v3.26.1
Non-Recourse Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Non-Recourse Debt Non-Recourse Debt
The following table provides a summary of the Company’s non-recourse debt as of June 30, 2026 and December 31, 2025:

(Amounts in thousands)DueJune 30, 2026December 31, 2025
SVB Credit Agreement, SP1 FacilityOctober 30, 2026$169,445 $177,515 
Second SVB Credit Agreement, SP2 Facility (1)
May 14, 202767,500 70,670 
KeyBank Credit Agreement, SP3 Facility (1)
November 13, 202747,048 49,223 
Second KeyBank Credit Agreement (1)
April 28, 2030161,090 160,955 
Barings GPSF Credit Agreement, SET Facility
April 17, 2042127,042 128,140 
Banco Santander Credit Agreement, SP5 Facility
November 22, 2027107,421 109,017 
Total non-recourse debt excluding unamortized costs679,546 695,520 
Less: Unamortized fair value adjustment (1)
(14,121)(16,471)
Less: Unamortized deferred financing costs(2,850)(2,281)
Total non-recourse debt
662,575 676,768 
Less: Non-recourse debt, current(269,617)(213,826)
Non-recourse debt, non-current$392,958 $462,942 

(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 and six months ended June 30, 2026 and 2025 were $2.1 million and $3.7 million and $1.6 million and $3.3 million , respectively.

The SP1 Facility includes debt service reserve letter of credits with related amounts issued of $17.1 million at both June 30, 2026 and December 31, 2025, and letter of credits with related amounts outstanding of $15.6 million at both June 30, 2026 and December 31, 2025. The SP2 and SP3 Facilities also include debt service reserve letter of credits with related amounts issued of $7.0 million, and $4.1 million, respectively, at both June 30, 2026 and December 31, 2025, and letter of credits with related amounts outstanding of $6.0 million and $4.1 million at both June 30, 2026 and December 31, 2025.

On March 27, 2026, the Company entered into an amendment (the “SP1 Facility Amendment”) which modifies the term of the SP1 Facility with Silicon Valley Bank (the “SP1 Facility”) and extended the maturity date to October 30, 2026 (the “Amended SP1 Maturity Date”), unless a signed term sheet for a long-term financing is obtained, in which case the Amended SP1 Maturity Date will be January 30, 2027. Under the terms of the SP1 Facility Amendment, the applicable margin is 2.75% per annum from the effective date of the SP1 Facility Amendment to October 30, 2026, and 3.25% per annum thereafter. The SP1 Facility Amendment includes a cross-default provision with the Second KeyBank Credit Agreement.

In connection with the SP1 Facility Amendment, the Company also entered into an amendment to the Second KeyBank Credit Agreement on March 27, 2026, which among other things, requires the co-borrowers under the Second KeyBank Credit Agreement to cause certain additional subsidiaries of the Company to guarantee the co-borrowers’ obligations and grant liens on such subsidiaries’ assets in the event that the Company (i) does not deliver, on or before October 30, 2026 an executed term sheet or commitment letter for the SP1 Facility, SP2 Facility, and SP3 Facility on terms satisfying the requirements of the Second KeyBank Credit Agreement, (ii) fails to actively progress the refinancing of the SP1 Facility, SP2 Facility, and SP3 Facility on the terms in such term sheet so as to be reasonably likely to consummate such refinancing by January 30, 2027, or (iii) fails to consummate the refinancing of the SP1 Facility, SP2 Facility, and SP3 Facility on or before January 30, 2027.

All amounts outstanding under the SP1 and SP2 Facilities are included in non-recourse debt, current in the unaudited condensed consolidated balance sheet as of June 30, 2026. The effective interest rate on the SP1 Facility was 6.61% and 7.01% as of June 30, 2026 and December 31, 2025, respectively. The effective interest rate on the SP2 Facility was 6.45% and 6.97% as of June 30, 2026 and December 31, 2025, 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 June 30, 2026. The SP1, SP2, and SP3 Facilities requires the Company to enter into and maintain Interest Rate Hedging Agreements on a pro rata basis to the extent necessary to provide interest rate protection of at least 75% but in no event greater than 100% of the aggregate principal amounts outstanding.

Certain of the Company’s credit agreements require the Company, on a quarterly basis, to consider loan to value ratios when determining current and future debt principal payments, which are subject to change. As of June 30, 2026, the principal maturities of the Company’s debt were as follows:

As of June 30,
(Amounts in thousands)2026
2026$195,711 
2027214,545 
202820,493 
202921,830 
2030155,217 
Thereafter
71,750 
Total$679,546