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Investment In Unconsolidated Subsidiaries
9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Subsidiaries

Note 8. Investment in Unconsolidated Subsidiaries

The Company’s investment in unconsolidated subsidiaries consist of equity method investments primarily related to ECG’s tax credit finance and asset management activities.

As of September 30, 2023, investment in unconsolidated subsidiaries totaled $1.6 million, of which $1.4 million related to ECG’s asset management businesses and $0.2 million related to ECG’s tax credit finance businesses. As of December 31, 2022, investment in unconsolidated subsidiaries totaled $2.3 million, of which $2.1 million related to ECG’s asset management businesses and $0.2 million related to ECG’s tax credit finance businesses.

Asset Management

ECG manages some of its alternative asset management funds through various unconsolidated subsidiaries and records these investments under the equity method of accounting. ECG recorded its share of loss in the amount of $0.8 million and $0.2 million for the three and nine months ended September 30, 2023, respectively, and recorded its share of income in the amount of $0.2 million and $1.3 million for the three and nine months ended September 30, 2022, respectively. For the three and nine months ended September 30, 2023, ECG made $0 capital contributions and received distributions of $0 million and $0.5 million, respectively. For the three and nine months ended September 30, 2022, ECG made $0 capital contributions and received distributions of $0.3 million and $1.0 million, respectively.

Tax Credit Finance

ECG provides a wide range of tax credit transactions and consulting services through various entities which are wholly owned subsidiaries of Enhanced Tax Credit Finance, LLC (“ETCF”), which is a wholly owned subsidiary of ECG. Some of these subsidiaries own nominal interests, typically under 1.0%, in various VIEs and record these investments under the measurement alternative described in Note 2 above. For the three and nine months ended September 30, 2023 and September 30, 2022, ECG made $0 of capital contributions and received distributions of $0.