v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 17,868 $ 15,459
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 4,425 2,601
Amortization of debt issuance costs 548 539
Share-based compensation 11,264 11,140
Deferred income tax expense 316 339
Other (45) 8
Changes in operating assets and liabilities:    
Accounts receivable 895 (7,384)
Related party accounts receivable (2,797) (5,178)
Prepaid expenses and other assets 758 154
Accounts payable (220) 66
Related party accounts payable 191 383
Accrued liabilities and other liabilities 6,691 (1,993)
Taxes payable 1,226 (221)
Net cash provided by operating activities 41,120 15,913
Cash flows from investing activities    
Acquisitions (1,995) (17,818)
Capital expenditures (180) (69)
Proceeds from disposal of assets 27 20
Net cash used in investing activities (2,148) (17,867)
Cash flows from financing activities    
Proceeds from debt 0 10,000
Repayments of debt (25,240) (15,897)
Dividends, dividend equivalents, and distributions paid (14,728) (13,558)
Offering costs 0 (648)
Other (66) (40)
Net cash used in financing activities (40,034) (20,143)
Net decrease in cash and cash equivalents (1,062) (22,097)
Cash and cash equivalents - beginning of period 30,741 37,032
Cash and cash equivalents - end of period $ 29,679 $ 14,935