v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTEREST - USD ($)
$ in Thousands
Total
Additional Paid-in Capital
Accumulated Deficit
Treasury Stock
Redeemable Common Stock
Common Class A
Common Class A
Common Stock
Common Class C
Common Class C
Common Stock
Common Class C
Common Stock, Deferred Consideration
Beginning balance at Dec. 31, 2022         $ 3,112,409          
Increase (Decrease) in Temporary Equity [Roll Forward]                    
Redemption of Common Units         (5,634)          
Net income         97,010          
Change in redemption value of noncontrolling interest [1]         236,288          
Distribution paid to Common Units limited partners         (282,266)          
Ending balance at Dec. 31, 2023         3,157,807          
Beginning balance (in shares) at Dec. 31, 2022             45,679,000   94,270,000 0
Beginning balance at Dec. 31, 2022 $ (839,775) $ 118,840 $ (958,629) $ 0     $ 5   $ 9 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Redemption of Common Units (in shares)             181,000   (181,000)  
Redemption of Common Units (5,634) 5,634                
Issuance of common stock through dividend and distribution reinvestment plan (in shares)             11,215,000      
Issuance of Common Stock through dividend and distribution reinvestment plan 352,060 352,059         $ 1      
Retirement of treasury stock 0   (5,757) 5,757            
Repurchase of Class A Common Stock (in shares)             (194,000)      
Repurchase of Class A Common Stock (5,757)     (5,757)            
Share-based compensation (in shares)             216,000      
Share-based compensation 55,983 55,983                
Net income 289,442   289,442              
Change in redemption value of noncontrolling interest [1] (236,288) (339,838) 103,550              
Dividends on Class A Common Stock (152,122)   (152,122)              
Ending balance (in shares) at Dec. 31, 2023             57,097,000   94,089,000 0
Ending balance at Dec. 31, 2023 (530,823) 192,678 (723,516) 0     $ 6   $ 9 $ 0
Increase (Decrease) in Temporary Equity [Roll Forward]                    
Durango Acquisition         423,200          
Redemption of Common Units         (5,060)          
Net income         164,219          
Change in redemption value of noncontrolling interest [1]         2,506,075          
Distribution paid to Common Units limited partners         (290,579)          
Ending balance at Dec. 31, 2024         5,955,662          
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)             2,213,000      
Issuance of Common Stock through dividend and distribution reinvestment plan 75,633 75,633                
Share-based compensation (in shares)             474,000      
Share-based compensation 76,536 76,536                
Net income 80,014   80,014              
Change in redemption value of noncontrolling interest [1] (2,506,075) (353,997) (2,152,078)              
Recognition of deferred tax asset 4,090 4,090                
Dividends on Class A Common Stock (181,032)   (181,032)              
Ending balance (in shares) at Dec. 31, 2024           59,929,611 59,930,000 97,783,034 97,783,000 7,680,000
Ending balance at Dec. 31, 2024 (2,976,596) 0 (2,976,612) 0     $ 6   $ 9 $ 1
Increase (Decrease) in Temporary Equity [Roll Forward]                    
Redemption of Common Units         (358,376)          
Net income         347,668          
Change in redemption value of noncontrolling interest [1]         (2,142,845)          
Distribution paid to Common Units limited partners         (306,347)          
Ending balance at Dec. 31, 2025         $ 3,495,762          
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) (7,905,000) (7,900,000) 7,905,000  
Redemption of Common Units 358,376 358,376                
Issuance of common stock through dividend and distribution reinvestment plan (in shares)             34,000      
Issuance of Common Stock through dividend and distribution reinvestment plan 1,650 1,650                
Retirement of treasury stock 0   (176,005) 176,005            
Repurchase of Class A Common Stock (in shares)             (4,116,000)      
Repurchase of Class A Common Stock (176,005)     (176,005)            
Share-based compensation (in shares)             328,000      
Share-based compensation 62,617 62,617                
Net income 178,260   178,260       $ 0      
Change in redemption value of noncontrolling interest [1] 2,142,845 (220,746) 2,363,591              
Recognition of deferred tax asset 38,828 38,828                
Dividends on Class A Common Stock (195,355)   (195,355)              
Ending balance (in shares) at Dec. 31, 2025           64,080,915 64,081,000 97,557,604 97,558,000 0
Ending balance at Dec. 31, 2025 $ (565,380) $ 240,725 $ (806,121) $ 0     $ 6   $ 10 $ 0
[1] Represents the effects of the period-over-period change in the Class C redemption price in relation to outstanding common units.