Investment in Other Entities

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investment in Other Entities

The following table shows the movement in Investment in Other Entities:


	Pine Bend			Noble Road			GREP			Land2Gas			Paragon			Total
Percentage of ownership	50		%	50		%	20		%	50		%	50		%

Balance at December 31, 2024	$	19,536		$	21,097		$	1,760		$	16,384		$	164,817		$	223,594
Income (loss) from equity method investments	2,354			2,892			(660)			(1,411)			3,859			7,034
Contribution by the Company	—			—			—			15,300			—			15,300
Distributions from return on investment in equity method investment (1)	(1,625)			(2,575)			—			—			(3,859)			(8,059)
Distributions from return of investment in equity method investment (2)	—			—			—			—			(6,236)			(6,236)
Other comprehensive (loss)	—			—			—			—			(287)			(287)
Amortization of basis difference (3)	(118)			(444)			—			—			(4,595)			(5,157)
Capitalized interest	—			—			—			1,356			—			1,356
Balance at September 30, 2025	$	20,147		$	20,970		$	1,100		$	31,629		$	153,699		$	227,545

(1) Recorded as part of cash flows from operating activities for the nine months ended September 30, 2025.

(2) Recorded as part of cash flows from investing activities for the nine months ended September 30, 2025.

(3) Reflected in income from equity method investments in the condensed consolidated statements of operations for the nine months ended September 30, 2025.

The following table summarizes the statement of operations information for equity method investments and the Company's portion of net income from equity method investments:


	Three Months Ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Revenue	$	26,570	$	26,123	$	80,844	$	77,097
Gross profit	6,785		10,799		21,167		31,812
Net income	2,508		7,182		8,791		26,579
Net income from equity method investments(1)	$	637	$	3,822	$	1,877	$	11,828

(1) Net income from equity method investments represents the Company's portion of the net income from equity method investments including amortization of any basis differences.

A summary of financial information for our portion of the assets and liabilities in equity method investees in the aggregate is as follows:


	September 30, 2025		December 31, 2024
Current assets	$	8,662	$	10,554
Noncurrent assets	136,295		121,934
Total assets	144,957		132,488
Current liabilities	11,121		15,993
Noncurrent liabilities	33,991		24,612
Total liabilities	$	45,112	$	40,605