Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 519,266	$ 246,052
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	187,075	64,148
Non-cash employee stock compensation expense	6,886	5,911
Fair value changes in equity securities	(27,813)	34
Gain on sale of marketable securities	(14,573)	0
Deferred tax benefit	(9,658)	(11,019)
Gain on settlement of Relief Canyon fixed obligation	(2,575)	0
Other	3,163	446
Changes in assets and liabilities:
Royalty receivables	(20,862)	(1,534)
Stream inventory	(4,603)	(363)
Income tax receivable	(17,352)	(12,434)
Prepaid expenses and other assets	264	(3,525)
Accounts payable	(5,424)	3,178
Income tax payable	18,313	1,244
Other liabilities	(3,392)	(2,967)
Net cash provided by operating activities	628,715	289,171
Cash flows from investing activities:
Acquisition of stream and royalty interests	(50,031)	(170,979)
Proceeds from the sale of marketable securities	51,865	0
Cash calls for Hod Maden equity method investment	(84,700)	0
Other	(261)	(70)
Net cash used in investing activities	(83,127)	(171,049)
Cash flows from financing activities:
Repayment of debt	(500,000)	0
Net payments from issuance of common stock	(5,600)	(4,499)
Net proceeds from Sandstorm option exercises	22,655	0
Common stock dividends	(80,516)	(59,245)
Stock repurchase	(30,003)	0
Distributions to non-controlling interests	(3,321)	(438)
Other	(54)	(1,258)
Net cash used in financing activities	(596,839)	(65,440)
Net (decrease) increase in cash and equivalents	(51,251)	52,682
Cash and equivalents at beginning of period	233,719	195,498
Cash and equivalents at end of period	$ 182,468	$ 248,180