Asset Acquisitions	12 Months Ended
Dec. 31, 2025
Asset Acquisition [Abstract]
Asset Acquisitions	4. Asset Acquisitions On November 12, 2025, OpCo acquired approximately 38,000 total acres across Reeves, Loving, Winkler and Ward counties, Texas, and certain related assets from 1918 Ranch & Royalty, LLC (the “1918 Ranch Acquisition”) for total purchase consideration of $263.9 million, inclusive of transaction costs. The acreage acquired consists of approximately 22,400 fee simple acres, approximately 12,000 leasehold acres and approximately 3,600 acres subject to a long-term management agreement. The purchase consideration consisted of (i) approximately $208.5 million in cash and (ii) 657,411 OpCo Units (together with an equal number of Class B shares) valued at $53.6 million. The fair value of the OpCo Units was determined based on the closing price of the Company’s Class A shares on the date of acquisition. Refer to Note 8 - Debt and Note 9 - Shareholders’ and Member’s Equity for further information regarding funding of the purchase price. The purchase consideration was allocated based on relative fair value to land value of $158.8 million, surface use agreements of $97.1 million and brackish water supply assets of $8.0 million. On April 11, 2025, the Company acquired approximately 800 surface acres in Reeves County, Texas, from a private third-party seller for total purchase consideration of $0.7 million, inclusive of transaction costs. The purchase consideration was all attributed to land value. On February 25, 2025, the Company acquired approximately 3,000 surface acres in Lea County, New Mexico, from a private third-party seller for total purchase consideration of $17.1 million inclusive of transaction costs. The purchase consideration was all attributed to land value. On December 19, 2024, the Company acquired approximately 46,000 surface acres in Reeves and Pecos County, Texas from a private, third-party seller, for total purchase consideration of $246.8 million, inclusive of transaction costs (the “Wolf Bone Acquisition”). The purchase consideration was all attributed to land value. On November 22, 2024, the Company acquired approximately 5,820 surface acres in Lea County, New Mexico from a private, third-party seller, for total purchase consideration of $26.8 million, inclusive of transaction costs. The purchase consideration was attributed to land value of $18.9 million, intangible asset value of $5.1 million and other assets of $2.7 million. On November 1, 2024, the Company acquired approximately 1,280 surface acres in Winkler County, Texas, supply water assets and a related commercial contract from a private, third-party seller for total purchase consideration of $20.5 million, inclusive of transaction costs. Of the $20.5 million total purchase consideration, $1.1 million was retained by the Company and is payable to seller within one year, contingent on no pre-closing liabilities being identified. The total purchase consideration was attributed to intangible asset value of $13.6 million, supply water assets of $4.0 million, land value of $3.8 million, other assets of $0.2 million and an assumed liability of $1.1 million. On May 10, 2024, the Company acquired approximately 103,000 surface acres in the Loving and Winkler counties, Texas, and Lea County, New Mexico from a private third-party seller, for total purchase consideration of $362.6 million, inclusive of transaction costs. The purchase consideration was attributed to land value of $359.7 million and other assets of $2.9 million. On May 10, 2024, the Company acquired approximately 34,000 surface acres in Lea County, New Mexico and Andrews County, Texas from the same private third-party seller, for total purchase consideration of $42.2 million, inclusive of transaction costs. The purchase consideration was all attributed to land value. On March 18, 2024, the Company acquired approximately 11,000 acres of land in Lea County, New Mexico for total purchase consideration of $26.4 million, inclusive of transaction costs. The purchase consideration was attributed to land value of $25.9 million and intangible asset value of $0.5 million.

Asset Acquisitions

12 Months Ended

Dec. 31, 2025

4. Asset Acquisitions

On November 12, 2025, OpCo acquired approximately 38,000 total acres across Reeves, Loving, Winkler and Ward counties, Texas, and certain related assets from 1918 Ranch & Royalty, LLC (the “1918 Ranch Acquisition”) for total purchase consideration of $263.9 million, inclusive of transaction costs. The acreage acquired consists of approximately 22,400 fee simple acres, approximately 12,000 leasehold acres and approximately 3,600 acres subject to a long-term management agreement. The purchase consideration consisted of (i) approximately $208.5 million in cash and (ii) 657,411 OpCo Units (together with an equal number of Class B shares) valued at $53.6 million. The fair value of the OpCo Units was determined based on the closing price of the Company’s Class A shares on the date of acquisition. Refer to Note 8 - Debt and Note 9 - Shareholders’ and Member’s Equity for further information regarding funding of the purchase price. The purchase consideration was allocated based on relative fair value to land value of $158.8 million, surface use agreements of $97.1 million and brackish water supply assets of $8.0 million.

On April 11, 2025, the Company acquired approximately 800 surface acres in Reeves County, Texas, from a private third-party seller for total purchase consideration of $0.7 million, inclusive of transaction costs. The purchase consideration was all attributed to land value.

On February 25, 2025, the Company acquired approximately 3,000 surface acres in Lea County, New Mexico, from a private third-party seller for total purchase consideration of $17.1 million inclusive of transaction costs. The purchase consideration was all attributed to land value.

On December 19, 2024, the Company acquired approximately 46,000 surface acres in Reeves and Pecos County, Texas from a private, third-party seller, for total purchase consideration of $246.8 million, inclusive of transaction costs (the “Wolf Bone Acquisition”). The purchase consideration was all attributed to land value.

On November 22, 2024, the Company acquired approximately 5,820 surface acres in Lea County, New Mexico from a private, third-party seller, for total purchase consideration of $26.8 million, inclusive of transaction costs. The purchase consideration was attributed to land value of $18.9 million, intangible asset value of $5.1 million and other assets of $2.7 million.

On November 1, 2024, the Company acquired approximately 1,280 surface acres in Winkler County, Texas, supply water assets and a related commercial contract from a private, third-party seller for total purchase consideration of $20.5 million, inclusive of transaction costs. Of the $20.5 million total purchase consideration, $1.1 million was retained by the Company and is payable to seller within one year, contingent on no pre-closing liabilities being identified. The total purchase consideration was attributed to intangible asset value of $13.6 million, supply water assets of $4.0 million, land value of $3.8 million, other assets of $0.2 million and an assumed liability of $1.1 million.

On May 10, 2024, the Company acquired approximately 103,000 surface acres in the Loving and Winkler counties, Texas, and Lea County, New Mexico from a private third-party seller, for total purchase consideration of $362.6 million, inclusive of transaction costs. The purchase consideration was attributed to land value of $359.7 million and other assets of $2.9 million.

On May 10, 2024, the Company acquired approximately 34,000 surface acres in Lea County, New Mexico and Andrews County, Texas from the same private third-party seller, for total purchase consideration of $42.2 million, inclusive of transaction costs. The purchase consideration was all attributed to land value.

On March 18, 2024, the Company acquired approximately 11,000 acres of land in Lea County, New Mexico for total purchase consideration of $26.4 million, inclusive of transaction costs. The purchase consideration was attributed to land value of $25.9 million and intangible asset value of $0.5 million.