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Investments (Tables)

9 Months Ended

Sep. 30, 2025


As of September 30, 2025	WMES		CASC Willis		WGET		Total
	(in thousands)
Investment in joint ventures as of December 31, 2024	$	44,756	$	17,914	$	—	$	62,670
Income (loss) from joint ventures	7,301		2,335		(11)		9,625
Foreign currency translation adjustment	—		408		—		408
Other comprehensive loss from joint ventures	(616)		—		—		(616)
Contributions	22,500		—		3,528		26,028
Investment in joint ventures as of September 30, 2025	$	73,941	$	20,657	$	3,517	$	98,115

Schedule of Financial Information

Unaudited summarized financial information for 100% of WMES is presented in the following tables:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(in thousands)
Revenue	$	27,878	$	15,342	$	73,144	$	56,491
Expenses	21,123		14,045		54,827		42,557
WMES net income	$	6,755	$	1,297	$	18,317	$	13,934


	September 30, 2025		December 31, 2024
	(in thousands)
Total assets	$	461,550	$	352,783
Total liabilities	302,611		256,055
Total WMES net equity	$	158,939	$	96,728

Schedule of Variable Interest Entities

The following table presents information about our nonconsolidated VIE in which we hold a variable interest:

September 30, 2025

VIE Assets

VIE Liabilities

Maximum Exposure to Loss

(in thousands)

WGET

5,039

3,517

- 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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