v3.26.1
Fair Value Measurements and Investments (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
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 June 30, 2026
(in thousands)
Level 1Level 2Level 3Total
Derivative assets$— $79,164 $— $79,164 
Derivative liabilities— (74)— (74)
Investments at fair value— — 68,225 68,225 
Total$— $79,090 $68,225 $147,315 
Fair Value as of December 31, 2025
(in thousands)
Level 1Level 2Level 3Total
Derivative assets$— $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 Measured on Recurring Basis, Unobservable Input Reconciliation
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 June 30, 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(5,128)
Balance as of June 30, 2026$68,225 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
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 June 30, 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(5,128)
Balance as of June 30, 2026$68,225 
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 June 30, 2026:
Unobservable InputInput/Range
Aurora Solar - Discount rate
10.0%
Aurora Solar - kWh production
0.5%
Aurora Solar - Estimated remaining useful life
26.0 years
GDEV OYA Lender - Discount rate
25%
GDEV OYA Lender - Attrition
25%-75%
GDEV OYA Lender - Price per watt
$0.30-$0.47
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 June 30, 2026 and December 31, 2025:
(in thousands)June 30, 2026December 31, 2025
Aurora$54,615 $60,722 
GDEV OYA Lender6,614 6,614 
GDEV I3,215 2,688 
GDEV II3,781 3,329 
Total investments at fair value$68,225 $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:
Three months ended
June 30,
Six months ended
June 30,
(in thousands)
2026202520262025
Aurora$649 $(300)$(6,106)$1,288 
OYA— — — (598)
GDEV OYA Lender— — — — 
GDEV(289)527 (289)
GDEV II(33)(63)451 (63)
Total Change in fair value of investments, net$617 $(652)$(5,128)$338