v3.26.1
Interest Rate Swaps
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Interest Rate Swaps Interest Rate Swaps
The purpose of the Company’s swap agreements is to convert the floating interest rate on its credit agreements (discussed above) to a fixed rate. In connection with the acquisition of Legacy Spruce Power, the Company assumed interest rate swaps from agreements Legacy Spruce Power executed with four financial institutions.
As part of the SEMTH Acquisition in 2023, the Company assumed interest rate swaps related to the SP4 Facility, which were settled concurrently with the full repayment of the SP4 Facility in June 2024 and resulted in a gain of approximately $3.6 million within interest expense, net during the year ended December 31, 2024. The Company also completed the early settlement of certain interest rate swaps, which resulted in a gain of approximately $1.6 million within interest expense, net during the year ended December 31, 2024.
As of December 31, 2025 and 2024, the notional amount of the interest rate swaps covered approximately 89% and 91% of the balance of the Company’s floating rate term loans, respectively.
As of December 31, 2025, the following interest rate swaps are outstanding (in thousands):
#Notional AmountFixed RateEffective DateMaturity DateTotal Fair Value Asset (Liability)
1$10,111 0.78 %4/30/20201/31/2031$628 
210,111 0.75 %4/30/20201/31/2031635 
310,111 0.73 %4/30/20201/31/2031641 
43,758 1.57 %10/31/20191/31/2031168 
56,577 1.62 %10/31/20191/31/2031287 
66,577 1.56 %10/31/20191/31/2031295 
76,577 1.59 %10/31/20191/31/2031292 
832,339 2.39 %7/31/20191/31/2031778 
932,339 2.33 %7/31/20191/31/2031823 
1018,480 2.34 %7/31/20191/31/2031465 
1132,339 2.36 %7/31/20191/31/2031803 
1223,518 0.69 %01/31/202307/31/20322,195 
1323,518 0.73 %01/31/202307/31/20322,166 
1415,093 2.83 %07/12/202204/30/2032299 
1536,487 0.40 %07/12/202210/31/20313,306 
1616,190 4.24 %08/18/202301/31/2032(473)
1783,240 3.98 %11/22/202405/17/2033(1,705)
$367,365 $11,603 


During the year ended December 31, 2025, the aggregate impact of the Company’s interest rate swaps in the consolidated statements of operation was $4.8 million, of which $12.7 million related to unrealized losses and $7.9 million related to realized gains, which is recognized within interest expense, net in the consolidated statements of operation.

During the year ended December 31, 2024, the aggregate impact of the Company’s interest rate swaps in the consolidated statements of operation was $15.2 million, of which $2.8 million related to unrealized losses and $18.0 million related to realized gains, which is recognized within interest expense, net in the consolidated statements of operations.
See Note 10. Fair Value Measurements for further information on the Company’s determination of the fair value of its interest rate swaps.