Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income	$ 281,708	$ 113,578
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	90,875	32,995
Non-cash employee stock compensation expense	3,592	3,198
Fair value changes in equity securities	(5,950)	37
Gain on sale of marketable securities	(14,115)	0
Deferred tax benefit	(27,764)	(8,828)
Other	1,527	224
Changes in assets and liabilities:
Royalty receivables	(31,958)	5,731
Stream inventory	(4,981)	(1,583)
Income tax receivable	1,999	(231)
Prepaid expenses and other assets	966	345
Accounts payable	(2,790)	135
Income tax payable	(834)	(7,832)
Other liabilities	1,287	(1,400)
Net cash provided by operating activities	293,562	136,369
Cash flows from investing activities:
Acquisition of stream and royalty interests	0	(58,246)
Proceeds from the sale of marketable securities	48,973	0
Cash calls for Hod Maden equity method investment	(14,700)	0
Other	(166)	(49)
Net cash provided by (used in) investing activities	34,107	(58,295)
Cash flows from financing activities:
Repayment of debt	(300,000)	0
Net payments from issuance of common stock	(5,576)	(3,011)
Net proceeds from Sandstorm option exercises	20,173	0
Common stock dividends	(40,186)	(29,611)
Distributions to non-controlling interests	(1,657)	(190)
Net cash used in financing activities	(327,246)	(32,812)
Net increase in cash and equivalents	423	45,262
Cash and equivalents at beginning of period	233,719	195,498
Cash and equivalents at end of period	$ 234,142	$ 240,760