v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Note 11. DebtNote 11. DebtNote 11. DebtNote 11. Debt
Note 11. Debt
The Company, through its subsidiaries, has entered into various credit facilities and loan agreements. The principal balances payable under all credit facilities are as follows:
(dollars in thousands)December 31, 2025December 31, 2024Interest rateMaturity date
GREC Entity HoldCo LLC
$— $56,049 
Daily SOFR + 1.85%
June 30, 2026
Midway III Manager LLC— 13,260 
3 mo. SOFR + 1.73%
October 31, 2025
Trillium Manager LLC62,975 65,758 
Daily SOFR + 2.10%
June 9, 2027
Greenbacker Wind Holdings II LLC64,414 68,838 
3 mo. SOFR + 2.15%
December 31, 2027
Conic Manager LLC21,076 22,308 
3 mo. SOFR + 1.75%
October 31, 2027
Turquoise Manager LLC— 30,252 
3 mo. SOFR + 1.35%
December 23, 2027
Greenbacker Renewable Energy Corporation (Premium financing agreement)1,699 2,012 
7.15%
April 30, 2026
ECA Finco I, LLC— 17,398 
3 mo. SOFR + 2.60%
February 25, 2028
Gemstone 2025 Manager LLC52,502 — 
3 mo. SOFR + 2.25%
February 25, 2028
GB Solar TE 2020 Manager LLC13,688 17,330 
Daily SOFR + 2.10%
December 31, 2027
Sego Lily Solar Manager LLC121,488 127,829 
3 mo. SOFR + 1.53%
June 30, 2028
Celadon Manager LLC— 72,853 
Daily SOFR + 1.60%
February 18, 2029
GRP II Borealis Solar LLC
38,752 39,429 
Daily Compounded SOFR + 2.26%
June 30, 2027
Ponderosa Manager LLC85,363 87,803 
3 mo. SOFR + 1.40%
October 4, 2029
PRC Nemasket LLC37,486 39,630 
Daily SOFR + 1.25%
November 1, 2029
GREC Holdings 1 LLC67,600 129,594 
1 mo. SOFR +
1.85% - 2.10%
November 29, 2027
Dogwood GB Manager LLC— 58,725 
1 mo. SOFR + 1.73%
March 29, 2030
GREC Warehouse Holdings I LLC89,179 102,334 
3 mo. SOFR + 2.28%
March 30, 2027
Cider Solar Construction Owner LLC
81,000 81,000 
12.25% - 14.00%
July 30, 2028
Cider Solar AcquisitionCo LLC(1)
485,645 1,539 
Various
Various
Pemaquid Manager LLC75,745 76,915 
Daily SOFR + 1.85%
November 13, 2029
Total debt$1,298,612 $1,110,856 
Less: Total unamortized discount and deferred financing costs(26,785)(20,301)
Less: Current portion of long-term debt(2)
(24,056)(88,901)
Total long-term debt, net$1,247,771 $1,001,654 
__________________
(1)Cider Solar AcquisitionCo LLC has construction and ITC bridge loan facilities, with the option to convert the construction loans into Tranche A or Tranche B term loans, which bear interest at daily SOFR plus an applicable margin subject to the interest rates disclosed in the loan agreement. See below for further details.
(2)Adjusted for $4.5 million and $6.3 million of unamortized debt discount and deferred financing costs pertaining to current portion of long-term debt of $28.6 million and $95.2 million as of December 31, 2025 and December 31, 2024, respectively.
GREC Entity HoldCo
On November 25, 2021, GREC Entity HoldCo converted its loan to a term loan maturing June 20, 2025. The loan bore interest at daily SOFR plus 1.85%. During the first quarter of 2025, the Company entered into a membership interest purchase agreement to sell certain consolidated subsidiaries of GREC Entity HoldCo to an unrelated clean energy company. The transaction closed on June 5, 2025 for $46.1 million, and the Company utilized the proceeds to repay $32.5 million of existing debt. On June 18, 2025, the Company amended the loan to extend the maturity date to June 30, 2026 for the remaining principal balance outstanding. The Company accounted for the amendment as a debt modification under ASC 470-50.
On December 17, 2025, the Company entered into and executed a separate membership interest purchase agreement to sell the remaining consolidated subsidiaries of GREC Entity HoldCo. In conjunction with the membership interest purchase agreement, the Company repaid the $20.4 million remaining debt. Refer to Note 3. Acquisitions and Divestitures for additional details.
Midway III Manager LLC
The Midway III Manager LLC term loan bore interest at three-month SOFR plus 1.73%. Quarterly principal and interest payments were required through the original September 28, 2025 maturity date. On September 23, 2025, the Company entered into an amendment extending the maturity date to October 31, 2025. The amendment was accounted for as a modification under ASC 470-50. Subsequently, on October 31, 2025, in connection with a broader refinancing strategy, the Company repaid all outstanding principal and interest in full for this facility. The facility was fully extinguished and the balance was consolidated, together with the Turquoise Manager LLC and ECA Finco I, LLC facilities, into a new financing arrangement at Gemstone 2025 Manager LLC.
Greenbacker Wind Holdings II LLC
On November 20, 2020, Greenbacker Wind Holdings II LLC entered into a long-term financing agreement, followed by an amended and restated financing agreement on February 19, 2021. The loan bears interest at three-month SOFR plus a margin of 2.03% through December 30, 2025 and 2.15% thereafter. Quarterly principal and interest payments are required through the maturity date, which was originally December 31, 2026. On December 29, 2025, the maturity date was extended to December 31, 2027. All other material terms remained unchanged. The amendment was accounted for as a modification.
Conic Manager LLC
The Conic Manager LLC term loan bears interest at three-month SOFR plus 1.75%. Quarterly principal and interest payments are required through the maturity date, which was originally August 8, 2026. On October 29, 2025, the Company amended the loan to extend the maturity date to October 31, 2027. The amendment required an amendment fee of $0.1 million. No other significant terms changed. This amendment was accounted for as a modification.
Turquoise Manager LLC
On February 12, 2020, Turquoise Manager LLC entered into a financing agreement for a construction loan facility, an ITC bridge loan facility, and a term loan facility. On December 23, 2020, the term loan conversion occurred, at which time ITC bridge loan was repaid and the construction loan was converted into a term loan. The term loan bore interest at three-month SOFR plus 1.35% through the fifth anniversary of the term conversion and 1.48% per annum thereafter through the maturity date, December 23, 2027. Principal and interest payments were made on the last day of each three-month period.
On October 31, 2025, the Company repaid all outstanding principal, interest, and letter-of-credit fees in full as part of a refinancing transaction. The facility was extinguished and consolidated, together with the Midway III Manager LLC and ECA Finco I LLC facilities, into the Gemstone 2025 Manager LLC structure.
Greenbacker Renewable Energy Corporation (Premium financing agreement)
On August 1, 2025, the Company entered into a premium financing arrangement with a lender to finance a prepaid insurance policy for certain projects. Under the agreement, the Company financed $4.2 million of premiums at a 7.15% annual interest rate. Total monthly payments of $0.4 million, including interest and principal, are due in nine monthly installments, from August 1, 2025 through April 30, 2026.
On August 8, 2024, the Company entered into a premium financing arrangement with a lender to finance multiple insurance policies. Under the agreement, the Company financed $4.7 million of certain premiums at a 6.78% annual interest rate. Total monthly payments of $0.5 million, including interest and principal, were due in nine monthly installments, from August 30, 2024 through April 30, 2025, as of which date the premium financing was fully repaid.
ECA Finco I, LLC
On February 25, 2021, ECA Finco I, LLC's bridge loan converted to a term loan. The loan bore interest at three-month SOFR plus 2.35% per annum until February 25, 2025 and 2.60% per annum thereafter through the maturity date of February 25, 2028. Principal and interest payments were made on the last day of each three-month period.
On October 31, 2025, the Company repaid all outstanding principal, interest, and letter-of-credit fees in full in connection with a broader refinancing strategy. The facility was extinguished and consolidated, together with the Midway III Manager LLC and Turquoise Manager LLC facilities, into the Gemstone 2025 Manager LLC facility.
GB Solar TE 2020 Manager LLC
On October 30, 2020, GB Solar TE 2020 Manager LLC entered into a loan agreement with commitments up to $19.6 million. The loan bears interest at daily SOFR plus 1.98%, increasing to 2.10% on October 30, 2024 and subsequently increasing by 0.13% on every fourth anniversary thereafter. Quarterly principal and interest payments are required through the maturity date, which was originally October 30, 2026. On November 12, 2025, the Company amended the agreement to extend the maturity date to December 31, 2027. The Company was required to make a principal payment of $2.9 million as per the terms of the amendment. The amendment was accounted for as a modification.
Celadon Manager LLC
On February 18, 2022, Celadon Manager LLC entered into a syndicated loan agreement with a maximum commitment of $71.0 million. The loan bore interest at daily SOFR plus 1.60% through the fifth anniversary of the closing date, 1.63% after the fifth anniversary of the closing date, and increasing by 0.13% for each successive fifth anniversary thereafter. The loan required quarterly interest-only payments through the fifth anniversary of the closing date and quarterly principal amortization thereafter through the original maturity of February 18, 2029.
On December 17, 2025, in connection with the sale of the membership interests in Celadon Manager LLC, the buyer repaid all outstanding principal and interest in full on behalf of the Company, extinguishing the facility. Refer to Note 3. Acquisitions and Divestitures for further details.
PRC Nemasket LLC
On November 1, 2022, PRC Nemasket LLC entered into a financing agreement providing a term loan up to $45.0 million and letters of credit up to $2.5 million. The term loan requires quarterly principal installments through the maturity date of November 1, 2029 and bears interest at daily SOFR plus 1.25%, increasing to 1.38% after the fourth anniversary of the closing date and by 0.13% on each subsequent fourth anniversary.
Dogwood GB Manager LLC
On March 29, 2023, Dogwood GB Manager LLC entered into a syndicated loan agreement providing up to $47.1 million, later amended on May 30, 2023 to $90.6 million and subsequently reduced on January 23, 2024 to $58.7 million. The loan bore interest at one-month SOFR plus a 0.10% adjustment and a margin of 1.63% through the fourth anniversary of the closing date, increasing to 1.75% thereafter and by 0.13% on each subsequent fourth anniversary. Quarterly interest payments were required through the fifth anniversary, followed by principal amortization through the original maturity date of March 29, 2030.
On December 17, 2025, in connection with the sale of the membership interest in Dogwood GB Manager LLC, the buyer repaid all outstanding principal and interest in full on behalf of the Company, extinguishing the facility. Refer to Note 3. Acquisitions and Divestitures for further details.
GREC Warehouse Holdings I LLC
GREC Warehouse Holdings I LLC maintains a revolving credit facility bearing interest at three-month SOFR plus 2.03% through the second anniversary of the closing date, August 11, 2025, and 2.28% thereafter through the maturity date, which was originally August 11, 2026. On November 7, 2025, the Company executed an amendment extending the maturity date to March 30, 2027. The amendment was accounted for as a modification.
Cider Solar Construction Owner LLC
On July 30, 2024, the Company entered into an $81.0 million syndicated loan agreement bearing interest at 9.75% through January 30, 2025 and 12.25% thereafter. Quarterly interest payments are required through the maturity date of July 30, 2028. The Company may prepay the loan, subject to the payment of a prepayment premium calculated using a 22.50% factor applied to aggregate borrowings, reduced by certain cumulative interest and fee payments.
On December 24, 2025, the Company amended the loan. Under the amendment, the interest rate will increase to 14.00% as of April 1, 2026 if outstanding principal exceeds $30.0 million at that date. The Company is also required to pay a $1.7 million fee on February 28, 2026. This fee will offset future prepayment premiums or reduce outstanding obligations if no premium is due. The amendment was accounted for as a modification.
On October 24, 2024, the Company entered into a syndicated loan agreement with commitments totaling $870.0 million, consisting of a $417.8 million ITC bridge loan commitment, a $372.6 million construction loan commitment, and a $79.5 million letter of credit commitment. The construction and ITC bridge loan commitments have an availability period through October 24, 2027, upon which date, the Company has the obligation to repay all amounts borrowed under the ITC bridge loan. The ITC bridge loan bore interest at daily SOFR plus 2.25% until the tax equity execution date, which was December 24, 2025, and subsequently decreased to 1.63%. The construction loan bears interest at daily SOFR plus 1.50% through the term conversion date, at which time, the construction loan can be repaid or converted into either or both Tranche A and/or Tranche B term loans. The Tranche A term loan will bear interest at daily SOFR plus a margin of 1.88% until but excluding the third anniversary of the term conversion date. Thereafter, the Tranche A term loan will bear interest at daily SOFR plus a margin of 2.00% until the Tranche A term loan maturity date, which is the fifth anniversary of the term conversion date. The Tranche B Term Loan will bear interest at daily SOFR plus a margin of 2.13% until but excluding the third anniversary of the term conversion date. Thereafter, the Tranche B term loan will bear interest at daily SOFR plus a margin of 2.25% until the Tranche B term loan maturity date, which is the tenth anniversary of the term conversion date.
On December 24, 2025, the Company amended the agreement to reduce aggregate commitments to $852.0 million, consisting of a $399.6 million ITC bridge loan commitment, a $372.4 million construction loan commitment, and an $80.0 million letter of credit commitment. The amendment was accounted for as a modification.
Gemstone 2025 Manager LLC
On October 31, 2025, Gemstone 2025 Manager LLC entered into a new financing agreement consolidating the Midway III Manager LLC, Turquoise Manager LLC, and ECA Finco I, LLC term loan facilities into a single borrowing structure. The new facility provides $52.5 million of principal, all drawn October 31, 2025, bearing interest at three-month SOFR plus 2.25%, and maturing on February 25, 2028. The Company paid an upfront fee of $0.3 million and legal fees of $0.4 million on behalf of the lender, which were recorded as a debt discount. Third-party transaction costs were expensed as incurred. The refinancing was accounted for as a modification with a partial extinguishment under ASC 470-50.
The following table shows the components of Interest income (expense), net on the Consolidated Statements of Operations:
Year ended December 31,
(in thousands)202520242023
Loan interest(1)
$56,144 $48,815 $54,615 
Commitment / letter of credit fees
7,841 3,998 2,986 
Amortization of deferred financing fees and discount11,943 6,261 6,690 
Interest on sale-leasebacks(2)
18,221 21,636 — 
Loss (gain) on interest rate swaps, net(3)
(5,485)(1,356)(2,428)
Change in fair value of interest rate swaps, net(3)
26,223 (44,748)(17,763)
Interest capitalized(33,349)(23,651)(23,378)
Total(4)
$81,538 $10,955 $20,722 
__________________
(1)Includes interest rate swap settlements of $18.3 million, $27.9 million, and $26.7 million as a reduction of loan interest for the years ended December 31, 2025, 2024 and 2023, respectively. Refer to Note 12. Derivative Instruments for additional information.
(2)Refer to Other Financing Arrangements for further discussion on the financing obligations and the deferred ITC gain related to the sale-leaseback arrangements.
(3)Refer to Note 12. Derivative Instruments for additional information on the Company’s interest rate swaps.
(4)Total interest expense excludes $1.6 million, $2.1 million and $0.4 million of interest income on cash accounts for the years ended December 31, 2025, 2024 and 2023, respectively, and an immaterial amount, $1.2 million, and nil of interest income on non-bank deposits for the years ended December 31, 2025, 2024 and 2023, respectively.
The principal payments due on the Company’s borrowings for each of the next five years and thereafter are as follows:
(in thousands)
Year ended December 31,Principal Payments
2026$28,610 
2027482,890 
2028255,344 
2029189,119 
203011,186 
Thereafter331,463 
Total$1,298,612 
Other Financing Arrangements
In November 2023, December 2023 and February 2024, the Company, through its various wholly owned subsidiaries, entered into three sale-leaseback arrangements related to certain wind assets with initial lease terms of 9.3 years, 20.0 years and 20.0 years, respectively. The 2023 arrangements resulted in total cash proceeds of $241.0 million, which were utilized to pay down $132.6 million of existing debt and $1.0 million in transaction costs. The
2024 arrangement resulted in total cash proceeds of $111.5 million, which were utilized to pay down $32.9 million of existing debt and $0.4 million in transaction costs. Under the lease agreements, the Company is required to make total lease payments of $158.6 million and $87.4 million over the respective lease terms for the 2023 and 2024 arrangements, respectively. The transactions did not qualify for sale accounting and were treated as financing arrangements. As a result, the Company recorded sale-leaseback financing and deferred ITC gain liabilities. In connection with the transactions, the Company also incurred origination costs of $1.7 million and $0.9 million, for the 2023 and 2024 arrangements, respectively, which were recorded as offsets to the related failed sale-leaseback financing liabilities. In accordance with these lease agreements, the Company has early buyout options in December 2029 and December 2033. The buyout price is defined as the fair market value of the applicable project at the buyout date, or an amount set forth in the lease agreement, whichever is greater. As part of each arrangement, the Company operates and earns revenues from the facility throughout the lease term, while the lessor is entitled to all available tax credits. As part of the sale-leaseback transaction, the Company entered into a tax indemnity agreement, and as part of the agreement, with respect to the leased assets, the lessor holds indemnification rights related to a disallowance or reduction of assumed tax deductions and tax credits. Refer to Note 2. Significant Accounting Policies for further details on the Company’s accounting policies related to sale-leaseback transactions.
The following table shows the components of Current portion of failed sale-leaseback financing and deferred ITC gain and Failed sale-leaseback financing and deferred ITC gain, net of current portion recorded related to these transactions on the Consolidated Balance Sheets for the periods indicated:
(in thousands)December 31, 2025December 31, 2024
Failed sale-leaseback financing, current$13,390 $13,127 
ITC gains, current32,952 32,951 
Less: origination costs, current211 210 
Current portion of failed sale-leaseback financing and deferred ITC gain$46,131 $45,868 
Failed sale-leaseback financing, net of current portion$109,576 $111,238 
ITC gains, net of current portion66,132 92,802 
Less: origination costs, net of current portion2,221 2,439 
Failed sale-leaseback financing and deferred ITC gain, net of current portion$173,487 $201,601 
The following table shows the components of interest on sale-leasebacks included within Interest income (expense), net on the Consolidated Statements of Operations for the periods indicated:
Year ended December 31,
(in thousands)202520242023
Financing interest$11,728 $13,888 $— 
ITC interest6,282 7,549 — 
Amortization of loan origination cost 211 197 — 
Total$18,221 $21,634 $— 
The calculation of interest expense is based on imputed interest rates within each arrangement for the financing obligations ranging between 7.2% and 11.5% and the IBR within each arrangement for the deferred ITC gain ranging between 4.5% and 5.6%.
For the years ended December 31, 2025 and 2024, the Company recognized $33.0 million and $22.8 million, respectively, of income related to the deferred income from the transfer of tax credits related to the Company’s sale leaseback financings, which is recorded to Income from sale-leaseback transfer of tax benefits on the Consolidated Statements of Operations. There was no such income recorded in the year ended December 31, 2023.
The future payments on failed sale-leaseback financing arrangements, inclusive of the repurchase price, for each of the next five years and thereafter are as follows:
(in thousands)
Year ended December 31,Future Payments
2026$13,390 
202713,572 
202813,580 
202913,648 
203013,773 
Thereafter167,965 
Total lease payments235,928 
Less: Imputed interest(112,963)
Less: Origination costs(2,431)
Present value of lease payments$120,534 
Note 11. Debt
Note 8. Debt
The Company, through its subsidiaries, has entered into various credit facilities and loan agreements. The principal balances payable under all credit facilities are as follows:
(dollars in thousands)March 31, 2026December 31, 2025Interest rateMaturity date
Trillium Manager LLC62,669 62,975 
Daily SOFR + 2.10%
June 9, 2027
Greenbacker Wind Holdings II LLC64,414 64,414 
3 mo. SOFR + 2.15%
December 31, 2027
Conic Manager LLC20,934 21,076 
3 mo. SOFR + 1.75%
October 31, 2027
Greenbacker Renewable Energy Corporation (Premium financing agreement)441 1,699 
7.15%
April 30, 2026
Gemstone 2025 Manager LLC52,502 52,502 
3 mo. SOFR + 2.25%
February 25, 2028
GB Solar TE 2020 Manager LLC13,658 13,688 
Daily SOFR + 2.10%
December 31, 2027
Sego Lily Solar Manager LLC119,071 121,488 
3 mo. SOFR + 1.53%
June 30, 2028
GRP II Borealis Solar LLC
38,184 38,752 
Daily Compounded SOFR + 2.26%
June 30, 2027
Ponderosa Manager LLC85,363 85,363 
3 mo. SOFR + 1.40%
October 4, 2029
PRC Nemasket LLC35,706 37,486 
Daily SOFR + 1.25%
November 1, 2029
GREC Holdings 1 LLC72,600 67,600 
1 mo. SOFR +
1.85% - 2.10%
November 29, 2027
GREC Warehouse Holdings I LLC78,240 89,179 
3 mo. SOFR + 2.28%
June 30, 2027
Cider Solar Construction Owner LLC
81,000 81,000 
12.25% - 14.00%
July 30, 2028
Cider Solar Manager LLC(1)
520,879 485,645 
Various
Various
Pemaquid Manager LLC75,745 75,745 
Daily SOFR + 1.85%
November 13, 2029
Total debt$1,321,406 $1,298,612 
Less: Total unamortized discount and deferred financing costs(26,451)(26,785)
Less: Current portion of long-term debt(2)
(25,373)(24,056)
Total long-term debt, net$1,269,582 $1,247,771 
__________________
(1)Cider Solar Manager LLC has construction and ITC bridge loan facilities, with the option to convert the construction loans into Tranche A or Tranche B term loans, which bear interest at daily SOFR plus an applicable margin subject to the interest rates disclosed in the loan agreement. See below for further details.
(2)Adjusted for $2.3 million and $4.5 million of unamortized debt discount and deferred financing costs pertaining to current portion of long-term debt of $27.7 million and $28.6 million as of March 31, 2026 and December 31, 2025, respectively.
During the three months ended March 31, 2026, the Company entered into new or modified existing debt facilities as noted below:
GREC Warehouse Holdings I LLC
GREC Warehouse Holdings I LLC maintains a revolving credit facility bearing interest at three-month SOFR plus 2.03% through the second anniversary of the closing date, August 11, 2025, and 2.28% thereafter through the original maturity date of August 11, 2026. On November 7, 2025, the Company executed an amendment extending the maturity date to March 30, 2027, which was accounted for as a modification. On April 29, 2026, the Company executed an additional amendment further extending the maturity date to June 30, 2027 and reducing total lender commitments. Refer to Note 18. Subsequent Events.
Cider Solar Construction Owner LLC
On July 30, 2024, the Company entered into an $81.0 million syndicated loan agreement bearing interest at 9.75% through January 30, 2025 and 12.25% thereafter. Quarterly interest payments were required through the maturity date of July 30, 2028. The Company could prepay the loan, subject to the payment of a prepayment premium calculated using a 22.50% factor applied to aggregate borrowings, reduced by certain cumulative interest and fee payments. On December 24, 2025, the Company amended the loan, pursuant to which the interest rate increased to 14.00% as of April 1, 2026. The Company paid a required fee of $1.7 million on February 28, 2026 which offset future prepayment premiums and reduced outstanding obligations. The amendment was accounted for as a modification. On April 13, 2026, the loan was fully repaid and terminated. Refer to Note 18. Subsequent Events.
The following table shows the components of Interest expense, net on the Consolidated Statements of Operations:
Three months ended
March 31,
(in thousands)20262025
Loan interest(1)
$15,286 $11,655 
Commitment / letter of credit fees
2,162 2,236 
Amortization of deferred financing fees and discount3,252 2,963 
Interest on sale-leasebacks(2)
4,191 4,520 
Loss (gain) on interest rate swaps, net(3)
42 — 
Change in fair value of interest rate swaps, net(3)
(645)21,741 
Interest capitalized(12,007)(6,176)
Total(4)
$12,281 $36,939 
__________________
(1)Includes interest rate swap settlements of $2.7 million and $4.9 million presented as a reduction of loan interest for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 9. Derivative Instruments for additional information.
(2)Refer to Other Financing Arrangements for further discussion on the financing obligations and the deferred ITC gain related to the sale-leaseback arrangements.
(3)Refer to Note 9. Derivative Instruments for additional information on the Company’s interest rate swaps.
(4)Total interest expense excludes approximately $0.2 million and $0.4 million of interest income on cash accounts and non-bank deposits for the three months ended March 31, 2026 and 2025, respectively
The principal payments due on the Company’s borrowings for each of the next five years and thereafter are as follows:
(in thousands)
Period ended March 31,Principal Payments
2026-2027$27,710 
2027-2028557,067 
2028-2029205,755 
2029-2030188,225 
2030-203111,186 
Thereafter331,463 
Total$1,321,406 
As of March 31, 2026, the fair value of the Company’s long-term debt approximated its carrying value of $1.3 billion. The Company did not have any events of default under its debt agreements.
Other Financing Arrangements
The Company is party to failed sale-leaseback arrangements that provide for the sale of certain assets to a third-party and simultaneous leaseback to the Company. The following table shows the components of Current portion of failed sale-leaseback financing and deferred ITC gain and Failed sale-leaseback financing and deferred ITC gain, net of current portion recorded related to these transactions on the Consolidated Balance Sheets for the periods indicated:
(in thousands)March 31, 2026December 31, 2025
Failed sale-leaseback financing, current$13,390 $13,390 
ITC gains, current32,951 32,952 
Less: origination costs, current210 211 
Current portion of failed sale-leaseback financing and deferred ITC gain$46,131 $46,131 
Failed sale-leaseback financing, net of current portion$112,459 $109,576 
ITC gains, net of current portion57,199 66,132 
Less: origination costs, net of current portion2,168 2,221 
Failed sale-leaseback financing and deferred ITC gain, net of current portion$167,490 $173,487 
The following table shows the components of interest on sale-leasebacks included within Interest expense, net on the Consolidated Statements of Operations for the periods indicated:
Three months ended
March 31,
(in thousands)20262025
Financing interest$2,883 $2,911 
ITC interest1,255 1,609 
Amortization of loan origination cost 53 — 
Total$4,191 $4,520 
The calculation of interest expense is based on imputed interest rates within each arrangement for the financing obligations ranging between 7.2% and 11.5% and the IBR within each arrangement for the deferred ITC gain ranging between 4.5% and 5.6%.
For the three months ended March 31, 2026 and 2025, the Company recognized $10.2 million of income from the transfer of tax credits related to the Company’s sale leaseback financings, which is recorded to Income from sale-leaseback transfer of tax benefits in the Consolidated Statements of Operations.
The future payments on failed sale-leaseback financing arrangements, inclusive of the repurchase price, for each of the next five years and thereafter are as follows:
(in thousands)
Period ended March 31,Future Payments
2026-2027$13,390 
2027-202813,572 
2028-202913,580 
2029-203013,648 
2030-203113,773 
Thereafter167,965 
Total lease payments235,928 
Less: Imputed interest(110,080)
Less: Origination costs(2,379)
Present value of lease payments$123,469