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INVESTMENTS | 6 Months Ended
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Jun. 30, 2023
INVESTMENTS |
INVESTMENTS | 9. INVESTMENT S ​ AllDale III ​ As discussed in Note 8 – Variable Interest Entities, we account for our ownership interest in the income or loss of AllDale III as an equity method investment. We record equity income or loss based on AllDale III's distribution structure. The changes in our equity method investment in AllDale III for each of the periods presented were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022 | ​
​ | ​ | (in thousands) | ​
Beginning balance | ​ | $ | 24,695 | ​ | $ | 26,194 | ​ | $ | 25,284 | ​ | $ | 26,325 | ​
Equity method investment income | ​ | ​ | 716 | ​ | ​ | 1,585 | ​ | ​ | 1,141 | ​ | ​ | 2,468 | ​
Distributions received | ​ | ​ | (960) | ​ | ​ | (1,501) | ​ | ​ | (1,974) | ​ | ​ | (2,515) | ​
Ending balance | ​ | $ | 24,451 | ​ | $ | 26,278 | ​ | $ | 24,451 | ​ | $ | 26,278 | ​
​ Francis As discussed in Note 8 – Variable Interest Entities, we account for our ownership interest in the income or loss of Francis as an equity method investment. Prior to the conversion of our convertible note, we did not participate in Francis' earnings or losses; however, upon conversion on April 1, 2023 we began participating. As a development stage company, Francis depends on capital contributions to meet its operating and debt obligations. We currently believe that the carrying value of our investment is recoverable; however, if Francis is unable to raise sufficient funds to continue its operations and meet its debt obligations, it could have an adverse effect on our investment. The changes in our equity method investment in Francis for three and six months ended June 30, 2023 and 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022 | ​
​ | ​ | (in thousands) | ​
Beginning balance | ​ | $ | 20,000 | ​ | $ | — | ​ | $ | 20,000 | ​ | $ | — | ​
Contributions | ​ | ​ | — | ​ | ​ | 20,000 | ​ | ​ | — | ​ | ​ | 20,000 | ​
Equity method investment loss | ​ | ​ | (2,620) | ​ | ​ | — | ​ | ​ | (2,620) | ​ | ​ | — | ​
Ending balance | ​ | $ | 17,380 | ​ | $ | 20,000 | ​ | $ | 17,380 | ​ | $ | 20,000 | ​
​ NGP ETP IV ​ As discussed in Note 8 – Variable Interest Entities, we account for our ownership interest in the income or loss of NGP ETP IV as an equity method investment. The changes in our equity method investment in NGP ETP IV for three and six months ended June 30, 2023 and 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022 | ​
​ | ​ | (in thousands) | ​
Beginning balance | ​ | $ | 4,254 | ​ | $ | — | ​ | $ | 4,087 | ​ | $ | — | ​
Contributions | ​ | ​ | 794 | ​ | ​ | 110 | ​ | ​ | 1,334 | ​ | ​ | 110 | ​
Equity method investment loss | ​ | ​ | (90) | ​ | ​ | — | ​ | ​ | (463) | ​ | ​ | — | ​
Ending balance | ​ | $ | 4,958 | ​ | $ | 110 | ​ | $ | 4,958 | ​ | $ | 110 | ​
​ Infinitum ​ We hold $42.0 million of Series D Preferred Stock in Infinitum Electric, Inc. ("Infinitum"), a Texas-based startup developer and manufacturer of electric motors featuring printed circuit board stators. Our preferred stock provides for non-cumulative dividends when and if declared by Infinitum's board of directors. Each share is convertible, at any time, at our option, into shares of common stock of Infinitum. We account for our ownership interest in Infinitum as an equity investment without a readily determinable fair value. It is not practicable to estimate the fair value of our investment in Infinitum because of the lack of a quoted market price for our ownership interests. Therefore, we use a measurement alternative other than fair value to account for our investment. There have been no fair value adjustments in our investment in Infinitum subsequent to our purchases. During the period we have not observed any price changes that have occurred to identical or similar securities sold by Infinitum that would indicate an adjustment to the fair value of our investment is warranted.

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