VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS

9 Months Ended

Sep. 30, 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:


	September 30, 2024 (1)						December 31, 2023 (1)
	Investment Funds		Other VIEs		Total VIEs		Investment Funds		Other VIEs		Total VIEs
Cash and cash equivalents	$	1,328	$	10,067	$	11,395	$	5,099	$	16,780	$	21,879

Accounts receivable, net	—		13,760		13,760		—		1,977		1,977
Costs and estimated earnings in excess of billings	2,699		—		2,699		662		13,409		14,071
Prepaid expenses and other current assets	30		1,859		1,889		33		3,749		3,782
Income taxes receivable	—		625		625		—		—		—
Project development costs, net	—		14,244		14,244		—		—		—
Total VIE current assets	4,057		40,555		44,612		5,794		35,915		41,709
Property and equipment, net	—		—		—		—		267		267
Energy assets, net	75,985		89,544		165,529		79,104		173,808		252,912
Intangible assets net	—		26		26		—		—		—
Operating lease assets	4,627		—		4,627		4,748		12,908		17,656
Restricted cash, non-current portion	73		—		73		73		—		73
Other assets	—		102		102		10		74		84
Total VIE assets	$	84,742	$	130,227	$	214,969	$	89,729	$	222,972	$	312,701
Current portions of long-term debt and financing lease liabilities	$	2,200	$	—	$	2,200	$	2,190	$	132,427	$	134,617
Accounts payable	1,350		7,403		8,753		1,440		6,490		7,930
Accrued expenses and other current liabilities	208		1,549		1,757		241		19,627		19,868
Current portions of operating lease liabilities	146		—		146		133		6,953		7,086
Billings in excess of cost and estimated earnings	—		12,719		12,719		—		3,153		3,153
Income Taxes Payable	—		262		262		—		—		—
Total VIE current liabilities	3,904		21,933		25,837		4,004		168,650		172,654
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs	16,028		—		16,028		17,167		—		17,167
Long-term operating lease liabilities, net of current portion	5,002		—		5,002		5,063		3,823		8,886
Other liabilities	392		—		392		356		—		356
Total VIE liabilities	$	25,326	$	21,933	$	47,259	$	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 agreement to sell a 40% interest in a consolidated joint venture, and we received $28,864 in cash. We also received additional contributions totaling $4,925 as of September 30, 2024.

During the nine months ended September 30, 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 nine months ended September 30, 2024, one of our equity method investments was sold to another company. We received distributions and net proceeds totaling $13,091 and recognized a gain on the sale in the amount of $224, which is included in 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
	September 30, 2024		December 31, 2023
Equity and cost method investments	$	16,729	$	18,709