VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS

3 Months Ended

Mar. 31, 2025

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, 2025 (1)						December 31, 2024 (1)
	Investment Funds		Other VIEs		Total VIEs		Investment Funds		Other VIEs		Total VIEs
Cash and cash equivalents	$	57	$	18,182	$	18,239	$	89	$	8,691	$	8,780

Accounts receivable, net	—		4,795		4,795		—		14,607		14,607
Unbilled revenue	348		32,155		32,503		230		4,040		4,270
Prepaid expenses and other current assets	30		3,370		3,400		30		1,293		1,323
Income taxes receivable	—		1,203		1,203		—		672		672
Project development costs, net	—		1,824		1,824		—		5,795		5,795
Total VIE current assets	435		61,529		61,964		349		35,098		35,447

Energy assets, net	23,155		82,814		105,969		23,538		98,876		122,414
Deferred income tax assets, net	—		2,530		2,530		—		—		—
Intangible assets, net	—		—		—		—		20		20
Right-of-use assets, net	468		—		468		471		—		471

Other assets	—		103		103		—		196		196
Total VIE assets	$	24,058	$	146,976	$	171,034	$	24,358	$	134,190	$	158,548
Current portions of long-term debt and financing lease liabilities	$	—	$	13,473	$	13,473	$	—	$	—	$	—
Accounts payable	27		17,401		17,428		27		5,140		5,167
Accrued expenses and other current liabilities	32		364		396		25		577		602
Current portions of operating lease liabilities	13		—		13		13		—		13
Deferred revenue	—		15,428		15,428		—		10,063		10,063
Income taxes payable	—		546		546		—		526		526
Total VIE current liabilities	72		47,212		47,284		65		16,306		16,371

Long-term operating lease liabilities, net of current portion	487		—		487		500		—		500

Total VIE liabilities	$	559	$	47,212	$	47,771	$	565	$	16,306	$	16,871

(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 an energy asset, thus forming a joint venture, and we received $28,864 in cash. We also received additional contributions totaling $6,543 during the year ended December 31, 2024 and $2,863 during the three months ended March 31, 2025.

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 loss.

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


	As of
	March 31, 2025		December 31, 2024
Equity and cost method investments	$	17,376	$	16,987