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Net Income (Loss) Per Class A Common Share (Tables) | 6 Months Ended
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Jun. 30, 2026
Earnings Per Share [Abstract] |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method | The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net income (loss) per share of Class A common stock (in thousands, except share and per share data):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025 |  |
Numerator: |  |  |  |  |  |  |  |  |
Net income | $ | 319,672 |  |  | $ | 30,111 |  |  | $ | 196,397 |  |  | $ | 117,939 |  |  |
Less: |  |  |  |  |  |  |  |  |
Net income attributable to non-controlling interests | 226,246 |  |  | 15,170 |  |  | 104,424 |  |  | 77,605 |  |  |
Net income attributable to Class A Common Stockholders prior to distributions | 93,426 |  |  | 14,941 |  |  | 91,973 |  |  | 40,334 |  |  |
Reallocation of earnings to unvested participating restricted stock units(a) | (20,740) |  |  | (10,591) |  |  | (29,814) |  |  | (27,474) |  |  |
Net income attributable to Class A Common Stockholders - Basic | 72,686 |  |  | 4,350 |  |  | 62,159 |  |  | 12,860 |  |  |
Net income (loss) assuming exchange of non-controlling interest | 77,890 |  |  | (24,089) |  |  | 2,277 |  |  | (31,526) |  |  |
Net income (loss) attributable to Class A Common Stockholders - Diluted | $ | 150,576 |  |  | $ | (19,739) |  |  | $ | 64,436 |  |  | $ | (18,666) |  |  |
Denominator: |  |  |  |  |  |  |  |  |
Weighted-Average Shares of Common Stock Outstanding - Basic | 164,670,334 |  | 133,404,634 |  | 162,166,694 |  | 125,450,638 |  |
Exchange of Common Units to Class A Common Stock | 220,797,816 |  | 236,738,149 |  | 222,427,895 |  | 244,302,400 |  |
Weighted-Average Shares of Common Stock Outstanding - Diluted | 385,468,150 |  | 370,142,783 |  | 384,594,589 |  | 369,753,038 |  |
Net income (loss) available to Class A common stock per share |  |  |  |  |  |  |  |  |
Basic | $ | 0.44 |  |  | $ | 0.03 |  |  | $ | 0.38 |  |  | $ | 0.10 |  |  |
Diluted | $ | 0.39 |  |  | $ | (0.05) |  |  | $ | 0.17 |  |  | $ | (0.05) |  |  |
Dividends declared per share of Class A Common Stock(b) | $ | 0.59 |  |  | $ | 0.41 |  |  | $ | 1.20 |  |  | $ | 0.94 |  |  |
_________________ (a)No undistributed losses were allocated to unvested participating RSUs during the three and six months ended June 30, 2026 and 2025, as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders. (b)Dividends declared reflects the calendar date of the declaration for each distribution. The second quarter dividends were declared on August 4, 2026 and are payable on August 28, 2026.

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