Related Parties |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Parties | Note 9 - Related Parties On March 10, 2022, the Company entered into a loan agreement with BNAC and borrowed $75.0 million thereunder. On June 15, 2022, the Company entered into a subordination agreement with BNAC whereby the $75.0 million is subordinate to the term loans under the Company’s Term Loan Credit Agreement. Interest on the outstanding principal was SOFR plus an interest rate margin of 5.25%. During the year ended December 31, 2024, the Company repaid the outstanding balance of $75.0 million, including interest, and subsequently terminated the related party loan with BNAC with proceeds from the revolving borrowings on the RBL Credit Agreement and the IPO. For the years ended December 31, 2024 and 2023, interest expense recognized on this loan agreement was $5.2 million and $7.1 million, respectively. Prior to the consummation of the IPO, the Company filed its income tax returns as part of BNAC. Accordingly, Section 45Q tax credits generated by the Barnett Net Zero Project were recognized by BNAC but attributable to the Company. For the years ended December 31, 2024 and 2023, the Company recognized $14.0 million, and $0.7 million, respectively, of income related to the Section 45Q tax credits, and as of December 31, 2025 and 2024, the Company had receivables of $10.8 million and $14.7 million, respectively, from BNAC related to those Section 45Q tax credits, which is included in accounts receivable, related parties on the consolidated balance sheets. Separately, as of December 31, 2025 and 2024, the Company had payables of $0.8 million and $1.4 million, respectively, to BNAC for current tax expense included in income taxes payable to related party on the consolidated balance sheets. During these periods, these amounts due to BNAC are related to reimbursements for income tax related items. In addition, as of December 31, 2025 and 2024, the Company had a receivable from BNAC of $0.4 million and $0.2 million, respectively, related to shared general and administrative expenses, which is included in accounts receivable, related parties on the consolidated balance sheets. On October 14, 2021 and October 21, 2025, BKV-BPP Power LLC entered into the $141 Million Banpu Loan Agreement and the Temple I Loan Agreements as borrower to lenders, BPPUS and BNAC. Refer to Note 4 - Debt for further details of this agreement. |