VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS

9 Months Ended

Sep. 30, 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:


	September 30, 2025 (1)						December 31, 2024 (1)
	Investment Funds		Other VIEs		Total VIEs		Investment Funds		Other VIEs		Total VIEs
Cash and cash equivalents	$	32	$	12,848	$	12,880	$	89	$	8,691	$	8,780
Restricted cash	—		17,028		17,028		—		—		—
Accounts receivable, net	471		25,268		25,739		—		14,607		14,607
Unbilled revenue	—		103,025		103,025		230		4,040		4,270
Prepaid expenses and other current assets	—		6,781		6,781		30		7,088		7,118
Income taxes receivable	—		2,729		2,729		—		672		672

Total VIE current assets	503		167,679		168,182		349		35,098		35,447

Energy assets, net	22,390		90,215		112,605		23,538		98,876		122,414
Deferred income tax assets, net	—		2,349		2,349		—		—		—
Intangible assets, net	—		—		—		—		20		20
Right-of-use assets, net	461		—		461		471		—		471
Restricted cash, non-current portion	—		1,747		1,747		—		—		—
Other assets	—		105		105		—		196		196
Total VIE assets	$	23,354	$	262,095	$	285,449	$	24,358	$	134,190	$	158,548
Current portions of long-term debt and financing lease liabilities	$	—	$	32,143	$	32,143	$	—	$	—	$	—
Accounts payable	68		86,070		86,138		27		5,140		5,167
Accrued expenses and other current liabilities	20		8,356		8,376		25		577		602
Current portions of operating lease liabilities	13		—		13		13		—		13
Deferred revenue	—		18,564		18,564		—		10,063		10,063
Income taxes payable	—		369		369		—		526		526
Total VIE current liabilities	101		145,502		145,603		65		16,306		16,371

Long-term operating lease liabilities, net of current portion	479		—		479		500		—		500

Total VIE liabilities	$	580	$	145,502	$	146,082	$	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 $4,723 during the nine months ended September 30, 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 income.

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


	As of
	September 30, 2025		December 31, 2024
Equity and cost method investments	$	42,261	$	16,987