Fair Value Measurements and Investments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s financial assets and liabilities measured at fair value on a recurring basis consisted of the following types of instruments as of the following dates:


	Fair Value as of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	74,627	$	—	$	74,627
Derivative liabilities	—		(2,817)		—		(2,817)
Investments at fair value	—		—		73,353		73,353

Total	$	—	$	71,810	$	73,353	$	145,163


	Fair Value as of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	116,127	$	—	$	116,127
Derivative liabilities	—		(160)		—		(160)

Investments at fair value	—		—		74,136		74,136
Contingent consideration	—		—		(300)		(300)
Total	$	—	$	115,967	$	73,836	$	189,803

The Company’s financial assets and liabilities measured at fair value on a recurring basis consisted of the following types of instruments as of the following dates:


	Fair Value as of March 31, 2026
(in thousands)	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	75,028	$	—	$	75,028
Derivative liabilities	—		(2,574)		—		(2,574)
Investments at fair value	—		—		67,608		67,608

Total	$	—	$	72,454	$	67,608	$	140,062


	Fair Value as of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	74,627	$	—	$	74,627
Derivative liabilities	—		(2,817)		—		(2,817)

Investments at fair value	—		—		73,353		73,353

Total	$	—	$	71,810	$	73,353	$	145,163

Schedule of Fair Value Assets and Liabilities Using Level 3 Inputs

The following table reconciles the beginning and ending balances for instruments that are recognized at fair value using Level 3 inputs in the Consolidated Financial Statements as of December 31, 2025, 2024 and 2023 using significant unobservable inputs:


(in thousands)	Investments at fair value		Contingent consideration		OYA bankruptcy claim receivable		Total
Balance as of December 31, 2022	$	92,554	$	(75,700)	$	—	$	16,854
Contributions to investees	5,298		—		—		5,298
Return of capital	(3,906)		—		—		(3,906)
Change in fair value of investments, net	932		—		—		932
Change in contingent consideration	—		603		—		603
Reclassification of participating Earnout Shares	—		32,790		—		32,790
Balance as of December 31, 2023	$	94,878	$	(42,307)	$	—	$	52,571

Contributions to investees	734		—		—		734
Return of capital	(6,775)		—		—		(6,775)
Change in fair value of investments, net	(14,701)		—		—		(14,701)
Change in contingent consideration	—		39,348		—		39,348
Reclassification of participating Earnout Shares	—		2,659		—		2,659

Balance as of December 31, 2024	$	74,136	$	(300)	$	—	$	73,836
Contributions to investees	219		—		—		219

Divestiture and bankruptcy claim approval of OYA	(5,314)		—		12,692		7,378
Contribution to GDEV OYA Lender	12,692		—		(12,692)		—
Return of capital from GDEV OYA Lender	(3,000)		—		—		(3,000)
Change in fair value of investments, net	(5,380)		—		—		(5,380)
Change in contingent consideration	—		300		—		300


Balance as of December 31, 2025	$	73,353	$	—	$	—	$	73,353

The following table reconciles the beginning and ending balances for instruments that are recognized at fair value using Level 3 inputs in the Consolidated Financial Statements as of March 31, 2026 using significant unobservable inputs:


(in thousands)	Investments at fair value












Balance as of December 31, 2025	$	73,353





Change in fair value of investments, net	(5,745)



Balance as of March 31, 2026	$	67,608

Schedule of Quantitative Information about Level 3 Fair Value Measurements

The following table quantifies the significant unobservable inputs used in determining the fair value of equity method investments as of December 31, 2025:


Unobservable Input						Input/Range
Aurora Solar - Discount rate						10.0%
Aurora Solar - kWh production						0.5%
Aurora Solar - Estimated remaining useful life						27 years
GDEV OYA Lender - Discount rate						25%
GDEV OYA Lender - Attrition						25%-75%
GDEV OYA Lender - Price per watt						$0.30-$0.50

The following table quantifies the significant unobservable inputs used in determining the fair value of equity method investments as of March 31, 2026:


Unobservable Input						Input/Range
Aurora Solar - Discount rate						10.0%
Aurora Solar - kWh production						0.5%
Aurora Solar - Estimated remaining useful life						26 years
GDEV OYA Lender - Discount rate						25%
GDEV OYA Lender - Attrition						25%-75%
GDEV OYA Lender - Price per watt						$0.30-$0.50

Schedule of Equity Method Investments

The following table presents the Company’s investments at fair value reported in Investments, at fair value on the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024:


(in thousands)	December 31, 2025		December 31, 2024
Aurora	$	60,722	$	60,348
OYA(1)	—		5,913
GDEV OYA Lender	6,614		—
GDEV I	2,688		3,771
GDEV II	3,329		4,104
Total investments at fair value	$	73,353	$	74,136

__________________

(1)The Company derecognized the investment in OYA and recognized a bankruptcy claim receivable for the amount, which was subsequently contributed to GDEV OYA Lender. See details above and in Note 5. Variable Interest Entities.

The following table presents the Company’s investments at fair value reported in Investments, at fair value on the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Aurora	$	53,966	$	60,722

GDEV OYA Lender	6,614		6,614
GDEV I	3,215		2,688
GDEV II	3,813		3,329
Total investments at fair value	$	67,608	$	73,353

Schedule of Change in Fair Value of Investments, Net

The following table presents Total Change in fair value of investments, net of each of the Company’s investments for the periods indicated below:



	For the years ended December 31,
(in thousands)		2025		2024		2023
Aurora		$	373	$	(12,614)	1,623
OYA		(598)		(3,732)		(1,782)
GDEV OYA Lender		(3,078)		—
GDEV		(1,153)		(292)		1,124
GDEV II		(924)		1,937		(33)
Total Change in fair value of investments, net		$	(5,380)	$	(14,701)	932

The following table presents Total Change in fair value of investments, net of each of the Company’s investments for the periods indicated below:



	Three months ended March 31,
(in thousands)		2026		2025
Aurora		$	(6,755)	$	1,588
OYA		—		(598)
GDEV OYA Lender		—		—
GDEV		526		—
GDEV II		484		—
Total Change in fair value of investments, net		$	(5,745)	$	990

Schedule of Change in Fair Value of Contingent Consideration


(in thousands)	Investments at fair value		Contingent consideration		OYA bankruptcy claim receivable		Total
Balance as of December 31, 2022	$	92,554	$	(75,700)	$	—	$	16,854
Contributions to investees	5,298		—		—		5,298
Return of capital	(3,906)		—		—		(3,906)
Change in fair value of investments, net	932		—		—		932
Change in contingent consideration	—		603		—		603
Reclassification of participating Earnout Shares	—		32,790		—		32,790
Balance as of December 31, 2023	$	94,878	$	(42,307)	$	—	$	52,571

Contributions to investees	734		—		—		734
Return of capital	(6,775)		—		—		(6,775)
Change in fair value of investments, net	(14,701)		—		—		(14,701)
Change in contingent consideration	—		39,348		—		39,348
Reclassification of participating Earnout Shares	—		2,659		—		2,659

Balance as of December 31, 2024	$	74,136	$	(300)	$	—	$	73,836
Contributions to investees	219		—		—		219

Divestiture and bankruptcy claim approval of OYA	(5,314)		—		12,692		7,378
Contribution to GDEV OYA Lender	12,692		—		(12,692)		—
Return of capital from GDEV OYA Lender	(3,000)		—		—		(3,000)
Change in fair value of investments, net	(5,380)		—		—		(5,380)
Change in contingent consideration	—		300		—		300


Balance as of December 31, 2025	$	73,353	$	—	$	—	$	73,353

The following table presents the change in fair value of contingent consideration for the periods indicated below:



	For the years ended December 31,
(in thousands)		2025		2024		2023
Change in fair value of contingent consideration		$	(300)	$	(39,348)	(603)

The following table reconciles the beginning and ending balances for instruments that are recognized at fair value using Level 3 inputs in the Consolidated Financial Statements as of March 31, 2026 using significant unobservable inputs:


(in thousands)	Investments at fair value












Balance as of December 31, 2025	$	73,353





Change in fair value of investments, net	(5,745)



Balance as of March 31, 2026	$	67,608

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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