v3.26.1
STREAM AND ROYALTY INTERESTS, NET (Tables)
 6 Months Ended
Jun. 30, 2026
STREAM AND ROYALTY INTERESTS, NET  
Schedule of Stream and Royalty Interests
The following tables summarize our stream and royalty interests, net as of June 30, 2026 and December 31, 2025.
As of June 30, 2026 (amounts in thousands):CostAccumulated DepletionNet
Production stage interests:
Streams$4,950,297 $(1,472,326)$3,477,971 
Royalties2,364,254 (830,974)1,533,280 
   Total production stage interests7,314,551 (2,303,300)5,011,251 
Development stage interests:
Streams252,504 — 252,504 
Royalties597,791 — 597,791 
   Total development stage interests850,295 — 850,295 
Exploration stage interests:
Streams800,495 — 800,495 
Royalties1,938,428 — 1,938,428 
   Total exploration stage interests2,738,923 — 2,738,923 
Total stream and royalty interests, net$10,903,769 $(2,303,300)$8,600,469 
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