Consolidated Variable Interest Entity (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Carrying Amounts of the Assets and Liabilities

The carrying amounts of the assets and liabilities of the Utility Limited Partnership consolidated VIE included in the Company’s condensed consolidated balance sheets are as follows:


	June 30, 2026		December 31, 2025
	(in thousands)
Assets
Cash	$	4	$	4
Investments in the Absolute Return Utility & Infrastructure Fund, at fair value	215,861		178,891
Investment in affiliated fund, at fair value (cost of $191 in 2026 and $191 in 2025)	154		280
Due from the Absolute Return Utility & Infrastructure Fund	—		2,077
Total assets	$	216,019	$	181,252

Liabilities and partners' capital
Liabilities:
Withdrawals payable	—		2,077
Accrued expenses and other liabilities	122		118
Total liabilities	122		2,195

Partners' capital:
Limited partners	209,916		178,507
General partner	5,981		550
Total partners' capital:	215,897		179,057
Total liabilities and partners' capital	$	216,019	$	181,252

The assets recognized in the Company’s condensed consolidated balance sheets related to the Company’s variable interests in non-consolidated VIEs as of June 30, 2026 and December 31, 2025, are summarized as follows:


	June 30, 2026						December 31, 2025
	Cost		Net Unrealized Gains (Losses)		Fair Value		Cost		Net Unrealized Gains (Losses)		Fair Value
	(in thousands)
Absolute Return Utility & Infrastructure Fund	$	172,753	$	43,108	$	215,861	$	162,753	$	16,138	$	178,891
MidCap Limited Partnership	10,000		1,406		11,406		10,000		968		10,968
Total Utility & Infrastructure Investments	$	182,753	$	44,514	$	227,267	$	172,753	$	17,106	$	189,859

The following table summarizes certain investments of the Absolute Return Utility & Infrastructure Fund where the Utility Limited Partnership’s proportionate share of the fair value of the classes of investment represents more than 10% of the Company’s stockholders’ equity as of June 30, 2026 and December 31, 2025:


Investment in securities	Cost (1)		Fair Value (1)		Percentage of Stockholders' Equity
June 30, 2026	(in thousands)
Assets:
Total common stock	$	362,856	$	400,422	59.73	%
Liabilities:
Total common stock	$	(224,621)	$	(239,683)	(35.75)	%

(1)Values represent the Company’s proportionate share of the Absolute Return Utility & Infrastructure Fund’s total holdings.


Investment in securities	Cost (1)		Fair Value (1)		Percentage of Stockholders' Equity
December 31, 2025	(in thousands)
Assets:
Total common stock	$	282,230	$	292,719	47.61	%
Liabilities:
Total common stock	$	(142,418)	$	(142,860)	(23.23)	%

(1)Values represent the Company’s proportionate share of the Absolute Return Utility & Infrastructure Fund’s total holdings.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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