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SEGMENT INFORMATION (Tables)
9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of geographical distribution of long-lived assets Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):
As of September 30, 2024As of December 31, 2023
Stream
interest
Royalty
interest
Total stream
and royalty
interests, net
Stream
interest
Royalty
interest
Total stream
and royalty
interests, net
Canada$428,042 $660,950 $1,088,992 $461,398 $614,900 $1,076,298 
Dominican Republic303,954 — 303,954 311,050 — 311,050 
Africa242,378 321 242,699 264,529 321 264,850 
Chile214,509 224,116 438,625 222,629 224,116 446,745 
United States— 778,496 778,496 — 794,891 794,891 
Mexico— 35,629 35,629 — 41,803 41,803 
Australia— 19,908 19,908 — 21,288 21,288 
Rest of world86,888 26,133 113,021 92,010 26,639 118,649 
Total $1,275,771 $1,745,553 $3,021,324 $1,351,616 $1,723,958 $3,075,574 
Schedule of reportable segments for assessing performance
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
Three Months Ended September 30, 2024
Revenue
Cost of sales (1)
Production taxes
Depletion (2)
Segment gross profit
Stream interests$133,052 $27,192 $— $26,674 $79,186 
Royalty interests60,785 — 1,520 9,417 49,848 
Total $193,837 $27,192 $1,520 $36,091 $129,034 
Three Months Ended September 30, 2023
Revenue
Cost of sales (1)
Production taxes
Depletion (2)
Segment gross profit
Stream interests$98,978 $21,351 $— $30,433 $47,194 
Royalty interests39,639 — 1,671 9,556 28,412 
Total$138,617 $21,351 $1,671 $39,989 $75,606 

Nine Months Ended September 30, 2024
Revenue
Cost of sales (1)
Production taxes
Depletion (2)
Segment gross profit
Stream interests$358,531 $73,116 $— $80,199 $205,216 
Royalty interests158,304 — 4,550 30,234 123,520 
Total$516,835 $73,116 $4,550 $110,433 $328,736 
Nine Months Ended September 30, 2023
Revenue
Cost of sales (1)
Production taxes
Depletion (2)
Segment gross profit
Stream interests$319,982 $69,738 $— $93,537 $156,707 
Royalty interests133,069 — 4,934 30,964 97,171 
Total$453,051 $69,738 $4,934 $124,501 $253,878 
_______________________________________________
(1)Excludes depreciation, depletion and amortization.
(2)Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.
Schedule of reconciliation of segment gross profit to consolidated income (loss)
A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):
Three Months Ended Nine Months Ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Total segment gross profit$129,034 $75,606 $328,736 $253,878 
Costs and expenses
General and administrative expenses10,102 9,927 32,025 30,020 
Depreciation and amortization86 117 256 346 
Operating income118,846 65,562 296,455 223,512 
Fair value changes in equity securities(425)(462)(42)(171)
Interest and other income626 2,436 4,410 7,348 
Interest and other expense(1,207)(7,285)(8,330)(24,867)
Income before income taxes$117,840 $60,251 $292,493 $205,822 
Schedule of revenue by reportable segment geographically distributed
Our revenue by reportable segment for the three and nine months ended September 30, 2024 and 2023, is geographically distributed as shown in the following table (amounts in thousands):
Three Months Ended Nine Months Ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Stream interests:
Canada$66,372 $42,577 $173,737 $150,405 
Dominican Republic26,585 16,688 64,147 62,586 
Africa19,973 18,092 59,470 54,394 
Chile9,652 14,644 31,949 35,401 
Rest of world10,470 6,977 29,228 17,196 
Total stream interests$133,052 $98,978 $358,531 $319,982 
Royalty interests:
United States$34,131 $28,237 $83,484 $85,082 
Mexico10,853 1,964 34,509 19,413 
Australia7,476 4,696 19,498 13,874 
Canada5,269 3,090 13,435 9,585 
Rest of world3,056 1,652 7,378 5,115 
Total royalty interests$60,785 $39,639 $158,304 $133,069 
Total revenue$193,837 $138,617 $516,835 $453,051