v3.26.1
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Illinois Winds LLC
Redeemable Common Shares, Common Class Earnout
Redeemable common shares
Additional Paid-In-Capital, Redeemable Common Shares, Common Class Earnout
Additional paid-in capital - redeemable common shares
Class EO
Redeemable noncontrolling interests
Class P-I
Redeemable Common Shares, Common Class of P-I
Additional Paid-In-Capital, Redeemable Common Shares, Class of P-I
Common Stock
Common Stock
Class EO
Common Stock
Class P-I
Additional paid-in capital
Additional paid-in capital
Class EO
Additional paid-in capital
Class P-I
Accumulated deficit
Accumulated deficit
Class P-I
Accumulated other comprehensive income
Noncontrolling interests
Noncontrolling interests
Illinois Winds LLC
Redeemable common shares, beginning balance (in shares) at Dec. 31, 2022       0                                    
Redeemable noncontrolling interests, beginning balance at Dec. 31, 2022       $ 0   $ 0   $ 2,034                            
Increase (Decrease) in Temporary Equity [Roll Forward]                                            
Shareholder distributions           4                                
Distributions to noncontrolling interests               (674)                            
Earnout Share participation reclassification to temporary equity (in shares)       131,000           742,000                        
Earnout Share participation reclassification to temporary equity           1,085       $ 1 $ 6,156                      
Net income (loss)               819                            
Redeemable common shares, ending balance (in shares) at Dec. 31, 2023       873,000                                    
Redeemable noncontrolling interests, ending balance at Dec. 31, 2023       $ 1   7,245   2,179                            
Beginning balance (in shares) at Dec. 31, 2022                       198,044,000                    
Total equity, beginning balance at Dec. 31, 2022 $ 1,788,681                     $ 198     $ 1,763,061     $ (114,680)   $ 56,094 $ 84,008  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                            
Issuance of common shares under distribution reinvestment plan (in shares)                       2,636,000                    
Issuance of common shares under distribution reinvestment plan 22,493                     $ 3     22,490              
Repurchases of common shares (in shares)                       (5,811,000)                    
Repurchases of common shares (50,883)                     $ (6)     (50,877)              
Proceeds from shares transferred (in shares)                       (1,000)                    
Deferred shareholder servicing fees (2,784)                                 (2,784)        
Shareholder distributions (109,993)                                 (109,993)        
Amortization on derivatives previously designated as hedges and other changes in Accumulated other comprehensive income (loss), net of tax (10,162)                                     (10,162)    
Contributions from noncontrolling interests, net 144,860                                       144,860  
Distributions to noncontrolling interests (15,748)                                       (15,748)  
ITC sales proceeds attributable to noncontrolling interests 0                                          
Buyout of noncontrolling interests (864)                           757           (1,621)  
Earnout Share participation (in shares)                       3,730,000                    
Earnout Share participation 32,790                     $ 4     32,786              
Reclassification of participating Earnout Shares to temporary equity (in shares)                       (131,000)   (742,000)                
Earnout Share participation reclassification to temporary equity (1,085)               $ (6,156)         $ (1) (1,139)   $ (6,504) 54 $ 349      
Other noncontrolling interest activity (689)                                       (689)  
Share-based compensation expense (in shares)                       22,000                    
Share-based compensation expense 9,486                           9,486              
Net income (loss) (176,406)                                 (79,471)     (96,935)  
Ending balance (in shares) at Dec. 31, 2023                       197,749,000                    
Total equity, ending balance at Dec. 31, 2023 $ 1,623,540                     $ 198     1,770,060     (306,525)   45,932 113,875  
Increase (Decrease) in Temporary Equity [Roll Forward]                                            
Repurchases of common shares (in shares)       (428,000)                                    
Repurchases of common shares       $ (1)   (3,516)                                
Shareholder distributions           (75)                                
Distributions to noncontrolling interests               (321)                            
Buyout of noncontrolling interests               (179)                            
Earnout Share participation reclassification to temporary equity (in shares)     11,000                                      
Earnout Share participation reclassification to temporary equity         $ 92                                  
Class P-I Share reclassification to permanent equity (in shares)     (85,000)             (371,000)                        
Class P-I Share reclassification to permanent equity         $ (656)           $ (3,090)                      
Net income (loss)               31                            
Redemption value adjustment for redeemable noncontrolling interest               141                            
Redeemable common shares, ending balance (in shares) at Dec. 31, 2024       0                                    
Redeemable noncontrolling interests, ending balance at Dec. 31, 2024       $ 0   0   1,851                            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                            
Issuance of common shares under distribution reinvestment plan (in shares) 868,000           0   390,000     868,000                    
Issuance of common shares under distribution reinvestment plan $ 7,056                     $ 1     7,055              
Repurchases of common shares (in shares) (844,000)           (57,000)   (561,000)     (416,000)                    
Repurchases of common shares $ (3,339)                           (3,339)              
Deferred shareholder servicing fees 825                                 825        
Shareholder distributions (36,573)                                 (36,573)        
Amortization on derivatives previously designated as hedges and other changes in Accumulated other comprehensive income (loss), net of tax (10,995)                                     (10,995)    
Contributions from noncontrolling interests, net 83,932 $ 116,191                                     83,932 $ 116,191
Decrease from deconsolidation (116,017)                                       (116,017)  
Distributions to noncontrolling interests (19,189)                                       (19,189)  
ITC sales proceeds attributable to noncontrolling interests 0                                          
Buyout of noncontrolling interests (563)                           (449)           (114)  
Earnout Share participation (in shares)                       323,000                    
Earnout Share participation 2,660                           2,660              
Reclassification of participating Earnout Shares to temporary equity (in shares)                         (11,000)                  
Earnout Share participation reclassification to temporary equity             $ (92)                 $ (92)            
Reclassifications of temporary equity to permanent (in shares)                         85,000 371,000                
Reclassifications of temporary equity to permanent             $ 656   $ 3,090             $ 656 $ 3,090          
Share-based compensation expense (in shares)                       25,000                    
Share-based compensation expense (4,003)                           (4,003)              
Issuance of shares related to share-based compensation (in shares)                       332,000                    
Shares withheld related to net share settlement of equity awards (1,880)                           (1,880)              
Net income (loss) (305,940)                                 (242,300)     (63,640)  
Redemption value adjustment for redeemable noncontrolling interest $ (141)                                 (160)     19  
Ending balance (in shares) at Dec. 31, 2024 199,326,000                     199,326,000                    
Total equity, ending balance at Dec. 31, 2024 $ 1,339,218                     $ 199     1,773,758     (584,733)   34,937 115,057  
Redeemable noncontrolling interests, ending balance at Mar. 31, 2025               1,851                            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                            
Repurchases of common shares (in shares)                       (139,000)                    
Repurchases of common shares (1,171)                           (1,171)              
Deferred shareholder servicing fees 2                                 2        
Amortization on derivatives previously designated as hedges and other changes in Accumulated other comprehensive income (loss), net of tax (1,247)                                     (1,247)    
Contributions from noncontrolling interests, net 2,132                                       2,132  
Distributions to noncontrolling interests (3,811)                                       (3,811)  
Share-based compensation expense (in shares)                       (11,000)                    
Share-based compensation expense 3,493                           1,743           1,750  
Net income (loss) (40,654)                                 (15,586)     (25,068)  
Ending balance (in shares) at Mar. 31, 2025                       199,176,000                    
Total equity, ending balance at Mar. 31, 2025 $ 1,297,962                     $ 199     1,774,330     (600,317)   33,690 90,060  
Redeemable common shares, beginning balance (in shares) at Dec. 31, 2024       0                                    
Redeemable noncontrolling interests, beginning balance at Dec. 31, 2024       $ 0   $ 0   1,851                            
Increase (Decrease) in Temporary Equity [Roll Forward]                                            
Distributions to noncontrolling interests               (149)                            
Buyout of noncontrolling interests               (1,825)                            
Net income (loss)               123                            
Redeemable noncontrolling interests, ending balance at Dec. 31, 2025               $ 0                            
Beginning balance (in shares) at Dec. 31, 2024 199,326,000                     199,326,000                    
Total equity, beginning balance at Dec. 31, 2024 $ 1,339,218                     $ 199     1,773,758     (584,733)   34,937 115,057  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                            
Repurchases of common shares (in shares) (421,000)           0   (158,000)     (421,000)                    
Repurchases of common shares $ (2,463)                           (2,463)              
Proceeds from shares transferred (in shares)                       (6,000)                    
Deferred shareholder servicing fees 2,120                                 2,120        
Amortization on derivatives previously designated as hedges and other changes in Accumulated other comprehensive income (loss), net of tax (8,390)                                     (8,390)    
Contributions from noncontrolling interests, net 56,049                                       56,049  
Distributions to noncontrolling interests (19,318)                                       (19,318)  
Noncontrolling interests transferred due to sale of projects (25,530)                                       (25,530)  
ITC sales proceeds attributable to noncontrolling interests 45,378                                       45,378  
ITC sales proceeds distributed to noncontrolling interests (42,989)                                       (42,989)  
Buyout of noncontrolling interests (1,748)                           1,484           (3,232)  
Reclassifications of temporary equity to permanent                 $ 3,100                          
Share-based compensation expense (in shares)                       480,000                    
Share-based compensation expense 11,412                           9,351           2,061  
Shares withheld related to net share settlement of equity awards (2,827)                           (2,827)              
Net income (loss) $ (215,012)                                 (194,645)     (20,367)  
Ending balance (in shares) at Dec. 31, 2025 199,379,000                     199,379,000                    
Total equity, ending balance at Dec. 31, 2025 $ 1,135,900                     $ 199     1,779,303     (777,258)   26,547 107,109  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                            
Repurchases of common shares (in shares) (53,000)           0   (11,000)     (53,000)                    
Repurchases of common shares $ (204)                           (204)              
Deferred shareholder servicing fees 308                                 308        
Amortization on derivatives previously designated as hedges and other changes in Accumulated other comprehensive income (loss), net of tax (795)                                     (795)    
Distributions to noncontrolling interests (2,559)                                       (2,559)  
Buyout of noncontrolling interests (2,030)                           5,452           (7,482)  
Share-based compensation expense (in shares)                       5,000                    
Share-based compensation expense 1,870                           1,795           75  
Net income (loss) $ (27,514)                                 (27,326)     (188)  
Ending balance (in shares) at Mar. 31, 2026 199,331,000                     199,331,000                    
Total equity, ending balance at Mar. 31, 2026 $ 1,104,554                     $ 199     $ 1,786,346     $ (804,276)   $ 25,752 $ 96,533