CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS - USD ($)
$ in Thousands |
Total |
Redeemable Common Stock |
Common Class A |
Common Class C |
Common Stock
Common Class A
|
Common Stock
Common Class C
|
Deferred Consideration
Common Class C
|
Additional Paid-in Capital |
Accumulated Deficit |
Treasury Stock |
| Beginning balance at Dec. 31, 2024 |
|
$ 5,955,662
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Redemption of Common Units |
|
(230,481)
|
|
|
|
|
|
|
|
|
| Net income |
|
63,903
|
|
|
|
|
|
|
|
|
| Change in redemption value of noncontrolling interest |
|
(1,261,085)
|
|
|
|
|
|
|
|
|
| Distributions paid to Common Unit limited partners |
|
(151,895)
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2025 |
|
4,376,104
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2024 |
|
|
|
|
59,930,000
|
97,783,000
|
7,680,000
|
|
|
|
| Beginning balance at Dec. 31, 2024 |
$ (2,976,596)
|
|
|
|
$ 6
|
$ 9
|
$ 1
|
$ 0
|
$ (2,976,612)
|
$ 0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Redemption of Common Units (in shares) |
|
|
|
|
5,006,000
|
(5,006,000)
|
|
|
|
|
| Redemption of Common Units |
230,481
|
|
|
|
$ 0
|
$ 0
|
$ 0
|
230,481
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan (in shares) |
|
|
|
|
13,000
|
|
|
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan |
724
|
|
|
|
|
|
|
724
|
|
|
| Repurchase of Class A Common Stock (in shares) |
|
|
|
|
(1,653,000)
|
|
|
|
|
|
| Repurchase of Class A Common Stock |
(72,554)
|
|
|
|
|
|
|
|
|
(72,554)
|
| Share-based compensation (in shares) |
|
|
|
|
249,000
|
|
|
|
|
|
| Share-based compensation |
30,348
|
|
|
|
|
|
|
30,348
|
|
|
| Net income |
29,775
|
|
|
|
|
|
|
|
29,775
|
|
| Change in redemption value of noncontrolling interest |
1,261,085
|
|
|
|
|
|
|
|
1,261,085
|
|
| Recognition of deferred tax asset |
26,742
|
|
|
|
|
|
|
26,742
|
|
|
| Dividends on Class A Common Stock |
(95,663)
|
|
|
|
|
|
|
|
(95,663)
|
|
| Ending balance (in shares) at Jun. 30, 2025 |
|
|
|
|
63,545,000
|
92,777,000
|
7,680,000
|
|
|
|
| Ending balance at Jun. 30, 2025 |
(1,565,658)
|
|
|
|
$ 6
|
$ 9
|
$ 1
|
288,295
|
(1,781,415)
|
(72,554)
|
| Beginning balance at Mar. 31, 2025 |
|
5,450,555
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Redemption of Common Units |
|
(189,660)
|
|
|
|
|
|
|
|
|
| Net income |
|
50,771
|
|
|
|
|
|
|
|
|
| Change in redemption value of noncontrolling interest |
|
(859,871)
|
|
|
|
|
|
|
|
|
| Distributions paid to Common Unit limited partners |
|
(75,691)
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2025 |
|
4,376,104
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2025 |
|
|
|
|
60,922,000
|
97,039,000
|
7,680,000
|
|
|
|
| Beginning balance at Mar. 31, 2025 |
(2,549,653)
|
|
|
|
$ 6
|
$ 9
|
$ 1
|
66,966
|
(2,616,635)
|
0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Redemption of Common Units (in shares) |
|
|
|
|
4,262,000
|
(4,262,000)
|
|
|
|
|
| Redemption of Common Units |
189,660
|
|
|
|
|
|
|
189,660
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan (in shares) |
|
|
|
|
7,000
|
|
|
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan |
334
|
|
|
|
|
|
|
334
|
|
|
| Repurchase of Class A Common Stock (in shares) |
|
|
|
|
(1,653,000)
|
|
|
|
|
|
| Repurchase of Class A Common Stock |
(72,554)
|
|
|
|
|
|
|
|
|
(72,554)
|
| Share-based compensation (in shares) |
|
|
|
|
7,000
|
|
|
|
|
|
| Share-based compensation |
9,695
|
|
|
|
|
|
|
9,695
|
|
|
| Net income |
23,645
|
|
|
|
|
|
|
|
23,645
|
|
| Change in redemption value of noncontrolling interest |
859,871
|
|
|
|
|
|
|
|
859,871
|
|
| Recognition of deferred tax asset |
21,640
|
|
|
|
|
|
|
21,640
|
|
|
| Dividends on Class A Common Stock |
(48,296)
|
|
|
|
|
|
|
|
(48,296)
|
|
| Ending balance (in shares) at Jun. 30, 2025 |
|
|
|
|
63,545,000
|
92,777,000
|
7,680,000
|
|
|
|
| Ending balance at Jun. 30, 2025 |
(1,565,658)
|
|
|
|
$ 6
|
$ 9
|
$ 1
|
288,295
|
(1,781,415)
|
(72,554)
|
| Beginning balance at Dec. 31, 2025 |
|
3,495,762
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Redemption of Common Units |
|
(665,295)
|
|
|
|
|
|
|
|
|
| Net income |
|
70,116
|
|
|
|
|
|
|
|
|
| Change in redemption value of noncontrolling interest |
|
1,347,517
|
|
|
|
|
|
|
|
|
| Distributions paid to Common Unit limited partners |
|
(150,916)
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2026 |
|
4,097,184
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2025 |
|
|
64,080,915
|
97,557,604
|
64,081,000
|
97,558,000
|
0
|
|
|
|
| Beginning balance at Dec. 31, 2025 |
(565,380)
|
|
|
|
$ 6
|
$ 10
|
$ 0
|
240,725
|
(806,121)
|
0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Redemption of Common Units (in shares) |
|
|
(14,100,000)
|
(14,100,000)
|
14,121,000
|
(14,121,000)
|
|
|
|
|
| Redemption of Common Units |
665,295
|
|
|
|
$ 2
|
$ (2)
|
|
665,295
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan (in shares) |
|
|
|
|
22,000
|
|
|
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan |
1,087
|
|
|
|
|
|
|
1,087
|
|
|
| Share-based compensation (in shares) |
|
|
|
|
714,000
|
|
|
|
|
|
| Share-based compensation |
29,727
|
|
|
|
|
|
|
29,727
|
|
|
| Net income |
47,872
|
|
|
|
|
|
|
|
47,872
|
|
| Change in redemption value of noncontrolling interest |
(1,347,517)
|
|
|
|
|
|
|
(538,840)
|
(808,677)
|
|
| Recognition of deferred tax asset |
96,995
|
|
|
|
|
|
|
96,995
|
|
|
| Dividends on Class A Common Stock |
(113,221)
|
|
|
|
|
|
|
|
(113,221)
|
|
| Ending balance (in shares) at Jun. 30, 2026 |
|
|
78,938,346
|
83,436,866
|
78,938,000
|
83,437,000
|
0
|
|
|
|
| Ending balance at Jun. 30, 2026 |
(1,185,142)
|
|
|
|
$ 8
|
$ 8
|
$ 0
|
494,989
|
(1,680,147)
|
0
|
| Beginning balance at Mar. 31, 2026 |
|
4,511,385
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Redemption of Common Units |
|
(482,877)
|
|
|
|
|
|
|
|
|
| Net income |
|
73,574
|
|
|
|
|
|
|
|
|
| Change in redemption value of noncontrolling interest |
|
66,995
|
|
|
|
|
|
|
|
|
| Distributions paid to Common Unit limited partners |
|
(71,893)
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2026 |
|
$ 4,097,184
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2026 |
|
|
|
|
68,802,000
|
93,558,000
|
0
|
|
|
|
| Beginning balance at Mar. 31, 2026 |
(1,669,234)
|
|
|
|
$ 7
|
$ 9
|
$ 0
|
0
|
(1,669,250)
|
0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Redemption of Common Units (in shares) |
|
|
|
|
10,121,000
|
(10,121,000)
|
|
|
|
|
| Redemption of Common Units |
482,877
|
|
|
|
$ 1
|
$ (1)
|
|
482,877
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan (in shares) |
|
|
|
|
11,000
|
|
|
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan |
589
|
|
|
|
|
|
|
589
|
|
|
| Share-based compensation (in shares) |
|
|
|
|
4,000
|
|
|
|
|
|
| Share-based compensation |
9,064
|
|
|
|
|
|
|
9,064
|
|
|
| Net income |
49,539
|
|
|
|
|
|
|
|
49,539
|
|
| Change in redemption value of noncontrolling interest |
(66,995)
|
|
|
|
|
|
|
(66,995)
|
|
|
| Recognition of deferred tax asset |
69,454
|
|
|
|
|
|
|
69,454
|
|
|
| Dividends on Class A Common Stock |
(60,436)
|
|
|
|
|
|
|
|
(60,436)
|
|
| Ending balance (in shares) at Jun. 30, 2026 |
|
|
78,938,346
|
83,436,866
|
78,938,000
|
83,437,000
|
0
|
|
|
|
| Ending balance at Jun. 30, 2026 |
$ (1,185,142)
|
|
|
|
$ 8
|
$ 8
|
$ 0
|
$ 494,989
|
$ (1,680,147)
|
$ 0
|