| Schedule of Partner Units Activity |
An update on the number of shares of common stock issued and outstanding follows for the period from December 31, 2022 to December 31, 2025. | | | | | | | | | | | | | Common Units | | Shares of Common Stock | | Units, December 31, 2022 | 10,182,763 | | | — | | | Common units issued for SMLP LTIP, net | 193,426 | | | — | | | Units, December 31, 2023 | 10,376,189 | | | — | | | Common units issued for SMLP LTIP, net | 272,496 | | | — | | | Corporate Reorganization | (10,648,685) | | | 10,648,685 | | | Shares issued for SMC LTIP, net | — | | | 10,535 | | | Shares, December 31, 2024 | — | | | 10,659,220 | | | Conversion of Class B Common Stock and Partnership Common Units | — | | | 946,541 | | | Shares issued for SMC LTIP, net | — | | | 194,294 | | | Moonrise Acquisition | — | | | 462,265 | | | Shares, December 31, 2025 | — | | | 12,262,320 | |
An update on the number of shares of Series A Preferred Stock is as follows for the period from December 31, 2022 to December 31, 2025. | | | | | | | | | | | | | Series A
Preferred Units | | Series A Preferred Stock | | Units, December 31, 2022 | 65,508 | | | — | | | 2023 activity | — | | | — | | | Units, December 31, 2023 | 65,508 | | | — | | Corporate Reorganization | (65,508) | | | 65,508 | | | | | | | Shares, December 31, 2024 | — | | | 65,508 | | | 2025 activity | — | | | — | | | Shares, December 31, 2025 | — | | | 65,508 | |
An update on the number of Partnership Common Units not owned by the Company follows for the period from December 31, 2022 to December 31, 2025. | | | | | | | Partnership Common Units | | Units, December 31, 2022 | — | | | Units, December 31, 2023 | — | | Tall Oak Acquisition | 7,471,008 | | | | | Units, December 31, 2024 | 7,471,008 | | | | | Conversion of Partnership Common Units | (946,541) | | | Units, December 31, 2025 | 6,524,467 | |
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| Schedule of Stock by Class |
An update on the number of shares of Class B Common Stock follows for the period from December 31, 2022 to December 31, 2025. | | | | | | | Shares of Class B Common Stock | | Shares, December 31, 2022 | — | | | Shares, December 31, 2023 | — | | | | Tall Oak Acquisition | 7,471,008 | | | Shares, December 31, 2024 | 7,471,008 | | | Conversion of Class B Common Stock | (946,541) | | | Shares, December 31, 2025 | 6,524,467 | |
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| Schedule of Change in Subsidiary |
The following table shows the change in the Company’s Subsidiary Series A Preferred Unit balance from December 31, 2022 through December 31, 2025, net of $0.6 million and $1.1 million of unamortized issuance costs as of December 31, 2025 and December 31, 2024, respectively: | | | | | | | (in thousands) | | Balance as of December 31, 2022 | $ | 118,584 | | Redemption accretion, net of issuance cost amortization | 12,581 | | Cash distribution (includes $1.6 million distribution payable as of December 31, 2023) | (6,513) | | | Balance as of December 31, 2023 | $ | 124,652 | | Redemption accretion, net of issuance cost amortization | 14,807 | | Cash distribution (includes $1.6 million distribution payable as of December 31, 2024) | $ | (6,513) | | | Balance as of December 31, 2024 | $ | 132,946 | | | Redemption accretion, net of issuance cost amortization | 14,863 | | Cash distribution (includes $1.6 million distribution payable as of December 31, 2025) | (6,513) | | | Balance as of December 31, 2025 | $ | 141,296 | |
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| Schedule of Noncontrolling Interest |
The following table shows the changes in noncontrolling interest during the periods presented: | | | | | | | | | | | Noncontrolling Interest | | Balance as of December 31, 2023 | | $ | — | | | Issuance of noncontrolling interest (Tall Oak Acquisition) | | 503,155 | | Net loss | | (5,822) | | | Balance as of December 31, 2024 | | $ | 497,333 | | | Net loss | | (10,831) | | | Equity shift - Change in Ownership of Consolidated Subsidiary | | (86,126) | | | Balance as of December 31, 2025 | | $ | 400,376 | |
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