v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Ridgemar Acquisition
Class A Common Stock
Common Stock
Class A Common Stock
Common Stock
Class A Common Stock
Ridgemar Acquisition
Common Stock
Class B Common Stock
Series I Preferred Stock
Treasury Stock
Additional Paid-in Capital
Additional Paid-in Capital
Ridgemar Acquisition
Retained Earnings (Accumulated Deficit)
Noncontrolling Interest
Common Stock, Beginning balance (in shares) at Dec. 31, 2024       187,071,000   65,948,000            
Preferred Stock, Beginning balance (in shares) at Dec. 31, 2024             1,000          
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2024               2,434,000        
Balance at beginning of period at Dec. 31, 2024 $ 3,139,631     $ 19   $ 7 $ 0 $ (32,430) $ 3,227,450   $ (64,751) $ 9,336
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) (161)                   (2,150) 1,989
Distributions (1,756)                     (1,756)
Dividends (23,457)               (23,457)      
Equity-based compensation 19,591               19,398     193
Change in deferred taxes related to basis in OpCo (5,474)               (5,474)      
Change in equity associated with the 2025 Class A Redemption (in shares)       2,949,000   (2,949,000)            
Change in equity associated with the 2025 Class A Redemption 34,096               34,096      
Changes in equity associated with the Ridgemar Acquisition (in shares)         5,455,000              
Changes in equity associated with the Ridgemar Acquisition   $ 108,049     $ 1         $ 108,048    
Repurchases of Class A common stock (in shares)       (503,000)       (503,000)        
Repurchases of Class A common stock (5,312)             $ (5,312)        
Common Stock, Ending balance (in shares) at Mar. 31, 2025       194,972,000   62,999,000            
Preferred Stock, Ending balance (in shares) at Mar. 31, 2025             1,000          
Treasury Stock, Ending balance (in shares) at Mar. 31, 2025               2,937,000        
Balance at end of period at Mar. 31, 2025 3,265,207     $ 20   $ 7 $ 0 $ (37,742) 3,360,061   (66,901) 9,762
Common Stock, Beginning balance (in shares) at Dec. 31, 2024       187,071,000   65,948,000            
Preferred Stock, Beginning balance (in shares) at Dec. 31, 2024             1,000          
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2024               2,434,000        
Balance at beginning of period at Dec. 31, 2024 3,139,631     $ 19   $ 7 $ 0 $ (32,430) 3,227,450   (64,751) 9,336
Common Stock, Ending balance (in shares) at Jun. 30, 2025       254,615,000   0            
Preferred Stock, Ending balance (in shares) at Jun. 30, 2025             1,000          
Treasury Stock, Ending balance (in shares) at Jun. 30, 2025               6,542,000        
Balance at end of period at Jun. 30, 2025 4,498,724     $ 26   $ 0 $ 0 $ (66,258) 4,498,240   55,766 10,950
Common Stock, Beginning balance (in shares) at Mar. 31, 2025       194,972,000   62,999,000            
Preferred Stock, Beginning balance (in shares) at Mar. 31, 2025             1,000          
Treasury Stock, Beginning balance (in shares) at Mar. 31, 2025               2,937,000        
Balance at beginning of period at Mar. 31, 2025 3,265,207     $ 20   $ 7 $ 0 $ (37,742) 3,360,061   (66,901) 9,762
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) 154,520                   153,221 1,299
Distributions (306)                     (306)
Dividends (30,554)                   (30,554)  
Equity-based compensation (in shares)       217,000       32,000        
Equity-based compensation 92,912             $ (358) 93,075     195
Change in deferred taxes related to basis in OpCo (131,397)               (131,397)      
Changes in equity associated with the Ridgemar Acquisition (in shares)       62,999,000   (62,999,000)            
Changes in equity associated with the Ridgemar Acquisition 1,176,668     $ 6   $ (7)     1,176,669      
Cash distributions on behalf of former redeemable noncontrolling interest holders related to income taxes (165)               (165)      
Repurchases of Class A common stock (in shares)       (3,573,000)       (3,573,000)        
Repurchases of Class A common stock (28,158)             $ (28,158)        
Other (3)               (3)      
Common Stock, Ending balance (in shares) at Jun. 30, 2025       254,615,000   0            
Preferred Stock, Ending balance (in shares) at Jun. 30, 2025             1,000          
Treasury Stock, Ending balance (in shares) at Jun. 30, 2025               6,542,000        
Balance at end of period at Jun. 30, 2025 $ 4,498,724     $ 26   $ 0 $ 0 $ (66,258) 4,498,240   55,766 10,950
Common Stock, Beginning balance (in shares) at Dec. 31, 2025     327,900,272 327,900,000   0            
Preferred Stock, Beginning balance (in shares) at Dec. 31, 2025 1,000           1,000          
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2025     7,079,021         7,079,000        
Balance at beginning of period at Dec. 31, 2025 $ 5,165,435     $ 33   $ 0 $ 0 $ (71,054) 5,228,928   0 7,528
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) (419,176)                   (419,847) 671
Distributions (757)                     (757)
Dividends (39,348)               (39,348)      
Equity-based compensation (in shares)       2,094,000       1,000        
Equity-based compensation 23,421             $ (8) 23,429      
Changes in equity associated with 2031 Convertible Notes capped call, net of tax impact (44,257)               (44,257)      
Other 1,129               1,129      
Common Stock, Ending balance (in shares) at Mar. 31, 2026       329,994,000   0            
Preferred Stock, Ending balance (in shares) at Mar. 31, 2026             1,000          
Treasury Stock, Ending balance (in shares) at Mar. 31, 2026               7,080,000        
Balance at end of period at Mar. 31, 2026 $ 4,686,447     $ 33   $ 0 $ 0 $ (71,062) 5,169,881   (419,847) 7,442
Common Stock, Beginning balance (in shares) at Dec. 31, 2025     327,900,272 327,900,000   0            
Preferred Stock, Beginning balance (in shares) at Dec. 31, 2025 1,000           1,000          
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2025     7,079,021         7,079,000        
Balance at beginning of period at Dec. 31, 2025 $ 5,165,435     $ 33   $ 0 $ 0 $ (71,054) 5,228,928   0 7,528
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Change in deferred taxes related to basis in OpCo $ (136,900)                      
Common Stock, Ending balance (in shares) at Jun. 30, 2026     330,345,624 330,345,000   0            
Preferred Stock, Ending balance (in shares) at Jun. 30, 2026 1,000           1,000          
Treasury Stock, Ending balance (in shares) at Jun. 30, 2026     7,190,582         7,191,000        
Balance at end of period at Jun. 30, 2026 $ 5,159,589     $ 33   $ 0 $ 0 $ (72,441) 5,191,073   33,287 7,637
Common Stock, Beginning balance (in shares) at Mar. 31, 2026       329,994,000   0            
Preferred Stock, Beginning balance (in shares) at Mar. 31, 2026             1,000          
Treasury Stock, Beginning balance (in shares) at Mar. 31, 2026               7,080,000        
Balance at beginning of period at Mar. 31, 2026 4,686,447     $ 33   $ 0 $ 0 $ (71,062) 5,169,881   (419,847) 7,442
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) 493,704                   492,765 939
Distributions (744)                     (744)
Dividends (39,631)                   (39,631)  
Equity-based compensation (in shares)       351,000       111,000        
Equity-based compensation 19,901             $ (1,379) 21,280      
Other $ (88)               (88)      
Common Stock, Ending balance (in shares) at Jun. 30, 2026     330,345,624 330,345,000   0            
Preferred Stock, Ending balance (in shares) at Jun. 30, 2026 1,000           1,000          
Treasury Stock, Ending balance (in shares) at Jun. 30, 2026     7,190,582         7,191,000        
Balance at end of period at Jun. 30, 2026 $ 5,159,589     $ 33   $ 0 $ 0 $ (72,441) $ 5,191,073   $ 33,287 $ 7,637