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

Quarterly report [Sections 13 or 15(d)]

VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS (Tables)

VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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.

Summary of Equity Method Investments

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

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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