v3.25.2
Internalization (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Summary of Total Purchase Consideration
The following table presents the components of the total purchase price to acquire RP Manager (in thousands):

Cash$81,950 
Fair value of equity attributable to pre-Internalization service period:
RP Holdings Class E Interests57,000 
Employee RSUs3,778 
Employee EPAs
422,479 
Total purchase price
$565,207 
Summary of Preliminary Allocation of Purchase Price
The following is a summary of a preliminary allocation of the purchase price (in thousands):

Preliminary allocation of purchase priceLocation on Condensed Consolidated Balance Sheet
Cash and cash equivalents$7,535 Cash and cash equivalents
Other current assets1,458 Other current assets
Property, plant and equipment23,085 Other assets
Operating lease right of use asset20,967 Other assets
Other assets172 Other assets
Accounts payable and accrued liabilities(1,867)Accounts payable and accrued liabilities
Interest payable(3,822)Interest payable
Term Loan(380,000)Long-term debt
Operating lease liabilities, current(2,749)Other current liabilities
Operating lease liabilities(18,218)Other liabilities
Other liabilities(5,988)Other liabilities
Goodwill924,634 Goodwill
Total purchase price
$565,207 
Summary of Pro Forma Consolidated Information The following table summarizes the pro forma consolidated information assuming we had completed the Internalization on January 1, 2024 (in thousands):
For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Pro forma revenue$578,665 $537,267 $1,146,912 $1,105,245 
Pro forma net income(1)
130,987 154,581 593,231 52,307 
(1)For the first six months of 2024, pro forma net income includes $28.7 million related to a pro-forma adjustment for non-recurring acquisition costs incurred.