v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS - USD ($)
$ in Thousands
Total
Redeemable Common Stock
Common Class A
Common Class C
Common Stock
Common Class A
Common Stock
Common Class C
Deferred Consideration
Common Class C
Additional Paid-in Capital
Accumulated Deficit
Beginning balance at Dec. 31, 2023   $ 3,157,807              
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Redemption of Common Units   (5,060)              
Net income   23,857              
Change in redemption value of noncontrolling interest   518,581              
Distributions paid to Common Unit limited partners   (70,515)              
Ending balance at Mar. 31, 2024   3,624,670              
Beginning balance (in shares) at Dec. 31, 2023         57,097,000 94,089,000 0 [1]    
Beginning balance at Dec. 31, 2023 $ (530,823)       $ 6 $ 9 $ 0 $ 192,678 $ (723,516)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Redemption of Common Units (in shares)         (146,000) (146,000)      
Redemption of Common Units 5,060             5,060  
Issuance of common stock through dividend and distribution reinvestment plan (in shares)         2,179,000        
Issuance of common stock through dividend and distribution reinvestment plan 74,247             74,247  
Share-based compensation (in shares)         290,000        
Share-based compensation 22,561             22,561  
Net income 11,550               11,550
Change in redemption value of noncontrolling interest (518,581)             (300,296) (218,285)
Recognition of deferred tax asset 5,750             5,750  
Dividends on Class A Common Stock (43,200)               (43,200)
Ending balance (in shares) at Mar. 31, 2024         59,712,000 93,943,000 0 [1]    
Ending balance at Mar. 31, 2024 (973,436)       $ 6 $ 9 $ 0 0 (973,451)
Beginning balance at Dec. 31, 2024   5,955,662              
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Redemption of Common Units   (40,821)              
Net income   13,132              
Change in redemption value of noncontrolling interest   (401,214)              
Distributions paid to Common Unit limited partners   (76,204)              
Ending balance at Mar. 31, 2025   $ 5,450,555              
Beginning balance (in shares) at Dec. 31, 2024     59,929,611 97,783,034 59,930,000 97,783,000 7,680,000 [1]    
Beginning balance at Dec. 31, 2024 (2,976,596)       $ 6 $ 9 $ 1 0 (2,976,612)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Redemption of Common Units (in shares)         (744,000) 744,000      
Redemption of Common Units 40,821             40,821  
Issuance of common stock through dividend and distribution reinvestment plan (in shares)         6,000        
Issuance of common stock through dividend and distribution reinvestment plan 390             390  
Share-based compensation (in shares)         242,000        
Share-based compensation 20,653             20,653  
Net income 6,130               6,130
Change in redemption value of noncontrolling interest 401,214             0 401,214
Recognition of deferred tax asset 5,102             5,102  
Dividends on Class A Common Stock (47,367)               (47,367)
Ending balance (in shares) at Mar. 31, 2025     60,922,044 97,039,202 60,922,000 97,039,000 7,680,000 [1]    
Ending balance at Mar. 31, 2025 $ (2,549,653)       $ 6 $ 9 $ 1 $ 66,966 $ (2,616,635)
[1] Pursuant to the Durango MIPA (as defined herein), deferred consideration of 7.7 million shares of Class C Common Stock is to be issued on July 1, 2025. Fair value of the deferred consideration was included in the “Redeemable noncontrolling interest—Common Units limited partners” of the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024.