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

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