v3.26.1
STREAM AND ROYALTY INTERESTS, NET (Tables)
 3 Months Ended
Mar. 31, 2026
STREAM AND ROYALTY INTERESTS, NET  
Schedule of Stream and Royalty Interests
The following tables summarize our stream and royalty interests, net as of March 31, 2026 and December 31, 2025.
As of March 31, 2026 (amounts in thousands):CostAccumulated DepletionNet
Production stage interests:
Streams$4,211,315 $(1,410,237)$2,801,078 
Royalties2,334,644 (797,136)1,537,508 
   Total production stage interests6,545,959 (2,207,373)4,338,586 
Development stage interests:
Streams936,721 — 936,721 
Royalties624,551 — 624,551 
   Total development stage interests1,561,272 — 1,561,272 
Exploration stage interests:
Streams741,591 — 741,591 
Royalties1,897,837 — 1,897,837 
   Total exploration stage interests2,639,428 — 2,639,428 
Total stream and royalty interests, net$10,746,659 $(2,207,373)$8,539,286 
As of December 31, 2025 (amounts in thousands):CostAccumulated DepletionNet
Production stage interests:
Streams$4,190,864 $(1,359,206)$2,831,658 
Royalties2,319,553 (760,108)1,559,445 
   Total production stage interests6,510,417 (2,119,314)4,391,103 
Development stage interests:
Streams936,726 — 936,726 
Royalties581,746 — 581,746 
   Total development stage interests1,518,472 — 1,518,472 
Exploration stage interests:
Streams776,358 — 776,358 
Royalties1,897,942 — 1,897,942 
   Total exploration stage interests2,674,300 — 2,674,300 
Total stream and royalty interests, net$10,703,189 $(2,119,314)$8,583,875