v3.26.1
Condensed Consolidated Statements of Equity and Mezzanine Equity - USD ($)
$ in Thousands
Total
Common Stock
Treasury
Additional Paid-In Capital
Retained Earnings
Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2024   84,600,000        
Beginning balance at Dec. 31, 2024 $ 1,552,520 [1] $ 1,512 $ (6,663) $ 1,374,525 $ 131,317 $ 51,829
Beginning balance (in shares) at Dec. 31, 2024     214,000      
Equity            
Net income (loss) (86,771) [1]       (81,979) (4,792)
Common stock issued upon vesting of RSUs, net of shares withheld for income taxes (in shares)   108,000        
Common stock issued upon vesting of restricted stock units, net of shares withheld for income taxes (1,181) [1] $ 1   (1,182)    
Equity-based compensation 2,067 [1]     2,067    
Ending balance (in shares) at Mar. 31, 2025   84,708,000        
Ending balance at Mar. 31, 2025 1,466,635 [1] $ 1,513 $ (6,663) 1,375,410 49,338 47,037
Ending balance (in shares) at Mar. 31, 2025     214,000      
Ending balance, Mezzanine Equity at Mar. 31, 2025 0          
Equity            
Net income (loss) 112,312 [1]       107,768 4,544
Accretion of Class B Units to redemption value (281) [1]       (281)  
Common stock issued upon vesting of RSUs, net of shares withheld for income taxes (in shares)   3,000        
Common stock issued upon vesting of restricted stock units, net of shares withheld for income taxes (23) [1]     (23)    
Equity-based compensation 4,069 [1]     4,069    
Ending balance (in shares) at Jun. 30, 2025   84,711,000        
Ending balance at Jun. 30, 2025 1,582,712 [1] $ 1,513 $ (6,663) 1,379,456 156,825 51,581
Ending balance (in shares) at Jun. 30, 2025     214,000      
Mezzanine Equity            
Net income 163          
Contributions from noncontrolling interest 4,353          
Accretion of Class B Units to redemption value 281          
Distribution declared to noncontrolling interest (6,870)          
Ending balance, Mezzanine Equity at Jun. 30, 2025 $ (2,073)          
Beginning balance (in shares) at Dec. 31, 2025 96,871,868 96,872,000 [1]        
Beginning balance at Dec. 31, 2025 [1] $ 2,053,790 $ 1,635 $ (6,663) 1,681,785 309,051  
Beginning balance (in shares) at Dec. 31, 2025 214,000   214,000 [1]      
Equity            
Net income (loss) $ 51,114       44,075 7,039
Accretion of Class B Units to redemption value (741)       (741)  
Issuance of common stock (in shares)   7,004,000        
Issuance of common stock 186,174 $ 70   186,104    
Issuance of common stock to BPPUS (in shares)   5,315,000        
Issuance of common stock to BPPUS   $ 53   (53)    
Issuance of common stock under equity incentive plans, net (in shares)   16,000        
Issuance of common stock under equity incentive plans, net 277     277    
Common stock issued upon vesting of RSUs, net of shares withheld for income taxes (in shares)   178,000        
Common stock issued upon vesting of restricted stock units, net of shares withheld for income taxes (2,055) $ 2   (2,057)    
Equity-based compensation 3,907     3,907    
Ending balance (in shares) at Mar. 31, 2026   109,385,000        
Ending balance at Mar. 31, 2026 2,292,466 $ 1,760 $ (6,663) 1,869,963 352,385 75,021
Ending balance (in shares) at Mar. 31, 2026     214,000      
Beginning balance, Mezzanine Equity at Dec. 31, 2025 [1] 12,951          
Mezzanine Equity            
Net income 730          
Contributions from noncontrolling interest 4,200          
Accretion of Class B Units to redemption value 741          
Ending balance, Mezzanine Equity at Mar. 31, 2026 $ 18,622          
Beginning balance (in shares) at Dec. 31, 2025 96,871,868 96,872,000 [1]        
Beginning balance at Dec. 31, 2025 [1] $ 2,053,790 $ 1,635 $ (6,663) 1,681,785 309,051  
Beginning balance (in shares) at Dec. 31, 2025 214,000   214,000 [1]      
Ending balance (in shares) at Jun. 30, 2026 109,417,022 109,417,000        
Ending balance at Jun. 30, 2026 $ 2,373,046 $ 1,760 $ (6,663) 1,875,615 426,391 75,943
Ending balance (in shares) at Jun. 30, 2026 214,000   214,000      
Beginning balance, Mezzanine Equity at Dec. 31, 2025 [1] $ 12,951          
Ending balance, Mezzanine Equity at Jun. 30, 2026 30,224          
Beginning balance (in shares) at Mar. 31, 2026   109,385,000        
Beginning balance at Mar. 31, 2026 2,292,466 $ 1,760 $ (6,663) 1,869,963 352,385 75,021
Beginning balance (in shares) at Mar. 31, 2026     214,000      
Equity            
Net income (loss) 76,728       75,806 922
Accretion of Class B Units to redemption value (1,800)       (1,800)  
Additional offering costs (670)     (670)    
Common stock issued upon vesting of RSUs, net of shares withheld for income taxes (in shares)   32,000        
Common stock issued upon vesting of restricted stock units, net of shares withheld for income taxes (77)     (77)    
Equity-based compensation $ 6,399     6,399    
Ending balance (in shares) at Jun. 30, 2026 109,417,022 109,417,000        
Ending balance at Jun. 30, 2026 $ 2,373,046 $ 1,760 $ (6,663) $ 1,875,615 $ 426,391 $ 75,943
Ending balance (in shares) at Jun. 30, 2026 214,000   214,000      
Beginning balance, Mezzanine Equity at Mar. 31, 2026 $ 18,622          
Mezzanine Equity            
Net income 602          
Contributions from noncontrolling interest 9,200          
Accretion of Class B Units to redemption value 1,800          
Ending balance, Mezzanine Equity at Jun. 30, 2026 $ 30,224          
[1] The financial information presented in this Quarterly Report on Form 10-Q has been retrospectively adjusted for the BKV-BPP Power Joint Venture Transaction, which was accounted for as a transaction between entities under common control, with prior periods recast as if the transaction had occurred at the beginning of the earliest period presented. See Note 2 - Acquisition for further information.