Information on segments and reconciliations to consolidated revenues, consolidated operating expenses, consolidated operating income, consolidated loss before income taxes and consolidated depreciation and amortization for the periods indicated below were as follows:


	For the year ended December 31, 2025
(in thousands)	Independent Power Producer		Investment Management		All Other		Consolidated
Total segment net revenue	$	179,739	$	11,482	$	—	$	191,221
Operating expenses
Direct operating costs(1) (2)	$	81,868	$	12,712	$	—	$	94,580
General and administrative(3)	12,120		4,292		41,047		57,459
Change in fair value of contingent consideration	—		—		(300)		(300)
Depreciation, amortization and accretion	76,483		4,299		—		80,782
(Gain) loss on asset disposition	95,339		—		—		95,339


Impairment of long-lived assets, net and termination costs	46,846		—		—		46,846
Total segment operating expense	$	312,656	$	21,303	$	40,747	$	374,706
Total segment operating income (loss)	$	(132,917)	$	(9,821)	$	(40,747)	$	(183,485)
Interest income (expense), net							$	(79,892)
Change in fair value of investments, net							(5,380)
Income from sale-leaseback transfer of tax benefits							32,951
Gain on liability extinguishment							15,417
Other income (expense), net							(2,624)
Income (loss) before income taxes							$	(223,013)


	For the year ended December 31, 2024
(in thousands)	Independent Power Producer		Investment Management		All Other		Consolidated
Total segment net revenue	$	177,009	$	18,757	$	—	$	195,766
Operating expenses
Direct operating costs(1) (2)	$	95,049	$	16,700	$	—	$	111,749
General and administrative(3)	15,231		8,020		29,301		52,552
Change in fair value of contingent consideration	—		—		(39,348)		(39,348)
Depreciation, amortization and accretion	73,790		8,163		—		81,953
(Gain) loss on asset disposition	12,932		—		—		12,932
(Gain) loss on deconsolidation, net	(5,622)		—		—		(5,622)
Impairment of goodwill	200,338		20,976		—		221,314
Impairment of long-lived assets, net and termination costs	37,982		50,428		—		88,410
Total segment operating expense	$	429,700	$	104,287	$	(10,047)	$	523,940
Total segment operating income (loss)	$	(252,691)	$	(85,530)	$	10,047	$	(328,174)

Interest income (expense), net							$	(7,612)
Change in fair value of investments, net							(14,701)
Income from sale-leaseback transfer of tax benefits							22,764
Other income (expense), net							2,436
Income (loss) before income taxes							$	(325,287)


(in thousands)	For the year ended December 31, 2023
	Independent Power Producer		Investment Management		All Other		Consolidated
Total segment net revenue	$	159,675	$	13,490	$	—	$	173,165








Operating expenses
Direct operating costs(1) (2)	$	91,911	$	13,675	$	—	$	105,586
General and administrative(3)	13,992		3,680		42,945		60,617
Change in fair value of contingent consideration	—		—		(603)		(603)
Depreciation, amortization and accretion	116,506		9,237		—		125,743
Impairment of long-lived assets, net and termination costs	$	59,294	$	—	$	—	59,294
Total segment operating expense	$	281,703	$	26,592	$	42,342	$	350,637
Total segment operating income (loss)	$	(122,028)	$	(13,102)	$	(42,342)	$	(177,472)

Interest income (expense), net							$	(20,328)
Change in fair value of investments, net							932
Other expense, net							(267)
Income (loss) before income taxes							$	(197,135)

(1)Direct operating costs within the IPP segment represent the costs to operate our fleet of renewable energy projects, including operations and maintenance, site lease expense, project-level insurance and property taxes, and other costs incurred at the project level. Additionally, the Company employs a dedicated team of technical asset managers to monitor the operational performance of the projects within IPP. The salaries, benefits and professional service costs directly related to the operations of IPP are included within Direct operating costs in the tables above and on the Consolidated Statements of Operations. Direct operating costs exclude any depreciation, amortization and accretion expense.

(3)General and administrative costs for the IPP and IM segments primarily consist of allocable portions of salaries and other compensation, professional services and consulting fees and other related costs for overhead functions. Unallocated All Other expenses represent the portion of expenses relating to general corporate functions, including certain finance, legal, information technology, human resources, administrative and executive expenses including stock-based compensation, and other expenses not directly attributable to the reportable segments.


	For the three months ended March 31, 2026
(in thousands)	Independent Power Producer		Investment Management		All Other		Consolidated
Total segment net revenue	$	32,293	$	2,518	$	—	$	34,811
Operating expenses
Direct operating costs(1) (2)	$	17,334	$	1,986	$	—	$	19,320
General and administrative(3)	2,831		1,153		8,078		12,062

Depreciation, amortization and accretion	15,656		1,175		—		16,831



Impairment of long-lived assets, net and termination costs	463		—		—		463
Total segment operating expense	$	36,284	$	4,314	$	8,078	$	48,676
Total segment operating income (loss)	$	(3,991)	$	(1,796)	$	(8,078)	$	(13,865)

Interest expense, net							$	(12,072)
Change in fair value of investments, net							(5,745)
Income from sale-leaseback transfer of tax benefits							10,188

Other income, net							153
Loss before income taxes							$	(21,341)


	For the three months ended March 31, 2025
(in thousands)	Independent Power Producer		Investment Management		All Other		Consolidated
Total segment net revenue	$	47,202	$	3,260	$	—	$	50,462
Operating expenses
Direct operating costs(1) (2)	$	18,647	$	5,264	$	—	$	23,911
General and administrative(3)	3,283		1,302		12,461		17,046

Depreciation, amortization and accretion	19,217		2,411		—		21,628



Impairment of long-lived assets, net and termination costs	13,665		—		—		13,665
Total segment operating expense	$	54,812	$	8,977	$	12,461	$	76,250
Total segment operating income (loss)	$	(7,610)	$	(5,717)	$	(12,461)	$	(25,788)
Interest expense, net							$	(36,566)
Change in fair value of investments, net							990
Income from sale-leaseback transfer of tax benefits							10,188
Other income, net							148
Loss before income taxes							$	(51,028)