(Commission File Number)

(Exact name of registrant as specified in its charter)

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

(Full mailing address of principal executive offices)

(Issuer's telephone number, including area code)

Class A Investor Shares
(Title of each class of securities issued pursuant to Regulation A)

Energea Portfolio 4 USA LP (the "Company") is a limited partnership organized under the laws of Delaware. The Company has elected to be taxed as a "C" corporation for United States federal and state income tax purposes. The Company's day-to-day operations are managed by Energea Global LLC (the "General Partner").

The Company was created to invest in the acquisition, development, and operations of energy infrastructure investments in the United States (each a "Project"). The Projects will sell power and, in some cases, environmental commodities, to offtakers (we collectively refer to offtakers of electricity and environmental commodities as "Customers") who purchase the power or the environmental commodities under long-term contracts. The Company may also lend money to Development Companies (which we collectively refer to as "Borrowers") and use solar projects as collateral rather than acquiring Projects for direct ownership (each a "Loan").

To date, the Projects and Loans have produced a stable and predictable stream of cash flow from Customers and Borrowers. As the Company earns revenue, it uses the revenue to pay for operating expenses (see Our Operating Expenses in the Offering Circular) and distributes the remaining cash to the holders of our Class A Investor Shares (our "Investors"), our Reg D Investors (as such term is defined herein and together with the Investors, the "Limited Partners") and the holders of our Common Shares (which is currently the General Partner). See Company Operations and Other Matters in the Offering Circular .

Projects are currently owned by special-purpose entities (each, a "SPE"). Each SPE is organized as a U.S. limited liability company. Generally speaking, under U.S. law, the assets and liabilities of different legal entities are distinct. Thus, the liabilities of a Project held in one SPE should not affect the assets of another Project held in a different SPE.

To date, the Company owns the following Projects and has issued the following Loans:

As of the date of this Semi-Annual Report, the Company holds 5 Projects. The table below lists the total amount the Company invested into each Project and the estimated Project cost. Please refer to the links in the column labeled "Memo" for the Investment Memo which gives in-depth information regarding each Project such as its location, the system size, contractors used to construct the Project, information about other stakeholders, information about the buyer of the energy and environmental commodities and the estimated economics of the Project. The Project Memos can also be found on the Platform.

As of the date of this Semi-Annual Report, the Company has issued one (1) Loan. The table below lists the total amount the Company has lent to each Borrower and the maximum loan amount. Please refer to the links in the column labeled "Memo" for the Investment Memorandum which gives in-depth information regarding each Loan such as Borrower information, loan structure and security, development strategy and key partnerships, financial overview, governance and compliance, risk assessment and mitigation, and expected impact.

The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto contained in this Semi-Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in herein (see Caution Regarding Forward-Looking Statements and Risk Factors in the Offering Circular). Unless otherwise indicated, the latest results discussed below are as of June 30, 2026.

For financial statement purposes, the Company accounts for investments in Projects under ASC 360. The Projects are carried at cost and will be depreciated on a straight-line basis over the estimated useful life of the related assets.

The Company evaluates for impairment under ASC 360, utilizing the following required steps to identify, recognize and measure the impairment of a long-lived asset to be held and used:

The Company follows ASC 606 guidelines for Project revenue recognition. To apply this principle, the standard establishes five key steps:

Project revenue is recognized when or as control of the promised goods or services is transferred to Customers, in an amount reflecting the consideration the Company expects to receive under the respective contracts.

Loan interest income is outside the scope of ASC 606 and is recognized on the accrual basis based on the outstanding principal balance and the applicable contractual interest rate.

The U.S. energy infrastructure market is currently being shaped by two primary forces: (i) the requirement for projects to achieve "safe harbor" status by July 4, 2026, in order to preserve eligibility for ITC benefits, and (ii) a significant increase in electricity demand, including from data centers and artificial intelligence-related applications. Together, these factors are driving an accelerated development cycle across the sector and increasing the urgency to bring new generation capacity online within a defined timeframe.

The July 4, 2026, safe harbor deadline has created a near-term "build window" for eligible projects. Projects that do not meet this requirement may not qualify for ITC benefits, which are a material component of project economics. As a result, developers are prioritizing the advancement of projects that can be progressed through key milestones within this timeframe. This has led to increased competition for equipment, development resources, and capital capable of supporting projects through this accelerated timeline.

At the same time, demand for electricity is increasing, driven in part by the expansion of data centers and artificial intelligence infrastructure. This demand growth is contributing to expectations of higher forward power prices and increasing the relative value of generation capacity that can be delivered in the near term. Market participants are increasingly focused on projects that can be brought online within the current incentive framework and cost environment, as these projects may benefit from both existing tax incentives and favorable forward pricing conditions.

These dynamics have resulted in a concentration of activity around projects that are capable of achieving near-term commercial operation while maintaining eligibility for applicable incentives. Development-stage capital is being deployed to support this accelerated timeline, often in structures that allow for participation in project-level equity as development milestones are achieved. The Company believes this reflects a broader industry shift toward time-sensitive project execution, with a focus on securing and advancing assets that can be delivered within the current incentive window.

The Company's investment strategy is aligned with these market conditions, emphasizing the identification and advancement of projects that are positioned to meet applicable incentive requirements and respond to increasing demand for electricity. As the market continues to evolve, the Company expects that projects capable of achieving near-term commercial operation within the current regulatory and economic framework will represent a significant portion of investable opportunities.

The Company intends to make distributions monthly, to the extent the General Partner, in its discretion, determines that cash flow is available for distributions and in a manner consistent with the Authorizing Resolutions. Below are the activities of the Company that generate the cash flow which could be used to fund distributions:

Provided we have distributable cash flow, the General Partner may authorize and declare distributions after retaining any amounts it determines are appropriate for reserves, anticipated expenses, debt service, capital needs, redemptions or other purposes.

To the extent the Company has distributable cash flow but has no current or accumulated profit, such distributions are considered a return of capital for U.S. federal income tax purposes to the extent that the distributions do not exceed the adjusted tax basis of the U.S. Holder's Class A Investor Shares and reported to Investors on a Form 1099-B. To the extent the Company makes distributions from profits, such distributions will be classified as dividends and reported to Investors on a Form 1099-DIV.

The following table summarizes distributions paid to holders of Investor Shares for the six months ended June 30, 2026 and 2025. Total distributions represent the aggregate amounts paid to holders of each class.

The table includes distributions to holders of the Company's Investor Shares and excludes distributions to noncontrolling interests in consolidated subsidiaries, if any.

Additional information regarding distributions and the Company's cash flows is provided under Past Operating Results and Liquidity and Capital Resources and in the accompanying consolidated statements of changes in partners' equity and consolidated statements of cash flows.

The Company might borrow money to invest in Projects, depending on the circumstances at the time. If the Company needs to move quickly on a Project and has not yet raised enough capital through the Offering, it might make up the shortfall through borrowing. The General Partner will make this decision on an as-needed basis. As of the date of this Semi-Annual Report neither the Company nor the Projects currently have any loans.

We are dependent upon the net proceeds from the Offering to conduct our proposed investments. We will obtain the capital required to purchase new Projects, issue new Loans and conduct our operations from the proceeds of the Offering and any future offerings we may conduct, from secured or unsecured financings from banks and other lenders, from short term advances from the General Partner and from undistributed funds from our operations.

As of June 30, 2026, the Company had $263,003 of cash and cash equivalents, compared to $1,970,251 as of December 31, 2025. The decrease primarily reflected the deployment of funds into additional loan advances, partially offset by net proceeds from investor share issuances and cash generated by operating activities. Additional information regarding loan receivables and related-party balances is provided in Notes 3 and 4 of the consolidated financial statements.

The compensation described in this section was calculated using the accrual method in accordance with U.S. GAAP.

The accompanying notes are an integral part of the consolidated financial statements

The accompanying notes are an integral part of the consolidated financial statements

The accompanying notes are an integral part of the consolidated financial statements

F-3

The accompanying notes are an integral part of the consolidated financial statements

June 30, 2026 and December 31, 2025

All Project costs are expensed during the development phase. Once the milestones for development are achieved, a Project is moved from the development phase into engineering and construction phases. Costs incurred in this phase are capitalized as incurred and are included in construction in progress ("CIP"), and not depreciated until placed into commercial service. Once a Project is placed into commercial service, all accumulated costs are reclassified from CIP to property and equipment and become subject to depreciation or amortization over a specified estimated life.

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Additions, renewals, and betterments that significantly extend the life of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. For assets sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any related gain or loss is reflected in income for the period.

Effective January 1, 2025, the Company revised the estimated useful life of its renewable energy assets from 30 years to 20 years for depreciation purposes. This change was made to better align with the contractual terms of the Company's Power Purchase Agreements (PPAs) and prevailing industry standards. Management believes the revised depreciation period more accurately reflects the expected economic useful life of these assets. This change in estimate has been applied prospectively in accordance with ASC 250, Accounting Changes and Error Corrections.

Management reviews its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Management determines whether impairment in value has occurred by comparing the estimated future undiscounted cash flows of the property and equipment, including its residual value, to it carrying value. If impairment is indicated, the property and equipment is adjusted to fair value. No impairment losses have been recognized.

In accordance with the Accounting Standards Codification (ASC 606-10-50), revenue is recognized when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. In the Company's case, the promised goods or services is the delivery of energy commodities and the electricity produced by the Projects.

Revenue from contracts with customers is derived entirely from the sale of energy commodities and electricity produced by the Projects. For these types of sales, the Company recognizes revenue as energy commodities and electricity are delivered, consistent with the amounts billed to customers based on rates stipulated in the respective contracts. The amounts billed represent the value of commodities or energy delivered to the customer. Revenues yet to be earned under these contracts, which have maturity dates ranging from 2041 through 2045, will vary based on the volume of commodities or energy delivered. The Company's customers typically receive bills monthly with payment due within 30 days. Contracts with customers contain a fixed rate which relates to electricity produced by the Projects in power purchase agreements. As of June 30, 2026, the Company expects to record $13,307,408 (unaudited) of revenues related to the fixed rate components of such contracts over the remaining terms of the related contracts as the electricity is produced.

The Company's Revenue Recognition Policy follows ASC-606 which is a five-step procedure:

The Company has elected to be taxed as a C-Corporation for Federal, State and local income tax reporting purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change

in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established to reduce deferred tax assets to the amount expected to be realized.

The Company determines if an arrangement is a lease at inception. Lease right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately.

Under Section 107 of the Jumpstart Our Business Startups Act of 2012, the Company is permitted to use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. This permits the Company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in Section 7(a)(2)(B). By electing to extend the transition period for complying with new or revised accounting standards, these consolidated financial statements may not be comparable to companies that adopt accounting standard updates upon the public business entity effective dates.

The Company monitored and evaluated subsequent events for the period ended June 30, 2026 through September 25, 2026, the date on which the consolidated financial statements were available to be issued.

Property and equipment activity for the six months ended June 30, 2026 is summarized in the following rollforward:

The Company provides financing in connection with its renewable energy investment activities. As of June 30, 2026, and December 31, 2025, loan receivables totaled $5,071,975 and $815,114, respectively.

During the six months ended June 30, 2026, the Company advanced additional funds under existing loan agreements and recognized total loan interest income of $167,306, which is included in loan interest income in the accompanying consolidated statement of operations.

The Company's principal loan receivable relates to the Convertible Loan and Security Agreement with CT Solar One LLC. The loan bears interest at 13.8% per annum, is payable monthly, is secured by a first-priority pledge of the borrower's equity interests and includes conversion rights under specified conditions.

The Company enters into transactions with its General Partner and other affiliated entities in the ordinary course of business.

As of June 30, 2026 and December 31, 2025, amounts payable to the General Partner totaled $54,267 and $466, respectively. These balances consisted primarily of reimbursable operating expenses paid by the General Partner on behalf of the Company and accrued loan origination fees. These amounts are included in due to related entities in the accompanying consolidated balance sheets.

Pursuant to the Limited Partnership Agreement, the Company pays the General Partner a monthly management fee. Management fees totaled $53,667 and $23,089 for the six months ended June 30, 2026 and 2025, respectively. These amounts are included in portfolio operating expenses in the accompanying consolidated statements of operations.

During the six months ended June 30, 2026 and 2025, the Company incurred $160,144 and $0, respectively, of loan origination fees payable to the General Partner in connection with advances made under the Convertible Loan and Security Agreement with CT Solar One LLC. These costs were capitalized as deferred loan origination costs. During the six months ended June 30, 2026 and 2025, the Company recognized $4,712 and $0, respectively, of amortization expense related to these costs. As of June 30, 2026 and December 31, 2025, the unamortized balance of deferred loan origination costs was $155,432 and $0, respectively.

During the six months ended June 30, 2026 and 2025, the Company incurred stock issuance costs of $200,476 and $0, respectively. Of these amounts, $194,226 and $0, respectively, represented marketing costs reimbursed to the General Partner. These costs were recorded as a reduction of partners' equity.

Future minimum lease payments as of June 30, 2026 are as follows:

* Filed herewith

**Previously filed

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Chester, State of Connecticut, on September 25, 2026.

By: Energea Global LLC

By /s/ MICHAEL SILVESTRINI

Name: Michael Silvestrini

Title: Co-Founder and Managing Partner

Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.

Name: Mike Silvestrini

Title: Co-Founder and Managing Partner of Energea Global LLC (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

Date: September 25, 2026