Ameresco, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS

VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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, 2026(1)						December 31, 2025 (1)
	Investment Funds		Other VIEs		Total VIEs		Investment Funds		Other VIEs		Total VIEs
Cash and cash equivalents	$	43	$	6,143	$	6,186	$	68	$	7,574	$	7,642
Restricted cash	—		10,099		10,099		—		14,025		14,025
Accounts receivable, net	309		10,310		10,619		139		32,657		32,796
Unbilled revenue	—		126,943		126,943		—		138,200		138,200
Prepaid expenses and other current assets	—		7,142		7,142		—		17,874		17,874
Income taxes receivable	—		4,695		4,695		—		3,056		3,056
Project development costs, net	—		29		29		—		1		1
Total VIE current assets	352		165,361		165,713		207		213,387		213,594

Energy assets, net	21,109		88,521		109,630		21,517		89,521		111,038
Deferred income tax assets, net	—		2,349		2,349		—		2,349		2,349

Right-of-use assets, net	455		—		455		458		—		458
Restricted cash, non-current portion	—		36,144		36,144		—		1,745		1,745
Other assets	—		123		123		—		170		170
Total VIE assets	$	21,916	$	292,498	$	314,414	$	22,182	$	307,172	$	329,354
Current portions of long-term debt and financing lease liabilities	$	—	$	27,382	$	27,382	$	—	$	25,547	$	25,547
Accounts payable	61		133,056		133,117		78		143,437		143,515
Accrued expenses and other current liabilities	—		1,619		1,619		26		2,996		3,022
Current portions of operating lease liabilities	14		—		14		14		—		14
Deferred revenue	—		465		465		—		5,931		5,931
Income taxes payable	—		1,691		1,691		—		408		408
Total VIE current liabilities	75		164,213		164,288		118		178,319		178,437

Long-term operating lease liabilities, net of current portion	432		—		432		445		—		445
Other liabilities	43		619		662		41		391		432
Total VIE liabilities	$	550	$	164,832	$	165,382	$	604	$	178,710	$	179,314

(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. We received contributions totaling $2,863 during the three months ended March 31, 2025 and no contributions during the three months ended March 31, 2026.

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 operations.

The following table provides information about our equity and cost method investments in joint ventures:


	As of
	March 31, 2026		December 31, 2025
Equity and cost method investments	$	45,120	$	45,883