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Interest Rate Swaps | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest Rate Swaps | Interest Rate Swaps 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. The purpose of the swap agreements is to convert the floating interest rate on the Company's debt obligation under its credit agreements to a fixed rate. As of December 31, 2023 and 2022, the notional amount of the interest rate swaps covers approximately 95% and 97% of the balance of the Company’s floating rate term loans, respectively. As of December 31, 2023, the following interest rate swaps are outstanding (in thousands):
# |  | Notional Amount |  | Fixed Rate |  | Effective Date |  | Early Termination Date |  | Maturity Date |  | Total Fair Value Asset (Liability)
1 |  | $ | 12,459 |  |  | 0.78 | % |  | 4/30/2020 |  | 4/30/2026 |  | 1/31/2031 |  | $ | 1,231 |
2 |  | 12,459 |  |  | 0.75 | % |  | 4/30/2020 |  | 4/30/2026 |  | 1/31/2031 |  | 1,243 |
3 |  | 12,459 |  |  | 0.73 | % |  | 4/30/2020 |  | 4/30/2026 |  | 1/31/2031 |  | 1,273 |
4 |  | 4,406 |  |  | 1.57 | % |  | 10/31/2019 |  | 4/30/2026 |  | 1/31/2031 |  | 332 |
5 |  | 7,711 |  |  | 1.62 | % |  | 10/31/2019 |  | 4/30/2026 |  | 1/31/2031 |  | 564 |
6 |  | 7,711 |  |  | 1.56 | % |  | 10/31/2019 |  | 4/30/2026 |  | 1/31/2031 |  | 587 |
7 |  | 7,711 |  |  | 1.59 | % |  | 10/31/2019 |  | 4/30/2026 |  | 1/31/2031 |  | 572 |
8 |  | 41,464 |  |  | 2.39 | % |  | 7/31/2019 |  | 4/30/2026 |  | 10/31/2031 |  | 1,914 |
9 |  | 41,464 |  |  | 2.33 | % |  | 7/31/2019 |  | 4/30/2026 |  | 10/31/2031 |  | 2,029 |
10 |  | 23,693 |  |  | 2.34 | % |  | 7/31/2019 |  | 4/30/2026 |  | 10/31/2031 |  | 1,144 |
11 |  | 41,464 |  |  | 2.36 | % |  | 7/31/2019 |  | 4/30/2026 |  | 10/31/2031 |  | 1,962 |
12 |  | 28,837 |  |  | 0.69 | % |  | 01/31/2023 |  | 11/13/2027 |  | 10/31/2032 |  | 3,646 |
13 |  | 28,837 |  |  | 0.73 | % |  | 01/31/2023 |  | 11/13/2027 |  | 10/29/2032 |  | 3,601 |
14 |  | 17,647 |  |  | 2.83 | % |  | 07/12/2022 |  | 5/14/2027 |  | 04/30/2032 |  | 554 |
15 |  | 44,418 |  |  | 0.40 | % |  | 07/12/2022 |  | 5/14/2027 |  | 10/31/2031 |  | 5,557 |
16 (1) |  | 110,151 |  |  | 3.27 | % |  | 06/14/2022 |  | 8/18/2025 |  | 11/17/2033 |  | 1,288 |
17 (1) |  | 18,998 |  |  | 4.24 | % |  | 08/18/2023 |  | — |  |  | 01/31/2032 |  | (457) |
|  | $ | 461,889 |  |  |  |  |  |  |  |  |  |  | $ | 27,040 |
(1) The amounts reflect, respectively, the Deutsche Bank swap assumed by the Company as part of the SEMTH Acquisition and an additional swap related to the SP2 Facility Amendment transacted concurrently with the Tredegar Acquisition to hedge the floating rate of the incremental term loans (See Note 8. Non-Recourse Debt). During the year ended December 31, 2023, the aggregate change in the fair value of the interest rate swaps was $8.9 million, of which $4.8 million related to unrealized losses as reflected in the consolidated statements of operation and $13.7 million related to realized gains and is recognized within interest expense, net. During the year ended December 31, 2022, the aggregate change in the fair value of the interest rate swaps was $7.7 million, of which $5.6 million related to unrealized gains as reflected in the consolidated statements of operation and $2.1 million related to realized gains and is recognized within interest expense, net in the consolidated statements of operations. See Note 11. Fair Value Measurements for further information on the Company’s determination of the fair value of its interest rate swaps.

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