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. | $4,404.00 | Existing tax basis, tax basis adjustments, corporate tax attributes | Pre-IPO owners | 90% | balance of the TRA liability was $4,404 million; payment... of 90% of certain tax benefits; allocable share of existing tax basis; tax basis adjustments to tangible and intangible assets; certain pre-IPO owners | ['Liability increased $862 million from 2026 resale offerings.', 'Owners assigned TRA rights for approximately $1.4 billion.'] | 2,046,386 | 2026-08-05 | 10-Q | View Document | 90% | ||
| ZoomInfo Technologies Inc. | $2,726.40 | certain tax attributes | TRA holders | liability of $2,726.4 million; utilization of certain tax attributes; TRA holders | ['No payments were made to TRA holders'] | 1,794,515 | 2026-08-05 | 10-Q | View Document | ||||
| CARVANA CO. | $2,229.00 | basis adjustment relating to the assets, imputed interest | LLC Unitholders, related parties | 85% | recorded a TRA liability of $2.2 billion; basis adjustment relating to the assets; pay to the LLC Unitholders 85%; deferred and will accrue interest until paid | ['Liability includes $1.7 billion due to related parties'] | 1,690,820 | 2026-07-29 | 10-Q | View Document | 85% | ||
| Jersey Mike's Subs Inc. | $2,084.00 | existing tax basis, anticipated tax basis adjustments, utilization of tax attributes | certain of the pre-IPO owners, Continuing Unitholders | 90% | aggregate amount... would pay... is approximately $2,084 million; 90% of certain tax benefits; existing tax basis and anticipated tax basis adjustments; certain of the pre-IPO owners | ['TRA share percentage is 90%.'] | 2,127,043 | 2026-09-09 | 10-Q | View Document | 90% | ||
| Blackstone Inc. | $2,067.10 | tangible and intangible assets of Blackstone Holdings | predecessor owners, senior managing directors, and other unit holders | 85% | Due to Affiliates... $2,067,107; tangible and intangible assets of Blackstone Holdings; predecessor owners; senior managing directors; 85% of the amount of cash savings | ['Expected future payments aggregate $2.1 billion.'] | 1,393,818 | 2026-08-07 | 10-Q | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,636.77 | increases in tax basis of Blue Owl Holdings assets | Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings, Blue Owl Capital Carry LP, Partners | 85% | Total TRA Liability $1,636,766; increases in tax basis of the assets; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings; pay 85% of certain tax benefits | ['Liability includes portion classified as contingent consideration'] | 1,823,945 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Dutch Bros Inc. | $973.00 | certain tax attributes and benefits; charitable contributions | certain Dutch Bros OpCo owners; non-controlling interest holders; Co-Founder and Sponsor | 85% | total TRAs-related liabilities were $973.0 million; 85% of the income tax benefits; certain Dutch Bros OpCo owners; certain tax attributes and benefits | ['Two TRAs executed in connection with IPO.'] | 1,866,581 | 2026-08-05 | 10-Q | View Document | 85% | ||
| TPG Inc. | $848.20 | Tax basis in the TPG Operating Group | Related Parties, non-affiliates, current and former employees and partners | 85% | liability... was $848.2 million; increase in the tax basis; Related Parties... and non-affiliates; pay the beneficiaries... 85% of the applicable cash savings | [] | 1,880,661 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Apollo Global Management, Inc. | $768.00 | Increases in tax basis of underlying assets | Former Managing Partners, Contributing Partners, Bridge TRA holders | 85% | Due to TRA holders $768; 85% of the amount of cash tax savings; Former Managing Partners and Contributing Partners; increases in tax basis of assets; interest is accrued on the balance | ['Holders no longer own exchangeable operating units.'] | 1,858,681 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Core & Main, Inc. | $685.00 | tax attributes from exchanges of Partnership Interests | Clayton, Dublier & Rice (CD&R), Core & Main Management Feeder, LLC | 85% | payables to related parties... $685 million; tax attributes... future exchanges of Partnership Interests; stockholders affiliated with Clayton, Dublier & Rice; 85% of the tax benefits realized | ['Includes Former and Continuing Limited Partners TRAs.'] | 1,856,525 | 2026-09-09 | 10-Q | View Document | 85% | ||
| Ares Management Corp | $622.00 | Increases in tax basis of tangible and intangible assets; TRA payments; interest accrued | TRA recipients; Holders of AOG Units | 85% | TRA liability balance was $622.0 million; increases in the tax basis; 85% of the amount of actual cash savings; Holders of AOG Units | [] | 1,176,948 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Interactive Brokers Group, Inc. | $618.00 | tax basis increases | IBG, Inc. and Holdings | 85% | payables to Holdings... through June 30, 2026: $618M; result of tax basis increases; 85% of the tax savings; entered into an agreement... with Holdings | ['Liability is cumulative amount arising from stock offerings.'] | 1,381,197 | 2026-08-06 | 10-Q | View Document | 85% | ||
| GMR Solutions Inc. | $468.40 | federal net operating losses, deferred interest deductions, tax basis in amortizable or depreciable assets, deductible expenses attributable to IPO transactions | certain stockholders, Management party participants (Nick Loporcaro, Brian Tierney, Edward Van Horne, Thomas Cook, Lisa Jacoba) | 85% | SOFR + 1.0% | recorded a TRA liability of $468.4 million; federal net operating losses, deferred interest deductions; certain stockholders and members of management; payment by the Company of 85%; rate equal to SOFR plus 1.0% | ['Management payments subject to service condition.', 'Forfeitures reallocated to participating stockholders.', 'Payments do not accelerate upon change of control.'] | 1,898,718 | 2026-08-12 | 10-Q | View Document | 85% | |
| RYAN SPECIALTY HOLDINGS, INC. | $463.70 | Exchange Tax Attributes, Pre-IPO M&A Tax Attributes, remedial partnership tax allocations, TRA Payment Tax Attributes | current and certain former LLC Unitholders | 85% | liabilities of $463.7 million; 85% of the net cash savings; current and certain former LLC Unitholders; Exchange Tax Attributes; Pre-IPO M&A Tax Attributes; TRA Payment Tax Attributes | ['Liability is undiscounted estimated future payments'] | 1,849,253 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Alight, Inc. / Delaware | $463.00 | Tax basis adjustments, existing tax basis, tax attributes | Certain owners of Alight Holdings, TRA Party Representative | 85% | Ending balance as of June 30, 2026 463; tax basis adjustments from sales and exchanges; utilization of certain tax attributes; certain owners of Alight Holdings; 85% of any savings that we realize | ['Objection Notice received regarding payment methodology dispute.'] | 1,809,104 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Nextpower Inc. | $393.20 | allocable share of existing tax basis, increases in tax basis | Flex Ltd., TPG Inc., TPG Affiliates, Yuma, Inc., Yuma Sub, TPG Rise | 85% | TRA liability... was $393.2 million; allocable share of existing tax basis; 85% of the tax benefits | [] | 1,852,131 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Planet Fitness, Inc. | $361.40 | Tax attributes of Holdings Units; imputed interest; tax basis increase; TSG purchase attributes | TRA Holders; Pla-Fit Holdings, LLC owners; TSG Consumer Partners, LLC affiliates | 85% | liability of $361.4 million; tax attributes of their Holdings Units; affiliates of TSG Consumer Partners, LLC; 85% of the applicable tax savings | [] | 1,637,207 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Legence Corp. | $350.90 | Allocable share of existing tax basis, blocker tax attributes, basis increases from exchanges, TRA payment tax benefits | Legence Parent, Legence Parent II | 85% | current and long-term TRA liability is $8.2 million; 85% of the net cash tax savings; Legence Parent and Legence Parent II; allocable share of existing tax basis; tax attributes of the blocker entities; increases in tax basis from future redemptions | ['Liability increased by $133.8 million from secondary offering.'] | 2,052,568 | 2026-08-13 | 10-Q | View Document | 85% | ||
| Portillo's Inc. | $343.40 | Existing tax basis, NOLs, basis adjustments, TRA payments | Pre-IPO LLC Members of Portillo's OpCo | 85% | obligation for future payments totaled $343.4 million; 85% of the amount of tax benefits; existing tax basis in depreciable or amortizable assets; net operating losses; adjustments to the tax basis | [] | 1,871,509 | 2026-08-05 | 10-Q | View Document | 85% | ||
| StepStone Group Inc. | $341.10 | Increases in tax basis; imputed interest | Class B, C, D limited partners; pre-IPO institutional investors | 85% | Pro rata | total Tax Receivable Agreements liability was $341.1 million; increases in tax basis; tax benefits related to imputed interest; 85% of the amount; make pro rata distributions | [] | 1,796,022 | 2026-08-07 | 10-Q | View Document | 85% | |
| Forgent Power Solutions, Inc. | $339.00 | Allocable share of tax basis, net operating losses, basis adjustments from exchanges | Forgent Parent I LP, Forgent Parent II LP, Forgent Parent III LP, Forgent Parent IV LP | 85% | recorded a payable... of $339 million; 85% of the amount of tax benefits; allocable share of tax basis; net operating losses; adjustments to the tax basis | [] | 2,080,126 | 2026-09-15 | 10-K | View Document | 85% | ||
| 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 | 2026-08-06 | 10-Q | View Document | ||||
| Brighthouse Financial, Inc. | $328.00 | MetLife, Inc. | payable to MetLife of $328 million; Tax Receivables Agreement with MetLife; accelerated upon closing of the Merger | ['Payable accelerated upon closing of the Merger.'] | 1,685,040 | 2026-08-06 | 10-Q | View Document | |||||
| Tradeweb Markets Inc. | $317.50 | Increases in the tax basis of TWM LLC’s assets; tax benefits from TRA payments | Tradeweb Markets Inc., TWM LLC, Continuing LLC Owners | 50% | liability... totaled $317.5 million; increases in the tax basis; Continuing LLC Owners; equal to 50% of the amount; unpaid amounts... will accrue interest | ['TRA share is 50% of realized tax savings.'] | 1,758,730 | 2026-07-30 | 10-Q | View Document | 50% | ||
| WaterBridge Infrastructure LLC | $297.00 | Tax basis increases from exchanges, existing tax basis, NOLs, interest expense carryforwards, and imputed interest. | OpCo, legacy owners (TRA Holders), Elda River Infrastructure WB LLC | 85% | TRA liability balance of $297.0 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 | [] | 2,064,947 | 2026-08-05 | 10-Q | View Document | 85% | ||
| GPGI, Inc. | $284.90 | tax benefits; section 163j interest carryforward | GPGI Holdings; holders of interests therein | 90% | Total payments $284.9; 90% of the tax benefits; GPGI Holdings and holders of interests therein; unpaid amounts... will accrue interest | ['TRA share is 90%.'] | 1,823,144 | 2026-08-06 | 10-Q | View Document | 90% | ||
| Artisan Partners Asset Management Inc. | $275.00 | Tax attributes of preferred units, imputed interest, step-up of tax basis, depreciation and amortization charges | Pre-H&F Corp Merger Shareholder; current or former limited partners of Holdings | 85% | Pro rata | liability as of June 30, 2026; step-up of tax basis; Pre-H&F Corp Merger Shareholder; current or former limited partners of Holdings; 85% of the applicable cash savings; made pro rata among all TRA counterparties | ['Company entered into two separate TRAs.'] | 1,517,302 | 2026-07-31 | 10-Q | View Document | 85% | |
| Moelis & Co | $269.60 | Increases in tax basis of tangible and intangible assets; imputed interest | Eligible Managing Directors | 85% | total payable of $269.6 million; tax basis of the tangible and intangible assets; eligible Managing Directors; 85% of the amount of cash savings | ['Payments due within 225 days of tax filing'] | 1,596,967 | 2026-07-29 | 10-Q | View Document | 85% | ||
| Cactus, Inc. | $267.00 | tax basis subject to the TRA | certain direct and indirect owners of Cactus LLC | 85% | total liability from TRA was $267.0 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 includes $21.3 million current portion.'] | 1,699,136 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Clear Secure, Inc. | $256.69 | Increase in tax basis in Alclear’s assets; imputed interest | Alclear Members | 85% | recorded a tax receivable agreement liability of $256,695; increase in tax basis in Alclear’s assets; remaining members of Alclear; 85% of the net cash savings | [] | 1,856,314 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Stagwell Inc | $252.39 | increases in the tax basis of the assets | Stagwell Media | 85% | Long-term tax receivable agreement liability 252,390; increases in the tax basis of the assets; make cash payments to Stagwell Media; 85% of certain income tax savings | ['All Paired Units exchanged by April 4, 2025.'] | 876,883 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Shake Shack Inc. | $246.11 | Basis increases from redemptions, TRA payments, imputed interest | Non-controlling members of SSE Holdings | 85% | obligations totaled $246.1 million; increases in the tax basis; non-controlling interest holders; 85% of any tax benefits | [] | 1,620,533 | 2026-08-05 | 10-Q | View Document | 85% | ||
| SOLV Energy, Inc. | $240.68 | Existing tax basis, net operating losses, tax basis adjustments, interest deductions | Continuing Equity Owners, Blocker Shareholders | 85% | Tax receivable agreement 240,677; pay to the TRA Participants 85%; allocable share of existing tax basis; utilization of certain tax attributes; net operating losses; tax basis adjustments; interest deductions arising from payments | ['Liability includes secondary offering exchange impact.'] | 2,065,636 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Rush Street Interactive, Inc. | $239.70 | Increase in tax basis; tax benefits from TRA | RSI ASLP, Inc.; holders of RSILP Units | 85% | recognized a TRA liability of $239.7 million; increase in tax basis; pay 85% of certain net tax benefits; accrue interest until paid | [] | 1,793,659 | 2026-07-30 | 10-Q | View Document | 85% | ||
| AdaptHealth Corp. | $238.90 | Pre-Business Combination tax attributes, basis increases from exchanges, imputed interest, basis increases from TRA payments | AdaptHealth Corp., current and former members of AdaptHealth Holdings LLC | 85% | liability relating to the TRA was $238.9 million; payment by AdaptHealth Corp. of 85%; current and former members of AdaptHealth Holdings LLC; tax attributes existing prior to the Business Combination; increases in tax basis resulting from exchanges; imputed interest deemed to be paid; increases in tax basis resulting from payments; AdaptHealth Corp. is party to a TRA | [] | 1,725,255 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Shift4 Payments, Inc. | $226.00 | Rook Holdings Inc., Jared Isaacman, Continuing Equity Owners | TRA liability was $226 million; Rook assigned all of its rights; payments... made to the Continuing Equity Owners; Up-C Collapse via a taxable exchange | ['Rook assigned and waived TRA rights to Company.'] | 1,794,669 | 2026-08-06 | 10-Q | View Document | |||||
| Repay Holdings Corp | $194.30 | Tax basis in Hawk Parent net assets, basis increases from TRA payments, imputed interest | Holders of Post-Merger Repay Units, selling Hawk Parent members | 100% | risk-free rate plus a spread | liability of $194.3 million; increases in its share of the tax basis; holders of Post-Merger Repay Units; payment by the Company of 100%; risk-free rate plus a spread | ['Company pays 100% of benefits, exceeding industry standards.', 'Liability measured at fair value under ASC 825.'] | 1,720,592 | 2026-08-10 | 10-Q | View Document | 100% | |
| Five Point Holdings, LLC | $181.50 | Tax attributes from unit exchanges, California NOLs | Class A unit holders, San Francisco Venture holders | 85% | liabilities of $181.5 million; 85% of the cash savings; certain tax attributes; California net operating loss deductions | ['California SB 167 may affect payment timing.'] | 1,574,197 | 2026-07-24 | 10-Q | View Document | 85% | ||
| Goosehead Insurance, Inc. | $174.50 | Tax basis increases; imputed interest | Pre-IPO LLC Members | 85% | total amount of TRA Payments... $174.5 million; increase in tax basis in GSHD's assets; TRA with the Pre-IPO LLC Members; 85% of the amount of cash savings | [] | 1,726,978 | 2026-07-22 | 10-Q | View Document | 85% | ||
| Virtu Financial, Inc. | $173.10 | Increase in tax basis, intangible assets, NOLs, other tax attributes | Direct or indirect equity holders, Virtu Members | 85% | liabilities... were approximately $173.1 million; increase to the tax basis; intangible assets of Virtu Financial; Net Operating Losses (“NOLs”); direct or indirect equity holders; 85% of the applicable cash tax savings; will be deferred and will accrue interest | ['Payments expected $0.7M to $23.2M annually over 15 years'] | 1,592,386 | 2026-07-31 | 10-Q | View Document | 85% | ||
| PBF Energy Inc. | $168.20 | Increases in tax basis from unit exchanges and tax benefits from TRA payments | PBF LLC Series A and PBF LLC Series B unitholders | 85% | liability of $168.2 million; 85% of the amount of the benefits; increases in tax basis; PBF LLC Series A and Series B unitholders | ['Liability is undiscounted and net of valuation allowances.'] | 1,534,504 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Galaxy Digital Inc. | $162.20 | Tax basis increases from unit exchanges and imputed interest | Holders of Class B Units in GDH LP | 85% | liability... of $162.2 million; increases in tax basis; deductions in respect of imputed interest; holders of Class B Units; 85% of the cash savings | [] | 1,859,392 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Rithm Capital Corp. | $149.30 | 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 $149.3 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 | 2026-08-04 | 10-Q | View Document | ||||
| Baldwin Insurance Group, Inc. | $144.60 | Increase in tax basis; imputed interest | Baldwin Holdings’ LLC Members | 85% | liabilities of $144.6 million; increase in tax basis; imputed interest; Baldwin Holdings’ LLC Members; 85% of the amount | ['Liability recognized following valuation allowance release.'] | 1,781,755 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Nerdy Inc. | $118.24 | Increases in tax basis, imputed interest, additional basis | Legacy Nerdy Holders | 85% | 85% of the net cash savings; certain Legacy Nerdy Holders; increases in tax basis; imputed interest; not recognized a liability of $118,238 | ['Liability not recognized as payment not probable.'] | 1,819,404 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Brookfield Asset Management Ltd. | $116.00 | Oaktree | amounts payable under a tax receivable agreement; with Oaktree for $116 million; as of June 30, 2026 | [] | 1,937,926 | 2026-08-07 | 10-Q | View Document | |||||
| loanDepot, Inc. | $111.50 | Investment in LD Holdings; net operating loss carryforwards; tax credit carryforwards | Parthenon Stockholders; certain Continuing LLC Members | recognized a TRA liability of $111.5 million; investment in LD Holdings; net operating loss carryforwards; Parthenon Stockholders and certain Continuing LLC Members | ['TRA liability adjusted due to conversion-related adjustments.'] | 1,831,631 | 2026-08-06 | 10-Q | View Document | ||||
| Solaris Energy Infrastructure, Inc. | $109.20 | increases in tax basis and imputed interest | other then-existing members of Solaris LLC | 85% | Pro rata | liability under the TRA was $109.2 million; representing 85% of the net cash savings; increases in tax basis and imputed interest; other then-existing members of Solaris LLC; distribute cash pro rata to each member | ['TRA was amended on June 27, 2023.'] | 1,697,500 | 2026-08-06 | 10-Q | View Document | 85% | |
| Driven Brands Holdings Inc. | $109.00 | Pre-IPO and IPO-Related Tax Benefits | pre-IPO shareholders | 85% | SOFR + term adjustment + 5.0% | current... $30 million... non-current... $79 million; Pre-IPO and IPO-Related Tax Benefits; pre-IPO shareholders; 85% of the amount of cash savings; SOFR plus... term adjustment plus 5.0% | ['Payments deferred by debt restrictions accrue lower interest.'] | 1,804,745 | 2026-08-06 | 10-Q | View Document | 85% | |
| Evolent Health, Inc. | $108.90 | Increases in tax basis from Class B exchanges; pre-IPO NOLs | Certain investors | 85% | TRA liability of $108.9 million; 85% of the amount of tax benefits; exchanges of Class B common units; utilization of pre-IPO NOLs; certain of its investors | [] | 1,628,908 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Flowco Holdings Inc. | $108.20 | Basis Adjustments, Section 704(c) Allocations, interest deductions, existing tax basis | Flowco Holdings, Flowco LLC, Continuing Equity Owners | 85% | total amount due was $108.2 million; Basis Adjustments, Section 704(c) Allocations, and certain tax benefits; pay to each Continuing Equity Owner 85%; Flowco Holdings, Flowco LLC and the Continuing Equity Owners | ['Company has yet to make its first TRA payment.'] | 2,035,149 | 2026-08-11 | 10-Q | View Document | 85% | ||
| Perella Weinberg Partners | $105.60 | Step-up in tax basis from exchanges of PWP OpCo Units | PWP OpCo, Professional Partners and Investor Limited Partners | 85% | liability of $105.6 million; exchange of interests in PWP OpCo; step-up in tax basis; PWP OpCo, Professional Partners and Investor Limited Partners; payment of 85% of the amount | ['Liability includes Business Combination and subsequent exchanges.'] | 1,777,835 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Funko, Inc. | $102.40 | Redemptions or exchanges of FAH, LLC common units | FAH, LLC, Continuing Equity Owners, and transferees | 85% | gross outstanding balance was $102.4 million; redemptions or exchanges of common units; FAH, LLC and each Continuing Equity Owners; 85% of the amount of tax benefits | ['Liability not material due to full valuation allowance'] | 1,704,711 | 2026-08-06 | 10-Q | View Document | 85% | ||
| AEVEX Corp. | $95.90 | Basis increases from exchanges, existing tax basis, Blocker attributes, TRA payment benefits | Company, Holdings LLC, and TRA Rights Holders | 85% | estimated TRA liability balance was approximately $95.9 million; increases in the tax basis of assets; Company, Holdings LLC and the TRA Rights Holders; 85% of certain tax savings; unpaid amounts... will accrue interest | ['Liability includes effects of IPO and Secondary Offering'] | 2,096,300 | 2026-08-12 | 10-Q | View Document | 85% | ||
| Yesway, Inc. | $92.30 | Existing tax basis, Basis Adjustments, NOLs, capital losses, tax credit carryforwards, interest deductions | Ultimate Parent, Continuing Equity Owners, Blocker Shareholders | 85% | recognized $92.3 million of liabilities; cash payment of 85% of the amount; existing tax basis in the assets; Continuing Equity Owners and Blocker Shareholders; accrue interest until paid | ['Liability contingent on generating future taxable income.', 'Payments expected primarily over the next 15 years.'] | 1,859,836 | 2026-08-13 | 10-Q | View Document | 85% | ||
| ProFrac Holding Corp. | $86.70 | $86.7 million of estimated tax receivable agreement obligations; Tax receivable agreement liability 82.0; Tax receivable agreement obligation 4.7; realizes actual cash tax savings | ['Liability includes current and non-current portions.'] | 1,881,487 | 2026-08-06 | 10-Q | View Document | ||||||
| Lincoln International, Inc. | $84.80 | Basis Adjustments, existing tax basis, imputed interest | LILP, certain LILP Partners, other eligible parties | 85% | recorded a liability of $84.8$ million; 85% of the tax benefits; increases in the tax basis; existing tax basis in long-lived assets; deductions in respect of imputed interest | ['No payments anticipated within next 12 months.'] | 1,925,283 | 2026-08-07 | 10-Q | View Document | 85% | ||
| Allegiant Travel CO | $80.46 | pre-IPO shareholders of Sun Country | Termination payment under Tax Receivable Agreement; tax receivable agreement with pre-IPO shareholders | ['TRA terminated as part of Sun Country acquisition.'] | 1,362,468 | 2026-08-10 | 10-Q | View Document | |||||
| Liberty Energy Inc. | $66.90 | Increases in tax basis, net operating losses, and imputed interest | R/C Energy IV Direct Partnership, L.P. and TRA Holders | 85% | liability under the TRAs was $66.9 million; 85% of the net cash savings; increases in tax basis; net operating losses; imputed interest; R/C Energy IV Direct Partnership, L.P. | ['Liability decreased from $74.8 million at year-end 2025.'] | 1,694,028 | 2026-07-23 | 10-Q | View Document | 85% | ||
| Carlyle Group Inc. | $63.90 | increases in tax basis resulting from exchanges | limited partners of the Carlyle Holdings partnerships | 85% | Amounts owed under the tax receivable agreement 63.9; increases in tax basis resulting from exchanges; limited partners of the Carlyle Holdings partnerships; 85% of the amount of cash tax savings | ['Payments limited to pre-existing obligations after Conversion.'] | 1,527,166 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Black Rock Coffee Bar, Inc. | $62.00 | Basis Adjustments; interest deductions from TRA payments | Black Rock OpCo; Continuing Equity Owners; Co-Founders; Sponsor | 85% | liability of approximately $62.0 million; Basis Adjustments and certain tax benefits; Black Rock OpCo and the TRA Parties; 85% of the amount of tax benefits | ['Liability increased $23.1 million due to unit exchanges.'] | 2,068,577 | 2026-08-11 | 10-Q | View Document | 85% | ||
| Zevia PBC | $59.20 | NOLs, existing tax basis, basis increases, imputed interest | Continuing members of Zevia LLC, Direct Zevia Stockholders | 85% | SOFR + 300 basis points | totaled $59.2 million; 85% of the tax benefits realized; Secured Overnight Financing Rate plus 300 basis points; net operating losses; existing tax basis; increases in tax basis; imputed interest | ['Liability not recorded due to valuation allowance.'] | 1,854,139 | 2026-08-05 | 10-Q | View Document | 85% | |
| Excelerate Energy, Inc. | $57.65 | Increases in tax basis; existing tax basis; tax basis of assets purchased from Foundation | EE Holdings; the Foundation | 85% | TRA liability 49,966; Current portion of TRA liability 7,685; increases in the tax basis of assets; existing tax basis of assets; TRA with EE Holdings and the Foundation; payment by us to EE Holdings of 85% | ['Share repurchases decreased TRA liability by $1.2 million.'] | 1,888,447 | 2026-08-06 | 10-Q | View Document | 85% | ||
| MediaAlpha, Inc. | $54.70 | Tax basis in net assets of QLH; NOLs; imputed interest | Insignia, Senior Executives, White Mountains | 85% | accrued $54.7 million; tax basis in the net 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 | ["Insignia's TRA interest was repurchased and terminated June 2026."] | 1,818,383 | 2026-07-29 | 10-Q | View Document | 85% | ||
| GCM Grosvenor Inc. | $54.60 | Increases in tax basis in share of assets | TRA Parties | 85% | payable to related parties... was $54.6 million; increases in the tax basis in our share; pay 85% of the amount of these; to the TRA Parties | [] | 1,819,796 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Select Water Solutions, Inc. | $50.10 | Increases in tax basis; net operating losses (NOLs); imputed interest | Legacy Owner Holdco; Crestview Partners II GP, L.P. (Crestview GP) | 85% | 12-month term SOFR + 171.513 basis points | liability associated with the TRAs... $50.1 million; 85% of the net cash savings; increases in tax basis; net operating losses; 12-month term SOFR... plus 171.513 basis points | ['TRAs amended to replace LIBOR with SOFR.'] | 1,693,256 | 2026-08-05 | 10-Q | View Document | 85% | |
| Cardinal Infrastructure Group Inc. | $47.16 | Basis step-up, Section 743(b), Section 197, NOLs | Continuing Equity Holders, Diamond Interests Group LLC, Seller Owners | 85% | SOFR + 100bp | liability on the balance sheet totaled $47,156,582; 85% of the net cash tax savings; SOFR plus 100 basis points; Continuing Equity Holders; basis step-up in OpCo's assets | ['Includes a separate Tax Benefit Agreement (TBA).'] | 2,079,999 | 2026-08-11 | 10-Q | View Document | 85% | |
| Lazard, Inc. | $46.81 | increases in the tax basis of certain assets; certain other tax benefits | Lazard; LTBP Trust; owners of the Trust | 45% and 85% | Pro rata | cumulative liability... June 30, 2026 was $46,814; increases in the tax basis of certain assets; between Lazard and LTBP Trust; approximately 45%... and... 85%; distributed pro rata to the owners | ['Unique split payment structure of 45% and 85%.'] | 1,311,370 | 2026-07-28 | 10-Q | View Document | 45% and 85% | |
| VERRA MOBILITY Corp | $38.67 | Tax receivable agreement liability, current portion 5,257; Tax receivable agreement liability, net of current portion 33,418 | [] | 1,682,745 | 2026-08-05 | 10-Q | View Document | ||||||
| MALIBU BOATS, INC. | $38.67 | Existing tax basis, increases in tax basis, Section 754 adjustments, TRA payment tax benefits | pre-IPO owners (or their permitted assignees) | 85% | Ending balance $38,672; 85% of the amount of the benefits; pre-IPO owners (or their permitted assignees); increases in tax basis; Section 754 | ['Liability decreased due to OB3 tax reform changes.'] | 1,590,976 | 2026-08-27 | 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; increases in tax basis; Section 754 of the IRC; Legacy Unit Holders; Hagerty Holding Corp. ('HHC') and Markel; 85% of the... cash tax savings realized | ['TRA liability decreased from $39.8M to $38.3M.'] | 1,840,776 | 2026-08-05 | 10-Q | View Document | 85% | ||
| OneWater Marine Inc. | $37.50 | increases in tax basis, imputed interest | certain owners of OneWater LLC | 85% | undiscounted liability was $37.5 million; increases in tax basis; imputed interest; 85% of the calculated net cash savings; certain of the owners of OneWater LLC | [] | 1,772,921 | 2026-07-31 | 10-Q | View Document | 85% | ||
| PJT Partners Inc. | $36.03 | increases in tax basis; tax benefits from payments | PJT Partners Inc.; holders of Partnership Units | 85% | Amount Due Pursuant to Tax Receivable Agreement 36,032; increases in tax basis related to such exchanges; holders of Partnership Units; 85% of the benefits | [] | 1,626,115 | 2026-07-30 | 10-Q | View Document | 85% | ||
| EVgo Inc. | $33.80 | increases in tax basis, imputed interest | CRIS, Thunder Sub, EVgo Holdings, LS Power Equity Advisors, LLC | 85% | potential unrecorded tax liability... $33.8 million; 85% of the net cash savings; increases in tax basis; imputed interest; CRIS, Thunder Sub, EVgo Holdings, LS Power | ['Liability not accrued as not deemed probable.'] | 1,821,159 | 2026-08-05 | 10-Q | View Document | 85% | ||
| National CineMedia, Inc. | $32.40 | Intangible asset related to the ESA Parties | ESA Parties, AMC, Cinemark | Payable under the TRA 2.3; Payable under the TRA 30.1; TRA payments to Cinemark; no longer... obligation to make TRA payments to AMC | ['AMC TRA obligation terminated; Cinemark remains a party.'] | 1,377,630 | 2026-08-11 | 10-Q | View Document | ||||
| i3 Verticals, Inc. | $32.40 | Increase in tax basis; imputed interest | i3 Verticals, Inc., i3 Verticals, LLC, Continuing Equity Owners | 85% | total amount due was $32.4 million; increase in tax basis; 85% of the amount; Continuing Equity Owners; imputed interest | ['Payments expected over the next 22 years.'] | 1,728,688 | 2026-08-07 | 10-Q | View Document | 85% | ||
| AlTi Global, Inc. | $30.33 | increase in tax basis of assets of Umbrella | TWMH Members, TIG GP Members, TIG MGMT Members | 85% | 85% of certain tax benefits; liability associated with the TRA was approximately $30.3 million; increase in tax basis of the assets; TWMH Members, TIG GP Members, and TIG MGMT Members | ['Portion of TRA liability carried at fair value.'] | 1,838,615 | 2026-08-10 | 10-Q | View Document | 85% | ||
| P3 Health Partners Inc. | $29.70 | Tax basis increases from redemptions, exchanges, TRA payments, and imputed interest | P3 LLC and its members | 85% | estimated to be $29.7 million; payment by us of 85%; increases in our share of tax basis; P3 LLC and the members | ['No liability recorded as payments are not probable.'] | 1,832,511 | 2026-08-10 | 10-Q | View Document | 85% | ||
| PennyMac Financial Services, Inc. | $24.80 | Increases in tax basis of PNMAC’s assets; tax benefits from TRA payments | Certain former owners of PNMAC; PNMAC’s exchanged unitholders | 85% | recorded a $24.8 million Payable; increases in tax basis of PNMAC’s assets; certain former owners of PNMAC; amount equal to 85% of the amount | ['Liability unchanged from December 31, 2025.'] | 1,745,916 | 2026-08-04 | 10-Q | View Document | 85% | ||
| FORWARD AIR CORP | $24.05 | Tax benefits from Omni Acquisition; tax attributes from exchanges; partnership tax rules; gain or loss allocations | certain Omni Holders | range of potential payments to $24,050; certain Omni Holders; tax benefits generated in conjunction with the acquisition; tax attributes as of the date of exchanges; allocation of gain or loss | ['Liability relates to contingent consideration from Omni Acquisition.'] | 912,728 | 2026-08-05 | 10-Q | View Document | ||||
| Utz Brands, Inc. | $23.70 | Tax basis in net assets of UBH; tax basis increases from TRA payments; tax amortization deductions from Kennedy Endeavors acquisition. | Noncontrolling Interest Holders; Series U of UM Partners, LLC; Series R of UM Partners, LLC (Continuing Stockholders). | 85% | liability of $23.7 million; increases in the share of the tax basis; Noncontrolling Interest Holders; 85% of the amount of any tax benefits | ['TRA terminates for $44.0 million upon merger closing.'] | 1,739,566 | 2026-08-05 | 10-Q | View Document | 85% | ||
| OppFi Inc. | $20.40 | tax basis step-up from Corporate Simplification and exchanges | OppFi, OppFi-LLC, and the Members | Tax receivable agreement liability 20,403; tax basis 'step-up' triggered by the Corporate Simplification; OppFi, OppFi-LLC and the other persons; aggregate early termination payment of $40.8 million | ['TRA terminated April 2026 for $40.8 million payment.'] | 1,818,502 | 2026-08-10 | 10-Q | View Document | ||||
| Red Rock Resorts, Inc. | $19.40 | Step-up in basis of depreciable assets, Section 754, NOLs | Pre-IPO LLC Unit holders, Fertitta Family Entities | 85% | liability under the TRA was $19.4 million; 85% of the tax benefits realized; step-up in the basis of depreciable assets; Section 754 of the Internal Revenue Code; payable to Fertitta Family Entities | ['Liability decreased from $20.6 million at year-end 2025.'] | 1,653,653 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Amneal Pharmaceuticals, Inc. | $18.95 | Members | Total $18,947; Members - tax receivable agreement; unrecorded contingent TRA liability of $129.0 million | ['Unrecorded contingent TRA liability of $129.0 million.'] | 1,723,128 | 2026-08-06 | 10-Q | View Document | |||||
| 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 dealings; RMR Inc. pays to ABP Trust; 85.0% of the amount of cash savings | ['Liability includes $2,552 classified as current liability.'] | 1,644,378 | 2026-08-05 | 10-Q | View Document | 85.0% | ||
| NEWMARK GROUP, INC. | $17.51 | tangible and intangible assets of Newmark OpCo | Cantor | 85% | liability to Cantor of $17.5 million; tax basis of the tangible and intangible assets; Tax Receivable Agreement with Cantor; 85% of the amount of cash savings | ['Offsetting deferred tax asset of $19.5 million.'] | 1,690,680 | 2026-08-07 | 10-Q | View Document | 85% | ||
| Arxis, Inc. | $13.30 | Compensation deductions from convertible common stock and Section 83(b) election | Arcline Arxis Advisory I, L.P. | 85% | accrued $13.3 million related to its obligations; compensation deductions with respect to the convertible common stock; Arcline Arxis Advisory I, L.P.; specified percentage (85%) of the cash tax savings | ['Payments contingent on continued provision of advisory services.'] | 2,093,536 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Viant Technology Inc. | $12.90 | Tax basis step-ups, intangible assets, imputed interest | Viant Technology LLC, continuing members, TRA Representative | 85% | Lesser of 6.5% or SOFR + 400bp | total TRA liability... was $12.9 million; 85% of net cash tax savings; increases in tax basis; intangible assets; imputed interest; lesser of 6.5% and SOFR plus 400bp | ['TRA liability is entirely classified as long-term.'] | 1,828,791 | 2026-08-10 | 10-Q | View Document | 85% | |
| Definitive Healthcare Corp. | $12.70 | Tax basis adjustments, net operating losses, tangible and intangible assets basis | pre-IPO holders of LLC Units, former shareholders of certain Blocker Companies | 85% | liability under the TRA of $12.7 million; 85% of the amount of cash savings; tax basis adjustments; net operating losses; pre-IPO holders of LLC Units; former shareholders of certain Blocker Companies; deferred and will accrue interest until paid | ['Liability decreased due to $6.6M remeasurement gain.'] | 1,861,795 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Smith Douglas Homes Corp. | $9.40 | Basis Adjustments, Section 704(c) Allocations, interest deductions, 743(b), historical tax basis | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | recorded a TRA liability of $9.4 million; Basis Adjustments, Section 704(c) Allocations, interest deductions; Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners; 85% of certain tax benefits | ['Nonpayment for specified period may accelerate payments.'] | 1,982,518 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Silvercrest Asset Management Group Inc. | $9.37 | Increases in tax basis of tangible and intangible assets, tax benefits from TRA payments, and Class B unit exchanges | SLP Partners, current principals, and future employee-holders of Class B units | 85% | liability is estimated to be $9,371; tax benefits attributable to payments under the TRA; partners of SLP (the “SLP Partners”); pay the SLP Partners 85% of the amount | ['TRA terminates upon cause or non-compete breach.'] | 1,549,966 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Array Technologies, Inc. | $6.20 | increase in tax value of developed technology | former majority stockholder of Array Tech, Inc. | fair value of the TRA was $6.2 million; increase in tax value of developed technology; former majority stockholder of Array Tech, Inc. | ['TRA accounted for as contingent consideration', 'Fair value classified as Level 3'] | 1,820,721 | 2026-08-05 | 10-Q | View Document | ||||
| Zeo Energy Corp. | $4.60 | increases in tax basis and other tax attributes | ESGEN OpCo, LLC and certain OpCo members | 85% | estimated unrecorded TRA liability was approximately $4.6 million; increases in tax basis and other tax attributes; ESGEN OpCo, LLC and certain OpCo members; 85% of the net cash savings | ['Liability unrecorded as realization not more likely than not.'] | 1,865,506 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Finance of America Companies Inc. | $4.22 | future exchanges of Class A LLC units | certain owners of FOA Equity | TRA obligation 4,221; future exchanges of Class A LLC units; certain owners of FOA Equity | ['Blackstone TRA terminated Feb 2026', 'Liability reestablished after valuation allowance release'] | 1,828,937 | 2026-08-07 | 10-Q | View Document | ||||
| biote Corp. | $4.19 | Tax basis in net assets of Holdings; tax basis increases from redemptions; tax basis increases from TRA payments. | then-existing non-controlling interest holders | 85% | TRA liability 4,190; increases in the Company’s share of tax basis; then-existing non-controlling interest holders; 85% of the amount of any tax benefits | ['TRA liability decreased from $4.4M to $4.2M.'] | 1,819,253 | 2026-08-07 | 10-Q | View Document | 85% | ||
| HMH Holding Inc | $3.80 | acquisitions of B.V. Voting Shares, acquisition of B.V. Non-Voting Shares, redemptions or exchanges, imputed interest | HMH Holding Inc, HMH B.V., Baker Hughes, Akastor | 85% | recorded a TRA liability of $3.8 million; pay 85% of the net cash savings; acquisitions of B.V. Voting Shares; redemptions or exchanges of B.V. Non-Voting Shares; tax benefits related to imputed interest | ['Principal Stockholders are Baker Hughes and Akastor.'] | 2,021,880 | 2026-08-05 | 10-Q | View Document | 85% | ||
| INFINITY NATURAL RESOURCES, INC. | $3.60 | Tax basis increases from INR Unit exchanges, imputed interest, and additional tax basis from TRA payments | Legacy Owners | 85% | TRA liability of $3.6 million; tax basis increases resulting from the exchange; deductions arising from imputed interest; owners of INR Holdings prior to the IPO; 85% of the net cash savings | [] | 2,029,118 | 2026-08-10 | 10-Q | View Document | 85% | ||
| MARKETWISE, INC. | $3.10 | basis adjustments and other carryforward attributes | certain shareholders; MarketWise Members | 85% | cumulative liability of $3.1 million; basis adjustments and other carryforward attributes; certain shareholders; 85% of the calculated tax savings | ['Arnold Parties waived rights under TRA in settlement.', 'Acquisition proposal contingent on TRA termination.'] | 1,805,651 | 2026-08-06 | 10-Q | View Document | 85% | ||
| GEN Restaurant Group, Inc. | $1.10 | increases in tax basis from redemptions or exchanges | GEN Inc., Operating Company, and Members | 85% | TRA of $1.1 million; increases in tax basis from future redemptions; with the Operating Company and each Members; 85% of the amount of tax benefits | ['Estimated total TRA payments of $99.6 million.'] | 1,891,856 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Bakkt, Inc. | $0.50 | Tangible and intangible assets, Section 743(b), Section 734(b) | Opco equity holders, ICE, Mr. Naheta | 85% | approximately $0.5 million remained to be paid; tangible and intangible assets of Opco; 85% of certain net income tax benefits; certain Opco equity holders, ICE, Mr. Naheta | ['The Reorganization terminated the TRA.'] | 1,820,302 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Fluence Energy, Inc. | $0.30 | Tax basis increases, depreciation and amortization deductions | Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, AES Grid Stability | 85% | payment made of $0.3 million liability; increases in our share of the tax basis; Siemens Industry and AES Grid Stability; equal to 85% of the tax benefits; will be deferred and will accrue interest | ['Full valuation allowance prevents recognition of remaining liability.'] | 1,868,941 | 2026-08-05 | 10-Q | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $0.20 | RIHI, Inc. | total liability under the TRAs is $0.2 million; between the Company and RIHI; RIHI TRA will terminate upon the closing | ['TRA terminates upon closing of the Mergers.'] | 1,581,091 | 2026-08-06 | 10-Q | View Document | |||||
| Bioventus Inc. | $0.19 | increases in the tax basis of assets; certain other tax benefits | Continuing LLC Owner | 85% | 85% of the amount of tax benefits; increases in the tax basis of assets; Continuing LLC Owner; Recognition of tax receivable agreement liability; had not recorded any liabilities | ['Narrative contradicts equity table regarding recorded liabilities.'] | 1,665,988 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Net Power Inc. | $0.00 | deferred tax assets | TRA holders | reduced the TRA liability to zero; deferred tax assets subject to the TRA; intent to terminate the TRA | ['TRA terminated effective June 12, 2025.'] | 1,845,437 | 2026-08-13 | 10-Q | View Document | ||||
| Direct Digital Holdings, Inc. | $0.00 | Tax basis in net assets of DDH LLC; Section 754 tax basis increases | DDH LLC; DDM | 85% | 85% of the net cash savings; DDH LLC and DDM; tax basis in the net assets; liability... of $0 | ['TRA liability derecognized during the current period'] | 1,880,613 | 2026-08-14 | 10-Q | View Document | 85% | ||
| AST SpaceMobile, Inc. | $0.00 | Existing tax basis, tax basis adjustments, tax deductions, tax attributes | AST LLC, TRA holders | 85% | no TRA liabilities recorded; 85% of the amount of savings; existing tax basis of certain assets; tax basis adjustments; tax deductions; tax attributes; TRA holders; AST LLC | [] | 1,780,312 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Xponential Fitness, Inc. | $0.00 | NOLs, existing tax basis, tax basis adjustments, imputed interest | H&W Investco Blocker II, LP, Continuing Pre-IPO LLC Members | 85% | LIBOR + 100 basis points | 85% of the amount of cash savings; LIBOR plus 100 basis points; net operating losses; existing tax basis; tax basis adjustments; imputed interest | ['Liability of $117.15M not recorded due to valuation allowance.'] | 1,802,156 | 2026-08-07 | 10-Q | View Document | 85% | |
| GRAFTECH INTERNATIONAL LTD | $0.00 | tax assets that have been utilized | sole pre-IPO stockholder | write off of the remaining $3.8 million liability; future payment to our sole pre-IPO stockholder; tax assets that have been utilized | ['Remaining liability written off in Q2 2025.'] | 931,148 | 2026-07-24 | 10-Q | View Document | ||||
| indie Semiconductor, Inc. | $0.00 | basis adjustments on future exchanges of ADK, LLC units and other carryforward attributes assumed | certain shareholders | 85% | not recorded a liability under the TRAs; basis adjustments on future exchanges; other carryforward attributes assumed; certain shareholders; 85% of the calculated tax savings | ['Full valuation allowance prevents recording TRA liability.'] | 1,841,925 | 2026-08-07 | 10-Q | View Document | 85% | ||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | Increases in tax basis; acquired tax attributes; TRA payment tax benefits | 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 | ['Liability not recorded as realization not probable'] | 1,823,239 | 2026-08-07 | 10-Q | View Document | 85% | ||
| FLYEXCLUSIVE INC. | $0.00 | certain tax basis adjustments | Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust, LGM | 85% | no TRA liability has been recorded; certain tax basis adjustments; 85% of the Realized Tax Benefit; Company, LGM, Existing Equityholders, and Segrave | ['Maximum early termination payment estimated at $15.0 million.'] | 1,843,973 | 2026-08-12 | 10-Q | View Document | 85% | ||
| System1, Inc. | $0.00 | no amounts due; parties to the Tax Receivable Agreement | ['Full valuation allowance on deferred tax assets.'] | 1,805,833 | 2026-08-05 | 10-Q | View Document | ||||||
| Solo Brands, Inc. | $0.00 | no liability has been recorded; due to its immateriality; impact of valuation allowances; reduce future cash payment obligations | ['Corporate Simplification eliminated UP-C structure.'] | 1,870,600 | 2026-08-13 | 10-Q | View Document | ||||||
| Camping World Holdings, Inc. | $0.00 | Increases in tax basis; Section 754; TRA payments | Continuing Equity Owners; Crestview Partners II GP, L.P. | 85% | did not have a Tax Receivable Agreement liability; increases in the tax basis; Section 754; 85% of the amount of tax benefits; Continuing Equity Owners and Crestview Partners II GP, L.P. | ['Liability remeasured to zero as not probable'] | 1,669,779 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Bumble Inc. | $0.00 | exchanges of Common Units | Founder, Sponsor, affiliate of Accel Partners LP, management | complete and full termination; exchanges of Common Units; Founder, Sponsor, affiliate of Accel Partners LP | ['TRA terminated in November 2025 via settlement.'] | 1,830,043 | 2026-08-06 | 10-Q | View Document | ||||
| Intuitive Machines, Inc. | $0.00 | Existing tax basis; tax basis adjustments; Business Combination tax benefits; TRA payment tax deductions | TRA Holders (certain Intuitive Machines, LLC members and related parties to the Company) | 85% | management does not expect a TRA liability; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; TRA Holders (certain Intuitive Machines, LLC members); 85% of the amount of cash tax savings | [] | 1,844,452 | 2026-08-13 | 10-Q | View Document | 85% | ||
| WM TECHNOLOGY, INC. | $0.00 | additional tax basis from redemptions or exchanges | continuing Class A Unit holders | 85% | TRA liability was nil; additional tax basis; continuing Class A Unit holders; 85% of the amount of tax benefits | ['Liability nil due to full valuation allowance.', 'Reinstated liability could be $136.2 million.'] | 1,779,474 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Andersen Group Inc. | $0.00 | Tax basis in AT Umbrella LLC assets; tax benefits from TRA payments | Aggregator; Class X Umbrella Unit holders; pre-IPO owners | 85% | not yet incurred a liability; 85% of the amount of tax benefits; increase in tax basis; certain pre-IPO owners; unpaid amounts will accrue interest | ['No liability has been incurred yet.'] | 2,065,708 | 2026-08-12 | 10-Q | View Document | 85% | ||
| vTv Therapeutics Inc. | $0.00 | Exchange of Class B common stock and vTv Units; imputed interest; tax benefits from TRA payments | vTv Therapeutics Inc., MacAndrews, M&F TTP Holdings Two LLC, M&F TTP Holdings LLC | 85% | not recognized any liability; 85% of the amount of cash savings; exchange of Class B common stock; imputed interest deemed to be paid; M&F TTP Holdings Two LLC | ['No liability recognized as of June 30, 2026.'] | 1,641,489 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Vivid Seats Inc. | $0.00 | Increases in tax basis, existing tax basis, imputed interest | Hoya Intermediate unitholders, Hoya Topco, LLC | 85% | no longer have a TRA liability; 85% of the amount of any tax savings; increases in the tax basis; existing tax basis; imputed interest | ['TRA terminated in connection with Corporate Simplification.'] | 1,856,031 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Quantinuum Inc. | $0.00 | Basis Adjustments, Existing Basis, interest deductions | Quantinuum Holdings, TRA Parties, Members, Honeywell Entities | 85% | Pro rata | liability is not recognized; 85% of such tax savings; Basis Adjustments; Existing Basis; interest deductions; pro rata in accordance with their ownership | ['Full valuation allowance; liability not recognized.'] | 2,110,105 | 2026-08-13 | 10-Q | View Document | 85% | |
| Symbotic Inc. | $0.00 | attributes obtained as a result of exchanges | Legacy Warehouse Holders; TRA Holders | 85% | no TRA liability was recorded; 85% of these potential future tax benefits; Legacy Warehouse Holders; attributes obtained as a result of exchanges; expected to be $487.0 million | ['No liability recorded; expected future payments $487.0 million.'] | 1,837,240 | 2026-08-05 | 10-Q | View Document | 85% | ||
| SUJA LIFE, INC. | $0.00 | Basis increases from exchanges, distributions, pre-IPO attributes, and TRA-related tax benefits | Owners of Holdings LP, including PSP | 85% | total amount due under TRA was $0.0; increases in the tax basis of assets; owners of Holdings LP, including PSP; pay such persons 85% of cash savings | ['Liability not recorded due to valuation allowance assessment'] | 1,934,114 | 2026-08-04 | 10-Q | View Document | 85% | ||
| PROKIDNEY CORP. | $0.00 | increases in tax basis attributable to exchanges; tax attributes of PK Holdings; tax benefits related to entering into the Tax Receivable Agreement | Closing ProKidney Unitholders | 85% | not recognized any liability; 85% of the amount of cash savings; increases in tax basis attributable to exchanges; certain other tax attributes of PK Holdings; Closing ProKidney Unitholders | ['Full valuation allowance prevents recognition of TRA liability.'] | 1,850,270 | 2026-08-10 | 10-Q | 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 as not probable.'] | 1,822,966 | 2026-08-05 | 10-Q | View Document | |||||
| Brilliant Earth Group, Inc. | $0.00 | Aggregate historical tax basis, Sections 743(b), 197 | Brilliant Earth Group, Inc., Brilliant Earth, LLC, Continuing Equity Owners | 85% | no TRA liability reflected; 85% of the amount of tax benefits; Continuing Equity Owners; Sections 743(b) and 197 | ['TRA liability not probable at current time'] | 1,866,757 | 2026-08-06 | 10-Q | View Document | 85% | ||
| FuboTV Inc. | $0.00 | Historic NOLs, tax basis adjustments, imputed interest | FuboTV Inc., Newco, Hulu | 70% | no TRA liability has been recorded; historic net operating loss carryforwards; increases in tax basis; Company, Newco and Hulu; 70% of the tax benefit | ['TRA share is 70% or less.'] | 1,484,769 | 2026-08-05 | 10-Q | View Document | 70% | ||
| Verde Clean Fuels, Inc. | $0.00 | increases in tax basis from OpCo Unit acquisitions; imputed interest; additional tax basis from TRA payments | Holdings, permitted transferees, the Agent | 85% | did not record a liability; increases in tax basis; imputed interest; Holdings; the Agent; 85% of the amount of realized tax benefit | ['Payment cap of $50,000 for change of control.'] | 1,841,425 | 2026-08-10 | 10-Q | View Document | 85% | ||
| CIM GROUP, INC. | $0.00 | Tax basis of tangible and intangible assets | CMFH, CMGH, and TRA Recipients | 85% | had not recorded a liability; pay CMGH 85% of certain tax benefits; increases in tax basis; CMFH and CMGH | ['Obligation is contingent and cannot be reasonably estimated'] | 1,498,547 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Greenlane Holdings, Inc. | $0.00 | increases in tax basis and certain other tax benefits | certain former holders of interests in the Operating Company | 85% | recorded no liability under the TRA; increases in tax basis; former holders of interests in the Operating Company; 85% of certain tax benefits | ['No liability recorded due to valuation allowance.'] | 1,743,745 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Evercore Inc. | Payments Under Tax Receivable Agreement | [] | 1,360,901 | 2026-08-05 | 10-Q | View Document | |||||||
| X-Energy, Inc. | Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions | X-energy, XERC, TRA Holders | 85% | 85% of the amount of cash tax savings; Basis Adjustments, Existing Basis, Blocker Tax Attributes; 734(b), 743(b) and 754 of the Code | ['Payments may be accelerated upon change of control'] | 2,088,896 | 2026-08-13 | 10-Q | View Document | 85% | |||
| Quantinuum Inc. | IPO Existing Basis, Exchange Existing Basis, Basis Adjustments, Imputed Interest, Net Operating Losses | TRA Parties | 85% | Pro rata | 85% of the Cumulative Net Realized Tax Benefit; allocated among the TRA Parties in proportion; IPO Existing Basis, Exchange Existing Basis, Basis Adjustments | ['Liability amount not present in provided text.'] | 2,110,105 | 2026-08-13 | 10-Q | View Document | 85% | ||
| Falcon's Beyond Global, Inc. | Tax basis increases from unit exchanges and benefits from TRA payments. | Falcon’s Opco, Exchange TRA Holders, the Company, TRA holder representative | 85% | 85% of the amount of tax benefits; increases in tax basis from any exchange; partners of Falcon’s Opco; Exchange TRA Holders | ['Full valuation allowance on deferred tax assets.'] | 1,937,987 | 2026-08-13 | 10-Q | View Document | 85% | |||
| Liberty Broadband Corp | tax benefits realized by Liberty Capital | Liberty Broadband, Charter, Liberty Capital Corporation | entitled under a tax receivables agreement; tax benefits realized by Liberty Capital; estimated to be significantly less than $420 million | ['Entitlement triggered if tax liability exceeds $420 million.'] | 1,611,983 | 2026-07-29 | 10-Q | View Document | |||||
| Hamilton Lane INC | Increases in tax basis of HLA assets; depreciation and amortization deductions | pre-IPO members of HLA | 85% | pay 85% of the amount; increases in the tax basis; pre-IPO members of HLA | ['Paid $1.951 million under TRA during the quarter.'] | 1,433,642 | 2026-08-04 | 10-Q | View Document | 85% | |||
| ERock, Inc. | Basis adjustments from exchanges, Reorganization tax attributes, TRA payment tax benefits | Continuing Equity Unitholders, Continuing Profits Interest Unitholders, Blocked Unitholders, Energy Impact Fund (FT-B) LP | 85% | 85% of the net cash tax savings; Continuing Equity Unitholders, certain Continuing Profits Interest Unitholders; increases in, or adjustments to, the tax basis; tax attributes available to the Company | ['Liability recognized only if future taxable income is probable.'] | 2,110,029 | 2026-08-12 | 10-Q | View Document | 85% | |||
| Rocket Companies, Inc. | increases in tax basis and other tax benefits | RHI II, LLC and Mr. Gilbert | 90% | 90% of the amount of cash savings; RHI II, LLC and Mr. Gilbert; increases in tax basis and other tax benefits; recorded in Accounts payable and other liabilities | ['TRA share is 90% of cash savings.', 'Up-C structure collapsed June 30, 2025.'] | 1,805,284 | 2026-08-07 | 10-Q | View Document | 90% | |||
| Quantinuum Inc. | the Corporation, the Company, and TRA Parties | by and among the Corporation and the Company; and the TRA Parties | [] | 2,110,105 | 2026-08-13 | 10-Q | View Document | ||||||
| UWM Holdings Corp | Tax basis increases from exchanges, imputed interest, and disproportionate allocations. | SFS Corp. | 85% | 85% of the amount of cash savings; Tax Receivable Agreement ('TRA') with SFS Corp.; increases in tax basis resulting from Exchange Transactions; imputed interest deemed to be paid; disproportionate allocations (if any) of tax benefits | ['TRA liability recorded as a loss contingency.'] | 1,783,398 | 2026-08-07 | 10-Q | View Document | 85% | |||
| Intuitive Machines, Inc. | Corporation, Company, and the Members | by and among the Corporation and the Company; and the Members... party thereto | [] | 1,844,452 | 2026-08-13 | 10-Q | View Document | ||||||
| Concord Acquisition Corp II | Events.com’s pre-closing tax attributes | Events.com, the Company, certain Events.com shareholders, New CND | 85% | 85% of the tax benefits realized; Events.com’s pre-closing tax attributes; Events.com, the Company and certain Events.com shareholders | ['TRA covers pre-closing tax attributes.'] | 1,851,959 | 2026-08-13 | 10-Q | View Document | 85% | |||
| ITG, Inc./DE/ | Allocable share of tax basis, net operating losses, increases in existing tax basis, basis adjustments, imputed interest | Former owners of ITG Parent ("TRA Participants"), Oaktree Blocked Fund | 85% | 85% of the amount of tax savings; former owners of ITG Parent; allocable share of tax basis; net operating losses; imputed interest arising from any payments | [] | 2,110,117 | 2026-08-12 | 10-Q | View Document | 85% | |||
| Alchemy Investments Acquisition Corp 1 | tax basis adjustments from TRA Exchanges, tax benefits from TRA payments, depreciation and amortization deductions | Pubco, certain Cartiga Members (TRA Holders) | 85% | 85% of the cash tax benefits; tax basis adjustments resulting from TRA Exchanges; certain Cartiga Members (the 'TRA Holders'); accrue interest until paid | ['Payments accelerate upon change of control or default.'] | 1,901,336 | 2026-08-27 | 10-Q | View Document | 85% | |||
| Purple Innovation, Inc. | tax basis increases in the assets of Purple LLC; imputed interest | InnoHold; noncontrolling interest holders | 80% | 80% of the net cash savings; InnoHold; tax basis increases in the assets; imputed interest deemed to be paid | [] | 1,643,953 | 2026-08-11 | 10-Q | View Document | 80% | |||
| York Space Systems Inc. | net operating loss carryforwards, research and development credit carryforwards | equity holders of Holdings, holders of Class P Units | 85% | SOFR + 100 basis points | 85% of certain tax savings; equity holders of Holdings; holders of Class P Units; net operating loss carryforwards; research and development credit carryforwards; 100 basis points above SOFR | ['Liability not recorded as payment is not probable.'] | 2,086,587 | 2026-08-13 | 10-Q | View Document | 85% | ||
| TWFG, Inc. | Bunch Family Holdings, LLC, RFB Spousal Lifetime Trust, MCB Spousal Lifetime Trust | transferee became a party to the Tax Receivable Agreement; Tax Receivable Agreement, dated July 17, 2024; make payments under the Tax Receivable Agreement | ['Transferees became parties to the Tax Receivable Agreement.'] | 2,007,596 | 2026-08-06 | 10-Q | View Document | ||||||
| Core & Main, Inc. | Parent Entity or IPO Vehicle | pay any amount pursuant to the Tax Receivable Agreements | ['Text describes payment permissions under debt covenants.'] | 1,856,525 | 2026-09-09 | 10-Q | View Document | ||||||
| CINEMARK USA INC /TX | NCMI | cash receipts pursuant to a tax receivable agreement | ['Company receives TRA payments from NCMI.'] | 885,975 | 2026-07-30 | 10-Q | View Document | ||||||
| Vistra Corp. | benefits realized as a result of certain transactions entered into at the emergence of our predecessor from reorganization under Chapter 11 | predecessor from reorganization under Chapter 11 | Amended and Restated Tax Receivable Agreement; benefits realized as a result of certain transactions; emergence of our predecessor from reorganization; no material TRA payments | ['No material TRA payments expected in next 12 months'] | 1,692,819 | 2026-08-07 | 10-Q | View Document |