理解和投资应收账款协议

Q4 2024 01Introduction02Recent TransactionsQ4 2024New TRA IssuancesM&A EventsImpacting TRAsTRA BuybacksTRA Transactions03TRA MarketOverview04How Houlihan LokeyCan HelpTAX RECEIVABLEAGREEMENTSMARKET UPDATEQ4 2024 2Houlihan Lokey is pleased to present its Tax ReceivableAgreements Market Update for Q4 2024, which presents anoverview of the market for tax receivable agreement (TRA)holders, investors, and industry stakeholders.In this issue, we highlight recent public TRA issuances, buybacks, M&Atransactions, and transactions that happened in Q4 2024. We also discuss TRAmarket updates.We hope you find this quarterly update to be informative and that it serves asa valuable resource to you for staying up-to-date on the TRA market. If there isadditional content you would find useful for future updates, please email uswith your suggestions. We look forward to staying in touch with you.01Introduction TRA LeadershipMichaelMulkerinManaging DirectorMMulkerin@HL.com+1 310.712.6567Tad FlynnSenior AdvisorTFlynn@HL.com+1 212.497.7852Please reach out to us to schedule a call to discuss thisquarter’s market update or to explore how we can serveyour business needs.Contact UsContact Us Sincerely,Houlihan Lokey’s TRA Team Tom GoldrickManaging DirectorTGoldrick@HL.com+1 312.456.4787Ben ChiuVice PresidentBChiu@HL.com+1 310.788.5322Learn More 01Introduction02Recent TransactionsQ4 2024New TRA IssuancesM&A EventsImpacting TRAsTRA BuybacksTRA Transactions03TRA MarketOverview04How Houlihan LokeyCan HelpTAX RECEIVABLEAGREEMENTSMARKET UPDATEQ4 2024 New TRA IssuancesThere were three new public TRA issuances in Q4 2024.Target/IssuerTransaction TypeUp-CM&AUp-C302Recent TransactionsQ4 2024Sources: Public company filings, S&PCapital IQ, and press releases. IPO/Completion DateS-1Filed 10/4/24Announced11/12/24S-1/AFiled 12/20/24 01Introduction02Recent TransactionsQ4 2024New TRA IssuancesM&A EventsImpacting TRAsTRA BuybacksTRA Transactions03TRA MarketOverview04How Houlihan LokeyCan HelpTAX RECEIVABLEAGREEMENTSMARKET UPDATEQ4 2024 M&A Events Impacting TRAsIn total, there was three M&A transaction where the target was the obligor to a TRA.TargetAcquirer(If Any)Deal DateApproximateTransactionValue ($M)10/8/24$455.68/21/24$125.012/30/24$78.802Recent TransactionsQ4 2024(cont.)4Sources: Public company filings, S&PCapital IQ, and press releases. Stated TRALiability at LastFiling Date ($M)TRA Status/Full Payment orNegotiated Value-TRA RemovedFrom the Deal-TRA Waived in Full-TRA Waived in Full 01Introduction02Recent TransactionsQ4 2024New TRA IssuancesM&A EventsImpacting TRAsTRA BuybacksTRA Transactions03TRA MarketOverview04How Houlihan LokeyCan HelpTAX RECEIVABLEAGREEMENTSMARKET UPDATEQ4 2024 02Recent TransactionsQ4 2024(cont.)5TRA BuybacksOne TRA obligor repurchased a proportion of its TRA obligations in Q4 2024.TRA IssuerBuyback DateStated TRA Liability atLast Filing Date ($M)12/20/24$28.8TRA TransactionsWe observed one transaction that involved TRA as a standalone asset class in Q4 2024.TRA IssuerTransactionDatePurchase Price ($M)11/15/24$5.0Sources: Public company filings, S&PCapital IQ, and press releases. Settled TRAValue ($M)Full Payment orNegotiated Value$72.5NegotiatedValueBuyer(s)Seller(s)ParallaxesXenon, LLCAndrew Geisleret al. 01Introduction02Recent TransactionsQ4 2024New TRA IssuancesM&A EventsImpacting TRAsTRA BuybacksTRA Transactions03TRA MarketOverview04How Houlihan LokeyCan HelpTAX RECEIVABLEAGREEMENTSMARKET UPDATEQ4 2024 03TRA MarketOverview6In our Q1 2023 newsletter, we provided a general overview of the public TRA market. In this edition, we present updatedfigures and charts highlighting notable changes in the TRA landscape over the past two years.Sources:SEC filings and S&P Capital IQ. Data as of December 31, 2024.Figure 1 below depicts the number of TRAs issued in each year since 2012. After considering TRAs terminated via M&A activity, bankruptcy, and corporatebuybacks, there were around 150 TRAs outstanding 41 2025, more than half of which were issued during the past five years.62012TRA issuances experienced a relatively muted period between 2022 and 2024, mirroring the broader slowdown in the IPO market, leading to feweroutstanding TRAs compared to Q1 2023. The decline in the number of TRAs is driven by limited new issuances and several terminations caused by a mix ofchange of control, take-private deals, and buybacks. However, with improving market conditions and a rebound in IPO and M&A activity, we anticipate aresurgence in TRA creation. As more companies explore tax-efficient structuring strategies, TRAs will continue gaining traction across sectors, reinforcing theirrole in optimizing post-IPO and transaction economics.Figure 1Number of TRAsEntered Into per Year 13201571318102360181114201320142015201620172018201920202021202220232024 01Introduction02Recent TransactionsQ4 2024New TRA IssuancesM&A EventsImpacting TRAsTRA BuybacksTRA Transactions03TRA MarketOverview04How Houlihan LokeyCan HelpTAX RECEIVABLEAGR