v3.25.1
Non-Recourse Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Non-Recourse Debt Non-Recourse Debt
The following table provides a summary of the Company’s non-recourse debt as of March 31, 2025 and December 31, 2024:

(Amounts in thousands)DueMarch 31, 2025December 31, 2024
SVB Credit Agreement, SP1 Facility (1)
April 30, 2026$192,425 $196,240 
Second SVB Credit Agreement, SP2 Facility (1)
May 14, 202776,122 78,018 
KeyBank Credit Agreement, SP3 Facility (1)
November 13, 202752,695 53,830 
Second KeyBank Credit Agreement (1)
April 28, 2030162,691 162,691 
Barings GPSF Credit Agreement, SET Facility
April 17, 2042130,000 130,000 
Banco Santander Credit Agreement, SP5 Facility
November 22, 2027109,842 109,842 
Less: Unamortized fair value adjustment (1)
(20,576)(21,948)
Less: Unamortized deferred financing costs(3,077)(3,342)
Total non-recourse debt
700,122 705,331 
Less: Non-recourse debt, current(28,347)(28,310)
Non-recourse debt, non-current$671,775 $677,021 

(1) Fair value adjustment is being amortized to interest expense over the life of the related debt instruments using the effective interest method. Amortization expense for the fair value adjustment and deferred financing costs for the three months ended March 31, 2025 and 2024 were $1.6 million and $1.5 million, respectively.

The Company’s credit agreements related to each of its non-recourse debts require the Company to be in compliance with various covenants, and the Company was in compliance with those required covenants as of March 31, 2025.

As of March 31, 2025, the principal maturities of the Company’s debt were as follows:

As of March 31,
(Amounts in thousands)2025
Remainder of 202528,347 
2026186,158 
2027216,579 
2028— 
2029— 
Thereafter
292,691 
Total$723,775