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华利安(Houlihan Lokey):2026年 Q1应收税款协议(TRA)市场更新报告(英文版)(13页).pdf

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1、Q1 2026Tax Receivable Agreements Market Update01Introduction02 Recent TransactionsQ1 2026New TRA IssuancesOther TRA EventM&A Events Impacting TRAs03 Estimating Taxable Income of an Up-C Public Company 04 How Houlihan Lokey Can HelpTAX RECEIVABLE AGREEMENTS MARKET UPDATE Q1 20262TRA LeadershipHouliha

2、n Lokey is pleased to present its Tax Receivable Agreements Market Update for Q1 2026,which presents an overview of the market for tax receivable agreement(TRA)holders,investors,and industry stakeholders.In this issue,we highlight recent public TRA issuances,M&A transactions,and transactions that ha

3、ppened in Q1 2026.We also discuss various considerations when estimating the taxable income of an umbrella partnership C corporation(Up-C)public company.We hope you find this quarterly update to be informative and that it serves as a valuable resource to you for staying up-to-date on the TRA market.

4、If there is additional content you would find useful for future updates,please email us with your suggestions.We look forward to staying in touch with you.Sincerely,Houlihan Lokeys TRA Team01IntroductionMichael MulkerinManaging Director MMulkerinHL.com+1 310.712.6567Tom GoldrickManaging Director TGo

5、ldrickHL.com+1 312.456.4787Tad FlynnSenior AdvisorTFlynnHL.com+1 212.497.7852Ben ChiuVice President BChiuHL.com+1 310.788.5322Please reach out to us to schedule a call to discuss this quarters market update or to explore how we can serve your business needs.Contact UsContact UsLearn More01Introducti

6、on02 Recent TransactionsQ1 2026New TRA IssuancesOther TRA EventM&A Events Impacting TRAs03 Estimating Taxable Income of an Up-C Public Company 04 How Houlihan Lokey Can HelpTAX RECEIVABLE AGREEMENTS MARKET UPDATE Q1 202602Recent TransactionsQ1 20263Target/IssuerTransaction TypeIPO/De-SPAC DateImplie

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1. **市场概况**:Houlihan Lokey发布2026年Q1税收应收协议(TRA)市场更新,涵盖新发行、并购事件及Up-C公司应税收入估算。 2. **新发行交易**:Q1共6笔新公开TRA发行,包括IPO/De-SPAC,预估总支付额达6.41亿美元(如某公司15年支付6.415亿美元)。 3. **并购影响**:3笔并购交易涉及TRA,如Hg以64亿美元收购OneStream并全额终止TRA(潜在负债1.932亿美元)。 4. **应税收入估算**:需区分Blocked/Unblocked实体、调整EBITDA(如股权激励差异)、考虑非控制权益及税收条款(如162(m)限制),避免高估TRA价值。 5. **服务支持**:Houlihan Lokey提供TRA卖方顾问、条款修订、资产变现等服务。
TRA市场新动态? 如何估算Up-C公司应税收入? TRA交易如何影响估值?
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