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
 9 Months Ended
Sep. 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:
September 30, 2024 (1)
December 31, 2023 (1)
Investment Funds Other VIEs Total VIEs Investment Funds Other VIEs Total VIEs
Cash and cash equivalents $ 1,328  $ 10,067  $ 11,395  $ 5,099  $ 16,780  $ 21,879 
Accounts receivable, net —  13,760  13,760  —  1,977  1,977 
Costs and estimated earnings in excess of billings 2,699  —  2,699  662  13,409  14,071 
Prepaid expenses and other current assets 30  1,859  1,889  33  3,749  3,782 
Income taxes receivable —  625  625  —  —  — 
Project development costs, net —  14,244  14,244  —  —  — 
Total VIE current assets 4,057  40,555  44,612  5,794  35,915  41,709 
Property and equipment, net —  —  —  —  267  267 
Energy assets, net 75,985  89,544  165,529  79,104  173,808  252,912 
Intangible assets net —  26  26  —  —  — 
Operating lease assets 4,627  —  4,627  4,748  12,908  17,656 
Restricted cash, non-current portion 73  —  73  73  —  73 
Other assets —  102  102  10  74  84 
Total VIE assets $ 84,742  $ 130,227  $ 214,969  $ 89,729  $ 222,972  $ 312,701 
Current portions of long-term debt and financing lease liabilities $ 2,200  $ —  $ 2,200  $ 2,190  $ 132,427  $ 134,617 
Accounts payable 1,350  7,403  8,753  1,440  6,490  7,930 
Accrued expenses and other current liabilities 208  1,549  1,757  241  19,627  19,868 
Current portions of operating lease liabilities 146  —  146  133  6,953  7,086 
Billings in excess of cost and estimated earnings —  12,719  12,719  —  3,153  3,153 
Income Taxes Payable —  262  262  —  —  — 
Total VIE current liabilities 3,904  21,933  25,837  4,004  168,650  172,654 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 16,028  —  16,028  17,167  —  17,167 
Long-term operating lease liabilities, net of current portion 5,002  —  5,002  5,063  3,823  8,886 
Other liabilities 392  —  392  356  —  356 
Total VIE liabilities $ 25,326  $ 21,933  $ 47,259  $ 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. We also received additional contributions totaling $4,925 as of September 30, 2024.
During the nine months ended September 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 nine months ended September 30, 2024, one of our equity method investments was sold to another company. We received distributions and net proceeds totaling $13,091 and recognized a gain on the sale in the amount of $224, which is included in 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
September 30, 2024 December 31, 2023
Equity and cost method investments $ 16,729  $ 18,709