v3.25.4
Internalization (Tables)
 12 Months Ended
Dec. 31, 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 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 expenses
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):
Years Ended December 31,
20252024
Pro forma revenue$2,378,193 $2,263,576 
Pro forma net income(1)
1,395,756 1,136,623 
(1)Pro forma net income in 2024 reflects a $28.9 million adjustment for non-recurring acquisition-related expenses.