v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
Royalty revenue $ 17,813 $ 10,306 $ 43,429 $ 18,345
Gain (loss) on commodity derivative instruments 10,984 10,726 5,675 1,852
Lease bonus and other revenue 280 85 797 87
Total royalty revenues 29,077 21,117 49,901 20,284
Operating expenses:        
General and administrative 4,379 9,596 7,971 10,487
Management fees 15,841 2,173 18,822 3,596
Depletion, depreciation and accretion 10,198 5,978 19,863 9,177
Total operating expenses 30,418 17,747 46,656 23,260
Operating income (loss) (1,341) 3,370 3,245 (2,976)
Other expense:        
Loss on extinguishment of debt 21,722 3,839 21,722 3,839
Change in fair value of earnout liability 1,694 0 1,694 0
Interest expense, net 5,034 4,345 11,031 6,092
Income (loss) before income taxes (29,791) (4,814) (31,202) (12,907)
Provision for (benefit from) income taxes 9,414 (4,595) 9,066 (4,595)
Net income (loss) (39,205) (219) (40,268) (8,312)
Net (income) loss attributable to non-controlling interests 115 0 115 0
Earnings allocated to participating securities (4,420) (2,367) (5,507) (3,540)
Net income (loss) attributable to common stockholders $ (43,510) $ (2,586) $ (45,660) $ (11,852)
Net Income (loss) per common share attributable to common stockholders:        
Common shares - Basic $ (2.54) $ (0.47) $ (2.86) $ (2.34)
Common shares - Diluted $ (2.54) $ (0.47) $ (2.86) $ (2.34)
Weighted average number of shares outstanding:        
Weighted Common shares - Basic 17,144 5,461 15,948 5,060
Weighted Common shares - Diluted 17,144 5,461 15,948 5,060