v3.25.4

VARIABLE INTEREST ENTITIES

12 Months Ended

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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- References

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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

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