| Schedule of reconciliation of investments in unconsolidated affiliates |
| | | | | | | | | | | | | | | | | | Total Investment | | | | | | | | | | in Unconsolidated | | (in thousands) | | Joint Venture | | Stonewall | | Affiliates | | Balance as of December 31, 2023 | | $ | 508,821 | | | 117,829 | | | 626,650 | | Additional investments | | | — | | | 2,393 | | | 2,393 | | Equity in earnings of unconsolidated affiliates (1) | | | 102,474 | | | 8,099 | | | 110,573 | | Distributions from unconsolidated affiliates | | | (120,930) | | | (14,730) | | | (135,660) | | Balance as of December 31, 2024 | | $ | 490,365 | | | 113,591 | | | 603,956 | | Additional investments | | | — | | | 6,653 | | | 6,653 | | Equity in earnings of unconsolidated affiliates (1) | | | 107,815 | | | 8,624 | | | 116,439 | | Distributions from unconsolidated affiliates | | | (126,675) | | | (14,595) | | | (141,270) | | Balance as of December 31, 2025 | | $ | 471,505 | | | 114,273 | | | 585,778 | |
(1) | As adjusted for the amortization of the difference between the cost of the equity investments in the Joint Venture and Stonewall and the amount of the underlying equity in the net assets of the Joint Venture and Stonewall as of March 12, 2019. |
Combined Balance Sheets | | | | | | | | | | December 31, | | (in thousands) | | 2024 | | 2025 | | Current assets | | $ | 79,680 | | | 85,437 | | Noncurrent assets | | | 1,412,844 | | | 1,407,921 | | Total assets | | $ | 1,492,524 | | | 1,493,358 | | | | | | | | | | Current liabilities | | $ | 9,319 | | | 16,432 | | Noncurrent liabilities | | | 3,630 | | | 3,230 | | Noncontrolling interest | | | 139,368 | | | 133,012 | | Partners' capital | | | 1,340,207 | | | 1,340,684 | | Total liabilities and partners' capital | | $ | 1,492,524 | | | 1,493,358 | |
Statements of Combined Operations | | | | | | | | | | | | | Year Ended December 31, | | (in thousands) | | 2023 | | 2024 | | 2025 | | Revenues | | $ | 388,717 | | | 407,553 | | | 426,276 | | Operating expenses | | | 156,678 | | | 163,134 | | | 168,949 | | Income from operations | | | 232,039 | | | 244,419 | | | 257,327 | | Net income attributable to unconsolidated affiliates, including noncontrolling interest | | | 269,471 | | | 284,190 | | | 297,717 | | Net income attributable to unconsolidated affiliates | | | 278,545 | | | 293,252 | | | 306,777 | |
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