Quarterly report [Sections 13 or 15(d)]

VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS

v3.25.1
VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS
 3 Months Ended
Mar. 31, 2025
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:
March 31, 2025 (1)
December 31, 2024 (1)
Investment Funds Other VIEs Total VIEs Investment Funds Other VIEs Total VIEs
Cash and cash equivalents $ 57  $ 18,182  $ 18,239  $ 89  $ 8,691  $ 8,780 
Accounts receivable, net —  4,795  4,795  —  14,607  14,607 
Unbilled revenue 348  32,155  32,503  230  4,040  4,270 
Prepaid expenses and other current assets 30  3,370  3,400  30  1,293  1,323 
Income taxes receivable —  1,203  1,203  —  672  672 
Project development costs, net —  1,824  1,824  —  5,795  5,795 
Total VIE current assets 435  61,529  61,964  349  35,098  35,447 
Energy assets, net 23,155  82,814  105,969  23,538  98,876  122,414 
Deferred income tax assets, net —  2,530  2,530  —  —  — 
Intangible assets, net —  —  —  —  20  20 
Right-of-use assets, net 468  —  468  471  —  471 
Other assets —  103  103  —  196  196 
Total VIE assets $ 24,058  $ 146,976  $ 171,034  $ 24,358  $ 134,190  $ 158,548 
Current portions of long-term debt and financing lease liabilities $ —  $ 13,473  $ 13,473  $ —  $ —  $ — 
Accounts payable 27  17,401  17,428  27  5,140  5,167 
Accrued expenses and other current liabilities 32  364  396  25  577  602 
Current portions of operating lease liabilities 13  —  13  13  —  13 
Deferred revenue —  15,428  15,428  —  10,063  10,063 
Income taxes payable —  546  546  —  526  526 
Total VIE current liabilities 72  47,212  47,284  65  16,306  16,371 
Long-term operating lease liabilities, net of current portion 487  —  487  500  —  500 
Total VIE liabilities $ 559  $ 47,212  $ 47,771  $ 565  $ 16,306  $ 16,871 
(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 an energy asset, thus forming a joint venture, and we received $28,864 in cash. We also received additional contributions totaling $6,543 during the year ended December 31, 2024 and $2,863 during the three months ended March 31, 2025.
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 loss.
The following table provides information about our equity and cost method investments in joint ventures:
As of
March 31, 2025 December 31, 2024
Equity and cost method investments $ 17,376  $ 16,987