Investments in Other Entities (Tables)

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

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


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

Balance at December 31, 2022	$	22,518		$	—		$	25,165		$	4,082		$	51,765
Deconsolidation of Emerald and Sapphire	—			34,662			—			—			34,662
Deconsolidation of deferred financing costs and capitalized interest	—			1,383			—			—			1,383
Net income from equity method investment (1)	1,884			(1,190)			3,190			(810)			3,074
Reclassification of adjustments into earnings	—			—			—			(334)			(334)
Contribution by the Company (2)	—			500			—			—			500
Distributions from return of investment in equity method investment	(3,525)			(3,585)			(5,700)			(521)			(13,331)
Accumulated other comprehensive income	—			515			—			—			515
Gain on deconsolidation of Emerald and Sapphire (3)	—			122,873			—			—			122,873
Amortization of basis difference (1)	(218)			(388)			(1,035)			—			(1,641)
Balance at September 30, 2023	$	20,659		$	154,770		$	21,620		$	2,417		$	199,466

(1) Reflected in Income from equity method investments in the condensed consolidated statement of operations for the three and nine months ended September 30, 2023 and 2022.

(2) Represents 50% of the $1,000 contributed by the Company in the third quarter of 2023.

(3) Recorded as part of Other income in our condensed consolidated statement of operations for the three and nine months ended September 30, 2023.

The following table summarizes the net income from equity method investments:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue (1)	$	9,463	$	42,158	$	23,927	$	47,247
Gross profit	(11,268)		33,053		(1,392)		34,665
Net income	4,533		31,356		1,634		29,615

Net income from equity method investments (2)	$	1,726	$	3,694	$	1,433	$	3,658

(1) Revenues include a realized gain of $32,796 from commodity swap contracts on our equity method investment, GREP for the three and nine months ended September 30, 2022.

(2) Net income from equity method investments represents our portion of the net income from equity method investments including amortization of any basis differences.