Stockholders' Equity and Mezzanine Equity	12 Months Ended
Stockholders' Equity and Mezzanine Equity	Dec. 31, 2025
Equity [Abstract]
Stockholders' Equity and Mezzanine Equity	Note 13 - Stockholders' Equity and Mezzanine Equity Reverse Stock Split On October 30, 2023, the Company completed a one-for-two reverse stock split. As a result of the reverse stock split, every two shares of outstanding common stock were combined and now represent one share of common stock and fractional shares were paid out in cash to the common stockholders, which amounted to an immaterial amount. No fractional shares were issued in connection with the reverse stock split. Equity Offerings On December 3, 2025, the Company completed its public offering of 6,900,000 shares of common stock at a price to the public of $26.00 per share, for gross proceeds of $179.4 million. After underwriting discounts and commissions of $9.3 million, the Company received net proceeds from the offering of $170.1 million. The offering costs were recorded as a reduction to additional paid-in capital. BKV used the net proceeds from the offering, together with cash on hand, for the payment of the cash consideration of the purchase price in connection with BKV’s acquisition of a controlling interest in BKV-BPP Power LLC and related expenses. As part of the Bedrock Acquisition, the Company issued 5,233,957 shares of BKV's common stock to the Seller at a closing price of $23.74 at September 29, 2025. In accordance with the Bedrock Purchase Agreement, the number of shares issued was determined by dividing $110.0 million by $21.0166, the volume weighted average price of BKV common stock during the 20 consecutive trading-day period ending August 7, 2025. As of September 29, 2025 the date of the Bedrock Acquisition, the fair value of stock consideration was $124.3 million. Issuance costs related to the Bedrock Acquisition of $0.3 million were recorded as a reduction to additional paid-in capital. See Note 3 - Acquisition and Dispositions for further detail on the Bedrock Acquisition. On September 27, 2024, the Company completed its IPO of 15,000,000 shares of common stock at a price to the public of $18.00 per share. After underwriting discounts and commissions of $16.2 million, the Company received net proceeds from the offering of $253.8 million. The Company also granted the IPO underwriters a 30-day option to purchase up to 2,250,000 additional shares of common stock on the same terms. The underwriters partially exercised the option and on October 28, 2024, purchased 701,003 additional shares of common stock, resulting in additional net proceeds of $11.9 million, after deducting underwriting discounts and commissions of $0.8 million. Upon consummation of the IPO, 5,026,638 mezzanine shares were converted into common stock. On September 27, 2023, the Company made a capital call on BNAC of $150.0 million, and pursuant to the requirements of the existing stockholders' agreement, BNAC made a capital contribution in exchange for 7,500,000 shares of BKV common stock. To comply with a financial covenant under the Term Loan Credit Agreement, $138.3 million of BNAC's capital contribution was placed in a debt service reserve account, which was released upon termination of the Term Loan Credit Agreement. See Note 2 - Summary of Significant Accounting Policies for further information. Common Shares Issued and Outstanding As of December 31, 2025 and 2024, the Company had 96,871,868 and 84,600,301, respectively, of common shares issued and outstanding. See discussion below in the Treasury Stock section of this note for discussion of redemptions and purchases of the Company’s own common stock during the years ended December 31, 2025, 2024, and 2023. There were no cash dividends declared or paid during the years ended December 31, 2025, 2024, and 2023. Minority Ownership Puttable Shares — Mezzanine Equity On May 1, 2020, the Company issued 47,350,000 shares, of which, 1,114,385 shares were issued to certain non-controlling management shareholders of BKV as a part of a series of acquisitions, including the corporate restructuring of BKV Corp, and 1,000,000 shares were issued as part of the merger with Kalnin Ventures LLC (collectively, the “Management Shares”). As of December 31, 2023, there were 1,976,689 of these minority shares outstanding. Upon consummation of the IPO, all Management Shares were converted into common stock. The Management Shares included a put and call feature which required BKV to repurchase shares from these shareholders upon the occurrence of certain events stipulated in the Stockholders’ Agreement at either $20.00 per share or the fair market value per share, depending on the type and timing of the triggering event. In addition, BKV had the right to call and repurchase the Management Shares upon the occurrence of certain events stipulated in the Stockholders’ Agreement at either $20.00 per share or the fair market value per share, depending on the type and timing of the triggering event. Since the shares were not mandatorily redeemable, but could become redeemable at the option of the holder, the fair market value of the Management Shares upon issuance was recognized within mezzanine equity. As of December 31, 2023, management determined it was probable that the shares would become redeemable at the end of the three-year period and elected to carry the shares at redemption value, or fair market value, in mezzanine equity on the consolidated balance sheets. During the years ended December 31, 2024 and 2023, the Company recognized adjustments of years ended December 31, 2024 and 2023, $0.5 million, and $2.5 million, respectively, to the carrying value of the Management Shares to adjust to redemption value. No Management Shares were redeemed during the years ended December 31, 2024 and 2023. Employee Stock Purchase Plan — Mezzanine Equity The Company’s Employee Stock Purchase Plan (the “2021 ESPP”) was adopted on November 1, 2021 and reserved 3,735,294 shares of common stock for purchase by eligible employees of the Company. As of December 31, 2023, there were 146,116 of the 2021 ESPP shares outstanding. The number of shares available was subject to adjustment based on anti-dilution provisions in the Stockholders’ Agreement. The 2021 ESPP allowed for certain eligible non-employees and members of the board of directors to purchase shares under the 2021 ESPP in addition to eligible employees of the Company. There were no shares issued under the 2021 ESPP during the years ended December 31, 2024 and 2023, and during the years ended December 31, 2024 and 2023, the Company redeemed 300 and 100 shares of common stock, respectively. The shares sold under the 2021 ESPP included a put right which allowed for holders of the 2021 ESPP shares to require the Company to purchase the shares upon the occurrence of certain events stipulated by the 2021 ESPP. The shares could also be purchased by the Company, at its discretion upon the occurrence of certain events, as stipulated in the 2021 ESPP. Because the shares were not mandatorily redeemable but could become redeemable at the option of the eligible employee, non-employee, or directors, the fair market value of the shares of common stock sold under the 2021 ESPP was recognized within mezzanine equity upon issuance. Management determined it was probable that the shares will become redeemable and elected to carry the shares at redemption value, or fair value, in mezzanine equity on the consolidated balance sheets. During the years ended December 31, 2024 and 2023, the Company recognized an adjustment of an immaterial amount and $0.2 million, respectively, to the carrying value of the 2021 ESPP shares. Upon consummation of the IPO, all 2021 ESPP shares were converted into common stock. Equity-Based Compensation — Mezzanine Equity As discussed in Note 12 - Equity-Based Compensation, the 2021 Plan included a put right available to the incentive award grant recipients. Accordingly, management determined it was probable the shares issued in settlement of the RSUs upon vesting will become redeemable and elected to carry the shares at redemption value which equals fair market value. During the years ended December 31, 2024 and 2023, the Company recognized an adjustment to the pro-rata portion of the RSUs which have vested in the amounts of $9.3 million and $15.6 million, respectively. The maturities related to the redemption feature were in accordance with the vesting terms discussed in Note 12 - Equity-Based Compensation, and took into account the three year and 181 day holding periods. During the years ended December 31, 2024 and 2023, the Company issued 2,696,587 and 133,622 of common stock, respectively, upon vesting of RSUs, net of shares withheld for income taxes. As of December 31, 2023, the Company had 301,134 shares of common stock issued in settlement of vested incentive awards outstanding, which is included in equity-based compensation within mezzanine equity on the consolidated balance sheets of the Company at redemption value of $7.9 million. Upon consummation of the IPO, shares related to equity-based compensation in mezzanine equity were converted into common stock. Treasury Stock During the year ended December 31, 2025, the Company did not purchase any shares. During the year ended December 31, 2024, the Company purchased, 150 shares for an immaterial amount at a weighted average price of $26.34 per share, and during the year ended December 31, 2023, the Company purchased 20,748 shares for $0.6 million at a weighted average price of $29.09 per share.

BKV Corp 10-K