v3.26.1
Non-Recourse Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of long-term debt
The following table provides a summary of the Company’s non-recourse debt as of December 31, 2025 and 2024:

As of December 31,
(Amounts in thousands)Due20252024
SVB Credit Agreement, SP1 Facility (1)
April 2026$177,515 $196,240 
Second SVB Credit Agreement, SP2 Facility (1)
May 202770,670 78,018 
KeyBank Credit Agreement, SP3 Facility (1)
November 202749,223 53,830 
Second KeyBank Credit Agreement (1)
April 2030160,955 162,691 
Barings GPSF Credit Agreement, SET Facility
April 2042128,140 130,000 
Banco Santander Credit Agreement, SP5 Facility
November 2027109,017 109,842 
Less: Unamortized fair value adjustment (1)
(16,471)(21,948)
Less: Unamortized deferred financing costs(2,281)(3,342)
Total non-recourse debt
676,768 705,331 
Less: Non-recourse debt, current(213,826)(28,310)
Non-recourse debt, non-current$462,942 $677,021 

(1) In connection with the acquisition of Legacy Spruce Power effective September 9, 2022, the Company assumed long-term debt instruments valued at approximately $507.2 million as of that date. In connection with accounting for the business combination, the Company adjusted the carrying value of this long-term debt to its fair value as of the Acquisition Date. This fair value adjustment resulted in a reduction of the carrying value of the debt by $35.2 million. This adjustment to fair value 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 years ended December 31, 2025 and 2024 was $6.5 million and $6.0 million, respectively.
Schedule of Maturities of Long-Term Debt
Certain of the Company’s credit agreements require the Company, on a quarterly basis, to consider loan to value ratios or estimated principal repayments based on the projected cash waterfall when determining current and future debt principal payments, which are subject to change. As of December 31, 2025, the estimated principal maturities of the Company’s debt were as follows:

As of December 31,
(Amounts in thousands)2025
2026$213,826 
2027220,703 
202820,971 
202922,233 
2030144,031 
Thereafter
73,756 
    Total
$695,520