Accounts receivable as of September 30, 2026 and December 31, 2025 consisted of the following:


(in thousands)	September 30, 2026			December 31, 2025
Accounts receivable	$	422,817		$	182,775
Allowance for credit losses		(7,323	)		(9,866	)
Total accounts receivable, net	$	415,494		$	172,909

Accounts receivable, net as of the beginning of the prior year period, or January 1, 2025, were $159.5 million.

Balances billed but not paid by customers under retainage provisions in contracts within the Condensed Consolidated Balance Sheets amounted to approximately $12.1 million and $10.9 million at September 30, 2026 and December 31, 2025, respectively. Retainage receivables on contracts in progress are generally collected up to 24 months following contract completion, and are recorded in either "Accounts receivable, net" or "Deferred charges and other assets" within the Condensed Consolidated Balance Sheets depending on timing of expected collection.

Allowance for credit losses activity for the nine months ended September 30, 2026 and 2025 consisted of the following:


	Nine months ended September 30,
(in thousands)	2026			2025
Balance at beginning of period	$	9,866		$	8,863
Recoveries (write-offs), net		480			(1,353	)
(Benefit) provision for credit loss		(3,023	)		986
Balance at end of period	$	7,323		$	8,496