v3.26.1
ACQUISITION AND DIVESTITURES (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the allocation of the purchase price, as presented in our Consolidated Balance Sheet:
February 26, 2025
Fair value of assets acquired:
Cash and cash equivalents$17,205 
Restricted cash218,422 
Accounts receivable12,364 
Property, plant and equipment1,516,873 
Intangible assets1,000 
Other assets11,855 
Total assets acquired1,777,719 
Fair value of liabilities assumed:
Accounts payable and accrued liabilities54,699 
Debt1,115,200 
Derivative liabilities197,795 
Other liabilities15,628 
Total liabilities assumed1,383,322 
Goodwill (1)
90,337 
Total purchase consideration$484,734 
________________________________________________________
(1) This goodwill is assigned to the Power and Gas segment and is not tax deductible for income tax purposes.
Business Combination, Intangible Asset, Acquired, Finite-Lived
The following table presents the estimated fair value of the identifiable intangible assets and their estimated useful lives:
Estimated useful life in yearsFair value
Customer relationships
15
$1,000 
Total$1,000 
Schedule of Property Plant And Equipment Acquired as Part of Business Combination
The following table presents the estimated fair value of the property, plant and equipment and their estimated remaining useful lives:
Estimated remaining useful life in yearsFair value
Construction in progress
N/A
$476 
Unproved properties
N/A
216,776 
Proved developed properties
N/A
168,045 
Power generation
12 - 37
850,121 
Computer software
2
70 
Land and improvements
N/A
166,454 
Buildings
10 - 39
48,665 
Machinery & equipment
2 - 37
62,015 
Track and track related assets
8 - 34
4,212 
Vehicles
2 - 3
39 
Total$1,516,873 
Business Combination, Pro Forma Information
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Total revenue$122,286 $271,806 
Net loss attributable to common stockholders(79,115)(119,127)
Disposal Groups, Including Discontinued Operations
The following table summarizes the components of assets and liabilities held-for-sale on the Consolidated Balance Sheets as of June 30, 2026:
Assets
Cash and cash equivalents$16,893 
Restricted cash and cash equivalents15,176 
Accounts receivable, net13,541 
Other current assets11,323 
Total current assets held for sale56,933 
Operating lease right-of-use assets, net737 
Property, plant, and equipment, net1,561,814 
Intangible assets, net922 
Goodwill90,337 
Other assets7,027 
Valuation allowance on assets held for sale (1)
(60,380)
Total non-current assets held for sale1,600,457 
Total assets held for sale$1,657,390 
Liabilities
Accounts payable and accrued liabilities$71,996 
Debt, net449,185 
Operating lease liabilities194 
Derivative liabilities58,338 
Total current liabilities held for sale579,713 
Debt, net715,200 
Operating lease liabilities582 
Derivative liabilities192,936 
Other liabilities2,451 
Total non-current liabilities held for sale911,169 
Total liabilities held for sale$1,490,882 
________________________________________________________
(1) The valuation allowance on assets held for sale for $60.4 million was recorded as Asset impairment in the Company’s Consolidated Statement of Operations for the three and six months ended June 30, 2026.
The following table presents the amounts related to the operations of Long Ridge Energy & Power LLC that have been reflected in net loss on the Consolidated Statements of Operations:
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
(Loss) income before income taxes$(68,397)$(75,035)
Net (loss) income attributable to common stockholders before income taxes(68,323)(74,914)