Comprehensive analysis of Tax Receivable Agreements from SEC filings
| Company Name | TRA Liability (M$) | Covered Assets | TRA Parties | TRA Share % | Default Interest Rate | Pro Rata Payment | References | Notes | CIK | Filing Date | Form Type | Filing URL | Payment Rate |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Medline Inc. | $4,021.00 | Existing tax basis; basis adjustments to tangible and intangible assets; tax attributes of acquired corporate entities; TRA payment tax benefits | Certain pre-IPO owners | 90% | TRA liability was $4,021 million; payment... of 90% of certain tax benefits; allocable share of existing tax basis; certain pre-IPO owners | ['TRA share is 90%.'] | 2,046,386 | 2026-05-06 | 10-Q | View Document | 90% | ||
| ZoomInfo Technologies Inc. | $2,730.40 | TRA holders | liability of $2,730.4 million; payments were made to TRA holders; projected obligations under the TRAs | ['Refer to 2025 Form 10-K for TRA details.'] | 1,794,515 | 2026-05-11 | 10-Q | View Document | |||||
| 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% | TRA liability of $2.2 billion; basis adjustment relating to the assets; pay to the LLC Unitholders 85%; deferred and will accrue interest until paid | ['Liability includes $1.7 billion due to related parties.'] | 1,690,820 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Blackstone Inc. | $2,047.93 | tangible and intangible assets of Blackstone Holdings | predecessor owners, senior managing directors, non-controlling interest holders | 85% | Due to Certain Non-Controlling Interest Holders; tangible and intangible assets of Blackstone Holdings; predecessor owners; 85% of the amount of cash savings | ['Liability reported within Due to Affiliates.', 'Net present value is $636.3 million.'] | 1,393,818 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Dutch Bros Inc. | $820.10 | certain tax attributes and benefits | Dutch Bros OpCo owners, non-controlling interest holders, Co-Founder and Sponsor | 85% | total TRAs-related liabilities were $820.1 million; certain tax attributes and benefits; certain Dutch Bros OpCo owners; 85% of the income tax benefits | ['Executed two TRAs in connection with IPO.'] | 1,866,581 | 2026-05-06 | 10-Q | View Document | 85% | ||
| TPG Inc. | $782.20 | increase in the tax basis of our investment in the TPG Operating Group | current and former employees and partners of TPG Partner Holdings, Related Parties, 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; pay the beneficiaries... 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. | $778.00 | increases in tax basis of assets (Section 754) | Former Managing Partners, Contributing Partners, Bridge TRA holders | 85% | Due to TRA holders $778; increases in tax basis of assets; Former Managing Partners and Contributing Partners; 85% of the amount of cash tax savings; interest is accrued on the balance | ['Includes Apollo TRA and Bridge TRA.', 'No more operating units left to exchange.'] | 1,858,681 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Core & Main, Inc. | $720.00 | Existing tax basis; basis increases from exchanges; tax benefits from TRA payments | Former Limited Partners; Continuing Limited Partners (CD&R Waterworks Holdings; Management Feeder) | 85% | recorded a $720 million payable; 85% of the realized... benefits; allocable share of existing tax basis; increases in tax basis; accrue interest until paid | ['Payments occur two fiscal years after tax utilization.'] | 1,856,525 | 2026-03-24 | 10-K | View Document | 85% | ||
| Core & Main, Inc. | $683.00 | Tax attributes from exchanges of Partnership Interests | Clayton, Dublier & Rice (CD&R), Core & Main Management Feeder, LLC | 85% | payables to related parties... $683 million; tax attributes... with future exchanges of Partnership Interests; stockholders affiliated with Clayton, Dublier & Rice; 85% of the tax benefits realized | ['Liability includes $41M current and $642M non-current.'] | 1,856,525 | 2026-06-10 | 10-Q | View Document | 85% | ||
| Interactive Brokers Group, Inc. | $618.00 | Tax basis increases | IBG, Inc., Holdings (for the benefit of the former members of IBG LLC) | 85% | payables to Holdings... were... $618 million; result of tax basis increases; IBG, Inc. also entered into... with Holdings; 85% of the tax savings | ['Payables reported in Payable to affiliate'] | 1,381,197 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Ares Management Corp | $581.70 | increases in tax basis of tangible and intangible assets; tax benefits from TRA payments and interest | Holders of AOG Units, TRA recipients | 85% | TRA liability balance was $581.7 million; increases in tax basis of tangible and intangible; 85% of the amount of actual cash savings; Holders of AOG Units | ['Fifth Amended and Restated TRA dated February 24, 2026'] | 1,176,948 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Alight, Inc. / Delaware | $509.00 | Existing tax basis, tax basis adjustments, and tax attributes | Certain owners of Alight Holdings | 85% | Ending balance as of March 31, 2026 509; 85% of any savings that we realize; tax basis adjustments from sales and exchanges; utilization of certain tax attributes | ['Objection Notice received regarding 2026 Tax Benefit Payments.'] | 1,809,104 | 2026-05-05 | 10-Q | View Document | 85% | ||
| SOLV Energy, Inc. | $497.00 | Allocable share of tax basis, Blocker NOLs, 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 post-IPO 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, and TRA Payment Tax Attributes | Current and certain former LLC Unitholders | 85% | liabilities of $460.8 million; 85% of the net cash savings; current and certain former LLC Unitholders; increases in the tax basis; Pre-IPO M&A Tax Attributes; remedial partnership tax allocations; TRA Payment Tax Attributes | ['Liability based on undiscounted estimated future payments.'] | 1,849,253 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Planet Fitness, Inc. | $415.80 | Tax attributes of Holdings Units; tax benefits from TRA payments; imputed interest; tax attributes from 2012 TSG purchase | TRA Holders; existing and previous equity owners of Pla-Fit Holdings, LLC; affiliates of TSG Consumer Partners, LLC | 85% | liability of $415.8 million; 85% of the applicable tax savings; tax attributes of their Holdings Units; affiliates of TSG Consumer Partners, LLC; existing and previous equity owners | [] | 1,637,207 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Nextpower Inc. | $393.20 | existing tax basis; basis increases; blocker corporation tax attributes; tax benefits from TRA payments | Flex (affiliate), TPG, TPG Affiliates | 85% | liability of $393.2 million; existing tax basis in tangible and intangible assets; 85% of the tax benefits; Flex’s affiliate, TPG and the TPG Affiliates | ['Yuma and Yuma Sub assigned rights to Flex.'] | 1,852,131 | 2026-05-19 | 10-K | View Document | 85% | ||
| AEVEX Corp. | $373.20 | Increases in tax basis from exchanges; existing tax basis; tax attributes of Blocker Entity; TRA payment tax benefits | AEVEX Corp., Holdings LLC, TRA Rights Holders (Madison Dearborn Partners, LLC) | 85% | required to pay approximately $373.2 million; increases in the tax basis of assets; existing tax basis; tax attributes of the Blocker Entity; AEVEX Corp., Holdings LLC and TRA Rights Holders; 85% of certain tax savings | ['Liability is an estimate assuming immediate full exchange.'] | 2,096,300 | 2026-05-20 | 10-Q | View Document | 85% | ||
| Portillo's Inc. | $344.20 | Existing tax basis, NOLs, basis adjustments from exchanges | Pre-IPO LLC Members, certain members of Portillo's OpCo | 85% | TRA liability totaled $344.2 million; 85% of the amount of tax benefits; existing tax basis; net operating losses; pre-IPO LLC Members | ['Liability declines significantly after year 15 through 47.'] | 1,871,509 | 2026-05-05 | 10-Q | View Document | 85% | ||
| StepStone Group Inc. | $344.20 | Increases in tax basis, net operating losses, imputed interest | Class B limited partners, Class C limited partners, Class D limited partners, pre-IPO institutional investors | 85% | Lesser of 6.5% and SOFR + 400bp | Pro rata | total Tax Receivable Agreements liability was $344.2 million; increases in tax basis; utilization of certain other tax benefits; imputed interest; Class B, Class C, Class D limited partners; 85% of the net cash tax savings; lesser of 6.5% and SOFR plus 400bp; distributed to the other partners pro rata | ['Includes Exchanges TRA and Reorganization TRA.'] | 1,796,022 | 2026-05-27 | 10-K | View Document | 85% |
| Tradeweb Markets Inc. | $335.80 | increases in the tax basis of TWM LLC’s assets; tax benefits from TRA payments | TWM LLC and the Continuing LLC Owners | 50% | liability... totaled $335.8 million; increases in the tax basis of TWM LLC’s assets; TWM LLC and the Continuing LLC Owners; equal to 50% of the amount; unpaid amounts... will accrue interest | ['TRA share is 50%, lower than industry standard.'] | 1,758,730 | 2026-04-29 | 10-Q | View Document | 50% | ||
| KKR & Co. Inc. | $335.10 | exchanges of KKR Holdings equity | KKR Holdings, Current and Former Employees | undiscounted payable of $335.1 million; exchanges of KKR Holdings equity; KKR Holdings; Current and Former Employees | ['TRA terminated May 30, 2022, except for prior exchanges.'] | 1,404,912 | 2026-05-08 | 10-Q | View Document | ||||
| Brighthouse Financial, Inc. | $328.00 | MetLife, Inc. | payable to MetLife of $328 million; tax receivables agreement ... with MetLife; accelerated upon closing of the Merger | ['Payable would be accelerated upon closing of the Merger.'] | 1,685,040 | 2026-05-07 | 10-Q | View Document | |||||
| Artisan Partners Asset Management Inc. | $305.20 | tax attributes of preferred units, imputed interest, step-up of tax basis | Pre-H&F Corp Merger Shareholder, current or former limited partners of Holdings | 85% | $305.2 million liability as of March 31, 2026; 85% of the applicable cash savings; Pre-H&F Corp Merger Shareholder; current or former limited partners; tax attributes of the preferred units; imputed interest; step-up of tax basis | ['Two separate TRAs exist.', 'Expected 2026 payments total $40.4 million.'] | 1,517,302 | 2026-05-04 | 10-Q | View Document | 85% | ||
| FLEX LTD. | $300.00 | tax benefits realized in relation to the IPO | Flex and TPG | 85% | 85% of the tax benefits; Flex and TPG; approximately $300 million; tax benefits realized in relation to the IPO | ['Flex is the beneficiary of the TRA.'] | 866,374 | 2026-05-20 | 10-K | View Document | 85% | ||
| GPGI, Inc. | $293.30 | increase in the tax basis of GPGI Holdings’ assets | GPGI Holdings and holders of interests therein | 90% | Total payments $293.3; increase in the tax basis; GPGI Holdings and holders of interests therein; obligated to make payments of 90%; unpaid amounts... will accrue interest | ['TRA share is 90% of tax benefits.'] | 1,823,144 | 2026-05-07 | 10-Q | View Document | 90% | ||
| Moelis & Co | $269.34 | Tax basis of Group LP assets; imputed interest | Eligible Managing Directors | 85% | total payable of $269.3 million; 85% of the amount of cash savings; eligible Managing Directors; increases in tax basis; imputed interest | ['Payments made within 225 days of tax filing.'] | 1,596,967 | 2026-04-30 | 10-Q | View Document | 85% | ||
| Cactus, Inc. | $264.80 | tax basis subject to the TRA; basis differences | certain direct and indirect owners of Cactus LLC | 85% | total liability from the TRA was $264.8 million; tax basis subject to the TRA; certain direct and indirect owners of Cactus LLC; 85% of the net cash savings; accrue interest from the due date | ['Liability revalued due to forecasted state tax rate.'] | 1,699,136 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Clear Secure, Inc. | $252.45 | Increase in tax basis in Alclear’s assets; imputed interest | Remaining members of Alclear (Alclear Members) | 85% | recorded a tax receivable agreement liability of $252,452; increase in tax basis in Alclear’s assets; remaining members of Alclear; 85% of the net cash savings | ['Liability revalued at a lower income tax rate'] | 1,856,314 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Shift4 Payments, Inc. | $247.00 | Shift4 Payments, Inc., Rook Holdings Inc., Jared Isaacman | TRA liability was $247 million; assignment and waiver of Rook’s rights; Rook Holdings Inc.; Jared Isaacman; Up-C Collapse via a taxable exchange | ['Rook assigned and waived TRA rights to Company', 'Liability reduced by $120 million via waiver'] | 1,794,669 | 2026-05-07 | 10-Q | View Document | |||||
| Shake Shack Inc. | $246.01 | Tax basis increases from LLC Interest redemptions, TRA payments, and imputed interest | Non-controlling members of SSE Holdings | 85% | obligations totaled $246.0 million; increases in the tax basis; non-controlling members of SSE Holdings; 85% of any tax benefits | [] | 1,620,533 | 2026-05-07 | 10-Q | View Document | 85% | ||
| European Wax Center, Inc. | $243.60 | Existing tax basis; tangible and intangible assets; Blocker tax attributes; TRA payment tax benefits | EWC Ventures Pre-IPO Members | 85% | aggregate to approximately $243.6 million; 85% of the benefits; EWC Ventures Pre-IPO Members; existing tax basis of tangible and intangible assets | ['Liability estimate based on $6.53 share price.'] | 1,856,236 | 2026-04-27 | 10-K/A | View Document | 85% | ||
| AdaptHealth Corp. | $238.90 | Pre-combination tax attributes; basis increases from exchanges; imputed interest; basis increases from TRA payments | Certain 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 resulting from exchanges | [] | 1,725,255 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Hamilton Lane INC | $235.40 | Tax basis increases in tangible and intangible assets; specially allocated losses. | Pre-IPO owners, Class B Holders, Class C Holders, TRA Recipients. | 85% | liability of $235.4 million; pay them 85% of the amount; tangible and intangible assets; specially allocated to us; pre-IPO owners; interest accrued from the due date | ['Liability decreased in fiscal 2026.'] | 1,433,642 | 2026-05-21 | 10-K | View Document | 85% | ||
| WaterBridge Infrastructure LLC | $218.50 | Tax basis increases, existing tax basis, NOLs, interest expense carryforwards, imputed interest | OpCo, TRA Holders, Elda River Infrastructure WB LLC | 85% | TRA liability balance of $218.5 million; 85% of the net cash savings; tax basis increases resulting from the exchange; existing tax basis of assets of OpCo; NOLs and interest expense carryforwards; TRA with OpCo and the TRA Holders | ['Liability includes NOLs from WB 892 LLC.'] | 2,064,947 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Legence Corp. | $217.00 | Existing tax basis; blocker entity tax attributes; basis increases from unit exchanges; TRA payment tax benefits. | Legence Parent and Legence Parent II (the "TRA Members") | 85% | current and long-term TRA liability is $8.2 million; long-term TRA liability is $208.8 million; 85% of the net cash tax savings; allocable share of existing tax basis; tax attributes of the blocker entities; increases in tax basis resulting from future redemptions; Legence Parent and Legence Parent II | ["Liability increased $9.8 million from underwriters' overallotment option."] | 2,052,568 | 2026-05-14 | 10-Q | View Document | 85% | ||
| Legence Corp. | $207.40 | Existing tax basis, blocker entity tax attributes, Basis Adjustments (exchanges/distributions), TRA payment tax benefits | Legence Parent, Legence Parent II | 85% | SOFR + 100 basis points | 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 $545 million.'] | 2,052,568 | 2026-03-30 | 10-K | View Document | 85% | |
| Forgent Power Solutions, Inc. | $207.30 | Opco LLC Interests tax basis, Blocker NOLs, existing tax basis, basis adjustments from exchanges | Forgent Parent I LP, Forgent Parent II LP, Forgent Parent III LP, Forgent Parent IV LP (Continuing Equity Owners) | 85% | total amount due under TRA was $207.3 million; 85% of the amount of tax savings; Forgent Parent I LP; net operating losses; allocable share of tax basis | ['Company has yet to make its first TRA payment.'] | 2,080,126 | 2026-05-14 | 10-Q | View Document | 85% | ||
| European Wax Center, Inc. | $201.98 | Existing tax basis of tangible and intangible assets | EWC Ventures pre-IPO members | 85% | future payments... expected to be $201,980; existing tax basis of tangible and intangible assets; EWC Ventures pre-IPO members; 85% of the applicable cash tax savings; accrue interest until paid | [] | 1,856,236 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Repay Holdings Corp | $191.80 | Tax basis increases from unit exchanges and equity acquisitions, TRA payment basis increases, and imputed interest deductions | Holders of Post-Merger Repay Units, selling Hawk Parent members | 100% | risk-free rate plus a spread | liability of $191.8 million; increases in its share of the tax basis; holders of Post-Merger Repay Units; 100% of the amount of any tax benefits; risk-free rate plus a spread | ['TRA share is 100%, higher than industry standard 85%.', 'Liability measured at fair value under ASC 825.'] | 1,720,592 | 2026-05-04 | 10-Q | View Document | 100% | |
| Five Point Holdings, LLC | $181.90 | certain tax attributes; California net operating loss deductions | holders of Class A Common Units of the Operating Company; holders of Class A units of the San Francisco Venture | 85% | liabilities of $181.9 million; certain tax attributes; 85% of the cash savings; 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% | ||
| SOLV Energy, Inc. | $172.34 | Existing tax basis, Blocker NOLs, basis adjustments, interest deductions | SOLV Energy, Inc., SOLV Energy Holdings LLC, Continuing Equity Owners, Blocker Shareholders | 85% | Tax receivable agreement 172,344; 85% of the tax benefits; allocable share of existing tax basis; utilization of certain tax attributes; Continuing Equity Owners, the Blocker Shareholders | ['Liability recorded in connection with IPO and Transactions.'] | 2,065,636 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Goosehead Insurance, Inc. | $171.90 | tangible and intangible assets; imputed interest | Pre-IPO LLC Members | 85% | total amount... was $171.9 million; increase in tax basis in GSHD's assets; TRA with the Pre-IPO LLC Members; 85% of the amount of cash savings | [] | 1,726,978 | 2026-04-23 | 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; imputed interest; InnoHold; former founders; 80% of certain tax benefits | ['Liability not recorded due to valuation allowance.'] | 1,643,953 | 2026-03-31 | 10-K | View Document | 80% | ||
| Virtu Financial, Inc. | $166.50 | Increase to tax basis, intangible assets, Net Operating Losses (NOLs), other tax attributes | Direct or indirect equity holders, Virtu Members | 85% | liabilities... were approximately $166.5 million; increase to the tax basis; intangible assets; Net Operating Losses (“NOLs”); direct or indirect equity holders; 85% of the applicable cash tax savings; deferred and will accrue interest until paid | ['Payments expected over next 15 years.'] | 1,592,386 | 2026-05-01 | 10-Q | View Document | 85% | ||
| Rithm Capital Corp. | $165.40 | taxable acquisitions of Sculptor operating partnership units, NOLs | former holders of units in Sculptor’s operating partnerships | carrying value of the TRA liability; taxable acquisitions of Sculptor operating partnership units; former holders of units; including net operating losses | ['Sculptor Acquisition triggered change of control TRA assumptions.'] | 1,556,593 | 2026-05-04 | 10-Q | View Document | ||||
| OLAPLEX HOLDINGS, INC. | $165.10 | Amortization of intangible assets and capitalized transaction costs | Pre-IPO Stockholders | 85% | aggregate to $165.1 million; amortization of intangible assets and capitalized transaction costs; Pre-IPO Stockholders; 85% of the cash savings | ['TRA Waiver and Amendment pending Henkel merger.'] | 1,868,726 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Galaxy Digital Inc. | $149.40 | Increases in tax basis; imputed interest deductions | Present and former limited partners of GDH LP | 85% | TRA-related liability... of $149.4 million; 85% of the cash savings; increases in tax basis; holders of Class B Units in GDH LP | ['Amended and restated on May 13, 2025.'] | 1,859,392 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Baldwin Insurance Group, Inc. | $144.60 | increase in tax basis in Baldwin Holdings assets; imputed interest | Baldwin Holdings’ LLC Members; Pre-IPO LLC Members | 85% | Tax Receivable Agreement liabilities of $144.6 million; increase in tax basis in Baldwin Holdings assets; Baldwin Holdings’ LLC Members; 85% of the amount of cash savings | ['Liability recognized as tax benefits became realizable.'] | 1,781,755 | 2026-05-04 | 10-Q | View Document | 85% | ||
| SUJA LIFE, INC. | $143.90 | unit exchanges, pre-IPO tax attributes, imputed interest, depreciable, depletable or amortizable tax basis | continuing equity owners and blocker shareholders (TRA Participants) | 85% | estimated total payments of approximately $143.9 million; 85% of the amount of cash tax savings; continuing equity owners and blocker shareholders; unit exchanges in Holdings LP; pre-IPO tax attributes acquired in the Organizational Transactions | ['TRA payments estimated over a 35-year period.'] | 1,934,114 | 2026-06-09 | 10-Q | View Document | 85% | ||
| Rush Street Interactive, Inc. | $133.40 | increase in tax basis, exchange of Retained RSILP Units, tax benefits from TRA payments | Special Limited Partner | 85% | recognized a TRA liability of $133.4 million; increase in tax basis; exchange of Retained RSILP Units; Special Limited Partner; pay 85% of certain net tax benefits; accrue interest until paid | ['Liability increased due to RSILP Unit exchanges.'] | 1,793,659 | 2026-04-29 | 10-Q | View Document | 85% | ||
| Driven Brands Holdings Inc. | $129.30 | Depreciation and amortization deductions; tax basis in intangible assets; Pre-IPO and IPO-Related Tax Benefits. | Principal Stockholders; senior management team; certain current or prior stockholders. | 85% | SOFR + 5.0% | 85% of the amount of cash savings; payable of $56 million and $73 million; depreciation and amortization deductions; tax basis... in... intangible assets; SOFR plus an applicable term adjustment plus 5%; Principal Stockholders, and our senior management team | ['Interest for debt-restricted deferrals is SOFR + 1%.'] | 1,804,745 | 2026-05-19 | 10-K | View Document | 85% | |
| Nerdy Inc. | $118.20 | Increases in tax basis from reverse recapitalization, redemptions, and imputed interest | Legacy Nerdy Holders | 85% | not recognized a liability of $118,238; 85% of the net cash savings; certain Legacy Nerdy Holders; increases in tax basis; imputed interest | ['Liability not recognized as payment not probable.'] | 1,819,404 | 2026-05-07 | 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 for $116 million; recognized tax attributes purchased | [] | 1,937,926 | 2026-05-08 | 10-Q | View Document | ||||
| loanDepot, Inc. | $111.00 | tax basis of investment in LD Holdings | Parthenon Stockholders, certain Continuing LLC Members | TRA liability of $111.0 million; tax basis of loanDepot, Inc.’s investment; Parthenon Stockholders and certain Continuing LLC Members | ['No TRA payments made in Q1 2026.'] | 1,831,631 | 2026-05-07 | 10-Q | View Document | ||||
| Driven Brands Holdings Inc. | $108.00 | Pre-IPO and IPO-Related Tax Benefits | pre-IPO shareholders | 85% | SOFR plus an applicable term adjustment plus 5.0% | current $35 million, non-current $73 million; Pre-IPO and IPO-Related Tax Benefits; Company’s pre-IPO shareholders; 85% of the amount of cash savings; SOFR plus applicable term adjustment plus 5.0% | ['Includes U.S. and Canadian income tax savings.'] | 1,804,745 | 2026-06-11 | 10-Q | View Document | 85% | |
| Perella Weinberg Partners | $94.00 | exchange of interests in PWP OpCo; step-up in tax basis; payments under TRA | PWP OpCo, Professional Partners and Investor Limited Partners | 85% | liability of $94.0 million; exchange of interests in PWP OpCo; 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% | ||
| Flowco Holdings Inc. | $92.40 | Basis Adjustments, Section 704(c) Allocations, interest deductions, existing tax basis | Flowco Holdings, Flowco LLC, Continuing Equity Owners | 85% | total amount due under TRA was $92.4 million; Basis Adjustments, Section 704(c) Allocations, and interest deductions; Flowco Holdings, Flowco LLC and Continuing Equity Owners; pay to each Continuing Equity Owner 85% | ['Liability increased by $70.5 million from unit redemptions.'] | 2,035,149 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Sun Country Airlines Holdings, Inc. | $87.17 | Pre-IPO Tax Attributes (net operating loss carryforwards) | Pre-IPO stockholders, including management and Board members | 85% | aggregate to approximately $87,169; Pre-IPO Tax Attributes,' include net operating loss carryforwards; pre-IPO stockholders; 85% of the amount of cash savings; accrue interest until paid | [] | 1,743,907 | 2026-04-30 | 10-K/A | View Document | 85% | ||
| Sun Country Airlines Holdings, Inc. | $87.14 | Pre-IPO Tax Attributes | pre-IPO stockholders, certain members of management, Board of Directors | Income Tax Receivable Agreement Liability $87,137; attributes that existed at the time of IPO; pre-IPO stockholders (the 'TRA holders'); certain members of the Company's management; certain members of the Company's Board of Directors; TRA will terminate and be settled | ['TRA terminates upon change of control merger with Allegiant.'] | 1,743,907 | 2026-05-01 | 10-Q | View Document | ||||
| 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 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 | 2026-05-01 | 10-Q | View Document | 85% | |
| Liberty Energy Inc. | $66.90 | Increases in tax basis, net operating losses, imputed interest, and additional tax basis from TRA payments | R/C Energy IV Direct Partnership, L.P. and TRA Holders | 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% | ||
| Carlyle Group Inc. | $64.10 | increases in tax basis resulting from exchanges | limited partners of the Carlyle Holdings partnerships | 85% | Amounts owed under the tax receivable agreement 64.1; increases in tax basis resulting from exchanges; limited partners of the Carlyle Holdings partnerships; 85% of the amount of cash tax savings | ['Payments limited to pre-existing obligations after Conversion.'] | 1,527,166 | 2026-05-08 | 10-Q | View Document | 85% | ||
| Zevia PBC | $59.20 | NOLs, existing tax basis, basis increases, imputed interest | Continuing members of Zevia LLC, Direct Zevia Stockholders | 85% | SOFR + 300 basis points | totaled $59.2 million at March 31, 2026; net operating losses; existing tax basis; 85% of the tax benefits realized; SOFR plus 300 basis points | ['No liability recorded due to full valuation allowance.'] | 1,854,139 | 2026-05-06 | 10-Q | View Document | 85% | |
| Excelerate Energy, Inc. | $58.81 | Increases in tax basis from exchanges; existing tax basis; tax basis of assets purchased from Foundation; tax benefits from TRA payments | EE Holdings and the Foundation | 85% | TRA liability 51,122; Current portion of TRA liability 7,685; 85% of net cash tax savings; TRA with EE Holdings and the Foundation; increases in the tax basis of assets; existing tax basis of assets | ['Total liability includes current and long-term portions.'] | 1,888,447 | 2026-05-07 | 10-Q | View Document | 85% | ||
| GCM Grosvenor Inc. | $54.60 | increases in tax basis in GCMH assets | TRA Parties; limited partners of GCMH | 85% | amount payable was $54.6 million; increases in the tax basis; pay 85% of the amount; to the TRA Parties | [] | 1,819,796 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Lazard, Inc. | $46.83 | increases in the tax basis of certain assets | Lazard, LTBP Trust, owners of the Trust | 45% and 85% | Pro rata | cumulative liability... March 31, 2026 was $46,832; increases in the tax basis of certain assets; between Lazard and LTBP Trust; approximately 45% of the amount of cash savings; 85% of the cash tax savings; distributed pro rata to the owners | ['Two payment tiers (45%/85%) and 2033 expiration.'] | 1,311,370 | 2026-05-04 | 10-Q | View Document | 45% and 85% | |
| VERRA MOBILITY Corp | $43.67 | Tax receivable agreement liability, current portion; Tax receivable agreement liability, net of current portion | [] | 1,682,745 | 2026-05-06 | 10-Q | View Document | ||||||
| Select Water Solutions, Inc. | $43.40 | Increases in tax basis from unit acquisitions; 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... $43.4 million; 85% of the net cash savings; increases in tax basis; net operating losses; Legacy Owner Holdco; Crestview Partners II GP, L.P.; 12-month term SOFR... plus 171.513 basis points | ['OBBBA enacted July 4, 2025, defers payment timing.'] | 1,693,256 | 2026-05-06 | 10-Q | View Document | 85% | |
| MALIBU BOATS, INC. | $39.60 | increases in tax basis, Section 754 election, tangible and intangible assets | pre-IPO owners of the LLC | 85% | Ending balance $39,603; increases in tax basis; Section 754 election; 85% of the amount of the benefits; pre-IPO owners of the LLC | ['Liability determined on an undiscounted basis.'] | 1,590,976 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Cardinal Infrastructure Group Inc. | $39.42 | Tax basis step-up, Section 743(b), Section 197, NOL carryforwards, interest deductions | PubCo, Cardinal Civil Contracting Holdings LLC, Continuing Equity Holders (Erik West, Mike Rowe, Jeremy Spivey), Diamond Interests Group LLC, Seller Owners | 85% | SOFR + 100bp | liability on the... balance sheet totaled $39,423,529; tax basis step-up in OpCo's assets; pursuant to Sections 743(b) and 197; NOL carryforward mechanics; 85% of the net cash tax savings; SOFR plus 100 basis points | ['Company also has a related Tax Benefit Agreement.'] | 2,079,999 | 2026-05-13 | 10-Q | View Document | 85% | |
| Cardinal Infrastructure Group Inc. | $39.40 | Basis Adjustments; interest deductions arising from TRA payments | Cardinal Group; Cardinal Civil Contracting Holdings LLC; Continuing Equity Holders | 85% | lesser of 6.5% or SOFR + 100bp | liability on balance sheet totaled $39,423,529; increases in tax basis; interest deductions from payments; 85% of certain tax benefits; lesser of 6.5% or SOFR + 100bp | ['Liability $180.5M if all units exchanged.'] | 2,079,999 | 2026-03-23 | 10-K | View Document | 85% | |
| National CineMedia, Inc. | $35.70 | intangible asset related to the ESA Parties; unpaid integration payments | Cinemark, AMC (terminated) | Payable under the TRA 2.9 32.8; TRA payments to Cinemark; no longer... obligation to make TRA payments to AMC; intangible asset related to the ESA Parties | ['AMC TRA obligation terminated in 2025.'] | 1,377,630 | 2026-05-12 | 10-Q | View Document | ||||
| OppFi Inc. | $35.05 | tax basis 'step-up' triggered by the Corporate Simplification and previous exchanges | Members of OppFi-LLC | Tax receivable agreement liability 35,046; tax basis 'step-up' triggered by the Corporate Simplification; OppFi made payments to the Members; aggregate early termination payment of approximately $40.8 million | ['TRA amended and terminated in April 2026.'] | 1,818,502 | 2026-05-07 | 10-Q | View Document | ||||
| PJT Partners Inc. | $34.60 | increases in tax basis; tax benefits from payments | holders of Partnership Units (other than PJT Partners Inc.) | 85% | contractual obligations of $34.6 million; increases in tax basis related to such exchanges; holders of Partnership Units; 85% of the benefits | ["Liability represents management's best estimate of amounts owed."] | 1,626,115 | 2026-04-30 | 10-Q | View Document | 85% | ||
| i3 Verticals, Inc. | $32.40 | Increase in tax basis; imputed interest | i3 Verticals, LLC; Continuing Equity Owners | 85% | total amount due... was $32.4 million; increase in tax basis associated with Common Units; i3 Verticals, LLC and Continuing Equity Owners; represents 85% of the estimated future tax benefits | ['Payments expected over the next 22 years.'] | 1,728,688 | 2026-05-08 | 10-Q | View Document | 85% | ||
| AlTi Global, Inc. | $30.60 | increase in tax basis of the assets of Umbrella | TWMH Members, TIG GP Members, and TIG MGMT Members | 85% | approximately $30.6 million; increase in tax basis of the assets; TWMH Members, TIG GP Members, TIG MGMT Members; 85% of certain tax benefits | ['Portion of TRA liability carried at fair value.'] | 1,838,615 | 2026-05-11 | 10-Q | View Document | 85% | ||
| FORWARD AIR CORP | $28.25 | tax attributes as of the date of exchanges | certain Omni Holders | Tax Receivable Agreement liability of $10,580; total estimated payable of $17,675; certain Omni Holders; tax attributes as of the date of exchanges | ['Liability includes $10.58M contingent consideration and $17.675M payable.'] | 912,728 | 2026-05-11 | 10-Q | View Document | ||||
| PennyMac Financial Services, Inc. | $24.80 | increases in tax basis of PNMAC’s assets; tax benefits attributable to payments under the TRA | 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 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Utz Brands, Inc. | $23.70 | Tax basis in net assets of UBH; Kennedy Endeavors tax amortization | Noncontrolling Interest Holders | 85% | liability of $23.7 million; increases in the share of the tax basis; Noncontrolling Interest Holders; 85% of the amount of any tax benefits | ['Includes tax amortization from Kennedy Endeavors acquisition.'] | 1,739,566 | 2026-05-06 | 10-Q | View Document | 85% | ||
| 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; Newmark entered with Cantor; 85% of the amount of cash savings | ['Offsetting related deferred tax asset of $19.5 million.'] | 1,690,680 | 2026-05-08 | 10-Q | View Document | 85% | ||
| NEWMARK GROUP, INC. | $17.50 | Tax basis of tangible and intangible assets; imputed interest; TRA payment tax benefits | Cantor; Newmark Group, Inc. | 85% | $17.5 million liability to Cantor; tax basis of the tangible and intangible assets; payment by us to Cantor of 85%; Cantor and Newmark entered into a tax receivable | ['20% of each payment deposited into escrow account.'] | 1,690,680 | 2026-04-30 | 10-K/A | View Document | 85% | ||
| Amneal Pharmaceuticals, Inc. | $16.32 | realized tax benefits | Members | 75% | Total $16,323; realized tax benefits subject to the TRA; Members - tax receivable agreement; 75% of such realized benefits | ['Amended to 75%; $131.4M contingent liability exists.'] | 1,723,128 | 2026-05-07 | 10-Q | View Document | 75% | ||
| Arxis, Inc. | $16.00 | Compensation deduction from transfer of convertible common stock | Arcline Arxis Advisory I, L.P. | 85% | total liability... is approximately $16,000; compensation deduction resulting from the transfer; Arcline Arxis Advisory I, L.P.; 85% of the anticipated cash tax savings | ['Linked to advisory and consulting services agreement.'] | 2,093,536 | 2026-05-28 | 10-Q | View Document | 85% | ||
| Viant Technology Inc. | $12.50 | Tax basis step-ups, intangible assets, imputed interest | Viant Technology LLC, continuing members, TRA Representative | 85% | lesser of 6.5% and SOFR + 400bp | total TRA liability... was $12.5 million; increases in tax basis; 85% of the amount; lesser of 6.5% and SOFR + 400bp | ['TRA liability is entirely classified as long-term.'] | 1,828,791 | 2026-05-11 | 10-Q | View Document | 85% | |
| P3 Health Partners Inc. | $12.40 | Tax basis increases in P3 LLC assets, imputed interest | P3 LLC and the members of P3 LLC | 85% | TRA liability is estimated to be $12.4 million; increases in our share of the tax basis; P3 LLC and the members of P3 LLC; 85% of the income tax benefits | ['Liability not recorded due to full valuation allowance.'] | 1,832,511 | 2026-03-26 | 10-K | View Document | 85% | ||
| Smith Douglas Homes Corp. | $9.40 | Basis Adjustments, Section 704(c) Allocations, interest deductions, 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; pay to each Continuing Equity Owner 85%; accrue interest until paid | ['Paid $0.5 million under TRA in Q1 2026.'] | 1,982,518 | 2026-04-30 | 10-Q | View Document | 85% | ||
| Silvercrest Asset Management Group Inc. | $9.33 | Increases in tax basis of tangible and intangible assets; tax benefits from TRA payments; exchanges of Class B for Class A common stock. | Partners of SLP (SLP Partners); current principals; future employee-holders of Class B units. | 85% | liability is estimated to be $9,333; increases in tax basis; partners of SLP (the 'SLP Partners'); pay the SLP Partners 85% | ['TRA terminates if partner is terminated for cause.'] | 1,549,966 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Zeo Energy Corp. | $4.60 | Increases in tax basis and other tax attributes | OpCo and certain OpCo members | 85% | estimated unrecorded TRA liability was approximately $4.6 million; increases in tax basis and other tax attributes; OpCo and certain OpCo members; pay the TRA Holders 85% of net savings | ['Liability unrecorded as realization not more likely than not'] | 1,865,506 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Finance of America Companies Inc. | $4.52 | Blackstone Investor (BTO Urban Holdings L.L.C., Blackstone Family Tactical Opportunities Investment Partnership - NQ ESC L.P., BTO Urban Holdings II L.P.) | TRA obligation 4,524; Blackstone Tax Receivable Agreement; Blackstone Investor; Blackstone Tax Receivable Agreement was terminated | ['Blackstone TRA terminated upon completion of Second Closing.'] | 1,828,937 | 2026-05-11 | 10-Q | View Document | |||||
| biote Corp. | $4.19 | Tax basis in net assets of Holdings | then-existing non-controlling interest holders | 85% | TRA liability 4,190; 85% of the amount of any tax benefits; then-existing non-controlling interest holders; tax basis in the net assets of Holdings | [] | 1,819,253 | 2026-05-11 | 10-Q | View Document | 85% | ||
| MARKETWISE, INC. | $4.04 | step up in the tax basis; Section 754; carryforward attributes | certain shareholders; members of MarketWise, LLC; Arnold Parties | 85% | cumulative liability of $4,035; step up in the tax basis; 85% of the calculated tax savings; unpaid amounts... will accrue interest | ['Arnold Parties waived TRA rights; acquisition contingent on termination.'] | 1,805,651 | 2026-05-07 | 10-Q | View Document | 85% | ||
| HMH Holding Inc | $3.80 | Acquisitions of B.V. Voting/Non-Voting Shares, redemptions or exchanges, and imputed interest | HMH Holding Inc, HMH B.V., and the Principal Stockholders | 85% | expects to record... $3.8 million; acquisitions of B.V. Voting Shares; redemptions or exchanges of B.V. Non-Voting Shares; imputed interest deemed arising; pay 85% of the net cash savings; HMH B.V. and the Principal Stockholders | ['Liability expected to be recorded in Q2 2026'] | 2,021,880 | 2026-05-06 | 10-Q | View Document | 85% | ||
| GoHealth, Inc. | $1.30 | Existing tax basis; increases in tax basis; imputed interest | Continuing Equity Owners; Blocker Shareholders | 85% | $1.3 million... liability related to the Tax Receivable Agreement; 85% of the tax benefits; Continuing Equity Owners and the Blocker Shareholders; allocable share of existing tax basis; increases in tax basis; tax benefits arising from payments under the TRA | ['TRA liability is $1.3 million as of 2025.'] | 1,808,220 | 2026-03-31 | 10-K | View Document | 85% | ||
| GEN Restaurant Group, Inc. | $1.10 | Tax basis increases from exchanges, imputed interest, net operating losses | GEN Inc., Operating Company, members of GEN LLC | 85% | lesser of 6.5% and SOFR + 400bp | liability... under the TRA of $1.1 million; 85% of the net cash tax savings; increases in tax basis; net operating losses; lesser of 6.5% and... SOFR plus 400bp | ['Liability increased from $0.7M in 2024 to $1.1M.'] | 1,891,856 | 2026-03-31 | 10-K | View Document | 85% | |
| Bakkt, Inc. | $0.50 | Tangible and intangible assets; Section 743(b) or 734(b); TRA payments | Certain Opco equity holders, ICE, Mr. Naheta | 85% | 85% of certain net income tax benefits; tangible and intangible assets of Opco; Section 743(b) or 734(b); $0.5 million remained to be paid | ['The Reorganization terminated the TRA.', 'Settlement discount rate set at 18%.'] | 1,820,302 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Funko, Inc. | $0.25 | Common units of FAH, LLC; TRA payments | FAH, LLC, Continuing Equity Owners, certain transferees | 85% | estimated a TRA liability... of $249 thousand; future redemptions... or exchanges... of common units; FAH, LLC and each Continuing Equity Owners; 85% of the amount of tax benefits | ['Full valuation allowance; gross liability is $102.5 million.'] | 1,704,711 | 2026-05-07 | 10-Q | View Document | 85% | ||
| RE/MAX Holdings, Inc. | $0.20 | RE/MAX Holdings, Inc., 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 merger with no further payments.'] | 1,581,091 | 2026-05-08 | 10-Q | View Document | |||||
| Direct Digital Holdings, Inc. | $0.04 | tax basis in net assets of DDH LLC; Section 754 election; redemptions or exchanges of LLC units | DDH LLC and DDM (together, the “TRA Holders”) | 85% | Total liability related to tax receivable agreement $41; 85% of the net cash savings; DDH LLC and DDM (together, the “TRA Holders”); tax basis in net assets of DDH LLC; accrue interest from the due date | ['TRA liability is less than $0.1 million.'] | 1,880,613 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Verde Clean Fuels, Inc. | $0.00 | Increases in tax basis from OpCo Unit exchanges, imputed interest, and additional tax basis from TRA payments | Holdings, TRA Holders, Agent | 85% | SOFR + 150bp | did not record a tax receivable liability; increases in tax basis; imputed interest; Holdings; TRA Holders; Agent; pay each TRA Holder 85%; SOFR plus 150 basis points | ['Payment cap of $50 million for change of control.', 'Early termination payment estimated at $32 million.'] | 1,841,425 | 2026-03-27 | 10-K | View Document | 85% | |
| Cibus, Inc. | $0.00 | no TRA liability has been recorded; TRA, dated May 31, 2023; liability... is not probable | ['Full valuation allowance against net deferred tax assets.'] | 1,705,843 | 2026-05-14 | 10-Q | View Document | ||||||
| System1, Inc. | $0.00 | parties to the Tax Receivable Agreement | no amounts due; parties to the Tax Receivable Agreement | ['Full valuation allowance on deferred tax assets.'] | 1,805,833 | 2026-05-12 | 10-Q | View Document | |||||
| Vivid Seats Inc. | $0.00 | Increases in tax basis from exchanges; existing tax basis in long-lived assets; imputed interest | Existing Hoya Intermediate unitholders; Hoya Topco, LLC | 85% | we no longer have a TRA liability; 85% of the amount of any tax savings; increases in the tax basis of assets; existing tax basis in long-lived assets; existing Hoya Intermediate unitholders; Hoya Topco, LLC | ['TRA terminated Oct 2025 via Corporate Simplification Agreement.'] | 1,856,031 | 2026-05-05 | 10-Q | View Document | 85% | ||
| indie Semiconductor, Inc. | $0.00 | basis adjustments on future exchanges of ADK, LLC units and other carryforward attributes | certain shareholders | 85% | not recorded a liability under the TRAs; basis adjustments on future exchanges; other carryforward attributes; certain shareholders; 85% of the calculated tax savings | ['Full valuation allowance prevents liability recognition.'] | 1,841,925 | 2026-05-11 | 10-Q | View Document | 85% | ||
| AST SpaceMobile, Inc. | $0.00 | Existing tax basis, tax basis adjustments, tax deductions, and tax attributes from reorganization | AST LLC and 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 from portions of certain payments; tax attributes acquired pursuant to reorganization transaction | ['Full valuation allowance recorded against deferred tax assets.'] | 1,780,312 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Bumble Inc. | $0.00 | exchanges of Common Units | Founder, Sponsor, affiliate of Accel Partners LP, management, other equity holders | fully settled in November 2025; complete and full termination; exchanges of Common Units; Founder, our Sponsor, an affiliate of Accel Partners LP | ['TRA was fully settled and terminated in November 2025.'] | 1,830,043 | 2026-05-06 | 10-Q | View Document | ||||
| Greenlane Holdings, Inc. | $0.00 | Increases in tax basis from redemptions or exchanges; tax benefits from TRA payments | Operating Company and its members | 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% | ||
| 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% | does not expect a TRA liability; 85% of the amount of the cash tax savings; existing tax basis in certain assets; tax basis adjustments resulting from taxable exchanges; TRA Holders (certain Intuitive Machines, LLC members) | ['Full valuation allowance applied to deferred tax assets.'] | 1,844,452 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Bioventus Inc. | $0.00 | Increases in tax basis from redemptions, exchanges, prior sales, and distributions; tax benefits from TRA payments | Continuing LLC Owner | 85% | had not recorded any liabilities under the TRA; increases in the tax basis of assets; Continuing LLC Owner; 85% of the amount of tax benefits; will accrue interest until paid | ['No liability recorded as no LLC interests exchanged.'] | 1,665,988 | 2026-05-06 | 10-Q | View Document | 85% | ||
| Symbotic Inc. | $0.00 | attributes obtained from exchanges by pre-IPO members | Legacy Warehouse Holders (TRA Holders) | 85% | no TRA liability was recorded; expected to be $484.4 million; 85% of these potential future tax benefits; Legacy Warehouse Holders; attributes obtained by the Company | ['No liability recorded due to full valuation allowance.'] | 1,837,240 | 2026-05-06 | 10-Q | View Document | 85% | ||
| FuboTV Inc. | $0.00 | Historic NOLs, basis adjustments from redemptions or exchanges, distributions, TRA payments, and imputed interest. | FuboTV Inc., Newco, Hulu | 70% | no TRA liability has been recorded; historic net operating loss carryforwards; 70% of the tax benefit; Company, Newco and Hulu | ['TRA share is 70% instead of 85%.'] | 1,484,769 | 2026-05-06 | 10-Q | View Document | 70% | ||
| PROKIDNEY CORP. | $0.00 | Increases in tax basis from unit exchanges; certain other tax attributes of PK Holdings | Closing ProKidney Unitholders | 85% | not recognized any liability related to this agreement; 85% of the amount of cash savings; Closing ProKidney Unitholders; increases in tax basis attributable to exchanges; certain other tax attributes of PK Holdings | ['No liability recognized as of March 31, 2026.'] | 1,850,270 | 2026-05-15 | 10-Q | View Document | 85% | ||
| Brilliant Earth Group, Inc. | $0.00 | Tax basis adjustments under 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 | ['TRA liability not probable due to valuation allowance.'] | 1,866,757 | 2026-05-07 | 10-Q | View Document | 85% | ||
| Solo Brands, Inc. | $0.00 | no liability has been recorded; due to its immateriality; impact of valuation allowances; eliminate its umbrella partnership-C corporation structure | ['Corporate Simplification eliminated UP-C structure; liability is immaterial.'] | 1,870,600 | 2026-05-14 | 10-Q | View Document | ||||||
| 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; 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 March 31, 2026.'] | 1,641,489 | 2026-05-13 | 10-Q | View Document | 85% | ||
| Zeo Energy Corp. | $0.00 | Increases in tax basis; imputed interest; other tax attributes | TRA Holders (former Sunergy equity holders; OpCo members) | 85% | estimated unrecorded TRA liability was approximately $5.7 million; 85% of the net cash savings; increases in tax basis; benefits attributable to imputed interest; accrue interest until paid | ['Liability not recorded; estimated unrecorded amount is $5.7 million.'] | 1,865,506 | 2026-04-01 | 10-K | View Document | 85% | ||
| Fluence Energy, Inc. | $0.00 | Tax basis of assets, depreciation and amortization deductions | Siemens Industry, Inc., AES Grid Stability, LLC | 85% | 85% of the tax benefits; increases in our share of the tax basis; Company has not recognized the remaining liability; Siemens Industry, Inc. and AES Grid Stability, LLC; accrue interest until paid | ['Full valuation allowance; potential liability is $117 million.'] | 1,868,941 | 2026-05-06 | 10-Q | 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; increases in tax basis; certain other tax attributes; Greenlane Holdings, LLC; certain of its 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% | ||
| Rani Therapeutics Holdings, Inc. | $0.00 | increases in the tax basis of assets of Rani LLC; payments under the TRA; other benefits arising from payments under the TRA | Continuing LLC Owners, ICL | 85% | Company has not recorded a liability; increases in the tax basis of assets; Continuing LLC Owners; 85% of the amount of tax benefits | ['TRA was terminated effective December 31, 2025.'] | 1,856,725 | 2026-03-26 | 10-K | View Document | 85% | ||
| Andersen Group Inc. | $0.00 | Increase in tax basis in assets of AT Umbrella LLC; tax benefits from TRA payments | Aggregator; certain holders of Class X Umbrella Units; certain pre-IPO owners | 85% | not yet incurred a liability; increase in tax basis in the assets; 85% of the amount of tax benefits; Aggregator; certain holders of Class X Umbrella Units | ['No liability has been incurred yet.'] | 2,065,708 | 2026-05-12 | 10-Q | View Document | 85% | ||
| EVgo Inc. | $0.00 | increases in tax basis from unit redemptions, imputed interest, and additional tax basis from TRA payments | 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; CRIS, Thunder Sub, EVgo Holdings; potential unrecorded tax liability is $33.8 million | ['Potential unrecorded liability of $33.8 million.'] | 1,821,159 | 2026-05-05 | 10-Q | View Document | 85% | ||
| Clearwater Analytics Holdings, Inc. | $0.00 | Tax Attributes | Affiliates of Prior Principal Equity Owners, CWAN Holdings, executive officers | 85% | settlement payments of approximately $72.5 million; as a result of Tax Attributes; affiliates of the Prior Principal Equity Owners; payment by the Company of 85% | ['TRA terminated via settlement amendment in November 2024.'] | 1,866,368 | 2026-04-01 | 10-K/A | View Document | 85% | ||
| WM TECHNOLOGY, INC. | $0.00 | additional tax basis from redemptions or exchanges | continuing Class A Unit holders | 85% | TRA liability was nil; additional tax basis; continuing Class A Unit holders; 85% of the amount of tax benefits | ['TRA liability nil due to full valuation allowance.'] | 1,779,474 | 2026-05-11 | 10-Q | View Document | 85% | ||
| Camping World Holdings, Inc. | $0.00 | increases in tax basis; Section 754 election; tax benefits from TRA payments | Continuing Equity Owners; Crestview Partners II GP, L.P. | 85% | did not have a Tax Receivable Agreement liability; increases in the tax basis; Section 754; 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% | ||
| 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 in the near future | ['Liability not recorded due to valuation allowance.'] | 1,822,966 | 2026-05-07 | 10-Q | View Document | |||||
| Canopy Growth Corp | $0.00 | Acreage | Acreage Tax Receivable Agreement; Balance at March 31, 2025 | ['Liability adjusted to zero during the period.'] | 1,737,927 | 2026-06-15 | 10-K | View Document | |||||
| RE/MAX Holdings, Inc. | step-up in tax basis on RMCO’s assets | RIHI; RMCO’s other pre-IPO owner | 85% | pay the counterparties 85% of the amount; step-up in tax basis on RMCO’s assets; RIHI and... RMCO’s other pre-IPO owner; unpaid amounts... will accrue interest until paid | ['Payments of $0.4M and $0.7M made in 2025-2026.'] | 1,581,091 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| GMR Solutions Inc. | federal, state and local net operating losses, deferred interest deductions, tax basis in amortizable or depreciable assets, and certain deductible expenses attributable to the transactions related to the IPO | certain stockholders and members of management (TRA parties), Management TRA party, Named Executive Officers | 85% | 85% of the benefits; Pre-IPO Tax Benefits; certain stockholders and members of management; federal, state and local net operating losses; deferred interest deductions; tax basis in amortizable or depreciable assets | ['Payments do not accelerate upon change of control.'] | 1,898,718 | 2026-06-02 | 10-Q | View Document | 85% | |||
| X-Energy, Inc. | Basis Adjustments, Existing Basis, Blocker Tax Attributes, Interest Deductions | X-Energy, Inc., XERC, TRA Holders | 85% | 85% of the amount of cash tax savings; Basis Adjustments, Existing Basis, Blocker Tax Attributes; X-Energy, Inc. entered into a TRA with XERC; unpaid amounts will be deferred and accrue interest | ['TRA payments may be accelerated upon change of control.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | |||
| Repay Holdings Corp | increases to the tax basis of the assets of Hawk Parent; tangible and intangible assets; other tax attributes | Repay Unitholders (including John Morris, Shaler Alias, and Tim Murphy) | 100% | Term SOFR + 571.513bp | 100% of the tax benefits; Term SOFR plus 571.513 basis points; increases to the tax basis; tangible and intangible assets; exchanging Repay Unitholders | ['TRA share is 100% of tax benefits.'] | 1,720,592 | 2026-04-30 | 10-K/A | View Document | 100% | ||
| Falcon's Beyond Global, Inc. | Increases in tax basis of Falcon’s Opco assets; tax benefits from TRA payments. | Falcon’s Beyond Global, Inc., Falcon’s Opco, TRA holder representative, TRA Holders, Exchange TRA Holders. | 85% | 85% of the tax benefits; increases in the tax basis of assets; Falcon’s Opco, the TRA holder representative; unpaid amounts will be deferred and will accrue interest | ['Amendment clarifies rights when units transferred without TRA assignment.'] | 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, Advent Funds | 85% | 85% of the amount of cash savings; tax basis in intangible assets; capitalized transaction costs; pre-IPO unitholders of Penelope Group Holdings; TRA Waiving Parties waived all of their rights | ['TRA terminates upon merger; major parties waived rights.'] | 1,868,726 | 2026-04-30 | 10-K/A | View Document | 85% | |||
| Liberty Broadband Corp | tax benefits realized by GCI Liberty | Liberty Broadband, Charter, GCI Liberty | tax benefits realized by GCI Liberty; Liberty Broadband and GCI Liberty; tax liability exceeded $420 million | ['TRA triggered if tax liability exceeds $420 million.'] | 1,611,983 | 2026-04-28 | 10-Q | View Document | |||||
| Yesway, Inc. | Existing tax basis, basis increases from redemptions/exchanges/distributions, Blocker Company tax attributes, and TRA payment benefits | Ultimate Parent, Continuing Equity Owners, and Blocker Shareholders | 85% | 85% of certain tax benefits; existing tax basis of Ultimate Parent’s assets; increases in... tax basis; tax attributes of the Blocker Companies; Ultimate Parent, Continuing Equity Owners, Blocker Shareholders | ['TRA liability amount not specified in provided text.'] | 1,859,836 | 2026-06-02 | 10-Q | View Document | 85% | |||
| X-Energy, Inc. | Existing Basis, Exchange Existing Basis, Basis Adjustments, Blocker Tax Attributes, Imputed Interest, TRA Accounting and Legal Expenses | Exchange TRA Party, Blocker Shareholder | 85% | 12% | Pro rata | 85% of the Cumulative Net Realized Tax Benefit; Penalty Rate means a rate of 12%; allocated among the TRA Parties in proportion; Covered Tax Assets means (i) Existing Basis | ['Aggregate value of payments cannot be reasonably ascertained.'] | 2,088,896 | 2026-06-04 | 10-Q | View Document | 85% | |
| Rocket Companies, Inc. | increases in tax basis and other tax benefits | RHI, RHI II, and Mr. Gilbert | 90% | payment by the Company of 90%; RHI II and Mr. Gilbert; increases in tax basis and other tax benefits | ['TRA share is 90%.', 'Up-C structure collapsed June 30, 2025.'] | 1,805,284 | 2026-05-12 | 10-Q | View Document | 90% | |||
| X-Energy, Inc. | the Corporation, the Company, and TRA Parties | by and among the Corporation and the Company; and the TRA Parties | [] | 2,088,896 | 2026-06-04 | 10-Q | View Document | ||||||
| UWM Holdings Corp | Basis increases from exchanges and TRA payments, imputed interest, disproportionate allocations | SFS Corp. | 85% | increase in the TRA liability... $50.1 million; increases in tax basis resulting from Exchange Transactions; Tax Receivable Agreement ('TRA') with SFS Corp.; payments to SFS Corp. of 85% | ['Liability accounted for as a loss contingency.'] | 1,783,398 | 2026-05-11 | 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 | |||||
| Concord Acquisition Corp II | Events.com’s pre-closing tax attributes | Events.com, the Company and certain Events.com shareholders | 85% | 85% of the tax benefits realized; Events.com’s pre-closing tax attributes; Events.com, the Company and certain Events.com shareholders | ['TRA triggered by change of control or divestiture.'] | 1,851,959 | 2026-05-14 | 10-Q | View Document | 85% | |||
| Clearwater Analytics Holdings, Inc. | ['Enfusion TRA terminated for $30 million.'] | 1,866,368 | 2026-05-07 | 10-Q | View Document | ||||||||
| OneStream, Inc. | Basis Adjustments from LLC Units redeemed or exchanged | 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 made | [] | 1,889,956 | 2026-03-31 | 10-K/A | View Document | 85% | |||
| Alchemy Investments Acquisition Corp 1 | tax basis adjustments from TRA Exchanges; tax benefits from TRA payments; Section 754 election | Pubco; certain Cartiga Members (TRA Holders) | 85% | 85% of the cash tax benefits; certain Cartiga Members (the 'TRA Holders'); tax basis adjustments resulting from TRA Exchanges; tax benefits attributable to making payments; accrue interest until paid | ['Payments accelerate upon change of control or default.'] | 1,901,336 | 2026-05-21 | 10-Q | View Document | 85% | |||
| Purple Innovation, Inc. | Tax basis increases in Purple LLC assets; imputed interest | InnoHold; noncontrolling interest holders | 80% | 80% of the net cash savings; tax receivable agreement with InnoHold; tax basis increases in the assets; imputed interest deemed to be paid | ['TRA share is 80%.'] | 1,643,953 | 2026-04-28 | 10-Q | View Document | 80% | |||
| Fluence Energy, Inc. | liability under the Tax Receivable Agreement | ['TRA liability may adjust Consolidated EBITDA.'] | 1,868,941 | 2026-05-06 | 10-Q | View Document | |||||||
| Stagwell Inc | taxable exchanges of equity interests; related tax basis adjustments | certain members or former members of the Company; direct or indirect parent 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 | 2026-05-01 | 10-Q | View Document | 85% | |||
| Vistra Corp. | benefits realized as a result of certain transactions entered into at the emergence of our predecessor from reorganization under Chapter 11 | benefits realized as a result of certain transactions; emergence of our predecessor from reorganization; no material TRA payments | ['No material TRA payments expected in next 12 months'] | 1,692,819 | 2026-05-08 | 10-Q | View Document | ||||||
| TWFG, Inc. | make payments under the Tax Receivable Agreement | [] | 2,007,596 | 2026-05-08 | 10-Q | View Document | |||||||
| J M SMUCKER Co | Payment of assumed tax receivable agreement obligation | ['Assumed TRA obligation from acquisition.'] | 91,419 | 2026-06-09 | 10-K | View Document |