v3.25.4

VARIABLE INTEREST ENTITIES | 12 Months Ended
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Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES Tax Credit Investments The Company makes investments in unconsolidated entities that construct, own and operate solar generation facilities. An unrelated third party is the managing member and has control over the significant activities of the variable interest entities ("VIE"). The Company generates a return through the receipt of tax credits allocated to the projects, as well as operational distributions. The primary risk of loss is generally mitigated by policies requiring that the project qualify for the expected tax credits prior to the Company making its investment. Any loans to the VIE are secured. As of December 31, 2025, the Company's maximum exposure to loss is $49.5 million.
|  |  | December 31, 2025 |  | December 31, 2024
|  | (In thousands) |  |  |
|  | Unconsolidated Variable Interest Entities |  |  |
|  | Tax credit investments included in equity investments | $ | 4,479 |  |  | $ | 4,732 |
|  | Loan commitments | 45,012 |  |  | 49,744 |
|  | Funded portion of loan commitments | 44,525 |  |  | 49,744 |
For additional disclosures related to commitments for investment obligations related to tax credit investments, see Note 15. The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments:
|  |  |  | Year Ended
|  |  |  | December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
(In thousands) |  |  |  |  |  |  |  |  |  |
Tax credits and other tax benefits recognized in equity method investments income (1) |  |  |  |  |  | $ | 285 |  |  | $ | 3,441 |  |  | $ | 1,660 |
Tax credits and other tax benefits recognized in income tax expense (2) |  |  |  |  |  | 6,693 |  |  | — |  |  | — |
Investment amortization recognized in income tax expense(2) |  |  |  |  |  | 5,242 |  |  | — |  |  | — |
(1) Related to equity investments that do not qualify for PAM |  |  |  |  |  |  |  |  |  |
(2) Related to equity investments that do qualify for PAM |  |  |  |  |  |  |  |  |  |
The following table shows the cash flows related to the total income tax benefits presented in the line items in the Consolidated Statements of Cash Flows for investments accounted for using the PAM:
|  |  | Year Ended
|  |  | December 31,
|  |  | 2025
(In thousands) |  |  |
Net Income |  |  | $ | 1,451 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization |  |  | (5,242) |
Increase in other assets |  |  | 6,693 |

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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