v3.25.2
VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS 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:
June 30, 2025 (1)
December 31, 2024 (1)
Investment FundsOther VIEsTotal VIEsInvestment FundsOther VIEsTotal VIEs
Cash and cash equivalents$76 $21,522 $21,598 $89 $8,691 $8,780 
Restricted cash— 11,183 11,183 — — — 
Accounts receivable, net— 15,318 15,318 — 14,607 14,607 
Unbilled revenue419 62,054 62,473 230 4,040 4,270 
Prepaid expenses and other current assets30 9,067 9,097 30 7,089 7,119 
Income taxes receivable— 1,982 1,982 — 672 672 
Total VIE current assets525 121,126 121,651 349 35,099 35,448 
Energy assets, net22,772 84,104 106,876 23,538 98,876 122,414 
Deferred income tax assets, net— 2,349 2,349 — — — 
Intangible assets, net— — — — 20 20 
Right-of-use assets, net464 — 464 471 — 471 
Restricted cash, non-current portion— 1,746 1,746 — — — 
Other assets— 107 107 — 195 195 
Total VIE assets$23,761 $209,432 $233,193 $24,358 $134,190 $158,548 
Current portions of long-term debt and financing lease liabilities$— $25,773 $25,773 $— $— $— 
Accounts payable15 60,987 61,002 27 5,140 5,167 
Accrued expenses and other current liabilities13 2,323 2,336 25 577 602 
Current portions of operating lease liabilities13 — 13 13 — 13 
Deferred revenue— 14,173 14,173 — 10,063 10,063 
Income taxes payable— 414 414 — 526 526 
Total VIE current liabilities41 103,670 103,711 65 16,306 16,371 
Long-term operating lease liabilities, net of current portion472 — 472 500 — 500 
Total VIE liabilities$513 $103,670 $104,183 $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 $3,799 during the six months ended June 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 (loss).
The following table provides information about our equity and cost method investments in joint ventures:
As of
June 30, 2025December 31, 2024
Equity and cost method investments$42,983 $16,987