Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities And Equity Method Investments

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Variable Interest Entities And Equity Method Investments
 6 Months Ended
Jun. 30, 2024
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, 2024 (1)
December 31, 2023 (1)
Investment Funds Other VIEs Total VIEs Investment Funds Other VIEs Total VIEs
Cash and cash equivalents $ 2,362  $ 3,421  $ 5,783  $ 5,099  $ 16,780  $ 21,879 
Accounts receivable, net —  1,308  1,308  —  1,977  1,977 
Costs and estimated earnings in excess of billings 2,417  16,380  18,797  662  13,409  14,071 
Prepaid expenses and other current assets 20  2,671  2,691  33  3,749  3,782 
Total VIE current assets 4,799  23,780  28,579  5,794  35,915  41,709 
Property and equipment, net —  —  —  —  267  267 
Energy assets, net 77,425  85,066  162,491  79,104  173,808  252,912 
Operating lease assets 4,668  —  4,668  4,748  12,908  17,656 
Restricted cash, non-current portion 73  —  73  73  —  73 
Other assets 10  558  568  10  74  84 
Total VIE assets $ 86,975  $ 109,404  $ 196,379  $ 89,729  $ 222,972  $ 312,701 
Current portions of long-term debt and financing lease liabilities $ 2,174  $ —  $ 2,174  $ 2,190  $ 132,427  $ 134,617 
Accounts payable 1,379  11,635  13,014  1,440  6,490  7,930 
Accrued expenses and other current liabilities 222  5,533  5,755  241  22,780  23,021 
Current portions of operating lease liabilities 142  —  142  133  6,953  7,086 
Total VIE current liabilities 3,917  17,168  21,085  4,004  168,650  172,654 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 16,594  —  16,594  17,167  —  17,167 
Long-term operating lease liabilities, net of current portion 5,010  —  5,010  5,063  3,823  8,886 
Other liabilities 382  —  382  356  —  356 
Total VIE liabilities $ 25,903  $ 17,168  $ 43,071  $ 26,590  $ 172,473  $ 199,063 
(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. On February 9, 2024, we entered into an agreement to sell a 40% interest in a consolidated joint venture and we received $28,864 in cash.
During the six months ended June 30, 2024, we acquired the remaining interest in one joint venture when we closed on the phase 2 acquisition of BCE as discussed in Note 6.
Equity and Cost 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.
During the six months ended June 30, 2024, one of our equity method investments was sold to another company. We received distributions and net proceeds totaling $12,956 and recognized a gain on the sale in the amount of $89, which is included earnings from unconsolidated entities in the condensed consolidated statements of income.
The following table provides information about our equity and cost method investments in joint ventures:
As of
June 30, 2024 December 31, 2023
Equity and cost method investments $ 12,271  $ 18,709