Viper Energy, Inc.

Previous wording

On May 1, 2026, we and Viper Energy Partners LP entered into a definitive purchase and sale agreement to acquire all of the equity interests of Riverbend Oil & Gas IX, L.L.C., from Riverbend for consideration consisting of (i) approximately $337 million in cash, and (ii) 3,689,865 shares of our Class A Common Stock, in each case, subject to customary closing adjustments. The mineral and royalty interests to be acquired in the Pending Riverbend Acquisition represent approximately 3,064 net royalty acres in the Permian Basin. The Pending Riverbend Acquisition is expected to close during the third quarter of 2026, subject to customary closing conditions. See Note 13—Subsequent Events of the notes to the condensed consolidated financial statements for additional information on the Pending Riverbend Acquisition.

Current wording

On July 1, 2026, we and Viper Energy Partners LP acquired all of the equity interests of Riverbend Oil & Gas IX, L.L.C., from Riverbend for consideration consisting of (i) approximately $339 million in cash, and (ii) 3,691,796 shares of our Class A Common Stock, in each case, subject to customary post-closing adjustments. The mineral and royalty interests acquired in the Riverbend Acquisition represent approximately 2,772 net royalty acres in the Permian Basin.

Previous wording

At March 31, 2026, our footprint of mineral and royalty interests totaled approximately 86,639 net royalty acres, approximately 38% of which are operated by Diamondback. See Note 4—Acquisitions and Divestitures of the notes to the condensed consolidated financial statements for additional information on our acquisitions and divestitures.

Current wording

As of July 1, 2026, after giving effect to the Riverbend Acquisition, our footprint of mineral and royalty interests totaled approximately 90,212 net royalty acres, approximately 38% of which are operated by Diamondback.

Previous wording

Prices for oil, natural gas and natural gas liquids are determined primarily by prevailing market conditions. Geopolitical global conflicts, tariffs or other trade barriers and any resulting trade tensions, regional and worldwide economic activity, changes in trade or other government policies or regulations, including with respect to U.S. energy and monetary policies, extreme weather conditions and other substantially variable factors influence market conditions for these products. For example, in the last quarter the global crude oil market shifted from a supply-demand surplus to a deficit, materially reducing crude oil and refined products from the markets, and increasing benchmark crude oil prices. These factors are beyond our control and are difficult to predict. OPEC+ continues to meet regularly to evaluate the state of global oil supply, demand and inventory levels and can heavily influence volatility in oil prices. During the three months ended March 31, 2026, and 2025, WTI prices averaged $72.67 and $71.42 per Bbl, respectively, and Henry Hub prices averaged $3.47 and $3.87 per MMBtu, respectively.

Current wording

Prices for oil, natural gas and natural gas liquids are determined primarily by prevailing market conditions. Geopolitical global conflicts, tariffs or other trade barriers and any resulting trade tensions, regional and worldwide economic activity, changes in trade or other government policies or regulations, including with respect to U.S. energy and monetary policies, extreme weather conditions, changes in OPEC+ production levels and other substantially variable factors influence market conditions for these products. For example, as a result of the ongoing conflict in the Middle East, in 2026 the global crude oil market has shifted between supply-demand surpluses and deficits, due to material reductions in crude oil and refined products from the markets, creating additional volatility in benchmark crude oil prices. These factors are beyond our control and are difficult to predict. During the first half of 2026 and 2025, WTI prices averaged $83.00 and $70.81 per Bbl, respectively, and Henry Hub prices averaged $3.20 and $3.69 per MMBtu, respectively.

Previous wording

The following table summarizes our gross well information for the first quarter ended March 31, 2026:

Current wording

The following table summarizes our gross well information as of July 1, 2026, after giving effect to the Riverbend Acquisition:

Previous wording

(1)Average lateral length of 11,583 feet.

Current wording

(1)Average lateral length normalized to 10,000 feet.

Previous wording

(2)The total 1,370 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months.

Current wording

(2)The total 1,798 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months.

Previous wording

(3)The total 1,351 gross line-of-sight wells are those that are not currently in the process of active development, but for which we have reason to believe will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third-party operators or Diamondback’s current expected completion schedule. Existing permits or active development of our royalty acreage does not ensure that those wells will be turned to production given the volatility in oil prices.

Current wording

(3)The total 1,589 gross line-of-sight wells are those that are not currently in the process of active development, but for which we have reason to believe will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third-party operators or Diamondback’s current expected completion schedule. Existing permits or active development of our royalty acreage does not ensure that those wells will be turned to production given the volatility in oil prices.

Previous wording

Significant changes in our revenues and expenses between the first quarter of 2026 and the fourth quarter of 2025 are discussed further below.

Current wording

Significant changes in our revenues and expenses between the second quarter of 2026 and the first quarter of 2026 are discussed further below.

Previous wording

Royalty income increased by $74 million during the first quarter of 2026 compared to the fourth quarter of 2025. This net increase consisted of an additional $91 million in royalty income attributable to higher average commodity prices received primarily for our oil production in the first quarter of 2026 compared to the fourth quarter of 2025, partially offset by a reduction of $17 million due to a 5% decrease in our production.

Current wording

Royalty income increased by $162 million during the second quarter of 2026 compared to the first quarter of 2026. This net increase consisted of an additional $152 million attributable to higher average commodity prices received primarily for our oil production, and an additional $10 million due to a 4% increase in our production.

Previous wording

In general, production taxes are directly related to production revenues and are based upon current year commodity prices. Ad valorem taxes are based, among other factors, on property values driven by prior year commodity prices. Production taxes and ad valorem taxes as a percentage of royalty income for the first quarter of 2026 were relatively consistent with the fourth quarter of 2025.

Current wording

In general, production taxes are directly related to production revenues and are based upon current year commodity prices. Ad valorem taxes are based, among other factors, on property values driven by prior year commodity prices. Ad valorem taxes as a percentage of royalty income decreased in the second quarter of 2026 due primarily to current valuations reflecting lower 2025 commodity prices.

Previous wording

The $5 million decrease in the gain on derivative instruments, net in the first quarter of 2026 compared to the fourth quarter of 2025 consisted primarily of (i) a reduction of approximately $9 million in the value of our open oil contracts, (ii) a gain of approximately $7 million on our 2026 WTI Contingent Liability recorded in the fourth quarter of 2025, and (iii) a reduction of approximately $3 million in the value of our open natural gas contracts primarily due to changes in the differential between prices for Waha Hub and Henry Hub. These decreases in the gain on derivative instruments were partially offset by an increase of approximately $12 million in cash receipts on settled natural gas basis swaps, and other insignificant changes.

Current wording

The $18 million decrease in the gain on derivative instruments, net in the second quarter of 2026 compared to the first quarter of 2026 consisted largely of a $32 million reduction in the value of our open natural gas basis swap contracts primarily due to changes in the differential between prices for Waha Hub and Henry Hub, and an additional $7 million in cash paid to settle oil contracts. These reductions were partially offset by an increase of approximately $18 million in the value of our open oil contracts primarily due to a decrease in market prices compared to contract prices on our puts and roll swaps as well as other insignificant changes. See Note 10—Derivatives of the notes to the condensed consolidated financial statements for additional discussion of our open contracts at June 30, 2026.

Previous wording

Provision for (Benefit from) Income Taxes. The $49 million change to income tax expense in the first quarter of 2026 from income tax benefit in the fourth quarter of 2025 was primarily driven by the $408 million non-cash impairment recorded in the fourth quarter of 2025. See Note 9—Income Taxes of the notes to the condensed consolidated financial statements for further discussion of income tax expense.

Current wording

Provision for (Benefit from) Income Taxes. The $44 million increase in income tax expense in the second quarter of 2026 compared to the first quarter of 2026 primarily resulted from an increase in pre-tax income attributable to Viper and changes to the estimated deferred taxes recognized in connection with the closing of the Sitio Acquisition. See Note 9—Income Taxes of the notes to the condensed consolidated financial statements for further discussion of income tax expense.

Previous wording

Net Income (Loss) Attributable to Non-Controlling Interest. The change to $118 million in net income attributable to non-controlling interest for the first quarter of 2026 from a net loss attributable to non-controlling interest of $143 million in the fourth quarter of 2025 was primarily due to (i) the $408 million non-cash impairment recorded in the fourth quarter of 2025, and (ii) a dilution of the non-controlling interest following the 2026 Secondary Offering.

Current wording

Net Income (Loss) Attributable to Non-Controlling Interest. The $71 million increase in net income attributable to non-controlling interest for the second quarter of 2026 compared to the first quarter of 2026 was primarily due to an increase in pre-tax income, slightly offset by a dilution of the non-controlling interest following the 2026 Secondary Offering.

Previous wording

Significant changes in our revenues and expenses for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, are discussed further below.

Current wording

Significant changes in our revenues and expenses for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, are discussed further below.

Previous wording

Royalty income increased $252 million during the three months ended March 31, 2026, compared to the same period in 2025. This net increase was primarily due to an additional $282 million in royalty income from the 128% growth in production, partially offset by a net decrease of $30 million from lower average natural gas and natural gas liquids prices received for our production during the first quarter of 2026 compared to the same period in 2025.

Current wording

Royalty income increased $623 million during the six months ended June 30, 2026, compared to the same period in 2025. This net increase was comprised of an additional $444 million from the 94% growth in production and a net increase of $179 million primarily from higher average oil prices received for our production during the six months ended June 30, 2026 compared to the same period in 2025.

Previous wording

Of the 128% growth in production, approximately 54% was attributable to the Sitio Acquisition and 45% was attributable to the 2025 Drop Down. The remainder of the growth is primarily from new wells added between periods. See Note

Current wording

Approximately 59% of the growth in production was attributable to the Sitio Acquisition and 40% was attributable to the 2025 Drop Down. The remainder of the growth is primarily from new wells added between periods. See Note 4—Acquisitions and Divestitures of the notes to the condensed consolidated financial statements for additional discussion of our acquisitions.

Previous wording

In general, production taxes are directly related to production revenues and are based upon current year commodity prices. Ad valorem taxes are based, among other factors, on property values driven by prior year commodity prices. Production taxes and ad valorem taxes as a percentage of royalty income for the three months ended March 31, 2026, were relatively consistent with the same period in 2025.

Current wording

In general, production taxes are directly related to production revenues and are based upon current year commodity prices. Ad valorem taxes are based, among other factors, on property values driven by prior year commodity prices. Ad valorem taxes as a percentage of royalty income for the six months ended June 30, 2026 decreased slightly from the same period in 2025 due primarily to current valuations reflecting lower 2025 commodity prices.

Previous wording

Depletion. The increase in depletion expense of $139 million for the three months ended March 31, 2026, compared to the same period in 2025 consisted primarily of (i) $86 million from growth in production volumes, and (ii) $53 million due to an increase in the depletion rate to $17.51 per BOE for the three months ended March 31, 2026, resulting primarily from the addition of leasehold costs and reserves from the 2025 Drop Down and the Sitio Acquisition compared to $12.97 per BOE for the same period in 2025.

Current wording

Depreciation, Depletion, and Amortization. The $210 million increase in depreciation, depletion, and amortization expense for the six months ended June 30, 2026, compared to the same period in 2025 consisted primarily of (i) $179 million from growth in production volumes, and (ii) $31 million due to an increase in the depletion rate to $16.71 per BOE for the six months ended June 30, 2026 compared to $15.43 per BOE for the same period in 2025, primarily from the addition of leasehold costs and reserves from the 2025 Drop Down and the Sitio Acquisition and partially offset by the decline in the depletion rate following the ceiling test impairment from the third and fourth quarters of 2025.

Previous wording

Interest Expense, Net. The increase in interest expense, net of $14 million for the three months ended March 31, 2026, compared to the same period in 2025 consisted primarily of (i) approximately $22 million in additional expense incurred for our Guaranteed Senior Notes, (ii) approximately $3 million in additional interest expense incurred on the Term Loan prior to its termination, and (iii) a reduction of approximately $3 million in interest income. These increases in interest expense, net were partially offset by interest cost savings of approximately $13 million due to the early termination of the Notes.

Current wording

Interest Expense, Net. Interest expense, net increased $23 million for the six months ended June 30, 2026, compared to the same period in 2025 primarily due to (i) $44 million in additional expense incurred for our Guaranteed Senior Notes, and (ii) a decrease of $5 million in interest income, which were partially offset by interest cost savings of approximately $26 million due to the early termination of the Notes.

Previous wording

The $14 million decrease in the gain on derivative instruments, net for the three months ended March 31, 2026, compared to the same period in 2025 consisted primarily of (i) a reduction of approximately $14 million in the value of our open natural gas contracts due primarily to changes in the differential between prices for Waha Hub and Henry Hub, (ii) a reduction of approximately $9 million in the value of our open oil contracts, and (iii) an increase of approximately $2 million in cash paid to settle oil contracts. These decreases in the gain on derivative instruments were partially offset by an increase of approximately $13 million in cash receipts on settled natural gas basis swaps and other insignificant changes.

Current wording

The $15 million increase in the gain on derivative instruments, net for the six months ended June 30, 2026, compared to the same period in 2025 consisted primarily of $33 million in additional cash receipts on settled natural gas basis swaps, partially offset by (i) $10 million in additional cash paid to settle oil contracts, (ii) a reduction of approximately $7 million in the value of our open natural gas contracts due primarily to changes in the differential between prices for Waha Hub and Henry Hub on our basis swaps, and (iii) other insignificant changes. See Note 10—Derivatives of the notes to the condensed consolidated financial statements for additional discussion of our open contracts at June 30, 2026.

Previous wording

Provision for (Benefit from) Income Taxes. The $7 million increase in income tax expense for the three months ended March 31, 2026, compared to the same period in 2025 primarily resulted from an increase in pre-tax income attributable to Viper. See Note 9—Income Taxes of the notes to the condensed consolidated financial statements for further discussion of income tax expense.

Current wording

Provision for (Benefit from) Income Taxes. The $72 million increase in income tax expense for the six months ended June 30, 2026, compared to the same period in 2025 primarily resulted from an increase in pre-tax income attributable to Viper and changes to the estimated deferred taxes recognized in connection with the closing of the Sitio Acquisition. See Note 9—Income Taxes of the notes to the condensed consolidated financial statements for further discussion of income tax expense.

Previous wording

Net Income (Loss) Attributable to Non-Controlling Interest. The $40 million increase in net income attributable to non-controlling interest for the three months ended March 31, 2026, compared to the same period in 2025 was primarily due to (i) an increase in net income, and (ii) changes in the non-controlling interest in the Operating Company resulting from the Drop Down Equity Issuance and the issuance of OpCo Units to fund the Sitio Acquisition, which were partially offset by a dilution of the non-controlling interest following the 2025 Equity Offering and the 2026 Secondary Offering.

Current wording

Net Income (Loss) Attributable to Non-Controlling Interest. The $182 million increase in net income attributable to non-controlling interest for the six months ended June 30, 2026, compared to the same period in 2025 was primarily due to (i) an increase in net income, and (ii) changes in the non-controlling interest in the Operating Company resulting from the Drop Down Equity Issuance and the issuance of OpCo Units to fund the Sitio Acquisition, which were partially offset by a dilution of the non-controlling interest following the 2025 Equity Offering and the 2026 Secondary Offering.

Previous wording

As we pursue our business and financial strategy, we regularly consider which capital resources, including cash flow and equity and debt financings, are available to meet our future financial obligations and liquidity requirements. Our future ability to grow proved reserves will be highly dependent on the capital resources available to us. Our primary sources of liquidity have been cash flow from operations, equity and debt offerings, borrowings underour Revolving Credit Facility, term loan agreements and proceeds from sales of non-core assets. Our primary uses of cash have been dividends to our stockholders, Operating Company distributions to the holders of OpCo Units, repayments of debt, capital expenditures for the acquisition of our mineral and royalty interests in oil and natural gas properties and repurchases of our Common Stock and OpCo Units. At March 31, 2026, we had $1.51 billion of liquidity consisting of $28 million in cash and cash equivalents and $1.48 billion in available borrowings under our Revolving Credit Facility. See “—Capital Resources” below for additional discussions of changes in our sources of cash.

Current wording

As we pursue our business and financial strategy, we regularly consider which capital resources, including cash flow and equity and debt financings, are available to meet our future financial obligations and liquidity requirements. Our future ability to grow proved reserves will be highly dependent on the capital resources available to us. Historically, our primary sources of liquidity have been cash flow from operations, equity and debt offerings, borrowings underour Revolving Credit Facility, term loan agreements and proceeds from sales of non-core assets. Our primary uses of cash have been dividends to our stockholders, Operating Company distributions to the holders of OpCo Units, repayments of debt, capital expenditures for the acquisition of our mineral and royalty interests in oil and natural gas properties and repurchases of our Common Stock and OpCo Units.

Previous wording

Our working capital requirements are supported by our cash and cash equivalents and our Revolving Credit Facility. We may draw on our Revolving Credit Facility to meet short-term cash requirements, or issue debt or equity securities as part of our longer-term liquidity and capital management program. Because of the alternatives available to us as discussed above, we believe our short-term and long-term liquidity are adequate to fund not only our current operations, but also our near-term and long-term funding requirements including dividends, debt service obligations, repayment of debt maturities, any repurchases of our Common Stock, OpCo Units or Guaranteed Senior Notes and any amounts that may ultimately be paid in connection with contingencies.

Current wording

We may draw on our Revolving Credit Facility to meet short-term cash requirements, or issue debt or equity securities as part of our longer-term liquidity and capital management program. Because of the alternatives available to us as discussed above, we believe our short-term and long-term liquidity are adequate to fund not only our current operations, but also our near-term and long-term funding requirements.

Previous wording

Our operating cash flow is sensitive to many variables, the most significant of which are the volatility of prices for oil and natural gas and the volumes of oil and natural gas sold by our operators. The increase in net cash provided by operating activities during the three months ended March 31, 2026, compared to the same period in 2025 was primarily driven by an increase in royalty income, which was partially offset by changes in our working capital accounts including the timing of when accounts receivable are collected and when payments are made on accounts payable. See “—Results of Operations” for discussion of significant changes in our income and expenses.

Current wording

Our operating cash flow is sensitive to many variables, the most significant of which are the volatility of prices for oil and natural gas and the volumes of oil, natural gas and natural gas liquids sold by our operators. The increase in net cash provided by operating activities during the six months ended June 30, 2026, compared to the same period in 2025 was primarily driven by an increase in royalty income, which was partially offset by (i) changes in our working capital accounts including the timing of when accounts receivable are collected and when payments are made on accounts payable, and (ii) an increase in certain cash payments, including for federal taxes, interest on our debt, and production and ad valorem taxes. See “—Results of Operations” for discussion of significant changes in our income and expenses.

Previous wording

Net cash provided by investing activities during the three months ended March 31, 2026, was primarily related to proceeds received from the Non-Permian Divestiture, partially offset by insignificant acquisitions of oil and natural gas properties. See Note 4—Acquisitions and Divestitures of the notes to the condensed consolidated financial statements for additional information on these transactions.

Current wording

Net cash provided by investing activities during the six months ended June 30, 2026, was primarily related to proceeds received from the Non-Permian Divestiture, partially offset by individually insignificant acquisitions of oil and natural gas properties. See Note 4—Acquisitions and Divestitures of the notes to the condensed consolidated financial statements for additional information on these transactions.

Previous wording

Net cash used in investing activities during the three months ended March 31, 2025, was primarily related to acquisitions of oil and natural gas properties and a $223 million escrow deposit made for the 2025 Drop Down.

Current wording

Net cash used in investing activities during the six months ended June 30, 2025, was primarily related to acquisitions of oil and natural gas properties in the 2025 Drop Down and from other third parties.

Previous wording

Net cash used in financing activities during the three months ended March 31, 2026, was primarily attributable to (i) $500 million paid for the retirement of the Term Loan, (ii) $213 million of dividends paid to holders of our OpCo Units and our Class A Common Stock, (iii) $96 million of securities repurchases under our repurchase program, and (iv) net repayments of $85 million on our Revolving Credit Facility.

Current wording

Net cash used in financing activities during the six months ended June 30, 2026, was primarily attributable to (i) $500 million paid for the retirement of the Term Loan, (ii) $494 million of dividends and dividend equivalent rights paid to holders of our OpCo Units and our Class A Common Stock, (iii) $228 million of securities repurchases under our repurchase program, and (iv) repayments, net of borrowings, of $10 million on our Revolving Credit Facility.

Previous wording

Net cash provided by financing activities during the three months ended March 31, 2025, was primarily attributable to proceeds of $1.2 billion from the 2025 Equity Offering, partially offset by net repayments of $261 million on our Revolving Credit Facility and $153 million of dividends paid to holders of our OpCo Units and our Class A Common Stock.

Current wording

Net cash provided by financing activities during the six months ended June 30, 2025, was primarily attributable to proceeds of $1.2 billion from the 2025 Equity Offering and net borrowings of $64 million on our Revolving Credit Facility. These cash inflows were partially offset by $345 million of dividends paid to holders of our OpCo Units and our Class A Common Stock and $50 million paid for the redemption of principal outstanding on certain senior notes.

Previous wording

On December 10, 2025, our board of directors expanded the repurc hase program to include repurchases of our Class B Common Stock and OpCo Unitsin addition to our previously authorized Class A Common Stock. On February 18, 2026, our board of directors also approved an increase in our repurchase program authorization from $750 million to $1.75 billion, excluding the 1% U.S. federal excise tax on certain repurchases of stock by publicly traded U.S. corporations enacted as part of the Inflation Reduction Act of 2022. Since the inception of our repurchase program through May 1, 2026, we have repurchased an aggregate of 18,768,257 shares of our Common Stock and 2,000,000 OpCo Units for a total cost of $610 million, excluding any applicable excise tax, leaving approximately $1.14 billion for future repurchases under the repurchase program. See Note 7—Stockholders’ Equity of the notes to the condensed consolidated financial statements for further discussion of our stock repurchase program.

Current wording

On December 10, 2025, our board of directors expanded the repurc hase program to include repurchases of our Class B Common Stock and OpCo Unitsin addition to our previously authorized Class A Common Stock. On February 18, 2026, our board of directors also approved an increase in our repurchase program authorization from $750 million to $1.75 billion, excluding the 1% U.S. federal excise tax on certain repurchases of stock by publicly traded U.S. corporations enacted as part of the Inflation Reduction Act of 2022. Since the inception of our repurchase program through July 31, 2026, we have repurchased an aggregate of 22,315,760 shares of our Class A Common Stock and 2,000,000 shares of our Class B Common Stock and OpCo Units for a total cost of $766 million, excluding any applicable excise tax, leaving approximately $984 million for future repurchases under the repurchase program. See Note 7—Stockholders’ Equity of the notes to the condensed consolidated financial statements for further discussion of our stock repurchase program.

Previous wording

First Quarter 2026 Cash Dividends and Return of Capital Update

Current wording

Second Quarter 2026 Cash Dividends and Return of Capital Update

Previous wording

The Operating Company will pay a cash distribution for the first quarter of 2026 in accordance with its distribution policy of $0.86 per OpCo Unit on May 21, 2026, to eligible holders of record at the close of business on May 14, 2026.

Current wording

The Operating Company will pay a cash dividend for the second quarter of 2026 in accordance with its distribution policy of $0.97 per OpCo Unit on August 20, 2026, to eligible holders of record at the close of business on August 13, 2026.

Previous wording

Our capital‑light business model and high free cash flow margins positioned us to further deliver on our comprehensive capital allocation strategy. As a result, in addition to repurchases under our repurchase program, we will pay a cash dividend for the first quarter of 2026 of $0.68 per share of Class A Common Stock payable on May 21, 2026, to eligible holders of record at the close of business on May 14, 2026. The dividend to stockholders consists of a base quarterly dividend of $0.38 per share of Class A Common Stock and a variable quarterly dividend of $0.30 per share of Class A Common Stock.

Current wording

In addition to repurchases under our repurchase program, we will pay a cash dividend for the second quarter of 2026 of $0.67 per share of Class A Common Stock payable on August 20, 2026, to eligible holders of record at the close of business on August 13, 2026. The dividend to stockholders consists of a base quarterly dividend of $0.38 per share of Class A Common Stock and a variable quarterly dividend of $0.29 per share of Class A Common Stock.

Previous wording

We expect to continue paying quarterly cash dividends in respect of our Class A Common Stock and OpCo Units. Future base and variable dividends are not required and are at the discretion of the board of directors, who may change the dividend policy at any time. See Note 7—Stockholders’ Equity of the notes to the condensed consolidated financial statements for further discussion of the repurchase program and dividends.

Current wording

We expect to continue paying quarterly cash dividends in respect of our Class A Common Stock and OpCo Units. However, beginning in the third quarter of 2026, we intend to transition away from our commitment to return at least 75% of cash available for distribution each quarter, and will increase the annual base dividend to $2.00 per share of our Class A Common Stock, which annual dividend will be payable in quarterly installments of $0.50 per share of our Class A Common Stock. The flexibility created by retaining excess cash flow will allow us to continue to opportunistically repurchase shares, reduce debt and pursue a disciplined mergers and acquisitions strategy, all of which we expect to compound value for our stockholders over the long term. Future dividends on Class A Common Stock and stock repurchases are not required and are at the discretion of the board of directors, who may change the dividend policy and/or share repurchase program at any time. See Note 7—Stockholders’ Equity of the notes to the condensed consolidated financial statements for further discussion of the repurchase program and dividends.

Previous wording

In accordance with Rule 3-10 of Regulation S-X, subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated into the parent company’s consolidated financial statements, the parent guarantee is “full and unconditional,” except that such guarantee will be released or terminated in certain circumstances set forth in the indentures governing the Guaranteed Senior Notes, and, subject to certain exceptions, the alternative disclosures specified in Rule 13-01 are provided, which include narrative disclosure and summarized financial information. Accordingly, separate consolidated financial statements of the issuer have not been presented. Furthermore, as permitted under Rule 13-01(a)(4)(vi) of Regulation S-X, we have excluded the summarized financial information for the issuer because the assets, liabilities and results of operations of the issuer are not materially different than the corresponding amounts in our consolidated financial statements and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.

Current wording

In accordance with Rule 3-10 of Regulation S-X, subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated into the parent company’s condensed consolidated financial statements, the parent guarantee is “full and unconditional,” except that such guarantee will be released or terminated in certain circumstances set forth in the indentures governing the Guaranteed Senior Notes, and, subject to certain exceptions, the alternative disclosures specified in Rule 13-01 are provided, which include narrative disclosure and summarized financial information. Accordingly, separate consolidated financial statements of the issuer have not been presented. Furthermore, as permitted under Rule 13-01(a)(4)(vi) of Regulation S-X, we have excluded the summarized financial information for the issuer because the assets, liabilities and results of operations of the issuer are not materially different than the corresponding amounts in our condensed consolidated financial statements and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.