Interest Rate Swaps

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Note 11. Interest Rate Swaps

With the acquisition of Legacy Spruce Power, the Company assumed interest rate swaps from agreements that Legacy Spruce Power entered into with four financial institutions. The purpose of the swap agreements is to convert the floating interest rate on the A&R SVB Credit Agreement, Second SVB Credit Agreement, and the A&R KeyBank Credit

Agreement to a fixed rate. As of December 31, 2022, the notional amount of the interest rate swaps covers approximately 97% of the balance of the Company’s floating rate term loans.

As of December 31, 2022, 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	$	13,534	0.73	%	4/30/2020	4/30/2026	1/31/2031	$	1,597
2	13,534		0.75	%	4/30/2020	4/30/2026	1/31/2031	1,552
3	13,534		0.78	%	4/30/2020	4/30/2026	1/31/2031	1,552
4	4,702		1.57	%	10/31/2019	4/30/2026	1/31/2031	415
5	8,229		1.62	%	10/31/2019	4/30/2026	1/31/2031	705
6	8,229		1.56	%	10/31/2019	4/30/2026	1/31/2031	730
7	8,229		1.59	%	10/31/2019	4/30/2026	1/31/2031	709
8	44,287		2.36	%	7/31/2019	4/30/2026	10/31/2031	2,440
9	44,287		2.33	%	7/31/2019	4/30/2026	10/31/2031	2,532
10	25,307		2.34	%	7/31/2019	4/30/2026	10/31/2031	1,436
11	44,287		2.39	%	7/31/2019	4/30/2026	10/31/2031	2,403
12	31,056		0.90	%	11/13/2020	11/13/2027	10/31/2032	4,366
13	31,056		0.90	%	11/13/2020	11/13/2027	10/31/2032	4,418
14	18,693		2.83	%	07/12/2022	5/14/2027	04/30/2032	676
15	48,382		0.40	%	07/12/2022	5/14/2027	10/31/2031	6,721
	$	357,346						$	32,252

During the year ended December 31, 2022, the change in the fair value of the interest rate swaps was $7.7 million of which $5.6 million were unrealized gains reflected within Change in Fair Value of Interest Rate Swaps within Other Income (Expense) and $2.1 million were realized gains reflected within Interest Expense, Net in the Consolidated Statements of Operations. See Note 13. Fair Value Measurements for the methodology used to determine fair value of interest rate swaps.