Using Charmaz's constructivist approach to grounded theory, this study presents a substantive theory about the ways that equitable leadership practices developed in principals within charter management organizations during a time of deep social transformation. This study was designed to understand the mindsets, beliefs, and values of principals who led charter schools within charter management organizations with an explicit anti-racist and equity mission or vision statement. This study also aimed to understand the learning experiences that supported charter school principals with their equity and anti-racist leadership as well as what would have been more helpful in leading schools during and after the COVID-19 pandemic. The researcher interviewed 10 participants and the data analysis yielded a substantive theory that was detailed in an explanatory model entitled "Evolving Leadership Identities towards Equity and Anti-Racism." The model consisted of four distinct processes from the themes collected during analysis. Those four themes were: Owning Their Own Development, Coaching, Collective Work, and CMO Support. By describing processes that supported an evolving leadership identity towards equity and anti-racism, the emergent theory can support guidance for principals and CMO leaders in regard to supporting the equity and antiracist learning during times of social transformation and in the aftermath. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]