.14 | Pre-IPO Tax Attributes | pre-IPO stockholders, Company's management, Board of Directors | TRA balance... March 31, 2026 was $87,137; attributes that existed at the time of IPO; pre-IPO stockholders (the 'TRA holders'); includes certain members of the Company's management; 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 tax basis from TRA payments. | TRA Holders (holders of ProFrac LLC interests) | 85% | obligation was $4.6 million and $82.0 million; increases in tax basis; imputed interest; 85% of the net cash savings; TRA Holders | ['Estimated termination payments up to $86 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 | ['$4.6 million coming due over next twelve months'] | 1,881,487 | 2026-05-08 | 10-Q | View Document | ||||||
| Solaris Energy Infrastructure, Inc. | $76.30 | Increases in tax basis from unit acquisitions, imputed interest, and additional tax basis from payments. | Solaris Inc. and then-existing members of Solaris LLC (TRA Holders). | 85% | Pro rata | liability under the Tax Receivable Agreement was $76.3 million; 85% of the net cash savings; increases in tax basis; imputed interest; distribute cash pro rata | ['Undiscounted early termination 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 from TRA payments | Other then-existing members of Solaris LLC | 85% | Pro rata | liability was $75.0 million; increases in tax basis and certain tax benefits; other then-existing members of Solaris LLC; representing 85% of the net cash savings; distribute cash pro rata to each | ['TRA was amended on June 27, 2023.'] | 1,697,500 | 2026-05-01 | 10-Q | View Document | 85% | |
| Clearwater Analytics Holdings, Inc. | $72.50 | Tax Attributes | affiliates of the Prior Principal Equity Owners, CWAN Holdings, TRA Amendment Parties | 85% | one-time settlement payments... $72.5 million; payment by the Company of 85%; Tax Attributes, as defined in the TRA; affiliates of the Prior Principal Equity Owners | TRA terminated via settlement payments in 2024 and 2025. | 1,866,368 | 2026-04-01 | 10-K/A | 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 | ['Post-Conversion rights limited to pre-existing exchange obligations.'] | 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 | [] | 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; certain increases in tax basis; any net operating losses; imputed interest deemed to be paid; R/C Energy IV Direct Partnership, L.P. | [] | 1,694,028 | 2026-04-23 | 10-Q | View Document | 85% | ||
| Carlyle Group Inc. | $64.10 | increases in tax basis resulting from exchanges | limited partners of the Carlyle Holdings partnerships | 85% | Amounts owed under the tax receivable agreement; 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 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, and imputed interest. | Continuing members of Zevia LLC and Direct Zevia Stockholders. | 85% | SOFR + 300bp | 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 and existing tax basis; continuing members of Zevia LLC | ['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, tax basis step-ups, and imputed interest. | Continuing members of Zevia LLC and Direct Zevia Stockholders. | 85% | Secured Overnight Financing Rate plus 300 basis points | Pro rata | totaled $58.9 million at December 31, 2025; net operating losses and existing tax basis; continuing members of Zevia LLC; 85% of the net cash tax savings; Secured Overnight Financing Rate plus 300 basis points; pro rata based on relative percentage ownership | ['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; existing tax basis; assets purchased from Foundation; TRA payment benefits | EE Holdings, the Foundation | 85% | TRA liability 51,122; Current portion of TRA liability 7,685; 85% of the amount; increases in the tax basis of assets; existing tax basis of assets; TRA with EE Holdings and the Foundation | ['Liability includes current and long-term portions.'] | 1,888,447 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Excelerate Energy, Inc. | $58.80 | Basis increases from exchanges, existing tax basis, tax basis of IPO Vessels, TRA payment tax benefits. | Excelerate Energy, Inc., EE Holdings, George Kaiser Family Foundation | 85% | expected future payments... equal $58.8 million; increases in the tax basis of assets; EE Holdings and the George Kaiser Family Foundation; 85% of the amount of the net cash; interest accrued from the due date | ['Hypothetical liability if all interests exchanged is $375.6M'] | 1,888,447 | 2026-02-27 | 10-K | View Document | 85% | ||
| Amneal Pharmaceuticals, Inc. | $57.50 | Basis adjustments under Section 754; tax benefits from TRA payments | Members of the Amneal Group and permitted transferees | 75% | Pro rata | TRA liability of $57.5 million; basis adjustments under Internal Revenue Code Section 754; members of the Amneal Group; reduce our future obligation... to 75%; pay the Members, on a one-to-one basis | ['Amended in 2023 to reduce share to 75%.', 'Unrecorded contingent liability of $129.1 million.'] | 1,723,128 | 2026-02-27 | 10-K | View Document | 75% | |
| Lazard, Inc. | $57.05 | increases in the tax basis of certain assets; other tax benefits; tax basis increases from TRA payments | Lazard; LTBP Trust; owners of the Trust; executive officer | 45% and 85% | Pro rata | cumulative liability... was $57,051; increases in the tax basis of certain assets; Lazard and LTBP Trust; approximately 45% of the amount; 85% of the cash tax savings; distributed pro rata to the owners | ['TRA share is 45% for assets, 85% for payments.'] | 1,311,370 | 2026-02-23 | 10-K | View Document | 45% and 85% | |
| GCM Grosvenor Inc. | $55.00 | Increases in tax basis, existing tax basis in intangible assets, and imputed interest. | GCMH Equityholders | 85% | liability of $55 million; 85% of the amount of tax savings; increases in tax basis; existing tax basis; imputed interest; 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 tax basis in assets of GCMH | TRA Parties, limited partners of GCMH | 85% | payable to related parties... was $54.6 million; increases in the tax basis; TRA Parties; pay 85% of the amount | [] | 1,819,796 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Lazard, Inc. | $46.83 | increases in the tax basis of certain assets; other tax benefits; tax basis increases from TRA payments | Lazard; LTBP Trust; owners of the Trust | 45% and 85% | Pro rata | cumulative liability... was $46,832; increases in the tax basis of certain assets; Lazard and LTBP Trust; approximately 45% of the amount of cash savings; 85% of the cash tax savings; distributed pro rata to the owners | ['Term ends 2033; unusual 45% and 85% split rate.'] | 1,311,370 | 2026-05-04 | 10-Q | View Document | 45% and 85% | |
| VERRA MOBILITY Corp | $43.70 | net cash savings in U.S. federal, state and local 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%, lower than standard 85%.'] | 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 | [] | 1,682,745 | 2026-05-06 | 10-Q | View Document | ||||||
| Select Water Solutions, Inc. | $43.40 | Increases in tax basis, NOLs, imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P. | 85% | 12-month term SOFR + 171.513bp | liability associated with the TRAs... $43.4 million; increases in tax basis; NOLs; imputed interest; Legacy Owner Holdco; Crestview Partners II GP, L.P.; 85% of the net cash savings; 12-month term SOFR... plus 171.513 basis points | ['OBBBA enacted July 4, 2025, defers payment timing.'] | 1,693,256 | 2026-05-06 | 10-Q | View Document | 85% | |
| Select Water Solutions, Inc. | $43.40 | Tax basis increases, Net Operating Losses (NOLs), Imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P., and their affiliates | 85% | 12-month term SOFR + 171.513bp | recorded liabilities of $43.4 million; tax basis increases, net operating losses, imputed interest; Legacy Owner Holdco and Crestview Partners II GP; 85% of the net cash savings; 12-month term SOFR plus 171.513 basis points | ['Liability recorded on a gross undiscounted basis.', 'Amended in 2023 to replace LIBOR with SOFR.'] | 1,693,256 | 2026-02-18 | 10-K | View Document | 85% | |
| OppFi Inc. | $39.81 | Increases in tax basis of tangible and intangible assets; Section 754; TRA payment tax benefits. | Members, 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; tangible and intangible assets; Members and/or the exchanging holders; Section 754 of the Internal Revenue Code | ['TRA share is 90%, higher than industry standard.', 'First TRA payments of $1.0 million made in 2025.'] | 1,818,502 | 2026-03-12 | 10-K | View Document | 90% | ||
| Hagerty, Inc. | $39.80 | Tax basis adjustments from exchanges; Section 754 adjustments; tax benefits from TRA payments | Hagerty, Inc., HHC (Hagerty Holding Corp.), Markel (Legacy Unit Holders) | 85% | TRA Liability was $39.8 million; 85% of the cash tax benefits; HHC and Markel; tax basis adjustments; Section 754; tax benefits attributable to making payments | ['Liability established in 2025 following valuation allowance release.'] | 1,840,776 | 2026-02-26 | 10-K | View Document | 85% | ||
| MALIBU BOATS, INC. | $39.60 | Increases in tax basis; Section 754 election; other tax benefits related to entering into the Tax Receivable Agreement | Pre-IPO owners of the LLC (or their permitted assignees) | 85% | 85% of the amount of the benefits; pre-IPO owners of the LLC; increases in tax basis; Section 754 election; Payable pursuant to tax receivable agreement | [] | 1,590,976 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Cardinal Infrastructure Group Inc. | $39.42 | Increases in tax basis (Basis Adjustments); interest deductions from TRA payments | Cardinal Infrastructure Group Inc., Cardinal Civil Contracting Holdings LLC, Continuing Equity Holders | 85% | lesser of 6.5% per annum or SOFR + 100bp | liability... totaled $39,423,529; increases in the tax basis; interest deductions arising from payments; Continuing Equity Holders; 85% of the tax benefits; lesser of 6.5%... and SOFR plus 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 (interest deductions); Black Rock OpCo and the TRA Parties; 85% of the amount of tax benefits; unpaid amounts will be deferred and will accrue interest | ['TRA payments accelerated upon change of control or breach.'] | 2,068,577 | 2026-03-04 | 10-K | View Document | 85% | ||
| Hagerty, Inc. | $38.30 | Increases in tax basis; Section 754 adjustments; Amortization of basis increase | Legacy Unit Holders (Hagerty Holding Corp. and Markel) | 85% | TRA Liability was $38.3 million; 85% of the... cash tax savings; Legacy Unit Holders; increases in tax basis; Section 754 of the IRC | ['Liability recognized only if future taxable income probable.'] | 1,840,776 | 2026-05-06 | 10-Q | View Document | 85% | ||
| OneWater Marine Inc. | $37.50 | increases in tax basis and imputed interest | certain of the owners of OneWater LLC | 85% | undiscounted liability... was $37.5 million; increases in tax basis; imputed interest; certain of the owners of OneWater LLC; 85% of the calculated net cash savings; deferred payments... will accrue interest | ['Undiscounted liability reported as $37.5 million.'] | 1,772,921 | 2026-02-09 | 10-Q | View Document | 85% | ||
| OneWater Marine Inc. | $37.50 | increases in tax basis and imputed interest | certain owners of OneWater LLC; TRA Holders | 85% | undiscounted liability under the Tax Receivable Agreement was; 85% of the calculated net cash savings; increases in tax basis and imputed interest; certain of the owners of OneWater LLC; deferred payments... generally will accrue interest | [] | 1,772,921 | 2026-05-04 | 10-Q | View Document | 85% | ||
| 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; the Company, OppFi-LLC and the other persons; aggregate early termination payment of approximately $40.8 million | ['TRA amended and terminated in April 2026.'] | 1,818,502 | 2026-05-07 | 10-Q | View Document | ||||
| PJT Partners Inc. | $34.60 | increases in tax basis; 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; holders of Partnership Units; 85% of the benefits | [] | 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 and Regal waived rights) | 90% | payable under the TRA was $33.8 million; 90% of the amount of tax benefits; tax basis in NCM LLC’s tangible and intangible assets; Net Business Interest Expense Limitation IRC § 163(j); AMC and Regal waived all rights | ['AMC and Regal waived all TRA rights.'] | 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 and... Continuing Equity Owners; represents 85% of... estimated future tax benefits | ['Payments expected over the next 22 years.'] | 1,728,688 | 2026-05-08 | 10-Q | View Document | 85% | ||
| 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 + 500 basis points | contractual obligations... of $30.3 million; increases in tax basis of tangible and intangible assets; holders of Partnership Units; 85% of the benefits; SOFR plus 500 basis points | ['Late payments accrue interest at SOFR plus 500bp.'] | 1,626,115 | 2026-02-26 | 10-K | View Document | 85% | |
| Definitive Healthcare Corp. | $27.20 | Blocker tax attributes, NOLs, tax basis adjustments, TRA payments | pre-IPO holders of LLC Units, former shareholders of certain Blocker Companies | 85% | recorded a TRA liability of $27.2 million; 85.0% of the amount of any tax benefits; tax attributes acquired from the Blocker Companies; certain tax basis adjustments; net operating losses; pre-IPO holders of LLC Units; former shareholders of certain Blocker Companies | ['Liability decreased due to goodwill impairment remeasurement.'] | 1,861,795 | 2026-02-26 | 10-K | View Document | 85% | ||
| AlTi Global, Inc. | $25.70 | Increase in tax basis of Umbrella assets; increased amortization | TWMH Members, TIG GP Members, TIG MGMT Members | 85% | liability associated with the TRA was approximately $25.7 million; increase in tax basis of the assets of Umbrella; TWMH Members, TIG GP Members, TIG MGMT Members; pay certain parties... 85% of certain tax benefits | ['Liability includes $8.8M 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; tax benefits from TRA payments | Certain former owners of PNMAC; exchanged unitholders | 85% | recorded a $24.8 million Payable; increases in tax basis of PNMAC’s assets; certain former owners of PNMAC; amount equal to 85% of the amount | ['Liability unchanged from December 31, 2025.'] | 1,745,916 | 2026-05-05 | 10-Q | View Document | 85% | ||
| 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... unitholders under tax receivable agreement; increases in the 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 | Basis increases (734(b), 743(b)), pre-existing attributes, tax allocations, TRA payments | Forward Air Corp, Clue Opco LLC, Omni Holders, certain other parties | 83.5% | range of potential payments $0 to $24,050; increases in tax basis in Opco’s assets; Company, Opco, Omni Holders and other parties; 83.5% of such tax benefits | ['Liability adjusted to $10.58M; valuation allowance recorded.'] | 912,728 | 2026-03-11 | 10-K | View Document | 83.5% | ||
| Utz Brands, Inc. | $24.00 | Tax basis in UBH assets, Common Company Units exchanges, Kennedy Endeavors tax basis step-up, tax attributes of UBH, TRA payment tax benefits | Noncontrolling Interest Holders, Collier Creek Holdings | 85% | recorded a TRA liability of $24.0 million; increased tax basis in the UBH partnership assets; pay to the Noncontrolling Interest Holders; share 85% of the cash tax savings; unpaid amounts will be deferred and accrue interest | ['$32.2 million of TRA liability not yet recorded.', 'Kennedy Endeavors acquisition included in TRA.'] | 1,739,566 | 2026-02-12 | 10-K | View Document | 85% | ||
| Utz Brands, Inc. | $23.70 | Tax basis in UBH net assets, TRA payment basis increases, Kennedy Endeavors tax amortization | Noncontrolling Interest Holders | 85% | liability of $23.7 million; 85% of the amount of any tax benefits; increases in the share of the tax basis; tax amortization deductions attributable to Kennedy Endeavors; Noncontrolling Interest Holders | ['TRA includes benefits from Kennedy Endeavors acquisition.'] | 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 from TRA payments | Flowco Holdings; Flowco LLC; Continuing Equity Owners (TRA Participants) | 85% | total amount due under TRA was $22.0 million; Basis Adjustments, Section 704(c) Allocations, and other benefits; Flowco Holdings, Flowco LLC and Continuing Equity Owners; pay each Continuing Equity Owner 85% of benefits | ['TRA liability includes benefits from Blocker Company tax attributes.'] | 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); tax benefits from TRA payments | Certain pre-IPO owners; current and former executives; Fertitta Family Entities | 85% | liability under the TRA was $20.6 million; 85% of the amount of benefits; increases in tax basis from exchanges; certain pre-IPO owners of Station Holdco | ['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 | Owners of LLC Units prior to IPO, Fertitta Family Entities | 85% | liability under the TRA was $19.4 million; step-up in the basis of depreciable assets; 85% of the tax benefits realized; certain owners who held LLC Units; Fertitta Family Entities | ['Liability includes $4.9 million payable to Fertitta Family Entities.'] | 1,653,653 | 2026-05-07 | 10-Q | View Document | 85% | ||
| RMR GROUP INC. | $18.48 | increases in tax basis; imputed interest | RMR Inc.; ABP Trust | 85.0% | liability related to the tax receivable agreement; increases in tax basis attributable to RMR Inc.’s dealings; tax benefits related to imputed interest; pays to ABP Trust 85.0% of cash savings | ['Liability includes $2.552M current portion in accounts payable.'] | 1,644,378 | 2026-05-06 | 10-Q | View Document | 85.0% | ||
| NEWMARK GROUP, INC. | $17.51 | tax basis of tangible and intangible assets | Newmark, Cantor | 85% | liability to Cantor of $17.5 million; tax basis of the tangible and intangible assets; Tax Receivable Agreement with Cantor; 85% of the amount of cash savings | [] | 1,690,680 | 2026-05-08 | 10-Q | View Document | 85% | ||
| NEWMARK GROUP, INC. | $17.51 | increase in the tax basis of the tangible and intangible assets | Newmark, 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% | ['Offsetting deferred tax asset of $19.5 million'] | 1,690,680 | 2026-03-02 | 10-K | View Document | 85% | ||
| NEWMARK GROUP, INC. | $17.50 | Increases in tax basis of tangible and intangible assets of Newmark OpCo; tax benefits from TRA payments; imputed interest. | Cantor, Newmark Group, Inc. | 85% | $17.5 million liability to Cantor; increases to our share of the tax basis; Cantor and Newmark entered into a tax receivable agreement; payment by us to Cantor of 85% | ['20% of each payment deposited into escrow account.'] | 1,690,680 | 2026-04-30 | 10-K/A | View Document | 85% | ||
| Amneal Pharmaceuticals, Inc. | $16.32 | realized tax benefits subject to the TRA | Members | 75% | Total $16,323; realized tax benefits subject to the TRA; Members - tax receivable agreement; 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. | $13.00 | Section 754 basis adjustments, NOLs, Blocker Company tax attributes, TRA payments | Pre-IPO LLC Unit holders, former Blocker Company shareholders | 85% | liability under the TRA of $13.0 million; 85% of the amount of cash savings; tax basis adjustments; net operating losses; pre-IPO holders of LLC Units; accrue interest until paid | ['Liability decreased due to goodwill impairment remeasurement.'] | 1,861,795 | 2026-05-07 | 10-Q | View Document | 85% | ||
| P3 Health Partners Inc. | $12.40 | Tax basis increases from exchanges, imputed interest, TRA payment basis increases | P3 Health Partners Inc., P3 LLC, P3 Equityholders | 85% | TRA liability is estimated to be $12.4 million; increases in our proportionate share of tax basis; P3 Equityholders; 85% of the income tax benefits; deductions attributable to imputed interest | ['No TRA liability recorded due to valuation allowance.'] | 1,832,511 | 2026-03-26 | 10-K | View Document | 85% | ||
| Viant Technology Inc. | $12.40 | Tax basis step-ups, intangible assets, and imputed interest | Viant Technology LLC, continuing members, and the TRA Representative | 85% | total TRA liability is approximately $12.4 million; 85% of the amount of the net cash tax savings; increases in tax basis; imputed interest; Viant Technology LLC, continuing members; TRA Representative | ['Liability recorded following release of valuation allowance.'] | 1,828,791 | 2026-03-11 | 10-K | View Document | 85% | ||
| Smith Douglas Homes Corp. | $9.86 | Basis Adjustments, Section 704(c) Allocations, interest deductions, Section 743(b), Section 197 | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | Tax receivable agreement liability 9,857; Basis Adjustments, Section 704(c) Allocations, interest deductions; Smith Douglas Homes Corp. and Continuing Equity Owners; pay to each Continuing Equity Owner 85%; unpaid amounts will accrue interest until paid | [] | 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, Section 743(b) | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | TRA liability of $9.4 million; Basis Adjustments, Section 704(c) Allocations, interest deductions; Smith Douglas Homes Corp., Smith Douglas Holdings LLC; 85% of certain tax benefits; deferred and will accrue interest until paid | ['Payments under the TRA totaled $0.5 million.'] | 1,982,518 | 2026-04-30 | 10-Q | View Document | 85% | ||
| Silvercrest Asset Management Group Inc. | $9.32 | Step-up in tax basis of Silvercrest L.P. assets; imputed interest; prior distributions | Current principals of Silvercrest L.P.; 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 cash savings | ['Liability adjusted for federal and NYC tax law changes.'] | 1,549,966 | 2026-03-16 | 10-K | View Document | 85% | ||
| Array Technologies, Inc. | $8.30 | deductions from increase in tax value of developed technology | former majority shareholder; former owners | fair value of the TRA was $8.3 million; increase in the tax value of developed technology; former majority shareholder of the Company; due within 125 days following the filing | ['TRA is accounted for as contingent consideration.', 'Classified as Level 3 in fair value hierarchy.'] | 1,820,721 | 2026-02-25 | 10-K | View Document | ||||
| Vistra Corp. | $7.00 | benefits realized as a result of certain transactions | predecessor from reorganization under Chapter 11 | Tax Receivable Agreement obligations 7; benefits realized as a result of certain transactions; predecessor from reorganization under Chapter 11 | ['Repurchased TRA Rights for $506 million carrying value.'] | 1,692,819 | 2026-02-27 | 10-K | View Document | ||||
| Array Technologies, Inc. | $5.80 | increase in the tax value of developed technology | Array Tech, Inc., former majority stockholder, former owners | fair value of the TRA was $5.8 million; increase in the tax value of developed technology; former majority stockholder of Array Tech, Inc.; due within 125 days following the filing | ['TRA is accounted for as contingent consideration.'] | 1,820,721 | 2026-05-06 | 10-Q | View Document | ||||
| Baldwin Insurance Group, Inc. | $4.50 | Tax basis in tangible and intangible assets; imputed interest | Baldwin Holdings’ LLC Members | 85% | liability of $4.5 million; 85% of the amount of cash savings; increase in tax basis; imputed interest; Baldwin Holdings’ LLC Members | ['Full valuation allowance recorded against deferred tax assets.'] | 1,781,755 | 2026-02-26 | 10-K | View Document | 85% | ||
| biote Corp. | $4.39 | Tax basis increases in tangible and intangible assets; tax benefits from TRA payments | Members; non-controlling interest holders | 85% | TRA liability 4,386; increases in tax basis of BioTE Companies’ assets; non-controlling interest holders; 85% of the net income tax savings; unpaid amounts will accrue interest until paid | ['Legal settlement reduced TRA liability by $17.3 million.'] | 1,819,253 | 2026-03-13 | 10-K | View Document | 85% | ||
| MARKETWISE, INC. | $4.30 | increases in the tax basis of assets; distributions (or deemed distributions); other carryforward attributes | MarketWise, Inc.; MarketWise Members; MarketWise, LLC | 85% | TRA liability was $4.3 million; 85% of the tax benefits; unpaid amounts will be deferred and accrue interest; increases in the tax basis of assets; MarketWise Members and MarketWise, LLC | [] | 1,805,651 | 2026-03-06 | 10-K | View Document | 85% | ||
| MARKETWISE, INC. | $4.04 | Basis adjustments and other carryforward attributes | Members of MarketWise, LLC; Arnold Parties | 85% | cumulative liability of $4,035 under the TRA; basis adjustments and other carryforward attributes; members of Marketwise, LLC; approximately 85% of the calculated tax savings; unpaid amounts will be deferred and will accrue interest | ['Arnold Parties waived TRA rights in settlement agreement.', 'M&C acquisition 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 and exchanges of Class A LLC Units, distributions, and payments under the TRA; tangible and intangible assets of FOA Equity. | Certain owners of FOA Equity; Blackstone Investor. | 85% | TRA obligation 3,901; 85% of the cash tax benefits; sales and exchanges of Class A LLC Units; Blackstone Tax Receivable Agreement was terminated | ['Blackstone TRA terminated January 2026.', 'TRA obligations are remeasured at fair value.'] | 1,828,937 | 2026-03-13 | 10-K | View Document | 85% | ||
| HMH Holding Inc | $3.80 | Acquisitions, redemptions, or exchanges of B.V. shares; imputed interest; basis differences in HMH B.V. investment | 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% | ||
| WM TECHNOLOGY, INC. | $2.70 | Increases in tax basis of WMH LLC’s assets; imputed interest; tax attributes from TRA payments | WMH LLC Class A equity holders and their representative | 85% | TRA liability was $2.7 million; 85% of the amount of cash savings; increases to the tax basis; imputed interest; tax attributes resulting from payments; WMH LLC Class A equity holders | ['Full valuation allowance applied to TRA liability.', 'Hypothetical reinstated liability is $138.9 million.'] | 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 | ['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 exchanges, 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; 85% of the net cash savings | ['Liability established in 2025 following unit redemption.'] | 2,029,118 | 2026-03-10 | 10-K | View Document | 85% | ||
| Camping World Holdings, Inc. | $1.40 | Increases in tax basis from unit purchases/redemptions; other tax benefits from TRA payments. | Continuing Equity Owners, Crestview Partners II GP, L.P., Former Profits Unit Holders | 85% | remaining Tax Receivable Agreement liability of $1.4 million; increases in tax basis; 85% of the tax benefits; Continuing Equity Owners; Crestview Partners II GP, L.P. | ['Liability reduced by $149M due to valuation allowance.'] | 1,669,779 | 2026-02-27 | 10-K | View Document | 85% | ||
| GoHealth, Inc. | $1.30 | Existing tax basis, increases in tax basis, distributions, and payments under the TRA. | Continuing Equity Owners and the Blocker Shareholders | 85% | $1.3 million liability related to the Tax Receivable Agreement; 85% of the tax benefits; Continuing Equity Owners and the Blocker Shareholders; allocable share of existing tax basis; increases in tax basis; distributions (or deemed distributions) by GHH, LLC; tax benefits arising from payments under the TRA | ['Liability relates to tax benefits from the Transactions.'] | 1,808,220 | 2026-03-31 | 10-K | View Document | 85% | ||
| GEN Restaurant Group, Inc. | $1.10 | increases in tax basis; net operating losses; imputed interest | members of GEN LLC (excluding GEN Inc.); permitted assignees | 85% | Lesser of 6.5% or SOFR + 400bp | liability related to its projected obligations... $1.1 million; 85% of the net cash tax savings; increases in tax basis; net operating losses; imputed interest; lesser of 6.5% or SOFR plus 400bp | ['Total potential payments estimated at $99.6 million through 2037.'] | 1,891,856 | 2026-03-31 | 10-K | View Document | 85% | |
| Bakkt, Inc. | $0.60 | Tangible and intangible assets; Section 743(b) or 734(b) adjustments; 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; ICE and Mr. Naheta; 85% of certain net income tax benefits; Section 743(b) or 734(b) of the Code | ['TRA settled in 2025 for $26.9 million.'] | 1,820,302 | 2026-03-19 | 10-K | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $0.20 | RIHI, Inc. | total liability under the TRAs... is $0.2 million; between the Company and RIHI; RIHI TRA will terminate upon the closing | ['TRA will terminate upon merger with no 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 and certain transferees | 85% | estimated a TRA liability... 2025... of $120 thousand; redemptions... or exchanges... of common units; Continuing Equity Owners and certain transferees; equal to 85% of the tax benefits; unpaid amounts... will accrue interest until paid | ['Full valuation allowance; gross liability is $102.5 million.'] | 1,704,711 | 2026-03-12 | 10-K | View Document | 85% | ||
| Sun Country Airlines Holdings, Inc. | $0.09 | Pre-IPO Tax Attributes, including net operating loss carryforwards | Pre-IPO stockholders (including management and Board of Directors) | 85% | aggregate to approximately $87,169; Pre-IPO Tax Attributes,' include net operating loss carryforwards; pre-IPO stockholders... management and... Board of Directors; 85% of the amount of cash savings; deferred and will accrue interest until paid | [] | 1,743,907 | 2026-04-30 | 10-K/A | View Document | 85% | ||
| Direct Digital Holdings, Inc. | $0.04 | Basis adjustments from exchanges and TRA payments; imputed interest | Direct Digital Holdings, Inc., DDH LLC, Direct Digital Management, LLC (DDM) | 85% | 85% of the tax benefits; increases in the tax basis of assets; Direct Digital Holdings, DDH LLC and DDM; deferred payments... will possibly accrue interest; liability... of less than $0.1 million | ['Liability derecognized in 2024 due to valuation allowance.'] | 1,880,613 | 2026-03-31 | 10-K | View Document | 85% | ||
| Greenlane Holdings, Inc. | $0.00 | Increases in tax basis; tax benefits from payments. | Members of the Operating Company | 85% | recorded no liability under the TRA; increases in the tax basis of assets; members of the Operating Company; equal to 85% of the tax benefits | ['No liability recorded due to valuation allowance.'] | 1,743,745 | 2026-03-31 | 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; Hoya Topco | ['TRA terminated October 2025 via Corporate Simplification Agreement.'] | 1,856,031 | 2026-03-12 | 10-K | View Document | 85% | ||
| OneStream, Inc. | $0.00 | LLC Unit exchange basis adjustments; Blocker Merger NOLs; imputed interest; TRA payment benefits | OneStream, Inc.; OneStream Software LLC; TRA Members (including KKR); Continuing Members; Former Members | 85% | no TRA liability has been recorded; 85% of the applicable savings; tax attributes... result of the exchanges; net operating losses... result of Blocker Mergers; TRA Members (including KKR) | ['Unrecorded liability estimated at $193.2 million.', 'TRA terminates without payment upon Merger consummation.'] | 1,889,956 | 2026-02-26 | 10-K | View Document | 85% | ||
| Rani Therapeutics Holdings, Inc. | $0.00 | Increases in tax basis; payments under TRA | Continuing LLC Owners; ICL | 85% | 85% of the amount of tax benefits; increases in the tax basis of assets; Company has not recorded a liability; Continuing LLC Owners; ICL; terminate the TRA in December 2025 | ['TRA terminated December 2025; no payments required.'] | 1,856,725 | 2026-03-26 | 10-K | View Document | 85% | ||
| Symbotic Inc. | $0.00 | attributes obtained as a result of exchanges | Legacy Warehouse Holders, TRA Holders | 85% | no TRA liability was recorded; 85% of these potential future tax benefits; attributes obtained as a result of exchanges; Legacy Warehouse Holders; TRA Holders; expected to be $484.4 million | ['No liability recorded; expected payments $484.4 million.'] | 1,837,240 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Bumble Inc. | $0.00 | exchanges of Common Units | Founder, Sponsor, affiliate of Accel Partners LP, management | obligations were fully settled in November 2025; exchanges of Common Units; Founder, our Sponsor, an affiliate of Accel Partners LP | ['TRA fully terminated and settled in November 2025.'] | 1,830,043 | 2026-05-06 | 10-Q | View Document | ||||
| Bioventus Inc. | $0.00 | increases in the tax basis of assets; redemptions or exchanges; distributions; prior sales | Smith & Nephew, Inc. (Continuing LLC Owner) | 85% | Company had not recorded any liabilities; increases in the tax basis of assets; Smith & Nephew, Inc. ('Continuing LLC Owner'); 85% of the tax benefits; accrue interest until paid | ['No liability recorded as of December 31, 2025.'] | 1,665,988 | 2026-03-05 | 10-K | View Document | 85% | ||
| Vivid Seats Inc. | $0.00 | Increases in tax basis from exchanges; existing tax basis in long-lived assets; imputed interest. | Existing Hoya Intermediate unitholders; Hoya Topco, LLC. | 85% | we no longer have a TRA liability; 85% of the amount of any tax savings; increases in the tax basis; existing tax basis; imputed interest; existing Hoya Intermediate unitholders; Hoya Topco, LLC | ['TRA terminated Oct 2025 via Corporate Simplification Agreement.'] | 1,856,031 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Intuitive Machines, Inc. | $0.00 | Existing Basis, Basis Adjustments, Interest Deductions, Business Combination tax benefits | Intuitive Machines, Inc., Intuitive Machines, LLC, certain Intuitive Machines Members (TRA Holders) | 85% | SOFR + 100 basis points | 85% of the amount of cash tax savings; SOFR plus 100 basis points; existing tax basis in certain assets; The TRA is unrecognized; certain Intuitive Machines Members | ['TRA unrecognized due to full valuation allowance.'] | 1,844,452 | 2026-03-19 | 10-K | View Document | 85% | |
| El Pollo Loco Holdings, Inc. | $0.00 | net operating losses and other tax attributes | pre-IPO stockholders, FS Equity Partners V, L.P., FS Affiliates V, L.P. | 85% | no remaining obligations owed; net operating losses and other tax attributes; pre-IPO stockholders; 85% of the savings in cash; terminated most of the obligations | ['TRA obligations terminated on May 29, 2024.'] | 1,606,366 | 2026-03-13 | 10-K | View Document | 85% | ||
| NUSCALE POWER Corp | $0.00 | NuScale Corp, NuScale LLC and various legacy NuScale Equityholders | liability is not probable and therefore not recorded; NuScale Corp, NuScale LLC and legacy NuScale Equityholders; No TRA payments are expected | ['Liability not recorded due to valuation allowance.'] | 1,822,966 | 2026-05-07 | 10-Q | View Document | |||||
| EVgo Inc. | $0.00 | increases in tax basis from OpCo Unit redemptions, imputed interest, additional tax basis from TRA payments | CRIS, Thunder Sub, EVgo Holdings, LS Power Equity Advisors, LLC | 85% | no amounts have been accrued; potential unrecorded tax liability is $33.8 million; 85% of the net cash savings; increases in tax basis; imputed interest; EVgo Holdings and LS Power Equity Advisors, LLC | ['Potential unrecorded tax liability is $33.8 million.'] | 1,821,159 | 2026-05-05 | 10-Q | View Document | 85% | ||
| NUSCALE POWER Corp | $0.00 | Increases in tax basis of tangible and intangible assets; tax depreciation and amortization deductions. | NuScale Corp, NuScale LLC, TRA Holders, Fluor (TRA Representative), Legacy NuScale Equityholders | 85% | 85% of certain tax benefits; implied TRA obligation of $582,718; no liability... has been recorded; increases in tax basis; Legacy NuScale Equityholders; Fluor, in its capacity as TRA Representative | ["Fluor's share reduced to 42.5% via amendment."] | 1,822,966 | 2026-02-26 | 10-K | View Document | 85% | ||
| Sky Harbour Group Corp | $0.00 | Existing tax basis in certain assets; tax basis adjustments from taxable exchanges; tax deductions from TRA payments | Sky Harbour Group Corp, Sky Harbour LLC, Existing Sky Equityholders, Tal Keinan (TRA Holder Representative) | 85% | no transactions... trigger the recording of a liability; pay the TRA Holders 85% of... savings; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; tax deductions in respect of... payments; Existing Sky Equityholders and Tal Keinan | ['No liability recorded as of December 31, 2025.'] | 1,823,587 | 2026-03-19 | 10-K | View Document | 85% | ||
| Zeo Energy Corp. | $0.00 | Increases in tax basis; imputed interest; other tax attributes | TRA Holders; OpCo members; former equity holders of Sunergy | 85% | 85% of the net cash savings; increases in tax basis; benefits attributable to imputed interest; had not recorded a liability; certain former equity holders of Sunergy; OpCo and certain OpCo members | ['Liability not recorded; estimated unrecorded liability is $5.7M.', 'Early termination payment estimated at $18.6 million.'] | 1,865,506 | 2026-04-01 | 10-K | View Document | 85% | ||
| Bitcoin Depot Inc. | $0.00 | Existing tax basis in assets of BT HoldCo and BT OpCo; tax basis adjustments | Bitcoin Depot Inc., BT HoldCo, BT Assets, former stockholders of BT Assets, Brandon Mintz | 85% | no Tax Receivable Agreement liability; pay BT Assets 85%; existing tax basis in certain assets; terminated the Tax Receivable Agreement | ['TRA was terminated on May 30, 2025.'] | 1,901,799 | 2026-03-18 | 10-K | View Document | 85% | ||
| 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... allocable share of the tax basis; 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% | ||
| Cibus, Inc. | $0.00 | no TRA liability existed; TRA liability is not probable | ['Full valuation allowance against net deferred tax assets.'] | 1,705,843 | 2026-03-17 | 10-K | View Document | ||||||
| FLYEXCLUSIVE INC. | $0.00 | tax basis adjustments from repurchases and taxable exchanges; tax deductions from TRA payments | Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust, LGM, TRA Holder Representative | 85% | 85% of the amount of savings; tax basis adjustments, tax deductions; Thomas James Segrave Jr., Existing Equityholders; maximum amount payable... approximately $6.1 million | ['Liability not probable; $6.1M maximum early termination estimate.'] | 1,843,973 | 2026-03-05 | 10-K | View Document | 85% | ||
| FuboTV Inc. | $0.00 | Historic NOLs, basis adjustments from redemptions or exchanges, distributions, TRA payments, imputed interest | FuboTV Inc., Newco, Hulu | 70% | no TRA liability has been recorded; historic net operating loss carryforwards; increases in tax basis; Company, Newco and Hulu; obligates the Company to pay Hulu... 70% | ['TRA share is 70%.'] | 1,484,769 | 2026-05-06 | 10-Q | View Document | 70% | ||
| vTv Therapeutics Inc. | $0.00 | Tax basis increases from unit exchanges, imputed interest, and TRA payment benefits | vTv Therapeutics Inc., MacAndrews, M&F TTP Holdings Two LLC, M&F TTP Holdings LLC | 85% | not recognized any liability; increases in the tax basis; 85% of the amount of cash savings; M&F TTP Holdings Two LLC; accrue interest until paid | [] | 1,641,489 | 2026-03-10 | 10-K | View Document | 85% | ||
| Clearwater Analytics Holdings, Inc. | $0.00 | Tax Attributes from redemptions or exchanges of CWAN Holdings units | TRA Parties, certain executive officers, Continuing Equity Owners | 85% | Balance - End of Year $—; result of Tax Attributes; TRA Parties; 85% of certain tax benefits | ['TRA terminated via 2024 amendment with settlement payments.'] | 1,866,368 | 2026-02-18 | 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; imputed interest deductions. | Aggregator; certain holders of Class X Umbrella Units | 85% | not yet incurred a liability; 85% of the tax benefits; increase in tax basis; Aggregator; holders of Class X Umbrella Units | ['No liability incurred as of December 31, 2025.'] | 2,065,708 | 2026-03-27 | 10-K | View Document | 85% | ||
| Camping World Holdings, Inc. | $0.00 | Increases in tax basis from unit purchases/redemptions; Section 754 election; tax benefits from TRA payments. | Continuing Equity Owners, Crestview Partners II GP, L.P. | 85% | no Tax Receivable Agreement liability balance recorded; increases in the tax basis; Section 754 of the Internal Revenue Code; Continuing Equity Owners and Crestview Partners II GP, L.P.; 85% of the amount of tax benefits | ['Full valuation allowance; liability considered not probable.'] | 1,669,779 | 2026-04-30 | 10-Q | View Document | 85% | ||
| Bioventus Inc. | $0.00 | Increases in tax basis of BV LLC assets | Continuing LLC Owner | 85% | had not recorded any liabilities under the TRA; increases in the tax basis of assets; Continuing LLC Owner; 85% of the amount of tax benefits; will be deferred and will accrue interest | ['No liability recorded as no exchanges occurred.'] | 1,665,988 | 2026-05-06 | 10-Q | View Document | 85% | ||
| GRAFTECH INTERNATIONAL LTD | $0.00 | pre-IPO Tax Assets including foreign tax credits | Brookfield | 85% | SOFR plus 1.10% | 85% of the amount of cash savings; Brookfield, as the sole Pre-IPO stockholder; one-month period SOFR plus 1.10%; remaining $3.8 million liability was written off; utilization of the pre-IPO Tax Assets | ['Liability written off in 2025 due to valuation allowance.'] | 931,148 | 2026-02-13 | 10-K | View Document | 85% | |
| TWFG, Inc. | $0.00 | Increase in tax basis in TWFG Holding’s assets; imputed interest | Pre-IPO LLC Members | 85% | no related liability is recorded; increase in tax basis in TWFG Holding’s assets; Pre-IPO LLC Members; 85% of the amount of cash savings; accrue interest until paid | ['No exchanges occurred as of December 31, 2025.'] | 2,007,596 | 2026-03-10 | 10-K | View Document | 85% | ||
| 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; MLSH 1 and MLSH 2; increases in the tax basis of assets; tax attributes of the entities acquired; unpaid amounts will be deferred and accrue interest | ['Liability derecognized as realization of benefits not probable.'] | 1,823,239 | 2026-05-08 | 10-Q | View Document | 85% | ||
| 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; no TRA liability reflected; Continuing Equity Owners; Sections 743(b) and 197 | ['TRA liability not probable at current time.'] | 1,866,757 | 2026-05-07 | 10-Q | View Document | 85% | ||
| EVgo Inc. | $0.00 | Increases in tax basis; imputed interest | CRIS; Thunder Sub; EVgo Holdings; LS Power Equity Advisors, LLC | 85% | one-year LIBOR + 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 | ['Unrecorded liability estimated at $33.2 million.'] | 1,821,159 | 2026-03-09 | 10-K | View Document | 85% | |
| NET Power Inc. | $0.00 | existing tax basis, tax basis adjustments, tax benefits, tax deductions | certain OpCo unitholders | 75% | reduced the TRA liability... to zero; existing tax basis of certain assets; tax basis adjustments resulting from taxable exchanges; 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% | ||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | Increases in tax basis of Topco LLC assets; tax attributes from Organizational Transactions; net operating losses; tax benefits from TRA payments | MLSH 1; MLSH 2 | 85% | SOFR + 500bp | no current liability outstanding under the TRA; increases in the tax basis of assets; MLSH 1 and MLSH 2; 85% of the tax benefits; Replacement Rate, as applicable) 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 interest exchanges; TRA payment basis increases; 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 of System1 Holdings; payment by us of 85% of the amount | ['TRA liability reduced to zero in 2025.'] | 1,805,833 | 2026-03-11 | 10-K | View Document | 85% | ||
| Bumble Inc. | $0.00 | Existing tax basis, Common Basis, Blocker tax attributes, basis adjustments | Blackstone, the Founder, certain other pre-IPO owners | 85% | liability decreased to nil; allocable share of existing tax basis; Common Basis; Blackstone, the Founder and certain pre-IPO owners; 85% of the benefits | ['TRA fully terminated via $185.7M buyout in 2025.'] | 1,830,043 | 2026-03-16 | 10-K | 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, permitted transferees, the Agent | 85% | SOFR + 150bp | did not record a tax receivable liability; increases in tax basis; imputed interest; Holdings (together with its permitted transferees); pay each TRA Holder 85%; SOFR, plus 150 basis points | ['Payment cap of $50 million for change of control.'] | 1,841,425 | 2026-03-27 | 10-K | View Document | 85% | |
| Greenlane Holdings, Inc. | $0.00 | increases in tax basis and other tax attributes | Greenlane Holdings, LLC and certain 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% | ||
| PROKIDNEY CORP. | $0.00 | increases in tax basis; other tax attributes of PK Holdings; tax benefits from entering TRA | Closing ProKidney Unitholders | 85% | not recognized any liability related to this agreement; 85% of certain tax savings; increases in tax basis attributable to exchanges; Closing ProKidney Unitholders | ['No liability recognized as of December 31, 2025.'] | 1,850,270 | 2026-03-18 | 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 | [] | 1,581,091 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Blackstone Inc. | [] | 1,393,818 | 2026-02-27 | 10-K | View Document | ||||||||
| Repay Holdings Corp | Increases in tax basis; certain other tax attributes; tax benefits from TRA payments | Exchanging Repay Unitholders; John Morris; Shaler Alias; Tim Murphy | 100% | Term SOFR + 571.513bp | 100% of the tax benefits; Term SOFR plus 571.513 basis points; increases to the tax basis; 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), 174, refunds, depreciation, IPO deductions | Holdings equity holders, Class P Unit holders, AE Industrial Partners, BlackRock | 85% | SOFR plus 500 basis points | Pro rata | 85% of certain tax savings; SOFR plus 500 basis points; allocated pro rata according to the number; net operating losses, R&D credits, Section 163(j); equity holders of Holdings and Class P Units | ['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 | ['Text only mentions TRA payments in cash flows.'] | 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 Beyond Global, Inc., Falcon’s Opco, TRA holder representative, TRA Holders, Exchange TRA Holders | 85% | equal to 85% of the tax benefits; increases in the tax basis of assets; Company’s unitholders and Falcon’s Opco; unpaid amounts will be deferred and will accrue interest | ['Amendment on October 24, 2024 clarifies unit transfer rights.'] | 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 Stockholders (Advent Funds, Penelope Group unitholders, Penelope Holdings equity award holders) | 85% | 85% of the amount of cash savings; tax basis in intangible assets; capitalized transaction costs; Pre-IPO Stockholders; Advent Funds; waived all of their rights | ['TRA terminates upon merger; Advent Funds waived rights.'] | 1,868,726 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Liberty Broadband Corp | tax benefits realized by GCI Liberty | Liberty Broadband, Charter, GCI Liberty | tax benefits realized by GCI Liberty; Liberty Broadband and GCI Liberty; Charter bearing the corporate level tax liability | ['TRA triggered if tax liability exceeds $420 million.'] | 1,611,983 | 2026-04-28 | 10-Q | View Document | |||||
| AST SpaceMobile, Inc. | Existing tax basis, tax basis adjustments, tax deductions, Blocker Corporation tax attributes | AST SpaceMobile, Inc., AST LLC, TRA Holders, Thomas Severson | 85% | pay the TRA Holders 85% of savings; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; tax deductions in respect of portions of payments; tax attributes of Blocker Corporations; Company, AST LLC, TRA Holders, Thomas Severson | [] | 1,780,312 | 2026-03-02 | 10-K | View Document | 85% | |||
| Solo Brands, Inc. | Tax basis increases from redemptions or exchanges, imputed interest | TRA Participants, Prior Continuing LLC Owners, non-controlling interest holders | 85% | 85% of the tax benefits; increases in its share of the tax basis; TRA Participants; unpaid amounts will be deferred and will accrue interest; 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% | |||
| indie Semiconductor, Inc. | Tax basis step-up in tangible and intangible assets of ADK LLC; tax attributes of ADK Blocker Group; TRA payment tax benefits | Certain members of ADK LLC; certain indie Equity Holders | 85% | pay 85% of the tax benefits; tax basis of the tangible and intangible assets; certain members of ADK LLC; accrued when deemed probable and estimable | ['Liability is contingent and not quantified in provided text.'] | 1,841,925 | 2026-02-27 | 10-K | View Document | 85% | |||
| Ares Management Corp | Reference Assets, Basis Adjustment | Parent, Partnerships, TRA Holders, AOH, Holdings Inc. | 85% | Pro rata | 85% of the Net Tax Benefit; tax basis in the applicable Reference Assets; TRA Holders on a pro rata basis; Parent, Partnerships and the other parties | [] | 1,176,948 | 2026-02-25 | 10-K | View Document | 85% | ||
| OPAL Fuels Inc. | tax basis increases; loss carryovers | OPAL Fuels Inc, Opal Holdco LLC, Parties named therein | tax basis increases; loss carryovers; OPAL Fuels Inc, Opal Holdco LLC; undiscounted liability of approximately $240.8 million | ['Full valuation allowance applied to deferred tax assets.'] | 1,842,279 | 2026-03-16 | 10-K | View Document | |||||
| Forgent Power Solutions, Inc. | allocable share of tax basis, net operating losses, 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 | [] | 2,080,126 | 2026-03-16 | 10-Q | View Document | 85% | |||
| GRAFTECH INTERNATIONAL LTD | tax assets that have been utilized | sole pre-IPO stockholder | sole pre-IPO stockholder; tax assets that have been utilized; established a full valuation allowance | ['Full valuation allowance established in Q2 2025.'] | 931,148 | 2026-05-01 | 10-Q | View Document | |||||
| BRC Inc. | Existing tax basis; basis increases from redemptions and exchanges; Blocker Corp tax attributes; TRA payment tax benefits | Unitholders of Authentic Brands, LLC; certain shareholders | 85% | 85% of the tax benefits; Unitholders of Authentic Brands, LLC; existing tax basis of the assets; pre-existing tax attributes of the Blocker Corp; record the TRA liability when it is probable | ['Liability not recorded as not yet probable.'] | 1,891,101 | 2026-03-02 | 10-K | View Document | 85% | |||
| GCI Liberty, Inc. | Liberty Broadband and GCI Liberty | Tax Receivables Agreement; Liberty Broadband and GCI Liberty; rights and obligations... with respect to certain tax matters | ['TRA mentioned alongside Tax Sharing Agreement.'] | 2,057,463 | 2026-02-11 | 10-K | View Document | ||||||
| Finance of America Companies Inc. | Corporation, stockholders, BL Investors, Blackstone Investors | Tax Receivable Agreements; 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 | holders of INR Units; accelerating the payment due | ['Change of control events accelerate TRA payments.'] | 2,029,118 | 2026-03-10 | 10-K | View Document | ||||||
| Clearwater Analytics Holdings, Inc. | ["Paid $30M to terminate Enfusion's TRA."] | 1,866,368 | 2026-05-07 | 10-Q | View Document | ||||||||
| Vivid Seats Inc. | TRA Parties | Tax Receivable Agreement... were terminated; issued... 403,022 shares... to the TRA Parties | ['TRA terminated as part of Corporate Simplification.'] | 1,856,031 | 2026-03-12 | 10-K | View Document | ||||||
| OneStream, Inc. | Basis Adjustments from LLC Unit redemptions or exchanges; tax benefits from TRA payments | KKR, Continuing Members, 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 | [] | 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 making TRA payments; depreciation and amortization deductions; disposition gains/losses | 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 | [] | 1,901,336 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Purple Innovation, Inc. | tax basis increases in assets of Purple LLC; imputed interest | InnoHold | 80% | 80% of the net cash savings; tax basis increases in the assets; tax receivable agreement with InnoHold; imputed interest deemed to be paid | ['Full valuation allowance recorded 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 related to any exchanges of Parent Hecate Units | 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 and certain Events.com shareholders | 85% | 85% of the tax benefits realized; Events.com’s pre-closing tax attributes; Events.com, the Company and certain Events.com shareholders; New CND will agree to pay | ['TRA triggered by post-closing use of tax attributes.'] | 1,851,959 | 2026-03-25 | 10-K | View Document | 85% | |||
| 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 | ['Text contains definitions only, no specific TRA terms.'] | 1,868,941 | 2026-05-06 | 10-Q | View Document | |||||||
| Stagwell Inc | taxable exchanges of equity interests; related tax basis adjustments | certain members or former members of the Company; direct or indirect parent | 85% | 85% of the tax savings realized; taxable exchanges of equity interests; related tax basis adjustments; certain members or former members | [] | 876,883 | 2026-05-01 | 10-Q | View Document | 85% | |||
| Vistra Corp. | benefits realized as a result of certain transactions entered into at the emergence of our predecessor from reorganization under Chapter 11 | Vistra | benefits realized as a result of certain transactions; emergence of our predecessor from reorganization; no material TRA payments | ['TRA relates to predecessor reorganization under Chapter 11.'] | 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 TRA entry/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%.', 'TRA effectuated upon 2025 tax deconsolidation.'] | 1,823,652 | 2026-03-16 | 10-K | View Document | 75% | |||
| Alchemy Investments Acquisition Corp 1 | Tax basis adjustments from TRA Exchanges; Section 754; TRA payment tax benefits; depreciation; amortization; imputed interest | Pubco; certain Cartiga Members (TRA Holders) | 85% | 85% of the cash tax benefits; tax basis adjustments resulting from TRA Exchanges; certain Cartiga Members (the 'TRA Holders'); accrue interest until paid | ['TRA obligations accelerate upon change of control or default.'] | 1,901,336 | 2026-04-09 | 10-K | View Document | 85% | |||
| FLUOR CORP | Fluor Corp, NuScale | tax receivable agreement with NuScale; 50% reduction in our benefits | ['Fluor is the 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 | Class B common stock holders | exchanges of Class B common stock; tax receivable agreement exchanges | ['Provided text is an excerpt.'] | 1,831,651 | 2026-02-24 | 10-K | View Document | |||||
| GLOBAL PAYMENTS INC | EVO | amounts outstanding under EVO’s tax receivable agreement; required to be repaid by us | ['TRA repaid upon consummation of the acquisition.'] | 1,123,360 | 2026-02-20 | 10-K | View Document | ||||||
| FIFTH THIRD BANCORP | Worldpay, Inc. | Income from the TRA associated with Worldpay, Inc. | ['Company reports income from TRA, not a liability.'] | 35,527 | 2026-02-24 | 10-K | View Document |