v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Class A common stock
Total Stockholders' Equity
Class A common stock
Common Stock
Class A common stock
Additional Paid-In Capital
Class A common stock
Unvested restricted stock
Total Stockholders' Equity
Unvested restricted stock
Additional Paid-In Capital
Unvested restricted stock
Class B common stock
Common Stock
Class B common stock
Noncontrolling Interests
Class B common stock
Total Stockholders' Equity
Additional Paid-In Capital
Retained Earnings (Accumulated Deficit)
Noncontrolling Interests
Total
Beginning balance at Dec. 31, 2024   $ 1,031           $ 162     $ 793,520 $ 998,474 $ (206,147) $ 122,014 $ 915,534
Beginning balance (in shares) at Dec. 31, 2024   103,069,732           16,221,101              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Equity-based compensation                     5,775 5,775   904 6,679
Issuance of restricted shares   $ 11                 1,158 1,147   (1,158)  
Issuance of restricted shares (in shares)   1,114,855                          
Cashless exercise of options                     216 216     216
Cashless exercise of options (in shares)   24,943                          
Repurchase of common stock   $ (6)                 (6,145) (6,139)   (507) (6,652)
Repurchase of common stock ( in shares)   (576,430)                          
Restricted shares forfeited                     (43) (43)   43  
Restricted shares forfeited (in shares)   (41,682)                          
Performance shares vested   $ 6                 406 400   (406)  
Performance shares vested (in shares)   594,295                          
Contributions from noncontrolling interests                           2,875 2,875
Dividend and distribution declared $ (14,132)   $ (14,132) $ (14,132) $ (361) $ (361) $ (361)   $ (2,271) $ (2,271)          
Net income                     18,886   18,886 2,345 21,231
Ending balance at Jun. 30, 2025   $ 1,042           $ 162     799,280 985,337 (187,261) 123,839 923,119
Ending balance (in shares) at Jun. 30, 2025   104,185,713           16,221,101              
Beginning balance at Mar. 31, 2025   $ 1,039           $ 162     793,078 989,785 (197,908) 123,871 916,949
Beginning balance (in shares) at Mar. 31, 2025   103,884,767           16,221,101              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Equity-based compensation                     2,766 2,766   432 3,198
Issuance of restricted shares   $ 4                 390 386   (390)  
Issuance of restricted shares (in shares)   374,771                          
Repurchase of common stock   $ (1)                 (280) (279)   (5) (285)
Repurchase of common stock ( in shares)   (32,143)                          
Restricted shares forfeited                     (43) (43)   43  
Restricted shares forfeited (in shares)   (41,682)                          
Dividend and distribution declared (7,103)   (7,103) (7,103) (175) (175) (175)   (1,136) (1,136)          
Net income                     10,647   10,647 1,024 11,671
Ending balance at Jun. 30, 2025   $ 1,042           $ 162     799,280 985,337 (187,261) 123,839 923,119
Ending balance (in shares) at Jun. 30, 2025   104,185,713           16,221,101              
Beginning balance at Dec. 31, 2025   $ 1,049           $ 162     805,616 989,329 (184,924) 121,451 927,067
Beginning balance (in shares) at Dec. 31, 2025   104,884,902           16,221,101              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of shares for underwritten offering   $ 158                 185,050 184,892   8,283 193,333
Issuance of shares for underwritten offering (in shares)   15,784,315                          
Exchange of SES Holdings LLC Units and Class B common stock for Class A common stock   $ 50           $ (50)     37,328 37,328   (40,513) (3,185)
Exchange of SES Holdings LLC Units and Class B common stock for Class A common stock (in shares)   5,063,000           (5,063,000)              
Equity-based compensation                     12,784 12,784   1,417 14,201
Issuance of restricted shares   $ 10                 1,951 1,941   (1,951)  
Issuance of restricted shares (in shares)   1,047,027                          
Cashless exercise of options   $ 1                 1,185 1,184     1,185
Cashless exercise of options (in shares)   136,404                          
Repurchase of common stock   $ (6)                 (8,520) (8,514)   (904) (9,424)
Repurchase of common stock ( in shares)   (668,672)                          
Restricted shares forfeited                     (164) (164)   164  
Restricted shares forfeited (in shares)   (26,415)                          
Performance shares vested   $ 9                 530 521   (530)  
Performance shares vested (in shares)   852,901                          
Contributions from noncontrolling interests                           500 500
Dividend and distribution declared (15,723)   (15,723) (15,723) (327) (327) (327)   (2,101) (2,101)          
Net income                     29,641   29,641 2,353 31,994
Ending balance at Jun. 30, 2026   $ 1,271           $ 112     1,049,351 1,203,251 (155,283) 88,169 1,137,520
Ending balance (in shares) at Jun. 30, 2026   127,073,462           11,158,101              
Beginning balance at Mar. 31, 2026   $ 1,218           $ 162     991,481 1,166,419 (176,318) 128,152 1,119,633
Beginning balance (in shares) at Mar. 31, 2026   121,847,518           16,221,101              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of shares for underwritten offering                     (69) (69)   (6) (75)
Exchange of SES Holdings LLC Units and Class B common stock for Class A common stock   $ 50           $ (50)     37,328 37,328   (40,513) (3,185)
Exchange of SES Holdings LLC Units and Class B common stock for Class A common stock (in shares)   5,063,000           (5,063,000)              
Equity-based compensation                     7,665 7,665   711 8,376
Issuance of restricted shares   $ 2                 1,165 1,163   (1,164) 1
Issuance of restricted shares (in shares)   182,352                          
Cashless exercise of options   $ 1                 587 586     587
Cashless exercise of options (in shares)   67,793                          
Repurchase of common stock                     (978) (978)   (230) (1,208)
Repurchase of common stock ( in shares)   (67,422)                          
Restricted shares forfeited                     (158) (158)   158  
Restricted shares forfeited (in shares)   (19,779)                          
Contributions from noncontrolling interests                           500 500
Dividend and distribution declared $ (8,538)   $ (8,538) $ (8,538) $ (167) $ (167) $ (167)   $ (966) $ (966)          
Net income                     21,035   21,035 1,527 22,562
Ending balance at Jun. 30, 2026   $ 1,271           $ 112     $ 1,049,351 $ 1,203,251 $ (155,283) $ 88,169 $ 1,137,520
Ending balance (in shares) at Jun. 30, 2026   127,073,462           11,158,101