Aris Water Solutions (ARIS) 10-Q8 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40955
Entity Registrant Name	Aris Water Solutions, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1022110
Entity Address, Address Line One	9651 Katy Freeway
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Houston
Entity Address State Or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	832
Local Phone Number	304-7003
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	ARIS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001865187
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		30,547,736
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,543,565

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash	$ 20,654	$ 5,063
Other Receivables	11,084	12,767
Prepaids and Deposits	6,350	8,364
Total Current Assets	119,183	108,550
Fixed Assets
Property, Plant and Equipment	1,079,012	1,041,703
Accumulated Depreciation	(131,121)	(121,989)
Total Property, Plant and Equipment, Net	947,891	919,714
Intangible Assets, Net	223,013	232,277
Goodwill	34,585	34,585
Deferred Income Tax Assets, Net	20,729	22,634
Right-of-Use Assets	16,454	16,726
Other Assets	5,740	5,995
Total Assets	1,367,595	1,340,481
Liabilities and Stockholders' Equity
Insurance Premium Financing Liability	3,676	5,463
Accrued and Other Current Liabilities	66,903	64,416
Total Current Liabilities	109,088	96,698
Long-Term Debt, Net of Debt Issuance Costs	422,259	421,792
Asset Retirement Obligations	20,149	19,030
Tax Receivable Agreement Liability	98,274	98,274
Other Long-Term Liabilities	16,423	16,794
Total Liabilities	666,193	652,588
Commitments and Contingencies (see Note 10)
Stockholders' Equity
Preferred Stock $0.01 par value, 50,000,000 authorized. None issued or outstanding as of March 31, 2024 and December 31, 2023
Treasury Stock (at Cost), 550,240 shares as of March 31, 2024; 418,319 shares as of December 31, 2023	(6,714)	(5,133)
Additional Paid-in-Capital	333,252	328,543
Retained Earnings (Accumulated Deficit)	4,652	(87)
Total Stockholders' Equity Attributable to Aris Water Solutions, Inc.	331,775	323,904
Noncontrolling Interest	369,627	363,989
Total Stockholders' Equity	701,402	687,893
Total Liabilities and Stockholders' Equity	1,367,595	1,340,481
Class A Common Stock
Stockholders' Equity
Common stock value	310	306
Class B Common Stock
Stockholders' Equity
Common stock value	275	275
Nonrelated Party
Assets
Accounts Receivable, Net	55,426	59,393
Liabilities and Stockholders' Equity
Accounts Payable	37,814	25,925
Related Party
Assets
Accounts Receivable, Net	25,669	22,963
Liabilities and Stockholders' Equity
Accounts Payable	$ 695	$ 894

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Treasury Stock (in shares)	550,240	418,319
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	31,097,976	30,669,932
Common stock, outstanding (in shares)	30,547,736	30,251,613
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	27,543,565	27,543,565
Common stock, outstanding (in shares)	27,543,565	27,543,565

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue
Total Revenue	$ 103,406	$ 91,571
Cost of Revenue
Direct Operating Costs	39,646	43,845
Depreciation, Amortization and Accretion	19,421	18,606
Total Cost of Revenue	59,067	62,451
Operating Costs and Expenses
Abandoned Well Costs	335
General and Administrative	14,501	11,799
Research and Development Expense	1,065	408
Other Operating Expense, Net	580	217
Total Operating Expenses	16,481	12,424
Operating Income	27,858	16,696
Other Expense
Interest Expense, Net	8,438	7,661
Other	1
Total Other Expense	8,439	7,661
Income Before Income Taxes	19,419	9,035
Income Tax Expense	2,589	1,327
Net Income	16,830	7,708
Net Income Attributable to Noncontrolling Interest	9,207	4,330
Net Income Attributable to Aris Water Solutions, Inc.	$ 7,623	$ 3,378
Net Income Per Share of Class A Common Stock
Basic (in dollars per share)	$ 0.23	$ 0.11
Diluted (in dollars per share)	$ 0.23	$ 0.11
Weighted Average Shares of Class A Common Stock Outstanding
Basic (in shares)	30,354,014	29,935,145
Diluted (in shares)	30,354,014	29,935,145
Other Revenue
Revenue
Total Revenue	$ 529	$ 465
Nonrelated Party \| Produced Water Handling
Revenue
Total Revenue	59,106	46,100
Nonrelated Party \| Water Solutions
Revenue
Total Revenue	11,702	13,882
Related Party
Revenue
Total Revenue	32,100	31,100
Related Party \| Produced Water Handling
Revenue
Total Revenue	26,827	23,140
Related Party \| Water Solutions
Revenue
Total Revenue	$ 5,242	$ 7,984

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flow from Operating Activities
Net Income	$ 16,830	$ 7,708
Adjustments to reconcile Net Income to Net Cash provided by Operating Activities:
Deferred Income Tax Expense	2,129	1,300
Depreciation, Amortization and Accretion	19,421	18,606
Stock-Based Compensation	3,521	2,468
Abandoned Well Costs	335
Gain on Disposal of Assets, Net	(54)	(13)
Abandoned Projects	729
Amortization of Debt Issuance Costs, Net	716	508
Other	323	180
Changes in Operating Assets and Liabilities:
Accounts Receivable	3,371	7,951
Accounts Receivable from Affiliate	(2,706)	18,790
Other Receivables	1,683	(332)
Prepaids and Deposits	2,014	1,262
Accounts Payable	3,382	1,298
Payables to Affiliate	(199)	(410)
Accrued Liabilities and Other	(7,686)	357
Net Cash Provided by Operating Activities	43,809	59,673
Cash Flow from Investing Activities
Property, Plant and Equipment Expenditures	(19,582)	(35,315)
Proceeds from the Sale of Property, Plant and Equipment	1
Net Cash Used in Investing Activities	(19,581)	(35,315)
Cash Flow from Financing Activities
Dividends and Distributions Paid	(5,449)	(5,373)
Repurchase of Shares	(1,310)	(599)
Repayment of Credit Facility	(15,000)	(9,000)
Proceeds from Credit Facility	15,000	15,000
Payment of Insurance Premium Financing	(1,878)
Net Cash (Used in) Provided by Financing Activities	(8,637)	28
Net Increase in Cash	15,591	24,386
Cash, Beginning of Period	5,063	1,122
Cash, End of Period	20,654	25,508
Supplementary Cash Flow Data
Cash Paid for Interest	$ 986	$ 633

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' and Members' Equity - USD ($) $ in Thousands	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings (Accumulated Deficit).	Non-controlling Interest	Class A Common Stock	Class B Common Stock	Total
Beginning Balance at Dec. 31, 2022	$ 300	$ 276	$ 319,545	$ (2,891)	$ (7,722)	$ 347,579			$ 657,087
Beginning Balance (in shares) at Dec. 31, 2022	30,115,979	27,575,519		196,762
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Class B Shares for Class A Shares			267			(267)
Redemption of Class B Shares for Class A Shares (in shares)	20,953	(20,953)
Stock-based Compensation Expense	$ 2		2,383			83			2,468
Stock-based Compensation Expense (in shares)	175,717
Increase in TRA Liability Related to Share Redemption, Net			(110)						(110)
Deferred Tax Assets Acquired			82						82
Dividends and Distributions (in dollars per share)					(2,826)	(2,588)			(5,414)
Purchase of Treasury Stock				$ (599)					(599)
Purchase of Treasury Stock (in shares)				42,293
Net Income					3,378	4,330			7,708
Ending Balance at Mar. 31, 2023	$ 302	$ 276	322,167	$ (3,490)	(7,170)	349,137			661,222
Ending Balance (in shares) at Mar. 31, 2023	30,312,649	27,554,566		239,055
Beginning Balance at Dec. 31, 2023	$ 306	$ 275	328,543	$ (5,133)	(87)	363,989			687,893
Beginning Balance (in shares) at Dec. 31, 2023	30,669,932	27,543,565		418,319			30,251,613	27,543,565
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Class B Shares for Class A Shares (in shares)	0
Stock-based Compensation Expense	$ 4		4,503			(986)			3,521
Stock-based Compensation Expense (in shares)	428,044
Deferred Tax Assets Acquired			224						224
Dividends and Distributions (in dollars per share)					(2,884)	(2,601)			(5,485)
Purchase of Treasury Stock			(18)	$ (1,581)		18			(1,581)
Purchase of Treasury Stock (in shares)				131,921
Net Income					7,623	9,207			16,830
Ending Balance at Mar. 31, 2024	$ 310	$ 275	$ 333,252	$ (6,714)	$ 4,652	$ 369,627			$ 701,402
Ending Balance (in shares) at Mar. 31, 2024	31,097,976	27,543,565		550,240			30,547,736	27,543,565

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' and Members' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements of Stockholders' and Members' Equity
Dividends and Distributions Declared (in dollars per share)	$ 0.09	$ 0.09

Organization and Background of

Organization and Background of Business	3 Months Ended
Organization and Background of Business	Mar. 31, 2024
Organization and Background of Business
Organization and Background of Business	1. Aris Water Solutions, Inc. (“Aris Inc.,” the “Company,” “we,” “our,” or “us”) is an independent, environmentally-focused company headquartered in Houston, Texas, that, through its controlling interest in Solaris Midstream Holdings, LLC, a Delaware limited liability company (“Solaris LLC”), provides sustainability-enhancing services to oil and natural gas operators. We strive to build long-term value through the development, construction and operation of integrated produced water handling and recycling infrastructure that provides high-capacity, comprehensive produced water management, recycling and supply solutions for operators in the Permian Basin. We are the parent holding company of Solaris LLC. As the sole managing member of Solaris LLC, we operate and control the business and affairs of Solaris LLC, and through Solaris LLC and its subsidiaries, conduct our business. We consolidate the financial results of Solaris LLC and report a noncontrolling interest related to the portion of Solaris LLC units not owned by us. These unaudited condensed consolidated financial statements reflect the financial statements of the consolidated Company including Aris Inc., Solaris LLC and Solaris LLC’s subsidiaries.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
Basis of Presentation and Significant Accounting Policies	Mar. 31, 2024
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation All dollar amounts, except per share/unit amounts, in the condensed consolidated financial statements and tables in the notes are stated in thousands of dollars unless otherwise indicated. Interim Financial Statements These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These financial statements have not been audited by our independent registered public accounting firm. These condensed consolidated financial statements include the adjustments and accruals, all of which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. These interim results are not necessarily indicative of results for a full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 . Consolidation We have determined that the members with equity at risk in Solaris LLC lack the authority, through voting rights or similar rights, to direct the activities that most significantly impact Solaris LLC’s economic performance; therefore, Solaris LLC is considered a variable interest entity. As the managing member of Solaris LLC, we operate and control all of the business and affairs of Solaris LLC, as well as have the obligation to absorb losses or the right to receive benefits that could be potentially significant to us. Therefore, we are considered the primary beneficiary and consolidate Solaris LLC . Noncontrolling Interest As of March 31, 2024, we own approximately 53% of Solaris LLC. Our condensed consolidated financial statements include a noncontrolling interest representing the percentage of Solaris LLC units not held by us . Use of Estimates Management has made certain estimates and assumptions that affect reported amounts in these condensed consolidated financial statements and disclosures of contingencies. These estimates include, among others, determining the fair values of assets acquired, liabilities assumed, and/or contingent consideration paid in acquisitions or nonmonetary exchanges or disposed of through sale, determining the fair value and related impairment of long-lived assets, determining the fair value of performance-based restricted stock units (“PSUs”), useful lives of property, plant and equipment and amortizable intangible assets, goodwill impairment testing, the fair value of asset retirement obligations, accruals for environmental matters, the income tax provision, valuation allowances for deferred tax assets and our Tax Receivable Agreement (“TRA”) liability. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including current economic and industry conditions. Actual results could differ from management’s estimates as additional information or actual results become available in the future, and those differences could be material. Significant Accounting Policies See Note 2. Significant Accounting Policies Fair Value Information The fair value of our 7.625% Senior Sustainability-Linked Notes (the “Notes”), which are fixed-rate debt, is estimated based on the published market prices for the same or similar issues. Management has designated this measurement as a Level 2 fair value measurement. The fair value of our Credit Facility (as defined below) approximates carrying value as the debt bears interest at a variable rate which is reflective of current rates otherwise available to us. Management has designated this measurement as Level 3. Fair value information regarding our debt is as follows: (in thousands) March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Amount Value Amount Value Senior Sustainability-Linked Notes $ 400,000 $ 403,864 $ 400,000 $ 405,090 Credit Facility $ 26,000 $ 26,000 $ 26,000 $ 26,000 The carrying values of our other financial instruments, consisting of cash, accounts receivable, accounts payable and our insurance premium financing liability, approximate their fair values due to the short maturity of such instruments . Intangible Assets Intangible assets are net of accumulated amortization of $143.7 million and $134.4 million at March 31, 2024 and December 31, 2023, respectively . Related Parties We and ConocoPhillips, one of our principal owners, are parties to a long-term water gathering and handling agreement, pursuant to which ConocoPhillips dedicates all the produced water generated from its current and future acreage in a defined area of mutual interest in New Mexico and Texas. As of March 31, 2024 and December 31, 2023, we had receivables of $25.7 million and $23.0 million, respectively, from ConocoPhillips that were recorded in “Accounts Receivable from Affiliate” on the condensed consolidated balance sheet. As of March 31, 2024 and December 31, 2023, we had payables of $0.6 million and $0.9 million, respectively, to ConocoPhillips that were recorded in “Payables to Affiliate” on the condensed consolidated balance sheet. Revenues related to ConocoPhillips were $32.1 million and $31.1 million, respectively, for the three months ended March 31, 2024 and 2023. Collaborative Arrangements We have a strategic agreement (the “Beneficial Reuse Strategic Agreement”) with Chevron U.S.A. Inc., ConocoPhillips and Exxon Mobil Corporation (collectively with us, the “alliance members”) to develop and pilot technologies and processes to treat produced water for potential beneficial reuse opportunities. We account for reimbursements of research and development costs under the Beneficial Reuse Strategic Agreement as contra-expenses in the period such expenses are incurred. This reflects the joint risk sharing nature of these activities within the collaborative arrangement. We classify advance billings or receivables recorded as “Accrued and Other Current Liabilities” or “Other Receivables,” respectively, on our condensed consolidated balance sheet. For the three months ended March 31, 2024 and 2023, we incurred $2.6 million and $148 thousand, respectively, in total research and development expenses relating to the Beneficial Reuse Strategic Agreement, which was offset by $2.0 million and $0.1 million, respectively, in amounts due from the other alliance members for reimbursement of these shared costs. Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, “ The amendments in this ASU primarily relate to the rate reconciliation and income taxes paid disclosures and improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024 and may be applied prospectively or retrospectively. Other than the required disclosures, we do not expect a material impact on our condensed consolidated financial statements and related disclosures upon adoption. In November 2023, the FASB issued ASU 2023-07, “ .” This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU require disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. This ASU is effective for annual periods beginning after December 15, 2024 and should be applied prospectively. Other than the required disclosures, we do not expect a material impact on our condensed consolidated financial statements and related disclosures upon adoption.

Additional Financial Statement

Additional Financial Statement Information	3 Months Ended
Additional Financial Statement Information	Mar. 31, 2024
Additional Financial Statement Information
Additional Financial Statement Information	3. Balance Sheet Other balance sheet information is as follows: (in thousands) March 31, December 31, 2024 2023 Other Receivables Insurance and Third Party Receivables for Remediation Expenses $ 3,510 $ 4,064 Reimbursable Research and Development Receivable 227 1,450 Property Insurance Receivable 4,000 4,000 Reimbursable Projects and Other 3,347 3,253 Total Other Receivables $ 11,084 $ 12,767 Prepaids and Deposits Prepaid Insurance $ 3,824 $ 5,494 Other Prepaids and Deposits 2,526 2,870 Total Prepaids and Deposits $ 6,350 $ 8,364 Accrued and Other Current Liabilities Accrued Operating Expense $ 25,335 $ 33,491 Accrued Capital Costs 14,007 3,812 Accrued Interest 15,677 8,510 Accrued Compensation 4,419 10,118 Lease Liabilities 1,773 1,676 Asset Retirement Obligation 578 763 Contingent Consideration Liability 1,261 1,221 Advance Billings for Reimbursable Research and Development Expense — 1,120 Other 3,853 3,705 Total Accrued and Other Current Liabilities $ 66,903 $ 64,416 Other Long-Term Liabilities Noncurrent Lease Liabilities $ 14,579 $ 14,716 Contingent Consideration Liability 1,844 2,078 Total Other Long-Term Liabilities $ 16,423 $ 16,794 Statement of Operations Other statement of operations information is as follows: (in thousands) Three Months Ended March 31, 2024 2023 Depreciation, Amortization and Accretion Expense Depreciation - Property, Plant and Equipment $ 9,839 $ 8,862 Amortization - Intangible Assets 9,263 9,452 Accretion of Asset Retirement Obligations 319 292 Total Depreciation, Amortization and Accretion Expense $ 19,421 $ 18,606 Other Operating Expense, Net Gain on Disposal of Assets, Net $ (54) $ (13) Transaction Costs 7 45 Abandoned Projects 729 — Other (102) 185 Other Operating Expense, Net $ 580 $ 217 Interest Expense Interest on Debt Instruments $ 8,301 $ 8,561 Amortization of Debt Issuance Costs 766 610 Total Interest Expense 9,067 9,171 Less: Capitalized Interest (629) (1,510) Total Interest Expense, Net $ 8,438 $ 7,661

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
Property, Plant and Equipment	Mar. 31, 2024
Property, Plant and Equipment.
Property, Plant and Equipment	4. Property, plant and equipment (“PP&E”) is stated at cost, less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful service life of the asset. PP&E consists of the following: (in thousands) March 31, December 31, 2024 2023 Wells, Facilities, Water Ponds and Related Equipment $ 569,701 $ 561,059 Pipelines 434,154 427,528 Vehicles, Equipment, Computers and Office Furniture 25,019 24,496 Assets Subject to Depreciation 1,028,874 1,013,083 Land 463 463 Projects and Construction in Progress 49,675 28,157 Total Property, Plant and Equipment 1,079,012 1,041,703 Accumulated Depreciation (131,121) (121,989) Total Property, Plant and Equipment, Net $ 947,891 $ 919,714 Accrued PP&E additions totaled $31.2 million and $13.1 million at March 31, 2024 and December 31, 2023, respectively. Abandoned Assets In 2023, management determined a stand-alone produced water handling facility was no longer economically beneficial to the operations of the Company, and the well was shut-in and taken out of service. During the three months ended March 31, 2024, we recognized an additional $0.3 million of plugging and abandonment expense related to this well, which is included in “Abandoned Well Costs” in the condensed consolidated statements of operations. Abandoned Projects During the three months ended March 31, 2024, we recorded $0.7 million in abandoned project expense related to the write-off of permits for water handling facilities and right-of-way easements that either expired prior to use or that we no longer planned to use for future projects. This is recorded in “Other Operating Expense, Net” in the condensed consolidated statements of operations.

Tax Receivable Agreement Liabil

Tax Receivable Agreement Liability	3 Months Ended
Tax Receivable Agreement Liability	Mar. 31, 2024
Tax Receivable Agreement Liability
Tax Receivable Agreement Liability	5. Our tax receivable agreement (“TRA”) with the legacy owners of Solaris LLC units (each such person, a “TRA Holder,” and together, the “TRA Holders”) generally provides for the payment by us to each TRA Holder of 85% of the net cash savings, if any, in U.S. federal, state and local income tax and franchise tax that we actually realize (computed by simplifying assumptions to address the impact of state and local taxes) or, are deemed to realize in certain circumstances, in periods after our initial public offering (the “IPO”) as a result of certain increases in tax basis that occur as a result of our acquisition or Solaris LLC’s redemption, respectively, of all or a portion of such TRA Holder’s Solaris LLC units in connection with the IPO or pursuant to the exercise of a redemption right or call right. We retain the remaining 15% of these cash savings. The future benefit of these cash savings is included, alongside other tax attributes, in our total deferred income tax asset balance at March 31, 2024. As of March 31, 2024 and December 31, 2023, the TRA liability totaled $98.3 million. As of March 31, 2024, we estimated that if all the remaining Solaris LLC units were redeemed for shares of our Class A common stock, the TRA liability would be approximately $240.9 million. If we experience a change of control (as defined under the TRA, which includes certain mergers, asset sales and other forms of business combinations and change of control events) or the TRA terminates early (at our election or as a result of our breach), we could be required to make an immediate lump-sum payment under the terms of the TRA. As of March 31, 2024, we estimated the liability associated with this lump-sum payment (or “early termination payment”) would be approximately $149.0 million, discounted. These amounts can be significantly impacted by the closing price of our Class A shares on the applicable redemption date. We currently do not anticipate experiencing a change of control or an early termination of the TRA.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt
Debt	6. Our debt consists of the following: (in thousands) March 31, December 31, 2024 2023 7.625% Senior Sustainability-Linked Notes $ 400,000 $ 400,000 Credit Facility 26,000 26,000 Total Long-Term Debt 426,000 426,000 Less: Unamortized Debt Issuance Costs (3,741) (4,208) Total Long-Term Debt, Net of Debt Issuance Costs $ 422,259 $ 421,792 Insurance Premium Financing Liability $ 3,676 $ 5,463 Total Debt $ 425,935 $ 427,255 (1) Credit Facility borrowings bore weighted average interest rates of 8.173% and 8.276% at March 31, 2024 and December 31, 2023, respectively. Senior Sustainability-Linked Notes Our 7.625% Senior Sustainability-Linked Notes (the “Notes”) are due April 1, 2026. The Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility (see below). The Notes are guaranteed on a senior unsecured basis by our wholly-owned subsidiaries. Interest on the Notes is payable on April 1 and October 1 of each year. We may redeem all or part of the Notes at any time at redemption prices ranging from 103.8125% through March 31, 2025 to 100% on or after April 1, 2025. If we undergo a change of control, we may be required to repurchase all or a portion of the Notes at a price equal to 101% of the principal amount of the Notes, plus accrued interest. Credit Facility Our amended and restated credit agreement (as it may be amended and/or restated from time to time, the “Credit Agreement”) provides for, among other things, (i) commitments of $350.0 million, (ii) a maturity date of October 12, 2027, with a springing maturity of 91 days ahead of the Notes’ due date of April 1, 2026 in the event the Notes are voluntarily redeemed, repurchased, refinanced or otherwise retired in full prior to such springing maturity date, (iii) loans made under our revolving credit facility (the “Credit Facility”) and unused commitment fees to be determined based on a leverage ratio ranging from 3.00:1.00 to 4.50:1.00, (iv) an accordion feature permitting the Company to seek an increase of the Credit Facility of up to $150.0 million, subject to certain conditions, (v) a leverage ratio covenant which comprises a maximum total funded debt to EBITDA ratio, net of $40.0 million of unrestricted cash and cash equivalents if the facility is drawn, and net of all unrestricted cash and cash equivalents if the facility is undrawn, (vi) a leverage ratio covenant test level which is currently 4.50 to 1.00 and (vii) a secured leverage covenant of 2.50 to 1.00. The Credit Facility provides for: i. Base rate borrowings that bear interest at the highest of (a) the prime rate, (b) the federal funds effective rate plus 0.50% and (c) Term SOFR for an interest period of one month plus 1.00% ; plus a margin that ranges from 175 basis points to 275 basis points, depending upon our leverage ratio; or ii. SOFR borrowings that bear interest at Term SOFR plus SOFR Adjustment of 0.10% plus a margin that ranges from 275 basis points to 375 basis points, depending upon our leverage ratio. In addition, the Credit Facility provides for commitment fee rates that range from 37.5 basis points to 50.0 basis points, depending upon our leverage ratio. As of March 31, 2024, we had $150 thousand in letters of credit outstanding and $323.9 million in revolving commitments available. The Credit Facility is secured by all the real and material personal property owned by Solaris LLC or any of its subsidiaries, other than certain excluded assets. As of March 31, 2024, we were in compliance with all covenants contained in the Credit Facility. Insurance Premium Financing In the fourth quarter of 2023, we entered into a short-term agreement with a third-party to finance certain insurance premiums for an aggregate amount of $6.6 million. The insurance premium financing is repayable in monthly installments of principal and interest through September 2024. As of March 31, 2024, the remaining balance was $3.7 million and is included in “Insurance Premium Financing Liability” on the condensed consolidated balance sheet.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases
Leases	7. In the normal course of business, we enter into operating lease agreements to support our operations. Our leased assets include right-of-way easements for our wells and facilities, office space and other assets. We currently have no finance leases. Balance Sheet Information The following table provides supplemental consolidated balance sheet information related to leases: (in thousands) March 31, December 31, Classification 2024 2023 Assets Right-of-Use Assets Right-of-Use Assets $ 16,454 $ 16,726 Liabilities Current Lease Liabilities Accrued and Other Current Liabilities $ 1,773 $ 1,676 Noncurrent Lease Liabilities Other Long-Term Liabilities 14,579 14,716 Statement of Operations Information The following table provides the components of lease cost, excluding lease costs related to short-term leases: (in thousands) Three Months Ended March 31, 2024 2023 Direct Operating Costs $ 336 $ 293 General and Administrative 517 220 Total Lease Cost $ 853 $ 513 Short-Term Leases Our short-term lease costs, which consisted primarily of field equipment rentals, totaled $3.1 million and $4.5 million for the three months ended March 31, 2024 and 2023, respectively. Cash Flow Information The following table summarizes supplemental cash flow information related to leases: (in thousands) Three Months Ended March 31, 2024 2023 Cash Paid for Amounts Included in Lease Liabilities $ 620 $ 334 Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities, Net 333 71 Lease Terms and Discount Rates The following table provides lease terms and discount rates related to leases: March 31, 2024 December 31, 2023 Weighted Average Remaining Lease Term (Years) 7.4 7.6 Weighted Average Discount Rate 6.34% 6.30% Annual Lease Maturities The following table provides maturities of lease liabilities at : (in thousands) 2024 $ 1,889 2025 2,210 2026 1,941 2027 3,182 2028 2,748 Thereafter 8,941 Total Lease Payments 20,911 Less: Interest (4,559) Present Value of Lease Liabilities $ 16,352 Subleases During the fourth quarter of 2023, we entered into two subleases related to our previous office space in Houston, Texas. The subtenants are responsible for monthly fixed rent and certain operating expenses associated with the office building, including utilities, which are considered variable lease payments. The sublease income is recorded as a reduction of rent expense under our head lease and is included in “General and Administrative” expense on the consolidated statements of operations. During the three months ended March 31, 2024, we recognized total sublease income of $0.2 million, including variable lease payments.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Taxes
Income Taxes	8. Our predecessor, Solaris LLC, is a Delaware limited liability company treated as a partnership for federal income tax purposes and, therefore, has not been subject to U.S. federal income tax at an entity level. As a result, the consolidated net income (loss) in our historical financial statements does not reflect the tax expense (benefit) we would have incurred if we were subject to U.S. federal income tax at an entity level during periods prior to the IPO. Solaris LLC continues to be treated as a partnership for U.S. federal income tax purposes and, as such, is not subject to U.S. federal income tax. Instead, taxable income is allocated to members, including Aris Inc., and except for Texas franchise tax, any taxable income of Solaris LLC is reported in the respective tax returns of its members. Income Tax Expense We recorded income tax expense of $2.6 million for the three months ended March 31, 2024, of which $0.5 million was current, and the remainder was deferred. For the three months ended March 31, 2023, we recorded income tax expense of $1.3 million, substantially all of which was deferred. Effective Tax Rate We record our income tax expense using an estimated annual effective tax rate (“ETR”) and recognize specific events discretely as they occur. The ETR for the three months ended March 31, 2024 and 2023 was 13.3% and 14.7%, respectively. The difference between the federal statutory rate and our estimated annual ETR is primarily due to the impact of the noncontrolling interest. Deferred Tax Assets We regularly evaluate the realizable tax benefits of deferred tax assets and record a valuation allowance, if required, based on an estimate of the amount of deferred tax assets that we believe does not meet the more-likely-than-not criteria of being realized. The balance of our “Deferred Income Tax Assets, Net” on the condensed consolidated balance sheet decreased $1.9 million during the three months ended March 31, 2024. Tax Examinations Solaris LLC files income tax returns in the U.S. federal jurisdiction and various states. There are currently no federal or state income tax examinations underway for these jurisdictions. Its federal and state returns remain open to examination for tax years 2019 through 2023.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2024
Stockholders' Equity
Stockholders' Equity	9. Redemptions During the three months ended March 31, 2024 and 2023, zero and 20,953 Solaris LLC units, respectively, together with an equal number of shares of our Class B common stock, were redeemed for shares of our Class A common stock on a one-for-one basis. Dividends and Distributions On February 23, 2024, our Board of Directors declared a dividend of $0.09 per share for the first quarter of 2024 on our Class A common stock. In conjunction with the dividend payments, a distribution of $0.09 per unit was paid to unit holders of Solaris LLC for the first quarter of 2024, subject to the same payment and record dates. On April 30, 2024, our Board of Directors declared a dividend on our Class A common stock for the second quarter of 2024 of $0.105 per share. In conjunction with the dividend payment, a distribution of $0.105 per unit will be paid to unit holders of Solaris LLC. The dividend will be paid on June 20, 2024 to holders of record of our Class A common stock as of the close of business on June 6, 2024. The distribution to unit holders of Solaris LLC will be subject to the same payment and record dates. Treasury Stock During the three months ended March 31, 2024 and 2023, 108,814 shares and 42,293 shares, respectively, of our Class A common stock were withheld for the payment of taxes due on shares of common stock issued to employees under our 2021 Equity Incentive Plan. In connection with an asset acquisition in 2022, certain shares of our Class A common stock issued to the seller were held in escrow and could be released to the Company under certain conditions, including for the reimbursement of certain post-acquisition workover costs pursuant to the terms of the asset purchase agreement. During the three months ended March 31, 2024, 23,107 of these escrow shares were released and returned to the Company for reimbursement of such workover costs and are included in “Treasury Stock” at a value of $0.3 million, which was their fair market value at the date of receipt. The receipt of these shares was recorded as a non-cash treasury stock transaction, with an allocation of the difference between the contractually ascribed value of the shares per the asset purchase agreement and the cost of the shares at the date of receipt recorded against the workover costs in the amount of $0.1 million.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies.
Commitments and Contingencies	10. In the normal course of business, we are subject to various claims, legal actions, contract negotiations and disputes. We provide for losses, if any, in the period in which they become probable and can be reasonably estimated. In management’s opinion, there are currently no such matters outstanding that would have a material effect on the accompanying consolidated financial statements. Delivery Commitment We have an agreement with an unaffiliated water disposal company to dispose of a minimum volume of produced water. As of March 31, 2024, the remaining term of this commitment was 6.2 years with a remaining minimum commitment of $24.8 million, undiscounted. Purchase Obligations In the normal course of business, we enter into short-term purchase obligations for products and services, primarily related to purchases of pipe, pumps and other components. As of March 31, 2024, we had purchase obligations and commitments of approximately $30.1 million due in the next twelve months. Environmental We are also subject to various federal, state and local laws and regulations relating to the protection of the environment. For the three months ended March 31, 2024 and 2023, we recognized $0.4 million and $1.4 million of expense, respectively, related to environmental matters that were recorded in “Direct Operating Costs” in the condensed consolidated statements of operations. As of March 31, 2024, we accrued insurance proceeds and third-party receivables of $5.1 million, of which $3.5 million are included in “Other Receivables” and $1.6 million are included in “Other Assets.” As of December 31, 2023, we accrued insurance proceeds and third-party receivables of $5.7 million, of which $4.1 million are included in “Other Receivables” and $1.6 million are included in “Other Assets.” We believe these proceeds are probable to collect and are reasonably estimable. Although we believe these estimates are reasonable, actual results could differ from these estimates.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share
Earnings Per Share	11. Earnings Per Share Net Income Per Share Basic and diluted net income per share attributable to our Class A common stock is computed by dividing net income attributable to Aris Water Solutions, Inc. by the weighted average number of shares of Class A common stock outstanding for the same period, including shares of restricted stock and restricted stock units (“RSUs”), which receive nonforfeitable dividends. Shares issued during the period are weighted for the portion of the period in which the shares were outstanding. The following table sets forth the computation of basic and diluted net income per share attributable to our Class A common stock for the periods indicated: (in thousands, except for share and per share amounts) Three Months Ended March 31, 2024 2023 Net Income Attributable to Stockholders' Equity $ 16,830 $ 7,708 Less: Net Income Attributable to Noncontrolling Interest 9,207 4,330 Net Income Attributable to Aris Water Solutions, Inc. 7,623 3,378 Participating Basic Earnings (1) (512) (209) Basic Net Income Attributable to Aris Water Solutions, Inc. $ 7,111 $ 3,169 Reallocation of Participating Net Income - - Diluted Net Income Attributable to Aris Water Solutions, Inc. $ 7,111 $ 3,169 Basic Weighted Average Shares Outstanding 30,354,014 29,935,145 Dilutive Performance-Based Stock Units - - Dilutive Weighted Average Shares Outstanding 30,354,014 29,935,145 Basic Net Income Per Share of Class A Common Stock $ 0.23 $ 0.11 Diluted Net Income Per Share of Class A Common Stock $ 0.23 $ 0.11 (1) Unvested shares of restricted stock and RSUs represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to participating securities. Unvested RSUs do not participate in undistributed net losses as they are not contractually obligated to do so. Shares of Class B common stock are considered potentially dilutive shares of Class A common stock because they may be redeemed for shares of Class A common stock on a one-for-one basis. A total of 27,543,565 weighted average shares and 27,568,302 weighted average shares of Class B common stock outstanding for the three months ended March 31, 2024 and 2023, respectively, were determined to be antidilutive and were excluded from the computation of diluted earnings per share of Class A common stock. In addition, all PSUs were determined to be antidilutive for each period and were excluded from the computation of diluted earnings per share for those periods.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2024
Stock-Based Compensation
Stock-Based Compensation	12. Our 2021 Equity Incentive Plan allows for the grant of, among other types of awards, stock options; restricted stock; RSUs; and PSUs. Restricted Stock and Restricted Stock Units RSU activity during the period was as follows: RSUs Weighted-Average Grant Date Fair Value Outstanding at December 31, 2023 1,606,303 $ 11.72 Granted 1,422,857 12.04 Forfeited (34,310) 11.90 Vested (428,044) 11.78 Outstanding at March 31, 2024 2,566,806 $ 11.88 The RSUs generally vest in the following installments: (i) one-third one-third one-third roximately $ million of compensation cost related to unvested shares of restricted stock and RSUs remained to be recognized. The cost is expected to be recognized over a weighted-average period of years. Performance-Based Restricted Stock Units PSU activity during the period was as follows: PSUs Weighted-Average Grant Date Fair Value Outstanding at December 31, 2023 404,993 $ 13.06 Granted - - Forfeited - - Outstanding at March 31, 2024 404,993 $ 13.06 The PSUs have the following performance criteria: ● Relative PSUs: 50% of the PSUs are based on total shareholder return relative to the total shareholder return of a predetermined group of peer companies. This relative total shareholder return is calculated at the end of the performance periods stipulated in the PSU agreement. ● Absolute PSUs: 50% of the PSUs have a performance criteria of absolute total shareholder return calculated at the end of the performance period stipulated in the PSU agreement. The vesting and payout of the PSUs occur when the related service condition is completed, which is approximately three years after the grant date regardless of the duration of the stipulated performance period. The PSUs can be paid out in either Class A common stock or cash, at our election. Dividends accrue on PSUs and are paid upon vesting. As of , approximately $ million of compensation cost related to unvested PSUs remained to be recognized. The cost is expected to be recognized over a weighted-average period of years. The grant date fair value was determined using the Monte Carlo simulation method and is expensed ratably over the service period. Expected volatilities used in the fair value simulation were estimated using historical periods consistent with the remaining performance periods. The risk-free rate was based on the U.S. Treasury rate for a term commensurate with the expected life of the grant.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	Basis of Presentation All dollar amounts, except per share/unit amounts, in the condensed consolidated financial statements and tables in the notes are stated in thousands of dollars unless otherwise indicated.
Interim Financial Statements	Interim Financial Statements These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These financial statements have not been audited by our independent registered public accounting firm. These condensed consolidated financial statements include the adjustments and accruals, all of which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. These interim results are not necessarily indicative of results for a full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 .
Consolidation	Consolidation We have determined that the members with equity at risk in Solaris LLC lack the authority, through voting rights or similar rights, to direct the activities that most significantly impact Solaris LLC’s economic performance; therefore, Solaris LLC is considered a variable interest entity. As the managing member of Solaris LLC, we operate and control all of the business and affairs of Solaris LLC, as well as have the obligation to absorb losses or the right to receive benefits that could be potentially significant to us. Therefore, we are considered the primary beneficiary and consolidate Solaris LLC .
Noncontrolling Interest	Noncontrolling Interest As of March 31, 2024, we own approximately 53% of Solaris LLC. Our condensed consolidated financial statements include a noncontrolling interest representing the percentage of Solaris LLC units not held by us .
Use of Estimates	Use of Estimates Management has made certain estimates and assumptions that affect reported amounts in these condensed consolidated financial statements and disclosures of contingencies. These estimates include, among others, determining the fair values of assets acquired, liabilities assumed, and/or contingent consideration paid in acquisitions or nonmonetary exchanges or disposed of through sale, determining the fair value and related impairment of long-lived assets, determining the fair value of performance-based restricted stock units (“PSUs”), useful lives of property, plant and equipment and amortizable intangible assets, goodwill impairment testing, the fair value of asset retirement obligations, accruals for environmental matters, the income tax provision, valuation allowances for deferred tax assets and our Tax Receivable Agreement (“TRA”) liability. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including current economic and industry conditions. Actual results could differ from management’s estimates as additional information or actual results become available in the future, and those differences could be material.
Significant Accounting Policies	Significant Accounting Policies See Note 2. Significant Accounting Policies
Fair Value Information	Fair Value Information The fair value of our 7.625% Senior Sustainability-Linked Notes (the “Notes”), which are fixed-rate debt, is estimated based on the published market prices for the same or similar issues. Management has designated this measurement as a Level 2 fair value measurement. The fair value of our Credit Facility (as defined below) approximates carrying value as the debt bears interest at a variable rate which is reflective of current rates otherwise available to us. Management has designated this measurement as Level 3. Fair value information regarding our debt is as follows: (in thousands) March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Amount Value Amount Value Senior Sustainability-Linked Notes $ 400,000 $ 403,864 $ 400,000 $ 405,090 Credit Facility $ 26,000 $ 26,000 $ 26,000 $ 26,000 The carrying values of our other financial instruments, consisting of cash, accounts receivable, accounts payable and our insurance premium financing liability, approximate their fair values due to the short maturity of such instruments .
Intangible Assets	Intangible Assets Intangible assets are net of accumulated amortization of $143.7 million and $134.4 million at March 31, 2024 and December 31, 2023, respectively .
Related Parties	Related Parties We and ConocoPhillips, one of our principal owners, are parties to a long-term water gathering and handling agreement, pursuant to which ConocoPhillips dedicates all the produced water generated from its current and future acreage in a defined area of mutual interest in New Mexico and Texas. As of March 31, 2024 and December 31, 2023, we had receivables of $25.7 million and $23.0 million, respectively, from ConocoPhillips that were recorded in “Accounts Receivable from Affiliate” on the condensed consolidated balance sheet. As of March 31, 2024 and December 31, 2023, we had payables of $0.6 million and $0.9 million, respectively, to ConocoPhillips that were recorded in “Payables to Affiliate” on the condensed consolidated balance sheet. Revenues related to ConocoPhillips were $32.1 million and $31.1 million, respectively, for the three months ended March 31, 2024 and 2023.
Collaborative Arrangements	Collaborative Arrangements We have a strategic agreement (the “Beneficial Reuse Strategic Agreement”) with Chevron U.S.A. Inc., ConocoPhillips and Exxon Mobil Corporation (collectively with us, the “alliance members”) to develop and pilot technologies and processes to treat produced water for potential beneficial reuse opportunities. We account for reimbursements of research and development costs under the Beneficial Reuse Strategic Agreement as contra-expenses in the period such expenses are incurred. This reflects the joint risk sharing nature of these activities within the collaborative arrangement. We classify advance billings or receivables recorded as “Accrued and Other Current Liabilities” or “Other Receivables,” respectively, on our condensed consolidated balance sheet. For the three months ended March 31, 2024 and 2023, we incurred $2.6 million and $148 thousand, respectively, in total research and development expenses relating to the Beneficial Reuse Strategic Agreement, which was offset by $2.0 million and $0.1 million, respectively, in amounts due from the other alliance members for reimbursement of these shared costs.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, “ The amendments in this ASU primarily relate to the rate reconciliation and income taxes paid disclosures and improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024 and may be applied prospectively or retrospectively. Other than the required disclosures, we do not expect a material impact on our condensed consolidated financial statements and related disclosures upon adoption. In November 2023, the FASB issued ASU 2023-07, “ .” This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU require disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. This ASU is effective for annual periods beginning after December 15, 2024 and should be applied prospectively. Other than the required disclosures, we do not expect a material impact on our condensed consolidated financial statements and related disclosures upon adoption.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Basis of Presentation and Significant Accounting Policies
Schedule of fair value information of debt	(in thousands) March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Amount Value Amount Value Senior Sustainability-Linked Notes $ 400,000 $ 403,864 $ 400,000 $ 405,090 Credit Facility $ 26,000 $ 26,000 $ 26,000 $ 26,000

Additional Financial Statemen_2

Additional Financial Statement Information (Tables)	3 Months Ended
Additional Financial Statement Information (Tables)	Mar. 31, 2024
Additional Financial Statement Information
Schedule of Other Balance Sheet information	(in thousands) March 31, December 31, 2024 2023 Other Receivables Insurance and Third Party Receivables for Remediation Expenses $ 3,510 $ 4,064 Reimbursable Research and Development Receivable 227 1,450 Property Insurance Receivable 4,000 4,000 Reimbursable Projects and Other 3,347 3,253 Total Other Receivables $ 11,084 $ 12,767 Prepaids and Deposits Prepaid Insurance $ 3,824 $ 5,494 Other Prepaids and Deposits 2,526 2,870 Total Prepaids and Deposits $ 6,350 $ 8,364 Accrued and Other Current Liabilities Accrued Operating Expense $ 25,335 $ 33,491 Accrued Capital Costs 14,007 3,812 Accrued Interest 15,677 8,510 Accrued Compensation 4,419 10,118 Lease Liabilities 1,773 1,676 Asset Retirement Obligation 578 763 Contingent Consideration Liability 1,261 1,221 Advance Billings for Reimbursable Research and Development Expense — 1,120 Other 3,853 3,705 Total Accrued and Other Current Liabilities $ 66,903 $ 64,416 Other Long-Term Liabilities Noncurrent Lease Liabilities $ 14,579 $ 14,716 Contingent Consideration Liability 1,844 2,078 Total Other Long-Term Liabilities $ 16,423 $ 16,794
Schedule of Other Statement of Operations information	(in thousands) Three Months Ended March 31, 2024 2023 Depreciation, Amortization and Accretion Expense Depreciation - Property, Plant and Equipment $ 9,839 $ 8,862 Amortization - Intangible Assets 9,263 9,452 Accretion of Asset Retirement Obligations 319 292 Total Depreciation, Amortization and Accretion Expense $ 19,421 $ 18,606 Other Operating Expense, Net Gain on Disposal of Assets, Net $ (54) $ (13) Transaction Costs 7 45 Abandoned Projects 729 — Other (102) 185 Other Operating Expense, Net $ 580 $ 217 Interest Expense Interest on Debt Instruments $ 8,301 $ 8,561 Amortization of Debt Issuance Costs 766 610 Total Interest Expense 9,067 9,171 Less: Capitalized Interest (629) (1,510) Total Interest Expense, Net $ 8,438 $ 7,661

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
Property, Plant and Equipment (Tables)	Mar. 31, 2024
Property, Plant and Equipment.
Schedule of PP&E	(in thousands) March 31, December 31, 2024 2023 Wells, Facilities, Water Ponds and Related Equipment $ 569,701 $ 561,059 Pipelines 434,154 427,528 Vehicles, Equipment, Computers and Office Furniture 25,019 24,496 Assets Subject to Depreciation 1,028,874 1,013,083 Land 463 463 Projects and Construction in Progress 49,675 28,157 Total Property, Plant and Equipment 1,079,012 1,041,703 Accumulated Depreciation (131,121) (121,989) Total Property, Plant and Equipment, Net $ 947,891 $ 919,714

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2024
Debt
Schedule of debt instruments	(in thousands) March 31, December 31, 2024 2023 7.625% Senior Sustainability-Linked Notes $ 400,000 $ 400,000 Credit Facility 26,000 26,000 Total Long-Term Debt 426,000 426,000 Less: Unamortized Debt Issuance Costs (3,741) (4,208) Total Long-Term Debt, Net of Debt Issuance Costs $ 422,259 $ 421,792 Insurance Premium Financing Liability $ 3,676 $ 5,463 Total Debt $ 425,935 $ 427,255 (1) Credit Facility borrowings bore weighted average interest rates of 8.173% and 8.276% at March 31, 2024 and December 31, 2023, respectively.

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases
Summary of supplemental consolidated balance sheet information	(in thousands) March 31, December 31, Classification 2024 2023 Assets Right-of-Use Assets Right-of-Use Assets $ 16,454 $ 16,726 Liabilities Current Lease Liabilities Accrued and Other Current Liabilities $ 1,773 $ 1,676 Noncurrent Lease Liabilities Other Long-Term Liabilities 14,579 14,716
Summary of supplemental statement of operation information	(in thousands) Three Months Ended March 31, 2024 2023 Direct Operating Costs $ 336 $ 293 General and Administrative 517 220 Total Lease Cost $ 853 $ 513
Summary of supplemental statement of cash flow information	(in thousands) Three Months Ended March 31, 2024 2023 Cash Paid for Amounts Included in Lease Liabilities $ 620 $ 334 Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities, Net 333 71
Summary of lease terms and discount rates	March 31, 2024 December 31, 2023 Weighted Average Remaining Lease Term (Years) 7.4 7.6 Weighted Average Discount Rate 6.34% 6.30%
Summary of annual operating lease maturities	(in thousands) 2024 $ 1,889 2025 2,210 2026 1,941 2027 3,182 2028 2,748 Thereafter 8,941 Total Lease Payments 20,911 Less: Interest (4,559) Present Value of Lease Liabilities $ 16,352

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
Earnings Per Share
Schedule of computation of basic and diluted net income per share	(in thousands, except for share and per share amounts) Three Months Ended March 31, 2024 2023 Net Income Attributable to Stockholders' Equity $ 16,830 $ 7,708 Less: Net Income Attributable to Noncontrolling Interest 9,207 4,330 Net Income Attributable to Aris Water Solutions, Inc. 7,623 3,378 Participating Basic Earnings (1) (512) (209) Basic Net Income Attributable to Aris Water Solutions, Inc. $ 7,111 $ 3,169 Reallocation of Participating Net Income - - Diluted Net Income Attributable to Aris Water Solutions, Inc. $ 7,111 $ 3,169 Basic Weighted Average Shares Outstanding 30,354,014 29,935,145 Dilutive Performance-Based Stock Units - - Dilutive Weighted Average Shares Outstanding 30,354,014 29,935,145 Basic Net Income Per Share of Class A Common Stock $ 0.23 $ 0.11 Diluted Net Income Per Share of Class A Common Stock $ 0.23 $ 0.11 (1) Unvested shares of restricted stock and RSUs represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to participating securities. Unvested RSUs do not participate in undistributed net losses as they are not contractually obligated to do so.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2024
Stock-Based Compensation
Schedule of RSU activity	RSUs Weighted-Average Grant Date Fair Value Outstanding at December 31, 2023 1,606,303 $ 11.72 Granted 1,422,857 12.04 Forfeited (34,310) 11.90 Vested (428,044) 11.78 Outstanding at March 31, 2024 2,566,806 $ 11.88
Schedule of PSU activity	PSUs Weighted-Average Grant Date Fair Value Outstanding at December 31, 2023 404,993 $ 13.06 Granted - - Forfeited - - Outstanding at March 31, 2024 404,993 $ 13.06

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Noncontrolling Interest, Goodwill (Details)	Mar. 31, 2024
Solaris LLC
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage	53%

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Senior Sustainability-Linked Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate (as a percent)	7.625%	7.625%
Carrying Amount \| Senior Sustainability-Linked Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 400,000	$ 400,000
Carrying Amount \| Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	26,000	26,000
Fair Value \| Level 2 \| Senior Sustainability-Linked Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	403,864	405,090
Fair Value \| Level 3 \| Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 26,000	$ 26,000

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Basis of Presentation and Significant Accounting Policies
Accumulated amortization of intangible assets	$ 143.7	$ 134.4

Basis of Presentation and Sig_7

Basis of Presentation and Significant Accounting Policies - Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Total Revenue	$ 103,406	$ 91,571
Related Party
Related Party Transaction [Line Items]
Accounts Receivable, Net	$ 25,669		$ 22,963
Accounts Receivable, after Allowance for Credit Loss, Current, Related Party, Name [Extensible Enumeration]	aris:ConocoPhillipsMember		aris:ConocoPhillipsMember
Accounts Payable	$ 695		$ 894
Total Revenue	$ 32,100	$ 31,100
Revenue, Related Party, Name [Extensible Enumeration]	aris:ConocoPhillipsMember	aris:ConocoPhillipsMember
Related Party \| ConocoPhillips
Related Party Transaction [Line Items]
Accounts Payable	$ 600		$ 900

Basis of Presentation and Sig_8

Basis of Presentation and Significant Accounting Policies - Collaborative Agreements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Collaborative Agreements
Research and Development Expense	$ 1,065	$ 408
Beneficial Of Reuse Strategic Agreement
Collaborative Agreements
Research and Development Expense	2,600	148
Reimbursable shared costs under collaborative agreement	$ 2,000	$ 100

Additional Financial Statemen_3

Additional Financial Statement Information - Other Balance Sheet information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Receivables
Insurance and Third Party Receivables for Remediation Expenses	$ 3,510	$ 4,064
Reimbursable Research and Development Receivable	227	1,450
Property Insurance Receivable	4,000	4,000
Reimbursable Projects and Other	3,347	3,253
Total Other Receivables	11,084	12,767
Prepaids and Deposits
Prepaid Insurance	3,824	5,494
Other Prepaids and Deposits	2,526	2,870
Total Prepaids and Deposits	6,350	8,364
Accrued and Other Current Liabilities
Accrued Operating Expense	25,335	33,491
Accrued Capital Costs	14,007	3,812
Accrued Interest	15,677	8,510
Accrued Compensation	4,419	10,118
Lease Liabilities	$ 1,773	$ 1,676
Current Lease Liabilities, Classification	Total Accrued and Other Current Liabilities	Total Accrued and Other Current Liabilities
Asset Retirement Obligation	$ 578	$ 763
Contingent Consideration Liability	1,261	1,221
Advance Billings for Reimbursable Research and Development Expense		1,120
Other	3,853	3,705
Total Accrued and Other Current Liabilities	66,903	64,416
Other Long-Term Liabilities
Noncurrent Lease Liabilities	$ 14,579	$ 14,716
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total Other Long-Term Liabilities	Total Other Long-Term Liabilities
Contingent Consideration Liability	$ 1,844	$ 2,078
Total Other Long-Term Liabilities	$ 16,423	$ 16,794

Additional Financial Statemen_4

Additional Financial Statement Information - Other Statement of Operations information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Depreciation, Amortization and Accretion Expense
Depreciation - Property, Plant and Equipment	$ 9,839	$ 8,862
Amortization - Intangible Assets	9,263	9,452
Accretion of Asset Retirement Obligations	319	292
Total Depreciation, Amortization and Accretion Expense	19,421	18,606
Other Operating Expense, Net
Gain on Disposal of Assets, Net	(54)	(13)
Transaction Costs	7	45
Abandoned Projects	729
Other	(102)	185
Other Operating Expense, Net	580	217
Interest Expense
Interest on Debt Instruments	8,301	8,561
Amortization of Debt Issuance Costs	766	610
Total Interest Expense	9,067	9,171
Less: Capitalized Interest	(629)	(1,510)
Total Interest Expense, Net	$ 8,438	$ 7,661

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment
Assets Subject to Depreciation	$ 1,028,874	$ 1,013,083
Land	463	463
Projects and Construction in Progress	49,675	28,157
Total Property, Plant and Equipment	1,079,012	1,041,703
Accumulated Depreciation	(131,121)	(121,989)
Total Property, Plant and Equipment, Net	947,891	919,714
Accrued PP&E additions	31,200	13,100
Abandoned Well Costs	335
Abandoned Projects	729
Wells, Facilities, Water Ponds, and Related Equipment
Property, Plant and Equipment
Assets Subject to Depreciation	569,701	561,059
Pipelines
Property, Plant and Equipment
Assets Subject to Depreciation	434,154	427,528
Vehicles, Equipment, Computers and Office Furniture
Property, Plant and Equipment
Assets Subject to Depreciation	$ 25,019	$ 24,496

Tax Receivable Agreement Liab_2

Tax Receivable Agreement Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
TRA Liability	$ 98,274	$ 98,274
Tax Receivable Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of net cash saving, percent	85%
Retention of net cash saving, percent	15%
TRA Liability	$ 98,300	$ 98,300
Liability upon conversion	240,900
Early termination payment liability	$ 149,000

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total Long-Term Debt	$ 426,000	$ 426,000
Less: Unamortized Debt Issuance Costs	(3,741)	(4,208)
Total Long-Term Debt, Net of Debt Issuance Costs	422,259	421,792
Total Debt	$ 425,935	$ 427,255
Senior Sustainability-Linked Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	7.625%	7.625%
Total Long-Term Debt	$ 400,000	$ 400,000
Credit Facility
Debt Instrument [Line Items]
Total Long-Term Debt	$ 26,000	$ 26,000
Weighted average interest rate	8.173%	8.276%
Insurance Premium Financing
Debt Instrument [Line Items]
Insurance Premium Financing	$ 3,676	$ 5,463

Debt - Senior Sustainability-Li

Debt - Senior Sustainability-Linked Notes (Details) - Senior Sustainability-Linked Notes	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest rate (as a percent)	7.625%	7.625%
Redemption when there is change in control
Debt Instrument [Line Items]
Percentage of principal redemption	101%
Through March 31, 2025
Debt Instrument [Line Items]
Redemption price percentage	103.8125%
On or after April 1, 2025
Debt Instrument [Line Items]
Redemption price percentage	100%

Debt - Credit Facility (Details

Debt - Credit Facility (Details) $ in Thousands	3 Months Ended
Debt - Credit Facility (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 350,000
Leverage ratio	4.50
Unrestricted cash and cash equivalents	$ 40,000
Incremental revolving facility	$ 150,000
Secured leverage ratio	2.50
Commitments available	$ 323,900
Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio	3
Commitment fee percentage	0.375%
Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio	4.50
Commitment fee percentage	0.50%
Base Rate Borrowings [Member] \| Federal funds
Line of Credit Facility [Line Items]
Variable rate (as a percent)	0.50%
Base Rate Borrowings [Member] \| SOFR
Line of Credit Facility [Line Items]
Variable rate (as a percent)	1%
Base Rate Borrowings [Member] \| SOFR \| Minimum
Line of Credit Facility [Line Items]
Additional Interest Margin Based On Leverage Ratio	1.75%
Base Rate Borrowings [Member] \| SOFR \| Maximum
Line of Credit Facility [Line Items]
Additional Interest Margin Based On Leverage Ratio	2.75%
SOFR Borrowings [Member] \| SOFR
Line of Credit Facility [Line Items]
Variable rate (as a percent)	0.10%
SOFR Borrowings [Member] \| SOFR \| Minimum
Line of Credit Facility [Line Items]
Additional Interest Margin Based On Leverage Ratio	2.75%
SOFR Borrowings [Member] \| SOFR \| Maximum
Line of Credit Facility [Line Items]
Additional Interest Margin Based On Leverage Ratio	3.75%
Letters of Credit
Line of Credit Facility [Line Items]
Letter of credits outstanding	$ 150

Debt - Insurance Premium Financ

Debt - Insurance Premium Financing (Details) - Insurance Premium Financing - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Debt Instrument [Line Items]
Aggregate amount of short-term borrowings available	$ 6,600
Insurance Premium Financing	$ 5,463	$ 3,676

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases
Right-of-Use Assets	$ 16,454	$ 16,726
Current Lease Liabilities	$ 1,773	$ 1,676
Current Lease Liabilities, Classification	Accrued and Other Current Liabilities	Accrued and Other Current Liabilities
Noncurrent Lease Liabilities	$ 14,579	$ 14,716
Noncurrent Lease Liabilities, Classification	Other Long-Term Liabilities	Other Long-Term Liabilities

Leases - Operations Information

Leases - Operations Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases
Direct Operating Costs	$ 336	$ 293
General and Administrative	517	220
Total Lease Cost	853	513
Short term lease cost	$ 3,100	$ 4,500

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases
Cash Paid for Amounts Included in Lease Liabilities	$ 620	$ 334
Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities, Net	$ 333	$ 71

Leases - Lease Terms and Discou

Leases - Lease Terms and Discount Rates (Details)	Mar. 31, 2024	Dec. 31, 2023
Leases
Weighted Average Remaining Lease Term (Years)	7 years 4 months 24 days	7 years 7 months 6 days
Weighted Average Discount Rate	6.34%	6.30%

Leases - Annual Lease Maturitie

Leases - Annual Lease Maturities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases
2024	$ 1,889
2025	2,210
2026	1,941
2027	3,182
2028	2,748
Thereafter	8,941
Total Lease Payments	20,911
Less: Interest	(4,559)
Presents Value of Lease Liabilities	$ 16,352
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent, Accrued And Other Liabilities, Current

Leases - Subleases (Details)

Leases - Subleases (Details) $ in Millions	3 Months Ended
Leases - Subleases (Details) $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 lease
Leases
Number of subleases entered \| lease		2
Sublease Income \| $	$ 0.2

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Taxes
Income Tax Expense	$ 2,589	$ 1,327
Current income tax expense	$ 500
Effective Tax Rate	13.30%	14.70%
Decrease in deferred income tax assets, net	$ (1,900)

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2024 $ / shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 $ / shares shares
Stockholders' and Members' Equity
Conversion ratio		1
Dividend declared (in dollars per share) \| $ / shares		$ 0.09	$ 0.09
Shares withheld for the payment of taxes \| shares		108,814	42,293
Eddy And Lea County Asset Acquisition
Stockholders' and Members' Equity
Escrow shares released \| shares		23,107
Non-cash treasury stock transaction in connections with assets acquired \| $		$ 0.3
Workover costs from assets acquired \| $		$ 0.1
Subsequent Event.
Stockholders' and Members' Equity
Dividend declared (in dollars per share) \| $ / shares	$ 0.105
Common Stock \| Class A Common Stock
Stockholders' and Members' Equity
Exchange of Class B Shares for Class A Shares (in shares) \| shares		0	20,953
Common Stock \| Class B Common Stock
Stockholders' and Members' Equity
Exchange of Class B Shares for Class A Shares (in shares) \| shares			(20,953)
Solaris LLC
Stockholders' and Members' Equity
Dividend distribution paid (in dollars per share) \| $ / shares		$ 0.09
Solaris LLC \| Subsequent Event.
Stockholders' and Members' Equity
Dividend distribution paid (in dollars per share) \| $ / shares	$ 0.105

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Commitments and Contingencies
Environmental expenses	$ 400	$ 1,400
Environmental Remediation Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	General and Administrative Expense	General and Administrative Expense
Accrued insurance proceeds and third-party receivables	$ 5,100		$ 5,700
Insurance Settlements Receivable	3,510		4,064
Third-party receivables	$ 1,600		$ 1,600
Delivery Commitment
Commitments and Contingencies
Remaining commitment agreement term	6 years 2 months 12 days
Remaining minimum commitment	$ 24,800
Purchase Obligations
Commitments and Contingencies
Purchase obligations and commitments	$ 30,100

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Net Income Per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income Attributable to Stockholders' Equity	$ 16,830	$ 7,708
Less: Net Income (Loss) Attributable to Noncontrolling Interest	9,207	4,330
Net Income Attributable to Aris Water Solutions, Inc.	7,623	3,378
Participating Basic Earnings	(512)	(209)
Basic Net Income Attributable to Aris Water Solutions, Inc.	7,111	3,169
Diluted Net Income Attributable to Aris Water Solutions, Inc	$ 7,111	$ 3,169
Basic Weighted Average Shares Outstanding \| shares	30,354,014	29,935,145
Dilutive Weighted Average Shares Outstanding \| shares	30,354,014	29,935,145
Basic Net Income Per Share of Class A Common Stock \| $ / shares	$ 0.23	$ 0.11
Diluted Net Income Per Share of Class A Common Stock \| $ / shares	$ 0.23	$ 0.11
Conversion ratio	1
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted net earnings per share \| shares	27,543,565	27,568,302

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock and Restricted Stock Units (Details) - 2021 Plan $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
RSUs
RSUs and PSUs
Outstanding at beginning period (in share) \| shares	1,606,303
Granted (in share) \| shares	1,422,857
Forfeited (in share) \| shares	(34,310)
Vested (in share) \| shares	(428,044)
Outstanding at ending period (in share) \| shares	2,566,806
Weighted-Average Grant Date Fair Value
Outstanding at beginning period (in dollars per share) \| $ / shares	$ 11.72
Granted (in dollars per share) \| $ / shares	12.04
Forfeited (in dollars per share) \| $ / shares	11.90
Vested (in dollars per share) \| $ / shares	11.78
Outstanding at ending period (in dollars per share) \| $ / shares	$ 11.88
Compensation cost remaining to be recognized \| $	$ 26.9
Weighted-average period of recognition	1 year 6 months
RSUs \| First anniversary of the award date
Weighted-Average Grant Date Fair Value
Vesting percentage	33.33%
RSUs \| Second anniversary of the award date
Weighted-Average Grant Date Fair Value
Vesting percentage	33.33%
RSUs \| Third anniversary of the award date
Weighted-Average Grant Date Fair Value
Vesting percentage	33.33%
PSUs
RSUs and PSUs
Outstanding at beginning period (in share) \| shares	404,993
Outstanding at ending period (in share) \| shares	404,993
Weighted-Average Grant Date Fair Value
Outstanding at beginning period (in dollars per share) \| $ / shares	$ 13.06
Outstanding at ending period (in dollars per share) \| $ / shares	$ 13.06
Compensation cost remaining to be recognized \| $	$ 2.3
Weighted-average period of recognition	1 year 6 months

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance-Based Restricted Stock (Details) - 2021 Plan $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
PSUs
RSUs and PSUs
Outstanding at beginning period (in share) \| shares	404,993
Outstanding at ending period (in share) \| shares	404,993
Weighted-Average Grant Date Fair Value
Outstanding at beginning period (in dollars per share) \| $ / shares	$ 13.06
Outstanding at ending period (in dollars per share) \| $ / shares	$ 13.06
Vesting period	3 years
Compensation cost remaining to be recognized \| $	$ 2.3
Weighted-average period of recognition	1 year 6 months
Relative PSUs
Weighted-Average Grant Date Fair Value
Percentage of performance criteria	50%
Absolute PSUs
Weighted-Average Grant Date Fair Value
Percentage of performance criteria	50%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,623	$ 3,378

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false