Comprehensive analysis of Tax Receivable Agreements from SEC filings
| Company Name | TRA Liability (M$) | Covered Assets | TRA Parties | TRA Share % | Default Interest Rate | Pro Rata Payment | References | Notes | CIK | Filing Date | Form Type | Filing URL | Payment Rate |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Medline Inc. | $4,404.00 | Existing tax basis, tax basis adjustments, corporate tax attributes | Pre-IPO owners, Continuing Unitholders | 90% | balance of the TRA liability was $4,404 million; allocable share of existing tax basis; payment... of 90% of certain tax benefits; certain pre-IPO owners | ['Liability increased by $862 million from unit exchanges.', 'Owners assigned TRA rights for $1.4 billion.'] | 2,046,386 | 2026-08-05 | 10-Q | View Document | 90% | ||
| ZoomInfo Technologies Inc. | $2,726.40 | TRA holders | liability of $2,726.4 million; utilization of certain tax attributes; No payments were made to TRA holders | ['Remeasurement gain from state tax rate changes'] | 1,794,515 | 2026-08-05 | 10-Q | View Document | |||||
| CARVANA CO. | $2,229.00 | basis adjustment relating to the assets, imputed interest | LLC Unitholders, related parties | 85% | recorded a TRA liability of $2.2 billion; basis adjustment relating to the assets; pay to the LLC Unitholders; 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% | aggregate amount... would pay... approximately $2,084 million; existing tax basis and anticipated tax basis adjustments; certain of the pre-IPO owners; 90% of certain tax benefits | ['TRA share percentage is 90%.'] | 2,127,043 | 2026-09-09 | 10-Q | View Document | 90% | ||
| Blackstone Inc. | $2,067.10 | Tangible and intangible assets of Blackstone Holdings | Predecessor owners, senior managing directors, and others | 85% | Due to Certain Non-Controlling Interest Holders; tangible and intangible assets of Blackstone Holdings; 85% of the amount of cash savings; predecessor owners; senior managing directors | ['Payments aggregate $2.1 billion over next 15 years.'] | 1,393,818 | 2026-08-07 | 10-Q | View Document | 85% | ||
| BLUE OWL CAPITAL INC. | $1,636.77 | increases in tax basis of the assets | Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings, Blue Owl Capital Carry LP, Partners | 85% | Total TRA Liability $1,636,766; increases in tax basis of the assets; pay 85% of certain tax benefits; Registrant, Blue Owl Capital GP LLC, Blue Owl Holdings | [] | 1,823,945 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Dutch Bros Inc. | $973.00 | certain tax attributes and benefits | certain Dutch Bros OpCo owners, non-controlling interest holders, Co-Founder and Sponsor | 85% | total TRAs-related liabilities were $973.0 million; 85% of the income tax benefits; certain Dutch Bros OpCo owners; certain tax attributes and benefits | ['Liability increased $166.3 million from unit exchanges.'] | 1,866,581 | 2026-08-05 | 10-Q | View Document | 85% | ||
| TPG Inc. | $848.20 | increase in the tax basis | current and former employees and partners, non-affiliates | 85% | liability... was $848.2 million; increase in the tax basis; 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 | Former Managing Partners, Contributing Partners, Bridge TRA holders | 85% | Due to TRA holders $768; 85% of the amount of cash tax savings; Former Managing Partners and Contributing Partners; increases in tax basis of assets; interest is accrued on the balance | ['Holders no longer own units for future exchanges'] | 1,858,681 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Core & Main, Inc. | $685.00 | tax attributes from future exchanges of Partnership Interests | Clayton, Dublier & Rice (CD&R), Core & Main Management Feeder, LLC (Management Feeder) | 85% | payables to related parties of $685 million; 85% of the tax benefits realized; Clayton, Dublier & Rice (“CD&R”); Core & Main Management Feeder, LLC; future exchanges of Partnership Interests | ['Payments occur two years after tax benefit utilization'] | 1,856,525 | 2026-09-09 | 10-Q | View Document | 85% | ||
| Ares Management Corp | $622.00 | tax basis of tangible and intangible assets, payments under the TRA, interest accrued thereon | TRA recipients, Holders of AOG Units | 85% | TRA liability balance was $622.0 million; tax basis of tangible and intangible assets; 85% of the amount of actual cash savings; Holders of AOG Units | ['TRA liability increased from $579.9M to $622.0M'] | 1,176,948 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Interactive Brokers Group, Inc. | $618.00 | Tax basis increases from acquisition of IBG LLC interests | IBG, Inc., Holdings (for former members of IBG LLC) | 85% | payables to Holdings... were $618 million; result of tax basis increases; 85% of the tax savings; agreement... with Holdings | ['Cumulative payments of $321 million through June 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 IPO-related deductible expenses. | Certain stockholders and Management party participants. | 85% | SOFR plus 1.0% | Pro rata | 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%; up to their allocated share | ['Management payments require satisfying a service condition.', 'Payments do not accelerate upon change of control.', 'Forfeitures reallocated to participating stockholders.'] | 1,898,718 | 2026-08-12 | 10-Q | View Document | 85% |
| RYAN SPECIALTY HOLDINGS, INC. | $463.70 | Exchange Tax Attributes, Pre-IPO M&A Tax Attributes, remedial partnership tax allocations, TRA Payment Tax Attributes | current and certain former LLC Unitholders | 85% | liabilities of $463.7 million; 85% of the net cash savings; current and certain former LLC Unitholders; 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 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Alight, Inc. / Delaware | $463.00 | tax basis adjustments, tax attributes, existing tax basis | certain owners of Alight Holdings, TRA Party Representative | 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; potential $40 million payment increase.'] | 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, Nextpower LLC | 85% | $393.2 million... as of July 3, 2026; existing tax basis in tangible and intangible assets; 85% of the tax benefits; Flex Ltd., TPG Inc. and TPG Affiliates | ['Liability split between TRA liability and other current liabilities.'] | 1,852,131 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Planet Fitness, Inc. | $361.40 | Tax basis of net assets, Holdings Units exchanges, imputed interest, 2012 purchase attributes | TRA Holders, Pla-Fit Holdings, LLC owners, TSG Consumer Partners, LLC affiliates | 85% | liability of $361.4 million; 85% of the applicable tax savings; increase in the tax basis; TSG Consumer Partners, LLC; imputed interest | [] | 1,637,207 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Legence Corp. | $350.90 | Existing tax basis, blocker tax attributes, basis increases from exchanges/distributions, TRA payment tax benefits. | Legence Parent and Legence Parent II (TRA Members) | 85% | current and long-term TRA liability is $8.2 million and $342.7 million; 85% of the net cash tax savings; Legence Parent and Legence Parent II; allocable share of existing tax basis; tax attributes of the blocker entities; increases in tax basis resulting from future redemptions | ['Liability increased by $133.8 million from Subsequent Secondary Offering.'] | 2,052,568 | 2026-08-13 | 10-Q | View Document | 85% | ||
| Portillo's Inc. | $343.40 | Existing tax basis, net operating losses, and basis adjustments. | Pre-IPO LLC Members of Portillo's OpCo. | 85% | obligation for future payments totaled $343.4 million; payment by us of 85% of tax benefits; existing tax basis in depreciable or amortizable assets; net operating losses; pre-IPO LLC Members | ['Liability adjusted for equity-based compensation activity.'] | 1,871,509 | 2026-08-05 | 10-Q | View Document | 85% | ||
| StepStone Group Inc. | $341.10 | Increases in tax basis, imputed interest, other tax benefits | Class B, C, D limited partners, pre-IPO institutional investors | 85% | Pro rata | total Tax Receivable Agreements liability was $341.1 million; 85% of the net cash tax savings; increases in tax basis; utilization of certain other tax benefits; tax benefits related to imputed interest; Partnership to make pro rata distributions | [] | 1,796,022 | 2026-08-07 | 10-Q | View Document | 85% | |
| Forgent Power Solutions, Inc. | $338.90 | Allocable share of tax basis, net operating losses, basis adjustments from exchanges | Forgent Parent I LP, Forgent Parent II LP, Forgent Parent III LP, Forgent Parent IV LP, Continuing Equity Owners | 85% | recognized $338.9 million of liabilities; 85% of the amount of tax benefits; Forgent Parent I LP; net operating losses | [] | 2,080,126 | 2026-09-15 | 10-K | View Document | 85% | ||
| KKR & Co. Inc. | $335.10 | exchanges of KKR Holdings equity | Current and Former Employees, KKR Holdings | undiscounted payable of $335.1 million; exchanges of KKR Holdings equity; Current and Former Employees; KKR Holdings | ['TRA terminated May 2022 except for prior exchanges.'] | 1,404,912 | 2026-08-06 | 10-Q | View Document | ||||
| Brighthouse Financial, Inc. | $328.00 | MetLife, Inc. | payable to MetLife of $328 million; entered into a 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% | totaled $317.5 million; increases in the tax basis; Continuing LLC Owners; equal to 50% of the amount; will accrue interest until paid | ['TRA share is 50%, lower than industry standard.'] | 1,758,730 | 2026-07-30 | 10-Q | View Document | 50% | ||
| WaterBridge Infrastructure LLC | $297.00 | Tax basis increases from exchanges, existing tax basis of OpCo assets, NOLs, interest expense carryforwards, imputed interest, and basis from TRA payments. | 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 significantly due to unit redemptions.', 'Recognized $3.2 million TRA remeasurement loss.'] | 2,064,947 | 2026-08-05 | 10-Q | View Document | 85% | ||
| GPGI, Inc. | $284.90 | tax benefits... deemed to be realized | GPGI Holdings and holders of interests therein | 90% | Total payments $284.9; 90% of the tax benefits; GPGI Holdings and holders of interests therein; unpaid amounts... will accrue interest until paid | ['TRA share is 90%.'] | 1,823,144 | 2026-08-06 | 10-Q | View Document | 90% | ||
| Artisan Partners Asset Management Inc. | $275.00 | Tax attributes of preferred units, imputed interest, depreciable basis, amortizable basis, step-up of tax basis | 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; 85% of the applicable cash savings; made pro rata among all TRA counterparties; tax attributes of the preferred units; tax benefits related to imputed interest; depreciable basis or amortizable basis | ['Two separate TRAs were entered into at IPO.'] | 1,517,302 | 2026-07-31 | 10-Q | View Document | 85% | |
| Moelis & Co | $269.60 | Tax basis of tangible and intangible assets, imputed interest | Eligible Managing Directors | 85% | total payable of $269.6 million; tangible and intangible assets; eligible Managing Directors; 85% of the amount of cash savings; imputed interest | ['Payments due within 225 days of tax filing'] | 1,596,967 | 2026-07-29 | 10-Q | View Document | 85% | ||
| Cactus, Inc. | $267.00 | tax basis subject to the TRA | direct and indirect owners of Cactus LLC | 85% | total liability from the TRA was $267.0 million; tax basis subject to the TRA; direct and indirect owners of Cactus LLC; 85% of the net cash savings; accrue interest from the due date | ['Payments not conditional on continued ownership interest'] | 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 | Remaining members of Alclear; Alclear Members | 85% | recorded a tax receivable agreement liability of $256,695; increase in tax basis in Alclear’s assets; remaining members of Alclear; 85% of the net cash savings | ['Liability includes $11.8M short-term and $244.9M long-term.'] | 1,856,314 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Stagwell Inc | $252.39 | increases in the tax basis of OpCo assets | Stagwell Media | 85% | Tax Receivable Agreement liability $252,390; increases in the tax basis of the assets; cash payments to Stagwell Media; 85% of certain... tax savings | ['All Paired Units exchanged effective April 4, 2025.'] | 876,883 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Shake Shack Inc. | $246.11 | Basis increases from redemptions, TRA payments, and imputed interest | Non-controlling interest holders of SSE Holdings | 85% | obligations totaled $246.1 million; increases in the tax basis; non-controlling interest holders; 85% of any tax benefits | [] | 1,620,533 | 2026-08-05 | 10-Q | View Document | 85% | ||
| SOLV Energy, Inc. | $240.68 | Existing tax basis, basis adjustments, NOLs, interest deductions | SOLV Energy, Inc., SOLV Energy Holdings LLC, Continuing Equity Owners, Blocker Shareholders | 85% | Tax receivable agreement 240,677; pay to the TRA Participants 85%; allocable share of existing tax basis; Continuing Equity Owners, the Blocker Shareholders | ['Liability remeasured due to tax benefit changes.'] | 2,065,636 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Rush Street Interactive, Inc. | $239.70 | Increase in tax basis and tax benefits | RSI ASLP, Inc., 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; accrue interest until paid | ['Liability increased due to RSILP Unit exchanges'] | 1,793,659 | 2026-07-30 | 10-Q | View Document | 85% | ||
| AdaptHealth Corp. | $238.90 | Pre-Business Combination tax attributes; tax basis increases from exchanges; imputed interest; tax basis increases from TRA payments | Current and former members of AdaptHealth Holdings LLC | 85% | liability relating to the TRA was $238.9 million; 85% of the tax savings; current and former members of AdaptHealth Holdings LLC; tax attributes... existing prior to the Business Combination; increases in tax basis... exchanges; imputed interest; increases in tax basis... payments | [] | 1,725,255 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Shift4 Payments, Inc. | $226.00 | Rook Holdings Inc., Jared Isaacman, Continuing Equity Owners | TRA liability was $226 million; Rook assigned and waived its rights; payments made to the Continuing Equity Owners | ['Rook assigned and waived its TRA rights.'] | 1,794,669 | 2026-08-06 | 10-Q | View Document | |||||
| Repay Holdings Corp | $194.30 | Tax basis increases, TRA payment basis, imputed interest | Holders of Post-Merger Repay Units, selling Hawk Parent members | 100% | liability of $194.3 million; increases in its share of the tax basis; holders of Post-Merger Repay Units; 100% of the amount of any tax benefits | ['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, California net operating loss deductions | Current and former Class A unit holders | 85% | liabilities of $181.5 million; 85% of the cash savings; certain tax attributes; holders of Class A Common Units | ['California SB 167 suspends NOL usage 2024-2026'] | 1,574,197 | 2026-07-24 | 10-Q | View Document | 85% | ||
| Goosehead Insurance, Inc. | $174.50 | Increase in tax basis; imputed interest | Pre-IPO LLC Members | 85% | total amount of TRA Payments... $174.5 million; increase in tax basis in GSHD's assets; tax benefits related to imputed interest; Pre-IPO LLC Members; 85% of the amount of cash savings | ['TRA liability includes imputed interest benefits.'] | 1,726,978 | 2026-07-22 | 10-Q | View Document | 85% | ||
| Virtu Financial, Inc. | $173.10 | Tax basis increase, IPO intangible assets, NOLs, other attributes | Direct or indirect equity holders, Virtu Members | 85% | liabilities... were approximately $173.1 million; increase to the tax basis; intangible assets of Virtu Financial; Net Operating Losses (“NOLs”); 85% of the applicable cash tax savings; accrue interest until paid | [] | 1,592,386 | 2026-07-31 | 10-Q | View Document | 85% | ||
| PBF Energy Inc. | $168.20 | Increases in tax basis from unit exchanges and tax benefits from TRA payments | PBF LLC Series A and PBF LLC Series B unitholders | 85% | liability of $168.2 million; 85% of the amount of the benefits; PBF LLC Series A and Series B unitholders; increases in tax basis; tax benefits attributable to payments | ['Liability reflects undiscounted amounts'] | 1,534,504 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Galaxy Digital Inc. | $162.20 | Increases in tax basis, imputed interest deductions | Holders of Class B Units in GDH LP | 85% | liability... of $162.2 million; increases in tax basis; deductions in respect of imputed interest; 85% of the cash savings | ['Amended and restated on 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 | ['Sculptor Acquisition triggered change of control assumptions.'] | 1,556,593 | 2026-08-04 | 10-Q | View Document | ||||
| Baldwin Insurance Group, Inc. | $144.60 | Tax basis increases; imputed interest | Baldwin Holdings’ LLC Members | 85% | Tax Receivable Agreement liabilities of $144.6 million; increase in tax basis; imputed interest; Baldwin Holdings’ LLC Members; 85% of the amount of cash savings | ['Liability recognized following valuation allowance release'] | 1,781,755 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Nerdy Inc. | $118.24 | Increases in tax basis, imputed interest, additional basis | Legacy Nerdy Holders | 85% | 85% of the net cash savings; certain Legacy Nerdy Holders; increases in tax basis; imputed interest; not recognized a liability of $118,238 | ['Liability not recognized as payment not considered 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 | ['Liability is included in accounts payable.'] | 1,937,926 | 2026-08-07 | 10-Q | View Document | |||||
| loanDepot, Inc. | $111.50 | investment in LD Holdings | Parthenon Stockholders, certain Continuing LLC Members | recognized a TRA liability of $111.5 million; investment in LD Holdings; Parthenon Stockholders and certain Continuing LLC Members | ['No payments made during six months ended 2026.'] | 1,831,631 | 2026-08-06 | 10-Q | View Document | ||||
| Solaris Energy Infrastructure, Inc. | $109.20 | Increases in tax basis and imputed interest | Other then-existing members of Solaris LLC | 85% | Pro rata | liability under the Tax Receivable Agreement was $109.2 million; increases in tax basis and certain tax benefits; other then-existing members of Solaris LLC; representing 85% of the net cash savings; distribute cash pro rata to each 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 $30 million and non-current $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% | ['Interest 1% if deferred by debt restrictions'] | 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 of its investors | 85% | TRA liability of $108.9 million; increases in our tax basis; utilization of pre-IPO NOLs; 85% of the amount of tax benefits; certain of its investors | ['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 TRA was $108.2 million; Basis Adjustments, Section 704(c) Allocations, interest deductions; Flowco Holdings, Flowco LLC and Continuing Equity Owners; pay to each Continuing Equity Owner 85%; accrue interest until paid | ['Company has yet to make its first TRA payment.'] | 2,035,149 | 2026-08-11 | 10-Q | View Document | 85% | ||
| Perella Weinberg Partners | $105.60 | exchange of interests in PWP OpCo; step-up in tax basis; payments under the TRA | PWP OpCo, Professional Partners and Investor Limited Partners | 85% | liability of $105.6 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 | 2026-07-31 | 10-Q | View Document | 85% | ||
| Funko, Inc. | $102.40 | future redemptions or exchanges of common units | FAH, LLC, Continuing Equity Owners, and transferees | 85% | gross outstanding balance... $102.4 million; 85% of the amount of tax benefits; FAH, LLC and each of the Continuing Equity Owners; future redemptions or exchanges of common units | ['Recorded liability not material due to valuation allowance'] | 1,704,711 | 2026-08-06 | 10-Q | View Document | 85% | ||
| AEVEX Corp. | $95.90 | Basis increases from exchanges, existing tax basis, Blocker Entity attributes, and TRA payment benefits. | AEVEX Corp., Holdings LLC, TRA Rights Holders, Principal Stockholder | 85% | estimated TRA liability balance was approximately $95.9 million; 85% of certain tax savings; increases in the tax basis of assets; existing tax basis; Company, Holdings LLC and the TRA Rights Holders | [] | 2,096,300 | 2026-08-12 | 10-Q | View Document | 85% | ||
| Yesway, Inc. | $92.30 | Existing tax basis, Basis Adjustments, interest deductions | Ultimate Parent, Continuing Equity Owners, Blocker Shareholders | 85% | $92.3 million of liabilities; existing tax basis; Basis Adjustments; interest deductions; cash payment of 85%; Continuing Equity Owners, and the Blocker Shareholders | ['Payments expected primarily over next 15 years.'] | 1,859,836 | 2026-08-13 | 10-Q | View Document | 85% | ||
| ProFrac Holding Corp. | $86.70 | $86.7 million of estimated tax receivable agreement obligations; realizes actual cash tax savings from the tax benefits | [] | 1,881,487 | 2026-08-06 | 10-Q | View Document | ||||||
| Lincoln International, Inc. | $84.80 | Basis adjustments from unit exchanges, existing tax basis, imputed interest | LILP, certain LILP Partners, and other eligible parties | 85% | recorded a 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; tax receivable agreement with pre-IPO shareholders | ['TRA terminated as part of Sun Country acquisition'] | 1,362,468 | 2026-08-10 | 10-Q | View Document | |||||
| Liberty Energy Inc. | $66.90 | Increases in tax basis, net operating losses, and imputed interest | R/C Energy IV Direct Partnership, L.P. and Liberty LLC Unit owners | 85% | liability under the TRAs was $66.9 million; 85% of the net cash savings; increases in tax basis; net operating losses; imputed interest; R/C Energy IV Direct Partnership, L.P. | ['Liability decreased following $7.9 million payment in 2026.'] | 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 from TRA payments | Black Rock OpCo, Continuing Equity Owners, TRA Parties | 85% | liability of approximately $62.0 million; result of Basis Adjustments and certain tax benefits; 85% of the amount of tax benefits; Continuing Equity Owners | ['Liability increased $23.1 million due to unit exchanges.'] | 2,068,577 | 2026-08-11 | 10-Q | View Document | 85% | ||
| Zevia PBC | $59.20 | Net operating losses, existing tax basis, increases in tax basis, imputed interest | Continuing members of Zevia LLC, Direct Zevia Stockholders | 85% | Secured Overnight Financing Rate plus 300 basis points | totaled $59.2 million at June 30, 2026; net operating losses; existing tax basis; increases in tax basis; tax benefits related to imputed interest; 85% of the tax benefits realized; Secured Overnight Financing Rate plus 300 basis points | ['Liability not recorded due to valuation allowance.'] | 1,854,139 | 2026-08-05 | 10-Q | View Document | 85% | |
| Excelerate Energy, Inc. | $57.65 | Increases in tax basis, existing tax basis, assets purchased from Foundation | EE Holdings, the Foundation | 85% | TRA liability 49,966; Current portion of TRA liability 7,685; 85% of the amount of the net cash; TRA with EE Holdings and the Foundation; increases in the tax basis of assets; existing tax basis of assets | ['Share repurchases decreased expected TRA payments by $1.2 million.'] | 1,888,447 | 2026-08-06 | 10-Q | View Document | 85% | ||
| MediaAlpha, Inc. | $54.70 | Tax basis in QLH assets, Intermediate Holdco NOLs, imputed interest | Insignia, Senior Executives, White Mountains | 85% | accrued $54.7 million; increases in tax basis of assets; net operating losses of Intermediate Holdco; Insignia, Senior Executives, and White Mountains; 85% of the amount of any tax benefits; replace the LIBOR with the SOFR | ["Repurchased Insignia's TRA interest for $31.0 million."] | 1,818,383 | 2026-07-29 | 10-Q | View Document | 85% | ||
| GCM Grosvenor Inc. | $54.60 | Increases in tax basis in assets of GCMH | TRA Parties | 85% | amount payable... was $54.6 million; increases in the tax basis in our share; to the TRA Parties; pay 85% of the amount | [] | 1,819,796 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Select Water Solutions, Inc. | $50.10 | increases in tax basis, NOLs, imputed interest | Legacy Owner Holdco, Crestview Partners II GP, L.P. | 85% | 12-month term SOFR + 171.513 basis points | liability associated with the TRAs... $50.1 million; 85% of the net cash savings; increases in tax basis, NOLs, imputed interest; Legacy Owner Holdco, Crestview Partners II GP, L.P.; 12-month term SOFR... plus 171.513 basis points | [] | 1,693,256 | 2026-08-05 | 10-Q | View Document | 85% | |
| Cardinal Infrastructure Group Inc. | $47.16 | Basis step-up, 743(b), 197, 1001, bonus depreciation, interest deductions, NOLs | Continuing Equity Holders, Diamond Interests Group LLC, Seller Owners | 85% | SOFR + 100bp | tax receivable agreement liability totaled $47,156,582; increases in the tax basis; Sections 743(b) and 197; 85% of the net cash tax savings; SOFR plus 100 basis points | ['Includes a separate Tax Benefit Agreement (TBA).'] | 2,079,999 | 2026-08-11 | 10-Q | View Document | 85% | |
| Lazard, Inc. | $46.81 | increases in the tax basis of certain assets; tax basis increases from TRA payments | Lazard; LTBP Trust; owners of the Trust | 45% and 85% | Pro rata | cumulative liability... as of June 30, 2026... $46,814; increases in the tax basis of certain assets; Lazard and LTBP Trust; approximately 45% of the amount of cash savings; 85% of the cash tax savings; distributed pro rata to the owners | ['45% for primary benefits; 85% for TRA payment basis increases.'] | 1,311,370 | 2026-07-28 | 10-Q | View Document | 45% and 85% | |
| VERRA MOBILITY Corp | $38.67 | Tax receivable agreement liability, current portion 5,257; Tax receivable agreement liability, net of current portion 33,418 | [] | 1,682,745 | 2026-08-05 | 10-Q | View Document | ||||||
| MALIBU BOATS, INC. | $38.67 | Existing tax basis, basis increases, Section 754 | pre-IPO owners (or their permitted assignees) | 85% | Ending balance $38,672; 85% of the amount of the benefits; pre-IPO owners (or their permitted assignees); increases in tax basis; Section 754 election | ['Liability decreased due to OB3 tax reform'] | 1,590,976 | 2026-08-27 | 10-K | View Document | 85% | ||
| Hagerty, Inc. | $38.30 | Increases in tax basis and other tax benefits | Legacy Unit Holders (Hagerty Holding Corp. and Markel) | 85% | TRA Liability was $38.3 million; increases in tax basis and other tax benefits; Hagerty Holding Corp. ('HHC') and Markel; 85% of the cash tax savings realized | ['Made TRA payments of $1.5 million during period.'] | 1,840,776 | 2026-08-05 | 10-Q | View Document | 85% | ||
| OneWater Marine Inc. | $37.50 | Increases in tax basis, imputed interest | OneWater Inc., certain owners of OneWater LLC | 85% | undiscounted liability was $37.5 million; 85% of the calculated net cash savings; certain increases in tax basis; benefits attributable to 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, tax benefits from payments | Holders of Partnership Units | 85% | contractual obligations of $36.0 million; increases in tax basis; 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 and TRA payment benefits | i3 Verticals, LLC and Continuing Equity Owners | 85% | total amount due was $32.4 million; increase in tax basis; benefits attributable to payments; i3 Verticals, LLC and Continuing Equity Owners; 85% of the amount of certain tax benefits | [] | 1,728,688 | 2026-08-07 | 10-Q | View Document | 85% | ||
| National CineMedia, Inc. | $32.40 | unpaid integration payments, Common Unit Adjustment Agreement, intangible asset for the ESAs | ESA Parties, Cinemark, AMC | Payable under the TRA 2.3; Payable under the TRA 30.1; TRA payments to Cinemark; unpaid integration payments; Common Unit Adjustment Agreement | ['Obligation to AMC terminated in 2025.'] | 1,377,630 | 2026-08-11 | 10-Q | View Document | ||||
| AlTi Global, Inc. | $30.33 | 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; approximately $30.3 million | ['Portion of liability carried at fair value'] | 1,838,615 | 2026-08-10 | 10-Q | View Document | 85% | ||
| P3 Health Partners Inc. | $29.70 | Tax basis increases from redemptions, exchanges, TRA payments, and imputed interest | P3 LLC and its members | 85% | 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 | ['Liability unchanged from December 31, 2025.'] | 1,745,916 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Utz Brands, Inc. | $23.70 | Tax basis in net assets of UBH; tax basis increases from TRA payments; tax amortization deductions from Kennedy Endeavors acquisition. | Noncontrolling Interest Holders, Series U of UM Partners, LLC, Series R of UM Partners, LLC (Continuing Stockholders) | 85% | liability of $23.7 million; increases in the share of the tax basis; tax amortization deductions; Noncontrolling Interest Holders; 85% of the amount of any tax benefits | ['TRA terminates for $44.0 million upon merger closing.'] | 1,739,566 | 2026-08-05 | 10-Q | View Document | 85% | ||
| OppFi Inc. | $20.40 | tax basis step-up from Corporate Simplification and exchanges | OppFi, OppFi-LLC, and other persons named therein | Tax receivable agreement liability 20,403; aggregate early termination payment of $40.8 million; step-up of tax basis; OppFi, OppFi-LLC and the other persons | ['TRA terminated via Corporate Simplification Agreement', 'Remaining liability payable September 1, 2026'] | 1,818,502 | 2026-08-10 | 10-Q | View Document | ||||
| Red Rock Resorts, Inc. | $19.40 | Section 754 step-up, depreciable assets, NOLs, outside basis difference | Owners holding LLC Units prior to IPO, Fertitta Family Entities | 85% | liability under the TRA was $19.4 million; step-up in the basis of depreciable assets; 85% of the tax benefits realized; certain owners who held LLC Units; payable to Fertitta Family Entities | ['Liability decreased from $20.6 million in 2025.'] | 1,653,653 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Amneal Pharmaceuticals, Inc. | $18.95 | deferred tax assets | Members | Total $18,947; Members - tax receivable agreement; utilization of the Company’s deferred tax assets; contingent TRA liability of $129.0 million | ['Unrecorded contingent TRA liability of $129.0 million.'] | 1,723,128 | 2026-08-06 | 10-Q | View Document | ||||
| RMR GROUP INC. | $18.48 | Increases in tax basis; imputed interest | RMR Inc., ABP Trust | 85.0% | liability related to the tax receivable agreement; increases in tax basis attributable to RMR Inc.’s dealings; RMR Inc. pays to ABP Trust; 85.0% of the amount of cash savings | ['Liability includes $2.552 million current portion.'] | 1,644,378 | 2026-08-05 | 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 | ['Liability offset by $19.5 million deferred tax asset.'] | 1,690,680 | 2026-08-07 | 10-Q | View Document | 85% | ||
| FORWARD AIR CORP | $14.95 | tax attributes as of the date of exchanges | certain Omni Holders | total estimated payable of $14,953; tax attributes as of the date of exchanges; certain Omni Holders | ['TRA liability is related to contingent consideration.'] | 912,728 | 2026-08-05 | 10-Q | View Document | ||||
| 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; Arcline Arxis Advisory I, L.P.; specified percentage (85%) of the cash tax | ['TRA linked to Section 83(b) election and services.'] | 2,093,536 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Viant Technology Inc. | $12.90 | Tax basis step-ups, intangible assets, imputed interest | Viant Technology LLC, continuing members, TRA Representative | 85% | total TRA liability... was $12.9 million; tax basis step-ups; 85% of the amount; Viant Technology LLC, continuing members, TRA Representative | ['TRA liability is entirely classified as long-term.'] | 1,828,791 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Definitive Healthcare Corp. | $12.70 | tax basis adjustments, net operating losses, tangible and intangible assets basis, TRA payments | pre-IPO holders of LLC Units, former shareholders of certain Blocker Companies | 85% | liability under the TRA of $12.7 million; 85% of the amount of cash savings; tax basis adjustments; net operating losses; pre-IPO holders of LLC Units; former shareholders of certain Blocker Companies; will accrue interest until paid | ['Liability decreased due to remeasurement from goodwill impairment.'] | 1,861,795 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Smith Douglas Homes Corp. | $9.40 | Basis Adjustments, Section 704(c) Allocations, interest deductions, Section 743(b) | Smith Douglas Homes Corp., Smith Douglas Holdings LLC, Continuing Equity Owners | 85% | TRA liability of $9.4 million; Basis Adjustments, Section 704(c) Allocations, interest deductions; Smith Douglas Homes Corp., Smith Douglas Holdings LLC; Continuing Equity Owners; 85% of certain tax benefits | ['Payments deferred and accrue interest until paid'] | 1,982,518 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Silvercrest Asset Management Group Inc. | $9.37 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments; exchanges of Class B units | Partners of SLP; current principals; future employee-holders of Class B units | 85% | liability is estimated to be $9,371; increases in tax basis of the tangible; 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 tax value of developed technology | former majority stockholder of Array Tech, Inc. | fair value of TRA was $6.2 million; increase in tax value of developed technology; former majority stockholder of Array Tech, Inc. | ['Accounted for as contingent consideration', 'Payments due 125 days after tax filing'] | 1,820,721 | 2026-08-05 | 10-Q | View Document | ||||
| Finance of America Companies Inc. | $4.22 | exchanges of Class A LLC units | certain owners of FOA Equity | TRA obligation 4,221; certain owners of FOA Equity; exchanges of Class A LLC units | ['Liability reestablished after valuation allowance release.'] | 1,828,937 | 2026-08-07 | 10-Q | View Document | ||||
| biote Corp. | $4.19 | Tax basis in the net assets of Holdings | then-existing non-controlling interest holders | 85% | TRA liability 4,190; increases in the Company’s share of tax basis; then-existing non-controlling interest holders; 85% of the amount of any tax benefits | ['No unit exchanges occurred during the current period'] | 1,819,253 | 2026-08-07 | 10-Q | View Document | 85% | ||
| HMH Holding Inc | $3.80 | Acquisitions of B.V. shares, redemptions, exchanges, imputed interest | HMH Holding Inc., HMH B.V., Baker Hughes, Akastor | 85% | recorded a TRA liability of $3.8 million; pay 85% of the net cash savings; acquisitions of B.V. Voting Shares; redemptions or exchanges; imputed interest; Company, HMH B.V. and the Principal Stockholders | [] | 2,021,880 | 2026-08-05 | 10-Q | View Document | 85% | ||
| INFINITY NATURAL RESOURCES, INC. | $3.60 | Tax basis increases from unit exchanges, imputed interest, and additional basis from TRA payments | Legacy Owners | 85% | TRA liability of $3.6 million; 85% of the net cash savings; tax basis increases resulting from the exchange; deductions arising from imputed interest; owners of INR Holdings prior to the IPO | ['Liability classified as non-current.'] | 2,029,118 | 2026-08-10 | 10-Q | View Document | 85% | ||
| MARKETWISE, INC. | $3.10 | basis adjustments and other carryforward attributes | certain shareholders; MarketWise Members | 85% | cumulative liability of $3.1 million; basis adjustments and other carryforward attributes; 85% of the calculated tax savings; unpaid amounts will accrue interest | ['Arnold Parties waived rights under TRA', 'Acquisition proposal contingent on TRA termination'] | 1,805,651 | 2026-08-06 | 10-Q | View Document | 85% | ||
| GEN Restaurant Group, Inc. | $1.10 | increases in tax basis, tax benefits from TRA payments | GEN Inc., Operating Company, and Members | 85% | TRA of $1.1 million; 85% of the amount of tax benefits; increases in tax basis from future redemptions; GEN Inc., Operating Company and each Members | ['Impacted by H.R. 1 One Big Beautiful Bill Act'] | 1,891,856 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Bakkt, Inc. | $0.50 | Tangible and intangible assets, Section 754, 743(b), 734(b) | Opco equity holders, ICE, Mr. Naheta | 85% | $0.5 million remained to be paid; tangible and intangible assets of Opco; 85% of certain net income tax benefits; ICE and Mr. Naheta | ['The Reorganization terminated the TRA.'] | 1,820,302 | 2026-08-10 | 10-Q | View Document | 85% | ||
| Fluence Energy, Inc. | $0.30 | increases in tax basis; depreciation and amortization deductions; certain other tax benefits | Siemens Industry; AES Grid Stability | 85% | payment made of $0.3 million liability; increases in our share of the tax basis; Siemens Industry and AES Grid Stability; equal to 85% of the tax benefits; will accrue interest until paid | ['Liability not recognized as payments are not probable.'] | 1,868,941 | 2026-08-05 | 10-Q | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $0.20 | RIHI, Inc. | total liability under the TRAs... is $0.2 million; between the Company and RIHI; RIHI TRA will terminate upon the closing | ['TRA terminates upon closing with no further payments.'] | 1,581,091 | 2026-08-06 | 10-Q | View Document | |||||
| FLYEXCLUSIVE INC. | $0.00 | tax basis adjustments | Thomas James Segrave Jr., LG Trust, ML Trust, LM Trust, TJ Trust | 85% | no TRA liability has been recorded; tax savings from certain tax basis adjustments; pay the Existing Equityholders 85%; maximum amount payable... would be approximately $15.0 million | ['No liability recorded; max termination payment $15.0 million.'] | 1,843,973 | 2026-08-12 | 10-Q | View Document | 85% | ||
| Direct Digital Holdings, Inc. | $0.00 | tax basis subject to the TRA; Section 754 | DDH LLC, DDM | 85% | liability related to the tax receivable agreement of $0; increase in its share of the tax basis; TRA with 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% | ||
| Bumble Inc. | $0.00 | exchanges of Common Units | 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; amended to provide for one-time settlement payments; exchanges of Common Units | ['TRA terminated November 2025 via one-time settlement payments.'] | 1,830,043 | 2026-08-06 | 10-Q | View Document | ||||
| Intuitive Machines, Inc. | $0.00 | Existing tax basis; tax basis adjustments; Business Combination tax benefits; TRA payment tax deductions. | TRA Holders (certain Intuitive Machines, LLC members and related parties) | 85% | management does not expect a TRA liability; 85% of the amount of cash tax savings; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; tax benefits realized from the Business Combination; deductions in respect of portions of certain payments; TRA Holders (certain Intuitive Machines, LLC members) | Full valuation allowance applied; no liability recorded. | 1,844,452 | 2026-08-13 | 10-Q | View Document | 85% | ||
| 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; increases in the tax basis; Section 754; Continuing Equity Owners and Crestview Partners II GP, L.P.; 85% of the amount of tax benefits | ['Liability not probable; zero balance as of report date'] | 1,669,779 | 2026-07-30 | 10-Q | View Document | 85% | ||
| Zeo Energy Corp. | $0.00 | Increases in tax basis and other tax attributes | ESGEN OpCo, LLC and certain OpCo members | 85% | 85% of the net cash savings; increases in tax basis; certain other tax attributes; ESGEN OpCo, LLC; certain OpCo members; estimated unrecorded TRA liability was approximately $4.6 million | ['Liability not recorded; estimated unrecorded liability is $4.6M.'] | 1,865,506 | 2026-08-14 | 10-Q | View Document | 85% | ||
| indie Semiconductor, Inc. | $0.00 | basis adjustments on future exchanges; carryforward attributes | certain shareholders | 85% | not recorded a liability under the TRAs; basis adjustments on future exchanges; other carryforward attributes assumed; approximately 85% of the calculated tax savings | ['Full valuation allowance; no liability recorded.'] | 1,841,925 | 2026-08-07 | 10-Q | View Document | 85% | ||
| AST SpaceMobile, Inc. | $0.00 | Existing tax basis, tax basis adjustments, tax deductions, tax attributes | AST LLC, TRA holders | 85% | no TRA liabilities recorded; 85% of the amount of savings; existing tax basis of certain assets; tax basis adjustments resulting from taxable exchanges; tax deductions in respect of certain payments; tax attributes that are acquired; entered into the Tax Receivable Agreement | ['Full valuation allowance recorded against deferred tax assets.'] | 1,780,312 | 2026-08-10 | 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% | ||
| Vivid Seats Inc. | $0.00 | Increases in tax basis, existing tax basis, imputed interest | Hoya Intermediate unitholders, Hoya Topco, LLC | 85% | no longer have a TRA liability; 85% of the amount of any tax savings; increases in the tax basis of assets; existing tax basis; deductions in respect of imputed interest; existing Hoya Intermediate unitholders | ['TRA terminated October 2025 via Corporate Simplification'] | 1,856,031 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Brilliant Earth Group, Inc. | $0.00 | Aggregate historical tax basis, Sections 743(b) and 197 | Brilliant Earth Group, Inc., Brilliant Earth, LLC, Continuing Equity Owners | 85% | no TRA liability reflected; 85% of the amount of tax benefits; Continuing Equity Owners; Sections 743(b) and 197 | ['Liability not probable due to valuation allowance.'] | 1,866,757 | 2026-08-06 | 10-Q | View Document | 85% | ||
| Symbotic Inc. | $0.00 | attributes obtained as a result of exchanges | certain Legacy Warehouse Holders (the “TRA Holders”) | 85% | no TRA liability was recorded; attributes obtained as a result of exchanges; certain 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% | ||
| PROKIDNEY CORP. | $0.00 | Increases in tax basis from unit exchanges, tax attributes of PK Holdings, and TRA-related tax benefits | Closing ProKidney Unitholders | 85% | not recognized any liability; 85% of the amount of cash savings; increases in tax basis attributable to exchanges; Closing ProKidney Unitholders | ['Full valuation allowance prevents recognition of TRA liability.'] | 1,850,270 | 2026-08-10 | 10-Q | View Document | 85% | ||
| FuboTV Inc. | $0.00 | Historic NOLs, tax basis adjustments, imputed interest | FuboTV Inc., Newco, Hulu | 70% | no TRA liability has been recorded; historic net operating loss carryforwards; increases in tax basis; Company, Newco and Hulu; lesser of 70% and Hulu’s ownership; 70% of the tax benefit | ['TRA share is 70% or less.'] | 1,484,769 | 2026-08-05 | 10-Q | View Document | 70% | ||
| Xponential Fitness, Inc. | $0.00 | Net operating losses, existing tax basis, basis adjustments from redemptions and exchanges, imputed interest | H&W Investco Blocker II, LP, Continuing Pre-IPO LLC Members | 85% | LIBOR plus 100 basis points | 85% of the amount of cash savings; LIBOR plus 100 basis points; net operating losses; existing tax basis; Continuing Pre-IPO LLC Members; liability... was not recorded | ['Liability of $117.15M not recorded due to valuation allowance.'] | 1,802,156 | 2026-08-07 | 10-Q | View Document | 85% | |
| GRAFTECH INTERNATIONAL LTD | $0.00 | tax assets that have been utilized | sole pre-IPO stockholder | write off of the remaining $3.8 million liability; tax assets that have been utilized; sole pre-IPO stockholder | ['Remaining liability written off in 2025.'] | 931,148 | 2026-07-24 | 10-Q | View Document | ||||
| MARAVAI LIFESCIENCES HOLDINGS, INC. | $0.00 | Increases in tax basis, acquired tax attributes, and tax benefits from TRA payments | MLSH 1, MLSH 2 | 85% | no current liability under the TRA; 85% of the amount of certain tax benefits; MLSH 1 and MLSH 2; increases in the tax basis of assets; tax attributes of the entities acquired | ['Liability not recorded as realization not probable.'] | 1,823,239 | 2026-08-07 | 10-Q | View Document | 85% | ||
| Solo Brands, Inc. | $0.00 | no liability has been recorded; due to its immateriality; eliminate its umbrella partnership-C corporation (UP-C) structure | ['Corporate Simplification eliminated UP-C structure.'] | 1,870,600 | 2026-08-13 | 10-Q | View Document | ||||||
| WM TECHNOLOGY, INC. | $0.00 | Additional tax basis from redemptions or exchanges | Continuing Class A Unit holders | 85% | TRA liability was nil; additional tax basis; continuing Class A Unit holders; 85% of the amount of tax benefits | ['Liability nil due to full valuation allowance.'] | 1,779,474 | 2026-08-06 | 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 | ['No liability recorded as of June 27, 2026.'] | 1,665,988 | 2026-08-05 | 10-Q | View Document | 85% | ||
| NUSCALE POWER Corp | $0.00 | NuScale Corp, NuScale LLC, legacy NuScale Equityholders | liability is not probable and therefore not recorded; NuScale Corp, NuScale LLC and legacy NuScale Equityholders; No TRA payments are expected | ['Liability not recorded as not probable.'] | 1,822,966 | 2026-08-05 | 10-Q | View Document | |||||
| SUJA LIFE, INC. | $0.00 | Tax basis increases from exchanges and distributions, pre-IPO tax attributes, and benefits from TRA payments. | Direct or indirect owners of Holdings LP, including PSP. | 85% | total amount due under the TRA was $0.0; increases in the tax basis of assets; tax attributes of the current or former holders; owners of Holdings LP, including PSP; pay such persons 85% of the amount | [] | 1,934,114 | 2026-08-04 | 10-Q | View Document | 85% | ||
| Andersen Group Inc. | $0.00 | Tax basis increases in AT Umbrella LLC assets; TRA payment tax benefits | Aggregator; Class X Umbrella Unit holders; pre-IPO owners | 85% | 85% of the amount of tax benefits; increase in tax basis in the assets; not yet incurred a liability; accrue interest until paid | ['Liability not yet incurred as of report date.'] | 2,065,708 | 2026-08-12 | 10-Q | View Document | 85% | ||
| EVgo Inc. | $0.00 | Increases in tax basis; imputed interest | EVgo Holdings, LS Power Equity Advisors, LLC, CRIS, Thunder Sub | 85% | no amounts have been accrued; potential unrecorded tax liability is $33.8 million; 85% of the net cash savings; increases in tax basis; imputed interest deemed to be paid; EVgo Holdings; LS Power Equity Advisors, LLC | ['Liability not accrued as not deemed probable.'] | 1,821,159 | 2026-08-05 | 10-Q | View Document | 85% | ||
| Net Power Inc. | $0.00 | deferred tax assets | TRA holders | reduced the TRA liability to zero; deferred tax assets subject to the TRA; agent of the TRA holders; intent to terminate the TRA | ['TRA terminated effective June 12, 2025.'] | 1,845,437 | 2026-08-13 | 10-Q | View Document | ||||
| CIM GROUP, INC. | $0.00 | Increases in tax basis of tangible and intangible assets and other tax attributes | CMFH, CMGH, and TRA Recipients | 85% | had not recorded a liability; pay CMGH 85% of certain tax benefits; increases in tax basis; CMFH and CMGH; TRA Recipients | ['Liability is contingent and cannot be reasonably estimated.'] | 1,498,547 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Greenlane Holdings, Inc. | $0.00 | increases in tax basis and certain other tax benefits | former holders of interests in the Operating Company | 85% | recorded no liability under the TRA; increases in tax basis; former holders of interests in the Operating Company; 85% of certain tax benefits | ['No liability recorded due to valuation allowance.'] | 1,743,745 | 2026-08-14 | 10-Q | View Document | 85% | ||
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from OpCo Unit acquisitions; 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... and the Agent; 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% | ||
| Evercore Inc. | Payments Under Tax Receivable Agreement | ['Only TRA payments reported in cash flows.'] | 1,360,901 | 2026-08-05 | 10-Q | View Document | |||||||
| Quantinuum Inc. | Basis Adjustments, Existing Basis, interest deductions | Quantinuum Holdings, TRA Parties, Members, Honeywell Entities | 85% | Pro rata | liability is not recognized; Basis Adjustments, Existing Basis, interest deductions; Quantinuum Holdings and the TRA Parties; remaining 85% of such tax savings; accrue interest until paid; pro rata in accordance with their ownership | ['Liability not recognized due to full valuation allowance'] | 2,110,105 | 2026-08-13 | 10-Q | View Document | 85% | ||
| X-Energy, Inc. | Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions | X-energy, XERC, TRA Holders | 85% | 85% of the amount of cash tax savings; Basis Adjustments, Existing Basis, Blocker Tax Attributes; X-energy... XERC and certain equity owners | ['Change of control triggers specific valuation assumptions.'] | 2,088,896 | 2026-08-13 | 10-Q | View Document | 85% | |||
| Quantinuum Inc. | IPO Existing Basis, Exchange Existing Basis, Basis Adjustments, Imputed Interest, NOLs | TRA Parties | 85% | Pro rata | 85% of the Cumulative Net Realized Tax; allocated among the TRA Parties in proportion; IPO Existing Basis, Exchange Existing Basis, Basis Adjustments | ['State and local tax rate updated periodically.', 'Agreed Rate is SOFR plus 150 basis points.'] | 2,110,105 | 2026-08-13 | 10-Q | View Document | 85% | ||
| Falcon's Beyond Global, Inc. | Increases in tax basis from unit exchanges and benefits from TRA payments | Exchange TRA Holders, the Company, Falcon's Opco, TRA holder representative | 85% | 85% of the amount of tax benefits; increases in tax basis resulting from any exchange; partners of Falcon’s Opco; tax benefits attributable to payments | ['Full valuation allowance; amendment clarifies unit transfer rights.'] | 1,937,987 | 2026-08-13 | 10-Q | View Document | 85% | |||
| Liberty Broadband Corp | tax benefits realized by Liberty Capital | Liberty Broadband, Charter, Liberty Capital Corporation | Liberty Broadband and Liberty Capital; tax liability exceeded $420 million; portion of the tax benefits realized | ['TRA triggers if tax liability exceeds $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% | pay 85% of the amount; pre-IPO members of HLA; increases in the tax basis; depreciation and amortization deductions | [] | 1,433,642 | 2026-08-04 | 10-Q | View Document | 85% | |||
| ERock, Inc. | increases in tax basis, Reorganization tax attributes, TRA payment tax benefits | Continuing Equity Unitholders, Continuing Profits Interest Unitholders, Blocked Unitholders, Energy Impact Fund (FT-B) LP, designated TRA representative | 85% | 85% of the amount of the net cash; increases in, or adjustments to, the tax basis; tax attributes available to the Company; tax benefits attributable to payments; Continuing Equity Unitholders; Continuing Profits Interest Unitholders; Blocked Unitholders; Energy Impact Fund (FT-B) LP | [] | 2,110,029 | 2026-08-12 | 10-Q | View Document | 85% | |||
| Rocket Companies, Inc. | increases in tax basis and other tax benefits | RHI II, LLC and Mr. Gilbert | 90% | payment by the Company of 90%; RHI II, LLC and Mr. Gilbert; increases in tax basis and other tax benefits | ['TRA share is 90% and amended for Up-C Collapse'] | 1,805,284 | 2026-08-07 | 10-Q | View Document | 90% | |||
| Quantinuum Inc. | the Corporation, the Company, and TRA Parties | by and among the Corporation and the Company; and the TRA Parties | [] | 2,110,105 | 2026-08-13 | 10-Q | View Document | ||||||
| UWM Holdings Corp | Tax basis increases from exchanges, imputed interest, and disproportionate tax benefit allocations. | UWM Holdings Corp, SFS Corp. | 85% | TRA with SFS Corp.; 85% of the amount of cash savings; increases in tax basis; imputed interest; disproportionate allocations | [] | 1,783,398 | 2026-08-07 | 10-Q | View Document | 85% | |||
| Intuitive Machines, Inc. | Corporation, Company, and the Members | by and among the Corporation and the Company; and the Members party thereto | [] | 1,844,452 | 2026-08-13 | 10-Q | View Document | ||||||
| Concord Acquisition Corp II | Events.com’s pre-closing tax attributes | Events.com, the Company, certain Events.com shareholders, New CND | 85% | 85% of the tax benefits realized; Events.com’s pre-closing tax attributes; Events.com, the Company and certain Events.com shareholders | ['TRA covers pre-closing tax attributes.'] | 1,851,959 | 2026-08-13 | 10-Q | View Document | 85% | |||
| ITG, Inc./DE/ | Allocable share of tax basis, NOLs, basis adjustments, imputed interest | Former owners of ITG Parent (TRA Participants), Oaktree Blocked Fund | 85% | 85% of the amount of tax savings; former owners of ITG Parent; net operating losses and allocable share; imputed interest arising from any payments | [] | 2,110,117 | 2026-08-12 | 10-Q | View Document | 85% | |||
| Alchemy Investments Acquisition Corp 1 | Section 754 adjustments, tax basis adjustments from TRA Exchanges, tax benefits from TRA payments, imputed interest, depreciable or amortizable tax basis | Pubco and certain Cartiga Members (TRA Holders) | 85% | 85% of the cash tax benefits; tax basis adjustments resulting from TRA Exchanges; Pubco will enter into a Tax Receivable Agreement; accrue interest until paid | [] | 1,901,336 | 2026-08-27 | 10-Q | View Document | 85% | |||
| Purple Innovation, Inc. | Tax basis increases in Purple LLC assets; imputed interest; additional tax basis from payments | InnoHold | 80% | 80% of the net cash savings; InnoHold; tax basis increases in the assets; imputed interest deemed to be paid | ['TRA share is 80% instead of 85%.'] | 1,643,953 | 2026-08-11 | 10-Q | View Document | 80% | |||
| York Space Systems Inc. | net operating loss carryforwards, research and development credit carryforwards | equity holders of Holdings, holders of Class P Units | 85% | 100 basis points above SOFR | 85% of certain tax savings; net operating loss carryforwards; research and development credit carryforwards; equity holders of Holdings; holders of Class P Units; 100 basis points above SOFR; does not anticipate recording the TRA liability | ['Liability not recorded; early termination estimated at $261.0 million'] | 2,086,587 | 2026-08-13 | 10-Q | View Document | 85% | ||
| TWFG, Inc. | Bunch Family Holdings, LLC, RFB Spousal Lifetime Trust, MCB Spousal Lifetime Trust | each transferee became a party; make payments under the Tax Receivable Agreement | ['No material changes from 2025 Form 10-K.'] | 2,007,596 | 2026-08-06 | 10-Q | View Document | ||||||
| Core & Main, Inc. | Parent Entity or IPO Vehicle | pursuant to the Tax Receivable Agreements; payments... to any Parent Entity or IPO Vehicle | ['Text describes payment permissions under credit/loan terms.'] | 1,856,525 | 2026-09-09 | 10-Q | View Document | ||||||
| System1, Inc. | no amounts due; parties to the Tax Receivable Agreement | ['Full valuation allowance on deferred tax assets.'] | 1,805,833 | 2026-08-05 | 10-Q | View Document | |||||||
| 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 | Amended and Restated Tax Receivable Agreement; 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 |