Quarterly report [Sections 13 or 15(d)]

VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS

v3.25.2
VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS
 6 Months Ended
Jun. 30, 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:
June 30, 2025 (1)
December 31, 2024 (1)
Investment Funds Other VIEs Total VIEs Investment Funds Other VIEs Total VIEs
Cash and cash equivalents $ 76  $ 21,522  $ 21,598  $ 89  $ 8,691  $ 8,780 
Restricted cash —  11,183  11,183  —  —  — 
Accounts receivable, net —  15,318  15,318  —  14,607  14,607 
Unbilled revenue 419  62,054  62,473  230  4,040  4,270 
Prepaid expenses and other current assets 30  9,067  9,097  30  7,089  7,119 
Income taxes receivable —  1,982  1,982  —  672  672 
Total VIE current assets 525  121,126  121,651  349  35,099  35,448 
Energy assets, net 22,772  84,104  106,876  23,538  98,876  122,414 
Deferred income tax assets, net —  2,349  2,349  —  —  — 
Intangible assets, net —  —  —  —  20  20 
Right-of-use assets, net 464  —  464  471  —  471 
Restricted cash, non-current portion —  1,746  1,746  —  —  — 
Other assets —  107  107  —  195  195 
Total VIE assets $ 23,761  $ 209,432  $ 233,193  $ 24,358  $ 134,190  $ 158,548 
Current portions of long-term debt and financing lease liabilities $ —  $ 25,773  $ 25,773  $ —  $ —  $ — 
Accounts payable 15  60,987  61,002  27  5,140  5,167 
Accrued expenses and other current liabilities 13  2,323  2,336  25  577  602 
Current portions of operating lease liabilities 13  —  13  13  —  13 
Deferred revenue —  14,173  14,173  —  10,063  10,063 
Income taxes payable —  414  414  —  526  526 
Total VIE current liabilities 41  103,670  103,711  65  16,306  16,371 
Long-term operating lease liabilities, net of current portion 472  —  472  500  —  500 
Total VIE liabilities $ 513  $ 103,670  $ 104,183  $ 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 $3,799 during the six months ended June 30, 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 income (loss).
The following table provides information about our equity and cost method investments in joint ventures:
As of
June 30, 2025 December 31, 2024
Equity and cost method investments $ 42,983  $ 16,987