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)

9 Months Ended

Sep. 30, 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:


	September 30, 2026		December 31, 2025 (1)
	Total VIEs		Investment Funds		Other VIEs As Adjusted		Total VIEs As Adjusted
Cash and cash equivalents	$	62,100	$	68	$	7,574	$	7,642
Restricted cash	22,872		—		14,025		14,025
Accounts receivable, net	36,855		139		32,657		32,796
Unbilled revenue	267,809		—		138,200		138,200
Prepaid expenses and other current assets	24,762		—		17,874		17,874
Income taxes receivable	5,284		—		3,056		3,056
Project development costs, net	—		—		1		1
Total VIE current assets	419,682		207		213,387		213,594
Property and equipment, net	243		—		—		—
Energy assets, net (2)	926,659		21,517		105,658		127,175
Deferred income tax assets, net (2)	10,897		—		—		—
Intangible assets, net	4,007		—		—		—
Right-of-use assets, net	2,609		458		—		458
Restricted cash, non-current portion	5,167		—		1,745		1,745
Other assets	1,287		—		170		170
Total VIE assets	$	1,370,551	$	22,182	$	320,960	$	343,142
Current portions of long-term debt and financing lease liabilities (3)	$	78,185	$	—	$	25,547	$	25,547
Accounts payable	211,794		78		143,437		143,515
Accrued expenses and other current liabilities	2,551		26		2,996		3,022
Current portions of operating lease liabilities	391		14		—		14
Deferred revenue	8,467		—		5,931		5,931
Income taxes payable	1,096		—		408		408
Total VIE current liabilities	302,484		118		178,319		178,437
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (3)	435,190		—		—		—
Deferred income tax liability (2)	19,600		—		1,671		1,671
Long-term operating lease liabilities, net of current portion	826		445		—		445
Other liabilities	2,424		41		391		432
Total VIE liabilities	$	760,524	$	604	$	180,381	$	180,985

(1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets. As of September 30, 2026, there were no investment funds.
(2) Includes retroactive adjustment for change in accounting method (see Note 19).
(3) The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.

Summary of Equity Method Investments

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


	As of
	September 30, 2026		December 31, 2025
Equity and cost method investments	$	46,364	$	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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