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; tax attributes | Certain pre-IPO owners | 90% | balance of the TRA liability was $4,404 million; allocable share of existing tax basis; certain pre-IPO owners; 90% of certain tax benefits | ['Liability includes $12 million current portion.', 'Liability increased by $862 million during 2026.'] | 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 adjustments from LLC unit exchanges; imputed interest | LLC Unitholders | 85% | recorded a TRA liability of $2.2 billion; basis adjustment relating to the assets; pay to the LLC Unitholders 85%; deferred and will accrue interest until paid | ['$1.7 billion of liability due to related parties'] | 1,690,820 | 2026-07-29 | 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% | 90% of certain tax benefits; aggregate noncurrent liability... approximately $2,084 million; certain of the pre-IPO owners; existing tax basis and anticipated tax basis adjustments | ['TRA share is 90%, higher than industry standard.'] | 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 others | 85% | Due to Certain Non-Controlling Interest Holders; tangible and intangible assets of Blackstone Holdings; predecessor owners; senior managing directors; 85% of the amount of cash savings | ['Payments aggregate $2.1 billion over 15 years.'] | 1,393,818 | 2026-08-07 | 10-Q | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,636.80 | 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 at fair value.'] | 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; non-controlling interest holders; certain tax attributes and benefits | ['Liability increased $166.3 million from Q2 2026 exchanges.'] | 1,866,581 | 2026-08-05 | 10-Q | View Document | 85% | ||
| TPG Inc. | $848.20 | Tax basis of investment in TPG Operating Group; Covered Tax Items | Beneficiaries, Related Parties, non-affiliates, current and former employees and partners of TPG Partner Holdings | 85% | liability pursuant to the Tax Receivable Agreement... $848.2 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 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Apollo Global Management, Inc. | $768.00 | increases in tax basis of assets; Section 754; AOG Unit exchanges; Bridge acquisition tax benefits | Former Managing Partners; Contributing Partners; Bridge TRA holders | 85% | Due to TRA holders $768; increases in tax basis of assets; Former Managing Partners and Contributing Partners; 85% of the amount of cash tax savings; interest is accrued on the balance | ['No more units available for exchange.'] | 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; 85% of the tax benefits realized; Clayton, Dublier & Rice (“CD&R”); Core & Main Management Feeder, LLC; exchanges of Partnership Interests | ['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; tax benefits from TRA payments and interest | Holders of AOG Units; TRA recipients | 85% | TRA liability balance was $622.0 million; increases in tax basis of tangible and intangible assets; 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... were $618 million; result of tax basis increases; IBG, Inc. also entered into an agreement... with Holdings; 85% of the tax savings | ['Cumulative payables $618M; $321M paid through June 30, 2026.'] | 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, and certain deductible expenses attributable to the transactions related to the IPO | certain stockholders, Management party participants (Nick Loporcaro, Brian Tierney, Edward Van Horne, Thomas Cook, Lisa Jacoba) | 85% | SOFR + 1.0% | Pro rata | 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%; reallocated to participating stockholders | ['Management forfeitures reallocated to stockholders; no acceleration on control change.'] | 1,898,718 | 2026-08-12 | 10-Q | View Document | 85% |
| RYAN SPECIALTY HOLDINGS, INC. | $463.70 | Increases in tax basis from exchanges, Pre-IPO M&A tax attributes, remedial partnership tax allocations, and TRA payment tax attributes | Current and certain former LLC Unitholders | 85% | Tax Receivable Agreement liabilities of $463.7 million; 85% of the net cash savings; current and certain former LLC Unitholders; increases in the tax basis; Pre-IPO M&A Tax Attributes; remedial partnership tax allocations; TRA Payment Tax Attributes | ['Liability is based on undiscounted estimated future payments.'] | 1,849,253 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Alight, Inc. / Delaware | $463.00 | Tax basis adjustments from sales and exchanges, tax attributes, and other tax benefits. | Certain owners of Alight Holdings prior to the Business Combination. | 85% | Ending balance as of June 30, 2026 463; tax basis adjustments from sales and exchanges; certain owners of Alight Holdings; 85% of any savings that we realize | ['Objection Notice received regarding 2026 Tax Benefit Schedule.'] | 1,809,104 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Nextpower Inc. | $393.20 | existing tax basis in tangible and intangible assets; increases in tax basis | Flex Ltd., TPG Inc., TPG Affiliates, Yuma, Inc., Yuma Sub | 85% | TRA liability... was $393.2 million; existing tax basis in tangible and intangible assets; Flex Ltd., TPG Inc. and TPG Affiliates; 85% of the tax benefits | ['Liability split between TRA liability and current liabilities.', 'Yuma and Yuma Sub assigned rights to Flex affiliate.'] | 1,852,131 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Planet Fitness, Inc. | $361.40 | Tax attributes from Holdings Units exchanges, tax basis increase, TSG 2012 purchase attributes, imputed interest | 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; pay 85% of the applicable tax savings | ['Two separate tax receivable agreements.'] | 1,637,207 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Legence Corp. | $350.90 | allocable share of existing tax basis; tax attributes of blocker entities; increases in tax basis from future redemptions or exchanges; tax benefits from TRA payments | Legence Parent and Legence Parent II (TRA Members) | 85% | current and long-term TRA liability is $8.2 million; long-term TRA liability is $342.7 million; 85% of the net cash tax savings; Legence Parent and Legence Parent II; allocable share of existing tax basis; utilization of certain tax attributes of blocker entities; increases in tax basis resulting from future redemptions | ['Liability increased by $133.8M from Subsequent 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 | 85% | obligation for future payments... totaled $343.4 million; existing tax basis; net operating losses; adjustments to the tax basis; pre-IPO LLC Members; payment by us of 85% | ['Liability includes current and long-term portions.'] | 1,871,509 | 2026-08-05 | 10-Q | View Document | 85% | ||
| StepStone Group Inc. | $341.10 | Increases in tax basis, utilization of certain other tax benefits, imputed interest | Class B limited partners, Class C limited partners, Class D limited partners, pre-IPO institutional investors | 85% | total Tax Receivable Agreements liability was $341.1 million; increases in tax basis; utilization of certain other tax benefits; tax benefits related to imputed interest; 85% of net cash tax savings | ['TRA includes Exchanges and Reorganization agreements.'] | 1,796,022 | 2026-08-07 | 10-Q | 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'] | 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 | Tradeweb Markets Inc., TWM LLC, Continuing LLC Owners | 50% | tax receivable agreement liability totaled $317.5 million; increases in the tax basis; Continuing LLC Owners; 50% of the amount; accrue interest until paid | ['TRA share is 50% instead of 85%.'] | 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; OpCo and our legacy owners | ['Liability increased from redemptions and remeasurement loss recognized.'] | 2,064,947 | 2026-08-05 | 10-Q | View Document | 85% | ||
| GPGI, Inc. | $284.90 | tax benefits | GPGI Holdings and holders of interests therein | 90% | Total payments $284.9; 90% of the tax benefits; GPGI Holdings and holders of interests; accrue interest until paid | ['TRA share is 90%.'] | 1,823,144 | 2026-08-06 | 10-Q | View Document | 90% | ||
| Artisan Partners Asset Management Inc. | $275.00 | step-up of tax basis, tax attributes of preferred units, imputed interest | Pre-H&F Corp Merger Shareholder, current or former limited partners of Holdings | 85% | Pro rata | $275.0 million liability as of June 30, 2026; step-up of tax basis and other tax attributes; 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, imputed interest | Eligible Managing Directors | 85% | total payable of $269.6 million due; increases in tax basis; imputed interest; 85% of the amount of cash savings | ['Payments required 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 | Direct and indirect owners of Cactus LLC | 85% | total liability from the TRA was $267.0 million; 85% of the net cash savings; tax basis subject to the TRA; direct and indirect owners of Cactus LLC | [] | 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 | Clear Secure, Inc.; Alclear Members | 85% | recorded a tax receivable agreement liability of $256,695; increase in tax basis in Alclear’s assets; Alclear Members; 85% of the net cash savings; imputed interest deemed arising | [] | 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% | 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 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Shake Shack Inc. | $246.10 | Tax basis increases from LLC Interest redemptions/exchanges, TRA payments, and imputed interest deductions | Non-controlling members of SSE Holdings | 85% | obligations totaled $246.1 million; 85% of any tax benefits; non-controlling members of SSE Holdings; increases in the tax basis | ['Payments not conditioned upon continued ownership interest.'] | 1,620,533 | 2026-08-05 | 10-Q | View Document | 85% | ||
| SOLV Energy, Inc. | $240.68 | Existing tax basis, tax basis adjustments, NOLs, and interest deductions | Continuing Equity Owners, Blocker Shareholders, and TRA Participants | 85% | Tax receivable agreement 240,677; 85% of the tax benefits; Continuing Equity Owners, the Blocker Shareholders; allocable share of existing tax basis; utilization of certain tax attributes (including NOLs); interest deductions arising from payments | ['Liability increased due to June 2026 secondary offering.'] | 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 payments. | RSI ASLP, Inc. (Special Limited Partner); RSILP; Retained RSILP Unit holders. | 85% | recognized a TRA liability of $239.7 million; increase in tax basis and tax benefits; pay 85% of certain net tax benefits; RSI ASLP, Inc. (the 'Special Limited Partner') | ['Liability recognized after determining DTA utilization is likely.'] | 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 | Current and former members of AdaptHealth Holdings LLC | 85% | liability relating to the TRA was $238.9 million; payment by AdaptHealth Corp. of 85%; tax attributes... existing prior to the Business Combination; increases in tax basis resulting from exchanges; current and former members of AdaptHealth Holdings LLC | [] | 1,725,255 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Shift4 Payments, Inc. | $226.00 | taxable exchange | Shift4 Payments, Inc., Rook Holdings Inc., Jared Isaacman, Continuing Equity Owners | TRA liability was $226 million; Up-C Collapse via a taxable exchange; Rook assigned all of its rights; payments... made to the Continuing Equity Owners | ['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 increases in Hawk Parent net assets, TRA payment basis increases, imputed interest. | Holders of Post-Merger Repay Units, selling Hawk Parent members. | 100% | liability of $194.3 million; 100% of the amount of any tax benefits; holders of Post-Merger Repay Units; increases in its share of the tax basis; deductions attributable to imputed interest | ['TRA share is 100% of realized tax benefits.'] | 1,720,592 | 2026-08-10 | 10-Q | View Document | 100% | ||
| Five Point Holdings, LLC | $181.50 | certain tax attributes; exchanges of Class A units; California net operating loss deductions | holders of Class A Common Units; San Francisco Venture unit holders | 85% | liabilities of $181.5 million; result of certain tax attributes; holders of Class A Common Units; 85% of the cash savings | ['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 in tangible and intangible assets; imputed interest | Pre-IPO LLC Members | 85% | total amount of TRA Payments... was $174.5 million; increase in tax basis in GSHD's assets; TRA with the Pre-IPO LLC Members; payment... of 85% of the amount of cash savings | [] | 1,726,978 | 2026-07-22 | 10-Q | View Document | 85% | ||
| Virtu Financial, Inc. | $173.10 | Basis increase, intangible assets, NOLs, other tax attributes | Direct or indirect equity holders (TRA Parties) | 85% | liabilities... were approximately $173.1 million; 85% of the applicable cash tax savings; increase to the tax basis; intangible assets; Net Operating Losses (“NOLs”); direct or indirect equity holders | [] | 1,592,386 | 2026-07-31 | 10-Q | View Document | 85% | ||
| PBF Energy Inc. | $168.20 | Increases in tax basis from unit exchanges; 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; PBF LLC Series A and Series B unitholders; 85% of the amount of the benefits | [] | 1,534,504 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Galaxy Digital Inc. | $162.20 | Increase in tax basis in GDH LP’s assets; imputed interest | Present and former limited partners of GDH LP | 85% | liability... of $162.2 million... as of June 30, 2026; 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 TRA entered May 13, 2025.'] | 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 | ['Change of control assumptions apply from Sculptor Acquisition.'] | 1,556,593 | 2026-08-04 | 10-Q | View Document | ||||
| Baldwin Insurance Group, Inc. | $144.60 | increase in tax basis in Baldwin Holdings’ assets; imputed interest | Baldwin Holdings’ LLC Members; Pre-IPO LLC Members | 85% | Tax Receivable Agreement liabilities of $144.6 million; increase in tax basis in Baldwin Holdings’ assets; 85% of the amount of cash savings; Baldwin Holdings’ LLC Members | ['Liability recognized upon concluding tax benefits are realizable.'] | 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; TRA payment deductions | 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 | ['No payments made during the six months.'] | 1,831,631 | 2026-08-06 | 10-Q | View Document | ||||
| Solaris Energy Infrastructure, Inc. | $109.20 | Increases in tax basis, imputed interest, and additional tax basis from TRA payments | Other then-existing members of Solaris LLC | 85% | Pro rata | liability under the TRA was $109.2 million; increases in tax basis; imputed interest; additional tax basis; other then-existing members of Solaris LLC; representing 85% of the net cash savings; 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 plus an applicable term adjustment plus 5.0% | current... payable of $30 million; non-current... payable of $79 million; Pre-IPO and IPO-Related Tax Benefits; pre-IPO shareholders; 85% of the amount of cash savings; SOFR plus an applicable 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; increases in our tax basis; utilization of pre-IPO NOLs; certain of its investors; 85% of the amount of tax benefits | ['Liability unchanged from December 31, 2025.'] | 1,628,908 | 2026-08-06 | 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 (TRA Participants) | 85% | total amount due under the TRA was $108.2 million; Basis Adjustments, Section 704(c) Allocations, and interest deductions; pay to each Continuing Equity Owner 85%; Flowco Holdings, Flowco LLC and the Continuing Equity Owners | ['Liability increased significantly due to Common Unit Conversions.'] | 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; PWP OpCo, Professional Partners and Investor Limited Partners; payment of 85% of the amount | [] | 1,777,835 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Funko, Inc. | $102.40 | exchanges of common units of FAH, LLC | FAH, LLC, Continuing Equity Owners, and certain transferees | 85% | gross outstanding balance was $102.4 million; exchanges of common units of FAH, LLC; FAH, LLC and each of the Continuing Equity Owners; 85% of the amount of tax benefits | ['Full valuation allowance; recorded liability is not material.'] | 1,704,711 | 2026-08-06 | 10-Q | View Document | 85% | ||
| AEVEX Corp. | $95.90 | Increases in tax basis from exchanges; existing tax basis; Blocker Entity tax attributes; TRA payment tax benefits | AEVEX Corp., Holdings LLC, TRA Rights Holders (including Principal Stockholder) | 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 until paid | ['Liability increased following a Secondary Offering in 2026.'] | 2,096,300 | 2026-08-12 | 10-Q | View Document | 85% | ||
| Yesway, Inc. | $92.30 | Existing tax basis, Basis Adjustments, Blocker NOLs, interest deductions | Ultimate Parent, Continuing Equity Owners, Blocker Shareholders | 85% | recognized $92.3 million of liabilities; 85% of the amount of income tax benefits; existing tax basis in the assets; Continuing Equity Owners, and the Blocker Shareholders | ['Liability recorded based on probable future taxable income.'] | 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; actual cash tax savings from the tax benefits; $4.7 million coming due over the next twelve | ['No significant increase in liability estimate expected.'] | 1,881,487 | 2026-08-06 | 10-Q | View Document | ||||||
| Lincoln International, Inc. | $84.80 | Basis increases from redemptions or exchanges; existing tax basis in long-lived assets; imputed interest | LILP, certain LILP Partners, and other eligible parties | 85% | liability of $84.8$ million; equaling 85% of the tax benefits; increases in the tax basis; existing tax basis; 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; pre-IPO shareholders of Sun Country; 80,461 | ['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, imputed interest | R/C Energy IV Direct Partnership, L.P., TRA Holders | 85% | liability under the TRAs was $66.9 million; increases in tax basis; net operating losses; imputed interest; 85% of the net cash savings | ['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 | ['Rights 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 and interest deductions | Black Rock OpCo, Continuing Equity Owners, and TRA Parties | 85% | liability of approximately $62.0 million; Basis Adjustments and certain tax benefits; 85% of the amount of tax benefits; Black Rock OpCo and the TRA Parties | ['Liability increased $23.1 million due to unit exchanges.'] | 2,068,577 | 2026-08-11 | 10-Q | View Document | 85% | ||
| Excelerate Energy, Inc. | $57.65 | Increases in tax basis from exchanges; existing tax basis; assets purchased from Foundation; TRA payment tax benefits | EE Holdings, the Foundation | 85% | TRA liability 49,966; Current portion of TRA liability 7,685; 85% of the net cash tax savings; TRA with EE Holdings and the Foundation; increases in the tax basis of assets; existing tax basis of assets | ['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 assets of QLH; NOLs of Intermediate Holdco; imputed interest | Insignia, Senior Executives, White Mountains | 85% | accrued $54.7 million; tax basis in the net assets; Insignia, Senior Executives, and White Mountains; 85% of the amount; replace the LIBOR with the SOFR | ["Repurchased Insignia's interest for $31M; $37.7M gain recorded"] | 1,818,383 | 2026-07-29 | 10-Q | View Document | 85% | ||
| GCM Grosvenor Inc. | $54.60 | increases in the tax basis in assets | TRA Parties | 85% | amount payable... was $54.6 million; increases in the tax basis; pay 85% of the amount; 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 (SES Holdings LLC Units), NOLs, imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P. | 85% | liability associated with the TRAs... $50.1 million; 85% of the net cash savings; certain increases in tax basis; net operating losses (“NOLs”); imputed interest deemed to be paid | ['Liability increased due to exchange of LLC units.'] | 1,693,256 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Cardinal Infrastructure Group Inc. | $47.16 | Basis Adjustments; Section 743(b); Section 197; interest deductions | PubCo; Cardinal Civil Contracting Holdings LLC; Continuing Equity Holders; Diamond Interests Group LLC; Seller Owners | 85% | SOFR + 100 basis points | tax receivable agreement liability... totaled $47,156,582; increases in the tax basis... resulting from... exchanges; PubCo, Cardinal Civil Contracting Holdings LLC... TRA Parties; obligated to pay... 85% of the net cash tax savings; Interest accrues... at SOFR plus 100 basis points | ['Company also has 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, other tax benefits, tax basis increases from TRA payments | Lazard, LTBP Trust, owners of the Trust | 45% | Pro rata | cumulative liability ... June 30, 2026 was $46,814; increases in the tax basis of certain assets; Lazard and LTBP Trust; approximately 45% of the amount of cash savings; distributed pro rata to the owners | ['45% for primary benefits; 85% for TRA-payment-related basis increases.'] | 1,311,370 | 2026-07-28 | 10-Q | View Document | 45% | |
| MALIBU BOATS, INC. | $38.70 | Existing tax basis; increases in tax basis; Section 754; tangible and intangible assets | 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; existing tax basis; Section 754 | ['Liability adjusted due to OB3 tax reform.', 'Liability determined on an undiscounted basis.'] | 1,590,976 | 2026-08-27 | 10-K | View Document | 85% | ||
| VERRA MOBILITY Corp | $38.70 | 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 | ||||||
| Hagerty, Inc. | $38.30 | Increases in tax basis and Section 754 adjustments | Legacy Unit Holders (Hagerty Holding Corp. and Markel) | 85% | TRA Liability was $38.3 million; increases in tax basis; Section 754 of the IRC; Hagerty Holding Corp. ('HHC') and Markel; 85% of the... cash tax savings realized | ['Liability decreased from $39.8 million to $38.3 million.'] | 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; 85% of the calculated net cash savings; increases in tax basis; imputed interest; certain of the owners of OneWater LLC | ['Liability is undiscounted.'] | 1,772,921 | 2026-07-31 | 10-Q | View Document | 85% | ||
| PJT Partners Inc. | $36.00 | increases in tax basis related to exchanges of Partnership Units; tax benefits attributable to payments under the TRA | holders of Partnership Units (other than PJT Partners Inc.) | 85% | contractual obligations of $36.0 million; 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% | ||
| i3 Verticals, Inc. | $32.40 | Increase in tax basis; benefits from TRA payments | i3 Verticals, Inc., i3 Verticals, LLC, Continuing Equity Owners | 85% | total amount due was $32.4 million; increase in tax basis; 85% of certain tax benefits; Continuing Equity Owners | ['Payments expected over the next 22 years.'] | 1,728,688 | 2026-08-07 | 10-Q | View Document | 85% | ||
| National CineMedia, Inc. | $32.40 | ESA Parties, Cinemark, AMC | Payable under the TRA 2.3 30.1; TRA payments to Cinemark; no longer have an obligation... to AMC | ['AMC TRA obligation terminated in 2025.'] | 1,377,630 | 2026-08-11 | 10-Q | View Document | |||||
| AlTi Global, Inc. | $30.30 | Increase in tax basis of Umbrella assets | TWMH Members, TIG GP Members, TIG MGMT Members | 85% | 85% of certain tax benefits; increase in tax basis of the assets; TWMH Members, TIG GP Members, TIG MGMT Members; liability associated with the TRA was approximately $30.3 million | ['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 or exchanges, TRA payments, and imputed interest deductions | P3 LLC and the members of P3 LLC | 85% | TRA liability is estimated to be $29.7 million; increases in our share of the tax basis; P3 LLC and the members of P3 LLC; payment by us of 85% | ['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% | $24.8 million Payable to exchanged... unitholders; increases in tax basis of PNMAC’s assets; certain former owners of PNMAC; 85% of the amount of net tax benefits | TRA relates to exchanges of PNMAC ownership interests. | 1,745,916 | 2026-08-04 | 10-Q | View Document | 85% | ||
| FORWARD AIR CORP | $24.05 | tax attributes as of the date of exchanges | certain Omni Holders | Tax Receivable Agreement liability of $12,057; total estimated payable of $14,953; range of potential payments to $24,050; certain Omni Holders | Liability relates to the Omni Acquisition. | 912,728 | 2026-08-05 | 10-Q | View Document | ||||
| Utz Brands, Inc. | $23.70 | Tax basis in UBH net assets, TRA payments, Kennedy Endeavors tax amortization | Noncontrolling Interest Holders, Series U of UM Partners, LLC, Series R of UM Partners, LLC | 85% | liability of $23.7 million; 85% of the amount of any tax benefits; increases in the share of the tax basis; Noncontrolling Interest Holders; Series U of UM Partners, LLC | ['TRA terminates for $44.0 million upon merger.'] | 1,739,566 | 2026-08-05 | 10-Q | View Document | 85% | ||
| OppFi Inc. | $20.40 | tax basis 'step-up' from Corporate Simplification and exchanges | TRA Parties; Members; OppFi; OppFi-LLC | Tax receivable agreement liability 20,403; tax basis 'step-up' triggered by the Corporate Simplification; aggregate early termination payment of $40.8 million; payable to the parties to the TRA | ['TRA terminated with $40.8 million early termination payment.'] | 1,818,502 | 2026-08-10 | 10-Q | View Document | ||||
| Red Rock Resorts, Inc. | $19.40 | Step-up in basis (Section 754), outside basis difference, NOLs | Pre-IPO LLC Unit holders, Fertitta Family Entities | 85% | liability under the TRA was $19.4 million; step-up in the basis of depreciable assets; 85% of the tax benefits realized; Fertitta Family Entities; generally accrue interest | [] | 1,653,653 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Amneal Pharmaceuticals, Inc. | $18.95 | deferred tax assets | Members | Total $18,947; unrecorded contingent TRA liability of $129.0 million; Members - tax receivable agreement; utilization of the Company’s deferred tax assets | ['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 tax receivable agreement of $18,478; increases in tax basis attributable to RMR Inc.’s dealings; 85.0% of the amount of cash savings; RMR Inc. pays to ABP Trust | ['Liability includes $2.552 million current portion.'] | 1,644,378 | 2026-08-05 | 10-Q | View Document | 85.0% | ||
| NEWMARK GROUP, INC. | $17.51 | tax basis of the tangible and intangible assets | 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 of Viant Technology LLC, TRA Representative | 85% | total TRA liability... was $12.9 million; increases in tax basis; intangible assets; imputed interest; Viant Technology LLC, continuing members; TRA Representative; 85% of the net cash tax savings | [] | 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, TRA payments | Definitive OpCo, pre-IPO LLC Unit holders, Blocker Companies shareholders | 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; deferred and will accrue interest until paid | ['Liability remeasurement driven by goodwill impairment.'] | 1,861,795 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Finance of America Companies Inc. | $12.62 | exchanges of Class A LLC units of FOA Equity | certain owners of FOA Equity | TRA obligation 4,221; reestablished... contingent TRA liability of $6.6 million; additional TRA obligations of $1.8 million; exchanges of Class A LLC units; certain owners of FOA Equity | Blackstone TRA terminated; liability includes undiscounted components. | 1,828,937 | 2026-08-07 | 10-Q | View Document | ||||
| Smith Douglas Homes Corp. | $9.38 | Basis Adjustments, Section 704(c) Allocations, interest deductions, 743(b) | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | Tax receivable agreement liability 9,382; pay to each Continuing Equity Owner 85%; Basis Adjustments, Section 704(c) Allocations, interest deductions; Smith Douglas Homes Corp. and Continuing Equity Owners | ['Nonpayment for a 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, exchanges of Class B for Class A shares, and TRA payments. | SLP Partners, current principals of Silvercrest L.P., and future employee-holders of Class B units. | 85% | liability is estimated to be $9,371; increases in tax basis; tangible and intangible assets of SLP; partners of SLP (the “SLP Partners”); pay the SLP Partners 85% | ['TRA terminates if partner is terminated for cause.'] | 1,549,966 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Array Technologies, Inc. | $6.20 | increase in the tax value of the developed technology | Array Tech, Inc., former majority stockholder, former owners | fair value of the TRA was $6.2 million; increase in tax value of developed technology; former majority stockholder of Array Tech, Inc.; payment by Array Tech, Inc., to former owners | ['TRA is accounted for as contingent consideration', 'Liability is classified as Level 3'] | 1,820,721 | 2026-08-05 | 10-Q | View Document | ||||
| Zeo Energy Corp. | $4.60 | increases in tax basis and certain 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% | ||
| biote Corp. | $4.19 | Increases in tax basis in net assets; 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; approximately 85% of the amount; tax basis increases attributable to payments | ['No exchanges of units occurred during the period.'] | 1,819,253 | 2026-08-07 | 10-Q | View Document | 85% | ||
| HMH Holding Inc | $3.80 | Acquisitions, redemptions, or exchanges of B.V. shares; imputed interest | HMH B.V., Baker Hughes Holdings LLC, Akastor AS | 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; Baker Hughes and Akastor as Principal Stockholders | ['Liability split equally between 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 exchanges, imputed interest | Legacy Owners | 85% | recorded a TRA liability of $3.6 million; tax basis increases resulting from the exchange; owners of INR Holdings prior to the IPO; 85% of the net cash savings | ['TRA liability is classified as non-current.'] | 2,029,118 | 2026-08-10 | 10-Q | View Document | 85% | ||
| MARKETWISE, INC. | $3.10 | Step up in tax basis; basis adjustments; carryforward attributes; Section 754 election | Certain shareholders; Members of MarketWise, LLC | 85% | cumulative liability of $3.1 million; step up in the tax basis; 85% of the calculated tax savings; Members of MarketWise, LLC; unpaid amounts... will accrue interest until paid | ['Arnold Parties waived TRA rights in legal settlement', 'M&C 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, Members | 85% | TRA of $1.1 million; increases in tax basis; exchanges of Class A Common Units; 85% of the amount of tax benefits | ['Total payments estimated at $99.6 million through 2037.'] | 1,891,856 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Bakkt, Inc. | $0.50 | Tangible and intangible assets; Section 743(b), 734(b), TRA payments | Certain Opco equity holders, ICE, Mr. Naheta | 85% | approximately $0.5 million remained to be paid; tangible and intangible assets of Opco; Section 743(b) or 734(b); certain Opco equity holders; 85% of certain net income tax benefits | ['The Reorganization terminated the TRA.'] | 1,820,302 | 2026-08-10 | 10-Q | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $0.20 | RIHI, Inc. (RIHI) | 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 closing of the Mergers.'] | 1,581,091 | 2026-08-06 | 10-Q | View Document | |||||
| Camping World Holdings, Inc. | $0.00 | Increases in tax basis; Section 754 election | Continuing Equity Owners; Crestview Partners II GP, L.P. | 85% | did not have a Tax Receivable Agreement liability; 85% of the amount of tax benefits; Continuing Equity Owners and Crestview Partners II GP, L.P.; increases in the tax basis; Section 754 | ['Liability not recorded as utilization not probable.'] | 1,669,779 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Vivid Seats Inc. | $0.00 | Increases in tax basis, existing tax basis, imputed interest | existing Hoya Intermediate unitholders, Hoya Topco, LLC | 85% | 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 in connection with Corporate Simplification.'] | 1,856,031 | 2026-08-04 | 10-Q | View Document | 85% | ||
| SUJA LIFE, INC. | $0.00 | Tax basis increases from exchanges, holder tax attributes, and TRA payment benefits. | Direct or indirect owners of Holdings LP, including PSP. | 85% | total amount due under the TRA was $0.0; 85% of the amount of cash savings; increases in the tax basis of assets; direct or indirect owners... including PSP | ['No liability recorded as realization not more likely.'] | 1,934,114 | 2026-08-04 | 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; our sole pre-IPO stockholder; tax assets that have been utilized | ['Liability written off in second quarter of 2025.'] | 931,148 | 2026-07-24 | 10-Q | View Document | ||||
| Intuitive Machines, Inc. | $0.00 | Existing tax basis; tax basis adjustments; Business Combination benefits; TRA payment deductions | TRA Holders (certain Intuitive Machines, LLC members and related parties) | 85% | management does not expect a TRA liability; existing tax basis in certain assets; tax basis adjustments from taxable exchanges; TRA Holders (certain Intuitive Machines, LLC members); 85% of the amount of cash tax savings | ['Full valuation allowance applied due to historical losses.'] | 1,844,452 | 2026-08-13 | 10-Q | View Document | 85% | ||
| FuboTV Inc. | $0.00 | Historic net operating loss carryforwards (NOLs), tax basis adjustments from redemptions or exchanges, and 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% of realized tax benefits.'] | 1,484,769 | 2026-08-05 | 10-Q | View Document | 70% | ||
| FLYEXCLUSIVE INC. | $0.00 | certain tax basis adjustments | LGM, Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust | 85% | no TRA liability has been recorded; certain tax basis adjustments; Existing Equityholders; 85% of the Realized Tax Benefit | [] | 1,843,973 | 2026-08-12 | 10-Q | View Document | 85% | ||
| indie Semiconductor, Inc. | $0.00 | basis adjustments on future exchanges of ADK, LLC units and other carryforward attributes assumed | certain shareholders | 85% | not recorded a liability under the TRAs; basis adjustments on future exchanges; other carryforward attributes assumed; certain shareholders; 85% of the calculated tax savings | ['Full valuation allowance; no liability recorded.'] | 1,841,925 | 2026-08-07 | 10-Q | View Document | 85% | ||
| Quantinuum Inc. | $0.00 | Basis Adjustments; Existing Basis; interest deductions | Quantinuum Holdings; TRA Parties; Members; Honeywell Entities; Continuing Common Unitholders | 85% | liability is not recognized; Basis Adjustments; Existing Basis; interest deductions; Quantinuum Holdings and the TRA Parties; remaining 85% of such tax savings | ['Liability not recognized due to full valuation allowance.'] | 2,110,105 | 2026-08-13 | 10-Q | View Document | 85% | ||
| Bumble Inc. | $0.00 | Founder, Sponsor, affiliate of Accel Partners LP, management, other equity holders | complete and full termination of payment obligations; pre-IPO owners including our Founder, our Sponsor | ['TRA terminated November 2025 via one-time settlement payments.'] | 1,830,043 | 2026-08-06 | 10-Q | View Document | |||||
| AST SpaceMobile, Inc. | $0.00 | Existing tax basis, tax basis adjustments, tax deductions, tax attributes | AST LLC, TRA holders | 85% | no TRA liabilities recorded; 85% of the amount of savings; existing tax basis of certain assets; tax basis adjustments resulting from taxable exchanges; tax deductions in respect of portions of payments; tax attributes acquired pursuant to reorganization | [] | 1,780,312 | 2026-08-10 | 10-Q | View Document | 85% | ||
| York Space Systems Inc. | $0.00 | Net operating loss carryforwards; research and development credit carryforwards | Equity holders of Holdings; holders of Class P Units | 85% | 100 basis points above SOFR | 85% of certain tax savings; equity holders of Holdings; holders of Class P Units; net operating loss carryforwards; research and development credit carryforwards; 100 basis points above SOFR; does not anticipate recording the TRA liability | ['Liability not recorded as payment is not probable.'] | 2,086,587 | 2026-08-13 | 10-Q | View Document | 85% | |
| EVgo Inc. | $0.00 | Increases in tax basis from OpCo Unit redemptions; imputed interest; basis from TRA payments | EVgo Holdings, LS Power Equity Advisors, LLC, CRIS, Thunder Sub | 85% | no amounts have been accrued; potential unrecorded tax liability is $33.8 million; increases in tax basis; imputed interest; EVgo Holdings; LS Power Equity Advisors, LLC; 85% of the net cash savings | ['Liability not accrued; potential liability is $33.8 million.'] | 1,821,159 | 2026-08-05 | 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; attributes obtained as a result of exchanges; Legacy Warehouse Holders; 85% of these potential future tax benefits | ['Full valuation allowance against net deferred tax asset.'] | 1,837,240 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Greenlane Holdings, Inc. | $0.00 | increases in tax basis and certain other tax benefits | certain former holders of interests in the Operating Company | 85% | recorded no liability under the TRA; increases in tax basis; certain other tax benefits; former holders of interests in the Operating Company; 85% of certain tax benefits | ['Liability not recorded due to valuation allowance assessment.'] | 1,743,745 | 2026-08-14 | 10-Q | View Document | 85% | ||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | Increases in tax basis of assets; tax attributes of acquired entities; tax benefits from TRA payments | MLSH 1, MLSH 2 | 85% | 85% of the amount of certain tax benefits; no liabilities outstanding under the TRA; increases in the tax basis of assets; tax attributes of the entities acquired | ['No liability recorded due to valuation allowance.'] | 1,823,239 | 2026-08-07 | 10-Q | View Document | 85% | ||
| Xponential Fitness, Inc. | $0.00 | NOLs, existing tax basis, basis adjustments, imputed interest | H&W Investco Blocker II, LP, Continuing Pre-IPO LLC Members | 85% | LIBOR + 100bp | 85% of the amount of cash savings; LIBOR plus 100 basis points; not recorded a liability; net operating losses; existing tax basis; tax basis adjustments; imputed interest | ['Liability of $117.15M unrecorded as realization not likely.'] | 1,802,156 | 2026-08-07 | 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; redemptions or exchanges of Units; continuing Class A Unit holders; 85% of the amount of tax benefits | ['Liability nil due to full valuation allowance.', 'Hypothetical reinstated liability is $136.2 million.'] | 1,779,474 | 2026-08-06 | 10-Q | View Document | 85% | ||
| PROKIDNEY CORP. | $0.00 | increases in tax basis from unit exchanges, tax attributes of PK Holdings, and TRA-related benefits | Closing ProKidney Unitholders | 85% | not recognized any liability related to this agreement; 85% of the amount of cash savings; Closing ProKidney Unitholders; increases in tax basis attributable to exchanges; certain other tax attributes of PK Holdings | ['Full valuation allowance against deferred tax assets.'] | 1,850,270 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Solo Brands, Inc. | $0.00 | no liability has been recorded; due to its immateriality; Tax Receivable Agreement remains in effect; reduce future cash payment obligations | ['Corporate Simplification eliminated UP-C structure.'] | 1,870,600 | 2026-08-13 | 10-Q | View Document | ||||||
| Net Power Inc. | $0.00 | deferred tax assets | TRA holders | reduced the TRA liability to zero; intent to terminate the TRA; final and binding on June 12, 2025 | ['TRA terminated effective June 12, 2025.'] | 1,845,437 | 2026-08-13 | 10-Q | View Document | ||||
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from Class C OpCo Units; imputed interest; additional tax basis from TRA payments | Holdings, TRA Holders, Agent | 85% | did not record a liability; increases in tax basis; imputed interest; Holdings; TRA Holders; 85% of the amount of realized tax benefit | ['Payment cap of $50,000 upon change of control.'] | 1,841,425 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Bioventus Inc. | $0.00 | increases in the tax basis of 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 | ['Narrative states no liability despite equity table entry.'] | 1,665,988 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Zevia PBC | $0.00 | Net operating losses, existing tax basis, increases in tax basis, imputed interest | Continuing members of Zevia LLC, shareholders of Blocker Companies (Direct Zevia Stockholders) | 85% | Secured Overnight Financing Rate plus 300 basis points | 85% of the tax benefits realized; Secured Overnight Financing Rate plus 300 basis points; net operating losses; Blocker Companies’ allocable share of existing tax basis; increases in tax basis; tax basis increases attributable to payments; continuing members of Zevia LLC; Direct Zevia Stockholders | ['Liability not recorded due to full valuation allowance.'] | 1,854,139 | 2026-08-05 | 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 | MacAndrews, M&F TTP Holdings Two LLC, vTv Therapeutics Holdings, 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; tax benefits attributable to payments; 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% | ||
| Andersen Group Inc. | $0.00 | Tax basis increase in AT Umbrella LLC assets; TRA payment tax benefits | Aggregator; certain holders of Class X Umbrella Units; pre-IPO owners | 85% | 85% of the amount of tax benefits; increase in tax basis in the assets; not yet incurred a liability; Aggregator; certain holders of Class X Umbrella Units | ['No liability has been incurred as of report date.'] | 2,065,708 | 2026-08-12 | 10-Q | View Document | 85% | ||
| Direct Digital Holdings, Inc. | $0.00 | tax basis in net assets of DDH LLC; Section 754; redemptions or exchanges of LLC Units; federal, state, local income and franchise tax | DDH LLC and DDM (together, the “TRA Holders”) | 85% | liability related to tax receivable agreement of $0; tax basis in net assets of DDH LLC; DDH LLC and DDM; 85% of the net cash savings; accrue interest from the due date | ['Derecognized TRA liability during six months ended June 2026.'] | 1,880,613 | 2026-08-14 | 10-Q | View Document | 85% | ||
| CIM GROUP, INC. | $0.00 | increases in tax basis, tangible and intangible assets, other tax attributes | CMFH, CMGH, TRA Recipients | 85% | had not recorded a liability; increases in tax basis; CMFH and CMGH; pay CMGH 85% of certain tax benefits | ['Potential obligation is contingent and cannot be estimated.'] | 1,498,547 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Fluence Energy, Inc. | $0.00 | Tax basis increases, depreciation and amortization deductions, tax attributes | Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, AES Grid Stability | 85% | not recognized the remaining liability; increases in the tax basis of assets; Siemens Industry and AES Grid Stability; 85% of the tax benefits; deferred and will accrue interest until paid; Founders will be entitled to receive... $165.1 million | ['Unrecognized liability estimated at $165.1 million.'] | 1,868,941 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Brilliant Earth Group, Inc. | $0.00 | tax basis adjustments, Section 743(b), Section 197 | Brilliant Earth, LLC, Continuing Equity Owners | 85% | no TRA liability reflected; tax basis adjustments; Sections 743(b) and 197; Brilliant Earth, LLC and the Continuing Equity Owners; 85% of the amount of tax benefits | ['TRA liability not probable due to valuation allowance'] | 1,866,757 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Canopy Growth Corp | $0.00 | Acreage | Acreage Tax Receivable Agreement; Balance at March 31, 2025 | ['TRA liability reduced to zero in 2025.'] | 1,737,927 | 2026-06-15 | 10-K | View Document | |||||
| Evercore Inc. | Payments Under Tax Receivable Agreement | ['Text only provides cash flow payment information.'] | 1,360,901 | 2026-08-05 | 10-Q | View Document | |||||||
| X-Energy, Inc. | Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions, Sections 734(b), 743(b), 754 | XERC, TRA Holders (certain pre-IPO equity owners) | 85% | 85% of the amount of cash tax savings; Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions; XERC and certain equity owners... ('TRA Holders'); Sections 734(b), 743(b) and 754 | ['TRA persists after change of control without immediate acceleration.'] | 2,088,896 | 2026-08-13 | 10-Q | View Document | 85% | |||
| Quantinuum Inc. | IPO Existing Basis, Exchange Existing Basis, Basis Adjustments, Imputed Interest | TRA Party, Corporation | 85% | SOFR + 150 basis points | Pro rata | 85% of the Cumulative Net Realized Tax Benefit; Agreed Rate means SOFR plus 150 basis points; allocated among the TRA Parties in proportion; IPO Existing Basis, Exchange Existing Basis, Basis Adjustments | [] | 2,110,105 | 2026-08-13 | 10-Q | View Document | 85% | |
| Falcon's Beyond Global, Inc. | increases in tax basis from unit exchanges, tax benefits from TRA payments | Exchange TRA Holders, Falcon’s Opco, TRA holder representative | 85% | 85% of the amount of tax benefits; increases in tax basis from any exchange; tax benefits attributable to payments under the TRA; Exchange TRA Holders; Falcon’s Opco; TRA holder representative | ['Full valuation allowance maintained 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 | tax benefits realized by Liberty Capital; Liberty Broadband, Charter, and Liberty Capital; estimated to be significantly less than $420 million | ['TRA payments contingent on tax exceeding $420 million.'] | 1,611,983 | 2026-07-29 | 10-Q | View Document | |||||
| Hamilton Lane INC | Increases in tax basis; depreciation and amortization deductions | pre-IPO members of HLA | 85% | increases in the tax basis; depreciation and amortization deductions; pre-IPO members of HLA; pay 85% of the amount | ['Company made $1.951 million in TRA payments during quarter.'] | 1,433,642 | 2026-08-04 | 10-Q | View Document | 85% | |||
| ERock, Inc. | Tax 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 amount of the net cash; increases in, or adjustments to, the tax basis; Continuing Equity Unitholders, Continuing Profits Interest Unitholders | ['Liability not recognized as future income not 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, Daniel Gilbert | 90% | 90% of the amount of cash savings; increases in tax basis and other tax benefits; RHI II, LLC and Mr. Gilbert | ['TRA share is 90%', 'Up-C structure collapsed June 30, 2025'] | 1,805,284 | 2026-08-07 | 10-Q | View Document | 90% | |||
| Quantinuum Inc. | Corporation, Company, and TRA Parties | Tax Receivable Agreement; Corporation and the Company; and the TRA Parties | [] | 2,110,105 | 2026-08-13 | 10-Q | View Document | ||||||
| UWM Holdings Corp | Increases in tax basis from Exchange Transactions, imputed interest, basis increases from TRA payments, 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 | [] | 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; attributable to Company allocations | ['Corporation reinvests tax distributions unless TRA payments due'] | 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 triggered by change of control or divestiture'] | 1,851,959 | 2026-08-13 | 10-Q | View Document | 85% | |||
| ITG, Inc./DE/ | Allocable share of tax basis, net operating losses, basis adjustments from exchanges, imputed interest, other tax benefits | Former owners of ITG Parent (TRA Participants), Oaktree Blocked Fund | 85% | 85% of the amount of tax savings; former owners of ITG Parent ('TRA Participants'); net operating losses and allocable share; imputed interest arising from any payments | ['TRA entered on July 2, 2026.'] | 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 | 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'); will be deferred and will accrue interest | [] | 1,901,336 | 2026-08-27 | 10-Q | View Document | 85% | |||
| NUSCALE POWER Corp | NuScale Corp, NuScale LLC and various legacy NuScale Equityholders | liability is not probable and therefore not recorded; NuScale Corp, NuScale LLC and legacy NuScale Equityholders | ['Liability not recorded as not probable.'] | 1,822,966 | 2026-08-05 | 10-Q | View Document | ||||||
| Purple Innovation, Inc. | Tax basis increases; imputed interest; additional tax basis | InnoHold | 80% | 80% of the net cash savings; tax basis increases in the assets; InnoHold; imputed interest deemed to be paid | ['Full valuation allowance recorded against deferred tax assets.'] | 1,643,953 | 2026-08-11 | 10-Q | View Document | 80% | |||
| TWFG, Inc. | Bunch Family Holdings, LLC, RFB Spousal Lifetime Trust, MCB Spousal Lifetime Trust | Tax Receivable Agreement, dated July 17, 2024; each transferee became a party; make payments under the Tax Receivable Agreement | ['Transferees became parties to the TRA in 2026.'] | 2,007,596 | 2026-08-06 | 10-Q | View Document | ||||||
| Core & Main, Inc. | Parent Entity or IPO Vehicle | pursuant to the Tax Receivable Agreements; Parent Entity or IPO Vehicle | ['Text describes payment permissions under credit agreement terms.'] | 1,856,525 | 2026-09-09 | 10-Q | View Document | ||||||
| System1, Inc. | no payments were made; no amounts due | ['Full valuation allowance on deferred tax assets.'] | 1,805,833 | 2026-08-05 | 10-Q | View Document | |||||||
| CINEMARK USA INC /TX | NCMI | cash receipts pursuant to a tax receivable agreement | ['Company is a recipient of TRA payments.'] | 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 | Vistra | 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 |