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. | $3,542.00 | Existing tax basis, tax basis adjustments, Blocker Company tax attributes, NOLs | Pre-IPO owners | 90% | 90% of certain tax benefits; liability of $3,542 million; allocable share of existing tax basis; increases in existing tax basis; tax basis adjustments; utilization of certain tax attributes; certain of its pre-IPO owners | ['TRA share is 90%, higher than industry standard 85%.'] | 2,046,386 | 2026-02-25 | 10-K | View Document | 90% | ||
| ZoomInfo Technologies Inc. | $2,731.90 | Existing tax basis, basis adjustments, Blocker attributes, NOLs, TRA-payment-related benefits | Pre-IPO Owners, Pre-IPO Blocker Holders | 85% | Lesser of 6.5% or LIBOR + 100bp | liability of $2,731.9 million; existing tax basis acquired in the IPO; Pre-IPO Owners and Pre-IPO Blocker Holders; 85% of the benefits; lesser of 6.5% and LIBOR plus 100bp | ['Two separate TRAs: Exchange and Reorganization.'] | 1,794,515 | 2026-02-12 | 10-K | View Document | 85% | |
| CARVANA CO. | $2,300.00 | Existing tax basis; basis adjustments; imputed interest | LLC Unitholders; Carvana Co.; Carvana Group, LLC; TRA Holders | 85% | recorded a TRA liability of $2.3 billion; existing tax basis of the assets; Tax Receivable Agreement with the LLC Unitholders; equal to 85% of the tax benefits; deferred and will accrue interest until paid | ['Liability recognized upon release of valuation allowance.'] | 1,690,820 | 2026-02-18 | 10-K | View Document | 85% | ||
| CARVANA CO. | $2,228.00 | Basis adjustments relating to assets of Carvana Group; tax benefits from TRA payments (imputed interest) | LLC Unitholders, related parties | 85% | Ending balance 2,228; basis adjustment relating to the assets; LLC Unitholders; pay to the LLC Unitholders 85%; accrue interest until paid | ['Liability includes $1.7 billion due to related parties.'] | 1,690,820 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Blackstone Inc. | $2,076.20 | Tangible and intangible assets of Blackstone Holdings; tax benefits from TRA payments | Senior managing directors, pre-IPO owners, and holders of Blackstone Holdings Partnership Units | 85% | Due to Certain Non-Controlling Interest Holders $2,076,205; increases in tax basis of tangible and intangible; senior managing directors and other pre-IPO owners; 85% of the amount of cash savings | ['Future payments aggregate $2.1 billion over 15 years.'] | 1,393,818 | 2026-02-27 | 10-K | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,659.00 | Increases in tax basis of assets; certain other tax attributes; tax benefits from entering TRA | Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings, Blue Owl Carry, Partners | 85% | TRA liability... 1,658,999; 85% of certain tax benefits; increases in tax basis of the assets; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings | ['Dyal Acquisition portion is carried at fair value.'] | 1,823,945 | 2026-02-19 | 10-K | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,612.60 | Increases in tax basis of Blue Owl Holdings assets | Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings, Blue Owl Capital Carry LP, Partners | 85% | TRA liability... 1,612,609; increases in tax basis of the assets; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings; pay 85% of certain tax benefits | ['Liability includes $95.7M at fair value.'] | 1,823,945 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Dutch Bros Inc. | $821.00 | Existing tax basis, basis adjustments, Section 704(c) allocations, NOLs, capital losses, R&D credits, work opportunity tax credits, excess 163(j) limitation carryforwards, charitable deductions, foreign tax credits | Continuing Members, Pre-IPO Blocker Holders, Co-Founder, Sponsor | 85% | lesser of 6.5% or LIBOR + 100bp | 821.0 million of liabilities; 85% of the benefits; Continuing Members and Pre-IPO Blocker Holders; existing tax basis; Section 163(j) limitation carryforwards; Section 704(c); lesser of 6.5% or LIBOR + 100bp | ['Liability increased $202.7 million due to unit exchanges.'] | 1,866,581 | 2026-02-13 | 10-K | View Document | 85% | |
| TPG Inc. | $811.60 | adjustments to the tax basis of the assets; tax benefits attributable to payments under the Tax Receivable Agreement | TPG Inc., TPG Operating Group partnership, wholly-owned subsidiaries, TRA holders | 85% | lesser of 6.5% per annum and one-month SOFR plus 100 basis points | Tax Receivable Agreement liability... was $811.6 million; adjustments to the tax basis of the assets; 85% of the benefits; lesser of 6.5% per annum and one-month SOFR | ['Liability includes $495.1M to affiliates and $316.6M to non-affiliates.'] | 1,880,661 | 2026-02-17 | 10-K | View Document | 85% | |
| TPG Inc. | $782.20 | increase in the tax basis; Covered Tax Items | current and former employees and partners; non-affiliates | 85% | liability pursuant to the Tax Receivable Agreement... $782.2 million; increase in the tax basis of our investment; current and former employees and partners; 85% of the applicable cash savings | ['Liability split between Related Parties and non-affiliates.'] | 1,880,661 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Apollo Global Management, Inc. | $781.00 | increases in tax basis of assets; tax benefits from Bridge acquisition | Former Managing Partners, Contributing Partners, Bridge TRA holders | 85% | Due to TRA holders $781; increases in tax basis of assets; Former Managing Partners and Contributing Partners; 85% of the amount of cash savings; interest is accrued on the balance | ['Includes Apollo and Bridge TRAs.', 'No units remain for exchange.'] | 1,858,681 | 2026-02-25 | 10-K | View Document | 85% | ||
| Core & Main, Inc. | $720.00 | Existing tax basis, basis increases from exchanges, and tax benefits from TRA payments | Former Limited Partners, Continuing Limited Partners, CD&R Waterworks Holdings, LLC, Management Feeder | 85% | recorded a $720 million payable; allocable share of existing tax basis; Former Limited Partners and Continuing Limited Partners; 85% of the realized... benefits; accrue interest until paid | ['Two TRAs: Former and Continuing Limited Partners.', 'Payments occur two years after tax benefit utilization.'] | 1,856,525 | 2026-03-24 | 10-K | View Document | 85% | ||
| Alight, Inc. / Delaware | $664.00 | Existing tax basis; tax basis adjustments; net operating losses; tax benefits from TRA payments | Pre-Business Combination owners; TRA Party Representative | 85% | Ending balance as of December 31, 2025 664; existing tax basis; tax basis adjustments; net operating losses; 85% of the benefits; pre-Business Combination owners | ['Objection Notice from TRA Representative could increase payments.'] | 1,809,104 | 2026-02-24 | 10-K | View Document | 85% | ||
| Cannae Holdings, Inc. | $664.00 | tax basis adjustments from sales and exchanges; utilization of certain tax attributes; other tax benefits | certain owners of Alight Holdings; TRA Party Representative | 85% | Ending balance as of December 31, 2025 664; tax basis adjustments from sales and exchanges; utilization of certain tax attributes; certain owners of Alight Holdings; distribute 85% of any tax benefits | ['Objection Notice could increase 2026 payments by $20M.'] | 1,704,720 | 2026-03-02 | 10-K | View Document | 85% | ||
| Rocket Companies, Inc. | $590.00 | Basis increases, imputed interest, 704(c) allocations, and NOLs | RHI, RHI II, and Mr. Gilbert | 90% | Lesser of 6.50% or benchmark rate + 100bp | $590 million Tax Receivable Agreement liability; increases in our allocable share of tax basis; 90% of the amount of cash savings; with RHI and Mr. Gilbert; benchmark rate plus 100 basis points | ['TRA amended to exclude exchanges after March 9, 2025.'] | 1,805,284 | 2026-03-02 | 10-K | View Document | 90% | |
| Ares Management Corp | $579.90 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments | Direct and indirect holders of AOG Units (TRA Recipients); Ares Owners Holdings L.P. | 85% | TRA liability balance was $579.9 million; 85% of the amount of cash tax savings; increases in tax basis of the tangible assets; direct and indirect holders of AOG Units; tax benefits attributable to payments under the TRA | ['Ares Owners Holdings restricted from payments after May 2023.'] | 1,176,948 | 2026-02-25 | 10-K | View Document | 85% | ||
| SOLV Energy, Inc. | $497.00 | Allocable share of tax basis, net operating losses, Basis Adjustments, interest deductions | SOLV Energy, Inc., SOLV Energy Holdings LLC, Continuing Equity Owners, Blocker Shareholders | 85% | pay approximately $497.0 million; 85% of the tax benefits; allocable share of tax basis; net operating losses; Basis Adjustments; interest deductions; Continuing Equity Owners, the Blocker Shareholders | ['Liability is an estimate assuming immediate exchange.'] | 2,065,636 | 2026-03-25 | 10-K | View Document | 85% | ||
| RYAN SPECIALTY HOLDINGS, INC. | $460.80 | Exchange Tax Attributes (basis increases), Pre-IPO M&A Tax Attributes, remedial partnership tax allocations, TRA Payment Tax Attributes | Current and certain former LLC Unitholders | 85% | liabilities of $460.8 million; 85% of the net cash savings; current and certain former LLC Unitholders; increases in the tax basis; Pre-IPO M&A Tax Attributes; remedial partnership tax allocations; TRA Payment Tax Attributes | ['Liability based on undiscounted estimated future payments.'] | 1,849,253 | 2026-05-01 | 10-Q | View Document | 85% | ||
| RYAN SPECIALTY HOLDINGS, INC. | $459.00 | Exchange Tax Attributes (basis increases), Pre-IPO M&A Tax Attributes, remedial partnership tax allocations, TRA Payment Tax Attributes | Current and certain former LLC Unitholders | 85% | recorded Tax Receivable Agreement liabilities ... $459.0 million; 85% of the net cash savings; current and certain former LLC Unitholders; Exchange Tax Attributes, Pre-IPO M&A Tax Attributes; remedial partnership tax allocations; TRA Payment Tax Attributes | ['Liability represents undiscounted estimated future payments.'] | 1,849,253 | 2026-02-13 | 10-K | View Document | 85% | ||
| Planet Fitness, Inc. | $415.80 | Tax basis adjustments from Holdings Units exchanges, 2012 Acquisition attributes, imputed interest | TRA Holders, existing and previous equity owners of Pla-Fit Holdings, LLC, affiliates of TSG Consumer Partners | 85% | tax benefit obligation was $415.8 million; 85% of the applicable cash savings; tax attributes of their Holdings Units; affiliates of TSG Consumer Partners; one-year Secured Overnight Financing Rate | ['Company is party to two tax receivable agreements.'] | 1,637,207 | 2026-02-25 | 10-K | View Document | 85% | ||
| Shift4 Payments, Inc. | $369.00 | Tax basis increases in Shift4 Payments, LLC assets, Searchlight tax attributes, imputed interest | Searchlight, Continuing Equity Owners, Rook, Shift4 Payments, LLC | 85% | TRA liability was $369 million; increases in the tax basis of assets; Searchlight, our former sponsor; 85% of the tax benefits | ['Rook assigned TRA rights to Company in 2026.'] | 1,794,669 | 2026-02-27 | 10-K | View Document | 85% | ||
| KKR & Co. Inc. | $359.30 | Tangible and intangible assets of KKR Group Partnership; goodwill | KKR Holdings, its limited partners, current and former principals | 85% | undiscounted payable of $359.3 million; tangible and intangible assets of KKR Group Partnership; primarily attributable to a portion of the goodwill; KKR Holdings or to its limited partners; 85% of the amount of cash savings | ['TRA terminated May 30, 2022, except for prior exchanges.'] | 1,404,912 | 2026-02-27 | 10-K | View Document | 85% | ||
| Portillo's Inc. | $352.40 | Existing tax basis, net operating losses, basis adjustments, imputed interest | Pre-IPO LLC Members, Blocker Companies | 85% | obligation for future payments totaled $352.4 million; 85% of certain tax benefits; existing tax basis; net operating losses; pre-IPO LLC Members | ['Payments accelerated upon Change of Control.'] | 1,871,509 | 2026-02-24 | 10-K | View Document | 85% | ||
| Tradeweb Markets Inc. | $336.50 | Increases in tax basis of TWM LLC's tangible and intangible assets; other tax benefits related to TRA payments. | Tradeweb Markets Inc., TWM LLC, Continuing LLC Owners (Refinitiv, Bank Stockholders, management). | 50% | recorded a liability of $336.5 million; increases in the tax basis of TWM LLC’s assets; with TWM LLC and the Continuing LLC Owners; equal to 50% of the... tax savings | ['TRA share is 50% of realized tax savings.'] | 1,758,730 | 2026-02-05 | 10-K | View Document | 50% | ||
| Tradeweb Markets Inc. | $335.80 | Increases in tax basis of TWM LLC’s assets; tax benefits from TRA payments. | Continuing LLC Owners (including Refinitiv, Bank Stockholders, and management). | 50% | liability... totaled $335.8 million; increases in the tax basis of TWM LLC’s assets; Continuing LLC Owners; equal to 50% of the amount; unpaid amounts... will accrue interest | ['TRA share is 50% of realized tax savings.'] | 1,758,730 | 2026-04-29 | 10-Q | View Document | 50% | ||
| StepStone Group Inc. | $334.30 | Increases in tax basis, utilization of certain other tax benefits, and imputed interest. | Class B limited partners, Class C limited partners, Class D limited partners, and pre-IPO institutional investors. | 85% | Pro rata | total Tax Receivable Agreements liability was $334.3 million; increases in tax basis; utilization of certain other tax benefits; imputed interest; Class B, Class C, Class D limited partners; pre-IPO institutional investors; 85% of net cash tax savings; cause the Partnership to make pro rata distributions | ['Includes Exchanges TRA and Reorganization TRA.'] | 1,796,022 | 2026-02-05 | 10-Q | View Document | 85% | |
| Brighthouse Financial, Inc. | $328.00 | net operating losses, capital losses, tax basis and amortization or depreciation deductions | MetLife | 86% | payable to MetLife of $328 million; net operating losses, capital losses, tax basis; amortization or depreciation deductions; equal to 86% of the amount; accelerated upon closing of the Merger | ['Liability would be accelerated upon closing of Merger.'] | 1,685,040 | 2026-02-24 | 10-K | View Document | 86% | ||
| Artisan Partners Asset Management Inc. | $303.40 | Tax attributes of preferred units, partnership units sold or exchanged, and imputed interest. | Pre-H&F Corp Merger Shareholder; current or former limited partners of Holdings or their assignees. | 85% | Pro rata | $303.4 million liability as of December 31, 2025; tax attributes of the preferred units; partnership units sold to us or exchanged; tax benefits related to imputed interest; 85% of the applicable cash savings; made pro rata among all TRA counterparties | ['Company is party to two separate TRAs.'] | 1,517,302 | 2026-02-20 | 10-K | View Document | 85% | |
| Moelis & Co | $301.10 | Tangible and intangible assets of Group LP; imputed interest. | Eligible Managing Directors | 85% | total payable of $301.1 million; tangible and intangible assets of Group LP; eligible Managing Directors; 85% of the amount of cash savings; imputed interest deemed to be paid | [] | 1,596,967 | 2026-02-26 | 10-K | View Document | 85% | ||
| GPGI, Inc. | $271.40 | Existing tax basis; increases in tax basis; NOLs; tax benefits from TRA payments | Holdings; holders of interests in Holdings (TRA Parties) | 90% | 15% per annum | recorded $271.4 million in TRA liability; allocable share of existing tax basis; 90% of the benefits; discount rate equal to 15% per annum; holders of interests in Holdings; net operating losses subject to the Tax Receivable Agreement | ['TRA share is 90%; discount rate is 15%.'] | 1,823,144 | 2026-03-12 | 10-K | View Document | 90% | |
| Moelis & Co | $269.30 | Tax basis of Group LP's tangible and intangible assets; imputed interest | Eligible Managing Directors | 85% | total payable of $269.3 million; tax basis of Group LP’s assets; eligible Managing Directors; 85% of the amount of cash savings; tax benefits related to imputed interest | [] | 1,596,967 | 2026-04-30 | 10-Q | View Document | 85% | ||
| AdaptHealth Corp. | $265.70 | Tax attributes of Access Point Medical, Inc.; increases in tax basis from exchanges; imputed interest; increases in tax basis from TRA payments. | Pre-Business Combination owners of AdaptHealth Units; certain sellers; AdaptHealth Holdings members. | 85% | liability relating to the TRA was $265.7 million; tax attributes of Access Point Medical, Inc.; pre-Business Combination owners of AdaptHealth Units; payment of 85% of net cash savings | ['Liability remeasured following One Big Beautiful Bill Act.'] | 1,725,255 | 2026-02-24 | 10-K | View Document | 85% | ||
| Cactus, Inc. | $262.90 | Increases in tax basis from unit acquisitions/redemptions and debt repayment; imputed interest | TRA Holders (direct and indirect owners), officers, directors, and employees | 85% | liability under the TRA of $262.9 million; increases in tax basis; imputed interest; direct and indirect owners; officers, directors and employees; 85% of the net cash savings | [] | 1,699,136 | 2026-02-26 | 10-K | View Document | 85% | ||
| Stagwell Inc | $254.90 | increases in the tax basis of OpCo’s assets; tangible and intangible assets | Stagwell Media, OpCo | 85% | recorded a TRA liability of $254.9 million; increases in the tax basis of OpCo’s assets; 85% of such tax benefits; Stagwell Media and OpCo | ['Liability increased significantly following the Class C Exchange.'] | 876,883 | 2026-03-13 | 10-K | View Document | 85% | ||
| Stagwell Inc | $252.39 | increases in the tax basis of OpCo assets | Stagwell Media | 85% | Tax Receivable Agreement liability (1) $252,390; increases in the tax basis of the assets; make cash payments to Stagwell Media; equal to 85% of certain... tax savings | ['All Paired Units exchanged for Class A Shares.'] | 876,883 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Shake Shack Inc. | $246.80 | Increases in tax basis of SSE Holdings net assets; tax basis increases from TRA payments; imputed interest deductions. | Non-controlling interest holders of SSE Holdings | 85% | obligations totaled $246.8 million; increases in the tax basis; non-controlling interest holders; 85% of any tax benefits | ['Payments contingent upon generation of future taxable income.'] | 1,620,533 | 2026-02-26 | 10-K | View Document | 85% | ||
| Clear Secure, Inc. | $244.70 | Increase in tax basis in Alclear’s assets; imputed interest | CLEAR Post-IPO Members, Alclear Members, TRA Holders | 85% | liability due was $244.7 million; increase in tax basis in Alclear’s assets; imputed interest; CLEAR Post-IPO Members; 85% of the amount of cash savings | ['Liability recognized in 2024 after valuation allowance release.'] | 1,856,314 | 2026-02-25 | 10-K | View Document | 85% | ||
| European Wax Center, Inc. | $243.60 | Existing tax basis; basis adjustments; Blocker Company tax attributes; TRA payment tax benefits | EWC Ventures Pre-IPO Members | 85% | Lesser of 6.5% or SOFR + 100bp | aggregate to approximately $243.6 million; 85% of the benefits; existing tax basis of tangible and intangible assets; EWC Ventures Pre-IPO Members; lesser of 6.5% and SOFR plus 100bp | ['Estimate based on $6.53 share price.'] | 1,856,236 | 2026-04-27 | 10-K/A | View Document | 85% | |
| OPAL Fuels Inc. | $240.80 | tax basis increases; loss carryovers | OPAL Fuels Inc; Opal Holdco LLC; Parties named therein | undiscounted liability of approximately $240.8 million; tax basis increases associated with the deemed exchange; utilization of certain loss carryovers; OPAL Fuels Inc, Opal Holdco LLC | ['Full valuation allowance applied to deferred tax assets.'] | 1,842,279 | 2026-03-16 | 10-K | View Document | ||||
| Interactive Brokers Group, Inc. | $217.00 | Tax basis increases from purchases of IBG LLC interests | IBG, Inc., Holdings (IBG Holdings LLC) | 85% | Payable to Holdings under Tax Receivable Agreement... $217 million; result of tax basis increases; purchases of the IBG LLC interests; IBG, Inc.; Holdings; 85% of the tax savings | ['Potential tax basis increase of $44.6 billion.'] | 1,381,197 | 2026-02-27 | 10-K | View Document | 85% | ||
| Legence Corp. | $207.40 | allocable share of existing tax basis; tax attributes of blocker entities; Basis Adjustments; tax benefits from TRA payments | Legence Parent; Legence Parent II; TRA Members | 85% | SOFR + 100 basis points | total undiscounted TRA liability... is $207.4 million; allocable share of existing tax basis; tax attributes of the blocker entities; Basis Adjustments; 85% of the net cash savings; SOFR plus 100 basis points | ['Early termination payment estimated at $791 million undiscounted.'] | 2,052,568 | 2026-03-30 | 10-K | View Document | 85% | |
| European Wax Center, Inc. | $201.50 | Existing tax basis; basis adjustments; Blocker Company tax attributes; tax benefits from TRA payments | EWC Ventures Pre-IPO Members; EWC Ventures; General Atlantic equity holders; EWC Founder Holdco | 85% | recorded a liability of $201.5 million; 85% of the amount of tax benefits; existing tax basis; adjustments to the tax basis; tax attributes of the Blocker Companies; EWC Ventures Pre-IPO Members | ['General Atlantic waived change of control payment.'] | 1,856,236 | 2026-03-04 | 10-K | View Document | 85% | ||
| WaterBridge Infrastructure LLC | $201.40 | Existing Basis, Basis Adjustments, Historical NOLs, Interest Deductions, and Imputed Interest | OpCo, Legacy Owners (TRA Holders) | 85% | SOFR + 100bp | recorded a TRA liability of $201.4 million; Existing Basis, Basis Adjustments, Historical NOLs, Interest Deductions; OpCo and certain of our shareholders; equal to 85% of the amount; SOFR plus 100 basis points | ['Early termination payment estimated at $589.2 million.'] | 2,064,947 | 2026-03-16 | 10-K | View Document | 85% | |
| Repay Holdings Corp | $200.90 | Tax basis step-up, depreciation or amortization deductions, imputed interest | Repay Unitholders, holders of Post-Merger Repay Units | 100% | liability of $200.9 million; tax basis step-up; depreciation or amortization deductions; Repay Unitholders; pay 100% of the tax benefits; imputed interest | ['TRA share is 100%', 'Liability measured at fair value under ASC 825'] | 1,720,592 | 2026-03-09 | 10-K | View Document | 100% | ||
| UWM Holdings Corp | $196.90 | Basis increases from exchanges, imputed interest, basis from TRA payments, Section 704(c) allocations | SFS Corp. | 85% | liability arising from the TRA of $196.9 million; increases in tax basis resulting from exchanges; imputed interest deemed to be paid; disproportionate allocations... result of section 704(c); payment by us to SFS Corp.; 85% of the amount of cash savings | ['SFS Corp. indemnifies 85% of disallowed tax savings.'] | 1,783,398 | 2026-02-25 | 10-K | View Document | 85% | ||
| OneStream, Inc. | $193.20 | Basis adjustments, NOLs, imputed interest, TRA payments | KKR, Continuing Members, Former Members, OneStream Software LLC | 85% | 85% of the applicable savings; maximum estimated TRA liability... $193.2 million; tax attributes... exchanges or redemptions; net operating losses... Blocker Mergers; TRA Members (including KKR) | ['TRA terminates automatically upon consummation of the Mergers.'] | 1,889,956 | 2026-02-26 | 10-K | View Document | 85% | ||
| Virtu Financial, Inc. | $181.90 | Tax basis adjustments, intangible assets, NOLs, imputed interest | Virtu Post-IPO Members, Investor Post-IPO Stockholders, Founder Post-IPO Member, Silver Lake Post-IPO Members | 85% | Lesser of 6.5% or LIBOR + 100bp | 181.9 million... as of December 31, 2025; 85% of the amount of actual cash savings; lesser of 6.5% or LIBOR plus 100bp; increase in tax basis... NOLs... imputed interest | [] | 1,592,386 | 2026-02-20 | 10-K | View Document | 85% | |
| Five Point Holdings, LLC | $181.90 | certain tax attributes; California net operating loss deductions | holders of Class A Common Units; holders of Class A units of the San Francisco Venture | 85% | liabilities of $181.9 million; 85% of the cash savings; result of certain tax attributes; holders of Class A Common Units | ['California SB 167 suspends NOL usage 2024-2026.'] | 1,574,197 | 2026-04-24 | 10-Q | View Document | 85% | ||
| Five Point Holdings, LLC | $181.50 | Basis increases from exchanges; Section 704(c) allocations; imputed interest; guaranteed payments | Holders of Class A units of the Operating Company and San Francisco Venture | 85% | liabilities of $181.5 million; 85% of the amount of cash savings; Increases in the Company’s tax basis; Section 704(c) of the Code; imputed interest or guaranteed payments; holders of Class A units | ['California SB 167 may accelerate payments 2026-2028.'] | 1,574,197 | 2026-03-06 | 10-K | View Document | 85% | ||
| Goosehead Insurance, Inc. | $171.90 | Tax basis adjustments (tangible and intangible assets), imputed interest | Pre-IPO LLC Members | 85% | liabilities totaling $171.9 million; increase in tax basis; imputed interest; Pre-IPO LLC Members; 85% of the amount of cash savings | ['Liability remeasured due to effective tax rate changes.'] | 1,726,978 | 2026-02-19 | 10-K | View Document | 85% | ||
| Goosehead Insurance, Inc. | $171.90 | Tax basis increases in tangible and intangible assets; imputed interest | Pre-IPO LLC Members | 85% | total amount of TRA Payments... was $171.9 million; increase in tax basis in GSHD's assets; Pre-IPO LLC Members; 85% of the amount of cash savings | [] | 1,726,978 | 2026-04-23 | 10-Q | View Document | 85% | ||
| Purple Innovation, Inc. | $170.50 | Tax basis increases in Purple LLC assets, imputed interest | InnoHold, former founders | 80% | estimate of liability... was $170.5 million; tax basis increases in the assets; InnoHold; 80% of the net cash savings | ['Liability not recorded as not probable.', 'Lump-sum payment of $137.5M upon change of control.'] | 1,643,953 | 2026-03-31 | 10-K | View Document | 80% | ||
| PBF Holding Co LLC | $168.20 | Increases in tax basis; tax benefits from TRA payments | PBF Energy; PBF LLC Series A and B unitholders | 85% | Pro rata | total liability... of $168.2 million; increases in tax basis; tax benefits attributable to payments; PBF LLC Series A and B unitholders; amount equal to 85% of the benefits; makes on a pro-rata basis to its owners | ['Liability is recognized by parent PBF Energy.'] | 1,566,011 | 2026-02-23 | 10-K | View Document | 85% | |
| PBF Energy Inc. | $168.20 | Increases in tax basis from unit acquisitions; tax benefits from TRA payments. | Current and former holders of PBF LLC Series A Units and PBF LLC Series B Units. | 85% | total liability for the Tax Receivable Agreement of $168.2 million; increases in tax basis resulting from its acquisitions; current and former holders of PBF LLC Series A Units; 85% of the benefits | ['Liability reflects undiscounted amounts expected to be paid.'] | 1,534,504 | 2026-02-12 | 10-K | View Document | 85% | ||
| PBF Energy Inc. | $168.20 | Increases in tax basis; tax benefits attributable to payments under the TRA | PBF LLC Series A and PBF LLC Series B unitholders | 85% | recognized a liability of $168.2 million; increases in tax basis; tax benefits attributable to payments; PBF LLC Series A and Series B unitholders; amount equal to 85% of the benefits | ['Liability reflects undiscounted amounts', 'Payments depend on realizing actual tax benefits'] | 1,534,504 | 2026-04-30 | 10-Q | View Document | 85% | ||
| Virtu Financial, Inc. | $166.50 | Tax basis increase, intangible assets, NOLs, other tax attributes | Direct or indirect equity holders, permitted assignees, Virtu Members | 85% | Tax receivable agreement obligations 166,453; increase to the tax basis of the assets; tax basis in the intangible assets; Net Operating Losses (“NOLs”) and other tax attributes; direct or indirect equity holders of Virtu Financial; 85% of the applicable cash tax savings; deferred and will accrue interest until paid | ['Payments expected to range $0.3M to $22.5M annually.'] | 1,592,386 | 2026-05-01 | 10-Q | View Document | 85% | ||
| OLAPLEX HOLDINGS, INC. | $165.10 | Existing tax basis in intangible assets and capitalized transaction costs; additional tax benefits from TRA payments. | Pre-IPO Stockholders (former limited partners of Penelope Group Holdings, L.P. and Award Holders) | 85% | LIBOR + 5% | liability as of December 31, 2025: $165.1 million; existing tax basis in intangible assets; capitalized transaction costs; pay the Pre-IPO Stockholders 85% of cash savings; fail to make payment... LIBOR plus 5% | ['Liability reduced by $9.5 million due to OBBBA.'] | 1,868,726 | 2026-03-05 | 10-K | View Document | 85% | |
| Rithm Capital Corp. | $162.80 | taxable acquisitions of Sculptor operating partnership units, NOLs | Sculptor, former holders of units (TRA Holders) | carrying value... was $162.8 million; taxable acquisitions... of Sculptor operating partnership units; including net operating losses; former holders of units... ('TRA Holders') | ['Sculptor Acquisition triggered change of control assumptions.'] | 1,556,593 | 2026-02-19 | 10-K | View Document | ||||
| Galaxy Digital Inc. | $150.40 | increase in tax basis in GDH LP’s assets; imputed interest | present and former limited partners of GDH LP | 85% | liability... of $150.4 million; increase in tax basis in GDH LP’s assets; present and former limited partners; 85% of the amount of cash savings | ['Amended and restated on May 13, 2025.'] | 1,859,392 | 2026-02-26 | 10-K | View Document | 85% | ||
| Rush Street Interactive, Inc. | $133.40 | Increase in tax basis; exchange of RSILP Units | Special Limited Partner | 85% | recognized a TRA liability of $133.4 million; increase in tax basis and tax benefits; Special Limited Partner entered into the TRA; pay 85% of certain net tax benefits; accrue interest until paid | ['Liability includes $1.2 million current portion.', 'Obligation of Special Limited Partner, not RSILP.'] | 1,793,659 | 2026-04-29 | 10-Q | View Document | 85% | ||
| MediaAlpha, Inc. | $131.10 | Tax basis step-up of QLH assets; net operating losses of Intermediate Holdco; tax basis increases from TRA payments; imputed interest | Insignia, the Senior Executives, and White Mountains | 85% | SOFR | recorded a $131.1 million liability; tax basis step-up of the assets; Insignia, the Senior Executives, and White Mountains; 85% of the amount of cash savings; replace the LIBOR with the SOFR | ['TRA amended 2023 to replace LIBOR with SOFR.'] | 1,818,383 | 2026-02-23 | 10-K | View Document | 85% | |
| Rush Street Interactive, Inc. | $130.10 | Increases in tax basis of RSILP’s tangible and intangible assets; tax benefits from TRA payments | Special Limited Partner, Sellers, exchanging holders of RSILP Units | 85% | recognized a TRA liability of $130.1 million; increases in tax basis in RSILP’s assets; Special Limited Partner to pay to the Sellers; 85% of the net income tax savings | ['Liability increased due to RSILP Unit exchanges.'] | 1,793,659 | 2026-02-18 | 10-K | View Document | 85% | ||
| MediaAlpha, Inc. | $123.40 | increases in tax basis of assets of QLH; net operating losses of Intermediate Holdco; imputed interest | Insignia, Senior Executives, White Mountains, Class B-1 unit holders | 85% | accrued $123.4 million; 85% of the amount; Insignia, Senior Executives, and White Mountains; increases in tax basis of assets; net operating losses of Intermediate Holdco; SOFR as the interest rate benchmark | ['Amended Oct 2023: blended tax rate, SOFR benchmark.'] | 1,818,383 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Brookfield Asset Management Ltd. | $116.00 | tax attributes purchased from a related party | Oaktree | payable under a tax receivable agreement with Oaktree; $116 million as at December 31, 2025; recognized tax attributes purchased from a related party | ['TRA is specifically with Oaktree.'] | 1,937,926 | 2026-03-02 | 10-K | View Document | ||||
| loanDepot, Inc. | $109.10 | tax basis adjustments; incremental tax basis adjustments; deemed interest deductions | Parthenon Stockholders, Parthenon affiliates, and certain Continuing LLC Members | 85% | TRA liability of $109.1 million; 85% of the amount of cash savings; tax basis adjustments; incremental tax basis adjustments; deemed interest deductions | ['Liability increased due to LLC unit exchanges.', 'Paid $2.9 million under TRA in 2025.'] | 1,831,631 | 2026-03-12 | 10-K | View Document | 85% | ||
| Evolent Health, Inc. | $108.90 | Tax basis step-up of Evolent Health LLC assets; pre-IPO NOLs; imputed interest; future basis increases. | Investor Stockholders; TRA Holders; holders of Class B common units; affiliate of TPG. | 85% | recorded a TRA liability of $108.9 million; tax basis step-up of the assets; utilization of the pre-IPO NOLs; pay the TRA Holders 85% | ['Liability includes $17.8M NOLs and $91.1M basis step-up.'] | 1,628,908 | 2026-02-25 | 10-K | View Document | 85% | ||
| Perella Weinberg Partners | $94.00 | exchange of interests in PWP OpCo; step-up in tax basis; payments under TRA | PWP OpCo, Professional Partners and Investor Limited Partners | 85% | liability of $94.0 million; exchange of interests in PWP OpCo; PWP OpCo, Professional Partners and Investor Limited Partners; payment of 85% of the amount; step-up in tax basis | [] | 1,777,835 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Perella Weinberg Partners | $93.50 | Tax basis of tangible and intangible assets; depreciation and amortization deductions | Investor Limited Partners (ILPs), Professional Partners, and certain Partners | 85% | amount due of $93.5 million; increases in the tax basis of the assets; Investor Limited Partners and certain Partners; 85% of the cash tax savings | [] | 1,777,835 | 2026-02-27 | 10-K | View Document | 85% | ||
| Sun Country Airlines Holdings, Inc. | $87.17 | Pre-IPO Tax Attributes (net operating loss carryforwards) | Pre-IPO stockholders, management, Board of Directors | 85% | aggregate to approximately $87,169; Pre-IPO Tax Attributes,' include net operating loss carryforwards; 85% of the amount of cash savings; pre-IPO stockholders; accrue interest until paid | ['Liability amount likely in thousands.'] | 1,743,907 | 2026-04-30 | 10-K/A | View Document | 85% | ||
| Sun Country Airlines Holdings, Inc. | $87.17 | Net operating loss carryforwards, deductions, tax basis, and other tax attributes | Pre-IPO stockholders, certain management, and Board members | 85% | total TRA liability balance... was $87,169; net operating loss carryforwards, deductions, tax basis; pre-IPO stockholders... management and... Board of Directors; 85% of the amount of cash savings; deferred and will accrue interest until paid | ['TRA terminates upon change of control (Allegiant merger).'] | 1,743,907 | 2026-02-12 | 10-K | View Document | 85% | ||
| Sun Country Airlines Holdings, Inc. | $87.14 | Pre-IPO Tax Attributes | pre-IPO stockholders, management, Board of Directors | TRA balance as of March 31, 2026... $87,137; attributes that existed at the time of IPO; pre-IPO stockholders (the “TRA holders”); TRA will terminate and be settled | ['TRA terminates upon merger with Allegiant.'] | 1,743,907 | 2026-05-01 | 10-Q | View Document | ||||
| ProFrac Holding Corp. | $86.60 | Increases in tax basis; imputed interest | ProFrac Holding Corp.; TRA Holders | 85% | 85% of the net cash savings; increases in tax basis; imputed interest; TRA Holders; liability... $4.6 million and $82.0 million | [] | 1,881,487 | 2026-03-13 | 10-K | View Document | 85% | ||
| Solaris Energy Infrastructure, Inc. | $76.30 | Increases in tax basis; imputed interest; additional basis from TRA payments. | Solaris Inc. and TRA Holders (then-existing members of Solaris LLC). | 85% | Pro rata | liability under the TRA was $76.3 million; 85% of the net cash savings; certain increases in tax basis; imputed interest; distribute cash pro rata | ['Early termination undiscounted liability estimated at $206.0 million.'] | 1,697,500 | 2026-02-27 | 10-K | View Document | 85% | |
| Solaris Energy Infrastructure, Inc. | $75.00 | Increases in tax basis, imputed interest, and additional tax basis from TRA payments. | Other then-existing members of Solaris LLC | 85% | Pro rata | liability under the Tax Receivable Agreement was $75.0 million; increases in tax basis; tax benefits attributable to imputed interest; additional tax basis arising from any payments; other then-existing members of Solaris LLC; representing 85% of the net cash savings; distribute cash pro rata to each | ['TRA was amended on June 27, 2023.'] | 1,697,500 | 2026-05-01 | 10-Q | View Document | 85% | |
| Liberty Energy Inc. | $74.80 | increases in tax basis; net operating losses; imputed interest | R/C Energy IV Direct Partnership, L.P.; existing owners of Liberty Oilfield Services Holdings LLC | 85% | liability under the TRAs was $74.8 million; 85% of the net cash savings; certain increases in tax basis; net operating losses; imputed interest; R/C Energy IV Direct Partnership, L.P. | ['Company made $40.8 million of TRA payments in 2025.'] | 1,694,028 | 2026-02-02 | 10-K | View Document | 85% | ||
| Carlyle Group Inc. | $71.80 | increases in tax basis resulting from exchanges | limited partners of the Carlyle Holdings partnerships | 85% | Amounts owed under the tax receivable agreement; increases in tax basis resulting from exchanges; limited partners of the Carlyle Holdings partnerships; 85% of the amount of cash tax savings | ['Conversion limited rights to pre-existing obligations.'] | 1,527,166 | 2026-02-27 | 10-K | View Document | 85% | ||
| Evercore Inc. | $69.84 | tangible and intangible assets of Evercore LP | current and former Senior Managing Directors; LP Unit holders | 85% | contractual obligations related to the Tax Receivable Agreement to be $69,843; increases in the tax basis of the tangible and intangible assets; current and former Senior Managing Directors; 85% of the amount of cash savings | ['TRA entered into in 2006.'] | 1,360,901 | 2026-02-20 | 10-K | View Document | 85% | ||
| Liberty Energy Inc. | $66.90 | Increases in tax basis, net operating losses, imputed interest | R/C Energy IV Direct Partnership, L.P., existing owners of Liberty LLC Units | 85% | liability under the TRAs was $66.9 million; payment by the Company of 85%; increases in tax basis; net operating losses; imputed interest; R/C Energy IV Direct Partnership, L.P. | [] | 1,694,028 | 2026-04-23 | 10-Q | View Document | 85% | ||
| Excelerate Energy, Inc. | $58.80 | Increases in tax basis from exchanges, existing tax basis, IPO Vessels basis, TRA payment tax benefits | Excelerate Energy, Inc., EE Holdings, George Kaiser Family Foundation | 85% | expected future payments... equal $58.8 million; 85% of the amount of the net cash; increases in the tax basis of assets; EE Holdings and the George Kaiser Family Foundation; interest accrued from the due date | ['Full exchange liability estimated at $375.6 million.'] | 1,888,447 | 2026-02-27 | 10-K | View Document | 85% | ||
| Amneal Pharmaceuticals, Inc. | $57.50 | Amneal common units tax attributes, Section 754 basis adjustments, TRA payment tax benefits | Members of the Amneal Group and permitted transferees | 75% | Pro rata | TRA liability of $57.5 million; basis adjustments under Internal Revenue Code Section 754; Members of the Amneal Group; reduce... 85%... to 75%; on a one-to-one basis | ['TRA amended in 2023 reducing share to 75%.'] | 1,723,128 | 2026-02-27 | 10-K | View Document | 75% | |
| Lazard, Inc. | $57.05 | increases in the tax basis of certain assets; other tax benefits | Lazard; LTBP Trust; owners of the Trust | 45% and 85% | Pro rata | cumulative liability... 2025... $57,051; increases in the tax basis of certain assets; Lazard and LTBP Trust; approximately 45% of... cash savings; distributed pro rata to the owners | ['Liability is undiscounted; primary payment rate is 45%.'] | 1,311,370 | 2026-02-23 | 10-K | View Document | 45% and 85% | |
| GCM Grosvenor Inc. | $55.00 | increases in tax basis; existing tax basis in intangible assets; deductions from TRA payments | GCMH Equityholders, and their successors and assigns | 85% | liability of $55 million; 85% of the amount of tax savings; increases in tax basis; existing tax basis; deductions arising from payments; GCMH Equityholders | ['Payments may exceed 85% due to simplifying assumptions.'] | 1,819,796 | 2026-02-19 | 10-K | View Document | 85% | ||
| VERRA MOBILITY Corp | $43.70 | net cash savings in income tax | PE Greenlight Holdings, LLC; Lakeside Smart Holdco L.P | 50.0% | liability was approximately $43.7 million; net cash savings... in income tax; PE Greenlight Holdings, LLC; Lakeside Smart Holdco L.P; payment to Lakeside of 50.0% | ['TRA share is 50%, lower than industry standard.'] | 1,682,745 | 2026-02-24 | 10-K | View Document | 50.0% | ||
| Select Water Solutions, Inc. | $43.40 | Tax basis increases, net operating losses, and imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P., and other TRA Holders | 85% | 12-month term SOFR + 171.513bp | recorded liabilities of $43.4 million; tax basis increases, net operating losses, imputed interest; Legacy Owner Holdco and Crestview Partners II GP, L.P.; 85% of the net cash savings; 12-month term SOFR plus 171.513 basis points | ['Liability accounted for on gross undiscounted basis.', 'Amended in 2023 to replace LIBOR with SOFR.'] | 1,693,256 | 2026-02-18 | 10-K | View Document | 85% | |
| OppFi Inc. | $39.81 | Tangible and intangible assets, Section 754 basis step-up, and tax benefits from TRA payments. | Members and exchanging holders of Retained OppFi-LLC Units. | 90% | Tax receivable agreement liability 39,811; 90% of the net income tax savings; increases in tax basis in our assets; Members and/or the exchanging holders; tax benefits attributable to payments | ['TRA share is 90% of tax savings.', 'Payments to members began in 2025.'] | 1,818,502 | 2026-03-12 | 10-K | View Document | 90% | ||
| Hagerty, Inc. | $39.80 | Tax basis adjustments; Section 754 adjustments; TRA payment benefits | HHC; Markel | 85% | TRA Liability was $39.8 million; tax basis adjustments resulting from TRA exchanges; TRA with HHC and Markel; 85% of the cash tax benefits; accrue interest until paid | ['Liability established in 2025 based on future taxable income.'] | 1,840,776 | 2026-02-26 | 10-K | View Document | 85% | ||
| MALIBU BOATS, INC. | $39.60 | Increases in tax basis of tangible and intangible assets; Section 754 election | Pre-IPO owners of the LLC (or their permitted assignees) | 85% | Ending balance $39,332; current portion $271; 85% of the amount of the benefits; pre-IPO owners of the LLC; increases in tax basis; Section 754 election | ['Liability adjusted for OB3 tax reform changes.', 'Liability determined on an undiscounted basis.'] | 1,590,976 | 2026-02-05 | 10-Q | View Document | 85% | ||
| Cardinal Infrastructure Group Inc. | $39.40 | Basis Adjustments from LLC unit exchanges; interest deductions from TRA payments | Cardinal Civil Contracting Holdings LLC; Continuing Equity Holders | 85% | lesser of (i) 6.5% per annum, compounded annually, and (ii) SOFR plus 100 basis points | liability on the consolidated balance sheet totaled $39,423,529; increases in tax basis; interest deductions arising from payments; Cardinal and each of the Continuing Equity Holders; 85% of the tax benefits; lesser of 6.5% or SOFR + 100bp | ['Liability could reach $180.5M upon full exchange.'] | 2,079,999 | 2026-03-23 | 10-K | View Document | 85% | |
| Black Rock Coffee Bar, Inc. | $38.90 | Basis Adjustments and certain tax benefits (interest deductions) | Black Rock OpCo and the TRA Parties | 85% | $38.9 million of liabilities related to our obligations; Basis Adjustments and certain tax benefits (interest deductions); Black Rock OpCo and the TRA Parties; 85% of the amount of tax benefits | ['TRA liability is classified as non-current.'] | 2,068,577 | 2026-03-04 | 10-K | View Document | 85% | ||
| OneWater Marine Inc. | $37.50 | increases in tax basis; imputed interest | certain of the owners of OneWater LLC; TRA Holder | 85% | undiscounted liability... was $37.5 million; increases in tax basis; tax benefits attributable to imputed interest; certain of the owners of OneWater LLC; 85% of the calculated net cash savings; deferred payments... will accrue interest | ['Undiscounted liability is $37.5 million.'] | 1,772,921 | 2026-02-09 | 10-Q | View Document | 85% | ||
| i3 Verticals, Inc. | $34.90 | increase in tax basis; imputed interest | i3 Verticals, LLC; Continuing Equity Owners | 85% | total amount due... was $34.9 million; increase in tax basis associated with Common Units; i3 Verticals, LLC and each Continuing Equity Owners; represents 85% of the estimated future tax benefits | ['Payments expected over the next 22 years.'] | 1,728,688 | 2026-02-06 | 10-Q | View Document | 85% | ||
| PJT Partners Inc. | $34.60 | increases in tax basis related to exchanges; tax benefits from TRA payments | holders of Partnership Units (other than PJT Partners Inc.) | 85% | contractual obligations of $34.6 million; increases in tax basis related to such exchanges; holders of Partnership Units; 85% of the benefits | [] | 1,626,115 | 2026-04-30 | 10-Q | View Document | 85% | ||
| National CineMedia, Inc. | $33.80 | NCM LLC’s tangible and intangible assets; 163(j) | Cinemark (AMC and Regal waived) | 90% | payable under the TRA was $33.8 million; tax basis in NCM LLC’s tangible and intangible assets; 90% of the amount of any tax benefits; Cinemark; AMC waived all rights; Regal waived all rights | ['AMC and Regal waived all rights to TRA payments.'] | 1,377,630 | 2026-02-26 | 10-K | View Document | 90% | ||
| PJT Partners Inc. | $30.30 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments | Holders of Partnership Units (other than PJT Partners Inc.) | 85% | SOFR + 500bp | contractual obligations... of $30.3 million; increases in tax basis of tangible assets; holders of Partnership Units; 85% of the benefits; SOFR plus 500 basis points | [] | 1,626,115 | 2026-02-26 | 10-K | View Document | 85% | |
| Definitive Healthcare Corp. | $27.20 | NOLs, tax basis adjustments, tangible and intangible assets, TRA payments | Pre-IPO LLC Unit holders, former Blocker Company shareholders | 85% | recorded a TRA liability of $27.2 million; 85.0% of the amount of any tax benefits; tax attributes acquired from the Blocker Companies; tax basis adjustments; net operating losses; pre-IPO holders of LLC Units; accrue interest until paid | ['Goodwill impairment significantly reduced the TRA liability.'] | 1,861,795 | 2026-02-26 | 10-K | View Document | 85% | ||
| AlTi Global, Inc. | $25.70 | Increase in tax basis of Umbrella assets | TWMH Members, TIG GP Members, TIG MGMT Members | 85% | TRA liability was approximately $25.7 million; increase in tax basis of Umbrella assets; TWMH Members, TIG GP Members, TIG MGMT Members; pay an amount equal to 85% | ['Liability includes $8.8 million at fair value.'] | 1,838,615 | 2026-03-31 | 10-K | View Document | 85% | ||
| PennyMac Financial Services, Inc. | $24.76 | Increases in tax basis of PNMAC’s assets; tax benefits from TRA payments | Certain former unitholders of PNMAC | 85% | Payable to exchanged... unitholders under tax receivable agreement; increases in tax basis of PNMAC’s assets; certain of the former unitholders of PNMAC; equal to 85% of the amount | ['2018 reorganization eliminated potential for additional unit exchanges.'] | 1,745,916 | 2026-02-20 | 10-K | View Document | 85% | ||
| FORWARD AIR CORP | $24.05 | Increases in tax basis; pre-existing tax attributes; tax allocations; TRA payment benefits | Company; Opco; Omni Holders; certain other parties | 83.5% | potential payments of $0 to $24,050; increases in tax basis in Opco’s assets; Company, Opco, Omni Holders and other parties; 83.5% of such tax benefits; accrue interest until paid | ['Liability is Level 3 fair value measurement.', 'Valuation allowance recorded against associated deferred tax assets.'] | 912,728 | 2026-03-11 | 10-K | View Document | 83.5% | ||
| Utz Brands, Inc. | $24.00 | increased tax basis in UBH partnership assets; future exchanges of Common Company Units; Kennedy Endeavors tax basis step-up; tax attributes of UBH; TRA payment tax benefits | Noncontrolling Interest Holders | 85% | obligated to share 85% of cash tax savings; increased tax basis in UBH partnership assets; Noncontrolling Interest Holders; recorded a TRA liability of $24.0 million; unpaid amounts will be deferred and accrue interest | ['Unrecorded $32.2 million liability deemed not probable.'] | 1,739,566 | 2026-02-12 | 10-K | View Document | 85% | ||
| Flowco Holdings Inc. | $22.00 | Basis Adjustments, Section 704(c) Allocations, existing tax basis, Blocker tax attributes, and interest deductions | Flowco Holdings, Flowco LLC, and Continuing Equity Owners (TRA Participants) | 85% | total amount due under the TRA was $22.0 million; Basis Adjustments, Section 704(c) Allocations, and certain other tax benefits; Flowco Holdings, Flowco LLC and the Continuing Equity Owners; pay to each Continuing Equity Owner 85% | ['Liability includes $8.8 million from 2025 unit redemptions.'] | 2,035,149 | 2026-02-26 | 10-K | View Document | 85% | ||
| Red Rock Resorts, Inc. | $20.60 | Existing tax basis; increases in tax basis; Section 743(b) adjustments; tax benefits from TRA payments | Pre-IPO owners of Station Holdco; Fertitta Family Entities; current and former executives | 85% | liability under the TRA was $20.6 million; 85% of the amount of benefits; increases in tax basis; pre-IPO owners of Station Holdco; Section 743 of the Internal Revenue Code | ['Payments expected over a period of approximately 40 years.'] | 1,653,653 | 2026-02-20 | 10-K | View Document | 85% | ||
| RMR GROUP INC. | $18.48 | Increases in tax basis; imputed interest | RMR Inc., ABP Trust | 85% | liability related to the tax receivable agreement; increases in tax basis attributable to RMR Inc.’s; tax benefits related to imputed interest; RMR Inc. pays to ABP Trust; 85.0% of the amount of cash savings | ['Liability includes $2.552 million current portion.'] | 1,644,378 | 2026-02-04 | 10-Q | View Document | 85% | ||
| NEWMARK GROUP, INC. | $17.51 | tax basis of the tangible and intangible assets; tax benefits attributable to payments under the TRA | Newmark Group, Inc., Cantor | 85% | Payable related to Tax Receivable Agreement 17,511; tax basis of the tangible and intangible assets; Newmark entered into with Cantor; payment by Newmark to Cantor of 85% | ['Liability offset by $19.5 million deferred tax asset.'] | 1,690,680 | 2026-03-02 | 10-K | View Document | 85% | ||
| NEWMARK GROUP, INC. | $17.50 | tax basis of the tangible and intangible assets; imputed interest; tax benefits from TRA payments | Cantor; Newmark Group, Inc. | 85% | 17.5 million liability to Cantor; tax basis of the tangible and intangible assets; Cantor and Newmark; 85% of the amount of cash savings | ['20% of each payment deposited into escrow account.'] | 1,690,680 | 2026-04-30 | 10-K/A | View Document | 85% | ||
| Viant Technology Inc. | $12.40 | Tax basis step-ups, intangible assets, and imputed interest | Viant Technology LLC, continuing members, and TRA Representative | 85% | total TRA liability is approximately $12.4 million; increases in tax basis; imputed interest; continuing members of Viant Technology LLC; TRA Representative; 85% of net cash tax savings | ['Liability recorded following release of valuation allowance.'] | 1,828,791 | 2026-03-11 | 10-K | View Document | 85% | ||
| P3 Health Partners Inc. | $12.40 | Tax basis increases from exchanges, redemptions, distributions; imputed interest. | P3 LLC, P3 Equityholders | 85% | TRA liability is estimated to be $12.4 million; 85% of the income tax benefits; increases in... tax basis... resulting from Business Combinations; deductions attributable to imputed interest; P3 LLC and the members of P3 LLC | ['No liability recorded due to full valuation allowance.'] | 1,832,511 | 2026-03-26 | 10-K | View Document | 85% | ||
| Smith Douglas Homes Corp. | $9.86 | Basis Adjustments, Section 704(c) Allocations, interest deductions, 743(b), 197 | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | Tax receivable agreement liability 9,857; Basis Adjustments, Section 704(c) Allocations, interest deductions; Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners; 85% of certain tax benefits; unpaid amounts will... accrue interest until paid | ['Liability remeasured due to change in tax rate.'] | 1,982,518 | 2026-03-12 | 10-K | View Document | 85% | ||
| Smith Douglas Homes Corp. | $9.40 | Basis Adjustments, Section 704(c) Allocations, interest deductions, Section 743(b), Section 197 | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | TRA liability of $9.4 million; Basis Adjustments, Section 704(c) Allocations, interest deductions; Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners; 85% of certain tax benefits | ['TRA liability of $9.4 million as of March 31, 2026.'] | 1,982,518 | 2026-04-30 | 10-Q | View Document | 85% | ||
| Silvercrest Asset Management Group Inc. | $9.32 | Step-up in tax basis in Silvercrest L.P.’s assets, imputed interest, and prior distributions. | Current principals of Silvercrest L.P. and any future employee-holders of Class B units. | 85% | liability is estimated to be $9,325; step-up in tax basis in Silvercrest L.P.’s assets; current principals of Silvercrest L.P.; 85% of the amount of cash savings | [] | 1,549,966 | 2026-03-16 | 10-K | View Document | 85% | ||
| Array Technologies, Inc. | $8.30 | deductions generated by the increase in the tax value of the developed technology | Array Tech, Inc., former majority shareholder, former owners | fair value of the TRA was $8.3 million; increase in tax value of developed technology; former majority shareholder of the Company; attributes defined in the TRA | ['TRA is accounted for as contingent consideration.'] | 1,820,721 | 2026-02-25 | 10-K | View Document | ||||
| Vistra Corp. | $7.00 | benefits realized from transactions at predecessor emergence | holders of TRA Rights | Tax Receivable Agreement obligations $7; emergence of our predecessor from reorganization; rights (TRA Rights) to receive payments; $1 million in TRA payments | ['Company repurchased TRA Rights in 2024 and 2023.'] | 1,692,819 | 2026-02-27 | 10-K | View Document | ||||
| FLYEXCLUSIVE INC. | $6.10 | tax basis adjustments (repurchases and taxable exchanges), tax deductions from TRA payments | flyExclusive, LGM, Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust, TRA Holder Representative | 85% | maximum amount payable... would be approximately $6.1 million; tax basis adjustments; tax deductions; Existing Equityholders; 85% of the amount of savings | ['Liability not accrued as of December 31, 2025.'] | 1,843,973 | 2026-03-05 | 10-K | View Document | 85% | ||
| Baldwin Insurance Group, Inc. | $4.50 | Tax basis in tangible and intangible assets; imputed interest | Baldwin Holdings’ LLC Members | 85% | liability of $4.5 million; tangible and intangible assets; Baldwin Holdings’ LLC Members; pay 85% of the amount; imputed interest resulting from payments | ['Full valuation allowance recorded against deferred tax assets.'] | 1,781,755 | 2026-02-26 | 10-K | View Document | 85% | ||
| biote Corp. | $4.39 | increases in tax basis of BioTE Companies’ assets; tax benefits attributable to payments under the TRA | Members (non-controlling interest holders) | 85% | TRA liability 4,386; 85% of the net income tax savings; increases in tax basis of BioTE Companies’ assets; tax benefits attributable to payments under the TRA; pay to the Members | ['Legal settlements in 2024 significantly reduced the TRA liability.'] | 1,819,253 | 2026-03-13 | 10-K | View Document | 85% | ||
| MARKETWISE, INC. | $4.30 | Increases in tax basis of assets; carryforward attributes | MarketWise Members; MarketWise, LLC | 85% | TRA liability was $4.3 million; increases in the tax basis of assets; MarketWise Members and MarketWise, LLC; equal to 85% of the tax benefits; unpaid amounts will accrue interest until paid | [] | 1,805,651 | 2026-03-06 | 10-K | View Document | 85% | ||
| Finance of America Companies Inc. | $3.90 | Tax basis adjustments from unit exchanges and distributions; tangible and intangible assets; TRA payment tax benefits | Certain owners of FOA Equity; Blackstone Investor | 85% | TRA obligation3,901; 85% of the cash tax benefits; tax basis adjustments as a result of sales; certain owners of FOA Equity; tangible and intangible assets of FOA Equity | ['Blackstone TRA terminated Jan 2026 upon repurchase completion.', 'Liability remeasured at fair value each reporting period.'] | 1,828,937 | 2026-03-13 | 10-K | View Document | 85% | ||
| WM TECHNOLOGY, INC. | $2.70 | Tax basis increases, imputed interest, and tax attributes from TRA payments | WMH LLC Class A equity holders and their representative | 85% | TRA liability was $2.7 million; increases to the tax basis; tax benefits related to imputed interest; WMH LLC Class A equity holders; 85% of the amount of cash savings; accrue interest until paid | ['Liability adjusted due to full valuation allowance.'] | 1,779,474 | 2026-03-12 | 10-K | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $1.54 | Step-up in tax basis (intangibles, franchise agreements, goodwill), imputed interest | RIHI, Parallaxes Rain Co-Investment, LLC | 85% | total liability of $1.5 million; step-up in tax basis; 85% of the tax benefits; RIHI and Parallaxes Rain Co-Investment, LLC | ['TRA liabilities are not discounted.', 'Valuation allowance triggered a $25.3 million remeasurement gain.'] | 1,581,091 | 2026-02-19 | 10-K | View Document | 85% | ||
| INFINITY NATURAL RESOURCES, INC. | $1.50 | Tax basis increases from exchanges; imputed interest; additional tax basis from TRA payments. | Legacy Owners | 85% | recorded a TRA liability of $1.5 million; tax basis increases resulting from the exchange; Tax Receivable Agreement with the Legacy Owners; 85% of the net cash savings | ['Liability established in 2025 following unit redemption.'] | 2,029,118 | 2026-03-10 | 10-K | View Document | 85% | ||
| Camping World Holdings, Inc. | $1.40 | increases in tax basis; tax benefits from TRA payments | Continuing Equity Owners, Crestview Partners II GP, L.P., Former Profits Unit Holders | 85% | remaining Tax Receivable Agreement liability of $1.4 million; increases in tax basis; Continuing Equity Owners and Crestview Partners II GP, L.P.; 85% of the tax benefits; accrue interest until paid | ['Liability reduced by $149M due to valuation allowance.'] | 1,669,779 | 2026-02-27 | 10-K | View Document | 85% | ||
| GoHealth, Inc. | $1.30 | Existing tax basis; increases in tax basis; distributions; TRA payments | GHH, LLC; Continuing Equity Owners; Blocker Shareholders | 85% | As of December 31, 2025... $1.3 million liability; 85% of the tax benefits; Continuing Equity Owners and the Blocker Shareholders; allocable share of existing tax basis; increases in tax basis | ['Liability is based on probable utilization of benefits.'] | 1,808,220 | 2026-03-31 | 10-K | View Document | 85% | ||
| GEN Restaurant Group, Inc. | $1.10 | Increases in tax basis, net operating losses, and imputed interest | Members of GEN LLC (excluding GEN Inc.) and their permitted assignees | 85% | lesser of 6.5% and SOFR + 400bp | liability related to its projected obligations of $1.1 million; increases in tax basis; net operating losses; imputed interest; members of GEN LLC (not including GEN Inc.); 85% of the net cash tax savings; lesser of 6.5% and SOFR plus 400bp | ['Aggregate potential payments estimated at $99.6 million through 2037.'] | 1,891,856 | 2026-03-31 | 10-K | View Document | 85% | |
| Bakkt, Inc. | $0.60 | Tangible and intangible assets of Opco; Section 743(b); Section 734(b) | ICE, Mr. Naheta, certain Opco equity holders | 85% | approximately $0.6 million remained to be paid; tangible and intangible assets of Opco; Section 743(b) or 734(b) of the Code; ICE and Mr. Naheta; 85% of certain net income tax benefits | ['TRA settled in 2025 via Reorganization and Amendment.'] | 1,820,302 | 2026-03-19 | 10-K | View Document | 85% | ||
| Funko, Inc. | $0.12 | Basis adjustments from redemptions or exchanges of FAH, LLC units; Section 754; tax benefits from TRA payments. | Continuing Equity Owners, transferees, FAH, LLC | 85% | TRA liability for 2025 of $120 thousand; 85% of the tax benefits; redemptions or exchanges of common units; Continuing Equity Owners; transferees; FAH, LLC; Section 754; accrue interest until paid | ['Full valuation allowance significantly reduced recognized TRA liability.'] | 1,704,711 | 2026-03-12 | 10-K | View Document | 85% | ||
| Direct Digital Holdings, Inc. | $0.04 | Basis adjustments in tangible and intangible assets; imputed interest | Direct Digital Holdings, Inc., DDH LLC, Direct Digital Management, LLC (DDM) | 85% | Total liability related to tax receivable agreement $41; increases in the tax basis of assets; Direct Digital Holdings, DDH LLC and DDM; 85% of the tax benefits; deferred payments... will possibly accrue interest | ['Liability derecognized in 2024 due to valuation allowance.'] | 1,880,613 | 2026-03-31 | 10-K | View Document | 85% | ||
| Greenlane Holdings, Inc. | $0.00 | Increases in tax basis from unit exchanges; tax benefits from TRA payments | Members of the Operating Company | 85% | recorded no liability under the TRA; increases in the tax basis of assets; members of the Operating Company; 85% of the tax benefits | ['No liability recorded due to valuation allowance.'] | 1,743,745 | 2026-03-31 | 10-K | View Document | 85% | ||
| Solo Brands, Inc. | $0.00 | Tax basis increases from redemptions/exchanges, imputed interest, and TRA payment-related basis increases | TRA Participants, Prior Continuing LLC Owners, non-controlling interest holders | 85% | 85% of the tax benefits; increases in... tax basis of the assets; TRA Participants; no payments due; accrue interest until paid | ['Liability not expected to be material.'] | 1,870,600 | 2026-03-23 | 10-K | View Document | 85% | ||
| vTv Therapeutics Inc. | $0.00 | Increases in tax basis, imputed interest, TRA payment benefits | vTv Therapeutics Inc., M&F TTP Holdings Two LLC, M&F TTP Holdings LLC, MacAndrews | 85% | not recognized any liability; increases in the tax basis; 85% of the amount of cash savings; M&F TTP Holdings Two LLC; accrue interest until paid | ['No liability recognized as of December 31, 2025.'] | 1,641,489 | 2026-03-10 | 10-K | View Document | 85% | ||
| Rani Therapeutics Holdings, Inc. | $0.00 | Increases in tax basis of assets; redemptions/exchanges; TRA payments; other benefits from TRA payments. | Continuing LLC Owners, ICL | 85% | 85% of the amount of tax benefits; increases in the tax basis of assets; Continuing LLC Owners; ICL; not recorded a liability; terminated the TRA | ['TRA terminated effective December 31, 2025.'] | 1,856,725 | 2026-03-26 | 10-K | View Document | 85% | ||
| Cibus, Inc. | $0.00 | no TRA liability existed | ['TRA liability not probable due to valuation allowance'] | 1,705,843 | 2026-03-17 | 10-K | View Document | ||||||
| Bioventus Inc. | $0.00 | Tax basis increases from redemptions, exchanges, distributions, and TRA payments. | Smith & Nephew, Inc. (Continuing LLC Owner) | 85% | had not recorded any liabilities under the TRA; increases in the tax basis of assets; Smith & Nephew, Inc.; 85% of the tax benefits; accrue interest until paid | ['No liability recorded as no exchanges have occurred.'] | 1,665,988 | 2026-03-05 | 10-K | View Document | 85% | ||
| PROKIDNEY CORP. | $0.00 | increases in tax basis of tangible and intangible assets; other tax attributes | Closing ProKidney Unitholders | 85% | not recognized any liability as of December 31, 2025; 85% of certain tax savings; increases in tax basis of ProKidney assets; Closing ProKidney Unitholders | ['No liability recognized as of December 31, 2025.'] | 1,850,270 | 2026-03-18 | 10-K | View Document | 85% | ||
| El Pollo Loco Holdings, Inc. | $0.00 | net operating losses and other tax attributes | pre-IPO stockholders, FS Equity Partners V, L.P., FS Affiliates V, L.P. | 85% | no remaining obligations owed; net operating losses and other tax attributes; pre-IPO stockholders; FS Equity Partners V, L.P.; 85% of the savings in cash | ['TRA obligations terminated on May 29, 2024.'] | 1,606,366 | 2026-03-13 | 10-K | View Document | 85% | ||
| Fluence Energy, Inc. | $0.00 | Tax basis increases from redemptions, exchanges, distributions, and TRA payments. | Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc., AES Grid Stability, LLC | 85% | Company has not recognized the remaining liability; increases in our share of the tax basis; Siemens Industry, Inc. and AES Grid Stability, LLC; 85% of the tax benefits; accrue interest until paid | ['Full valuation allowance; potential liability is $117 million.'] | 1,868,941 | 2026-02-04 | 10-Q | View Document | 85% | ||
| Symbotic Inc. | $0.00 | attributes from redemptions, exchanges, and unit purchases | Legacy Warehouse Holders (TRA Holders) | 85% | no TRA liability was recorded; expected to be $464.7 million; 85% of these potential future tax benefits; certain Legacy Warehouse Holders; attributes obtained... as a result of exchanges | ['No TRA liability recorded due to valuation allowance.'] | 1,837,240 | 2026-02-04 | 10-Q | View Document | 85% | ||
| Bitcoin Depot Inc. | $0.00 | Existing tax basis; tax basis adjustments; imputed interest | Bitcoin Depot Inc.; BT HoldCo; BT Assets; former stockholders of BT Assets | 85% | no Tax Receivable Agreement liability; existing tax basis in certain assets; pay BT Assets 85% of the amount; Company, BT HoldCo and BT Assets; generally at a default rate | ['TRA terminated May 30, 2025.'] | 1,901,799 | 2026-03-18 | 10-K | View Document | 85% | ||
| Brilliant Earth Group, Inc. | $0.00 | Tax basis adjustments (743(b)), Section 197, TRA payments | Brilliant Earth, LLC, Continuing Equity Owners | 85% | reduced the TRA liability to zero; 85% of the amount of tax benefits; Continuing Equity Owners; increases in... tax basis of... assets; Sections 743(b) and 197; unpaid amounts... will accrue interest | ['Liability reduced to zero due to valuation allowance.'] | 1,866,757 | 2026-03-17 | 10-K | View Document | 85% | ||
| Zeo Energy Corp. | $0.00 | Increases in tax basis; imputed interest | OpCo; certain OpCo members (TRA Holders) | 85% | had not recorded a liability; increases in tax basis; imputed interest; OpCo and certain OpCo members; 85% of the net cash savings | ['Liability not recorded; estimated unrecorded liability $5.7M.', 'Early termination payment estimated at $18.6 million.'] | 1,865,506 | 2026-04-01 | 10-K | View Document | 85% | ||
| Vivid Seats Inc. | $0.00 | Increases in tax basis from redemptions or exchanges; existing tax basis in long-lived assets; imputed interest. | Existing Hoya Intermediate unitholders; Hoya Topco | 85% | will no longer have a TRA liability; 85% of the amount of any tax savings; increases in the tax basis of assets; existing tax basis in long-lived assets; deductions in respect of imputed interest; existing Hoya Intermediate unitholders | ['TRA terminated October 2025 via Corporate Simplification.'] | 1,856,031 | 2026-03-12 | 10-K | View Document | 85% | ||
| Sky Harbour Group Corp | $0.00 | Existing tax basis; tax basis adjustments from exchanges; tax deductions from TRA payments | Sky Harbour Group Corp, Sky Harbour LLC, Existing Sky Equityholders, Tal Keinan | 85% | no transactions... trigger the recording of a liability; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; pay the TRA Holders 85% of savings; Company, Sky, Existing Sky Equityholders, Tal Keinan | ['No liability recorded as of December 31, 2025.'] | 1,823,587 | 2026-03-19 | 10-K | View Document | 85% | ||
| Clearwater Analytics Holdings, Inc. | $0.00 | Tax Attributes from redemptions or exchanges of units | TRA Parties, executive officers, Continuing Equity Owners | 85% | Balance - End of Year $—; result of Tax Attributes; 85% of certain tax benefits; the 'TRA Parties' | ['TRA fully settled and terminated in 2024.'] | 1,866,368 | 2026-02-18 | 10-K | View Document | 85% | ||
| Zevia PBC | $0.00 | Net operating losses, existing tax basis, basis step-ups, imputed interest | Continuing members of Zevia LLC, Direct Zevia Stockholders | 85% | SOFR + 300 basis points | Pro rata | 85% of the amount; SOFR plus 300 basis points; pro rata based on; not recorded a liability; net operating losses; existing tax basis; increases in tax basis | ['No liability recorded due to valuation allowance.', 'Potential liability is $58.9 million.'] | 1,854,139 | 2026-02-25 | 10-K | View Document | 85% |
| Andersen Group Inc. | $0.00 | Basis increases from unit purchases/exchanges; TRA payment benefits; imputed interest | Aggregator; certain holders of Class X Umbrella Units | 85% | not yet incurred a liability; increase in tax basis in the assets; Tax Receivable Agreement with Aggregator; 85% of the tax benefits; deferred and will accrue interest until paid | ['Liability is 0 as of report date.', 'Estimated future payments aggregate to $694.9 million.'] | 2,065,708 | 2026-03-27 | 10-K | View Document | 85% | ||
| Greenlane Holdings, Inc. | $0.00 | increases in tax basis and certain other tax attributes | Greenlane Holdings, LLC and certain of its former members | 85% | had not recorded a liability under the TRA; increases in tax basis and other tax attributes; Greenlane Holdings, LLC and certain former members; payment by the Company of 85% | ['Liability not recorded due to valuation allowance assessment.'] | 1,743,745 | 2026-04-30 | 10-K/A | View Document | 85% | ||
| NUSCALE POWER Corp | $0.00 | Increases in tax basis of tangible and intangible assets | NuScale Corp, NuScale LLC, TRA Holders, Fluor | 85% | 85% of certain tax benefits; no liability... has been recorded; increases in tax basis; tangible and intangible assets; Legacy NuScale Equityholders; Fluor, in its capacity as TRA Representative | ["Fluor's share reduced to 42.5% via 2025 amendment.", 'Implied obligation is $582.7M but not recorded.'] | 1,822,966 | 2026-02-26 | 10-K | View Document | 85% | ||
| Nerdy Inc. | $0.00 | Increases in tax basis from reverse recapitalization, redemptions, and imputed interest. | Nerdy LLC unit holders (TRA Holders); Legacy Nerdy Holders | 85% | 85% of the net cash savings; not recognized a liability of $118,238; certain increases in tax basis; Nerdy LLC unit holders; accrue interest until paid | ['Liability not recognized as payment is not probable.'] | 1,819,404 | 2026-02-26 | 10-K | View Document | 85% | ||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | increases in tax basis of assets, tax attributes from Organizational Transactions, tax benefits from TRA payments, net operating losses | MLSH 1, MLSH 2, GTCR, LLC | 85% | SOFR + 500bp | no liabilities under the TRA; 85% of the tax benefits; SOFR... plus 500 basis points; increases in the tax basis of assets; tax attributes of the Organization Transactions | ['Liability derecognized as realization is not probable.'] | 1,823,239 | 2026-02-26 | 10-K | View Document | 85% | |
| System1, Inc. | $0.00 | Tax basis increases from redemptions/exchanges, TRA payments, imputed interest | Certain then-existing members of System1 Holdings | 85% | reduced our TRA liability... to zero; increases in our share of the tax basis; certain of the then-existing members; payment by us of 85%; deductions attributable to imputed interest | ['Liability reduced to zero due to valuation allowance.'] | 1,805,833 | 2026-03-11 | 10-K | View Document | 85% | ||
| EVgo Inc. | $0.00 | Increases in tax basis; imputed interest | CRIS; Thunder Sub; EVgo Holdings; LS Power Equity Advisors, LLC | 85% | no amounts have been accrued; 85% of the net cash savings; increases in tax basis; imputed interest; EVgo Holdings; LS Power Equity Advisors, LLC | ['Liability not accrued as not deemed probable.'] | 1,821,159 | 2026-03-09 | 10-K | View Document | 85% | ||
| NET Power Inc. | $0.00 | existing tax basis of certain assets; tax basis adjustments; tax deductions | certain OpCo unitholders; agent of the TRA holders | 75% | reduced the TRA liability... to zero; existing tax basis of certain assets; tax basis adjustments from taxable exchanges; pay approximately 75% of calculated tax savings | ['TRA terminated effective June 12, 2025.', 'Liability reduced to zero as payments not probable.'] | 1,845,437 | 2026-03-09 | 10-K | View Document | 75% | ||
| TWFG, Inc. | $0.00 | Increase in tax basis; imputed interest | Pre-IPO LLC Members; other holders of LLC Units | 85% | no amounts were payable under the TRA; increase in tax basis in TWFG Holding’s assets; Pre-IPO LLC Members; 85% of the amount of cash savings; accrue interest until paid | ['No exchanges occurred as of December 31, 2025.'] | 2,007,596 | 2026-03-10 | 10-K | View Document | 85% | ||
| Xponential Fitness, Inc. | $0.00 | net operating losses; existing tax basis; tax basis adjustments; imputed interest | Continuing Pre-IPO LLC Members; owners of the Blocker Companies | 85% | LIBOR plus 100 basis points | 85% of the amount of cash savings; LIBOR plus 100 basis points; $88,439 of the TRA liability was not recorded; net operating losses; existing tax basis; tax basis adjustments; deductions in respect of interest | ['Liability not recorded due to valuation allowance.'] | 1,802,156 | 2026-03-04 | 10-K | View Document | 85% | |
| Camping World Holdings, Inc. | $0.00 | Increases in tax basis; Section 754 election; TRA payment tax benefits | Continuing Equity Owners and Crestview Partners II GP, L.P. | 85% | did not have a Tax Receivable Agreement liability; increases in the tax basis; Section 754; Continuing Equity Owners and Crestview Partners II GP, L.P.; 85% of the amount of tax benefits | ['Full valuation allowance; liability considered not probable.'] | 1,669,779 | 2026-04-30 | 10-Q | View Document | 85% | ||
| Bumble Inc. | $0.00 | Existing tax basis, Common Basis, Blocker tax attributes | Blackstone, the Founder, certain other pre-IPO owners | 85% | liability decreased to nil as of December 2025; allocable share of existing tax basis; Common Basis; Blackstone, the Founder and certain other pre-IPO owners; 85% of the benefits that the Company realized | ['TRA fully terminated via $185.7 million buyout in 2025.'] | 1,830,043 | 2026-03-16 | 10-K | View Document | 85% | ||
| Clearwater Analytics Holdings, Inc. | $0.00 | Tax Attributes | affiliates of the Prior Principal Equity Owners, CWAN Holdings, certain executive officers, other holders of interests in CWAN Holdings | 85% | payment by the Company of 85%; settlement payments of $72.5 million; no further payment obligations; Tax Attributes; affiliates of the Prior Principal Equity Owners | ['TRA terminated via $72.5M settlement completed Q1 2025.'] | 1,866,368 | 2026-04-01 | 10-K/A | View Document | 85% | ||
| GRAFTECH INTERNATIONAL LTD | $0.00 | pre-IPO Tax Assets (including foreign tax credits) | Brookfield | 85% | SOFR + 1.10% | Tax Receivable Agreement liability was written off; utilization of the pre-IPO Tax Assets; Brookfield, as the sole Pre-IPO stockholder; 85% of the amount of cash savings; one-month period SOFR plus 1.10% | ['Liability written off in 2025 due to valuation allowance.'] | 931,148 | 2026-02-13 | 10-K | View Document | 85% | |
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from OpCo Unit acquisitions, imputed interest, and additional basis from TRA payments. | Holdings, permitted transferees, and the Agent. | 85% | SOFR + 150bp | did not record a tax receivable liability; certain increases in tax basis; imputed interest; Holdings (together with its permitted transferees); pay each TRA Holder 85%; SOFR plus 150 basis points | ['Payment cap of $50 million for change of control.'] | 1,841,425 | 2026-03-27 | 10-K | View Document | 85% | |
| FuboTV Inc. | $0.00 | Historic NOLs, Newco asset basis increases, imputed interest, TRA payment tax benefits | 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 total tax benefit | ['TRA share is 70% instead of standard 85%'] | 1,484,769 | 2026-02-05 | 10-Q | View Document | 70% | ||
| Intuitive Machines, Inc. | $0.00 | Existing Basis, Basis Adjustments, Business Combination benefits, and Interest Deductions | Intuitive Machines, LLC and certain Intuitive Machines Members (TRA Holders) | 85% | SOFR + 100 basis points | The TRA is unrecognized.; 85% of the amount of cash tax savings; Existing Basis, Basis Adjustments and Interest Deductions; SOFR plus 100 basis points; Intuitive Machines, LLC and certain Intuitive Machines Members | ['TRA liability is unrecognized due to valuation allowance.'] | 1,844,452 | 2026-03-19 | 10-K | View Document | 85% | |
| RE/MAX Holdings, Inc. | step-up in tax basis on RMCO’s assets | RIHI; RMCO’s other pre-IPO owner | 85% | 85% of the amount of cash savings; step-up in tax basis on RMCO’s assets; RIHI and RMCO’s other pre-IPO owner; unpaid amounts will accrue interest until paid | [] | 1,581,091 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Blackstone Inc. | [] | 1,393,818 | 2026-02-27 | 10-K | View Document | ||||||||
| Repay Holdings Corp | Increases in tax basis of Hawk Parent assets, other tax attributes, and TRA-related benefits. | Exchanging Repay Unitholders, John Morris, Shaler Alias, Tim Murphy | 100% | Term SOFR + 571.513 basis points | 100% of the tax benefits; Term SOFR plus 571.513 basis points; increases to the tax basis; exchanging Repay Unitholders; John Morris; Shaler Alias; Tim Murphy | ['TRA share is 100% of realized tax benefits.'] | 1,720,592 | 2026-04-30 | 10-K/A | View Document | 100% | ||
| York Space Systems Inc. | NOLs, R&D credits, 163(j) interest, 174 expenditures, transaction expenses, option exercises, management fees, employment taxes, refunds, amortization, depreciation | Equity holders of Holdings, Class P Unit holders, AE Industrial Partners, BlackRock | 85% | SOFR + 500 basis points | Pro rata | 85% of certain tax savings; SOFR plus 500 basis points; allocated pro rata; AE Industrial Partners and BlackRock; net operating losses | ['Liability not recorded; termination estimate is $262 million.'] | 2,086,587 | 2026-03-20 | 10-K | View Document | 85% | |
| Falcon's Beyond Global, Inc. | Increases in tax basis of Falcon’s Opco assets | Falcon’s Opco, TRA holder representative, TRA Holders | 85% | 85% of the tax benefits; increases in the tax basis of assets; Company’s unitholders and Falcon’s Opco; unpaid amounts will be deferred and accrue interest | ['Amendment on October 24, 2024 clarifies transfer rights.'] | 1,937,987 | 2026-03-30 | 10-K | View Document | 85% | |||
| OLAPLEX HOLDINGS, INC. | tax basis in intangible assets and capitalized transaction costs | Pre-IPO Stockholders; Penelope Group Holdings unitholders; Advent Funds | 85% | 85% of the amount of cash savings; tax basis in intangible assets; capitalized transaction costs; Pre-IPO Stockholders; payment... of $12.1 million | ['TRA terminates upon merger effective time.', 'Advent Funds waived TRA payment rights.'] | 1,868,726 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Hamilton Lane INC | increases in the tax basis in assets | pre-IPO members of HLA | 85% | increases in the tax basis; pre-IPO members of HLA; pay 85% of the amount | ['Paid $12,000 of TRA payments; liability decreased.'] | 1,433,642 | 2026-02-03 | 10-Q | View Document | 85% | |||
| Liberty Broadband Corp | tax benefits realized by GCI Liberty | Liberty Broadband, Charter, GCI Liberty | tax benefits realized by GCI Liberty; Liberty Broadband and GCI Liberty; tax liability exceeded $420 million | ['TRA triggered if tax liability exceeds $420 million.'] | 1,611,983 | 2026-04-28 | 10-Q | View Document | |||||
| AST SpaceMobile, Inc. | Existing tax basis; tax basis adjustments; tax deductions; Blocker Corporation tax attributes | AST SpaceMobile, Inc., AST & Science, LLC, TRA Holders, Thomas Severson | 85% | pay the TRA Holders 85%; existing tax basis; tax basis adjustments; tax deductions; attributes of Blocker Corporations; Company, AST LLC, TRA Holders, Thomas Severson | ['Payments deferred and accrue interest if not paid.'] | 1,780,312 | 2026-03-02 | 10-K | View Document | 85% | |||
| indie Semiconductor, Inc. | Tax basis of tangible and intangible assets; ADK Blocker Group tax attributes; tax benefits from TRA payments | Certain indie Equity Holders; certain members of ADK LLC | 85% | 85% of the tax benefits; tax basis of the tangible and intangible assets; tax attributes of the ADK Blocker Group; certain indie Equity Holders; certain members of ADK LLC | ['TRA liability is accounted for as contingent liability.'] | 1,841,925 | 2026-02-27 | 10-K | View Document | 85% | |||
| Ares Management Corp | Reference Assets, Basis Adjustment, Imputed Interest | Parent, Partnerships, TRA Holders, AOH, Holdings Inc., Holdcos | 85% | lesser of 6.5% and the Agreed Rate | Pro rata | tax basis in the applicable Reference Assets; Parent, the Partnerships and the TRA Holders; 85% of the sum of the Net Tax Benefit; lesser of 6.5% and the Agreed Rate; each TRA Holder on a pro rata basis | ['Payments capped at 85% of the Exchange Price.'] | 1,176,948 | 2026-02-25 | 10-K | View Document | 85% | |
| Forgent Power Solutions, Inc. | Allocable share of tax basis, net operating losses, increases in existing tax basis, basis adjustments, imputed interest | Forgent Parent I LP, Forgent Parent II LP, Forgent Parent III LP, Forgent Parent IV LP (Continuing Equity Owners) | 85% | 85% of the amount of tax savings; Forgent Parent I LP, Forgent Parent II LP; allocable share of tax basis; net operating losses; imputed interest arising from any payments | [] | 2,080,126 | 2026-03-16 | 10-Q | View Document | 85% | |||
| GRAFTECH INTERNATIONAL LTD | tax assets that have been utilized | sole pre-IPO stockholder | sole pre-IPO stockholder; tax assets that have been utilized; established a full valuation allowance | ['Full valuation allowance established in Q2 2025.'] | 931,148 | 2026-05-01 | 10-Q | View Document | |||||
| Liberty Broadband Corp | tax benefits realized by GCI Liberty | Liberty Broadband, Charter, GCI Liberty | GCI Tax Receivables Agreement; tax benefits realized by GCI Liberty; portion of the tax benefits; exceeded $420 million | ['TRA payments contingent on $420 million tax threshold.'] | 1,611,983 | 2026-02-05 | 10-K | View Document | |||||
| BRC Inc. | Existing tax basis; basis adjustments; Blocker Corp attributes; TRA payment benefits | Unitholders of Authentic Brands, LLC | 85% | 85% of the tax benefits; Unitholders of Authentic Brands, LLC; existing tax basis of the assets; pre-existing tax attributes of the Blocker Corp; record the TRA liability when probable and estimable | ['Full valuation allowance on DTAs; TRA liability not recorded.'] | 1,891,101 | 2026-03-02 | 10-K | View Document | 85% | |||
| GCI Liberty, Inc. | Liberty Broadband and GCI Liberty | Tax Receivables Agreement; Liberty Broadband and GCI Liberty; governs the respective rights and obligations | ['TRA mentioned alongside Tax Sharing Agreement.'] | 2,057,463 | 2026-02-11 | 10-K | View Document | ||||||
| Finance of America Companies Inc. | Corporation, stockholders, BL Investors, Blackstone Investors | Corporation and the stockholders; BL Investors; Blackstone Investors; Tax Receivable Agreements | [] | 1,828,937 | 2026-03-13 | 10-K | View Document | ||||||
| INFINITY NATURAL RESOURCES, INC. | holders of INR Units | holders of INR Units; accelerating the payment due under our Tax Receivable Agreement | [] | 2,029,118 | 2026-03-10 | 10-K | View Document | ||||||
| Vivid Seats Inc. | TRA Parties | Tax Receivable Agreement... were terminated; issued... 403,022 shares... to the TRA Parties | ['TRA terminated during Corporate Simplification.'] | 1,856,031 | 2026-03-12 | 10-K | View Document | ||||||
| OneStream, Inc. | Basis Adjustments from redemptions or exchanges; TRA payment tax benefits | KKR, Continuing Members, and certain Former Members | 85% | 85% of the amount of tax benefits; KKR and other Continuing Members; basis increases as the Basis Adjustments; tax benefits attributable to payments | [] | 1,889,956 | 2026-03-31 | 10-K/A | View Document | 85% | |||
| Alchemy Investments Acquisition Corp 1 | Tax basis adjustments from TRA Exchanges, Section 754 adjustments, depreciation and amortization deductions, imputed interest, asset disposition gains/losses, and other tax attributes. | Pubco and certain Cartiga Members (TRA Holders) | 85% | 85% of the cash tax benefits; tax basis adjustments resulting from TRA Exchanges; certain Cartiga Members (the 'TRA Holders'); accrue interest until paid; tax benefits attributable to making payments | [] | 1,901,336 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Purple Innovation, Inc. | Tax basis increases in Purple LLC assets; imputed interest | InnoHold | 80% | 80% of the net cash savings; tax basis increases in the assets; imputed interest deemed to be paid; InnoHold | ['TRA share is 80%.'] | 1,643,953 | 2026-04-28 | 10-Q | View Document | 80% | |||
| EGH Acquisition Corp. | increases in tax basis and certain other tax benefits | the Parent (the “TRA Holder”) | 85% | pay the TRA Holder 85%; increases in tax basis; certain other tax benefits; exchanges of Parent Hecate Units; the Parent (in such capacity, the “TRA Holder”) | [] | 2,052,547 | 2026-03-20 | 10-K | View Document | 85% | |||
| Concord Acquisition Corp II | Events.com’s pre-closing tax attributes | Events.com, the Company, certain Events.com shareholders | 85% | pay certain Events.com stockholders 85% of tax benefits; utilization of Events.com’s pre-closing tax attributes; Events.com, the Company and certain Events.com shareholders; change of control... would require early termination payment | ['TRA relates to pre-closing tax attributes utilization.'] | 1,851,959 | 2026-03-25 | 10-K | View Document | 85% | |||
| Stagwell Inc | taxable exchanges of equity interests and related tax basis adjustments | certain members or former members of the Company | 85% | 85% of the tax savings realized; taxable exchanges of equity interests; related tax basis adjustments; certain members or former members | [] | 876,883 | 2026-03-13 | 10-K | View Document | 85% | |||
| Stagwell Inc | taxable exchanges of equity interests and related tax basis adjustments | certain members or former members; direct or indirect parent | 85% | 85% of the tax savings realized; taxable exchanges of equity interests; related tax basis adjustments; certain members or former members | [] | 876,883 | 2026-05-01 | 10-Q | View Document | 85% | |||
| Eve Holding, Inc. | Increases in tax basis in tangible and intangible assets resulting from the Pre-Closing Restructuring; tax benefits from TRA payments. | Eve Holding, Inc., EAH | 75% | pay to EAH 75% of tax savings; increases in tax basis in the assets; resulting from the Pre-Closing Restructuring; tax benefits attributable to payments under the TRA; unpaid amounts will be deferred and accrue interest | ['TRA share is 75%, lower than standard 85%.', 'TRA effectuated by tax deconsolidation in 2025.'] | 1,823,652 | 2026-03-16 | 10-K | View Document | 75% | |||
| 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 | 2026-04-09 | 10-K | View Document | 85% | |||
| Intercontinental Exchange, Inc. | Bakkt, Victory Park Capital Impact Acquisition Holdings | tax receivable agreement settlement; merger with Victory Park Capital Impact Acquisition Holdings; settle the outstanding tax receivable agreement | ['TRA settled in 2025 via Bakkt reorganization.'] | 1,571,949 | 2026-02-05 | 10-K | View Document | ||||||
| FLUOR CORP | Fluor Corp, NuScale | tax receivable agreement with NuScale; 50% reduction in our benefits | ['Fluor is beneficiary; benefits reduced by 50%'] | 1,124,198 | 2026-02-17 | 10-K | View Document | ||||||
| Shoals Technologies Group, Inc. | exchanges of Class B common stock to Class A common stock | exchanges of Class B common stock; tax receivable agreement exchanges | ['Text lacks specific TRA liability and terms.'] | 1,831,651 | 2026-02-24 | 10-K | View Document | ||||||
| GLOBAL PAYMENTS INC | EVO | amounts outstanding under EVO’s tax receivable agreement; required to be repaid by us | ['TRA repaid upon acquisition.'] | 1,123,360 | 2026-02-20 | 10-K | View Document | ||||||
| FIFTH THIRD BANCORP | Worldpay, Inc. | Income from the TRA associated with Worldpay, Inc.; Gain on the TRA associated with Worldpay, Inc. | ['Bancorp is a recipient of TRA payments.'] | 35,527 | 2026-02-24 | 10-K | View Document |