Investments (Tables)

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

The carrying amounts and classification of the consolidated VIE assets and liabilities included in the condensed consolidated balance sheets are as follows (excluding intercompany balances):


	June 30, 2026
(in thousands)	BKV-BPP Power		BKV-CIP Joint Venture		BKV-BPP Cotton Cove
Assets
Current assets
Cash and cash equivalents	$	58,444	$	8,545	$	2,061
Restricted cash	16,067		—		—
Accounts receivable, net	35,834		17,285		573
Other current assets	46,550		307		—
Total current assets	156,895		26,137		2,634
Other property, plant, and equipment, net	786,343		67,937		17,126
Other assets	10,530		—		—
Total assets	$	953,768	$	94,074	$	19,760

Liabilities
Current liabilities
Accounts payable and accrued liabilities	$	37,225	$	6,406	$	465
Other current liabilities	20,829		—		—
Total current liabilities	58,054		6,406		465
Other liabilities	607,369		30		30
Total liabilities	$	665,423	$	6,436	$	495


	As of December 31, 2025
(in thousands)	BKV-BPP Power		BKV-CIP Joint Venture		BKV-BPP Cotton Cove
Assets
Current assets
Cash and cash equivalents	$	49,015	$	1,331	$	3,744
Restricted cash	15,846		—		—
Accounts receivable, net	28,618		11,749		568
Other current assets	30,360		654		—
Total current assets	123,839		13,734		4,312
Other property, plant, and equipment, net	806,673		55,452		16,606
Other assets	9,469		—		—
Total assets	$	939,981	$	69,186	$	20,918

Liabilities
Current liabilities
Accounts payable and accrued liabilities	$	22,553	$	4,880	$	2,269
Other current liabilities	18,374		—		—
Total current liabilities	40,927		4,880		2,269
Other liabilities	641,947		—		—
Total liabilities	$	682,874	$	4,880	$	2,269

- 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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