Phantom equity is now visible on your cap table

If your company uses phantom equity — common in PE-backed structures and companies that recently upgraded from an LLC platform — you may have noticed those grants weren't showing up anywhere on your cap table. That's fixed.

The Cap Table by Share Class view now includes a dedicated Phantom section. It shows the issued quantity of your non-dilutive phantom grants so they're accounted for and visible, without affecting ownership percentages or fully diluted totals. Phantom units carry no ownership stake, so the math stays the same — this is purely about visibility.

This is live today, July 27. If you have phantom equity and want to see it reflected, head to your Cap Table → Cap Table by Share Class view. If you're mid-upgrade and ran into this as a blocker, reach out to your Carta contact and we can help you get sorted.