Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-55610 | |
Entity Registrant Name | GREENBACKER RENEWABLE ENERGY COMPANY LLC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0872648 | |
Entity Address, Address Line One | 11 East 44th Street | |
Entity Address, Address Line Two | 12th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10017 | |
City Area Code | 646 | |
Local Phone Number | 237-7884 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 117,478,349 | |
Entity Central Index Key | 0001563922 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Non-accelerated Filer |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Investments at Fair Value | $ 1,099,766,052 | $ 659,982,724 | |
Cash and cash equivalents | 8,947,086 | 4,675,836 | |
Shareholder contribution receivable | 2,581,048 | 6,418,454 | |
Dividend receivable | 6,048,918 | 7,181,629 | |
Investment sales receivable | 4,259,184 | 4,759,184 | |
Return of capital receivable | 439,815 | 2,159,762 | |
Other assets | 4,104,679 | 3,198,872 | |
Total assets | 1,126,146,782 | 688,376,461 | |
LIABILITIES | |||
Swap contracts, at fair value | 6,011,882 | 9,750,909 | |
Deferred tax liabilities, net of allowance | 19,641,717 | 17,868,138 | |
Payable for investments purchased | 2,288,568 | 4,451,570 | |
Term note payable, net of financing costs | 85,410,686 | 86,501,654 | |
Management fee payable | 1,748,112 | 1,055,600 | |
Performance participation fee payable | 0 | 3,540,052 | |
Accounts payable and accrued expenses | 1,084,599 | 581,632 | |
Due to Advisor | 1,399,749 | 1,751 | |
Shareholder distributions payable | 5,306,807 | 2,984,521 | |
Interest payable | 0 | 8,772 | |
Payable for repurchases of common stock | 4,298,638 | 5,948,128 | |
Deferred sales commission payable | 4,094,869 | 131,875 | |
Total liabilities | 131,285,627 | 132,824,602 | |
Commitments and contingencies (See Note 2, Note 5, and Note 9) | |||
MEMBERS’ EQUITY (NET ASSETS) | |||
Preferred stock, par value, $.001 per share, 50,000,000 authorized; none issued and outstanding | 0 | 0 | |
Common stock, par value, $.001 per share, 350,000,000 authorized; 113,194,789 and 62,870,347 shares issued and outstanding, respectively | 113,195 | 62,870 | |
Paid-in capital in excess of par value | 1,002,406,149 | 550,896,111 | |
Accumulated gains (losses) | [1] | (7,658,189) | 4,592,878 |
Total common members’ equity | 994,861,155 | 555,551,859 | |
Special unitholder’s equity | 0 | 0 | |
Total members’ equity (net assets) | 994,861,155 | 555,551,859 | |
Total liabilities and equity (net assets) | 1,126,146,782 | 688,376,461 | |
Total common members’ equity | 994,861,155 | 555,551,859 | |
Investments in Money Market Funds | |||
ASSETS | |||
Investments at Fair Value | 315,413,951 | 11,172,727 | |
Class A Shares | |||
MEMBERS’ EQUITY (NET ASSETS) | |||
Total members’ equity (net assets) | 141,781,925 | ||
Net assets | 141,781,925 | 144,978,110 | |
Class C Shares | |||
MEMBERS’ EQUITY (NET ASSETS) | |||
Total members’ equity (net assets) | 22,597,463 | ||
Net assets | 22,597,463 | 22,836,128 | |
Class I shares | |||
MEMBERS’ EQUITY (NET ASSETS) | |||
Total members’ equity (net assets) | 55,492,784 | ||
Net assets | 55,492,784 | 56,156,327 | |
Class P-A Shares | |||
MEMBERS’ EQUITY (NET ASSETS) | |||
Total members’ equity (net assets) | 1,200,209 | ||
Net assets | 1,200,209 | 480,799 | |
Class P-D shares | |||
MEMBERS’ EQUITY (NET ASSETS) | |||
Total members’ equity (net assets) | 990,705 | ||
Net assets | 990,705 | 0 | |
Class P-I Shares | |||
MEMBERS’ EQUITY (NET ASSETS) | |||
Total members’ equity (net assets) | 477,780,810 | ||
Net assets | 477,780,810 | 331,100,495 | |
Class P-S shares | |||
MEMBERS’ EQUITY (NET ASSETS) | |||
Total members’ equity (net assets) | 294,882,644 | ||
Net assets | 294,882,644 | 0 | |
Class P-T shares | |||
MEMBERS’ EQUITY (NET ASSETS) | |||
Total members’ equity (net assets) | 134,615 | ||
Net assets | 134,615 | 0 | |
Affiliated Entity | |||
ASSETS | |||
Investments at Fair Value | 738,177,183 | 611,482,307 | |
Non-controlled/non-affiliated | |||
ASSETS | |||
Investments at Fair Value | $ 46,174,918 | $ 37,327,690 | |
[1] | Accumulated deficit, accumulated net realized gain on investments, and accumulated unrealized appreciation (depreciation) on investments, net of deferred taxes, foreign currency translation, and swap contracts are included in accumulated gains (losses). |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Investments at Cost | $ 1,009,938,875 | $ 572,347,137 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common Stock, share issued (in shares) | 113,194,789 | 113,194,789 |
Common stock, shares outstanding (in shares) | 62,870,347 | 62,870,347 |
Investments in Money Market Funds | ||
Investments at Cost | $ 315,413,951 | $ 11,172,727 |
Class A Shares | ||
Common stock, shares outstanding (in shares) | 16,704,407 | 16,844,129 |
Class C Shares | ||
Common stock, shares outstanding (in shares) | 2,742,215 | 2,734,661 |
Class I shares | ||
Common stock, shares outstanding (in shares) | 6,538,320 | 6,526,001 |
Class P-A Shares | ||
Common stock, shares outstanding (in shares) | 138,885 | 55,264 |
Class P-D shares | ||
Common stock, shares outstanding (in shares) | 111,048 | 0 |
Class P-I Shares | ||
Common stock, shares outstanding (in shares) | 53,547,706 | 36,710,292 |
Class P-S shares | ||
Common stock, shares outstanding (in shares) | 33,396,467 | 0 |
Class P-T shares | ||
Common stock, shares outstanding (in shares) | 15,741 | 0 |
Affiliated Entity | ||
Investments at Cost | $ 648,350,006 | $ 523,846,720 |
Non-controlled/non-affiliated | ||
Investments at Cost | $ 46,174,918 | $ 37,327,690 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Investment income from controlled, affiliated investments: | |||
Dividend income | $ 5,252,663 | $ 5,207,790 | |
Interest income | 0 | 4,579 | |
Total investment income from controlled, affiliated investments | 5,252,663 | 5,212,369 | |
Investment income from non-controlled, non-affiliated investments: | |||
Interest income | 946,010 | 725,288 | |
Total investment income | 6,198,673 | 5,937,657 | |
Operating expenses: | |||
Management fee expense | 4,075,503 | 2,399,753 | |
Audit and tax expense | 582,607 | 411,825 | |
Interest and financing expenses | 722,560 | 729,716 | |
General and administration expenses | 173,973 | 66,048 | |
Legal expenses | 86,301 | 190,361 | |
Directors fees and expenses | 109,480 | 94,979 | |
Insurance expense | 48,172 | 34,531 | |
Transfer agent expense | 147,946 | 118,101 | |
Other expenses * | [1] | 611,338 | 293,438 |
Total expenses | 6,557,880 | 4,338,752 | |
Net investment (loss) income before taxes | (359,207) | 1,598,905 | |
(Benefit from) income taxes | (1,369,294) | (3,231,864) | |
Franchise tax expense | 0 | 25,429 | |
Net investment income | 1,010,087 | 4,805,340 | |
Net change in realized and unrealized gain (loss) on investments, foreign currency translation and deferred tax assets: | |||
Net realized (loss) gain on investments | (72,149) | 6,402,927 | |
Net change in unrealized appreciation (depreciation) on: | |||
Investments | 2,171,448 | 12,100,435 | |
Foreign currency translation | 20,142 | (52,248) | |
Swap contracts | 3,739,027 | (6,317,448) | |
(Provision for) income taxes on realized and unrealized gain (loss) on investments, foreign currency translation and swap contracts | (3,142,873) | (6,307,218) | |
Net increase in net assets resulting from operations | 3,725,682 | 10,631,788 | |
Net decrease in net assets attributed to special unitholder | 0 | (2,687,459) | |
Net increase in net assets attributed to common members | $ 3,725,682 | $ 7,944,329 | |
Common stock per share information —basic and diluted: | |||
Net investment income (in dollars per share) | $ 0.01 | $ 0.10 | |
Net increase in net assets attributed to common members (in dollars per share) | $ 0.04 | $ 0.16 | |
Weighted average common shares outstanding (in shares) | 85,937,169 | 48,991,682 | |
[1] | For the three months ended March 31, 2021 and March 31, 2020, Other expenses includes $493,816 and $199,247 of net realized losses on swap contracts, respectively. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Swaps | ||
Net realized gains and losses on swap contracts | $ 493,816 | $ 199,247 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance (in shares) | 62,870,347 | 47,889,610 | 47,889,610 |
Beginning balance | $ 555,551,859 | $ 415,637,460 | $ 415,637,460 |
Proceeds from issuance of common stock, net (in shares) | 50,634,032 | 16,168,757 | |
Proceeds from issuance of common stock, net | $ 455,822,484 | 16,695,894 | |
Issuance of common stock under distribution reinvestment plan (in shares) | 181,245 | 774,551 | |
Issuance of common stock under distribution reinvestment plan | $ 1,550,005 | 1,759,086 | |
Repurchases of common stock (in shares) | (490,835) | (1,962,300) | |
Repurchases of common stock | $ (4,298,638) | (1,847,626) | |
Offering costs | (1,513,488) | ||
Deferred sales commissions | $ (4,024,725) | ||
Proceeds from shares transferred (in shares) | 0 | 271 | |
Shareholder distributions | $ (11,952,024) | (7,171,159) | |
Distributions to special unitholder | 0 | (1,124,000) | |
Net investment income | 1,010,087 | 4,805,340 | |
Net realized gain (loss) on investments | (72,149) | 6,402,927 | |
Net change in unrealized appreciation (depreciation) on investments | 2,171,448 | 12,100,435 | |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 20,142 | (52,248) | |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 3,739,027 | (6,317,448) | |
(Provision for) benefit from income taxes on realized and unrealized gain (loss) on investments, foreign currency translation and swap contracts | $ (3,142,873) | (6,307,218) | |
Ending balance (in shares) | 113,194,789 | 62,870,347 | |
Ending balance | $ 994,861,155 | $ 434,581,443 | $ 555,551,859 |
Common stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance (in shares) | 62,870,347 | 47,889,610 | 47,889,610 |
Beginning balance | $ 62,870 | $ 47,890 | $ 47,890 |
Proceeds from issuance of common stock, net (in shares) | 50,634,032 | 1,874,392 | |
Proceeds from issuance of common stock, net | $ 50,635 | $ 1,874 | |
Issuance of common stock under distribution reinvestment plan (in shares) | 181,245 | 205,060 | |
Issuance of common stock under distribution reinvestment plan | $ 181 | $ 205 | |
Repurchases of common stock (in shares) | (490,835) | (214,035) | |
Repurchases of common stock | $ (491) | $ (214) | |
Proceeds from shares transferred (in shares) | (254) | ||
Ending balance (in shares) | 113,194,789 | 49,754,773 | 62,870,347 |
Ending balance | $ 113,195 | $ 49,755 | $ 62,870 |
Paid-in capital in excess of par value | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 550,896,111 | 416,611,769 | 416,611,769 |
Proceeds from issuance of common stock, net | 455,771,849 | 16,694,020 | |
Issuance of common stock under distribution reinvestment plan | 1,549,824 | 1,758,881 | |
Repurchases of common stock | (4,298,147) | (1,847,412) | |
Offering costs | (1,513,488) | ||
Ending balance | 1,002,406,149 | 433,217,258 | 550,896,111 |
Accumulated deficit | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (60,708,055) | (38,477,220) | (38,477,220) |
Deferred sales commissions | (4,024,725) | ||
Shareholder distributions | (11,952,024) | (7,171,159) | |
Net investment income | 1,010,087 | 4,805,340 | |
Ending balance | (75,674,717) | (40,843,039) | (60,708,055) |
Accumulated net realized gain on investments | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 18,141,632 | 11,963,784 | 11,963,784 |
Net realized gain (loss) on investments | (72,149) | 4,750,225 | |
Ending balance | 18,069,483 | 16,714,009 | 18,141,632 |
Accumulated unrealized appreciation (depreciation) on investments, net of deferred taxes | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 55,759,375 | 22,672,301 | 22,672,301 |
Net change in unrealized appreciation (depreciation) on investments | 2,171,448 | 9,802,188 | |
(Provision for) benefit from income taxes on realized and unrealized gain (loss) on investments, foreign currency translation and swap contracts | (3,142,873) | (6,307,218) | |
Ending balance | 54,787,950 | 26,167,271 | 55,759,375 |
Accumulated unrealized appreciation (depreciation) on foreign currency translation | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (108,971) | (200,990) | (200,990) |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 20,142 | (52,248) | |
Ending balance | (88,829) | (253,238) | (108,971) |
Accumulated unrealized appreciation (depreciation) on swap contracts | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (8,491,103) | (3,877,882) | (3,877,882) |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 3,739,027 | (5,053,958) | |
Ending balance | (4,752,076) | (8,931,840) | (8,491,103) |
Common members’ equity | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 555,551,859 | 408,739,652 | 408,739,652 |
Proceeds from issuance of common stock, net | 455,822,484 | 16,695,894 | |
Issuance of common stock under distribution reinvestment plan | 1,550,005 | 1,759,086 | |
Repurchases of common stock | (4,298,638) | (1,847,626) | |
Offering costs | (1,513,488) | ||
Deferred sales commissions | (4,024,725) | ||
Shareholder distributions | (11,952,024) | (7,171,159) | |
Net investment income | 1,010,087 | 4,805,340 | |
Net realized gain (loss) on investments | (72,149) | 4,750,225 | |
Net change in unrealized appreciation (depreciation) on investments | 2,171,448 | 9,802,188 | |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 20,142 | (52,248) | |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 3,739,027 | (5,053,958) | |
(Provision for) benefit from income taxes on realized and unrealized gain (loss) on investments, foreign currency translation and swap contracts | (3,142,873) | (6,307,218) | |
Ending balance | 994,861,155 | 426,120,176 | 555,551,859 |
Special unitholder | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 6,897,808 | $ 6,897,808 | |
Distributions to special unitholder | $ 0 | (1,124,000) | |
Net realized gain (loss) on investments | 1,652,702 | ||
Net change in unrealized appreciation (depreciation) on investments | 2,298,247 | ||
Net change in unrealized appreciation (depreciation) on foreign currency translation | (1,263,490) | ||
Ending balance | $ 8,461,267 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Net increase in net assets from operations | $ 3,725,682 | $ 10,631,788 |
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities: | ||
Amortization of deferred financing costs | 155,334 | 56,530 |
Purchase of investments | (169,813,432) | (88,300,060) |
Return of capital | 35,051,394 | 37,182,463 |
Proceeds from principal payments and sales of investments | 1,339,375 | 53,869,115 |
Purchase of money market funds, net | (304,241,224) | (1,205,155) |
Net realized loss (gain) on investments | 72,149 | (6,402,927) |
Net change in unrealized (appreciation) on investments | (2,171,448) | (12,100,435) |
Net change in unrealized (appreciation) depreciation on foreign currency translation | (20,142) | 52,248 |
Net change in unrealized (appreciation) depreciation on swap contracts | (3,739,027) | 6,317,448 |
Deferred tax expense | 1,773,579 | 3,075,354 |
(Increase) decrease in other assets: | ||
Receivable for investments sold | 500,000 | 16,839,291 |
Receivable for return of capital | 1,719,947 | (10,589,219) |
Dividend receivable | 1,132,711 | (1,511,654) |
Other assets | (905,807) | (524,638) |
Increase (decrease) in other liabilities: | ||
Payable for investments purchased | (2,163,002) | (3,324,557) |
Management fee payable | 692,512 | 148,310 |
Performance participation fee payable | (3,540,052) | 0 |
Accounts payable and accrued expenses | 502,967 | 473,909 |
Interest payable | (8,772) | 1,887 |
Net cash (used in) provided by operating activities | (439,937,256) | 4,689,698 |
Financing activities: | ||
Borrowings on credit facility and term note | 0 | 8,898,893 |
Paydowns on credit facility and term note | (1,246,302) | (8,947,171) |
Payments of financing costs | 0 | (41,500) |
Proceeds from issuance of shares of common stock, net | 459,646,314 | 19,110,532 |
Distributions paid | (8,066,157) | (7,110,525) |
Offering costs | (115,490) | 0 |
Deferred sales commissions | (61,731) | 0 |
Repurchases of common stock | (5,948,128) | (2,186,780) |
Distribution to special unitholder | 0 | (1,124,000) |
Net cash provided by financing activities | 444,208,506 | 8,599,449 |
Net (decrease) increase in cash and cash equivalents | 4,271,250 | 13,289,147 |
Cash, cash equivalents and restricted cash, beginning of period | 4,675,836 | 4,081,470 |
Cash, cash equivalents and restricted cash, end of period | 8,947,086 | 17,370,617 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||
Cash and cash equivalents | 8,947,086 | 14,073,627 |
Restricted cash | 0 | 3,296,990 |
Total cash, cash equivalents and restricted cash | 8,947,086 | 17,370,617 |
Supplemental disclosure of cash flow information: | ||
Cash interest paid during the period | 447,176 | 776,284 |
Shareholder receivable from sale of common stock | 2,581,048 | 593,364 |
Due to advisor for offering costs | 1,399,749 | 0 |
Deferred sales commission payable | $ 4,094,869 | $ 0 |
Consolidated Schedules of Inves
Consolidated Schedules of Investments - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |||
Cost | $ 1,009,938,875 | $ 572,347,137 | |||
Fair Value | 1,099,766,052 | 659,982,724 | |||
Liabilities in excess of other assets other than investments | $ (104,904,897) | $ (104,430,865) | |||
Liabilities in excess of other assets other than investments (in percentage) | (10.30%) | [1] | (18.90%) | [2] | |
Total members’ equity (net assets) | $ 994,861,155 | $ 555,551,859 | |||
Fair Value Percentage of Total Portfolio | 100.00% | [1] | 100.00% | [2] | |
TOTAL INVESTMENTS | |||||
Cost | $ 1,009,938,875 | $ 572,347,137 | |||
Fair Value | $ 1,099,766,052 | $ 659,982,724 | |||
Fair Value Percentage of Total Portfolio | 110.30% | [1] | 118.90% | [2] | |
Affiliated Entity | |||||
Cost | $ 648,350,006 | $ 523,846,720 | |||
Fair Value | 738,177,183 | 611,482,307 | |||
Non-controlled/non-affiliated | |||||
Cost | 46,174,918 | 37,327,690 | |||
Fair Value | 46,174,918 | 37,327,690 | |||
Battery Storage | |||||
Cost | 9,140,209 | 8,839,235 | |||
Fair Value | $ 9,140,209 | $ 8,839,235 | |||
Fair Value Percentage of Total Portfolio | 0.80% | 1.30% | |||
Biomass | |||||
Cost | $ 23,686,352 | $ 23,236,352 | |||
Fair Value | $ 23,686,352 | $ 23,236,352 | |||
Fair Value Percentage of Total Portfolio | 2.10% | 3.50% | |||
Wind | |||||
Cost | $ 141,480,585 | $ 127,065,344 | |||
Fair Value | $ 153,908,260 | $ 131,210,544 | |||
Fair Value Percentage of Total Portfolio | 14.00% | 19.90% | |||
Pre-Operational Assets | |||||
Cost | $ 29,794,816 | $ 65,405,651 | |||
Fair Value | $ 30,410,677 | $ 109,208,306 | |||
Fair Value Percentage of Total Portfolio | 2.80% | 16.50% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Affiliated Entity | |||||
Cost | $ 648,350,006 | $ 523,846,720 | |||
Fair Value | $ 738,177,183 | $ 611,482,307 | |||
Fair Value Percentage of Total Portfolio | 74.20% | [1] | 110.20% | [2] | |
Limited Liability Company Member Interests in the United States- Not readily marketable | Battery Storage | |||||
Cost | $ 8,839,235 | ||||
Fair Value | $ 8,839,235 | ||||
Fair Value Percentage of Total Portfolio | [2],[3] | 1.60% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Battery Storage | Affiliated Entity | |||||
Cost | $ 9,140,209 | ||||
Fair Value | $ 9,140,209 | ||||
Fair Value Percentage of Total Portfolio | [1],[3] | 0.90% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Battery Storage | Pacifica Portfolio | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 8,839,235 | ||||
Fair Value | $ 8,839,235 | ||||
Fair Value Percentage of Total Portfolio | [2] | 1.60% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Battery Storage | Pacifica Portfolio | Affiliated Entity | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 9,140,209 | ||||
Fair Value | $ 9,140,209 | ||||
Fair Value Percentage of Total Portfolio | [1] | 0.90% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Biomass | |||||
Cost | $ 23,236,352 | ||||
Fair Value | $ 23,236,352 | ||||
Fair Value Percentage of Total Portfolio | [2],[3] | 4.20% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Biomass | Affiliated Entity | |||||
Cost | $ 23,686,352 | ||||
Fair Value | $ 23,686,352 | ||||
Fair Value Percentage of Total Portfolio | [1],[3] | 2.40% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Biomass | Eagle Valley Biomass Portfolio | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 23,236,352 | ||||
Fair Value | $ 23,236,352 | ||||
Fair Value Percentage of Total Portfolio | [2] | 4.20% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Biomass | Eagle Valley Biomass Portfolio | Affiliated Entity | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 23,686,352 | ||||
Fair Value | $ 23,686,352 | ||||
Fair Value Percentage of Total Portfolio | [1] | 2.40% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Commercial Solar | |||||
Cost | $ 274,892,344 | ||||
Fair Value | $ 314,955,175 | ||||
Fair Value Percentage of Total Portfolio | [2],[3] | 56.60% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Commercial Solar | Affiliated Entity | |||||
Cost | $ 423,416,354 | ||||
Fair Value | $ 500,579,606 | ||||
Fair Value Percentage of Total Portfolio | [1],[3] | 50.20% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Commercial Solar | GEH Portfolio | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 114,253,479 | ||||
Fair Value | $ 124,637,707 | ||||
Fair Value Percentage of Total Portfolio | [2] | 22.40% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Commercial Solar | GEH Portfolio | Affiliated Entity | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 148,065,778 | ||||
Fair Value | $ 157,551,976 | ||||
Fair Value Percentage of Total Portfolio | [1] | 15.80% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Commercial Solar | Other Commercial Solar | |||||
Shares or Principal Amount (in percentage) | [4] | 100.00% | |||
Cost | [4] | $ 44,410,568 | |||
Fair Value | [4] | $ 47,500,424 | |||
Fair Value Percentage of Total Portfolio | [2],[4] | 8.50% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Commercial Solar | Other Commercial Solar | Affiliated Entity | |||||
Shares or Principal Amount (in percentage) | [4] | 100.00% | |||
Cost | [4] | $ 44,848,541 | |||
Fair Value | [4] | $ 49,875,844 | |||
Fair Value Percentage of Total Portfolio | [1],[4] | 5.00% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Commercial Solar | Trillium Portfolio | |||||
Cost | $ 83,219,738 | ||||
Fair Value | $ 105,913,033 | ||||
Fair Value Percentage of Total Portfolio | [2] | 19.10% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Commercial Solar | Trillium Portfolio | Affiliated Entity | |||||
Shares or Principal Amount (in percentage) | [5] | 100.00% | |||
Cost | [5] | $ 180,568,859 | |||
Fair Value | [5] | $ 220,333,187 | |||
Fair Value Percentage of Total Portfolio | [1],[5] | 22.10% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Commercial Solar | Magnolia Sun Portfolio | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 33,008,559 | ||||
Fair Value | $ 36,904,011 | ||||
Fair Value Percentage of Total Portfolio | [2] | 6.60% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Wind | |||||
Cost | $ 127,065,344 | ||||
Fair Value | $ 131,210,544 | ||||
Fair Value Percentage of Total Portfolio | [2],[3] | 23.70% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Wind | Affiliated Entity | |||||
Cost | $ 141,480,585 | ||||
Fair Value | $ 153,908,260 | ||||
Fair Value Percentage of Total Portfolio | [1],[3] | 15.50% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Wind | Greenbacker Wind Holdings II | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 33,834,320 | ||||
Fair Value | $ 35,839,967 | ||||
Fair Value Percentage of Total Portfolio | [2] | 6.50% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Wind | Greenbacker Wind Holdings II | Affiliated Entity | |||||
Shares or Principal Amount (in percentage) | [5] | 100.00% | |||
Cost | [5] | $ 54,935,583 | |||
Fair Value | [5] | $ 66,494,635 | |||
Fair Value Percentage of Total Portfolio | [1],[5] | 6.70% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Wind | Greenbacker Wind Portfolio - HoldCo | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 73,244,891 | ||||
Fair Value | $ 75,013,771 | ||||
Fair Value Percentage of Total Portfolio | [2] | 13.50% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Wind | Greenbacker Wind Portfolio - HoldCo | Affiliated Entity | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 77,005,002 | ||||
Fair Value | $ 78,727,426 | ||||
Fair Value Percentage of Total Portfolio | [1] | 7.90% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Wind | Other Wind Investments | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 19,986,133 | ||||
Fair Value | $ 20,356,806 | ||||
Fair Value Percentage of Total Portfolio | [2] | 3.70% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Wind | Other Wind Investments | Affiliated Entity | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 9,540,000 | ||||
Fair Value | $ 8,686,199 | ||||
Fair Value Percentage of Total Portfolio | [1] | 0.90% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Pre-Operational Assets | |||||
Cost | $ 65,405,651 | ||||
Fair Value | $ 109,208,306 | ||||
Fair Value Percentage of Total Portfolio | [2],[3] | 19.70% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Pre-Operational Assets | Affiliated Entity | |||||
Cost | $ 29,794,816 | ||||
Fair Value | $ 30,410,677 | ||||
Fair Value Percentage of Total Portfolio | [1],[3] | 3.10% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Pre-Operational Assets | Sego Lily Portfolio | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 29,178,404 | ||||
Fair Value | $ 62,135,652 | ||||
Fair Value Percentage of Total Portfolio | [2] | 11.20% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Pre-Operational Assets | Sego Lily Portfolio | Affiliated Entity | |||||
Shares or Principal Amount (in percentage) | [5] | 100.00% | |||
Cost | [5] | $ 49,933,176 | |||
Fair Value | [5] | $ 72,818,599 | |||
Fair Value Percentage of Total Portfolio | [1],[5] | 7.30% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Pre-Operational Assets | Citrine Portfolio | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 23,523,051 | ||||
Fair Value | $ 23,314,570 | ||||
Fair Value Percentage of Total Portfolio | [2] | 4.20% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Pre-Operational Assets | Citrine Portfolio | Affiliated Entity | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 29,794,816 | ||||
Fair Value | $ 30,410,677 | ||||
Fair Value Percentage of Total Portfolio | [1] | 3.10% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Pre-Operational Assets | Greenbacker Wind Portfolio- Maine | |||||
Shares or Principal Amount (in percentage) | 100.00% | ||||
Cost | $ 12,704,196 | ||||
Fair Value | $ 23,758,084 | ||||
Fair Value Percentage of Total Portfolio | [2] | 4.30% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Other Investments | |||||
Cost | $ 23,669,446 | ||||
Fair Value | $ 23,291,114 | ||||
Fair Value Percentage of Total Portfolio | [2],[3] | 4.20% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Other Investments | Affiliated Entity | |||||
Cost | $ 20,123,799 | ||||
Fair Value | $ 19,750,743 | ||||
Fair Value Percentage of Total Portfolio | [1],[3] | 2.00% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Other Investments | Other Portfolios | |||||
Cost | [6] | $ 23,669,446 | |||
Fair Value | [6] | $ 23,291,114 | |||
Fair Value Percentage of Total Portfolio | [2],[6] | 4.20% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Other Investments | Other Portfolios | Affiliated Entity | |||||
Cost | [6] | $ 20,123,799 | |||
Fair Value | [6] | $ 19,750,743 | |||
Fair Value Percentage of Total Portfolio | [1],[6] | 2.00% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Energy Efficiency | |||||
Cost | $ 738,348 | ||||
Fair Value | $ 741,581 | ||||
Fair Value Percentage of Total Portfolio | [2],[3] | 0.20% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Energy Efficiency | Affiliated Entity | |||||
Cost | $ 707,891 | ||||
Fair Value | $ 701,336 | ||||
Fair Value Percentage of Total Portfolio | [1],[3] | 0.10% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Energy Efficiency | Other Energy Efficiency Portfolios | |||||
Cost | [7] | $ 738,348 | |||
Fair Value | [7] | $ 741,581 | |||
Fair Value Percentage of Total Portfolio | [2],[7] | 0.20% | |||
Limited Liability Company Member Interests in the United States- Not readily marketable | Energy Efficiency | Other Energy Efficiency Portfolios | Affiliated Entity | |||||
Cost | [7] | $ 707,891 | |||
Fair Value | [7] | $ 701,336 | |||
Fair Value Percentage of Total Portfolio | [1],[7] | 0.10% | |||
Secured Loans - Not readily marketable | |||||
Cost | $ 37,327,690 | ||||
Fair Value | $ 37,327,690 | ||||
Fair Value Percentage of Total Portfolio | [2] | 6.70% | |||
Secured Loans - Not readily marketable | Non-controlled/non-affiliated | |||||
Cost | $ 46,174,918 | $ 37,327,690 | |||
Fair Value | $ 46,174,918 | $ 37,327,690 | |||
Fair Value Percentage of Total Portfolio | 4.50% | [1] | 6.70% | [2] | |
Secured Loans - Not readily marketable | Encore Loan | |||||
Interest | 10.00% | ||||
Shares or Principal Amount | $ 10,606,725 | ||||
Cost | 10,606,725 | ||||
Fair Value | $ 10,606,725 | ||||
Fair Value Percentage of Total Portfolio | [2] | 1.90% | |||
Secured Loans - Not readily marketable | Encore Loan | Non-controlled/non-affiliated | |||||
Interest | 10.00% | ||||
Shares or Principal Amount | $ 9,307,725 | ||||
Cost | 9,307,725 | ||||
Fair Value | $ 9,307,725 | ||||
Fair Value Percentage of Total Portfolio | [1] | 0.90% | |||
Secured Loans - Not readily marketable | Hudson Loan | |||||
Interest | 8.00% | ||||
Shares or Principal Amount | $ 6,021,402 | ||||
Cost | 6,021,402 | ||||
Fair Value | $ 6,021,402 | ||||
Fair Value Percentage of Total Portfolio | [2] | 1.10% | |||
Secured Loans - Not readily marketable | Hudson Loan | Non-controlled/non-affiliated | |||||
Interest | 8.00% | ||||
Shares or Principal Amount | $ 7,366,796 | ||||
Cost | 7,366,796 | ||||
Fair Value | $ 7,366,796 | ||||
Fair Value Percentage of Total Portfolio | [1] | 0.70% | |||
Secured Loans - Not readily marketable | Hudson II Loan | |||||
Interest | 8.00% | ||||
Shares or Principal Amount | $ 3,923,873 | ||||
Cost | $ 5,269,267 | 3,923,873 | |||
Fair Value | $ 5,269,267 | $ 3,923,873 | |||
Fair Value Percentage of Total Portfolio | 0.50% | [1] | 0.70% | [2] | |
Secured Loans - Not readily marketable | Hudson II Loan | Non-controlled/non-affiliated | |||||
Interest | 8.00% | ||||
Shares or Principal Amount | $ 5,269,267 | ||||
Secured Loans - Not readily marketable | New Market Loan | |||||
Interest | 9.00% | ||||
Shares or Principal Amount | $ 5,007,350 | ||||
Cost | 5,007,350 | ||||
Fair Value | $ 5,007,350 | ||||
Fair Value Percentage of Total Portfolio | [2] | 0.90% | |||
Secured Loans - Not readily marketable | New Market Loan | Non-controlled/non-affiliated | |||||
Interest | 9.00% | ||||
Shares or Principal Amount | $ 5,007,350 | ||||
Cost | 5,007,350 | ||||
Fair Value | $ 5,007,350 | ||||
Fair Value Percentage of Total Portfolio | [1] | 0.50% | |||
Secured Loans - Not readily marketable | Shepherd's Run Loan | |||||
Cost | $ 6,322,590 | ||||
Fair Value | $ 6,322,590 | ||||
Fair Value Percentage of Total Portfolio | [1] | 0.60% | |||
Secured Loans - Not readily marketable | Shepherd's Run Loan | Non-controlled/non-affiliated | |||||
Interest | 8.00% | ||||
Shares or Principal Amount | $ 6,322,590 | ||||
Secured Loans - Not readily marketable | SE Solar Loan | |||||
Interest | 9.00% | ||||
Shares or Principal Amount | $ 5,005,244 | ||||
Cost | 5,005,244 | ||||
Fair Value | $ 5,005,244 | ||||
Fair Value Percentage of Total Portfolio | [2] | 0.90% | |||
Secured Loans - Not readily marketable | SE Solar Loan | Non-controlled/non-affiliated | |||||
Interest | 9.00% | ||||
Shares or Principal Amount | $ 5,005,244 | ||||
Cost | 5,005,244 | ||||
Fair Value | $ 5,005,244 | ||||
Fair Value Percentage of Total Portfolio | [1] | 0.50% | |||
Secured Loans - Not readily marketable | TUUSSO Loan | |||||
Interest | 8.00% | ||||
Shares or Principal Amount | $ 6,763,096 | ||||
Cost | 6,763,096 | ||||
Fair Value | $ 6,763,096 | ||||
Fair Value Percentage of Total Portfolio | [2] | 1.20% | |||
Secured Loans - Not readily marketable | TUUSSO Loan | Non-controlled/non-affiliated | |||||
Interest | 8.00% | ||||
Shares or Principal Amount | $ 7,895,946 | ||||
Cost | 7,895,946 | ||||
Fair Value | $ 7,895,946 | ||||
Fair Value Percentage of Total Portfolio | [1] | 0.80% | |||
Investments in Money Market Funds | |||||
Cost | $ 315,413,951 | $ 11,172,727 | |||
Fair Value | $ 315,413,951 | $ 11,172,727 | |||
Fair Value Percentage of Total Portfolio | 31.60% | [1] | 2.00% | ||
Investments in Money Market Funds | Fidelity Government Portfolio - Class I | |||||
Shares or Principal Amount | $ 78,878,486 | $ 10,100,000 | |||
Cost | 78,878,486 | 10,100,000 | |||
Fair Value | $ 78,878,486 | $ 10,100,000 | |||
Fair Value Percentage of Total Portfolio | 7.90% | [1] | 1.80% | ||
Investments in Money Market Funds | First American Government Obligations Fund - Class Z | |||||
Shares or Principal Amount | $ 78,878,486 | $ 1,072,720 | |||
Cost | 78,878,486 | 1,072,720 | |||
Fair Value | $ 78,878,486 | $ 1,072,720 | |||
Fair Value Percentage of Total Portfolio | 7.90% | [1] | 0.20% | ||
Investments in Money Market Funds | Invesco Government & Agency Portfolio - Institutional Class | |||||
Shares or Principal Amount | $ 7 | $ 7 | |||
Cost | 7 | 7 | |||
Fair Value | $ 7 | $ 7 | |||
Fair Value Percentage of Total Portfolio | 0.00% | [1] | 0.00% | ||
Investments in Money Market Funds | JPMorgan US Government Money Market Fund - Class L | |||||
Shares or Principal Amount | $ 78,828,486 | ||||
Cost | 78,828,486 | ||||
Fair Value | $ 78,828,486 | ||||
Fair Value Percentage of Total Portfolio | [1] | 7.90% | |||
Investments in Money Market Funds | Wells Fargo Treasury Plus Money Market Fund - Institutional Class | |||||
Shares or Principal Amount | $ 78,828,486 | ||||
Cost | 78,828,486 | ||||
Fair Value | $ 78,828,486 | ||||
Fair Value Percentage of Total Portfolio | [1] | 7.90% | |||
[1] | Percentages are based on net assets of $994,861,155 as of March 31, 2021. | ||||
[2] | Percentages are based on net assets of $555,551,859 as of December 31, 2020. | ||||
[3] | Refer to Note 3. Investments for discussion on the consolidation of certain underlying portfolios within this Consolidated Schedules of Investments. | ||||
[4] | Includes the Canadian Northern Lights assets, which are located outside of the United States of America and are a Capital Stock investment. | ||||
[5] | Includes assets that have not reached COD that are being recognized at their fair market value. | ||||
[6] | Includes pre-acquisition and due diligence expenses. | ||||
[7] | Includes capital leases and secured loans. |
Consolidated Schedules of Inv_2
Consolidated Schedules of Investments -Interest Rate Swaps (Parenthetical) - Interest Rate Swap - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Value | $ (6,011,882) | $ (9,750,909) |
Upfront Premiums Paid (Received) | $ 0 | $ 0 |
Fifth Third Financial Risk Solutions Due 07/09/2021 | ||
Fixed Pay Rate | 1.11% | 1.11% |
Notional Amount | $ 2,962,222 | $ 3,033,889 |
Value | (8,321) | (15,502) |
Upfront Premiums Paid (Received) | $ 0 | $ 0 |
Fifth Third Financial Risk Solutions Due 02/29/2032 | ||
Fixed Pay Rate | 2.261% | 2.261% |
Notional Amount | $ 16,749,471 | $ 17,197,263 |
Value | (912,708) | (1,588,956) |
Upfront Premiums Paid (Received) | $ 0 | $ 0 |
Fifth Third Financial Risk Solutions Due 12/31/2038 | ||
Fixed Pay Rate | 2.648% | 2.648% |
Notional Amount | $ 25,153,464 | $ 25,672,154 |
Value | (2,117,499) | (3,388,560) |
Upfront Premiums Paid (Received) | $ 0 | $ 0 |
Fifth Third Financial Risk Solutions Due 12/31/2038 | ||
Fixed Pay Rate | 2.965% | 2.965% |
Notional Amount | $ 3,648,413 | $ 3,707,924 |
Value | (390,495) | (614,732) |
Upfront Premiums Paid (Received) | $ 0 | $ 0 |
Fifth Third Financial Risk Solutions Due 12/31/2034 | ||
Fixed Pay Rate | 2.668% | 2.668% |
Notional Amount | $ 33,939,058 | $ 34,695,980 |
Value | (2,648,910) | (4,143,159) |
Upfront Premiums Paid (Received) | $ 0 | $ 0 |
Fifth Third Financial Risk Solutions Due 3/5/2026 | ||
Fixed Pay Rate | 1.642% | |
Notional Amount | $ 6,446,570 | |
Value | 66,051 | |
Upfront Premiums Paid (Received) | $ 0 |
Organization and Operations of
Organization and Operations of the Company | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations of the Company | Organization and Operations of the Company Greenbacker Renewable Energy Company LLC (the “LLC”), a Delaware limited liability company, formed in December 2012, is an externally managed energy company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses, as well as finances the construction and/or operation of these and other sustainable development projects and businesses. The LLC conducts substantially all its operations through its wholly owned subsidiary, Greenbacker Renewable Energy Corporation (“GREC”). GREC is a Maryland corporation formed in November 2011, and the LLC currently holds all the outstanding shares of capital stock of GREC. GREC Entity HoldCo LLC (“GREC HoldCo”), a wholly owned subsidiary of GREC, was formed in Delaware in June 2016. GREC Administration LLC and Danforth Shared Services LLC, both wholly-owned subsidiaries of GREC, were formed in Delaware in January 2020 and May 2019, respectively. The use of “we,” “us,” “our” and the “company” refer, collectively, to the LLC, GREC, GREC HoldCo, GREC Administration LLC and Danforth Shared Services LLC. We are externally managed and advised by our Advisor, Greenbacker Capital Management LLC (the “Advisor” or “GCM”), a renewable energy, energy efficiency and sustainability-related project acquisition, consulting and development company that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”). The LLC’s fiscal year-end is December 31. Pursuant to an initial Registration Statement filed in December 2011 (File No. 333-178786-01) and a second Registration Statement filed in February 2017 (File No. 333-211571), the company offered up to $1,000,000,000 in shares of limited liability company interests, or the shares, including up to $200,000,000 of shares pursuant to the company’s Distribution Reinvestment Plan (the “DRP”). Pursuant to the company's DRP, a shareholder owning publicly offered share classes may elect to have the full amount of cash distributions reinvested in additional shares. As of March 29, 2019, the company terminated its public offering of the shares as well as its privately offered Class P-A shares, which was subsequently reinstated as of October 18, 2020. While the company publicly offered three classes of shares: Classes A, C and I, currently the company is privately offering Classes P-A, P-I, P-D, P-T and P-S shares on a continuous basis. The publicly offered share classes had different selling commissions and dealer manager fees, and there is an ongoing distribution fee with respect to Class C shares. Following the termination of the company’s public offering of shares, the DRP continues to be available to existing investors who purchased shares as offered under the public offering. As of June 4, 2019, pursuant to our Registration Statement on Form S-3D (File No. 333-231960), we offered a maximum of $10,000,000 in shares to our existing shareholders pursuant to the DRP. As of November 30, 2020, pursuant to our Registration Statement on Form S-3D (File No. 333-251021), the company is offering up to an additional $20,000,000 in Class A, C and I shares to our existing shareholders pursuant to the DRP. As of February 1, 2021, the DRP was amended to include all of the company's privately offered share classes, and thus is available to all investors as is the company's Share Repurchase Program. As of March 31, 2021, the company has made solar, wind, biomass, battery storage, and energy efficiency investments in 12 portfolios domiciled in the United States and in Canada, as well as seven secured loan investments in the United States (See Note 3). As of December 31, 2020, the company had made solar, wind, biomass, battery storage, and energy efficiency investments in 14 portfolios domiciled in the United States and in Canada, as well as six secured loan investments in the United States. Refer to Note 3. Investments for discussion on the consolidation of certain underlying portfolios within the Consolidated Schedules of Investments. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The company’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Actual results could differ from those estimates, assumptions and judgments. Significant items subject to such estimates will include determining the fair value of investments, revenue recognition, income tax uncertainties and other contingencies. The consolidated financial statements of the company include the accounts of the LLC and its consolidated subsidiaries, GREC, GREC HoldCo, and GREC Administration LLC and Danforth Shared Services LLC, both of which provide administrative services to the company. All intercompany accounts and transactions have been eliminated. The company’s consolidated financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). In accordance with this specialized accounting guidance, the company recognizes and carries all its investments, including investments in the underlying operating entities, at fair value with changes in fair value recognized in earnings. Additionally, the company will not apply the equity method of accounting to its investments. The company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The company does not currently plan to elect to carry its non-investment liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities. The financial information associated with the March 31, 2021 consolidated financial statements has been prepared by management and, in the opinion of management, contains all adjustments and eliminations necessary for a fair presentation in accordance with GAAP. Basis of Consolidation As provided under Regulation S-X and ASC Topic 946, the company will generally not consolidate its investment in a company other than a wholly owned investment company or controlled operating company whose business consists of providing services to the company. Accordingly, the company consolidates in its consolidated financial statements the accounts of certain wholly owned subsidiaries that meet the criteria. All significant intercompany balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents Cash consists of demand deposits at a financial institution. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The company has not experienced any losses in any such accounts. As of March 31, 2021, the company had $8,947,086 in cash presented on the Consolidated Statements of Assets and Liabilities. Restricted Cash Restricted cash consists of cash accounts or letters of credit that are restricted for use on specific investments. As of March 31, 2021, the company did not have any restricted cash accounts. Foreign Currency Translation The accounting records of the company are maintained in U.S. Dollars. The fair value of investments and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. Dollars using the exchange rate at the end of each reporting period. Amounts related to the purchases and sales of investments, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net unrealized currency gains and losses arising from valuing foreign currency-denominated assets and liabilities at the current exchange rate are reflected as part of Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies in the Consolidated Statements of Operations. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities. Valuation of Investments at Fair Value Accounting Standards Codification Topic 820, Fair Value Measurement (“ASC Topic 820”) defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value. The company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transaction costs that may be incurred upon disposition of the investments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is an exchange price notion under which fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability. The Advisor has established procedures to estimate the fair value of its investments that the company’s Board of Directors has reviewed and approved. To the extent that such market data is available, the company will use observable market data to estimate the fair value of investments. In the absence of quoted market prices in active markets, or quoted market prices for similar assets in markets that are not active, the company will use the valuation methodologies described below with unobservable data based on the best available information in the circumstances. These methodologies incorporate the company’s assumptions about the factors that a market participant would use to value the asset. The company considers investments in money market funds to be short-term investments. Short-term investments are stated at cost, which approximates fair value. For investments for which quoted market prices are not available, which comprise most of our investment portfolio, fair value is estimated by using the income or market approach. The income approach assumes that value is created by the expectation of future benefits, discounted by a risk premium, to calculate a current cash value. This estimate is the fair value: the amount an investor would be willing to pay to receive those future benefits. The market approach compares either recent comparable transactions to the investment or an offer to purchase an investment based upon a qualified bid: a signed term sheet and/or a signed purchase agreement. Adjustments to proposed prices are made to account for the probability of the deal closing, changes between proposed and executed terms, and any dissimilarity between the comparable transactions and their underlying investments. If multiple bids are qualified in the same valuation period, a blended market approach will be calculated. Prior to the second quarter of 2020, fair value for pre-operational assets was approximated using the cost approach. Beginning in the second quarter of 2020, our Advisor expanded the criteria whereby certain pre-operational assets are identified and qualified for the income approach, rather than the cost approach, for approximating fair value. Currently, we consider all owned assets that are fully construction ready with no impediments to begin construction and where the costs to complete such projects are well understood for the income approach. The fair value of such eligible projects is determined based upon a discounted cash flow methodology. If the portfolio has any significant portion of value that remains subject to negotiation or contract or if other significant risks to complete the project exist, the investment may be held at cost, as an approximation of fair value. These valuation methodologies involve a significant degree of judgment by management. In determining the appropriate fair value of an investment using these approaches, the most significant information and assumptions include, as applicable: available current market data, including relevant and applicable comparable market transactions, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the investment’s ability to make payments, its earnings and discounted cash flows, the markets in which the project does business, comparisons of financial ratios of peer companies that are public, comparable mergers and acquisitions, the principal market and enterprise values and environmental factors, among other factors. The estimated fair values will not necessarily represent the amounts that may be ultimately realized due to the occurrence or non-occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of the valuation of the investments, the estimate of fair values may differ significantly from the value that would have been used had a broader market for the investments existed. The authoritative accounting guidance prioritizes the use of market-based inputs over entity-specific inputs and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation. The three levels of valuation hierarchy are defined as follows: Level 1: Unadjusted quoted prices for identical assets or liabilities in active markets. Level 2: Other significant observable inputs that are sourced either directly or indirectly from publications or pricing services, including dealer or broker markets, for identical or comparable assets or liabilities. Generally, these inputs should be widely accepted and public, non-proprietary and sourced from an independent third party. Level 3: Inputs derived from a significant amount of unobservable market data and derived primarily through the use of internal valuation methodologies. In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls will be determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of an input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. Calculation of Net Asset Value Net asset value by share class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. Net asset value per share is calculated by dividing net asset value for each class by the total number of outstanding common shares for that class on the reporting date. For purposes of calculating our net asset value, we expect to carry all liabilities at cost. Earnings (Loss) per Share In accordance with the provisions of ASC Topic 260 — Earnings per Share (“ASC Topic 260”), basic earnings per share is computed by dividing earnings available to common members by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The following information sets forth the computation of the weighted average basic and diluted net increase in net assets attributed to common members per share and net investment income per share for the three months ended March 31, 2021 and March 31, 2020. For the three months ended March 31, For the three months ended March 31, Basic and diluted Net investment income $ 1,010,087 $ 4,805,340 Net increase in net assets attributed to common members $ 3,725,682 $ 7,944,329 Net investment income per share $ 0.01 0.10 Net increase in net assets attributed to common members per share $ 0.04 $ 0.16 Weighted average common shares outstanding 85,937,169 48,991,682 Revenue Recognition To the extent the company expects to collect such amounts, interest income is recorded on an accrual basis. If there is reason to doubt an ability to collect such interest, interest receivable on loans and debt securities is not accrued for accounting purposes. Original issue discounts, market discounts or market premiums are accreted or amortized using the effective interest method as interest income. Prepayment premiums on loans and debt securities are recorded as interest income when received. Any application, origination or other fees earned by the company in arranging or issuing debt are amortized over the expected term of the loan. Loans are placed on non-accrual status when principal and interest are 90 days or more past due, or when there is a reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are generally restored to accrual status when past due and principal and interest is paid and, in management’s judgment, is likely to remain current. Dividend income is recorded when dividends are declared and determined that collection is probable. The timing and amount of dividend income is determined on at least a quarterly basis. This process includes an analysis at the individual project company level based on cash available from operations and working capital needed for the project company operations. Dividend income from our privately held, equity investments is recognized when approved. On a quarterly basis at a minimum, dividends received from the company’s project companies, which generally reflect net cash flow from operations, are declared, accrued and paid. Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments Without regard to unrealized appreciation or depreciation previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized appreciation or depreciation will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Payment-in-Kind For loans and debt securities with contractual payment-in-kind interest, if the fair value of the investment indicates that such interest is collectible, any interest will be added to the principal balance of such investments and be recorded as income. Distribution Policy Distributions to members, if any, will be authorized and declared by our Board of Directors quarterly in advance and paid monthly. From time to time, we may also pay interim special distributions in the form of cash or shares, with the approval of our Board of Directors. Distributions will be made on all classes of shares at the same time. The cash distributions with respect to the Class C, P-S and P-T shares will be lower than the cash distributions with respect to the company’s other share classes because of the distribution fee associated with the Class C, P-S and P-T shares, which is allocated specifically to these classes' net assets. Amounts distributed to each class are allocated amongst the holders of the shares in such class in proportion to their shares. Distributions declared by our Board of Directors are recognized as distribution liabilities on the ex-dividend date. Organization and Offering Costs Organization and offering costs (“O&O costs”), other than sales commissions and the dealer manager fee, were initially paid by our Advisor and/or dealer manager on behalf of the company in connection with its formation and the offering of its shares pursuant to now-terminated Registration Statements on Form S-1 (File No. 333-178786-01 and File No. 333-211571, respectively). The company was obligated to reimburse our Advisor for O&O costs that it incurred on behalf of the company, in accordance with the advisory agreement. However, with respect to the company’s public offerings, O&O was not to exceed 15% of gross offering proceeds. Total O&O costs related to the terminated Registration Statements amounted to $9.8 million, approximately 3.8% of gross offering proceeds raised pursuant to such Registration Statements. Offering costs incurred by our Advisor in conjunction with the offering of shares of Class P-A, P-S, P-T and P-D under our current private placement memorandum are subject to the reimbursement by the company up to 0.50% (50 basis points) of gross offering proceeds. The costs incurred by our Advisor and/or dealer manager are recognized as a liability of the company to the extent that the company is obligated to reimburse our Advisor and/or dealer manager. When recognized by the company, organizational costs are expensed and offering costs, excluding selling commissions and dealer manager fees, are recognized as a reduction of the proceeds from the offering. As of March 31, 2021, $115,490 was reimbursed to the Advisor for O&O costs and $1,399,749 is a current payable, shown as Due to Advisor on the Consolidated Statements of Assets and Liabilities. Financing Costs Financing costs incurred by the company for the issuance of debt liabilities are deferred and amortized using the straight-line method over the life of the debt liability. Financing costs related to debt liabilities incurred by the company are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the carrying amount of that debt liability. Return of Capital Receivable For operational assets, if the project company has inadequate cash to fund day-to-day expenses, the company will loan funds to that project company through an equity investment. Once the project company has adequate cash, they will repay the loan by sending a return of capital distribution. As of March 31, 2021, and December 31, 2020, a return of capital receivable amounts of $439,815 and $2,159,762, respectively was recorded on the Consolidated Statements of Assets and Liabilities. Capital Gains Incentive Allocation and Distribution Pursuant to the terms of the LLC’s third amended and restated limited liability company agreement, a capital gains incentive allocation was earned by GREC Advisors, LLC (the “Special Unitholder”), an affiliate of our Advisor, on realized gains (net of realized and unrealized losses) since inception from the sale of investments from the company’s portfolio during operations prior to a liquidation of the company. While the terms of the LLC’s amended and restated limited liability company agreement neither include nor contemplate the inclusion of unrealized gains in the calculation of the capital gains incentive allocation, the company included unrealized gains in the calculation of the capital gains incentive distribution. This amount reflected the incentive distribution that would be payable if the company’s entire portfolio was liquidated at its fair value as of the Consolidated Statements of Assets and Liabilities date, even though the Special Unitholder is not entitled to an incentive distribution with respect to unrealized gains unless and until such gains are realized. Thus, on each date that net asset value was calculated, the company calculated for the capital gains incentive distribution by calculating such distribution as if it were due and payable as of the end of such period and reflected as an allocation of equity between common members and the Special Unitholder. The capital gains incentive allocation was eliminated with the adoption of the fourth amended and restated limited liability company agreement in August 2020. Performance Participation Fee Under the LLC's fourth amended and restated limited liability company agreement entered into in August 2020, the incentive fee payable by the company was simplified to be structured with two components: the performance participation fee and the liquidation performance participation fee. The performance participation fee is based on the company's total return amount during the relevant calculation period. The calculation of the performance participation fee is further detailed in Note 5. Related Party Agreements and Transaction Agreements. The performance participation fee is accounted for and classified as an operating expense and reflected as the performance participation fee on the Consolidated Statements of Operations. Under the new agreement, a performance participation fee payable of nil and $3,540,052 was recorded as of March 31, 2021 and December 31, 2020, respectively, in the Consolidated Statements of Assets and Liabilities. The performance participation fee recorded on the Consolidated Statements of Operations for the quarter ended March 31, 2021 and for the year ended December 31, 2020 is nil and $4,571,927, respectively. Deferred Sales Commissions The company defers certain costs, principally sales commissions and related compensation, which are paid to the dealer manager and may be reallowed to financial advisors and broker-dealers in the future in connection with the sale of shares sold with a reduced front-end load sales charge and a trail fee. The costs expected to be incurred at the time of the sale of the Class C shares are recorded as a liability on the date of sale and represents the aggregate amount due for such costs over the period beginning at the time of sale and ending on the earlier date of 1) when the maximum amount of sales commission and related compensation is reached under regulatory regulations; 2) the date which approximates an expected liquidity event for the company; or 3) the expected holding period of the investment. The costs expected to be incurred at the time of the sale of the Class P-T and Class P-S shares are recorded as a liability on the date of sale and represents the aggregate amount due for such costs over the period beginning at the time of sale and ending on the earlier date of 1) the date which approximates an expected liquidity event for the company; or 2) the expected holding period of the investment. The estimated amount of the liability can be updated as management's assumption surrounding an expected liquidity event changes or if the maximum of sales-related commissions and costs under regulatory regulations is attained. As of March 31, 2021, and December 31, 2020, the company recorded a liability for deferred sales commissions in the amount of $4,094,869 and $131,875, respectively. Reclassifications Certain prior year amounts have been reclassified to conform with current year presentation. These reclassifications had no impact on prior periods’ results. Refer to Note 3. Investments for discussion on the consolidation of certain underlying portfolios within the Consolidated Schedules of Investments. Derivative Instruments The company may utilize interest rate swaps to modify interest rate characteristics of existing debt obligations to manage interest rate exposure. These are recorded at fair value either as assets or liabilities in the accompanying Consolidated Statements of Assets and Liabilities with changes in the fair value of interest rate swaps during the period recognized as either an unrealized appreciation or depreciation in the accompanying Consolidated Statements of Operations. On the expiration, termination or settlement of a derivatives contract, the company generally records a gain or loss. When there is a master netting agreement with a financial institution, any gain or loss on interest rate swaps with the same financial institution are netted for financial statement presentation. The fair value of interest rate swap contracts open as of March 31, 2021 is included on the Consolidated Schedule of Investments by contract. For the three months ended March 31, 2021, the company’s average monthly notional exposure to interest rate swap contracts was $85,225,339. Consolidated Statements of Assets and Liabilities – Fair Values of Derivatives at March 31, 2021 Liability Derivatives Risk Exposure Consolidated Statement Fair Value Swaps Interest Rate Risk Swap contracts, at fair value $ 6,011,882 $ 6,011,882 Consolidated Statements of Assets and Liabilities – Fair Value of Derivatives at December 31, 2020 Liability Derivatives Risk Exposure Consolidated Statement Fair Value Swaps Interest Rate Risk Swap contracts, at fair value $ 9,750,909 $ 9,750,909 The effect of derivative instruments on the Consolidated Statements of Operations Risk Exposure Change in net unrealized depreciation on derivative transactions for the three months ended March 31, Change in net unrealized depreciation on derivative transactions for the three months ended March 31, Swaps Interest Rate Risk $ 3,739,027 $ (6,317,448) $ 3,739,027 $ (6,317,448) Risk Exposure Other expenses for the three months ended March 31, Other expenses for the three months ended March 31, Swaps Interest Rate Risk $ 493,816 $ 199,247 $ 493,816 $ 199,247 By using derivative instruments, the company is exposed to the counterparty’s credit risk — the risk that derivative counterparties may not perform in accordance with the contractual provisions offset by the value of any collateral received. The company’s exposure to credit risk associated with counterparty non-performance is limited to collateral posted and the unrealized gains inherent in such transactions that are recognized in the Consolidated Statements of Assets and Liabilities. As appropriate, the company minimizes counterparty credit risk through credit monitoring procedures and managing margin and collateral requirements. Regarding our investment in the Canadian Northern Lights assets included in the Other Commercial Solar Portfolio, we have foreign currency risk related to our revenue and operating expenses, which are denominated in Canadian Dollars as opposed to U.S. Dollars. Income Taxes The LLC intends to operate so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code. As such, it will not be subject to any U.S. federal and state income taxes. In any year, it is possible that the LLC will not meet the qualifying income exception and will not qualify to be treated as a partnership. If the LLC does not meet the qualifying income exception, the members would then be treated as stockholders in a corporation, and the company would become taxable as a corporation for U.S. federal income tax purposes under the Internal Revenue Code. The LLC would be required to pay income tax at corporate rates on its net taxable income. To the extent of the company’s earnings and profits, and the payment of the distributions would not be deductible by the LLC, distributions to members from the LLC would constitute dividend income taxable to such members. The LLC plans to conduct substantially all its operations through its wholly owned subsidiary, GREC, which is a corporation that is subject to U.S. federal, state, and local income taxes. Accordingly, most of its operations will be subject to U.S. federal, state, and local income taxes. As of March 31, 2021, including territories and provinces, the portfolio resides in 29 jurisdictions. Income taxes are accounted for under the assets and liabilities method. Deferred tax assets and liabilities are recorded for the estimated future tax consequences attributable to differences between items that are recognized in the consolidated financial statements and tax returns in different years. Deferred tax assets 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. For income tax benefits to be recognized, including uncertain tax benefits, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of the benefit that is more likely than not to be realized upon ultimate settlement. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties associated with income taxes, if any, will be recognized in general and administrative expense. The company does not consolidate its investments for financial statements; rather, it accounts for its investments at fair value under the specialized accounting of ASC Topic 946. The tax attributes of the individual investments will be considered and incorporated in the company’s fair value estimates for those investments. The amounts recognized in the consolidated financial statements for unrealized appreciation and depreciation will result in a difference between the consolidated financial statements and the cost basis of the assets for tax purposes. These differences will be recognized as deferred tax assets and liabilities. Generally, the entities that hold the company’s investments will be included in the consolidated tax return of GREC and the differences between the amounts recognized for financial statement purposes and the tax return will be recognized as additional deferred tax assets and liabilities. The company follows the authoritative guidance on accounting for uncertainty in income taxes and has concluded it has no material uncertain tax positions to be recognized at this time. The company assessed its tax positions for all open tax years as of March 31, 2021 for all U.S. federal and state tax jurisdictions for the years 2014 through 2020. The results of this assessment are included in the company’s tax provision and deferred tax assets as of March 31, 2021. Revisions to Prior Period Financial Statements As discussed further in the notes to our financial statements contained in our Annual Report on Form 10-K for the year-ended December 31, 2020 and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020, we identified errors related to deferred tax assets included in our consolidated financial statements for the quarterly period ended September 30, 2016 and each subsequent quarterly and annual period through the quarterly period ending June 30, 2020. We concluded that our previously issued consolidated financial statements were not materially misstated as a result of these errors, but the correction was material to the Consolidated Statement of Operations. We revised our previously reported quarterly and annual consolidated financial statements to correct for these errors in the periods in which they occurred. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | InvestmentsDuring the three months ended March 31, 2021, the company modified the presentation of the Consolidated Schedule of Investments to consolidate certain underlying portfolios. Certain portfolios that had been separately presented on the Consolidated Schedule of Investments have been aggregated with other portfolios in the same industry to be presented in a consolidated manner on the Consolidated Schedule of Investments. These consolidation efforts have no impact on the underlying portfolios or their individual cost or fair values but rather represent the aggregation of several similar investments. Certain portfolios, including those determined to be individually significant, remain presented separately. Management believes that the consolidation of our portfolios results in a presentation that more accurately reflects the way in which we view our overall portfolio of investments and will enhance the information reported to the users of our financial statements. Management has recast the Schedule of Investments as of December 31, 2020 to conform with current year presentation based upon the methodology as outlined above. The composition of the company’s investments as of March 31, 2021 by geographic region, at fair value, were as follows: Investments Investments Fair Value United States: East Region $ 168,750,146 $ 184,863,047 16.8 % Mid-West Region 139,735,201 153,247,295 13.9 Mountain Region 182,227,199 221,026,921 20.0 South Region 89,694,997 92,776,886 8.4 West Region 112,514,245 130,709,472 11.9 Total United States $ 692,921,788 $ 782,623,621 71.0 % Canada: 1,603,136 1,728,480 0.2 Money Market Funds: 315,413,951 315,413,951 28.8 Total $ 1,009,938,875 $ 1,099,766,052 100.0 % The composition of the company’s investments as of December 31, 2020 by geographic region, at fair value, were as follows: Investments Investments Fair Value United States: East Region $ 148,159,362 $ 168,616,615 25.5 % Mid-West Region 120,709,771 127,384,880 19.3 Mountain Region 113,435,944 153,512,583 23.3 South Region 83,302,384 85,763,612 13.0 West Region 93,963,813 111,842,679 16.9 Total United States $ 559,571,274 $ 647,120,369 98.0 % Canada: 1,603,136 1,689,628 0.3 Money Market Funds: 11,172,727 11,172,727 1.7 Total $ 572,347,137 $ 659,982,724 100.0 % The composition of the company’s investments as of March 31, 2021 by industry, at fair value, were as follows: Investments Investments Fair Value Battery Storage $ 9,140,209 $ 9,140,209 0.8 % Biomass 23,686,352 23,686,352 2.1 Commercial Solar* 469,591,272 546,754,524 49.6 Wind 141,480,585 153,908,260 14.0 Pre-Operational Assets 29,794,816 30,410,677 2.8 Other Investments 20,123,799 19,750,743 1.8 Energy Efficiency 707,891 701,336 0.1 Money Market Funds 315,413,951 315,413,951 28.8 Total $ 1,009,938,875 $ 1,099,766,052 100.0 % * Includes loans in the amount of $46,174,918. The composition of the company’s investments as of December 31, 2020 by industry, at fair value, were as follows: Investments Investments Fair Value Biomass $ 23,236,352 $ 23,236,352 3.5 % Commercial Solar* 312,220,034 352,282,865 53.5 Battery Storage 8,839,235 8,839,235 1.3 Wind 127,065,344 131,210,544 19.9 Pre-Operational Assets 65,405,651 109,208,306 16.5 Other Investments 23,669,446 23,291,114 3.5 Energy Efficiency 738,348 741,581 0.1 Money Market Funds 11,172,727 11,172,727 1.7 Total $ 572,347,137 $ 659,982,724 100.0 % * Includes loans in the amount of $37,327,690. |
Fair Value Measurements - Inves
Fair Value Measurements - Investments | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements - Investments | Fair Value Measurements - InvestmentsThe following table presents fair value measurements of investments, by major class, as of March 31, 2021, according to the fair value hierarchy: Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ — $ — $ 736,059,063 $ 736,059,063 Capital Stock — — 1,728,480 1,728,480 Energy Efficiency Secured Loans — — 389,640 389,640 Secured Loans - Other — — 46,174,918 46,174,918 Money Market Funds 315,413,951 — — 315,413,951 Total $ 315,413,951 $ — $ 784,352,101 $ 1,099,766,052 Other Financial Instruments* Open swap contracts - liabilities $ — $ (6,011,882) $ — $ (6,011,882) Total $ — $ (6,011,882) $ — $ (6,011,882) * Other financial instruments are derivatives, such as futures, forwards, and swaps. These instruments are reflected at the unrealized appreciation (depreciation) on the instrument. The following table presents fair value measurements of investments, by major class, as of December 31, 2020, according to the fair value hierarchy: Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ — $ — $ 609,394,039 $ 609,394,039 Capital Stock — — 1,689,628 1,689,628 Energy Efficiency Secured Loans — — 398,640 398,640 Secured Loans - Other — — 37,327,690 37,327,690 Money Market Funds 11,172,727 — — 11,172,727 Total $ 11,172,727 $ — $ 648,809,997 $ 659,982,724 Other Financial Instruments* Open swap contracts - liabilities $ — $ (9,750,909) $ — $ (9,750,909) Total $ — $ (9,750,909) $ — $ (9,750,909) * Other financial instruments are derivatives, such as futures, forward currency contracts and swaps. These instruments are reflected at the unrealized appreciation (depreciation) on the instrument. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2021: Balance as of December 31, Net Translation Purchases Cost adjustments (1) Sales and Repayments of investments (2) Net Balance as of March 31, Limited Liability Company Member Interests $ 609,394,039 $ 2,152,738 $ — $ 159,657,286 $ (35,051,394) $ (21,457) $ (72,149) $ 736,059,063 Capital Stock 1,689,628 18,710 20,142 — — — — 1,728,480 Energy Efficiency - Secured Loans 398,640 — — — — (9,000) — 389,640 Secured Loans - Other 37,327,690 — — 10,156,146 — (1,308,918) — 46,174,918 Total $ 648,809,997 $ 2,171,448 $ 20,142 $ 169,813,432 $ (35,051,394) $ (1,339,375) $ (72,149) $ 784,352,101 (1) Includes paid-in-kind interest, return of capital and additional investments in existing investments, if any. (2) Includes principal repayments on loans. The total change in unrealized appreciation included in the Consolidated Statements of Operations within net change in unrealized appreciation on investments and foreign currency translation for the three months ended March 31, 2021 attributable to Level 3 investments still held at March 31, 2021 was $2,191,590. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of Level 3 as of the beginning of the period in which the reclassifications occur. There were no reclassifications attributable to Level 3 investments during the three months ended March 31, 2021. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2020: Balance as of December 31, Net Translation Purchases Cost adjustments (1) Sales and Repayments of investments (2) Net Balance as of March 31, Limited Liability Company Member Interests $ 449,981,086 $ 12,102,469 $ — $ 82,694,239 $ (37,182,463) $ (53,843,615) $ 6,402,927 $ 460,154,643 Capital Stock 1,611,955 (2,034) (52,248) — — — — 1,557,673 Energy Efficiency - Secured Loans 479,140 — — — — (25,500) — 453,640 Secured Loans - Other 23,103,690 — — 5,605,821 — — — 28,709,511 Total $ 475,175,871 $ 12,100,435 $ (52,248) $ 88,300,060 $ (37,182,463) $ (53,869,115) $ 6,402,927 $ 490,875,467 (1) Includes paid-in-kind interest, return of capital and additional investments in existing investments, if any. (2) Includes principal repayments on loans. The total change in unrealized appreciation included in the Consolidated Statements of Operations within net change in unrealized appreciation (depreciation) on investments and foreign currency translation for the three months ended March 31, 2020 attributable to Level 3 investments and foreign currency translation still held at March 31, 2020 was $21,709,268. There were no reclassifications attributable to Level 3 investments during the three months ended March 31, 2020. As of March 31, 2021, most of the company investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the company’s investments as of March 31, 2021: Fair Value Valuation Unobservable Range of Inputs Battery Storage $ 9,140,209 Transaction Cost Not Applicable Not Applicable Biomass $ 23,686,352 Transaction Cost Not Applicable Not Applicable Commercial Solar* $ 500,579,606 Income Approach Discount rate, kWh Production, potential leverage and estimated remaining useful life 3.50%-8.19% (7.73%) 0.47% annual degradation in production, 8.2- 39.8 (33.4) years Wind $ 153,908,260 Income Approach and Transaction Cost Discount rate, kWh Production, potential leverage and estimated remaining useful life 8.00%-8.02% (8.00%) no annual degradation in production, 19.5- 28.8 (22.8) years Pre-Operational Assets $ 30,410,677 Income Approach and Transaction Cost Discount rate, kWh Production, potential leverage and estimated remaining useful life 7.79%-8.50% (8.13%) 0.37% annual degradation in production, 30.5-35.8 (34.2) years Other Investments $ 19,750,743 Transaction Cost Not Applicable Not Applicable Energy Efficiency $ 701,336 Income and Collateral-Based Approach Market yields and value of collateral 10.25% No annual degradation in production 3.9-4.8 (4.3) years Secured Loans $ 46,174,918 Yield Analysis Market yields 8.00%-10.00% (8.62%) * Includes assets that have not reached COD that are being recognized using the income approach to fair market value. As of December 31, 2020, all of the company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the company’s investments as of December 31, 2020: Fair Value Valuation Unobservable Range of Inputs Battery Storage $ 8,839,235 Transaction Cost Not Applicable Not Applicable Biomass $ 23,236,352 Transaction Cost Not Applicable Not Applicable Commercial Solar* $ 314,955,175 Income Approach Discount rate, kWh Production, potential leverage and estimated remaining useful life 7.25%-8.36% (7.84%) 0.50% annual degradation in production 8.5-40.0 (33.0) years Wind $ 131,210,544 Income Approach and Transaction Cost Discount rate, kWh Production, potential leverage and estimated remaining useful life 7.75%-8.52% (8.25%) No annual degradation in production 19.7-29.0 (23.1) years Pre-Operational Assets $ 109,208,306 Income Approach and Transaction Cost Discount rate, kWh Production, potential leverage and estimated remaining useful life 7.86%-9.25% (8.75%) 0.00%-0.50% (0.35%) annual degradation in production 30.7-36.0 (34.8) years Other Investments $ 23,291,114 Transaction Cost Not Applicable Not Applicable Energy Efficiency $ 741,581 Income and Collateral-Based Approach Income-Based Approach and Market yields 10.25% No annual degradation in production 4.2-5.0 (4.6) years Secured Loans $ 37,327,690 Yield Analysis Market yields 8.00%-10.00% (8.84%) * Includes assets that have not reached COD that are being recognized using the income approach to fair market value. GREC utilizes primarily proprietary discounted cash flow pricing models in the fair value measurement of the company’s investments. Significant unobservable inputs include discount rates and estimates related to the future production of electricity. Significant increases or decreases in discount rates used or actual kilowatt-hour production can significantly increase or decrease the fair value measurement. |
Related Party Agreements and Tr
Related Party Agreements and Transaction Agreements | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Agreements and Transaction Agreements | Related Party Agreements and Transaction Agreements The company has executed advisory and administration agreements with the Advisor and Greenbacker Administration, LLC, our administrator, respectively, which entitles the advisor, and certain affiliates of the advisor, to specified fees upon the provision of certain services with regard to the ongoing management of the company as well as reimbursement of O&O costs incurred by the advisor on behalf of the company (as discussed in Note 2) and certain other operating costs incurred by the advisor on behalf of the company. As the company’s previous public offering was terminated on March 29, 2019, the former dealer manager will no longer receive any selling commissions or dealer manager fees. However, the former dealer manager will continue to receive distribution fess on Class C shares until the maximum amount of commissions and dealer manager fees permitted by applicable regulation is reached. The term “Special Unitholder” refers to GREC Advisors, LLC, a Delaware limited liability company, which is a subsidiary of our Advisor and “special unit”, refers to the special unit of limited liability company interest in GREC. This entitles the Special Unitholder to an incentive allocation and distribution. The commissions, fees and reimbursement obligations related to our terminated continuous public offering and ongoing private placement included Selling Commissions, Dealer Manager fees and Distribution fees payable to the former dealer manager for Class A, Class C, Class P-A and Class I shares ranging from 1.75% to 7% of gross offering proceeds from the sale of such shares. With respect to Class C shares only, the company pays the former dealer manager a distribution fee that accrues daily in an amount equal to 1/365th of 0.80% of the amount of the net asset value for the Class C shares for such day on a continuous basis from year to year. The company will stop paying distribution fees at the earlier of 1) a listing of the Class C shares on a national securities exchange; 2) total underwriting compensation in the offering equals 10% of the gross proceeds from the primary offering of Class C shares, following the completion of such offering; or 3) Class C shares are no longer outstanding. The dealer manager may re-allow all or a portion of the distribution fee to participating broker-dealers and servicing broker-dealers. The company estimated the amount of distribution fees expected to be paid and recorded that liability at the time of sale. The liability is included in Deferred Sales Commission Payable on the Consolidated Statements of Assets and Liabilities and fees recorded in accumulated deficit (specific to the Class C Shares) on the Consolidated Statements of Assets and Liabilities. The company continues to assess the value of the liability on a regular basis. The company also reimbursed the advisor for the O&O costs (other than selling commissions and dealer manager fees) it had incurred on the company's behalf related to the now terminated Registration Statements, only to the extent that the reimbursement would not cause the selling commissions, dealer manager fee and the other O&O costs borne by the company to exceed 15.0% of the gross offering proceeds as the amount of proceeds increases. During the initial and secondary offerings approximately 3.8%, or $9.8 million, was charged against gross offering proceeds for O&O costs. Offering costs incurred by our Advisor in conjunction with the offering of shares of Class P-A, P-S, P-T and P-D under our current private placement memorandum are subject to the reimbursement by the company up to 0.50% (50 basis points) of gross offering proceeds. The fees and reimbursement obligations related to our ongoing operation of the company are as follows: Type of Compensation and Recipient Determination of Amount Base Management Fees — Advisor The base management fee payable to GCM will be calculated at a monthly rate of 0.167% (2.00% annually) of our gross assets (including amounts borrowed up to $50,000,000) until gross assets exceed $800,000,000. The base management fee monthly rate will decrease to 0.14583% (1.75% annually) for gross assets between $800,000,001 to $1,500,000,000 and 0.125% (1.50% annually) for gross assets greater than $1,500,000,000. For services rendered under the advisory agreement, the base management fee will be payable monthly in arrears, or more frequently as authorized under the advisory agreement. The base management fee will be calculated based on the average of the values of our gross assets for each day of the prior month. Base management fees for any partial period will be appropriately prorated. The base management fee may be deferred or waived, in whole or in part, at the election of the advisor. All or any part of the deferred base management fee not taken as to any period shall be deferred without interest and may be taken in any period prior to the occurrence of a liquidity event as the advisor shall determine in its sole discretion. Incentive Allocation and Distribution — Special Unitholder (effective through March 31, 2020) Under the Third Amended and Restated LLC Agreement dated June 27, 2014, the incentive allocation and distribution had three parts: Income Incentive Distribution, Capital Gains Incentive Distribution and the Liquidation Incentive Distribution. The features of this incentive fee structure were as follows: ● The Income Incentive Distribution provided for the Special Unitholder, as a member of the company, to receive, on a quarterly basis, a cash distribution equal to a percentage of the company’s net investment income (as calculated in accordance with the Operating Agreement) for each quarter, in excess of a specified hurdle rate. ● The Capital Gains Incentive Distribution provided for the Special Unitholder, as a member of the company, to receive, on a quarterly basis, a cash distribution equal to a percentage of the company’s realized capital gains (as calculated in accordance with the Operating Agreement) for each quarter. ● The Liquidation Incentive Distribution provided for the Special Unitholder to receive a cash distribution equal to a percentage of the difference between the net proceeds from the liquidation of the company or the exchange listing of its shares (as calculated in accordance with the Operating Agreement) and the company’s aggregate NAV immediately prior to the time of such liquidation or listing. Performance Participation Fees (effective April 1, 2020 and thereafter) Under the company's Fourth Amended and Restated LLC Agreement (the "Operating Agreement") dated November 17, 2020, the performance participation which the Special Unitholder is entitled to is calculated and payable in arrears, for an amount equal to 12.5% of the total return generated by the company during the most recently completed fiscal quarter, subject to a hurdle amount of 1.50% (or 6% annualized), a loss carryforward and a fee carryforward amount. The Total Return Amount is defined for each quarterly calculation period, as an amount equal to the sum of: • The aggregate amount of all cash distributions accrued or paid (without duplication) during such quarter on the shares outstanding at the end of such quarter, plus • The amount of the change in aggregate NAV of such shares since the beginning of such quarter, before giving effect to (x) changes in the aggregate NAV of such shares during such quarter resulting solely from the net proceeds of issuances and/or repurchase of shares by the company, and (y) the amount of any accrual of the Performance Participation Fee during such quarter. The calculation of the Total Return Amount for each period shall include any appreciation or depreciation in the NAV of the shares issued during such period, but exclude the proceeds from the initial issuance of such shares. The total NAV of the shares outstanding as of the last business day of a calendar quarter shall be the amount against which changes in the total NAV of the shares outstanding during the subsequent calendar quarter is measured. Furthermore, the loss carryforward shall initially equal zero and cumulatively increase in any calendar quarter by the absolute value of any negative total return for such quarter and cumulatively decrease in any calendar quarter by the amount of any positive total return. The fee carryforward amount shall also initially equal zero, and cumulatively increase in any calendar quarter by (i) the amount, if any, by which the hurdle amount (noted above) for such quarter exceeds any positive total return amount for such quarter; and (ii) the amount, if any, by which the catch-up amount for such quarter exceeds excess profits for such quarter. The fee carryforward amount shall cumulatively decrease in any calendar quarter by the amount, if any, of the fee carryforward amount paid to the Special Unitholder for such quarter. Neither the loss carryforward nor the fee carryforward amounts shall be less than zero at any given time. The Special Unitholder shall receive a performance participation fee as follows: ● if the Total Return Amount for the applicable period exceeds the sum of (x) the Hurdle Amount for such period and (y) the Loss Carryforward Amount for such Period (any such excess, “Excess Profits”), 100% of such Excess Profits until the total amount paid to the Special Unitholder equals 12.5% of the sum of (x) the Hurdle Amount for such period and (y) any amount paid to the Special Unitholder pursuant to this clause (the “Catch-Up Amount”); ● to the extent there are remaining Excess Profits after payment of the Catch-Up Amount, 100% of such remaining Excess Profits until such amount paid to the Special Unitholder equals the amount of the Fee Carryforward Amount for such period; and ● to the extent there are remaining Excess Profits after payment of the Catch-Up Amount and the Fee Carryforward Amount (as defined above), 12.5% of such remaining Excess Profits. The liquidation performance participation fee payable to the Special Unitholder will equal 20.0% of the net proceeds from a liquidation of the company in excess of adjusted capital, as measured immediately prior to liquidation. Adjusted capital shall mean the company NAV immediately prior to the time of a liquidation or a listing. In the event of any liquidity event that involves a listing of the company's shares, or a transaction in which the company's members receive shares of a company that is listed, on a national securities exchange, the liquidation performance participation fee will equal 20.0% of the amount, if any, by which the company's listing value following such liquidity event exceeds the adjusted capital, as calculated immediately prior to such listing (the "listing premium"). Any such listing premium and related liquidation performance participation fee will be determined and payable in arrears 30 days after the commencement of trading following such liquidity event. The amendments to the incentive fee structure pursuant to the Operating Agreement was applied retroactively as of April 1, 2020 and for all periods thereafter. For the three months ended March 31, 2021 and March 31, 2020, the Advisor earned $4,075,503 and $2,399,753, respectively, in management fees. As of March 31, 2021 and December 31, 2020, the company owed $1,748,112 and $1,055,600, respectively, to the Advisor in management fees, which amounts are included in management fee payable on the Consolidated Statements of Assets and Liabilities. The Consolidated Statements of Operations reflect no performance participation fee for the three months ended March 31, 2021. There was no capital gains incentive distribution for the three months ended March 31, 2021 as this no longer exists under the new performance participation fees methodology as discussed above. For the three months ended March 31, 2020, there was a capital gains incentive distribution of $1,124,000. As of March 31, 2021, and December 31, 2020, $1,399,749 and $1,751 were due to the Advisor for O&O costs related to the private continuous offering, and shown as due to Advisor on the Consolidated Statements of Assets and Liabilities. As of March 31, 2021, the Advisor owned 23,601 Class A shares and 2,776 Class P-D shares. As of December 31, 2020, the Advisor owned 23,601 Class A shares. The company entered into secured loans to finance the purchase and installation of energy-efficient lighting with LED Funding LLC and Renew AEC One LLC (“AEC Companies”). All of the loans with LED Funding LLC, an AEC Company, converted to an operating lease on the day the energy efficiency upgrades became operational. AEC Companies are considered related parties, as the members of these entities own an indirect, non-controlling ownership interest in the company’s advisor. The loans outstanding between the AEC Companies and the company, and the subsequent operating leases, were negotiated at an arm’s length and contain standard terms and conditions that would be included in third-party lending agreements, including required security and collateral, interest rates based upon risk of the specific loan, and term of the loan. These investments have a cost of $389,640 and a fair value of $389,640, and are included in Other Energy Efficiency Portfolios in the Consolidated Schedules of Investments as of March 31, 2021. As of March 31, 2021, all loans and operating leases are considered current per their terms. On October 9, 2020, the company made a $5,000,000 limited partner ("LP") commitment to Greenbacker Development Opportunities Fund I, LP ("GDEV"), which was increased to $6,075,000 in the fourth quarter of 2020. As the initial investor, the company was awarded a 10% carried interest participation in Greenbacker Development Opportunities GP I, LLC, GDEV's general partner. GDEV is an affiliate of GREC as GDEV shares the same advisor as GREC. As of March 31, 2021, $5,614,619 of the commitment was funded. This investment's cost of $5,614,619 and fair value of $5,607,040, is included in Other Portfolios in the Consolidated Schedules of Investments. In April 2021, the commitment to GDEV increased to $7,500,000. On December 22, 2020 the company, through its wholly owned subsidiary, Citrine Solar LLC, entered into a third transaction with Greenbacker Renewable Opportunity Zone Fund LLC ("GROZ") to sell Gliden Solar, LLC. The asset was sold for a purchase price of $12,752,215 based upon the fair value of the investment as determined by an independent third-party appraiser. The transaction resulted in a realized gain of $1,608,644 recorded in the Consolidated Statements of Operations as of December 31, 2020. As of March 31, 2021, the remaining balance of $4,258,243 is included in the Investment Sales Receivable in the Consolidated Statements of Assets and Liabilities. The proceeds related to the Investment Sales Receivable amount of $4,258,243 presented on the Consolidated Statements of Assets and Liabilities as of March 31, 2021 were subsequently collected by April 30, 2021. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings On January 5, 2018, the company, through GREC HoldCo, entered into a credit agreement by and among the company, the company’s wholly owned subsidiary, GREC, the lenders party thereto and Fifth Third Bank, as administrative agent, sole lead arranger, sole lead bookrunner and swap counterparty. The credit facility (the “Credit Facility”) consisted of a loan of up to the lesser of $60,000,000 or a borrowing base amount based on various solar projects that act as collateral for the credit facility, of which approximately $25.7 million was drawn down at closing. The Credit Facility allowed for additional drawdowns through December 31, 2018, and converted to a term loan with a maturity on January 5, 2024. On June 20, 2019, the company, through GREC HoldCo, entered into an Amended and Restated Credit Agreement with the lenders party thereto and Fifth Third Bank, as administrative agent, sole lead arranger, sole lead bookrunner and swap counterparty. The new credit facility (the “New Credit Facility”) consists of a loan of up to the lesser of $110,000,000 or a borrowing base amount based on various solar projects that act as collateral for the credit facility, of which approximately $58.3 million was drawn down at closing. In November 2020, the company, through GREC HoldCo, entered into the Second Amended and Restated Credit Agreement, which amends the New Credit Facility to make available a non-revolving line of credit facility that will convert into a term loan facility and a letter of credit facility. The commitments of the lenders aggregate to $97,822,841 between existing term loans, future committed loans and letters of credit, of which approximately $90.7 million was drawn at closing. The New Credit Facility allows for additional drawdowns through November 25, 2021, at which point the outstanding loans shall convert to an additional term loan that matures on June 20, 2025. The company will use the net proceeds of borrowings under the New Credit Facility for investment in additional alternative energy power generation assets that are anticipated to become projects and for other general corporate purposes. Loans made under the New Credit Facility bear interest at 1.75% in excess of the three-month LIBOR. Prior to the New Credit Facility converting to a term loan, quarterly commitment fees on the average daily unused portion of the Credit Facility were payable at a rate per annum of 0.50%. Borrowings under the New Credit Facility are back-leveraged and secured by all the assets of GREC HoldCo and the equity interests of each direct and indirect subsidiary of the company. The company, GREC and each direct and indirect subsidiary of the company are guarantors of the company’s obligations under the New Credit Facility. GREC has pledged all the equity interests of the GREC HoldCo as collateral for the New Credit Facility. Regarding the Credit Facility, the company has entered into six separate interest rate swap agreements. The first swap, effective July 29, 2016, had an initial notional amount of $4,300,000 to swap the floating-rate interest payments on the original facility 1 term loan for a corresponding fixed payment. The fixed swap rate is 1.11%. The second swap, with a trade date of June 15, 2017, an effective date of June 30, 2018 and an initial notional amount of $20,900,650, was used to swap the floating rate interest payments on an additional principal amount of the Credit Facility, for a corresponding fixed payment. The fixed swap rate is 2.26%. The third swap, with a trade date of January 11, 2018, an effective date of December 31, 2018 and an initial notional amount of $29,624,945 was used to swap the floating-rate interest payments on the remaining unhedged portion of the Credit Facility, as well as the estimated additional drawdowns, for a corresponding fixed payment. The fixed swap rate is 2.65%. The fourth swap, with a trade date of February 7, 2018, an effective date of December 31, 2018 and an initial notional amount of $4,180,063, was used to swap the floating-rate interest payments on the remaining unhedged portion of the Credit Facility, as well as the estimated additional drawdowns, for a corresponding fixed payment. The fixed swap rate is 2.97%. The fifth swap, with a trade date of January 2, 2019, an effective date of September 30, 2019 and an initial notional amount of $38,203,507, was used to swap the floating-rate interest payments on the remaining unhedged portion of the Credit Facility, as well as the estimated additional drawdowns, for a corresponding fixed payment. The fixed swap rate is 2.69%. The sixth swap, with a trade date of February 19, 2021, an effective date of February 26, 2021 and an initial notional amount of $7,068,965, was used to swap the floating-rate interest payments on the remaining unhedged portion of the Credit Facility, as well as the estimated additional drawdowns, for a corresponding fixed payment. The fixed swap rate is 1.64%. If an event of default shall occur and be continuing under the New Credit Facility, the commitments under the New Credit Facility may be terminated and the principal amount outstanding under the New Credit Facility, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable. On December 6, 2019, the company entered into a $15,000,000 revolving letter of credit facility agreement (“LC Facility”) with Fifth Third Bank. On January 30, 2020, the amount of $5.6 million was drawn down. On March 18, 2020, a repayment of $1.9 million was made, reducing the outstanding balance of the LC Facility. On June 9, 2020, a repayment of the remaining outstanding balance occurred. In October 2020, the LC Facility agreement was amended to increase the aggregate principal amount to $22,500,000. On April 1, 2021, the LC Facility agreement was amended to maintain cash collateral in an amount equal to 100% of the outstanding obligation. The LC Facility matures on June 6, 2021, at which time any outstanding letters of credit will be due. The company’s outstanding debt as of March 31, 2021 and December 31, 2020 was as follows: March 31, 2021 December 31, 2020 Aggregate Principal Principal Amount Carrying Value Deferred Financing Term Note Payable, Aggregate Principal Principal Amount Carrying Value Deferred Financing Term Note Payable, New Credit Facility $ 97,822,841 $ 88,899,198 $ 88,899,198 $ 3,488,512 $ 85,410,686 $ 97,822,841 $ 90,145,500 $ 90,145,500 $ 3,643,846 $ 86,501,654 LC Facility $ 22,500,000 $ — $ — $ — $ — $ 22,500,000 $ — $ — $ — $ — Total $ 120,322,841 $ 88,899,198 $ 88,899,198 $ 3,488,512 $ 85,410,686 $ 120,322,841 $ 90,145,500 $ 90,145,500 $ 3,643,846 $ 86,501,654 The following table shows the components of interest expense related to the company's borrowings for the three months ended March 31, 2021 and March 31, 2020: For the three months Ended March 31, For the three months Ended March 31, Credit Facility commitment fee $ 130,480 $ 10,742 Credit Facilityloan interest 436,746 662,444 Amortization of deferred financing costs 155,334 56,530 Total $ 722,560 $ 729,716 Weighted average interest rate on credit facility 2.29 % 3.51 % Weighted average outstanding balance of credit facility $ 90,145,500 $ 70,465,335 The principal payments due on borrowings for each of the next five years ending December 31 and thereafter, are as follows: Year ending December 31: Principal Payments 2021 $ 6,747,689 2022 7,954,526 2023 8,098,085 2024 8,245,188 2025 57,853,710 Thereafter — $ 88,899,198 |
Members' Equity
Members' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Members' Equity | Members’ Equity General Pursuant to the terms of the Operating Agreement, the LLC may issue up to 400,000,000 shares, of which 350,000,000 shares are currently designated as Class A, C, I, P-A, P-D, P-S, P-T and P-I shares (collectively, common shares), and 50,000,000 are designated as preferred shares and one special unit. Each class of common shares will have the same voting rights. Refer to Note 5. Related Party Agreements and Transaction Agreements for the commissions and fees for each common share class in connection with the company’s continuous public offering pursuant to a Registration Statement on Form S-1 (File No. 333-211571), which terminated on March 29, 2019, as well as the private offering of Class P-A. Class P-A shares were not offered for sale from March 29, 2019 through October 17, 2020, but were reinstated as of October 18, 2020, along with the commencement of three new share classes: P-D, P-T and P-S. The following table is a summary of the shares issued and repurchased during the period and outstanding as of March 31, 2021: Shares Outstanding as of December 31, Shares Shares Shares Shares Shares Outstanding as of March 31, Class A shares 16,844,129 — 101,402 (241,124) — 16,704,407 Class C shares 2,734,661 — 23,885 (16,331) — 2,742,215 Class I shares 6,526,001 — 55,684 (43,365) — 6,538,320 Class P-A shares 55,264 83,621 — — — 138,885 Class P-I shares 36,710,292 17,027,155 274 (190,015) — 53,547,706 Class P-D shares — 111,048 — — — 111,048 Class P-S shares — 33,396,467 — — — 33,396,467 Class P-T shares — 15,741 — — — 15,741 62,870,347 50,634,032 181,245 (490,835) — 113,194,789 The following table is a summary of the shares issued and repurchased during the period and outstanding as of December 31, 2020: Shares Outstanding as of December 31, Shares Sold Shares Shares Shares Transferred During the Period Shares Outstanding as of December 31, Class A shares 17,210,016 12,964 436,348 (815,199) — 16,844,129 Class C shares 2,718,475 — 95,536 (66,086) (13,264) 2,734,661 Class I shares 6,693,658 5,783 242,963 (429,396) 12,993 6,526,001 Class P-A shares 18,109 37,155 — — — 55,264 Class P-I shares 21,249,352 16,112,855 (296) (651,619) — 36,710,292 47,889,610 16,168,757 774,551 (1,962,300) (271) 62,870,347 The proceeds from shares sold and the value of shares issued through the reinvestment of distributions for each class of shares for the three months ended March 31, 2021 and March 31, 2020 were as follows: Class A Class C Class I Class P-A Class P-I Class P-D Class P-S Class P-T Total For the three months ended March 31, 2021: Proceeds from Shares Sold $ — $ — $ — $ 728,428 $ 153,217,116 $ 1,000,000 $ 300,735,190 $ 141,750 $ 455,822,484 Proceeds from Shares Issued through Reinvestment of Distributions $ 871,751 $ 199,310 $ 478,670 $ — $ 274 $ — $ — $ — $ 1,550,005 For the three months ended March 31, 2020: Proceeds from Shares Sold $ — $ — $ — $ — $ 16,695,894 $ — $ — $ — $ 16,695,894 Proceeds from Shares Issued through Reinvestment of Distributions $ 1,007,024 $ 193,050 $ 559,012 $ — $ — $ — $ — $ — $ 1,759,086 As of March 31, 2021, and December 31, 2020, none of the LLC’s preferred shares were issued and outstanding. The Operating Agreement authorizes the Board of Directors, without approval of any of the members, to increase the number of shares the company is authorized to issue and to classify and reclassify any authorized but unissued class or series of shares into any other class or series of shares having such designations, preferences, right, power and duties as may be specified by the Board of Directors. The Operating Agreement also authorizes the Board of Directors, without approval of any of the members, to issue additional shares of any class or series for the consideration and on the terms and conditions established by the Board of Directors. In addition, the company may also issue additional limited liability company interests that have designations, preferences, right, powers and duties that are different from, and may be senior to, those applicable to the common shares. The Special Unitholder will hold the special unit in the company. Refer to Note 5. Related Party Agreements and Transaction Agreements for the terms of the special unit. Distribution Reinvestment Plan The company adopted a DRP through which the company’s Class A, C and I shareholders may elect to purchase additional shares with distributions from the company rather than receiving the cash distributions. The DRP was amended as of February 1, 2021 to include all share classes. Shares issued pursuant to the DRP will have the same voting rights as shares offered pursuant to the company’s prior public and current private offerings. As of November 30, 2020, pursuant to our Registration Statement on Form S-3D (File No. 333-251021), the company is offering up to $20,000,000 in Class A, C and I shares to our existing shareholders pursuant to the DRP. Management plans to increase the size of the offering once the maximum offering amount is reached. No dealer manager fees, selling commissions or other sales charges will be paid with respect to shares purchased pursuant to the DRP except for distribution fees on Class C, P-S and P-T shares issued under the DRP. At its discretion, the Board of Directors may amend, suspend or terminate the DRP. A participant may terminate participation in the DRP by written notice to the plan administrator, received by the plan administrator at least 10 days prior to the distribution payment date. As of March 31, 2021, the company issued 2,126,185 Class A shares, 340,412 Class C shares, and 977,092 Class I shares for a total of 3,443,689 shares issued under the DRP. As of December 31, 2020, the company issued 2,024,783 Class A shares, 316,527 Class C shares, and 921,408 Class I shares for a total of 3,262,718 shares issued under the DRP. Share Repurchase Program The company offers a share repurchase program ("share repurchase program") pursuant to which quarterly share repurchases will be conducted to allow members to sell shares back to the company at a price equal to the then current offering price less the selling commissions and dealer manager fees associated with that class of shares. The share repurchase program includes numerous restrictions that will limit a shareholder’s ability to sell shares. At the sole discretion of the Board of Directors, the company may also use cash on hand, cash available from borrowings and cash from liquidation of investments to repurchase shares. The shareholders' right to purchase is subject to the availability of funds and the other provisions of the share repurchase program. Additionally, a member must hold his or her shares for a minimum of one year before he or she can participate in the share repurchase program, subject to any of the following special circumstances: i) the written request of the estate, heir or beneficiary or a deceased shareholder; ii) a qualifying disability of the shareholder for a non-temporary period of time provided that the condition causing the qualifying disability was not pre-existing on the date that the shareholder became a shareholder; or iii) a determination of incompetence of the shareholder by a state or federal court located in the United States. If a member has made more than one purchase of shares, the one-year holding period will be calculated separately with respect to each purchase. Through September 30, 2020, quarterly share repurchases were conducted to allow up to approximately 5% of the weighted average number of outstanding shares in any 12-month period to be repurchased by the company. Effective September 1, 2020, the company, through approval by its Board of Directors, adopted an amended share repurchase program, pursuant to which the company will conduct quarterly share repurchases to allow members to sell all or a portion of their shares (of any class) back to the company. The quarterly share repurchase limits for the company's new share repurchase program are set forth below. Quarter Ending Share Repurchase Limit(s) December 31, 2020 During such fiscal quarter, 1.875% of the weighted average number of shares outstanding in the prior four fiscal quarters March 31, 2021 During such fiscal quarter, 2.50% of the weighted average number of shares outstanding in the prior four fiscal quarters June 30, 2021 During such fiscal quarter, 3.75% of the weighted average number of shares outstanding in the prior four fiscal quarters September 30, 2021, and each quarter thereafter During any 12-month period, 20.00% of the weighted average number of outstanding shares During any fiscal quarter, 5.00% of the weighted average number of shares outstanding in the prior four fiscal quarters We have received an order for our repurchase program from the SEC under Rule 102(a) of Regulation M under the Exchange Act. In addition, our repurchase program is substantially similar to repurchase programs for which the SEC has stated it will not recommend enforcement action under Rule 13e-4 and Regulation 14E under the Exchange Act. |
Distributions
Distributions | 3 Months Ended |
Mar. 31, 2021 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Distributions | Distributions On the last business day of each month, with the authorization of the company’s Board of Directors, the company declares distributions on each outstanding class of shares. These distributions are calculated based on shareholders of record for each day in amounts equal to that exhibited in the table below based upon distribution period and class of share. Class of Share Distribution Period A C I P-A P-I P-D P-T P-S 1-Nov-17 31-Jan-18 $ 0.00167 $ 0.00163 $ 0.00167 — $ 0.00158 — — — 1-Feb-18 30-Apr-18 $ 0.00167 $ 0.00163 $ 0.00167 — $ 0.00158 — — — 1-May-18 31-Jul-18 $ 0.00167 $ 0.00163 $ 0.00167 — $ 0.00158 — — — 1-Aug-18 31-Oct-18 $ 0.00167 $ 0.00163 $ 0.00167 — $ 0.00158 — — — 1-Nov-18 31-Jan-19 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 — — — 1-Feb-19 30-Apr-19 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 — — — 1-May-19 31-Jul-19 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 — — — 1-Aug-19 31-Oct-19 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 — — — 1-Nov-19 31-Jan-20 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 — — — 1-Feb-20 30-Apr-20 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 — — — 1-May-20 31-Aug-20 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00153 $ 0.00158 — — — 1-Sep-20 30-Sep-20 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00153 $ 0.00158 — — — 1-Oct-20 31-Oct-20 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00152 $ 0.00158 — — — 1-Nov-20 30-Nov-20 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00152 $ 0.00158 — — — 1-Dec-20 28-Feb-21 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00152 $ 0.00158 $ 0.00158 $ 0.00158 $ 0.00158 1-Mar-21 31-May-21 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00152 $ 0.00158 $ 0.00158 $ 0.00158 $ 0.00158 The following table reflects the distributions declared during the three months ended March 31, 2021: Pay Date Paid in Value of Total February 1, 2021 $ 2,555,800 $ 538,241 $ 3,094,041 March 4, 2021 3,063,308 487,868 3,551,176 April 1, 2021 4,783,092 523,715 5,306,807 Total $ 10,402,200 $ 1,549,824 $ 11,952,024 The following table reflects the distributions declared during the three months ended March 31, 2020: Pay Date Paid in Value of Total February 3, 2020 1,788,542 603,697 2,392,239 March 2, 2020 1,733,243 561,984 2,295,227 April 1, 2020 1,890,493 593,200 2,483,693 Total $ 5,412,278 $ 1,758,881 $ 7,171,159 All distributions paid for the three months ended March 31, 2021 are expected to be reported as a return of capital to members for tax reporting purposes, and all distributions paid for the three months ended March 31, 2020 were reported as a return of capital to members for tax purposes. Cash distributions paid during the periods presented were funded from the following sources noted below: For the three months ended March 31, For the three months ended March 31, Cash from operations $ — $ 1,598,905 Offering proceeds 8,066,157 5,511,620 Total Cash Distributions $ 8,066,157 $ 7,110,525 The company expects to continue to fund distributions from a combination of cash from operations as well as offering proceeds. Due to the company’s change in investment portfolio composition to include a greater percentage of pre-operational assets, a significant amount of distributions will continue to be funded from offering proceeds. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings The company may become involved in legal proceedings, administrative proceedings, claims and other litigation that arise in the ordinary course of business. Individuals and interest groups may sue to challenge the issuance of a permit for a renewable energy project or seek to enjoin construction of a wind energy project. In addition, we may be subject to legal proceedings or claims contesting the construction or operation of our renewable energy projects. In defending ourselves in these proceedings, we may incur significant expenses in legal fees and other related expenses, regardless of the outcome of such proceedings. Unfavorable outcomes or developments relating to these proceedings, such as judgments for monetary damages, injunctions or denial or revocation of permits, could have a material adverse effect on our business, financial condition and results of operations. In addition, settlement of claims could adversely affect our financial condition and results of operations. As of March 31, 2021, management is not aware of any legal proceedings that might have a significant adverse impact on the company. Pledge of Collateral and Unsecured Guarantee of Loans to Subsidiaries Pursuant to various project loan agreements between the operating entities of the company, subsidiary holding companies and various lenders, the operating entities and the subsidiary holding companies have pledged all solar operating assets as well as the membership interests in various operating subsidiaries as collateral for the term loans with maturity dates ranging from August 2021 through September 2049. Investment in To-Be-Constructed Assets and Membership Interest Purchase Commitments Pursuant to various engineering, procurement and construction contracts to which twenty-six entities of the company are individually a party, the entities, and indirectly the company, have committed an outstanding balance of approximately $257.6 million to complete construction of the facilities. Based upon current construction schedules, the expectation is that these commitments will be fulfilled in 2021 into 2022. In addition, pursuant to various membership interest purchase agreements to which the company's operating entities are individually a party, the operating entities, and indirectly the company, have committed an outstanding balance of approximately $315.2 million to membership interest purchase agreements as of March 31, 2021. The company plans to use debt and tax equity financing as well as additional capital raised to fund such commitments. Unsecured Guarantee of Subsidiary Renewable Energy Credit (“REC”) Forward Contracts For the majority of the forward REC contracts currently effective as of March 31, 2021 where a subsidiary of the company is the principal, the company has provided an unsecured guarantee related to the delivery obligations. The amount of the unsecured guaranty related to REC delivery performance obligations is nil as of March 31, 2021. Pledge of Parent Company Guarantees Pursuant to various contracts in which the company has provided a parent company guarantee, excluding those discussed above, the operating entities, and indirectly the company, have committed an additional $111.6 million in unsecured guarantees in the event of a default at the underlying entity, as of March 31, 2021. See Note 1. Organization and Operations of the Company and Note 5. Related Party Agreements and Transaction Agreements for an additional discussion of the company’s commitments and contingencies. |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2021 | |
Financial Highlights [Abstract] | |
Financial Highlights | Financial Highlights The following is a schedule of the financial highlights of the company attributed to each class of shares for the three months ended March 31, 2021. For the three months ended March 31, 2021 Class A Class C Class I Class P-A Class P-I Class P-D Class P-S Class P-T Per share data attributed to common shares (1) Net Asset Value at beginning of period $ 8.61 $ 8.35 $ 8.61 $ 8.70 $ 9.02 $ 8.96 $ 8.84 $ 8.57 Net investment income 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Net realized and unrealized gain/(loss) on investments and swap contracts 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 Change in translation of assets and liabilities denominated in foreign currencies (2) — — — — — — — — (Provision for) benefit from income taxes on realized and unrealized gain (loss) on investments and foreign currency translation (0.04) (0.04) (0.04) (0.04) (0.04) (0.04) (0.04) (0.04) Net increase in net assets attributed to common stockholders 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 Shareholder distributions: Distributions from net investment income — — — — — — — — Distributions from offering proceeds (0.14) (0.14) (0.14) (0.14) (0.14) (0.09) (0.09) (0.09) Other(3) (0.02) (0.01) (0.02) 0.04 — 0.01 0.04 0.03 Net decrease in members’ equity attributed to common shares (0.16) (0.15) (0.16) (0.10) (0.14) (0.08) (0.05) (0.06) Net asset value for common shares at end of period $ 8.49 $ 8.24 $ 8.49 $ 8.64 $ 8.92 $ 8.92 $ 8.83 $ 8.55 Common equityholders’ equity at end of period $ 141,781,925 $ 22,597,463 $ 55,492,784 $ 1,200,209 $ 477,780,810 $ 990,705 $ 294,882,644 $ 134,615 Common shares outstanding at end of period 16,704,407 2,742,215 6,538,320 138,885 53,547,706 111,048 33,396,467 15,741 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 0.20 % 0.29 % 0.22 % 0.92 % 0.51 % 0.17 % 0.94 % 0.57 % Ratio of net investment income to average net assets 0.56 % 0.58 % 0.56 % 0.43 % 0.52 % 0.29 % 0.53 % 0.40 % Ratio of operating expenses to average net assets 3.65 % 3.75 % 3.64 % 2.81 % 3.40 % 1.85 % 3.43 % 2.62 % Portfolio turnover rate 0.19 % 0.19 % 0.19 % 0.19 % 0.19 % 0.19 % 0.19 % 0.19 % (1) The per share data for Class A, C, I, P-A, P-I, P-D, P-T and P-S Shares were derived by using the weighted average shares outstanding during the period ended March 31, 2021, which were 16,879,518, 2,743,322, 6,545,397, 74,728, 44,737,061, 20,266, 7,579 and 14,929,297, respectively. (2) Amount is less than $0.01 per share. (3) Represents the impact of different share amounts used in calculating certain per share data based on weighted average shares outstanding during the period and the impact of shares at a price other than the net asset value. The following is a schedule of financial highlights of the company attributed to each outstanding class of shares for the three months ended March 31, 2020. For the three months ended March 31, 2020 Class A Class C Class I Class P-A Class P-I Per share data attributed to common shares (1) : Net Asset Value at beginning of period $ 8.40 $ 8.23 $ 8.40 $ 8.44 $ 8.73 Net investment income (3) 0.10 0.10 0.10 0.10 0.10 Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder 0.19 0.19 0.19 0.19 0.19 Change in translation of assets and liabilities denominated in foreign currencies (4) — — — — — Change in benefit from deferred taxes on unrealized depreciation on investments (0.13) (0.13) (0.13) (0.13) (0.13) Net increase in net assets attributed to common equityholders 0.16 0.16 0.16 0.16 0.16 Shareholder distributions: Distributions from net investment income (0.03) (0.03) (0.03) (0.03) (0.03) Distributions from offering proceeds (0.12) (0.12) (0.12) (0.12) (0.11) Other (2) — — — 0.01 0.02 Net decrease in members’ equity attributed to common shares (0.15) (0.15) (0.15) (0.14) (0.12) Net asset value for common shares at end of period $ 8.41 $ 8.24 $ 8.41 $ 8.46 $ 8.77 Common equityholders’ equity at end of period $ 147,620,207 $ 22,910,360 $ 57,888,710 $ 156,293 $ 206,443,274 Common shares outstanding at end of period 17,194,318 2,724,068 6,742,687 18,109 23,075,591 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 1.90 % 1.90 % 1.90 % 2.02 % 2.11 % Ratio of net investment income to average net assets 4.78 % 4.88 % 4.78 % 4.75 % 4.60 % Ratio of operating expenses to average net assets 4.34 % 4.43 % 4.34 % 4.32 % 4.18 % Portfolio turnover rate 11.15 % 11.15 % 11.15 % 11.15 % 11.15 % (1) The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the period ended March 31, 2020, which were 17,194,318, 2,724,068, 6,742,687, 18,109 and 23,075,591, respectively. (2) Represents the impact of different share amounts used in calculating certain per share data based on weighted average shares outstanding during the period and the impact of shares at a price other than the net asset value. (3) Does not reflect any incentive fees that may be payable to the Special Unitholder. (4) Amount is less than $0.01 per share. |
COVID-19 Impact
COVID-19 Impact | 3 Months Ended |
Mar. 31, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COVID-19 Impact | COVID-19 Impact In March of 2020, the United States declared a National Emergency concerning the COVID-19 outbreak. This came after the World Health Organization (“WHO”) declared the virus a global pandemic on March 11, 2020. Since the outbreak of COVID-19 in the United States, the company has generally been able to conduct its business despite the turmoil in markets and the shuttering of many businesses across the country. We have and will continue to assess the current and future business risks related to COVID-19 as new information becomes available, including any potential performance risk of our PPA and construction counterparties. As of the date of the filing, we are not aware of any material impact to our financial results. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in the consolidated financial statements or would be required to be recognized in the consolidated financial statements as of and for the three months ended March 31, 2021 (unaudited) other than that disclosed below. As of May 9, 2021, the company entered into an addendum to the Third Amended and Restated Advisory Agreement with the Advisor. Effective July 1, 2021, the base management fee payable to GCM will be calculated at a monthly rate of 0.167% (2.00% annually) of the net asset value until the net asset value exceeds $800,000,000. The base management fee monthly rate will decrease to 0.14583% (1.75% annually) for a net asset value between $800,000,001 to $1,500,000,000 and to 0.125% (1.50% annually) for a net asset value greater than $1,500,000,000. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The company’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Actual results could differ from those estimates, assumptions and judgments. Significant items subject to such estimates will include determining the fair value of investments, revenue recognition, income tax uncertainties and other contingencies. The consolidated financial statements of the company include the accounts of the LLC and its consolidated subsidiaries, GREC, GREC HoldCo, and GREC Administration LLC and Danforth Shared Services LLC, both of which provide administrative services to the company. All intercompany accounts and transactions have been eliminated. The company’s consolidated financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). In accordance with this specialized accounting guidance, the company recognizes and carries all its investments, including investments in the underlying operating entities, at fair value with changes in fair value recognized in earnings. Additionally, the company will not apply the equity method of accounting to its investments. The company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The company does not currently plan to elect to carry its non-investment liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities. The financial information associated with the March 31, 2021 consolidated financial statements has been prepared by management and, in the opinion of management, contains all adjustments and eliminations necessary for a fair presentation in accordance with GAAP. |
Basis of Consolidation | Basis of Consolidation As provided under Regulation S-X and ASC Topic 946, the company will generally not consolidate its investment in a company other than a wholly owned investment company or controlled operating company whose business consists of providing services to the company. Accordingly, the company consolidates in its consolidated financial statements the accounts of certain wholly owned subsidiaries that meet the criteria. All significant intercompany balances and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents Cash consists of demand deposits at a financial institution. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The company has not experienced any losses in any such accounts. As of March 31, 2021, the company had $8,947,086 in cash presented on the Consolidated Statements of Assets and Liabilities. Restricted Cash Restricted cash consists of cash accounts or letters of credit that are restricted for use on specific investments. As of March 31, 2021, the company did not have any restricted cash accounts. |
Foreign Currency Translation | Foreign Currency Translation The accounting records of the company are maintained in U.S. Dollars. The fair value of investments and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. Dollars using the exchange rate at the end of each reporting period. Amounts related to the purchases and sales of investments, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net unrealized currency gains and losses arising from valuing foreign currency-denominated assets and liabilities at the current exchange rate are reflected as part of Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies in the Consolidated Statements of Operations. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities. |
Valuation of Investments at Fair Value | Valuation of Investments at Fair Value Accounting Standards Codification Topic 820, Fair Value Measurement (“ASC Topic 820”) defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value. The company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transaction costs that may be incurred upon disposition of the investments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is an exchange price notion under which fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability. The Advisor has established procedures to estimate the fair value of its investments that the company’s Board of Directors has reviewed and approved. To the extent that such market data is available, the company will use observable market data to estimate the fair value of investments. In the absence of quoted market prices in active markets, or quoted market prices for similar assets in markets that are not active, the company will use the valuation methodologies described below with unobservable data based on the best available information in the circumstances. These methodologies incorporate the company’s assumptions about the factors that a market participant would use to value the asset. The company considers investments in money market funds to be short-term investments. Short-term investments are stated at cost, which approximates fair value. For investments for which quoted market prices are not available, which comprise most of our investment portfolio, fair value is estimated by using the income or market approach. The income approach assumes that value is created by the expectation of future benefits, discounted by a risk premium, to calculate a current cash value. This estimate is the fair value: the amount an investor would be willing to pay to receive those future benefits. The market approach compares either recent comparable transactions to the investment or an offer to purchase an investment based upon a qualified bid: a signed term sheet and/or a signed purchase agreement. Adjustments to proposed prices are made to account for the probability of the deal closing, changes between proposed and executed terms, and any dissimilarity between the comparable transactions and their underlying investments. If multiple bids are qualified in the same valuation period, a blended market approach will be calculated. Prior to the second quarter of 2020, fair value for pre-operational assets was approximated using the cost approach. Beginning in the second quarter of 2020, our Advisor expanded the criteria whereby certain pre-operational assets are identified and qualified for the income approach, rather than the cost approach, for approximating fair value. Currently, we consider all owned assets that are fully construction ready with no impediments to begin construction and where the costs to complete such projects are well understood for the income approach. The fair value of such eligible projects is determined based upon a discounted cash flow methodology. If the portfolio has any significant portion of value that remains subject to negotiation or contract or if other significant risks to complete the project exist, the investment may be held at cost, as an approximation of fair value. These valuation methodologies involve a significant degree of judgment by management. In determining the appropriate fair value of an investment using these approaches, the most significant information and assumptions include, as applicable: available current market data, including relevant and applicable comparable market transactions, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the investment’s ability to make payments, its earnings and discounted cash flows, the markets in which the project does business, comparisons of financial ratios of peer companies that are public, comparable mergers and acquisitions, the principal market and enterprise values and environmental factors, among other factors. The estimated fair values will not necessarily represent the amounts that may be ultimately realized due to the occurrence or non-occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of the valuation of the investments, the estimate of fair values may differ significantly from the value that would have been used had a broader market for the investments existed. The authoritative accounting guidance prioritizes the use of market-based inputs over entity-specific inputs and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation. The three levels of valuation hierarchy are defined as follows: Level 1: Unadjusted quoted prices for identical assets or liabilities in active markets. Level 2: Other significant observable inputs that are sourced either directly or indirectly from publications or pricing services, including dealer or broker markets, for identical or comparable assets or liabilities. Generally, these inputs should be widely accepted and public, non-proprietary and sourced from an independent third party. Level 3: Inputs derived from a significant amount of unobservable market data and derived primarily through the use of internal valuation methodologies. In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls will be determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of an input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. |
Calculation of Net Asset Value | Calculation of Net Asset ValueNet asset value by share class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. Net asset value per share is calculated by dividing net asset value for each class by the total number of outstanding common shares for that class on the reporting date. For purposes of calculating our net asset value, we expect to carry all liabilities at cost. |
Earnings (Loss) per Share | Earnings (Loss) per Share In accordance with the provisions of ASC Topic 260 — Earnings per Share (“ASC Topic 260”), basic earnings per share is computed by dividing earnings available to common members by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. |
Revenue Recognition | Revenue Recognition To the extent the company expects to collect such amounts, interest income is recorded on an accrual basis. If there is reason to doubt an ability to collect such interest, interest receivable on loans and debt securities is not accrued for accounting purposes. Original issue discounts, market discounts or market premiums are accreted or amortized using the effective interest method as interest income. Prepayment premiums on loans and debt securities are recorded as interest income when received. Any application, origination or other fees earned by the company in arranging or issuing debt are amortized over the expected term of the loan. Loans are placed on non-accrual status when principal and interest are 90 days or more past due, or when there is a reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are generally restored to accrual status when past due and principal and interest is paid and, in management’s judgment, is likely to remain current. Dividend income is recorded when dividends are declared and determined that collection is probable. The timing and amount of dividend income is determined on at least a quarterly basis. This process includes an analysis at the individual project company level based on cash available from operations and working capital needed for the project company operations. Dividend income from our privately held, equity investments is recognized when approved. On a quarterly basis at a minimum, dividends received from the company’s project companies, which generally reflect net cash flow from operations, are declared, accrued and paid. |
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments | Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments Without regard to unrealized appreciation or depreciation previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized appreciation or depreciation will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. |
Payment-in-Kind | Payment-in-Kind For loans and debt securities with contractual payment-in-kind interest, if the fair value of the investment indicates that such interest is collectible, any interest will be added to the principal balance of such investments and be recorded as income. |
Distribution Policy | Distribution Policy Distributions to members, if any, will be authorized and declared by our Board of Directors quarterly in advance and paid monthly. From time to time, we may also pay interim special distributions in the form of cash or shares, with the approval of our Board of Directors. Distributions will be made on all classes of shares at the same time. The cash distributions with respect to the Class C, P-S and P-T shares will be lower than the cash distributions with respect to the company’s other share classes because of the distribution fee associated with the Class C, P-S and P-T shares, which is allocated specifically to these classes' net assets. Amounts distributed to each class are allocated amongst the holders of the shares in such class in proportion to their shares. Distributions declared by our Board of Directors are recognized as distribution liabilities on the ex-dividend date. |
Organization and Offering Costs | Organization and Offering Costs Organization and offering costs (“O&O costs”), other than sales commissions and the dealer manager fee, were initially paid by our Advisor and/or dealer manager on behalf of the company in connection with its formation and the offering of its shares pursuant to now-terminated Registration Statements on Form S-1 (File No. 333-178786-01 and File No. 333-211571, respectively). The company was obligated to reimburse our Advisor for O&O costs that it incurred on behalf of the company, in accordance with the advisory agreement. However, with respect to the company’s public offerings, O&O was not to exceed 15% of gross offering proceeds. Total O&O costs related to the terminated Registration Statements amounted to $9.8 million, approximately 3.8% of gross offering proceeds raised pursuant to such Registration Statements. Offering costs incurred by our Advisor in conjunction with the offering of shares of Class P-A, P-S, P-T and P-D under our current private placement memorandum are subject to the reimbursement by the company up to 0.50% (50 basis points) of gross offering proceeds. |
Financing Costs | Financing Costs Financing costs incurred by the company for the issuance of debt liabilities are deferred and amortized using the straight-line method over the life of the debt liability. Financing costs related to debt liabilities incurred by the company are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the carrying amount of that debt liability. |
Return of Capital Receivable | Return of Capital ReceivableFor operational assets, if the project company has inadequate cash to fund day-to-day expenses, the company will loan funds to that project company through an equity investment. Once the project company has adequate cash, they will repay the loan by sending a return of capital distribution. |
Capital Gains Incentive Allocation and Distribution | Capital Gains Incentive Allocation and Distribution Pursuant to the terms of the LLC’s third amended and restated limited liability company agreement, a capital gains incentive allocation was earned by GREC Advisors, LLC (the “Special Unitholder”), an affiliate of our Advisor, on realized gains (net of realized and unrealized losses) since inception from the sale of investments from the company’s portfolio during operations prior to a liquidation of the company. While the terms of the LLC’s amended and restated limited liability company agreement neither include nor contemplate the inclusion of unrealized gains in the calculation of the capital gains incentive allocation, the company included unrealized gains in the calculation of the capital gains incentive distribution. This amount reflected the incentive distribution that would be payable if the company’s entire portfolio was liquidated at its fair value as of the Consolidated Statements of Assets and Liabilities date, even though the Special Unitholder is not entitled to an incentive distribution with respect to unrealized gains unless and until such gains are realized. Thus, on each date that net asset value was calculated, the company calculated for the capital gains incentive distribution by calculating such distribution as if it were due and payable as of the end of such period and reflected as an allocation of equity between common members and the Special Unitholder. The capital gains incentive allocation was eliminated with the adoption of the fourth amended and restated limited liability company agreement in August 2020. |
Performance Participation Fee | Performance Participation FeeUnder the LLC's fourth amended and restated limited liability company agreement entered into in August 2020, the incentive fee payable by the company was simplified to be structured with two components: the performance participation fee and the liquidation performance participation fee. The performance participation fee is based on the company's total return amount during the relevant calculation period. The calculation of the performance participation fee is further detailed in Note 5. Related Party Agreements and Transaction Agreements. The performance participation fee is accounted for and classified as an operating expense and reflected as the performance participation fee on the Consolidated Statements of Operations. |
Deferred Sales Commissions | Deferred Sales CommissionsThe company defers certain costs, principally sales commissions and related compensation, which are paid to the dealer manager and may be reallowed to financial advisors and broker-dealers in the future in connection with the sale of shares sold with a reduced front-end load sales charge and a trail fee. The costs expected to be incurred at the time of the sale of the Class C shares are recorded as a liability on the date of sale and represents the aggregate amount due for such costs over the period beginning at the time of sale and ending on the earlier date of 1) when the maximum amount of sales commission and related compensation is reached under regulatory regulations; 2) the date which approximates an expected liquidity event for the company; or 3) the expected holding period of the investment. The costs expected to be incurred at the time of the sale of the Class P-T and Class P-S shares are recorded as a liability on the date of sale and represents the aggregate amount due for such costs over the period beginning at the time of sale and ending on the earlier date of 1) the date which approximates an expected liquidity event for the company; or 2) the expected holding period of the investment. The estimated amount of the liability can be updated as management's assumption surrounding an expected liquidity event changes or if the maximum of sales-related commissions and costs under regulatory regulations is attained. |
Reclassification | ReclassificationsCertain prior year amounts have been reclassified to conform with current year presentation. These reclassifications had no impact on prior periods’ results. |
Derivative Instruments | Derivative Instruments The company may utilize interest rate swaps to modify interest rate characteristics of existing debt obligations to manage interest rate exposure. These are recorded at fair value either as assets or liabilities in the accompanying Consolidated Statements of Assets and Liabilities with changes in the fair value of interest rate swaps during the period recognized as either an unrealized appreciation or depreciation in the accompanying Consolidated Statements of Operations. On the expiration, termination or settlement of a derivatives contract, the company generally records a gain or loss. When there is a master netting agreement with a financial institution, any gain or loss on interest rate swaps with the same financial institution are netted for financial statement presentation. By using derivative instruments, the company is exposed to the counterparty’s credit risk — the risk that derivative counterparties may not perform in accordance with the contractual provisions offset by the value of any collateral received. The company’s exposure to credit risk associated with counterparty non-performance is limited to collateral posted and the unrealized gains inherent in such transactions that are recognized in the Consolidated Statements of Assets and Liabilities. As appropriate, the company minimizes counterparty credit risk through credit monitoring procedures and managing margin and collateral requirements. Regarding our investment in the Canadian Northern Lights assets included in the Other Commercial Solar Portfolio, we have foreign currency risk related to our revenue and operating expenses, which are denominated in Canadian Dollars as opposed to U.S. Dollars. |
Income Taxes | Income Taxes The LLC intends to operate so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code. As such, it will not be subject to any U.S. federal and state income taxes. In any year, it is possible that the LLC will not meet the qualifying income exception and will not qualify to be treated as a partnership. If the LLC does not meet the qualifying income exception, the members would then be treated as stockholders in a corporation, and the company would become taxable as a corporation for U.S. federal income tax purposes under the Internal Revenue Code. The LLC would be required to pay income tax at corporate rates on its net taxable income. To the extent of the company’s earnings and profits, and the payment of the distributions would not be deductible by the LLC, distributions to members from the LLC would constitute dividend income taxable to such members. The LLC plans to conduct substantially all its operations through its wholly owned subsidiary, GREC, which is a corporation that is subject to U.S. federal, state, and local income taxes. Accordingly, most of its operations will be subject to U.S. federal, state, and local income taxes. As of March 31, 2021, including territories and provinces, the portfolio resides in 29 jurisdictions. Income taxes are accounted for under the assets and liabilities method. Deferred tax assets and liabilities are recorded for the estimated future tax consequences attributable to differences between items that are recognized in the consolidated financial statements and tax returns in different years. Deferred tax assets 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. For income tax benefits to be recognized, including uncertain tax benefits, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of the benefit that is more likely than not to be realized upon ultimate settlement. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties associated with income taxes, if any, will be recognized in general and administrative expense. The company does not consolidate its investments for financial statements; rather, it accounts for its investments at fair value under the specialized accounting of ASC Topic 946. The tax attributes of the individual investments will be considered and incorporated in the company’s fair value estimates for those investments. The amounts recognized in the consolidated financial statements for unrealized appreciation and depreciation will result in a difference between the consolidated financial statements and the cost basis of the assets for tax purposes. These differences will be recognized as deferred tax assets and liabilities. Generally, the entities that hold the company’s investments will be included in the consolidated tax return of GREC and the differences between the amounts recognized for financial statement purposes and the tax return will be recognized as additional deferred tax assets and liabilities. The company follows the authoritative guidance on accounting for uncertainty in income taxes and has concluded it has no material uncertain tax positions to be recognized at this time. The company assessed its tax positions for all open tax years as of March 31, 2021 for all U.S. federal and state tax jurisdictions for the years 2014 through 2020. The results of this assessment are included in the company’s tax provision and deferred tax assets as of March 31, 2021. |
Revisions to Prior Period Financial Statements | Revisions to Prior Period Financial Statements As discussed further in the notes to our financial statements contained in our Annual Report on Form 10-K for the year-ended December 31, 2020 and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020, we identified errors related to deferred tax assets included in our consolidated financial statements for the quarterly period ended September 30, 2016 and each subsequent quarterly and annual period through the quarterly period ending June 30, 2020. We concluded that our previously issued consolidated financial statements were not materially misstated as a result of these errors, but the correction was material to the Consolidated Statement of Operations. We revised our previously reported quarterly and annual consolidated financial statements to correct for these errors in the periods in which they occurred. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following information sets forth the computation of the weighted average basic and diluted net increase in net assets attributed to common members per share and net investment income per share for the three months ended March 31, 2021 and March 31, 2020. For the three months ended March 31, For the three months ended March 31, Basic and diluted Net investment income $ 1,010,087 $ 4,805,340 Net increase in net assets attributed to common members $ 3,725,682 $ 7,944,329 Net investment income per share $ 0.01 0.10 Net increase in net assets attributed to common members per share $ 0.04 $ 0.16 Weighted average common shares outstanding 85,937,169 48,991,682 |
Schedule of Derivative Instruments in Consolidated Statement of Assets and Liabilities, Fair Value | Consolidated Statements of Assets and Liabilities – Fair Values of Derivatives at March 31, 2021 Liability Derivatives Risk Exposure Consolidated Statement Fair Value Swaps Interest Rate Risk Swap contracts, at fair value $ 6,011,882 $ 6,011,882 Consolidated Statements of Assets and Liabilities – Fair Value of Derivatives at December 31, 2020 Liability Derivatives Risk Exposure Consolidated Statement Fair Value Swaps Interest Rate Risk Swap contracts, at fair value $ 9,750,909 $ 9,750,909 |
Schedule of Effect of Derivative Instruments on the Consolidated Statement of Operations | The effect of derivative instruments on the Consolidated Statements of Operations Risk Exposure Change in net unrealized depreciation on derivative transactions for the three months ended March 31, Change in net unrealized depreciation on derivative transactions for the three months ended March 31, Swaps Interest Rate Risk $ 3,739,027 $ (6,317,448) $ 3,739,027 $ (6,317,448) Risk Exposure Other expenses for the three months ended March 31, Other expenses for the three months ended March 31, Swaps Interest Rate Risk $ 493,816 $ 199,247 $ 493,816 $ 199,247 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Fair Value by Geographic Region | The composition of the company’s investments as of March 31, 2021 by geographic region, at fair value, were as follows: Investments Investments Fair Value United States: East Region $ 168,750,146 $ 184,863,047 16.8 % Mid-West Region 139,735,201 153,247,295 13.9 Mountain Region 182,227,199 221,026,921 20.0 South Region 89,694,997 92,776,886 8.4 West Region 112,514,245 130,709,472 11.9 Total United States $ 692,921,788 $ 782,623,621 71.0 % Canada: 1,603,136 1,728,480 0.2 Money Market Funds: 315,413,951 315,413,951 28.8 Total $ 1,009,938,875 $ 1,099,766,052 100.0 % The composition of the company’s investments as of December 31, 2020 by geographic region, at fair value, were as follows: Investments Investments Fair Value United States: East Region $ 148,159,362 $ 168,616,615 25.5 % Mid-West Region 120,709,771 127,384,880 19.3 Mountain Region 113,435,944 153,512,583 23.3 South Region 83,302,384 85,763,612 13.0 West Region 93,963,813 111,842,679 16.9 Total United States $ 559,571,274 $ 647,120,369 98.0 % Canada: 1,603,136 1,689,628 0.3 Money Market Funds: 11,172,727 11,172,727 1.7 Total $ 572,347,137 $ 659,982,724 100.0 % |
Investments Fair Value by Industry | The composition of the company’s investments as of March 31, 2021 by industry, at fair value, were as follows: Investments Investments Fair Value Battery Storage $ 9,140,209 $ 9,140,209 0.8 % Biomass 23,686,352 23,686,352 2.1 Commercial Solar* 469,591,272 546,754,524 49.6 Wind 141,480,585 153,908,260 14.0 Pre-Operational Assets 29,794,816 30,410,677 2.8 Other Investments 20,123,799 19,750,743 1.8 Energy Efficiency 707,891 701,336 0.1 Money Market Funds 315,413,951 315,413,951 28.8 Total $ 1,009,938,875 $ 1,099,766,052 100.0 % * Includes loans in the amount of $46,174,918. The composition of the company’s investments as of December 31, 2020 by industry, at fair value, were as follows: Investments Investments Fair Value Biomass $ 23,236,352 $ 23,236,352 3.5 % Commercial Solar* 312,220,034 352,282,865 53.5 Battery Storage 8,839,235 8,839,235 1.3 Wind 127,065,344 131,210,544 19.9 Pre-Operational Assets 65,405,651 109,208,306 16.5 Other Investments 23,669,446 23,291,114 3.5 Energy Efficiency 738,348 741,581 0.1 Money Market Funds 11,172,727 11,172,727 1.7 Total $ 572,347,137 $ 659,982,724 100.0 % * Includes loans in the amount of $37,327,690. |
Fair Value Measurements - Inv_2
Fair Value Measurements - Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements of Investments, by Major Class | The following table presents fair value measurements of investments, by major class, as of March 31, 2021, according to the fair value hierarchy: Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ — $ — $ 736,059,063 $ 736,059,063 Capital Stock — — 1,728,480 1,728,480 Energy Efficiency Secured Loans — — 389,640 389,640 Secured Loans - Other — — 46,174,918 46,174,918 Money Market Funds 315,413,951 — — 315,413,951 Total $ 315,413,951 $ — $ 784,352,101 $ 1,099,766,052 Other Financial Instruments* Open swap contracts - liabilities $ — $ (6,011,882) $ — $ (6,011,882) Total $ — $ (6,011,882) $ — $ (6,011,882) * Other financial instruments are derivatives, such as futures, forwards, and swaps. These instruments are reflected at the unrealized appreciation (depreciation) on the instrument. The following table presents fair value measurements of investments, by major class, as of December 31, 2020, according to the fair value hierarchy: Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ — $ — $ 609,394,039 $ 609,394,039 Capital Stock — — 1,689,628 1,689,628 Energy Efficiency Secured Loans — — 398,640 398,640 Secured Loans - Other — — 37,327,690 37,327,690 Money Market Funds 11,172,727 — — 11,172,727 Total $ 11,172,727 $ — $ 648,809,997 $ 659,982,724 Other Financial Instruments* Open swap contracts - liabilities $ — $ (9,750,909) $ — $ (9,750,909) Total $ — $ (9,750,909) $ — $ (9,750,909) * Other financial instruments are derivatives, such as futures, forward currency contracts and swaps. These instruments are reflected at the unrealized appreciation (depreciation) on the instrument. |
Schedule of Reconciliation of Investments Balances | The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2021: Balance as of December 31, Net Translation Purchases Cost adjustments (1) Sales and Repayments of investments (2) Net Balance as of March 31, Limited Liability Company Member Interests $ 609,394,039 $ 2,152,738 $ — $ 159,657,286 $ (35,051,394) $ (21,457) $ (72,149) $ 736,059,063 Capital Stock 1,689,628 18,710 20,142 — — — — 1,728,480 Energy Efficiency - Secured Loans 398,640 — — — — (9,000) — 389,640 Secured Loans - Other 37,327,690 — — 10,156,146 — (1,308,918) — 46,174,918 Total $ 648,809,997 $ 2,171,448 $ 20,142 $ 169,813,432 $ (35,051,394) $ (1,339,375) $ (72,149) $ 784,352,101 (1) Includes paid-in-kind interest, return of capital and additional investments in existing investments, if any. (2) Includes principal repayments on loans. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2020: Balance as of December 31, Net Translation Purchases Cost adjustments (1) Sales and Repayments of investments (2) Net Balance as of March 31, Limited Liability Company Member Interests $ 449,981,086 $ 12,102,469 $ — $ 82,694,239 $ (37,182,463) $ (53,843,615) $ 6,402,927 $ 460,154,643 Capital Stock 1,611,955 (2,034) (52,248) — — — — 1,557,673 Energy Efficiency - Secured Loans 479,140 — — — — (25,500) — 453,640 Secured Loans - Other 23,103,690 — — 5,605,821 — — — 28,709,511 Total $ 475,175,871 $ 12,100,435 $ (52,248) $ 88,300,060 $ (37,182,463) $ (53,869,115) $ 6,402,927 $ 490,875,467 (1) Includes paid-in-kind interest, return of capital and additional investments in existing investments, if any. (2) Includes principal repayments on loans. |
Schedule of Quantitative Information about Level 3 Fair Value Measurements | As of March 31, 2021, most of the company investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the company’s investments as of March 31, 2021: Fair Value Valuation Unobservable Range of Inputs Battery Storage $ 9,140,209 Transaction Cost Not Applicable Not Applicable Biomass $ 23,686,352 Transaction Cost Not Applicable Not Applicable Commercial Solar* $ 500,579,606 Income Approach Discount rate, kWh Production, potential leverage and estimated remaining useful life 3.50%-8.19% (7.73%) 0.47% annual degradation in production, 8.2- 39.8 (33.4) years Wind $ 153,908,260 Income Approach and Transaction Cost Discount rate, kWh Production, potential leverage and estimated remaining useful life 8.00%-8.02% (8.00%) no annual degradation in production, 19.5- 28.8 (22.8) years Pre-Operational Assets $ 30,410,677 Income Approach and Transaction Cost Discount rate, kWh Production, potential leverage and estimated remaining useful life 7.79%-8.50% (8.13%) 0.37% annual degradation in production, 30.5-35.8 (34.2) years Other Investments $ 19,750,743 Transaction Cost Not Applicable Not Applicable Energy Efficiency $ 701,336 Income and Collateral-Based Approach Market yields and value of collateral 10.25% No annual degradation in production 3.9-4.8 (4.3) years Secured Loans $ 46,174,918 Yield Analysis Market yields 8.00%-10.00% (8.62%) * Includes assets that have not reached COD that are being recognized using the income approach to fair market value. As of December 31, 2020, all of the company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the company’s investments as of December 31, 2020: Fair Value Valuation Unobservable Range of Inputs Battery Storage $ 8,839,235 Transaction Cost Not Applicable Not Applicable Biomass $ 23,236,352 Transaction Cost Not Applicable Not Applicable Commercial Solar* $ 314,955,175 Income Approach Discount rate, kWh Production, potential leverage and estimated remaining useful life 7.25%-8.36% (7.84%) 0.50% annual degradation in production 8.5-40.0 (33.0) years Wind $ 131,210,544 Income Approach and Transaction Cost Discount rate, kWh Production, potential leverage and estimated remaining useful life 7.75%-8.52% (8.25%) No annual degradation in production 19.7-29.0 (23.1) years Pre-Operational Assets $ 109,208,306 Income Approach and Transaction Cost Discount rate, kWh Production, potential leverage and estimated remaining useful life 7.86%-9.25% (8.75%) 0.00%-0.50% (0.35%) annual degradation in production 30.7-36.0 (34.8) years Other Investments $ 23,291,114 Transaction Cost Not Applicable Not Applicable Energy Efficiency $ 741,581 Income and Collateral-Based Approach Income-Based Approach and Market yields 10.25% No annual degradation in production 4.2-5.0 (4.6) years Secured Loans $ 37,327,690 Yield Analysis Market yields 8.00%-10.00% (8.84%) * Includes assets that have not reached COD that are being recognized using the income approach to fair market value. |
Related Party Agreements and _2
Related Party Agreements and Transaction Agreements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The fees and reimbursement obligations related to our ongoing operation of the company are as follows: Type of Compensation and Recipient Determination of Amount Base Management Fees — Advisor The base management fee payable to GCM will be calculated at a monthly rate of 0.167% (2.00% annually) of our gross assets (including amounts borrowed up to $50,000,000) until gross assets exceed $800,000,000. The base management fee monthly rate will decrease to 0.14583% (1.75% annually) for gross assets between $800,000,001 to $1,500,000,000 and 0.125% (1.50% annually) for gross assets greater than $1,500,000,000. For services rendered under the advisory agreement, the base management fee will be payable monthly in arrears, or more frequently as authorized under the advisory agreement. The base management fee will be calculated based on the average of the values of our gross assets for each day of the prior month. Base management fees for any partial period will be appropriately prorated. The base management fee may be deferred or waived, in whole or in part, at the election of the advisor. All or any part of the deferred base management fee not taken as to any period shall be deferred without interest and may be taken in any period prior to the occurrence of a liquidity event as the advisor shall determine in its sole discretion. Incentive Allocation and Distribution — Special Unitholder (effective through March 31, 2020) Under the Third Amended and Restated LLC Agreement dated June 27, 2014, the incentive allocation and distribution had three parts: Income Incentive Distribution, Capital Gains Incentive Distribution and the Liquidation Incentive Distribution. The features of this incentive fee structure were as follows: ● The Income Incentive Distribution provided for the Special Unitholder, as a member of the company, to receive, on a quarterly basis, a cash distribution equal to a percentage of the company’s net investment income (as calculated in accordance with the Operating Agreement) for each quarter, in excess of a specified hurdle rate. ● The Capital Gains Incentive Distribution provided for the Special Unitholder, as a member of the company, to receive, on a quarterly basis, a cash distribution equal to a percentage of the company’s realized capital gains (as calculated in accordance with the Operating Agreement) for each quarter. ● The Liquidation Incentive Distribution provided for the Special Unitholder to receive a cash distribution equal to a percentage of the difference between the net proceeds from the liquidation of the company or the exchange listing of its shares (as calculated in accordance with the Operating Agreement) and the company’s aggregate NAV immediately prior to the time of such liquidation or listing. Performance Participation Fees (effective April 1, 2020 and thereafter) Under the company's Fourth Amended and Restated LLC Agreement (the "Operating Agreement") dated November 17, 2020, the performance participation which the Special Unitholder is entitled to is calculated and payable in arrears, for an amount equal to 12.5% of the total return generated by the company during the most recently completed fiscal quarter, subject to a hurdle amount of 1.50% (or 6% annualized), a loss carryforward and a fee carryforward amount. The Total Return Amount is defined for each quarterly calculation period, as an amount equal to the sum of: • The aggregate amount of all cash distributions accrued or paid (without duplication) during such quarter on the shares outstanding at the end of such quarter, plus • The amount of the change in aggregate NAV of such shares since the beginning of such quarter, before giving effect to (x) changes in the aggregate NAV of such shares during such quarter resulting solely from the net proceeds of issuances and/or repurchase of shares by the company, and (y) the amount of any accrual of the Performance Participation Fee during such quarter. The calculation of the Total Return Amount for each period shall include any appreciation or depreciation in the NAV of the shares issued during such period, but exclude the proceeds from the initial issuance of such shares. The total NAV of the shares outstanding as of the last business day of a calendar quarter shall be the amount against which changes in the total NAV of the shares outstanding during the subsequent calendar quarter is measured. Furthermore, the loss carryforward shall initially equal zero and cumulatively increase in any calendar quarter by the absolute value of any negative total return for such quarter and cumulatively decrease in any calendar quarter by the amount of any positive total return. The fee carryforward amount shall also initially equal zero, and cumulatively increase in any calendar quarter by (i) the amount, if any, by which the hurdle amount (noted above) for such quarter exceeds any positive total return amount for such quarter; and (ii) the amount, if any, by which the catch-up amount for such quarter exceeds excess profits for such quarter. The fee carryforward amount shall cumulatively decrease in any calendar quarter by the amount, if any, of the fee carryforward amount paid to the Special Unitholder for such quarter. Neither the loss carryforward nor the fee carryforward amounts shall be less than zero at any given time. The Special Unitholder shall receive a performance participation fee as follows: ● if the Total Return Amount for the applicable period exceeds the sum of (x) the Hurdle Amount for such period and (y) the Loss Carryforward Amount for such Period (any such excess, “Excess Profits”), 100% of such Excess Profits until the total amount paid to the Special Unitholder equals 12.5% of the sum of (x) the Hurdle Amount for such period and (y) any amount paid to the Special Unitholder pursuant to this clause (the “Catch-Up Amount”); ● to the extent there are remaining Excess Profits after payment of the Catch-Up Amount, 100% of such remaining Excess Profits until such amount paid to the Special Unitholder equals the amount of the Fee Carryforward Amount for such period; and ● to the extent there are remaining Excess Profits after payment of the Catch-Up Amount and the Fee Carryforward Amount (as defined above), 12.5% of such remaining Excess Profits. The liquidation performance participation fee payable to the Special Unitholder will equal 20.0% of the net proceeds from a liquidation of the company in excess of adjusted capital, as measured immediately prior to liquidation. Adjusted capital shall mean the company NAV immediately prior to the time of a liquidation or a listing. In the event of any liquidity event that involves a listing of the company's shares, or a transaction in which the company's members receive shares of a company that is listed, on a national securities exchange, the liquidation performance participation fee will equal 20.0% of the amount, if any, by which the company's listing value following such liquidity event exceeds the adjusted capital, as calculated immediately prior to such listing (the "listing premium"). Any such listing premium and related liquidation performance participation fee will be determined and payable in arrears 30 days after the commencement of trading following such liquidity event. The amendments to the incentive fee structure pursuant to the Operating Agreement was applied retroactively as of April 1, 2020 and for all periods thereafter. |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | The company’s outstanding debt as of March 31, 2021 and December 31, 2020 was as follows: March 31, 2021 December 31, 2020 Aggregate Principal Principal Amount Carrying Value Deferred Financing Term Note Payable, Aggregate Principal Principal Amount Carrying Value Deferred Financing Term Note Payable, New Credit Facility $ 97,822,841 $ 88,899,198 $ 88,899,198 $ 3,488,512 $ 85,410,686 $ 97,822,841 $ 90,145,500 $ 90,145,500 $ 3,643,846 $ 86,501,654 LC Facility $ 22,500,000 $ — $ — $ — $ — $ 22,500,000 $ — $ — $ — $ — Total $ 120,322,841 $ 88,899,198 $ 88,899,198 $ 3,488,512 $ 85,410,686 $ 120,322,841 $ 90,145,500 $ 90,145,500 $ 3,643,846 $ 86,501,654 |
Schedule of Line of Credit Facilities | The following table shows the components of interest expense related to the company's borrowings for the three months ended March 31, 2021 and March 31, 2020: For the three months Ended March 31, For the three months Ended March 31, Credit Facility commitment fee $ 130,480 $ 10,742 Credit Facilityloan interest 436,746 662,444 Amortization of deferred financing costs 155,334 56,530 Total $ 722,560 $ 729,716 Weighted average interest rate on credit facility 2.29 % 3.51 % Weighted average outstanding balance of credit facility $ 90,145,500 $ 70,465,335 |
Schedule of Principal Payments Due | The principal payments due on borrowings for each of the next five years ending December 31 and thereafter, are as follows: Year ending December 31: Principal Payments 2021 $ 6,747,689 2022 7,954,526 2023 8,098,085 2024 8,245,188 2025 57,853,710 Thereafter — $ 88,899,198 |
Members' Equity (Tables)
Members' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Shares Issued and Outstanding | The following table is a summary of the shares issued and repurchased during the period and outstanding as of March 31, 2021: Shares Outstanding as of December 31, Shares Shares Shares Shares Shares Outstanding as of March 31, Class A shares 16,844,129 — 101,402 (241,124) — 16,704,407 Class C shares 2,734,661 — 23,885 (16,331) — 2,742,215 Class I shares 6,526,001 — 55,684 (43,365) — 6,538,320 Class P-A shares 55,264 83,621 — — — 138,885 Class P-I shares 36,710,292 17,027,155 274 (190,015) — 53,547,706 Class P-D shares — 111,048 — — — 111,048 Class P-S shares — 33,396,467 — — — 33,396,467 Class P-T shares — 15,741 — — — 15,741 62,870,347 50,634,032 181,245 (490,835) — 113,194,789 The following table is a summary of the shares issued and repurchased during the period and outstanding as of December 31, 2020: Shares Outstanding as of December 31, Shares Sold Shares Shares Shares Transferred During the Period Shares Outstanding as of December 31, Class A shares 17,210,016 12,964 436,348 (815,199) — 16,844,129 Class C shares 2,718,475 — 95,536 (66,086) (13,264) 2,734,661 Class I shares 6,693,658 5,783 242,963 (429,396) 12,993 6,526,001 Class P-A shares 18,109 37,155 — — — 55,264 Class P-I shares 21,249,352 16,112,855 (296) (651,619) — 36,710,292 47,889,610 16,168,757 774,551 (1,962,300) (271) 62,870,347 |
Schedule of Shares Sold and Value of Shares Issued | The proceeds from shares sold and the value of shares issued through the reinvestment of distributions for each class of shares for the three months ended March 31, 2021 and March 31, 2020 were as follows: Class A Class C Class I Class P-A Class P-I Class P-D Class P-S Class P-T Total For the three months ended March 31, 2021: Proceeds from Shares Sold $ — $ — $ — $ 728,428 $ 153,217,116 $ 1,000,000 $ 300,735,190 $ 141,750 $ 455,822,484 Proceeds from Shares Issued through Reinvestment of Distributions $ 871,751 $ 199,310 $ 478,670 $ — $ 274 $ — $ — $ — $ 1,550,005 For the three months ended March 31, 2020: Proceeds from Shares Sold $ — $ — $ — $ — $ 16,695,894 $ — $ — $ — $ 16,695,894 Proceeds from Shares Issued through Reinvestment of Distributions $ 1,007,024 $ 193,050 $ 559,012 $ — $ — $ — $ — $ — $ 1,759,086 |
Schedule of Repurchase Agreements | The quarterly share repurchase limits for the company's new share repurchase program are set forth below. Quarter Ending Share Repurchase Limit(s) December 31, 2020 During such fiscal quarter, 1.875% of the weighted average number of shares outstanding in the prior four fiscal quarters March 31, 2021 During such fiscal quarter, 2.50% of the weighted average number of shares outstanding in the prior four fiscal quarters June 30, 2021 During such fiscal quarter, 3.75% of the weighted average number of shares outstanding in the prior four fiscal quarters September 30, 2021, and each quarter thereafter During any 12-month period, 20.00% of the weighted average number of outstanding shares During any fiscal quarter, 5.00% of the weighted average number of shares outstanding in the prior four fiscal quarters |
Distributions (Tables)
Distributions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Schedule of Distributions | On the last business day of each month, with the authorization of the company’s Board of Directors, the company declares distributions on each outstanding class of shares. These distributions are calculated based on shareholders of record for each day in amounts equal to that exhibited in the table below based upon distribution period and class of share. Class of Share Distribution Period A C I P-A P-I P-D P-T P-S 1-Nov-17 31-Jan-18 $ 0.00167 $ 0.00163 $ 0.00167 — $ 0.00158 — — — 1-Feb-18 30-Apr-18 $ 0.00167 $ 0.00163 $ 0.00167 — $ 0.00158 — — — 1-May-18 31-Jul-18 $ 0.00167 $ 0.00163 $ 0.00167 — $ 0.00158 — — — 1-Aug-18 31-Oct-18 $ 0.00167 $ 0.00163 $ 0.00167 — $ 0.00158 — — — 1-Nov-18 31-Jan-19 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 — — — 1-Feb-19 30-Apr-19 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 — — — 1-May-19 31-Jul-19 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 — — — 1-Aug-19 31-Oct-19 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 — — — 1-Nov-19 31-Jan-20 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 — — — 1-Feb-20 30-Apr-20 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 — — — 1-May-20 31-Aug-20 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00153 $ 0.00158 — — — 1-Sep-20 30-Sep-20 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00153 $ 0.00158 — — — 1-Oct-20 31-Oct-20 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00152 $ 0.00158 — — — 1-Nov-20 30-Nov-20 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00152 $ 0.00158 — — — 1-Dec-20 28-Feb-21 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00152 $ 0.00158 $ 0.00158 $ 0.00158 $ 0.00158 1-Mar-21 31-May-21 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00152 $ 0.00158 $ 0.00158 $ 0.00158 $ 0.00158 |
Schedule of Dividends Declared | The following table reflects the distributions declared during the three months ended March 31, 2021: Pay Date Paid in Value of Total February 1, 2021 $ 2,555,800 $ 538,241 $ 3,094,041 March 4, 2021 3,063,308 487,868 3,551,176 April 1, 2021 4,783,092 523,715 5,306,807 Total $ 10,402,200 $ 1,549,824 $ 11,952,024 The following table reflects the distributions declared during the three months ended March 31, 2020: Pay Date Paid in Value of Total February 3, 2020 1,788,542 603,697 2,392,239 March 2, 2020 1,733,243 561,984 2,295,227 April 1, 2020 1,890,493 593,200 2,483,693 Total $ 5,412,278 $ 1,758,881 $ 7,171,159 |
Schedule of Cash Distributions Paid | Cash distributions paid during the periods presented were funded from the following sources noted below: For the three months ended March 31, For the three months ended March 31, Cash from operations $ — $ 1,598,905 Offering proceeds 8,066,157 5,511,620 Total Cash Distributions $ 8,066,157 $ 7,110,525 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Financial Highlights [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of the financial highlights of the company attributed to each class of shares for the three months ended March 31, 2021. For the three months ended March 31, 2021 Class A Class C Class I Class P-A Class P-I Class P-D Class P-S Class P-T Per share data attributed to common shares (1) Net Asset Value at beginning of period $ 8.61 $ 8.35 $ 8.61 $ 8.70 $ 9.02 $ 8.96 $ 8.84 $ 8.57 Net investment income 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Net realized and unrealized gain/(loss) on investments and swap contracts 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 Change in translation of assets and liabilities denominated in foreign currencies (2) — — — — — — — — (Provision for) benefit from income taxes on realized and unrealized gain (loss) on investments and foreign currency translation (0.04) (0.04) (0.04) (0.04) (0.04) (0.04) (0.04) (0.04) Net increase in net assets attributed to common stockholders 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 Shareholder distributions: Distributions from net investment income — — — — — — — — Distributions from offering proceeds (0.14) (0.14) (0.14) (0.14) (0.14) (0.09) (0.09) (0.09) Other(3) (0.02) (0.01) (0.02) 0.04 — 0.01 0.04 0.03 Net decrease in members’ equity attributed to common shares (0.16) (0.15) (0.16) (0.10) (0.14) (0.08) (0.05) (0.06) Net asset value for common shares at end of period $ 8.49 $ 8.24 $ 8.49 $ 8.64 $ 8.92 $ 8.92 $ 8.83 $ 8.55 Common equityholders’ equity at end of period $ 141,781,925 $ 22,597,463 $ 55,492,784 $ 1,200,209 $ 477,780,810 $ 990,705 $ 294,882,644 $ 134,615 Common shares outstanding at end of period 16,704,407 2,742,215 6,538,320 138,885 53,547,706 111,048 33,396,467 15,741 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 0.20 % 0.29 % 0.22 % 0.92 % 0.51 % 0.17 % 0.94 % 0.57 % Ratio of net investment income to average net assets 0.56 % 0.58 % 0.56 % 0.43 % 0.52 % 0.29 % 0.53 % 0.40 % Ratio of operating expenses to average net assets 3.65 % 3.75 % 3.64 % 2.81 % 3.40 % 1.85 % 3.43 % 2.62 % Portfolio turnover rate 0.19 % 0.19 % 0.19 % 0.19 % 0.19 % 0.19 % 0.19 % 0.19 % (1) The per share data for Class A, C, I, P-A, P-I, P-D, P-T and P-S Shares were derived by using the weighted average shares outstanding during the period ended March 31, 2021, which were 16,879,518, 2,743,322, 6,545,397, 74,728, 44,737,061, 20,266, 7,579 and 14,929,297, respectively. (2) Amount is less than $0.01 per share. (3) Represents the impact of different share amounts used in calculating certain per share data based on weighted average shares outstanding during the period and the impact of shares at a price other than the net asset value. The following is a schedule of financial highlights of the company attributed to each outstanding class of shares for the three months ended March 31, 2020. For the three months ended March 31, 2020 Class A Class C Class I Class P-A Class P-I Per share data attributed to common shares (1) : Net Asset Value at beginning of period $ 8.40 $ 8.23 $ 8.40 $ 8.44 $ 8.73 Net investment income (3) 0.10 0.10 0.10 0.10 0.10 Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder 0.19 0.19 0.19 0.19 0.19 Change in translation of assets and liabilities denominated in foreign currencies (4) — — — — — Change in benefit from deferred taxes on unrealized depreciation on investments (0.13) (0.13) (0.13) (0.13) (0.13) Net increase in net assets attributed to common equityholders 0.16 0.16 0.16 0.16 0.16 Shareholder distributions: Distributions from net investment income (0.03) (0.03) (0.03) (0.03) (0.03) Distributions from offering proceeds (0.12) (0.12) (0.12) (0.12) (0.11) Other (2) — — — 0.01 0.02 Net decrease in members’ equity attributed to common shares (0.15) (0.15) (0.15) (0.14) (0.12) Net asset value for common shares at end of period $ 8.41 $ 8.24 $ 8.41 $ 8.46 $ 8.77 Common equityholders’ equity at end of period $ 147,620,207 $ 22,910,360 $ 57,888,710 $ 156,293 $ 206,443,274 Common shares outstanding at end of period 17,194,318 2,724,068 6,742,687 18,109 23,075,591 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 1.90 % 1.90 % 1.90 % 2.02 % 2.11 % Ratio of net investment income to average net assets 4.78 % 4.88 % 4.78 % 4.75 % 4.60 % Ratio of operating expenses to average net assets 4.34 % 4.43 % 4.34 % 4.32 % 4.18 % Portfolio turnover rate 11.15 % 11.15 % 11.15 % 11.15 % 11.15 % (1) The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the period ended March 31, 2020, which were 17,194,318, 2,724,068, 6,742,687, 18,109 and 23,075,591, respectively. (2) Represents the impact of different share amounts used in calculating certain per share data based on weighted average shares outstanding during the period and the impact of shares at a price other than the net asset value. (3) Does not reflect any incentive fees that may be payable to the Special Unitholder. (4) Amount is less than $0.01 per share. |
Organization and Operations o_2
Organization and Operations of the Company (Details Narrative) | Mar. 31, 2021portfolio | Dec. 31, 2020portfolio | Nov. 30, 2020USD ($) | Jun. 04, 2019USD ($) | Feb. 28, 2017USD ($) |
Organization and Operations of the Company (Textual) | |||||
Number of portfolios | portfolio | 12 | 14 | |||
Maximum | Limited Liability Company | |||||
Organization and Operations of the Company (Textual) | |||||
Dollar value of shares offering | $ 1,000,000,000 | ||||
Distribution Reinvestment Plan | |||||
Organization and Operations of the Company (Textual) | |||||
Maximum shares of common stock offered (in shares) | $ 20,000,000 | $ 10,000,000 | |||
Distribution Reinvestment Plan | Maximum | |||||
Organization and Operations of the Company (Textual) | |||||
Dollar value of shares offering | $ 200,000,000 | ||||
UNITED STATES | |||||
Organization and Operations of the Company (Textual) | |||||
Number of secured loans | portfolio | 7 | 6 |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)jurisdiction | Dec. 31, 2020USD ($) | |
Related Party Transaction [Line Items] | ||
Cash | $ 8,947,086 | |
Due to Advisor | 1,399,749 | $ 1,751 |
Return of capital receivable | 439,815 | 2,159,762 |
Performance participation fee payable | 0 | 3,540,052 |
Performance participation fee | 0 | 4,571,927 |
Deferred sales commission payable | 4,094,869 | 131,875 |
Average notional amount | $ 85,225,339 | |
Number of states in which portfolio resides | jurisdiction | 29 | |
Public Offering | ||
Related Party Transaction [Line Items] | ||
Percentage of reimbursement out of gross offering proceeds | 3.80% | |
Greenbacker Capital Management LLC | ||
Related Party Transaction [Line Items] | ||
Amounts reimbursed to the Advisor | $ 115,490 | |
Due to Advisor | $ 1,399,749 | $ 1,751 |
Greenbacker Capital Management LLC | Public Offering | ||
Related Party Transaction [Line Items] | ||
Limit of offering costs reimbursement to advisor | 15.00% | |
Organization and offering costs due to termination of registration statement | $ 9,800,000 | |
Greenbacker Capital Management LLC | Private Offering | ||
Related Party Transaction [Line Items] | ||
Percentage of reimbursement out of gross offering proceeds | 0.005% |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Earnings Pear Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Basic and diluted | ||
Net investment income | $ 1,010,087 | $ 4,805,340 |
Net increase in net assets attributed to common members | $ 3,725,682 | $ 7,944,329 |
Net investment income per share (in dollars per share) | $ 0.01 | $ 0.10 |
Net increase in net assets attributed to common members per share (in dollars per share) | $ 0.04 | $ 0.16 |
Weighted average common shares outstanding (in shares) | 85,937,169 | 48,991,682 |
Significant Accounting Polici_6
Significant Accounting Policies Schedule of Derivative Instruments in Consolidated Statement of Assets and Liabilities, Fair Value (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Liability Derivatives | $ 6,011,882 | $ 9,750,909 |
Interest Rate Risk | Swaps | ||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Liability Derivatives | $ 6,011,882 | $ 9,750,909 |
Significant Accounting Polici_7
Significant Accounting Policies - Schedule of Effect of Derivative Instruments on the Consolidated Statement of Operations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Change in net unrealized depreciation on derivative transactions | $ 3,739,027 | $ (6,317,448) |
Other expense | 493,816 | 199,247 |
Interest Rate Risk | Swaps | ||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Change in net unrealized depreciation on derivative transactions | 3,739,027 | (6,317,448) |
Other expense | $ 493,816 | $ 199,247 |
Investments - Schedule of Inves
Investments - Schedule of Investments Fair Value by Geographic Region (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | ||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 1,009,938,875 | $ 572,347,137 | ||
Investments at Fair Value | $ 1,099,766,052 | $ 659,982,724 | ||
Fair Value Percentage of Total Portfolio | 100.00% | [1] | 100.00% | [2] |
Investments in Money Market Funds | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 315,413,951 | $ 11,172,727 | ||
Investments at Fair Value | $ 315,413,951 | $ 11,172,727 | ||
Fair Value Percentage of Total Portfolio | 28.80% | 1.70% | ||
UNITED STATES | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 692,921,788 | $ 559,571,274 | ||
Investments at Fair Value | $ 782,623,621 | $ 647,120,369 | ||
Fair Value Percentage of Total Portfolio | 71.00% | 98.00% | ||
CANADA | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 1,603,136 | $ 1,603,136 | ||
Investments at Fair Value | $ 1,728,480 | $ 1,689,628 | ||
Fair Value Percentage of Total Portfolio | 0.20% | 0.30% | ||
East Region | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 168,750,146 | $ 148,159,362 | ||
Investments at Fair Value | $ 184,863,047 | $ 168,616,615 | ||
Fair Value Percentage of Total Portfolio | 16.80% | 25.50% | ||
Mid-West Region | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 139,735,201 | $ 120,709,771 | ||
Investments at Fair Value | $ 153,247,295 | $ 127,384,880 | ||
Fair Value Percentage of Total Portfolio | 13.90% | 19.30% | ||
Mountain Region | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 182,227,199 | $ 113,435,944 | ||
Investments at Fair Value | $ 221,026,921 | $ 153,512,583 | ||
Fair Value Percentage of Total Portfolio | 20.00% | 23.30% | ||
South Region | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 89,694,997 | $ 83,302,384 | ||
Investments at Fair Value | $ 92,776,886 | $ 85,763,612 | ||
Fair Value Percentage of Total Portfolio | 8.40% | 13.00% | ||
West Region | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 112,514,245 | $ 93,963,813 | ||
Investments at Fair Value | $ 130,709,472 | $ 111,842,679 | ||
Fair Value Percentage of Total Portfolio | 11.90% | 16.90% | ||
[1] | Percentages are based on net assets of $994,861,155 as of March 31, 2021. | |||
[2] | Percentages are based on net assets of $555,551,859 as of December 31, 2020. |
Investments - Investments Fair
Investments - Investments Fair Value by Industry (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | ||
Investment Holdings [Line Items] | ||||
Investment at Cost | $ 1,009,938,875 | $ 572,347,137 | ||
Investment at Fair Value | $ 1,099,766,052 | $ 659,982,724 | ||
Fair Value Percentage of Total Portfolio | 100.00% | [1] | 100.00% | [2] |
Battery Storage | ||||
Investment Holdings [Line Items] | ||||
Investment at Cost | $ 9,140,209 | $ 8,839,235 | ||
Investment at Fair Value | $ 9,140,209 | $ 8,839,235 | ||
Fair Value Percentage of Total Portfolio | 0.80% | 1.30% | ||
Biomass | ||||
Investment Holdings [Line Items] | ||||
Investment at Cost | $ 23,686,352 | $ 23,236,352 | ||
Investment at Fair Value | $ 23,686,352 | $ 23,236,352 | ||
Fair Value Percentage of Total Portfolio | 2.10% | 3.50% | ||
Commercial Solar | ||||
Investment Holdings [Line Items] | ||||
Investment at Cost | $ 469,591,272 | $ 312,220,034 | ||
Investment at Fair Value | $ 546,754,524 | $ 352,282,865 | ||
Fair Value Percentage of Total Portfolio | 49.60% | 53.50% | ||
Wind | ||||
Investment Holdings [Line Items] | ||||
Investment at Cost | $ 141,480,585 | $ 127,065,344 | ||
Investment at Fair Value | $ 153,908,260 | $ 131,210,544 | ||
Fair Value Percentage of Total Portfolio | 14.00% | 19.90% | ||
Pre-Operational Assets | ||||
Investment Holdings [Line Items] | ||||
Investment at Cost | $ 29,794,816 | $ 65,405,651 | ||
Investment at Fair Value | $ 30,410,677 | $ 109,208,306 | ||
Fair Value Percentage of Total Portfolio | 2.80% | 16.50% | ||
Other Investments | ||||
Investment Holdings [Line Items] | ||||
Investment at Cost | $ 20,123,799 | $ 23,669,446 | ||
Investment at Fair Value | $ 19,750,743 | $ 23,291,114 | ||
Fair Value Percentage of Total Portfolio | 1.80% | 3.50% | ||
Energy Efficiency | ||||
Investment Holdings [Line Items] | ||||
Investment at Cost | $ 707,891 | $ 738,348 | ||
Investment at Fair Value | $ 701,336 | $ 741,581 | ||
Fair Value Percentage of Total Portfolio | 0.10% | 0.10% | ||
Money Market Funds | ||||
Investment Holdings [Line Items] | ||||
Investment at Cost | $ 315,413,951 | $ 11,172,727 | ||
Investment at Fair Value | $ 315,413,951 | $ 11,172,727 | ||
Fair Value Percentage of Total Portfolio | 28.80% | 1.70% | ||
[1] | Percentages are based on net assets of $994,861,155 as of March 31, 2021. | |||
[2] | Percentages are based on net assets of $555,551,859 as of December 31, 2020. |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Summary of Investment Holdings [Line Items] | ||
Investments at Fair Value | $ 1,099,766,052 | $ 659,982,724 |
Investments at Cost | 1,009,938,875 | 572,347,137 |
Commercial Solar | ||
Summary of Investment Holdings [Line Items] | ||
Investments at Fair Value | 546,754,524 | 352,282,865 |
Investments at Cost | 469,591,272 | 312,220,034 |
Loans included | 46,174,918 | 37,327,690 |
Investments in Money Market Funds | ||
Summary of Investment Holdings [Line Items] | ||
Investments at Fair Value | 315,413,951 | 11,172,727 |
Investments at Cost | $ 315,413,951 | $ 11,172,727 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurements of Investments, by Major Class (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | $ 1,099,766,052 | $ 659,982,724 | ||
Financial liabilities fair value disclosure | (6,011,882) | (9,750,909) | ||
Capital Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 1,728,480 | 1,689,628 | ||
Energy Efficiency Secured Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 389,640 | 398,640 | ||
Secured Loans - Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 46,174,918 | 37,327,690 | ||
Money Market Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 315,413,951 | 11,172,727 | ||
Open swap contracts - liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial liabilities fair value disclosure | (6,011,882) | (9,750,909) | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 315,413,951 | 11,172,727 | ||
Financial liabilities fair value disclosure | 0 | 0 | ||
Level 1 | Capital Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 0 | 0 | ||
Level 1 | Energy Efficiency Secured Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 0 | 0 | ||
Level 1 | Secured Loans - Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 0 | 0 | ||
Level 1 | Money Market Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 315,413,951 | 11,172,727 | ||
Level 1 | Open swap contracts - liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial liabilities fair value disclosure | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 0 | 0 | ||
Financial liabilities fair value disclosure | (6,011,882) | (9,750,909) | ||
Level 2 | Capital Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 0 | 0 | ||
Level 2 | Energy Efficiency Secured Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 0 | 0 | ||
Level 2 | Secured Loans - Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 0 | 0 | ||
Level 2 | Money Market Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 0 | 0 | ||
Level 2 | Open swap contracts - liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial liabilities fair value disclosure | (6,011,882) | (9,750,909) | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 784,352,101 | 648,809,997 | $ 490,875,467 | $ 475,175,871 |
Financial liabilities fair value disclosure | 0 | 0 | ||
Level 3 | Capital Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 1,728,480 | 1,689,628 | ||
Level 3 | Energy Efficiency Secured Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 389,640 | 398,640 | ||
Level 3 | Secured Loans - Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 46,174,918 | 37,327,690 | ||
Level 3 | Money Market Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 0 | 0 | ||
Level 3 | Open swap contracts - liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial liabilities fair value disclosure | 0 | 0 | ||
Limited Liability Company Member Interests | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 736,059,063 | 609,394,039 | ||
Limited Liability Company Member Interests | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 0 | 0 | ||
Limited Liability Company Member Interests | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | 0 | 0 | ||
Limited Liability Company Member Interests | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment at Fair Value | $ 736,059,063 | $ 609,394,039 | $ 460,154,643 | $ 449,981,086 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Reconciliation of Investments Balances (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 659,982,724 | |
Ending balance | 1,099,766,052 | |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 648,809,997 | $ 475,175,871 |
Net change in unrealized appreciation on investments | 2,171,448 | 12,100,435 |
Translation of assets and liabilities denominated in foreign currencies | 20,142 | (52,248) |
Purchases | 169,813,432 | 88,300,060 |
Cost adjustments | (35,051,394) | (37,182,463) |
Sales and repayments of investments | (1,339,375) | (53,869,115) |
Net realized (loss) on investments | (72,149) | 6,402,927 |
Ending balance | 784,352,101 | 490,875,467 |
Energy Efficiency Secured Loans | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 398,640 | 479,140 |
Net change in unrealized appreciation on investments | 0 | 0 |
Translation of assets and liabilities denominated in foreign currencies | 0 | 0 |
Purchases | 0 | 0 |
Cost adjustments | 0 | 0 |
Sales and repayments of investments | (9,000) | (25,500) |
Net realized (loss) on investments | 0 | 0 |
Ending balance | 389,640 | 453,640 |
Secured Loans - Other | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 37,327,690 | 23,103,690 |
Net change in unrealized appreciation on investments | 0 | 0 |
Translation of assets and liabilities denominated in foreign currencies | 0 | 0 |
Purchases | 10,156,146 | 5,605,821 |
Cost adjustments | 0 | 0 |
Sales and repayments of investments | (1,308,918) | 0 |
Net realized (loss) on investments | 0 | 0 |
Ending balance | 46,174,918 | 28,709,511 |
Capital Stock | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,689,628 | 1,611,955 |
Net change in unrealized appreciation on investments | 18,710 | (2,034) |
Translation of assets and liabilities denominated in foreign currencies | 20,142 | (52,248) |
Purchases | 0 | 0 |
Cost adjustments | 0 | 0 |
Sales and repayments of investments | 0 | 0 |
Net realized (loss) on investments | 0 | 0 |
Ending balance | 1,728,480 | 1,557,673 |
Limited Liability Company Member Interests | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 609,394,039 | |
Ending balance | 736,059,063 | |
Limited Liability Company Member Interests | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 609,394,039 | 449,981,086 |
Net change in unrealized appreciation on investments | 2,152,738 | 12,102,469 |
Translation of assets and liabilities denominated in foreign currencies | 0 | 0 |
Purchases | 159,657,286 | 82,694,239 |
Cost adjustments | (35,051,394) | (37,182,463) |
Sales and repayments of investments | (21,457) | (53,843,615) |
Net realized (loss) on investments | (72,149) | 6,402,927 |
Ending balance | $ 736,059,063 | $ 460,154,643 |
Fair Value Measurements - Inv_3
Fair Value Measurements - Investments - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net change in unrealized appreciation on investments and foreign currency translation | $ 2,191,590 | $ 21,709,268 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Details) | Mar. 31, 2021USD ($)portfolio | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 1,099,766,052 | $ 659,982,724 | ||
Battery Storage | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 9,140,209 | 8,839,235 | ||
Biomass | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 23,686,352 | 23,236,352 | ||
Commercial Solar | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 546,754,524 | 352,282,865 | ||
Wind | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 153,908,260 | 131,210,544 | ||
Pre-Operational Assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 30,410,677 | 109,208,306 | ||
Other Investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 19,750,743 | 23,291,114 | ||
Energy Efficiency | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 701,336 | 741,581 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 784,352,101 | 648,809,997 | $ 490,875,467 | $ 475,175,871 |
Level 3 | Battery Storage | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 9,140,209 | 8,839,235 | ||
Level 3 | Biomass | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 23,686,352 | 23,236,352 | ||
Level 3 | Commercial Solar | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 500,579,606 | $ 314,955,175 | ||
Level 3 | Commercial Solar | Discount Rate | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.0350 | 0.000725 | ||
Level 3 | Commercial Solar | Discount Rate | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.0819 | 0.000836 | ||
Level 3 | Commercial Solar | Discount Rate | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.0773 | 0.000784 | ||
Level 3 | Commercial Solar | Degradation In Production | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.0047 | 0.000050 | ||
Level 3 | Commercial Solar | Useful Life | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 8.2 | 8.5 | ||
Level 3 | Commercial Solar | Useful Life | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 39.8 | 40 | ||
Level 3 | Commercial Solar | Useful Life | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 33.4 | 33 | ||
Level 3 | Wind | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 153,908,260 | $ 131,210,544 | ||
Level 3 | Wind | Discount Rate | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.0800 | 0.000775 | ||
Level 3 | Wind | Discount Rate | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.0802 | 0.000852 | ||
Level 3 | Wind | Discount Rate | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.0800 | 0.000825 | ||
Level 3 | Wind | Degradation In Production | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0 | 0 | ||
Level 3 | Wind | Useful Life | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 19.5 | 19.7 | ||
Level 3 | Wind | Useful Life | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 28.8 | 29 | ||
Level 3 | Wind | Useful Life | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 22.8 | 23.1 | ||
Level 3 | Pre-Operational Assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 30,410,677 | $ 109,208,306 | ||
Level 3 | Pre-Operational Assets | Discount Rate | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.0779 | 0.000786 | ||
Level 3 | Pre-Operational Assets | Discount Rate | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.0850 | 0.000925 | ||
Level 3 | Pre-Operational Assets | Discount Rate | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.0813 | 0.000875 | ||
Level 3 | Pre-Operational Assets | Degradation In Production | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | portfolio | 0.0037 | |||
Level 3 | Pre-Operational Assets | Degradation In Production | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0 | |||
Level 3 | Pre-Operational Assets | Degradation In Production | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.000050 | |||
Level 3 | Pre-Operational Assets | Degradation In Production | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.000035 | |||
Level 3 | Pre-Operational Assets | Useful Life | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 30.5 | 30.7 | ||
Level 3 | Pre-Operational Assets | Useful Life | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 35.8 | 36 | ||
Level 3 | Pre-Operational Assets | Useful Life | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 34.2 | 34.8 | ||
Level 3 | Other Investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 19,750,743 | $ 23,291,114 | ||
Level 3 | Energy Efficiency | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 701,336 | $ 741,581 | ||
Level 3 | Energy Efficiency | Degradation In Production | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0 | |||
Level 3 | Energy Efficiency | Useful Life | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 3.9 | 4.2 | ||
Level 3 | Energy Efficiency | Useful Life | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 4.8 | 5 | ||
Level 3 | Energy Efficiency | Useful Life | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 4.3 | 4.6 | ||
Level 3 | Energy Efficiency | Market Yields | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.001025 | 0.001025 | ||
Level 3 | Secured Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 46,174,918 | $ 37,327,690 | ||
Level 3 | Secured Loans | Market Yields | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.0800 | 0.000800 | ||
Level 3 | Secured Loans | Market Yields | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.1000 | 0.001000 | ||
Level 3 | Secured Loans | Market Yields | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment, measurement input | 0.0862 | 0.000884 |
Related Party Agreements and _3
Related Party Agreements and Transaction Agreements - Narrative (Details) | Dec. 22, 2020USD ($) | Oct. 09, 2020USD ($) | Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2020USD ($)shares | Apr. 01, 2021USD ($) | Apr. 01, 2020 |
Related Party Agreements and Transactions Agreements | ||||||||
Management fees | $ 4,075,503 | $ 2,399,753 | ||||||
Management fee payable | 1,748,112 | $ 1,055,600 | $ 1,055,600 | |||||
Performance participation fee | 0 | 4,571,927 | ||||||
Capital gain incentive distribution | 0 | 1,124,000 | ||||||
Due to Advisor | 1,399,749 | 1,751 | 1,751 | |||||
Investments at Cost | 1,009,938,875 | 572,347,137 | 572,347,137 | |||||
Investments at Fair Value | 1,099,766,052 | 659,982,724 | 659,982,724 | |||||
Net realized gain on investments | (72,149) | 6,402,927 | ||||||
Greenbacker Capital Management LLC | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Management fees | 4,075,503 | $ 2,399,753 | ||||||
Management fee payable | 1,748,112 | 1,055,600 | 1,055,600 | |||||
Due to Advisor | $ 1,399,749 | $ 1,751 | 1,751 | |||||
Greenbacker Capital Management LLC | Related Party Transaction, Fee Arrangement, Scenario One | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Base management fees payable, monthly rate | 0.167% | |||||||
Base management fees payable, annual rate | 2.00% | |||||||
Gross assets, borrowing | $ 50,000,000 | |||||||
Gross asset including borrowing | $ 800,000,000 | |||||||
Greenbacker Capital Management LLC | Related Party Transaction, Fee Arrangement, Scenario Two | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Base management fees payable, monthly rate | 0.14583% | |||||||
Base management fees payable, annual rate | 1.75% | |||||||
Greenbacker Capital Management LLC | Related Party Transaction, Fee Arrangement, Scenario Three | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Base management fees payable, monthly rate | 0.125% | |||||||
Base management fees payable, annual rate | 1.50% | |||||||
Greenbacker Capital Management LLC | Terminated Registration Statements | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Percentage of reimbursement out of gross offering proceeds | 15.00% | |||||||
Organization and offering costs reimbursement in percentage | 0.038 | |||||||
Related party transaction, organization and offering costs reimbursement | $ 9,800,000 | |||||||
Greenbacker Capital Management LLC | Private Offering | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Percentage of reimbursement out of gross offering proceeds | 0.005% | |||||||
Special Unitholder | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Performance participation fee percentage | 0.125 | |||||||
Hurdle rate, quarterly | 1.50% | |||||||
Hurdle rate, annualized | 6.00% | |||||||
Loss carry forward initial amount | $ 0 | |||||||
Fee carryforward initial amount | $ 0 | |||||||
Performance participation fee, percentage of excess profits | 1 | |||||||
Performance participation fee, percentage of sum of hurdle amount and catch-up amount | 0.125 | |||||||
Liquidation performance participation fee, percentage of net proceeds in excess of adjusted capital | 0.200 | |||||||
Liquidation performance participation fee payable, term | 30 days | |||||||
AEC Companies | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Investments at Cost | $ 389,640 | |||||||
Investments at Fair Value | 389,640 | |||||||
Greenbacker Development Opportunities Fund I, LP [Member] | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Investments at Cost | 5,614,619 | |||||||
Investments at Fair Value | 5,607,040 | |||||||
Limited partners' commitment | $ 5,000,000 | $ 6,075,000 | $ 6,075,000 | |||||
Funded commitment | 5,614,619 | |||||||
Greenbacker Development Opportunities Fund I, LP [Member] | Subsequent Event | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Limited partners' commitment | $ 7,500,000 | |||||||
Greenbacker Development Opportunities Fund I, LP [Member] | Greenbacker Development Opportunities GP I, LLC | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Interest rate carried | 10.00% | |||||||
Greenbacker Renewable Opportunity Zone Fund LLC | Sell Gliden Solar, LLC | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Related party transaction, amounts of transaction | $ 12,752,215 | |||||||
Net realized gain on investments | $ 1,608,644 | |||||||
Receivable and included investment sales | 4,258,243 | |||||||
Minimum | Greenbacker Capital Management LLC | Related Party Transaction, Fee Arrangement, Scenario Two | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Gross asset including borrowing | 800,000,001 | |||||||
Minimum | Special Unitholder | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Loss carry forward initial amount | 0 | |||||||
Fee carryforward initial amount | $ 0 | |||||||
Maximum | Greenbacker Capital Management LLC | Related Party Transaction, Fee Arrangement, Scenario Two | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Gross asset including borrowing | $ 1,500,000,000 | |||||||
Class A Shares | Greenbacker Capital Management LLC | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Common unit, issued (in shares) | shares | 23,601 | 23,601 | 23,601 | |||||
Class A Shares | Minimum | SC Distributors, LLC | Terminated Registration Statements | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Percentage of reimbursement out of gross offering proceeds | 0.0175% | |||||||
Class A Shares | Maximum | SC Distributors, LLC | Terminated Registration Statements | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Percentage of reimbursement out of gross offering proceeds | 7.00% | |||||||
Class P-D shares | Greenbacker Capital Management LLC | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Common unit, issued (in shares) | shares | 2,776 | |||||||
Class P-A Shares | Minimum | SC Distributors, LLC | Terminated Registration Statements | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Percentage of reimbursement out of gross offering proceeds | 0.0175% | |||||||
Class P-A Shares | Maximum | SC Distributors, LLC | Terminated Registration Statements | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Percentage of reimbursement out of gross offering proceeds | 7.00% | |||||||
Class I shares | Minimum | SC Distributors, LLC | Terminated Registration Statements | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Percentage of reimbursement out of gross offering proceeds | 0.0175% | |||||||
Class I shares | Maximum | SC Distributors, LLC | Terminated Registration Statements | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Percentage of reimbursement out of gross offering proceeds | 7.00% | |||||||
Class C Shares | SC Distributors, LLC | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Distribution fee, daily accrual rate | 0.000022 | 0.000022 | ||||||
Class C Shares | SC Distributors, LLC | Terminated Registration Statements | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Underwriting compensation in percentage | 0.10 | |||||||
Class C Shares | Minimum | SC Distributors, LLC | Terminated Registration Statements | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Percentage of reimbursement out of gross offering proceeds | 0.0175% | |||||||
Class C Shares | Maximum | SC Distributors, LLC | Terminated Registration Statements | ||||||||
Related Party Agreements and Transactions Agreements | ||||||||
Percentage of reimbursement out of gross offering proceeds | 7.00% |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | Mar. 18, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Apr. 01, 2021 | Feb. 26, 2021 | Dec. 31, 2020 | Nov. 25, 2020 | Oct. 31, 2020 | Jan. 30, 2020 | Dec. 06, 2019 | Sep. 30, 2019 | Jun. 20, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Jan. 05, 2018 | Jul. 29, 2016 |
Borrowings (Textual) | ||||||||||||||||
Revolving letter of credit facility | $ 85,410,686 | $ 86,501,654 | ||||||||||||||
Current borrowing capacity | 120,322,841 | 120,322,841 | ||||||||||||||
Repayments of lines of credit | 1,246,302 | $ 8,947,171 | ||||||||||||||
Line of Credit | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Current borrowing capacity | $ 97,822,841 | |||||||||||||||
Revolving Credit Facility | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Revolving letter of credit facility | 0 | 0 | ||||||||||||||
Current borrowing capacity | $ 22,500,000 | $ 22,500,000 | ||||||||||||||
Previous Credit Facility | Line of Credit | GREC Entity Holdco LLC | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Maximum borrowing capacity | $ 60,000,000 | |||||||||||||||
Revolving letter of credit facility | $ 25,700,000 | |||||||||||||||
New Credit Facility | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Commitment fees rate | 0.50% | |||||||||||||||
New Credit Facility | Line of Credit | GREC Entity Holdco LLC | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Maximum borrowing capacity | $ 110,000,000 | |||||||||||||||
Revolving letter of credit facility | $ 90,700,000 | $ 58,300,000 | ||||||||||||||
New Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Basis spread on variable rate (in percentage) | 1.75% | |||||||||||||||
Loans Payable | Line of Credit | Interest Rate Swap | GREC Entity Holdco LLC | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Interest rate swap initial notional amount | $ 4,300,000 | |||||||||||||||
Fixed swap rate | 1.11% | |||||||||||||||
Facility 2 Term Loan | Line of Credit | Interest Rate Swap | GREC Entity Holdco LLC | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Interest rate swap initial notional amount | $ 20,900,650 | |||||||||||||||
Fixed swap rate | 2.26% | |||||||||||||||
Facility 3 Term Loan | Line of Credit | Interest Rate Swap | GREC Entity Holdco LLC | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Interest rate swap initial notional amount | $ 29,624,945 | |||||||||||||||
Fixed swap rate | 2.65% | |||||||||||||||
Facility 4 Term Loan | Line of Credit | Interest Rate Swap | GREC Entity Holdco LLC | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Interest rate swap initial notional amount | $ 4,180,063 | |||||||||||||||
Fixed swap rate | 2.97% | |||||||||||||||
Facility 5 Term Loan | Line of Credit | Interest Rate Swap | GREC Entity Holdco LLC | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Interest rate swap initial notional amount | $ 38,203,507 | |||||||||||||||
Fixed swap rate | 2.69% | |||||||||||||||
Facility 6 Term Loan | Line of Credit | Interest Rate Swap | GREC Entity Holdco LLC | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Interest rate swap initial notional amount | $ 7,068,965 | |||||||||||||||
Fixed swap rate | 1.64% | |||||||||||||||
LC Facility | Revolving Credit Facility | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Maximum borrowing capacity | $ 22,500,000 | $ 15,000,000 | ||||||||||||||
Revolving letter of credit facility | $ 5,600,000 | |||||||||||||||
Repayments of lines of credit | $ 1,900,000 | |||||||||||||||
LC Facility | Revolving Credit Facility | Subsequent Event | ||||||||||||||||
Borrowings (Textual) | ||||||||||||||||
Collateral, percentage of outstanding obligation | 100.00% |
Borrowings - Schedule of Outsta
Borrowings - Schedule of Outstanding Debt (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Aggregate Principal Amount Available | $ 120,322,841 | $ 120,322,841 |
Principal Amount Outstanding | 88,899,198 | 90,145,500 |
Carrying Value | 88,899,198 | 90,145,500 |
Deferred Financing Costs | 3,488,512 | 3,643,846 |
Term Note Payable, Net of Financing Costs | 85,410,686 | 86,501,654 |
New Credit Facility | ||
Debt Instrument [Line Items] | ||
Aggregate Principal Amount Available | 97,822,841 | 97,822,841 |
Principal Amount Outstanding | 88,899,198 | 90,145,500 |
Carrying Value | 88,899,198 | 90,145,500 |
Deferred Financing Costs | 3,488,512 | 3,643,846 |
Term Note Payable, Net of Financing Costs | 85,410,686 | 86,501,654 |
LC Facility | ||
Debt Instrument [Line Items] | ||
Aggregate Principal Amount Available | 22,500,000 | 22,500,000 |
Principal Amount Outstanding | 0 | 0 |
Carrying Value | 0 | 0 |
Deferred Financing Costs | 0 | 0 |
Term Note Payable, Net of Financing Costs | $ 0 | $ 0 |
Borrowings - Schedule of Line o
Borrowings - Schedule of Line of Credit Facilities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Credit Facility commitment fee | $ 130,480 | $ 10,742 |
Credit Facility Loan interest | 436,746 | 662,444 |
Amortization of deferred financing costs | 155,334 | 56,530 |
Total | $ 722,560 | $ 729,716 |
Weighted average interest rate on credit facility (in percentage) | 2.29% | 3.51% |
Weighted average outstanding balance of credit facility | $ 90,145,500 | $ 70,465,335 |
Borrowings - Schedule of Princi
Borrowings - Schedule of Principal Payments Due (Details) | Mar. 31, 2021USD ($) |
Maturities of Long-term Debt [Abstract] | |
2021 | $ 6,747,689 |
2022 | 7,954,526 |
2023 | 8,098,085 |
2024 | 8,245,188 |
2025 | 57,853,710 |
Thereafter | 0 |
Total | $ 88,899,198 |
Members' Equity - Narrative (De
Members' Equity - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021shares | Dec. 31, 2020shares | Nov. 30, 2020USD ($) | Sep. 30, 2020 | Jun. 04, 2019USD ($) | |
Distribution Made to Limited Partner [Line Items] | |||||||
Total shares authorized (in shares) | 400,000,000 | ||||||
Common stock of class A, C, I, P-A and P-I, shares authorized (in shares) | 350,000,000 | 350,000,000 | |||||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||||
Preferred stock, shares issued (in shares) | 0 | 0 | |||||
Share repurchase program repurchase limit (in percentage) | 5.00% | ||||||
Stock repurchase limit, percentage of weighted average number of Shares prior four fiscal quarters | 0.000250 | 0.0001875 | |||||
Forecast | |||||||
Distribution Made to Limited Partner [Line Items] | |||||||
Stock repurchase limit, percentage of weighted average number of Shares prior four fiscal quarters | 0.000500 | 0.000375 | |||||
Stock repurchase limit, percentage of weighted average number of shares during any 12-month period | 0.002000 | ||||||
Distribution Reinvestment Plan | |||||||
Distribution Made to Limited Partner [Line Items] | |||||||
Maximum shares of common stock offered (in shares) | $ | $ 20,000,000 | $ 10,000,000 | |||||
Minimum written notice period for termination | 10 days | ||||||
Shares, Issued | 3,443,689 | 3,262,718 | |||||
Distribution Reinvestment Plan | Class A Shares | |||||||
Distribution Made to Limited Partner [Line Items] | |||||||
Shares, Issued | 2,126,185 | 2,024,783 | |||||
Distribution Reinvestment Plan | Class C Shares | |||||||
Distribution Made to Limited Partner [Line Items] | |||||||
Shares, Issued | 340,412 | 316,527 | |||||
Distribution Reinvestment Plan | Class I Shares | |||||||
Distribution Made to Limited Partner [Line Items] | |||||||
Shares, Issued | 977,092 | 921,408 |
Members' Equity - Schedule of S
Members' Equity - Schedule of Shares Issued and Outstanding (Details) - shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Increase (Decrease) In Number Of Shares [Roll Forward] | |||
Beginning balance (in shares) | 62,870,347 | 47,889,610 | 47,889,610 |
Shares sold during the period (in shares) | 50,634,032 | 16,168,757 | |
Stock issued through reinvestment of distributions during the period (in shares) | 181,245 | 774,551 | |
Shares repurchased during the period (in shares) | (490,835) | (1,962,300) | |
Stock Transferred During Period, Share | 0 | (271) | |
Ending balance (in shares) | 113,194,789 | 62,870,347 | |
Class A Shares | |||
Increase (Decrease) In Number Of Shares [Roll Forward] | |||
Beginning balance (in shares) | 16,844,129 | 17,210,016 | 17,210,016 |
Shares sold during the period (in shares) | 0 | 12,964 | |
Stock issued through reinvestment of distributions during the period (in shares) | 101,402 | 436,348 | |
Shares repurchased during the period (in shares) | (241,124) | (815,199) | |
Stock Transferred During Period, Share | 0 | 0 | |
Ending balance (in shares) | 16,704,407 | 17,194,318 | 16,844,129 |
Class C shares | |||
Increase (Decrease) In Number Of Shares [Roll Forward] | |||
Beginning balance (in shares) | 2,734,661 | 2,718,475 | 2,718,475 |
Shares sold during the period (in shares) | 0 | 0 | |
Stock issued through reinvestment of distributions during the period (in shares) | 23,885 | 95,536 | |
Shares repurchased during the period (in shares) | (16,331) | (66,086) | |
Stock Transferred During Period, Share | 0 | (13,264) | |
Ending balance (in shares) | 2,742,215 | 2,724,068 | 2,734,661 |
Class I shares | |||
Increase (Decrease) In Number Of Shares [Roll Forward] | |||
Beginning balance (in shares) | 6,526,001 | 6,693,658 | 6,693,658 |
Shares sold during the period (in shares) | 0 | 5,783 | |
Stock issued through reinvestment of distributions during the period (in shares) | 55,684 | 242,963 | |
Shares repurchased during the period (in shares) | (43,365) | (429,396) | |
Stock Transferred During Period, Share | 0 | 12,993 | |
Ending balance (in shares) | 6,538,320 | 6,742,687 | 6,526,001 |
Class P-A Shares | |||
Increase (Decrease) In Number Of Shares [Roll Forward] | |||
Beginning balance (in shares) | 55,264 | 18,109 | 18,109 |
Shares sold during the period (in shares) | 83,621 | 37,155 | |
Stock issued through reinvestment of distributions during the period (in shares) | 0 | 0 | |
Shares repurchased during the period (in shares) | 0 | 0 | |
Stock Transferred During Period, Share | 0 | 0 | |
Ending balance (in shares) | 138,885 | 18,109 | 55,264 |
Class P-I Shares | |||
Increase (Decrease) In Number Of Shares [Roll Forward] | |||
Beginning balance (in shares) | 36,710,292 | 21,249,352 | 21,249,352 |
Shares sold during the period (in shares) | 17,027,155 | 16,112,855 | |
Stock issued through reinvestment of distributions during the period (in shares) | 274 | (296) | |
Shares repurchased during the period (in shares) | (190,015) | (651,619) | |
Stock Transferred During Period, Share | 0 | 0 | |
Ending balance (in shares) | 53,547,706 | 23,075,591 | 36,710,292 |
Class P-D shares | |||
Increase (Decrease) In Number Of Shares [Roll Forward] | |||
Beginning balance (in shares) | 0 | ||
Shares sold during the period (in shares) | 111,048 | ||
Stock issued through reinvestment of distributions during the period (in shares) | 0 | ||
Shares repurchased during the period (in shares) | 0 | ||
Stock Transferred During Period, Share | 0 | ||
Ending balance (in shares) | 111,048 | 0 | |
Class P-S shares | |||
Increase (Decrease) In Number Of Shares [Roll Forward] | |||
Beginning balance (in shares) | 0 | ||
Shares sold during the period (in shares) | 33,396,467 | ||
Stock issued through reinvestment of distributions during the period (in shares) | 0 | ||
Shares repurchased during the period (in shares) | 0 | ||
Stock Transferred During Period, Share | 0 | ||
Ending balance (in shares) | 33,396,467 | 0 | |
Class P-T shares | |||
Increase (Decrease) In Number Of Shares [Roll Forward] | |||
Beginning balance (in shares) | 0 | ||
Shares sold during the period (in shares) | 15,741 | ||
Stock issued through reinvestment of distributions during the period (in shares) | 0 | ||
Shares repurchased during the period (in shares) | 0 | ||
Stock Transferred During Period, Share | 0 | ||
Ending balance (in shares) | 15,741 | 0 |
Members' Equity - Schedule of_2
Members' Equity - Schedule of Shares Sold and Value of Shares Issued (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Distribution Made to Limited Partner [Line Items] | ||
Proceeds from Shares Sold | $ 455,822,484 | $ 16,695,894 |
Proceeds from Shares Issued through Reinvestment of Distributions | 1,550,005 | 1,759,086 |
Class A Shares | ||
Distribution Made to Limited Partner [Line Items] | ||
Proceeds from Shares Sold | 0 | 0 |
Proceeds from Shares Issued through Reinvestment of Distributions | 871,751 | 1,007,024 |
Class C Shares | ||
Distribution Made to Limited Partner [Line Items] | ||
Proceeds from Shares Sold | 0 | 0 |
Proceeds from Shares Issued through Reinvestment of Distributions | 199,310 | 193,050 |
Class I Shares | ||
Distribution Made to Limited Partner [Line Items] | ||
Proceeds from Shares Sold | 0 | 0 |
Proceeds from Shares Issued through Reinvestment of Distributions | 478,670 | 559,012 |
Class P-A Shares | ||
Distribution Made to Limited Partner [Line Items] | ||
Proceeds from Shares Sold | 728,428 | 0 |
Proceeds from Shares Issued through Reinvestment of Distributions | 0 | 0 |
Class P-I Shares | ||
Distribution Made to Limited Partner [Line Items] | ||
Proceeds from Shares Sold | 153,217,116 | 16,695,894 |
Proceeds from Shares Issued through Reinvestment of Distributions | 274 | 0 |
Class P-D shares | ||
Distribution Made to Limited Partner [Line Items] | ||
Proceeds from Shares Sold | 1,000,000 | 0 |
Proceeds from Shares Issued through Reinvestment of Distributions | 0 | 0 |
Class P-S shares | ||
Distribution Made to Limited Partner [Line Items] | ||
Proceeds from Shares Sold | 300,735,190 | 0 |
Proceeds from Shares Issued through Reinvestment of Distributions | 0 | 0 |
Class P-T shares | ||
Distribution Made to Limited Partner [Line Items] | ||
Proceeds from Shares Sold | 141,750 | 0 |
Proceeds from Shares Issued through Reinvestment of Distributions | $ 0 | $ 0 |
Distributions - Schedule of Dis
Distributions - Schedule of Distribution (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 4 Months Ended | |||||||||||||
Nov. 30, 2020 | Oct. 31, 2020 | Sep. 30, 2020 | May 31, 2021 | Feb. 28, 2021 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Aug. 31, 2020 | |
Class A Shares | ||||||||||||||||
Distribution paid (in dollars per share) | $ 0.00152 | $ 0.00152 | $ 0.00152 | $ 0.00152 | $ 0.00167 | $ 0.00167 | $ 0.00167 | $ 0.00167 | $ 0.00167 | $ 0.00167 | $ 0.00167 | $ 0.00167 | $ 0.00167 | $ 0.00167 | $ 0.00152 | |
Class A Shares | Subsequent Event | Forecast | ||||||||||||||||
Distribution paid (in dollars per share) | $ 0.00152 | |||||||||||||||
Class C Shares | ||||||||||||||||
Distribution paid (in dollars per share) | 0.00149 | 0.00149 | 0.00149 | 0.00149 | 0.00163 | 0.00163 | 0.00163 | 0.00163 | 0.00163 | 0.00163 | 0.00163 | 0.00163 | 0.00163 | 0.00163 | 0.00149 | |
Class C Shares | Subsequent Event | Forecast | ||||||||||||||||
Distribution paid (in dollars per share) | 0.00149 | |||||||||||||||
Class I Shares | ||||||||||||||||
Distribution paid (in dollars per share) | 0.00152 | 0.00152 | 0.00152 | 0.00152 | 0.00167 | 0.00167 | 0.00167 | 0.00167 | 0.00167 | 0.00167 | 0.00167 | 0.00167 | 0.00167 | 0.00167 | 0.00152 | |
Class I Shares | Subsequent Event | Forecast | ||||||||||||||||
Distribution paid (in dollars per share) | 0.00152 | |||||||||||||||
Class P-A Shares | ||||||||||||||||
Distribution paid (in dollars per share) | 0.00152 | 0.00152 | 0.00153 | 0.00152 | 0.00165 | 0.00165 | 0.00165 | 0.00165 | 0.00165 | 0.00165 | 0 | 0 | 0 | 0 | 0.00153 | |
Class P-A Shares | Subsequent Event | Forecast | ||||||||||||||||
Distribution paid (in dollars per share) | 0.00152 | |||||||||||||||
Class P-I Shares | ||||||||||||||||
Distribution paid (in dollars per share) | 0.00158 | 0.00158 | 0.00158 | 0.00158 | 0.00158 | 0.00158 | 0.00158 | 0.00158 | 0.00158 | 0.00158 | 0.00158 | 0.00158 | 0.00158 | 0.00158 | 0.00158 | |
Class P-I Shares | Subsequent Event | Forecast | ||||||||||||||||
Distribution paid (in dollars per share) | 0.00158 | |||||||||||||||
Class P-D shares | ||||||||||||||||
Distribution paid (in dollars per share) | 0 | 0 | 0 | 0.00158 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Class P-D shares | Subsequent Event | Forecast | ||||||||||||||||
Distribution paid (in dollars per share) | 0.00158 | |||||||||||||||
Class P-T shares | ||||||||||||||||
Distribution paid (in dollars per share) | 0 | 0 | 0 | 0.00158 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Class P-T shares | Subsequent Event | Forecast | ||||||||||||||||
Distribution paid (in dollars per share) | 0.00158 | |||||||||||||||
Class P-S shares | ||||||||||||||||
Distribution paid (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0.00158 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Class P-S shares | Subsequent Event | Forecast | ||||||||||||||||
Distribution paid (in dollars per share) | $ 0.00158 |
Distributions - Schedule of D_2
Distributions - Schedule of Distribution Declared (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | $ 10,402,200 | $ 5,412,278 |
Value of Shares Issued under DRP | 1,549,824 | 1,758,881 |
Total | 11,952,024 | 7,171,159 |
Pay Date # 1 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | 2,555,800 | |
Value of Shares Issued under DRP | 538,241 | |
Total | 3,094,041 | |
Pay Date # 2 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | 3,063,308 | |
Value of Shares Issued under DRP | 487,868 | |
Total | 3,551,176 | |
Pay Date # 3 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | 4,783,092 | |
Value of Shares Issued under DRP | 523,715 | |
Total | $ 5,306,807 | |
Pay Date # 4 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | 1,788,542 | |
Value of Shares Issued under DRP | 603,697 | |
Total | 2,392,239 | |
Pay Date # 5 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | 1,733,243 | |
Value of Shares Issued under DRP | 561,984 | |
Total | 2,295,227 | |
Pay Date # 6 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | 1,890,493 | |
Value of Shares Issued under DRP | 593,200 | |
Total | $ 2,483,693 |
Distributions - Cash Distributi
Distributions - Cash Distribution (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Distributions Made to Members or Limited Partners [Abstract] | ||
Cash from operations | $ 0 | $ 1,598,905 |
Offering proceeds | 8,066,157 | 5,511,620 |
Total Cash Distributions | $ 8,066,157 | $ 7,110,525 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Millions | Mar. 31, 2021USD ($)entity |
Other Commitments [Line Items] | |
Number of entities | entity | 26 |
Performance Guarantee | Renewable Energy Credit Forward Contract | |
Other Commitments [Line Items] | |
Guarantor obligations | $ 0 |
26 Operating Entities | |
Other Commitments [Line Items] | |
Investment outstanding balance | 257.6 |
Operating Entities Individually A Party | |
Other Commitments [Line Items] | |
Investment outstanding balance | 315.2 |
Parent Company Guarantees | |
Other Commitments [Line Items] | |
Guarantor obligations | $ 111.6 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||||||
Common equityholders’ equity at end of period | $ 994,861,155 | $ 555,551,859 | $ 434,581,443 | $ 415,637,460 | ||
Common shares outstanding at end of period (in shares) | 113,194,789 | 62,870,347 | 47,889,610 | |||
Class A Shares | ||||||
Earnings Per Share [Abstract] | ||||||
Net Asset Value at beginning of period (in dollars per share) | $ 8.61 | $ 8.40 | ||||
Net investment income (in dollars per share) | 0.01 | 0.10 | ||||
Net realized and unrealized gain/(loss) on investments and swap contracts (in dollars per share) | 0.07 | 0.19 | ||||
Change in translation of assets and liabilities denominated in foreign currencies (in dollars per share) | 0 | 0 | ||||
(Provision for) benefit from income taxes on realized and unrealized gain (loss) on investments and foreign currency translation (in dollars per share) | (0.04) | |||||
Change in benefit from deferred taxes on unrealized depreciation on investments (in dollars per share) | (0.13) | |||||
Net increase in net assets attributed to common stockholders (in dollars per share) | 0.04 | 0.16 | ||||
Distributions from net investment income (in dollars per share) | 0 | (0.03) | ||||
Distributions from offering proceeds (in dollars per share) | (0.14) | (0.12) | ||||
Other (in dollars per share) | (0.02) | 0 | ||||
Net decrease in members' equity attributed to common shares (in dollars per share) | 0.16 | 0.15 | ||||
Net asset value at end of period (in dollars per share) | $ 8.61 | $ 8.40 | $ 8.49 | $ 8.61 | $ 8.41 | $ 8.40 |
Common equityholders’ equity at end of period | $ 141,781,925 | $ 147,620,207 | ||||
Common shares outstanding at end of period (in shares) | 16,704,407 | 16,844,129 | 17,194,318 | 17,210,016 | ||
Ratio/Supplemental data for common shares (annualized): | ||||||
Total return attributed to common shares based on net asset value (in percentage) | 0.20% | 1.90% | ||||
Ratio of net investment income to average net assets | 0.56% | 4.78% | ||||
Ratio of operating expenses to average net assets | 3.65% | 4.34% | ||||
Portfolio turnover rate | 0.19% | 11.15% | ||||
Class C Shares | ||||||
Earnings Per Share [Abstract] | ||||||
Net Asset Value at beginning of period (in dollars per share) | $ 8.35 | $ 8.23 | ||||
Net investment income (in dollars per share) | 0.01 | 0.10 | ||||
Net realized and unrealized gain/(loss) on investments and swap contracts (in dollars per share) | 0.07 | 0.19 | ||||
Change in translation of assets and liabilities denominated in foreign currencies (in dollars per share) | 0 | 0 | ||||
(Provision for) benefit from income taxes on realized and unrealized gain (loss) on investments and foreign currency translation (in dollars per share) | (0.04) | |||||
Change in benefit from deferred taxes on unrealized depreciation on investments (in dollars per share) | (0.13) | |||||
Net increase in net assets attributed to common stockholders (in dollars per share) | 0.04 | 0.16 | ||||
Distributions from net investment income (in dollars per share) | 0 | (0.03) | ||||
Distributions from offering proceeds (in dollars per share) | (0.14) | (0.12) | ||||
Other (in dollars per share) | (0.01) | 0 | ||||
Net decrease in members' equity attributed to common shares (in dollars per share) | 0.15 | 0.15 | ||||
Net asset value at end of period (in dollars per share) | $ 8.35 | $ 8.23 | $ 8.24 | $ 8.35 | $ 8.24 | $ 8.23 |
Common equityholders’ equity at end of period | $ 22,597,463 | $ 22,910,360 | ||||
Common shares outstanding at end of period (in shares) | 2,742,215 | 2,734,661 | 2,724,068 | 2,718,475 | ||
Ratio/Supplemental data for common shares (annualized): | ||||||
Total return attributed to common shares based on net asset value (in percentage) | 0.29% | 1.90% | ||||
Ratio of net investment income to average net assets | 0.58% | 4.88% | ||||
Ratio of operating expenses to average net assets | 3.75% | 4.43% | ||||
Portfolio turnover rate | 0.19% | 11.15% | ||||
Class I Shares | ||||||
Earnings Per Share [Abstract] | ||||||
Net Asset Value at beginning of period (in dollars per share) | $ 8.61 | $ 8.40 | ||||
Net investment income (in dollars per share) | 0.01 | 0.10 | ||||
Net realized and unrealized gain/(loss) on investments and swap contracts (in dollars per share) | 0.07 | 0.19 | ||||
Change in translation of assets and liabilities denominated in foreign currencies (in dollars per share) | 0 | 0 | ||||
(Provision for) benefit from income taxes on realized and unrealized gain (loss) on investments and foreign currency translation (in dollars per share) | (0.04) | |||||
Change in benefit from deferred taxes on unrealized depreciation on investments (in dollars per share) | (0.13) | |||||
Net increase in net assets attributed to common stockholders (in dollars per share) | 0.04 | 0.16 | ||||
Distributions from net investment income (in dollars per share) | 0 | (0.03) | ||||
Distributions from offering proceeds (in dollars per share) | (0.14) | (0.12) | ||||
Other (in dollars per share) | (0.02) | 0 | ||||
Net decrease in members' equity attributed to common shares (in dollars per share) | 0.16 | 0.15 | ||||
Net asset value at end of period (in dollars per share) | $ 8.61 | $ 8.40 | $ 8.49 | $ 8.61 | $ 8.41 | $ 8.40 |
Common equityholders’ equity at end of period | $ 55,492,784 | $ 57,888,710 | ||||
Common shares outstanding at end of period (in shares) | 6,538,320 | 6,526,001 | 6,742,687 | 6,693,658 | ||
Ratio/Supplemental data for common shares (annualized): | ||||||
Total return attributed to common shares based on net asset value (in percentage) | 0.22% | 1.90% | ||||
Ratio of net investment income to average net assets | 0.56% | 4.78% | ||||
Ratio of operating expenses to average net assets | 3.64% | 4.34% | ||||
Portfolio turnover rate | 0.19% | 11.15% | ||||
Class P-A Shares | ||||||
Earnings Per Share [Abstract] | ||||||
Net Asset Value at beginning of period (in dollars per share) | $ 8.70 | $ 8.44 | ||||
Net investment income (in dollars per share) | 0.01 | 0.10 | ||||
Net realized and unrealized gain/(loss) on investments and swap contracts (in dollars per share) | 0.07 | 0.19 | ||||
Change in translation of assets and liabilities denominated in foreign currencies (in dollars per share) | 0 | 0 | ||||
(Provision for) benefit from income taxes on realized and unrealized gain (loss) on investments and foreign currency translation (in dollars per share) | (0.04) | |||||
Change in benefit from deferred taxes on unrealized depreciation on investments (in dollars per share) | (0.13) | |||||
Net increase in net assets attributed to common stockholders (in dollars per share) | 0.04 | 0.16 | ||||
Distributions from net investment income (in dollars per share) | 0 | (0.03) | ||||
Distributions from offering proceeds (in dollars per share) | (0.14) | (0.12) | ||||
Other (in dollars per share) | 0.04 | 0.01 | ||||
Net decrease in members' equity attributed to common shares (in dollars per share) | 0.10 | 0.14 | ||||
Net asset value at end of period (in dollars per share) | $ 8.70 | $ 8.44 | $ 8.64 | $ 8.70 | $ 8.46 | $ 8.44 |
Common equityholders’ equity at end of period | $ 1,200,209 | $ 156,293 | ||||
Common shares outstanding at end of period (in shares) | 138,885 | 55,264 | 18,109 | 18,109 | ||
Ratio/Supplemental data for common shares (annualized): | ||||||
Total return attributed to common shares based on net asset value (in percentage) | 0.92% | 2.02% | ||||
Ratio of net investment income to average net assets | 0.43% | 4.75% | ||||
Ratio of operating expenses to average net assets | 2.81% | 4.32% | ||||
Portfolio turnover rate | 0.19% | 11.15% | ||||
Class P-I Shares | ||||||
Earnings Per Share [Abstract] | ||||||
Net Asset Value at beginning of period (in dollars per share) | $ 9.02 | $ 8.73 | ||||
Net investment income (in dollars per share) | 0.01 | 0.10 | ||||
Net realized and unrealized gain/(loss) on investments and swap contracts (in dollars per share) | 0.07 | 0.19 | ||||
Change in translation of assets and liabilities denominated in foreign currencies (in dollars per share) | 0 | 0 | ||||
(Provision for) benefit from income taxes on realized and unrealized gain (loss) on investments and foreign currency translation (in dollars per share) | (0.04) | |||||
Change in benefit from deferred taxes on unrealized depreciation on investments (in dollars per share) | (0.13) | |||||
Net increase in net assets attributed to common stockholders (in dollars per share) | 0.04 | 0.16 | ||||
Distributions from net investment income (in dollars per share) | 0 | (0.03) | ||||
Distributions from offering proceeds (in dollars per share) | (0.14) | (0.11) | ||||
Other (in dollars per share) | 0 | 0.02 | ||||
Net decrease in members' equity attributed to common shares (in dollars per share) | 0.14 | 0.12 | ||||
Net asset value at end of period (in dollars per share) | $ 9.02 | $ 8.73 | $ 8.92 | $ 9.02 | $ 8.77 | $ 8.73 |
Common equityholders’ equity at end of period | $ 477,780,810 | $ 206,443,274 | ||||
Common shares outstanding at end of period (in shares) | 53,547,706 | 36,710,292 | 23,075,591 | 21,249,352 | ||
Ratio/Supplemental data for common shares (annualized): | ||||||
Total return attributed to common shares based on net asset value (in percentage) | 0.51% | 2.11% | ||||
Ratio of net investment income to average net assets | 0.52% | 4.60% | ||||
Ratio of operating expenses to average net assets | 3.40% | 4.18% | ||||
Portfolio turnover rate | 0.19% | 11.15% | ||||
Class P-D shares | ||||||
Earnings Per Share [Abstract] | ||||||
Net Asset Value at beginning of period (in dollars per share) | $ 8.96 | |||||
Net investment income (in dollars per share) | 0.01 | |||||
Net realized and unrealized gain/(loss) on investments and swap contracts (in dollars per share) | 0.07 | |||||
Change in translation of assets and liabilities denominated in foreign currencies (in dollars per share) | 0 | |||||
(Provision for) benefit from income taxes on realized and unrealized gain (loss) on investments and foreign currency translation (in dollars per share) | (0.04) | |||||
Net increase in net assets attributed to common stockholders (in dollars per share) | 0.04 | |||||
Distributions from net investment income (in dollars per share) | 0 | |||||
Distributions from offering proceeds (in dollars per share) | (0.09) | |||||
Other (in dollars per share) | 0.01 | |||||
Net decrease in members' equity attributed to common shares (in dollars per share) | 0.08 | |||||
Net asset value at end of period (in dollars per share) | $ 8.96 | $ 8.92 | $ 8.96 | |||
Common equityholders’ equity at end of period | $ 990,705 | |||||
Common shares outstanding at end of period (in shares) | 111,048 | 0 | ||||
Ratio/Supplemental data for common shares (annualized): | ||||||
Total return attributed to common shares based on net asset value (in percentage) | 0.17% | |||||
Ratio of net investment income to average net assets | 0.29% | |||||
Ratio of operating expenses to average net assets | 1.85% | |||||
Portfolio turnover rate | 0.19% | |||||
Class P-S shares | ||||||
Earnings Per Share [Abstract] | ||||||
Net Asset Value at beginning of period (in dollars per share) | $ 8.84 | |||||
Net investment income (in dollars per share) | 0.01 | |||||
Net realized and unrealized gain/(loss) on investments and swap contracts (in dollars per share) | 0.07 | |||||
Change in translation of assets and liabilities denominated in foreign currencies (in dollars per share) | 0 | |||||
(Provision for) benefit from income taxes on realized and unrealized gain (loss) on investments and foreign currency translation (in dollars per share) | (0.04) | |||||
Net increase in net assets attributed to common stockholders (in dollars per share) | 0.04 | |||||
Distributions from net investment income (in dollars per share) | 0 | |||||
Distributions from offering proceeds (in dollars per share) | (0.09) | |||||
Other (in dollars per share) | 0.04 | |||||
Net decrease in members' equity attributed to common shares (in dollars per share) | 0.05 | |||||
Net asset value at end of period (in dollars per share) | $ 8.84 | $ 8.83 | $ 8.84 | |||
Common equityholders’ equity at end of period | $ 294,882,644 | |||||
Common shares outstanding at end of period (in shares) | 33,396,467 | 0 | ||||
Ratio/Supplemental data for common shares (annualized): | ||||||
Total return attributed to common shares based on net asset value (in percentage) | 0.94% | |||||
Ratio of net investment income to average net assets | 0.53% | |||||
Ratio of operating expenses to average net assets | 3.43% | |||||
Portfolio turnover rate | 0.19% | |||||
Class P-T shares | ||||||
Earnings Per Share [Abstract] | ||||||
Net Asset Value at beginning of period (in dollars per share) | $ 8.57 | |||||
Net investment income (in dollars per share) | 0.01 | |||||
Net realized and unrealized gain/(loss) on investments and swap contracts (in dollars per share) | 0.07 | |||||
Change in translation of assets and liabilities denominated in foreign currencies (in dollars per share) | 0 | |||||
(Provision for) benefit from income taxes on realized and unrealized gain (loss) on investments and foreign currency translation (in dollars per share) | (0.04) | |||||
Net increase in net assets attributed to common stockholders (in dollars per share) | 0.04 | |||||
Distributions from net investment income (in dollars per share) | 0 | |||||
Distributions from offering proceeds (in dollars per share) | (0.09) | |||||
Other (in dollars per share) | 0.03 | |||||
Net decrease in members' equity attributed to common shares (in dollars per share) | 0.06 | |||||
Net asset value at end of period (in dollars per share) | $ 8.57 | $ 8.55 | $ 8.57 | |||
Common equityholders’ equity at end of period | $ 134,615 | |||||
Common shares outstanding at end of period (in shares) | 15,741 | 0 | ||||
Ratio/Supplemental data for common shares (annualized): | ||||||
Total return attributed to common shares based on net asset value (in percentage) | 0.57% | |||||
Ratio of net investment income to average net assets | 0.40% | |||||
Ratio of operating expenses to average net assets | 2.62% | |||||
Portfolio turnover rate | 0.19% |
Financial Highlights (Details N
Financial Highlights (Details Narrative) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financial Highlights (Textual) | ||
Weighted average common shares outstanding (in shares) | 85,937,169 | 48,991,682 |
Class A Shares | ||
Financial Highlights (Textual) | ||
Weighted average common shares outstanding (in shares) | 16,879,518 | 17,194,318 |
Class C Shares | ||
Financial Highlights (Textual) | ||
Weighted average common shares outstanding (in shares) | 2,743,322 | 2,724,068 |
Class I Shares | ||
Financial Highlights (Textual) | ||
Weighted average common shares outstanding (in shares) | 6,545,397 | 6,742,687 |
Class P-A Shares | ||
Financial Highlights (Textual) | ||
Weighted average common shares outstanding (in shares) | 74,728 | 18,109 |
Class P-I Shares | ||
Financial Highlights (Textual) | ||
Weighted average common shares outstanding (in shares) | 44,737,061 | 23,075,591 |
Class P-D shares | ||
Financial Highlights (Textual) | ||
Weighted average common shares outstanding (in shares) | 20,266 | |
Class P-T shares | ||
Financial Highlights (Textual) | ||
Weighted average common shares outstanding (in shares) | 7,579 | |
Class P-S shares | ||
Financial Highlights (Textual) | ||
Weighted average common shares outstanding (in shares) | 14,929,297 |
Subsequent Events (Details)
Subsequent Events (Details) - Greenbacker Capital Management LLC - USD ($) | Jul. 01, 2021 | Mar. 31, 2021 |
Related Party Transaction, Fee Arrangement, Scenario One | ||
Subsequent Event [Line Items] | ||
Base management fees payable, monthly rate | 0.167% | |
Base management fees payable, annual rate | 2.00% | |
Gross asset including borrowing | $ 800,000,000 | |
Related Party Transaction, Fee Arrangement, Scenario One | Forecast | ||
Subsequent Event [Line Items] | ||
Base management fees payable, monthly rate | 0.167% | |
Base management fees payable, annual rate | 2.00% | |
Gross asset including borrowing | $ 800,000,000 | |
Related Party Transaction, Fee Arrangement, Scenario Two | ||
Subsequent Event [Line Items] | ||
Base management fees payable, monthly rate | 0.14583% | |
Base management fees payable, annual rate | 1.75% | |
Related Party Transaction, Fee Arrangement, Scenario Two | Forecast | ||
Subsequent Event [Line Items] | ||
Base management fees payable, monthly rate | 0.14583% | |
Base management fees payable, annual rate | 1.75% | |
Related Party Transaction, Fee Arrangement, Scenario Two | Minimum | ||
Subsequent Event [Line Items] | ||
Gross asset including borrowing | $ 800,000,001 | |
Related Party Transaction, Fee Arrangement, Scenario Two | Minimum | Forecast | ||
Subsequent Event [Line Items] | ||
Gross asset including borrowing | $ 800,000,001 | |
Related Party Transaction, Fee Arrangement, Scenario Two | Maximum | ||
Subsequent Event [Line Items] | ||
Gross asset including borrowing | $ 1,500,000,000 | |
Related Party Transaction, Fee Arrangement, Scenario Two | Maximum | Forecast | ||
Subsequent Event [Line Items] | ||
Gross asset including borrowing | $ 1,500,000,000 | |
Related Party Transaction, Fee Arrangement, Scenario Three | ||
Subsequent Event [Line Items] | ||
Base management fees payable, monthly rate | 0.125% | |
Base management fees payable, annual rate | 1.50% | |
Related Party Transaction, Fee Arrangement, Scenario Three | Forecast | ||
Subsequent Event [Line Items] | ||
Base management fees payable, monthly rate | 0.125% | |
Base management fees payable, annual rate | 1.50% | |
Gross asset including borrowing | $ 1,500,000,000 |