Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities And Equity Method Investments

v3.23.2
Variable Interest Entities And Equity Method Investments
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities And Equity Method Investments VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS
Variable Interest Entities
The table below presents a summary of amounts related to our consolidated investment funds and joint ventures, which we determined meet the definition of a variable interest entity (“VIE”), as of:
June 30, December 31,
2023 (1)
2022 (1)
Cash and cash equivalents $ 7,472  $ 10,107 
Restricted cash —  799 
Accounts receivable, net —  590 
Costs and estimated earnings in excess of billings 22,595  952 
Prepaid expenses and other current assets 2,374  14,322 
Total VIE current assets 32,441  26,770 
Property and equipment, net 379  89 
Energy assets, net 236,759  182,050 
Operating lease assets 5,851  4,901 
Restricted cash, non-current portion 73  73 
Other assets 86  30 
Total VIE assets $ 275,589  $ 213,913 
Current portions of long-term debt and financing lease liabilities $ 2,185  $ 2,087 
Accounts payable 19,493  8,055 
Accrued expenses and other current liabilities 4,012  12,559 
Current portions of operating lease liabilities 215  117 
Total VIE current liabilities 25,905  22,818 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 120,989  19,177 
Long-term operating lease liabilities, net of current portion 6,085  5,159 
Other liabilities 736  3,575 
Total VIE liabilities $ 153,715  $ 50,729 
(1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets.
See Note 14 for additional information on the call and put options related to our investment funds.
Non-controlling Interests
Non-controlling interests represents the equity owned by the other joint venture members of consolidated joint ventures. During the six months ended June 30, 2023, joint venture members contributed $922 to joint ventures. One JV member was refunded $20,521, net of adjustments, from debt proceeds received from the JV’s Non-recourse Construction Credit Facility, 6.54%, due July 2024. Our joint ventures generated $622 and $1,044, in earnings during the three and six months ended June 30, 2023, respectively.
Equity Method Investments
Unconsolidated joint ventures are accounted for under the equity method. For these unconsolidated joint ventures, our investment balances are included in other assets on the condensed consolidated balance sheets and our pro rata share of net income or loss is included in earnings from unconsolidated entities on the condensed consolidated statements of income.
The following table provides information about our equity method investments in joint ventures:
As of
June 30, 2023 December 31, 2022
Equity method investments $ 11,900  $ 10,855