Summary of 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:
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June 30, 2025 (1)
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December 31, 2024 (1)
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Investment Funds |
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Other VIEs |
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Total VIEs |
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Investment Funds |
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Other VIEs |
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Total VIEs |
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Cash and cash equivalents |
$ |
76 |
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$ |
21,522 |
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$ |
21,598 |
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$ |
89 |
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$ |
8,691 |
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$ |
8,780 |
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Restricted cash |
— |
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11,183 |
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11,183 |
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— |
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— |
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— |
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Accounts receivable, net |
— |
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15,318 |
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15,318 |
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— |
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14,607 |
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14,607 |
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Unbilled revenue |
419 |
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62,054 |
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62,473 |
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230 |
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4,040 |
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4,270 |
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Prepaid expenses and other current assets |
30 |
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9,067 |
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9,097 |
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30 |
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7,089 |
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7,119 |
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Income taxes receivable |
— |
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1,982 |
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1,982 |
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— |
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672 |
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672 |
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Total VIE current assets |
525 |
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121,126 |
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121,651 |
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349 |
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35,099 |
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35,448 |
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Energy assets, net |
22,772 |
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84,104 |
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106,876 |
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23,538 |
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98,876 |
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122,414 |
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Deferred income tax assets, net |
— |
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2,349 |
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2,349 |
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— |
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— |
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— |
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Intangible assets, net |
— |
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— |
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— |
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— |
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20 |
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20 |
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Right-of-use assets, net |
464 |
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— |
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464 |
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471 |
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— |
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471 |
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Restricted cash, non-current portion |
— |
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1,746 |
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1,746 |
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— |
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— |
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— |
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Other assets |
— |
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107 |
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107 |
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— |
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195 |
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195 |
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Total VIE assets |
$ |
23,761 |
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$ |
209,432 |
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$ |
233,193 |
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$ |
24,358 |
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$ |
134,190 |
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$ |
158,548 |
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Current portions of long-term debt and financing lease liabilities |
$ |
— |
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$ |
25,773 |
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$ |
25,773 |
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$ |
— |
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$ |
— |
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$ |
— |
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Accounts payable |
15 |
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60,987 |
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61,002 |
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27 |
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5,140 |
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5,167 |
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Accrued expenses and other current liabilities |
13 |
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2,323 |
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2,336 |
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25 |
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577 |
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602 |
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Current portions of operating lease liabilities |
13 |
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— |
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13 |
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13 |
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— |
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13 |
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Deferred revenue |
— |
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14,173 |
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14,173 |
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— |
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10,063 |
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10,063 |
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Income taxes payable |
— |
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414 |
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414 |
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— |
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526 |
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526 |
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Total VIE current liabilities |
41 |
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103,670 |
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103,711 |
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65 |
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16,306 |
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16,371 |
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Long-term operating lease liabilities, net of current portion |
472 |
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— |
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472 |
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500 |
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— |
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500 |
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Total VIE liabilities |
$ |
513 |
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$ |
103,670 |
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$ |
104,183 |
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$ |
565 |
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$ |
16,306 |
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$ |
16,871 |
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(1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets.
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