v3.25.3
Redeemable Stock of Subsidiary
 9 Months Ended
Sep. 30, 2025
Temporary Equity Disclosure [Abstract]  
Redeemable Stock of Subsidiary Redeemable Stock of Subsidiary
The following table summarizes the change in redeemable stock of subsidiary on the condensed consolidated balance sheets:

Three months ended
September 30,
20252024
Beginning balance as of July 1
$1,606 $1,455 
Paid-in-kind distributions(a)
44 37 
Ending balance as of September 30, 2025$1,650 $1,492 

Nine months ended
September 30,
20252024
Beginning balance as of January 1
$1,529 $1,385 
Paid-in-kind distributions(a)
121 107 
Ending balance as of September 30, 2025$1,650 $1,492 
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(a)Presented as net income attributable to redeemable stock of subsidiary on the condensed consolidated statements of operations.
On April 15, 2025, the Calcasieu Project declared COD. Following COD of the Calcasieu Project through August 19, 2027, no distributions of available cash are permitted from Calcasieu Funding to Venture Global or its affiliates until all accrued distributions on the CP Funding Redeemable Preferred Units have been fully settled in cash. Further, on and after August 19, 2027, no distributions of available cash will be permitted from Calcasieu Funding to Venture Global or its affiliates until the CP Funding Redeemable Preferred Units have been fully redeemed in cash. In this context, available cash means funds in excess of cash deemed necessary by management to fund the Calcasieu Project's operating costs, including debt service requirements, during the relevant period. As of September 30, 2025, the CP Funding Redeemable Preferred Units had a redemption value of $1.7 billion of which $750 million was related to accrued distributions.