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Intangible Assets | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 6. Intangible Assets Intangible assets, net of accumulated amortization consisted of the following:
| Year Ended December 31, |
| 2025 |  |  | 2024 |
Water contracts | $ | 28,556 |  |  | $ | 28,556 |
Surface use agreements |  | 121,385 |  |  |  | 24,247 |
Subtotal |  | 149,941 |  |  |  | 52,803 |
Less: accumulated amortization |  | (12,979 | ) |  |  | (7,538 | )
Total intangible assets, net | $ | 136,962 |  |  | $ | 45,265 |
| Year Ended December 31, |
Accumulated amortization | 2025 |  |  | 2024 |
Water contracts | $ | 6,476 |  |  | $ | 3,516 |
Surface use agreements |  | 6,503 |  |  |  | 4,022 |
Total accumulated amortization | $ | 12,979 |  |  | $ | 7,538 |
On November 12, 2025, the Company acquired surface use agreements as part of the 1918 Ranch Acquisition. The purchase consideration attributable to the contracts was approximately $97.1 million, which will be amortized over a term of 15 years. On November 22, 2024, the Company acquired surface use agreements as part of an acquisition of land in Lea County, New Mexico. The purchase consideration attributable to the surface use agreements was approximately $5.1 million, which will be amortized over a term of 15 years. On November 1, 2024, the Company acquired a water contract as part of an acquisition of land in Winkler County, Texas. The purchase consideration attributable to the water contract was approximately $13.6 million, which will be amortized over a term of 7 years. On March 18, 2024, the Company acquired a surface use agreement as part of an acquisition of land in Lea County, New Mexico. The purchase consideration attributable to the surface use agreement was approximately $0.5 million, which will be amortized over a term of 30 years. The Company recognized $5.4 million, $2.6 million and $2.2 million in amortization expense for the years ended December 31, 2025, 2024 and 2023, respectively. The remaining weighted average amortization period for the surface use agreements and water contracts was 13.5 years and 10.9 years as of December 31, 2025 and 2024, respectively. Future amortization expense related to such intangibles for the next five years and thereafter as of December 31, 2025 is as follows:
| Amortization Expense |
2026 | $ | 11,035 |
2027 |  | 11,035 |
2028 |  | 11,035 |
2029 |  | 11,035 |
2030 |  | 11,035 |
Thereafter |  | 81,787 |
Total | $ | 136,962 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
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