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CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Revenue from Contract with Customer, Excluding Assessed Tax $ 502,520 $ 331,497 $ 320,472
Expenses      
Operating expenses 299,587 247,674 253,672
General and administrative 16,222 14,798 12,833
Acquisition and transaction expenses 27,138 5,457 4,140
Management fees and incentive allocation to affiliate 14,714 11,318 12,467
Depreciation and amortization 132,489 79,410 80,992
Asset impairment 4,401 72,336 743
Total expenses 494,551 430,993 364,847
Other income (expense)      
Equity in earnings (losses) of unconsolidated entities 12,303 (55,496) (24,707)
Gain on sale of assets, net 128,842 2,370 6,855
Loss on modification or extinguishment of debt (59,323) (8,925) (2,036)
Interest expense (265,914) (122,108) (99,603)
Other income 20,751 20,904 6,586
Total other expense (163,341) (163,255) (112,905)
Loss before income taxes (155,372) (262,751) (157,280)
Total provision (3,318) 3,313 2,470
Net loss (152,054) (266,064) (159,750)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (44,880) (42,419) (38,414)
Less: Preferred dividends and accretion on redeemable non-controlling interests 44,607 0 0
Less: Dividends and accretion of redeemable preferred stock 55,622 70,814 62,400
Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock (207,403) (294,459) (183,736)
Net loss attributable to common stockholders $ (260,406) $ (294,459) $ (183,736)
Loss per share:      
Basic (dollar per share) $ (2.24) $ (2.72) $ (1.78)
Diluted (dollars per share) $ (2.26) $ (2.72) $ (1.79)
Weighted average shares outstanding:      
Basic (in shares) 115,214,910 108,217,871 102,960,812
Diluted (in shares) 115,214,910 108,217,871 102,960,812