Variable Interest Entities And Equity Method Investments

3 Months Ended

Mar. 31, 2024

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, 2024 (1)						December 31, 2023 (1)
	Investment Funds		Other VIEs		Total VIEs		Investment Funds		Other VIEs		Total VIEs
Cash and cash equivalents	$	1,556	$	6,529	$	8,085	$	5,099	$	16,780	$	21,879

Accounts receivable, net	—		4,645		4,645		—		1,977		1,977
Costs and estimated earnings in excess of billings	1,169		14,230		15,399		662		13,409		14,071
Prepaid expenses and other current assets	26		3,164		3,190		33		3,749		3,782
Total VIE current assets	2,751		28,568		31,319		5,794		35,915		41,709
Property and equipment, net	—		—		—		—		267		267
Energy assets, net	77,768		79,394		157,162		79,104		173,808		252,912
Operating lease assets	4,708		943		5,651		4,748		12,908		17,656
Restricted cash, non-current portion	73		—		73		73		—		73
Other assets	10		537		547		10		74		84
Total VIE assets	$	85,310	$	109,442	$	194,752	$	89,729	$	222,972	$	312,701
Current portions of long-term debt and financing lease liabilities	$	2,180	$	—	$	2,180	$	2,190	$	132,427	$	134,617
Accounts payable	1,406		13,940		15,346		1,440		6,490		7,930
Accrued expenses and other current liabilities	223		4,908		5,131		241		22,780		23,021
Current portions of operating lease liabilities	138		95		233		133		6,953		7,086
Total VIE current liabilities	3,947		18,943		22,890		4,004		168,650		172,654
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs	16,754		—		16,754		17,167		—		17,167
Long-term operating lease liabilities, net of current portion	5,036		897		5,933		5,063		3,823		8,886
Other liabilities	301		—		301		356		—		356
Total VIE liabilities	$	26,038	$	19,840	$	45,878	$	26,590	$	172,473	$	199,063

(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. On February 9, 2024, we entered into an equity purchase agreement and sold a 40% interest in a consolidated joint venture for $28,864 in cash.

During the three months ended March 31, 2024, we acquired the remaining interest in one joint venture when we closed on the phase 2 acquisition of BCE as discussed in Note 6.

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 income.

During the three months ended March 31, 2024, one of our equity method investments was sold to another company. We received distributions and net proceeds totaling $12,956 and recognized a gain on the sale in the amount of $89, which is included earnings from unconsolidated entities in the condensed consolidated statements of income.

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


	As of
	March 31, 2024		December 31, 2023
Equity and cost method investments	$	10,927	$	18,709