CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues
Total revenues	$ 188,364	$ 96,161
Expenses
Operating expenses	120,394	67,045
General and administrative	3,554	5,113
Acquisition and transaction expenses	6,820	3,515
Management fees and incentive allocation to affiliate	4,092	2,542
Depreciation and amortization	50,691	25,012
Asset impairment	0	0
Total expenses	185,551	103,227
Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(518)	5,314
(Loss) gain on sale of assets, net	(566)	119,828
Loss on modification or extinguishment of debt	(45,914)	(7)
Interest expense	(82,487)	(43,112)
Other income	2,984	3,693
Total other (expense) income	(126,501)	85,716
(Loss) income before income taxes	(123,688)	78,650
Provision for (benefit from) income taxes	3,523	(41,514)
Net (loss) income	(127,211)	120,164
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(14,260)	(11,401)
Less: Dividends and accretion of redeemable preferred stock	(37,221)	0
Less: Dividends and accretion of redeemable preferred stock	0	21,841
Less: Convertible preferred stock dividend	4,353	1,467
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(150,172)	109,724
Net (loss) income attributable to common stockholders	$ (154,525)	$ 108,257
(Loss) earnings per share:
Basic (in dollars per share)	$ (1.32)	$ 0.95
Diluted (in dollars per share)	$ (1.32)	$ 0.89
Weighted average shares outstanding:
Basic (in shares)	116,689,474	114,101,860
Diluted (in shares)	116,689,474	122,758,859