v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 1,714 $ 18,467
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation and amortization expense 5,874 5,028
Deferred income taxes 220 2,030
Amortization of deferred financing costs 229 167
Bad debt expense 229 688
Gain on derivatives, net (9,086) (4,386)
Current period cash settlements on derivatives, net 13,026 3,900
Other 136 62
Changes in assets and liabilities:    
Decrease (increase) in accounts receivable 11,462 (5,688)
Decrease (increase) in accounts receivable—affiliates 340 (141)
Decrease in inventory 2,175 1,387
Increase in customer acquisition costs (2,811) (1,500)
Increase in prepaid and other current assets (2,209) (599)
Decrease in intangible assets—customer acquisition costs 0 7,717
Decrease in other assets 136 170
Decrease in accounts payable and accrued liabilities (11,951) (3,397)
(Decrease) increase in accounts payable—affiliates (92) 919
Increase in other current liabilities 0 126
Net cash provided by operating activities 9,392 24,950
Cash flows from investing activities:    
Purchases of property and equipment (245) (1,415)
Acquisition of Customers 0 (12,590)
Net cash used in investing activities (245) (14,005)
Cash flows from financing activities:    
Redemption of Series A Preferred Stock (5,874) (143)
Borrowings on notes payable 120,000 138,000
Payments on notes payable (110,000) (143,000)
Payment of distribution to Class A common stockholders (2,072) 0
Payment of distributions to non-controlling unitholders (1,928) (6,000)
Payment of Preferred Stock dividends (1,563) (2,429)
Net cash used in financing activities (1,437) (13,572)
(Decrease) increase in Cash, cash equivalents and Restricted cash 7,710 (2,627)
Cash, cash equivalents and Restricted cash—beginning of period 42,881 70,259
Cash, cash equivalents and Restricted cash—end of period 50,591 67,632
Non-cash items:    
Property and equipment purchase accrual (249) (16)
Cash paid during the period for:    
Interest 2,152 1,621
Taxes $ 96 $ 104