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, 2023 |
|
$ 3,157,807
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Durango Acquisition |
|
423,200
|
|
|
|
|
|
|
|
|
| Redemption of Common Units |
|
(5,060)
|
|
|
|
|
|
|
|
|
| Net income |
|
153,504
|
|
|
|
|
|
|
|
|
| Change in redemption value of noncontrolling interests |
|
1,268,038
|
|
|
|
|
|
|
|
|
| Distributions paid to Common Unit limited partners |
|
(214,309)
|
|
|
|
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
|
4,783,180
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2023 |
|
|
|
|
57,097,000
|
94,089,000
|
0
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
$ (530,823)
|
|
|
|
$ 6
|
$ 9
|
$ 0
|
$ 192,678
|
$ (723,516)
|
$ 0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Issuance of deferred consideration for Durango Acquisition (in shares) |
|
|
|
|
|
3,840,000
|
7,680,000
|
|
|
|
| Issuance of deferred consideration for Durango Acquisition |
1
|
|
|
|
|
|
$ 1
|
|
|
|
| Redemption of Common Units (in shares) |
|
|
|
|
146,000
|
(146,000)
|
|
|
|
|
| Redemption of Common Units |
5,060
|
|
|
|
|
|
|
5,060
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan (in shares) |
|
|
|
|
2,205,000
|
|
|
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan |
75,243
|
|
|
|
|
|
|
75,243
|
|
|
| Share-based compensation (in shares) |
|
|
|
|
303,000
|
|
|
|
|
|
| Share-based compensation |
52,868
|
|
|
|
|
|
|
52,868
|
|
|
| Net income |
74,505
|
|
|
|
|
|
|
|
74,505
|
|
| Change in redemption value of noncontrolling interests |
(1,268,038)
|
|
|
|
|
|
|
(330,196)
|
(937,842)
|
|
| Recognition of deferred tax asset |
4,347
|
|
|
|
|
|
|
4,347
|
|
|
| Dividends on Class A Common Stock |
(133,868)
|
|
|
|
|
|
|
|
(133,868)
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
|
|
|
|
59,751,000
|
97,783,000
|
7,680,000
|
|
|
|
| Ending balance at Sep. 30, 2024 |
(1,720,705)
|
|
|
|
$ 6
|
$ 9
|
$ 1
|
0
|
(1,720,721)
|
0
|
| Beginning balance at Jun. 30, 2024 |
|
4,289,591
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
57,891
|
|
|
|
|
|
|
|
|
| Change in redemption value of noncontrolling interests |
|
509,035
|
|
|
|
|
|
|
|
|
| Distributions paid to Common Unit limited partners |
|
(73,337)
|
|
|
|
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
|
4,783,180
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Jun. 30, 2024 |
|
|
|
|
59,736,000
|
97,783,000
|
7,680,000
|
|
|
|
| Beginning balance at Jun. 30, 2024 |
(1,206,893)
|
|
|
|
$ 6
|
$ 9
|
$ 1
|
0
|
(1,206,909)
|
0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan (in shares) |
|
|
|
|
11,000
|
|
|
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan |
444
|
|
|
|
|
|
|
444
|
|
|
| Share-based compensation (in shares) |
|
|
|
|
4,000
|
|
|
|
|
|
| Share-based compensation |
15,171
|
|
|
|
|
|
|
15,171
|
|
|
| Net income |
25,763
|
|
|
|
|
|
|
|
25,763
|
|
| Change in redemption value of noncontrolling interests |
(509,035)
|
|
|
|
|
|
|
(14,801)
|
(494,234)
|
|
| Recognition of deferred tax asset |
(814)
|
|
|
|
|
|
|
(814)
|
|
|
| Dividends on Class A Common Stock |
(45,341)
|
|
|
|
|
|
|
|
(45,341)
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
|
|
|
|
59,751,000
|
97,783,000
|
7,680,000
|
|
|
|
| Ending balance at Sep. 30, 2024 |
(1,720,705)
|
|
|
|
$ 6
|
$ 9
|
$ 1
|
0
|
(1,720,721)
|
0
|
| Beginning balance at Dec. 31, 2024 |
|
5,955,662
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Redemption of Common Units |
|
(358,376)
|
|
|
|
|
|
|
|
|
| Net income |
|
74,187
|
|
|
|
|
|
|
|
|
| Change in redemption value of noncontrolling interests |
|
(1,040,339)
|
|
|
|
|
|
|
|
|
| Distributions paid to Common Unit limited partners |
|
(230,252)
|
|
|
|
|
|
|
|
|
| Ending balance at Sep. 30, 2025 |
|
4,400,882
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2024 |
|
|
59,929,611
|
97,783,034
|
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] |
|
|
|
|
|
|
|
|
|
|
| Issuance of deferred consideration for Durango Acquisition (in shares) |
|
|
|
|
|
7,680,000
|
(7,680,000)
|
|
|
|
| Issuance of deferred consideration for Durango Acquisition |
0
|
|
|
|
|
$ 1
|
$ (1)
|
|
|
|
| Redemption of Common Units (in shares) |
|
|
7,900,000
|
7,900,000
|
7,906,000
|
(7,906,000)
|
|
|
|
|
| Redemption of Common Units |
358,376
|
|
|
|
$ 0
|
$ 0
|
$ 0
|
358,376
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan (in shares) |
|
|
|
|
22,000
|
|
|
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan |
1,137
|
|
|
|
|
|
|
1,137
|
|
|
| Repurchase of Class A Common Stock (in shares) |
|
|
|
|
(4,025,000)
|
|
|
|
|
|
| Repurchase of Class A Common Stock |
(172,554)
|
|
|
|
|
|
|
|
|
(172,554)
|
| Retirement of treasury stock |
0
|
|
|
|
|
|
|
|
(172,554)
|
172,554
|
| Share-based compensation (in shares) |
|
|
|
|
273,000
|
|
|
|
|
|
| Share-based compensation |
44,577
|
|
|
|
|
|
|
44,577
|
|
|
| Net income |
35,040
|
|
|
|
|
|
|
|
35,040
|
|
| Change in redemption value of noncontrolling interests |
1,040,339
|
|
|
|
|
|
|
(220,746)
|
1,261,085
|
|
| Recognition of deferred tax asset |
38,635
|
|
|
|
|
|
|
38,635
|
|
|
| Dividends on Class A Common Stock |
(144,640)
|
|
|
|
|
|
|
|
(144,640)
|
|
| Ending balance (in shares) at Sep. 30, 2025 |
|
|
64,106,232
|
97,557,604
|
64,106,000
|
97,557,000
|
0
|
|
|
|
| Ending balance at Sep. 30, 2025 |
(1,775,686)
|
|
|
|
$ 6
|
$ 10
|
$ 0
|
221,979
|
(1,997,681)
|
0
|
| Beginning balance at Jun. 30, 2025 |
|
4,376,104
|
|
|
|
|
|
|
|
|
| Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Redemption of Common Units |
|
(127,895)
|
|
|
|
|
|
|
|
|
| Net income |
|
10,284
|
|
|
|
|
|
|
|
|
| Change in redemption value of noncontrolling interests |
|
220,746
|
|
|
|
|
|
|
|
|
| Distributions paid to Common Unit limited partners |
|
(78,357)
|
|
|
|
|
|
|
|
|
| Ending balance at Sep. 30, 2025 |
|
$ 4,400,882
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Jun. 30, 2025 |
|
|
|
|
63,545,000
|
92,777,000
|
7,680,000
|
|
|
|
| Beginning balance at Jun. 30, 2025 |
(1,565,658)
|
|
|
|
$ 6
|
$ 9
|
$ 1
|
288,295
|
(1,781,415)
|
(72,554)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Issuance of deferred consideration for Durango Acquisition (in shares) |
|
|
|
|
|
7,680,000
|
(7,680,000)
|
|
|
|
| Issuance of deferred consideration for Durango Acquisition |
0
|
|
|
|
|
$ 1
|
$ (1)
|
|
|
|
| Redemption of Common Units (in shares) |
|
|
|
|
2,900,000
|
(2,900,000)
|
|
|
|
|
| Redemption of Common Units |
127,895
|
|
|
|
|
|
|
127,895
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan (in shares) |
|
|
|
|
9,000
|
|
|
|
|
|
| Issuance of common stock through dividend and distribution reinvestment plan |
413
|
|
|
|
|
|
|
413
|
|
|
| Repurchase of Class A Common Stock (in shares) |
|
|
|
|
(2,372,000)
|
|
|
|
|
|
| Repurchase of Class A Common Stock |
(100,000)
|
|
|
|
|
|
|
|
|
(100,000)
|
| Retirement of treasury stock |
0
|
|
|
|
|
|
|
|
(172,554)
|
172,554
|
| Share-based compensation (in shares) |
|
|
|
|
24,000
|
|
|
|
|
|
| Share-based compensation |
14,229
|
|
|
|
|
|
|
14,229
|
|
|
| Net income |
5,265
|
|
|
|
|
|
|
|
5,265
|
|
| Change in redemption value of noncontrolling interests |
(220,746)
|
|
|
|
|
|
|
(220,746)
|
|
|
| Recognition of deferred tax asset |
11,893
|
|
|
|
|
|
|
11,893
|
|
|
| Dividends on Class A Common Stock |
(48,977)
|
|
|
|
|
|
|
|
(48,977)
|
|
| Ending balance (in shares) at Sep. 30, 2025 |
|
|
64,106,232
|
97,557,604
|
64,106,000
|
97,557,000
|
0
|
|
|
|
| Ending balance at Sep. 30, 2025 |
$ (1,775,686)
|
|
|
|
$ 6
|
$ 10
|
$ 0
|
$ 221,979
|
$ (1,997,681)
|
$ 0
|