Early-stage hepatocellular carcinoma (HCC) has been an accepted indication for liver transplantation (LT) now for over 20 years. Allocation policy in the United States has been continually refined to maintain equity and optimize the utility of transplantation for HCC, yet all patients qualifying for HCC exception still receive the same number of points. This group is quite heterogeneous, with varying risk of waitlist dropout dependent on tumor characteristics including number and size of lesions and alpha-fetoprotein (AFP) level, as well as baseline liver function. In addition, changing demographics of liver disease, including the rising incidence of nonalcoholic steatohepatitis (NASH), effective antiviral therapy for hepatitis C virus, and earlier detection of HCC due to improved screening programs and awareness, may influence the overall survival benefit to LT.All adult candidates listed for primary LT in the Organ Procurement and Transplantation Network (OPTN) database between January 2005 and June 2021 who received at least 1 approved HCC exception were analyzed. United Network for Organ Sharing (UNOS) T2 was defined using conventional Milan criteria, with 1 lesion 2-5 cm or 2-3 lesions each ≤3 cm, and solitary HCC as a single lesion ≤3 cm at the first approved exception. A composite low-risk group was defined as Model for End-Stage Liver Disease (MELD) score <15, Child-Turcotte-Pugh (CTP) Class A, AFP ≤20 ng/mL, and a single tumor 2-3 cm at listing. (1) For listings after January 11, 2016, MELD-sodium was used instead of MELD, aligning with the change in allocation policy. Patients with T2 HCC were categorized using a recently proposed waitlist dropout risk score developed and validated using national OPTN data from 2010 to 2014. (2) Four eras were defined by the year