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STREAM AND ROYALTY INTERESTS, NET | 12 Months Ended
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Dec. 31, 2025
STREAM AND ROYALTY INTERESTS, NET |
STREAM AND ROYALTY INTERESTS, NET | STREAM AND ROYALTY INTERESTS, NET The following summarizes our stream and royalty interests as of December 31, 2025 and 2024:
As of December 31, 2025 (Amounts in thousands): |  | Cost |  | Accumulated Depletion |  | Net
Production stage interests: |  |  |  |  |  |
Streams |  | $ | 4,190,864 |  |  | $ | (1,359,206) |  |  | $ | 2,831,658 |
Royalties |  | 2,319,553 |  |  | (760,108) |  |  | 1,559,445 |
Total production stage interests |  | 6,510,417 |  |  | (2,119,314) |  |  | 4,391,103 |
Development stage interests: |  |  |  |  |  |
Streams |  | 936,726 |  |  | — |  |  | 936,726 |
Royalties |  | 581,746 |  |  | — |  |  | 581,746 |
Total development stage interests |  | 1,518,472 |  |  | — |  |  | 1,518,472 |
Exploration stage interests: |  |  |  |  |  |
Streams |  | 776,358 |  |  | — |  |  | 776,358 |
Royalties |  | 1,897,942 |  |  | — |  |  | 1,897,942 |
Total exploration stage interests |  | 2,674,300 |  |  | — |  |  | 2,674,300 |
Total stream and royalty interests, net |  | $ | 10,703,189 |  |  | $ | (2,119,314) |  |  | $ | 8,583,875 |
As of December 31, 2024 (Amounts in thousands): |  | Cost |  | Accumulated Depletion |  | Net
Production stage interests: |  |  |  |  |  |
Streams |  | $ | 2,472,689 |  |  | $ | (1,246,349) |  |  | $ | 1,226,340 |
Royalties |  | 1,294,424 |  |  | (696,357) |  |  | 598,067 |
Total production stage interests |  | 3,767,113 |  |  | (1,942,706) |  |  | 1,824,407 |
Development stage interests: |  |  |  |  |  |
Streams |  | 12,038 |  |  | — |  |  | 12,038 |
Royalties |  | 154,349 |  |  | — |  |  | 154,349 |
Total development stage interests |  | 166,387 |  |  | — |  |  | 166,387 |
Exploration stage interests: |  |  |  |  |  |
Streams |  | 14,792 |  |  | — |  |  | 14,792 |
Royalties |  | 1,037,218 |  |  | — |  |  | 1,037,218 |
Total exploration stage interests |  | 1,052,010 |  |  | — |  |  | 1,052,010 |
Total stream and royalty interests, net |  | $ | 4,985,510 |  |  | $ | (1,942,706) |  |  | $ | 3,042,804 |

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