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Investment in Unconsolidated Affiliate
12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Affiliate Investment in Unconsolidated Affiliate
On February 1, 2022, the Company completed the OMP Merger and received 20,985,668 Crestwood common units. On November 3, 2023, Energy Transfer acquired Crestwood, and holders of Crestwood common units received 2.07 Energy Transfer common units for each Crestwood unit held. The Company has continued to record its investment in Energy Transfer using the fair value option. Additionally, no gain or loss was recorded in the Consolidated Statements of Operations as a result of the Crestwood and Energy Transfer merger. As of December 31, 2024 and 2023, the fair value of the Company’s investment was $142.2 million and $100.2 million, respectively. As of December 31, 2024, the Company owned less than 5% of Energy Transfer’s issued and outstanding common units. The carrying amount of the Company’s investment in Energy Transfer is recorded to investment in unconsolidated affiliate on the Consolidated Balance Sheet.
During the year ended December 31, 2024, the Company recorded a net gain of $51.3 million on its investment, comprised of an unrealized gain for the change in fair value of the investment of $42.0 million and a realized gain for cash distributions received of $9.3 million. During the year ended December 31, 2023, the Company recorded a net gain of $21.3 million on its investment, primarily comprised of a realized gain for cash distributions received of $10.8 million and an unrealized gain for the change in fair value of the investment of $8.4 million.