Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The Company’s borrowings consist of the following amounts (in thousands) as of the reporting periods presented:

					As of December 31,
Instrument	Interest Rate				2025	2024
Credit Facility	7.04%	and	8.63%	respectively)(a)	$485,400	$284,400
Term Loan I, due May 2030	6.50%				—	88,948
Term Loan II, due August 2027	8.83%	(a)			—	83,851
ABS I Note, due January 2037	5.00%				—	80,157
ABS II Notes, due July 2037	5.25%				—	102,431
ABS IV Notes, due February 2037	4.95%				64,560	79,653
ABS VI Notes, due November 2039	7.50%	(b)			191,651	242,010
ABS VIII Notes, due May 2044	7.28%				546,340	585,747
ABS IX Notes, due September 2044	6.89%				67,177	75,316
ABS X Notes, due February 2045	7.07%				488,369	—
ABS XI Notes, due November 2045	6.61%				400,000	—
ABS Maverick Notes, due December 2038	9.10%				412,244	—
Nordic Bonds, due April 2029	9.75%				300,000	—
Other miscellaneous borrowings(c)					29,504	113,060
Total borrowings					$2,985,245	$1,735,573
Less: Current portion of long-term debt					(236,553)	(209,463)
Less: Deferred financing costs					(31,616)	(22,426)
Plus: Market premiums					8,133	—
Less: Original issue discounts					(9,748)	(8,216)
Total noncurrent borrowings, net					$2,715,461	$1,495,468

(a)Represents the variable interest rate as of period end.

(b)Includes $133 million for the assumption of Oaktree’s proportionate share of the ABS VI debt as part of the Oaktree transaction

as of December 31, 2024. Refer to Note 3 for additional information regarding the Oaktree transaction.

(c)Includes $76 million in notes payable issued as part of the consideration in the Oaktree transaction as of December 31, 2024.

Includes $23 million and $30 million in notes payable issued by a third party financial institution in November 2024,

collateralized by two natural gas processing plants and various natural gas compressors and related support equipment in the

Central Region, as of December 31, 2025 and 2024, respectively. Refer to Note 3 for additional information regarding the

Oaktree acquisition.

The table below represents the fair value of the Company’s debt structures as of the periods presented:

	As of December 31,
(in thousands)	2025	2024
Credit Facility(a)	$485,400	$284,400
Term Loans(b)	—	170,128
ABS notes(b)	2,215,749	1,156,858
Nordic Bond(b)	306,088	—
Other miscellaneous borrowings(a)	24,478	107,588
Total fair value of outstanding debt	$3,031,715	$1,718,974

(a)Carrying value approximates fair value.

(b)Fair values are measured using a market approach, based upon market rates, which are Level 2 inputs.

Schedule of Future Maturities of Total Borrowings

The table below represents the Company’s future maturities of its total borrowings as of December 31, 2025, excluding deferred

financing costs, premiums, and discounts:

(in thousands)	2026	2027	2028	2029	2030	Thereafter	Total debt
Debt maturity	$236,553	$217,426	$197,691	$969,696	$253,467	$1,110,412	$2,985,245

Schedule of Interest Expense

The table details the Company’s interest expense for each of the periods presented:

	For the Year Ended December 31,
(In thousands)	2025	2024	2023
Interest incurred
Borrowings	$216,132	$138,829	$133,142
Other	1,432	554	606
Total interest incurred	217,564	139,383	133,748
LESS: Capitalized interest	7,597	2,582	2,889
Interest expense	$209,967	$136,801	$130,859