Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 02, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | Greenbacker Renewable Energy Co LLC | ||
Entity Central Index Key | 0001563922 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity File Number | 000-55610 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Incorporation State Country Code | DE | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity public float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 49,305,069 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
ASSETS | |||
Investments in controlled/affiliated portfolios, at fair value (cost of $415,905,982 and $298,314,385, respectively) | $ 452,072,181 | $ 307,176,115 | |
Investments in non-controlled/non-affiliated portfolios, at fair value (cost of $23,103,690 and nil, respectively) | 23,103,690 | ||
Swap contracts, at fair value | 21,223 | 435,603 | |
Cash and cash equivalents | 8,636,839 | 39,122,635 | |
Restricted cash | 429,252 | ||
Shareholder receivable | 650,000 | 469,245 | |
Dividend receivable | 620,846 | 488,000 | |
Deferred tax assets, net of valuation allowance | 1,313,506 | 6,051,957 | |
Investment sales receivable | 22,013,491 | ||
Other assets | 611,560 | 201,074 | |
Total assets | 509,472,588 | 353,944,629 | |
LIABILITIES | |||
Swap contracts, at fair value | 4,899,566 | 311,641 | |
Payable for investments purchased | 7,502,267 | 8,901 | |
Term note payable, net of financing costs | 68,886,785 | 29,527,046 | |
Management fee payable | 272,982 | 588,161 | |
Accounts payable and accrued expenses | 419,240 | 727,175 | |
Shareholder distributions payable | 1,784,961 | 1,260,754 | |
Interest payable | 11,933 | 3,507 | |
Due to advisor | 19,181 | ||
Payable for repurchases of common stock | 2,186,780 | 1,249,808 | |
Deferred sales commission payable | 56,483 | 191,706 | |
Total liabilities | 86,020,997 | 33,887,880 | |
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 | |||
Common stock, par value, $.001 per share, 350,000,000 authorized; 47,889,610 and 37,003,502 shares issued and outstanding, respectively | 47,890 | 37,004 | |
Paid-in capital in excess of par value | 416,611,769 | 321,741,819 | |
Accumulated losses | [1] | (105,876) | (3,519,212) |
Total common members' equity | 416,553,783 | 318,259,611 | |
Special unitholder's equity | 6,897,808 | 1,797,138 | |
Total members' equity (net assets) | 423,451,591 | 320,056,749 | |
Total liabilities and equity (net assets) | 509,472,588 | 353,944,629 | |
Total common members' equity | 416,553,783 | 318,259,611 | |
Net assets, Class A | |||
MEMBERS' EQUITY (NET ASSETS) | |||
Net assets | 147,304,141 | 142,791,899 | |
Net assets, Class C | |||
MEMBERS' EQUITY (NET ASSETS) | |||
Net assets | 22,792,345 | 18,546,310 | |
Net assets, Class I | |||
MEMBERS' EQUITY (NET ASSETS) | |||
Net assets | 57,292,421 | 53,046,260 | |
Net assets, Class P-I | |||
MEMBERS' EQUITY (NET ASSETS) | |||
Net assets | 189,009,074 | 103,742,870 | |
Net assets, Class P-A | |||
MEMBERS' EQUITY (NET ASSETS) | |||
Net assets | $ 155,802 | $ 132,272 | |
[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 losses. |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Investments controlled affiliated at fair value, cost | $ 415,905,982 | $ 298,314,385 |
Investments non-controlled non-affiliated portfolios at fair value, cost | $ 23,103,690 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 50,000,000 | 50,000,000 |
Preferred stock, issued | ||
Preferred stock, outstanding | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 350,000,000 | 350,000,000 |
Common stock, issued | 47,889,610 | 37,003,502 |
Common stock, outstanding | 47,889,610 | 37,003,502 |
Net assets, Class A | ||
Common stock, outstanding | 17,210,016 | 16,714,738 |
Net assets, Class C | ||
Common stock, outstanding | 2,718,475 | 2,222,478 |
Net assets, Class I | ||
Common stock, outstanding | 6,693,658 | 6,209,416 |
Net assets, Class P-A | ||
Common stock, outstanding | 18,109 | 15,478 |
Net assets, Class P-I | ||
Common stock, outstanding | 21,249,352 | 11,841,392 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment income from controlled, affiliated investments: | |||
Dividend income | $ 17,160,351 | $ 18,503,814 | $ 13,125,642 |
Interest income | 13,060 | 263,791 | 107,547 |
Total investment income from controlled, affiliated investments | 17,173,411 | 18,767,605 | 13,233,189 |
Investment income from non-controlled, non-affiliated investments: | |||
Interest income | 1,589,294 | 624,977 | 106,080 |
Total investment income | 18,762,705 | 19,392,582 | 13,339,269 |
Operating expenses: | |||
Management fee expense | 8,461,616 | 5,803,893 | 3,490,942 |
Audit and tax expense | 1,156,874 | 913,509 | 685,570 |
Interest and financing expenses | 2,812,802 | 1,793,834 | 692,265 |
General and administration expenses | 239,202 | 375,159 | 421,673 |
Legal expenses | 351,128 | 139,059 | 183,545 |
Directors fees and expenses | 398,845 | 100,209 | 100,210 |
Insurance expense | 161,610 | 95,780 | 64,411 |
Transfer Agent Expense | 477,198 | 382,943 | |
Other expenses | 489,627 | 106,881 | 241,611 |
Total expenses | 14,548,902 | 9,711,267 | 5,880,227 |
Net investment income before taxes | 4,213,803 | 9,681,315 | 7,459,042 |
Deferred tax (benefit) expense | (3,188,431) | 1,458,669 | 2,619,076 |
Franchise tax expense | 125,143 | 138,436 | 23,415 |
Net investment income | 7,277,091 | 8,084,210 | 4,816,551 |
Net change in realized and unrealized gain (loss) on investments, foreign currency translation and deferred tax assets: | |||
Net realized gain on investments | 12,915,738 | 693,882 | |
Net change in unrealized appreciation (depreciation) on: | |||
Investments | 27,296,880 | 2,955,079 | 5,929,033 |
Foreign currency translation | 7,589 | (118,496) | 97,763 |
Swap contracts | (5,002,305) | (32,106) | 65,371 |
Change in benefit from deferred taxes on unrealized appreciation (depreciation) on investments | (7,926,882) | 2,986,588 | 963,720 |
Net increase in net assets resulting from operations | 34,568,111 | 13,875,275 | 12,566,320 |
Net decrease in net assets attributed to special unitholder | (5,270,670) | (560,895) | (1,235,657) |
Net increase in net assets attributed to common members | $ 29,297,441 | $ 13,314,380 | $ 11,330,663 |
Common stock per share information - basic and diluted: | |||
Net increase in net assets attributed to common members | $ 0.67 | $ 0.45 | $ 0.6 |
Weighted average common shares outstanding | 43,788,187 | 29,799,735 | 18,922,343 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS EQUITY - USD ($) | Common Members | Paid-in capital in excess of par value | Accumulated deficit | Accumulated net realized gain on investments | Accumulated unrealized appreciation (depreciation) on investments, net of deferred taxes | Accumulated unrealized appreciation (depreciation) on foreign currency translation | Accumulated unrealized appreciation (depreciation) on swap contracts | Common members' equity | Special unitholder | Total |
Balance at Dec. 31, 2016 | $ 14,922 | $ 128,425,800 | $ (3,629,220) | $ 4,578 | $ 4,699,283 | $ (187,846) | $ 90,697 | $ 129,418,214 | $ 586 | $ 129,418,800 |
Balance, shares at Dec. 31, 2016 | 14,921,922 | |||||||||
Proceeds from issuance of common stock, net | $ 8,251 | 72,411,556 | 72,419,807 | 72,419,807 | ||||||
Proceeds from issuance of common stock, net (in shares) | 8,251,118 | |||||||||
Issuance of common stock under distribution reinvestment plan | $ 534 | 4,747,000 | 4,747,534 | 4,747,534 | ||||||
Issuance of common stock under distribution reinvestment plan (in shares) | 533,645 | |||||||||
Repurchases of common stock | $ (518) | (4,147,180) | (4,147,698) | (4,147,698) | ||||||
Repurchases of common stock (in shares) | (517,456) | |||||||||
Offering costs | (926,386) | (926,386) | (926,386) | |||||||
Shareholder distributions | (11,403,610) | (11,403,610) | (11,403,610) | |||||||
Distributions to special unitholder | ||||||||||
Net investment income (loss) | 4,816,551 | 4,816,551 | 4,816,551 | |||||||
Net realized gain (loss) | 693,882 | 693,882 | 693,882 | |||||||
Net change in unrealized appreciation (depreciation) on investments | 4,693,376 | 4,693,376 | 1,222,583 | 5,915,959 | ||||||
Net change in unrealized appreciation (depreciation) on foreign currency translation | 97,763 | 97,763 | 97,763 | |||||||
Net change in unrealized appreciation (depreciation) on swap contracts | 65,371 | 65,371 | 13,074 | 78,445 | ||||||
Change in benefit from deferred taxes on unrealized appreciation (depreciation) on investments | 963,720 | 963,720 | 963,720 | |||||||
Balance at Dec. 31, 2017 | $ 23,189 | 200,510,790 | (10,216,279) | 698,460 | 10,356,379 | (90,083) | 156,068 | 201,438,524 | 1,236,243 | 202,674,767 |
Balance, shares at Dec. 31, 2017 | 23,189,229 | |||||||||
Proceeds from issuance of common stock, net | $ 13,627 | 120,313,445 | 120,327,072 | 120,327,072 | ||||||
Proceeds from issuance of common stock, net (in shares) | 13,625,689 | |||||||||
Issuance of common stock under distribution reinvestment plan | $ 694 | 6,126,095 | 6,126,789 | 6,126,789 | ||||||
Issuance of common stock under distribution reinvestment plan (in shares) | 694,427 | |||||||||
Repurchases of common stock | $ (506) | (4,473,965) | (4,474,471) | (4,474,471) | ||||||
Repurchases of common stock (in shares) | (505,843) | |||||||||
Offering costs | (734,546) | (734,546) | (734,546) | |||||||
Shareholder distributions | (17,738,137) | (17,738,137) | (17,738,137) | |||||||
Distributions to special unitholder | ||||||||||
Net investment income (loss) | 8,084,210 | 8,084,210 | 8,084,210 | |||||||
Net realized gain (loss) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 2,394,184 | 2,394,184 | 560,895 | 2,955,079 | ||||||
Net change in unrealized appreciation (depreciation) on foreign currency translation | (118,496) | (118,496) | (118,496) | |||||||
Net change in unrealized appreciation (depreciation) on swap contracts | (32,106) | (32,106) | (32,106) | |||||||
Change in benefit from deferred taxes on unrealized appreciation (depreciation) on investments | 2,986,588 | 2,986,588 | 2,986,588 | |||||||
Balance at Dec. 31, 2018 | $ 37,004 | 321,741,819 | (19,870,206) | 698,460 | 15,737,151 | (208,579) | 123,962 | 318,259,611 | 1,797,138 | 320,056,749 |
Balance, shares at Dec. 31, 2018 | 37,003,502 | |||||||||
Proceeds from issuance of common stock, net | $ 11,087 | 97,330,310 | 97,341,397 | 97,341,397 | ||||||
Proceeds from issuance of common stock, net (in shares) | 11,086,672 | |||||||||
Issuance of common stock under distribution reinvestment plan | $ 784 | 6,751,893 | 6,752,677 | 6,752,677 | ||||||
Issuance of common stock under distribution reinvestment plan (in shares) | 784,496 | |||||||||
Repurchases of common stock | $ (985) | (8,521,405) | (8,522,390) | (8,522,390) | ||||||
Repurchases of common stock (in shares) | (985,060) | |||||||||
Offering costs | (690,848) | (690,848) | (690,848) | |||||||
Shareholder distributions | (25,884,105) | (25,884,105) | (25,884,105) | |||||||
Distributions to special unitholder | (170,000) | (170,000) | ||||||||
Net investment income (loss) | 7,277,091 | 7,277,091 | 7,277,091 | |||||||
Net realized gain (loss) | 11,265,324 | 11,265,324 | 1,650,414 | 12,915,738 | ||||||
Net change in unrealized appreciation (depreciation) on investments | 22,676,163 | 22,676,163 | 4,620,717 | 27,296,880 | ||||||
Net change in unrealized appreciation (depreciation) on foreign currency translation | 7,589 | 7,589 | 7,589 | |||||||
Net change in unrealized appreciation (depreciation) on swap contracts | (4,001,844) | (4,001,844) | (1,000,461) | (5,002,305) | ||||||
Change in benefit from deferred taxes on unrealized appreciation (depreciation) on investments | (7,926,882) | (7,926,882) | (7,926,882) | |||||||
Balance at Dec. 31, 2019 | $ 47,890 | $ 416,611,769 | $ (38,477,220) | $ 11,963,784 | $ 30,486,432 | $ (200,990) | $ (3,877,882) | $ 416,553,783 | $ 6,897,808 | $ 423,451,591 |
Balance, shares at Dec. 31, 2019 | 47,889,610 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Net increase (decrease) in net assets from operations | $ 34,568,111 | $ 13,875,275 | $ 12,566,320 |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | |||
Amortization of deferred financing costs | 226,742 | 222,394 | 164,725 |
Amortization and accretion of premium and discount | (88,432) | ||
Purchase of investments | (353,585,860) | (135,052,745) | (117,569,013) |
Return of capital from investments | 161,551,945 | 44,566,792 | 30,412 |
Proceeds from principal payments and sales of investments | 64,254,366 | 4,621,231 | 20,996,206 |
Net realized (gain) on investments | (12,915,738) | (693,882) | |
Net change in unrealized (appreciation) on investments | (27,296,880) | (2,955,079) | (5,929,033) |
Net change in unrealized (appreciation) depreciation on foreign currency translation | (7,589) | 118,496 | (97,763) |
Net change in unrealized (appreciation) depreciation on swap contracts | 5,002,305 | 32,106 | (65,371) |
Deferred tax expense | 4,738,451 | (1,527,919) | 1,655,356 |
(Increase) decrease in other assets: | |||
Receivable for investments sold | (22,013,491) | ||
Dividend receivable | (132,846) | (488,000) | |
Other assets | (410,486) | (126,832) | (9,198) |
Increase (decrease) in other liabilities: | |||
Payable for investments purchased | 7,493,366 | (15,405,304) | 15,414,205 |
Due to advisor, net | (19,181) | 8,764 | (89,365) |
Management fee payable | (315,179) | 530,870 | (175,565) |
Accounts payable and accrued expenses | (307,935) | 327,031 | (23,495) |
Interest payable | 8,426 | (108,738) | 112,245 |
Net cash used in operating activities | (139,161,473) | (91,450,090) | (73,713,216) |
Financing activities: | |||
Borrowings on Credit facility and term note | 55,580,682 | 30,665,460 | 15,800,000 |
Paydowns on Credit facility and term note | (14,255,676) | (13,655,794) | (6,324,760) |
Payments of financing costs | (2,192,009) | (615,378) | |
Proceeds from issuance of shares of common stock, net | 97,025,448 | 120,024,951 | 72,672,757 |
Distributions paid | (18,607,250) | (11,061,871) | (6,348,757) |
Offering costs | (690,848) | (734,546) | (926,386) |
Repurchases of common stock | (7,585,418) | (4,194,111) | (4,034,020) |
Distribution from special unitholder | (170,000) | ||
Due to dealer manager re: Offering costs | (36,694) | ||
Net cash provided by financing activities | 109,104,929 | 120,428,711 | 70,802,140 |
Net increase (decrease) in cash and cash equivalents | (30,056,544) | 28,978,621 | (2,911,076) |
Cash, cash equivalents and restricted cash, beginning of period | 39,122,635 | 10,144,014 | 13,055,090 |
Cash, cash equivalents and restricted cash, end of period | 9,066,091 | 39,122,635 | 10,144,014 |
Reconciliation of cash, cash equivalents and restricted cash per the Consolidated Statements of Assets and Liabilities | |||
Cash and Cash equivalents | 8,636,839 | 39,122,635 | 10,144,014 |
Restricted Cash | 429,252 | ||
Total cash, cash equivalents and restricted cash | 9,066,091 | 39,122,635 | 10,144,014 |
Supplemental disclosure of cash flow information: | |||
Cash interest paid during the period | 1,360,409 | 1,219,237 | 490,139 |
Non cash financing activities | |||
Shareholder receivable from sale of common stock | 650,000 | 469,245 | 225,509 |
Purchase of investments | 8,091 | 15,414,205 | |
Investments disposed of/received through in-kind transactions | $ 11,420,306 |
CONSOLIDATED SCHEDULES OF INVES
CONSOLIDATED SCHEDULES OF INVESTMENTS - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | ||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 415,905,982 | $ 298,314,385 | |||
Fair Value | 452,072,181 | 307,176,115 | |||
LIABILITIES IN EXCESS OF ALL ASSETS OTHER THAN INVESTMENTS | $ (51,724,280) | $ 12,880,634 | |||
LIABILITIES IN EXCESS OF ALL ASSETS OTHER THAN INVESTMENTS, Percentage of Net Assets | (12.10%) | 4.10% | |||
TOTAL NET ASSETS | $ 423,451,591 | $ 320,056,749 | |||
Percentage of Net Assets | 100.00% | [1] | 100.00% | [2] | |
TOTAL INVESTMENTS | |||||
Shares or Principal Amount | 112.10% | 95.90% | |||
Cost | $ 439,009,672 | $ 298,314,385 | |||
Fair Value | $ 475,175,871 | $ 307,176,115 | |||
Percentage of Net Assets | 112.10% | [1] | 95.90% | [2] | |
Biomass | |||||
Cost | $ 21,425,600 | ||||
Fair Value | 21,425,600 | ||||
Biomass | Eagle Valley Biomass Portfolio | |||||
Cost | 21,425,600 | ||||
Fair Value | 21,425,600 | ||||
Pre-Operational Assets | |||||
Cost | 95,718,187 | $ 50,353,115 | |||
Fair Value | 95,718,187 | 50,235,080 | |||
Pre-Operational Assets | Colorado CES Portfolio [Member] | |||||
Cost | 4,517,354 | ||||
Fair Value | 4,517,354 | ||||
Pre-Operational Assets | Electric City Portfolio [Member] | |||||
Cost | 4,208,484 | ||||
Fair Value | 4,208,484 | ||||
Pre-Operational Assets | Opal Portfolio [Member] | |||||
Cost | 344,949 | ||||
Fair Value | 344,949 | ||||
Pre-Operational Assets | Oregon Sun Portfolio [Member] | |||||
Cost | 5,404,787 | ||||
Fair Value | 5,404,787 | ||||
Pre-Operational Assets | Phoenix Solar Portfolio | |||||
Cost | 4,051,138 | 9,964,515 | |||
Fair Value | 4,051,138 | 9,964,515 | |||
Pre-Operational Assets | Trillium Portfolio [Member] | |||||
Cost | 24,277,396 | ||||
Fair Value | 24,277,396 | ||||
Pre-Operational Assets | Turquoise Solar Portfolio | |||||
Cost | 26,602,532 | 5,877,188 | |||
Fair Value | 26,602,532 | 5,877,188 | |||
Pre-Operational Assets | Colorado CSG Solar Portfolio | |||||
Cost | 27,333,205 | ||||
Fair Value | 27,215,170 | ||||
Pre-Operational Assets | SE Solar Portfolio | |||||
Cost | 7,178,207 | ||||
Fair Value | 7,178,207 | ||||
Pre-Operational Assets | SE Solar Portfolio 2019 [Member] | |||||
Cost | 5,000,000 | ||||
Fair Value | 5,000,000 | ||||
Other Investments [Member] | |||||
Cost | 12,656,710 | ||||
Fair Value | 12,473,975 | ||||
Other Investments [Member] | Other Portfolios [Member] | |||||
Cost | 12,656,710 | 1,279,273 | |||
Fair Value | 12,473,975 | 1,263,620 | |||
Alternative Energy Wind | |||||
Cost | 90,618,874 | 63,446,680 | |||
Fair Value | 101,660,576 | 65,165,744 | |||
Alternative Energy Wind | Greenbacker Wind Portfolio - California | |||||
Cost | 9,500,000 | 9,500,000 | |||
Fair Value | 8,777,056 | 8,070,745 | |||
Alternative Energy Wind | Greenbacker Wind Portfolio - Iowa [Member] | |||||
Cost | 20,440,000 | ||||
Fair Value | 20,440,000 | ||||
Alternative Energy Wind | Greenbacker Wind Portfolio - Montana | |||||
Cost | 24,756,684 | 21,709,487 | |||
Fair Value | 26,451,773 | 21,956,868 | |||
Alternative Energy Wind | Greenbacker Wind Portfolio - Idaho | |||||
Cost | 7,320,000 | ||||
Fair Value | 6,385,631 | ||||
Alternative Energy Wind | Greenbacker Wind Portfolio - Vermont | |||||
Cost | 24,917,193 | ||||
Fair Value | $ 28,752,500 | ||||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Total Investments in controlled/affiliated Portfolios [Member] | |||||
Cost | 415,905,982 | ||||
Fair Value | $ 452,072,181 | ||||
Percentage of Net Assets | [1] | 106.70% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Biomass | |||||
Shares or Principal Amount | 5.10% | ||||
Cost | $ 21,425,600 | ||||
Fair Value | $ 21,425,600 | ||||
Percentage of Net Assets | [1] | 5.10% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Biomass | Eagle Valley Biomass Portfolio | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 21,425,600 | ||||
Fair Value | $ 21,425,600 | ||||
Percentage of Net Assets | [1] | 5.10% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar | |||||
Shares or Principal Amount | 40.60% | 46.00% | |||
Cost | $ 158,516,291 | $ 144,732,656 | |||
Fair Value | $ 172,492,229 | $ 147,571,531 | |||
Percentage of Net Assets | 40.60% | [1] | 46.00% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar | Conic Portfolio | |||||
Cost | $ 12,077,823 | ||||
Fair Value | $ 17,828,206 | ||||
Percentage of Net Assets | [1] | 4.20% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar | East to West Solar Portfolio | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 39,109,190 | $ 37,079,887 | |||
Fair Value | $ 41,214,191 | $ 33,665,088 | |||
Percentage of Net Assets | 9.70% | [1] | 10.50% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar | Foresight Solar Portfolio | |||||
Cost | $ 13,790,000 | $ 13,650,000 | |||
Fair Value | $ 14,965,339 | $ 14,357,201 | |||
Percentage of Net Assets | 3.50% | [1] | 4.50% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar | Golden Horizons Solar Portfolio | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 9,290,000 | $ 9,400,000 | |||
Fair Value | $ 15,132,017 | $ 14,445,071 | |||
Percentage of Net Assets | 3.60% | [1] | 4.50% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar | Green Maple Portfolio | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 26,561,596 | $ 17,582,823 | |||
Fair Value | $ 27,268,058 | $ 16,066,837 | |||
Percentage of Net Assets | 6.40% | [1] | 5.00% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar | Longleaf Solar Portfolio [Member] | |||||
Cost | $ 22,797,404 | ||||
Fair Value | $ 24,605,536 | ||||
Percentage of Net Assets | [1] | 5.80% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar | Magnolia Sun Portfolio | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 10,775,000 | $ 10,775,000 | |||
Fair Value | $ 6,460,457 | $ 8,258,786 | |||
Percentage of Net Assets | 1.50% | [1] | 2.60% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar | Midway III Solar Portfolio | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 10,575,394 | $ 11,552,904 | |||
Fair Value | $ 11,475,652 | $ 13,265,608 | |||
Percentage of Net Assets | 2.70% | [1] | 4.10% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar | Six States Solar Portfolio | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 12,655,306 | $ 12,470,306 | |||
Fair Value | $ 12,799,005 | $ 13,440,025 | |||
Percentage of Net Assets | 3.00% | [1] | 4.20% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar | Sunny Mountain Portfolio | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 884,578 | $ 884,578 | |||
Fair Value | $ 743,768 | $ 1,107,041 | |||
Percentage of Net Assets | 0.20% | [1] | 0.30% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar | Raleigh Portfolio | |||||
Cost | $ 20,822,198 | ||||
Fair Value | $ 21,358,997 | ||||
Percentage of Net Assets | [2] | 6.70% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar | Sun Farm Portfolio | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 10,514,960 | ||||
Fair Value | $ 11,606,877 | ||||
Percentage of Net Assets | [2] | 3.60% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Residential Solar | |||||
Shares or Principal Amount | 11.20% | 13.20% | |||
Cost | $ 36,103,136 | $ 37,503,136 | |||
Fair Value | $ 47,432,455 | $ 41,918,094 | |||
Percentage of Net Assets | 11.20% | [1] | 13.20% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Residential Solar | Canadian Northern Lights Portfolio | |||||
Shares or Principal Amount | [3] | 100.00% | 100.00% | ||
Cost | [3] | $ 1,603,136 | $ 1,603,136 | ||
Fair Value | [3] | $ 1,611,955 | $ 2,081,554 | ||
Percentage of Net Assets | [3] | 0.40% | [1] | 0.70% | [2] |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Residential Solar | Greenbacker Residential Solar Portfolio | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 28,100,000 | $ 28,100,000 | |||
Fair Value | $ 32,540,979 | $ 27,372,253 | |||
Percentage of Net Assets | 7.70% | [1] | 8.60% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Residential Solar | Greenbacker Residential Solar Portfolio II | |||||
Cost | $ 6,400,000 | $ 6,400,000 | |||
Fair Value | $ 13,279,521 | $ 10,763,559 | |||
Percentage of Net Assets | 3.10% | [1] | 3.40% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Residential Solar | Enfinity Colorado DHA Portfolio | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 1,400,000 | ||||
Fair Value | $ 1,700,728 | ||||
Percentage of Net Assets | [2] | 0.50% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Wind | |||||
Shares or Principal Amount | 24.00% | 20.40% | |||
Cost | $ 90,618,874 | $ 63,446,680 | |||
Fair Value | $ 101,660,576 | $ 65,165,744 | |||
Percentage of Net Assets | 24.00% | [1] | 20.40% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Wind | Greenbacker Wind Portfolio - California | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 9,500,000 | $ 9,500,000 | |||
Fair Value | $ 8,777,056 | $ 8,070,745 | |||
Percentage of Net Assets | 2.10% | [1] | 2.50% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Wind | Greenbacker Wind Portfolio - HoldCo | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 25,753,111 | ||||
Fair Value | $ 35,089,021 | ||||
Percentage of Net Assets | [1] | 8.30% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Wind | Greenbacker Wind Portfolio - Iowa [Member] | |||||
Cost | $ 20,440,000 | ||||
Fair Value | $ 20,440,000 | ||||
Percentage of Net Assets | [1] | 4.80% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Wind | Greenbacker Wind Portfolio - Massachusetts [Member] | |||||
Cost | $ 10,169,079 | ||||
Fair Value | $ 10,902,726 | ||||
Percentage of Net Assets | [1] | 2.60% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Wind | Greenbacker Wind Portfolio - Montana | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 24,756,684 | $ 21,709,487 | |||
Fair Value | $ 26,451,773 | $ 21,956,868 | |||
Percentage of Net Assets | 6.20% | [1] | 6.90% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Wind | Greenbacker Wind Portfolio - Vermont | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 24,917,193 | ||||
Fair Value | $ 28,752,500 | ||||
Percentage of Net Assets | [2] | 9.00% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets | |||||
Shares or Principal Amount | 22.70% | 15.60% | |||
Cost | $ 95,718,187 | $ 50,353,115 | |||
Fair Value | $ 95,718,187 | $ 50,235,080 | |||
Percentage of Net Assets | 22.70% | [1] | 15.60% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets | Citrine Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 3,411,249 | ||||
Fair Value | $ 3,411,249 | ||||
Percentage of Net Assets | [1] | 0.80% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets | Colorado CES Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 4,517,354 | ||||
Fair Value | $ 4,517,354 | ||||
Percentage of Net Assets | [1] | 1.10% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets | Electric City Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 4,208,484 | ||||
Fair Value | $ 4,208,484 | ||||
Percentage of Net Assets | [1] | 1.00% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets | Omni DG Portfolio | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 17,900,298 | ||||
Fair Value | $ 17,900,298 | ||||
Percentage of Net Assets | [1] | 4.20% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets | Opal Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 344,949 | ||||
Fair Value | $ 344,949 | ||||
Percentage of Net Assets | [1] | 0.10% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets | Oregon Sun Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 5,404,787 | ||||
Fair Value | $ 5,404,787 | ||||
Percentage of Net Assets | [1] | 1.30% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets | Phoenix Solar Portfolio | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 4,051,138 | $ 9,964,515 | |||
Fair Value | $ 4,051,138 | $ 9,964,515 | |||
Percentage of Net Assets | 1.00% | [1] | 3.10% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets | Trillium Portfolio [Member] | |||||
Cost | $ 24,277,396 | ||||
Fair Value | $ 24,277,396 | ||||
Percentage of Net Assets | [1] | 5.70% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets | Turquoise Solar Portfolio | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 26,602,532 | $ 5,877,188 | |||
Fair Value | $ 26,602,532 | $ 5,877,188 | |||
Percentage of Net Assets | 6.30% | [1] | 1.80% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets | Colorado CSG Solar Portfolio | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 27,333,205 | ||||
Fair Value | $ 27,215,170 | ||||
Percentage of Net Assets | [2] | 8.50% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets | SE Solar Portfolio | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 7,178,207 | ||||
Fair Value | $ 7,178,207 | ||||
Percentage of Net Assets | [2] | 2.20% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets | SE Solar Portfolio 2019 [Member] | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 5,000,000 | ||||
Fair Value | $ 5,000,000 | ||||
Percentage of Net Assets | [1] | 1.20% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Other Investments [Member] | |||||
Shares or Principal Amount | 2.90% | 0.40% | |||
Cost | $ 12,656,710 | $ 1,279,273 | |||
Fair Value | $ 12,473,975 | $ 1,263,620 | |||
Percentage of Net Assets | 2.90% | [1] | 0.40% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Other Investments [Member] | Other Portfolios [Member] | |||||
Cost | [4] | $ 12,656,710 | $ 1,279,273 | ||
Fair Value | [4] | $ 12,473,975 | $ 1,263,620 | ||
Percentage of Net Assets | [4] | 2.90% | [1] | 0.40% | [2] |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Energy Efficiency in the United States [Member] | GREC Energy Efficiency Portfolio | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 388,044 | $ 447,885 | |||
Fair Value | $ 390,019 | $ 470,406 | |||
Percentage of Net Assets | 0.10% | [1] | 0.10% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Energy Efficiency in the United States [Member] | Renew AEC One, LLC | |||||
Shares or Principal Amount | $ 551,640 | ||||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Energy Efficiency | |||||
Shares or Principal Amount | 0.20% | 0.30% | |||
Cost | $ 867,184 | $ 999,525 | |||
Fair Value | $ 869,159 | $ 1,022,046 | |||
Percentage of Net Assets | 0.20% | [1] | 0.30% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Energy Efficiency | Renew AEC One, LLC | |||||
Interest | [5] | 10.25% | 10.25% | ||
Maturity | Feb. 24, 2025 | Feb. 25, 2025 | |||
Shares or Principal Amount | $ 551,640 | ||||
Cost | $ 479,140 | 551,640 | |||
Fair Value | $ 479,140 | $ 551,640 | |||
Percentage of Net Assets | 0.10% | [1] | 0.20% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Alternative Energy Wind | Greenbacker Wind Portfolio - Idaho | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 7,320,000 | ||||
Fair Value | $ 6,385,631 | ||||
Percentage of Net Assets | [2] | 2.00% | |||
Secured Loans - Commercial Solar - Not readily marketable | |||||
Shares or Principal Amount | 5.40% | ||||
Cost | $ 23,103,690 | ||||
Fair Value | $ 23,103,690 | ||||
Percentage of Net Assets | [1] | 5.40% | |||
Secured Loans - Commercial Solar - Not readily marketable | Total Investments in non-controlled/non-affiliated portfolios [Member] | |||||
Cost | $ 23,103,690 | ||||
Fair Value | $ 23,103,690 | ||||
Percentage of Net Assets | 5.40% | ||||
Secured Loans - Commercial Solar - Not readily marketable | Encore Loan [Member] | |||||
Interest | 10.00% | ||||
Maturity | Oct. 11, 2020 | ||||
Shares or Principal Amount | $ 5,000,680 | ||||
Cost | 5,000,680 | ||||
Fair Value | $ 5,000,680 | ||||
Percentage of Net Assets | [1] | 1.20% | |||
Secured Loans - Commercial Solar - Not readily marketable | Hudson Loan [Member] | |||||
Interest | 8.00% | ||||
Maturity | Mar. 31, 2020 | ||||
Shares or Principal Amount | $ 9,481,127 | ||||
Cost | 9,481,127 | ||||
Fair Value | $ 9,481,127 | ||||
Percentage of Net Assets | [1] | 2.20% | |||
Secured Loans - Commercial Solar - Not readily marketable | New Market Loan [Member] | |||||
Interest | 9.00% | ||||
Maturity | Oct. 3, 2020 | ||||
Shares or Principal Amount | $ 5,000,000 | ||||
Cost | 5,000,000 | ||||
Fair Value | $ 5,000,000 | ||||
Percentage of Net Assets | [1] | 1.20% | |||
Secured Loans - Commercial Solar - Not readily marketable | SE Solar Loan | |||||
Interest | 9.00% | ||||
Maturity | Feb. 21, 2020 | ||||
Shares or Principal Amount | $ 1,000,000 | ||||
Cost | 1,000,000 | ||||
Fair Value | $ 1,000,000 | ||||
Percentage of Net Assets | [1] | 0.20% | |||
Secured Loans - Commercial Solar - Not readily marketable | TUUSSO Loan [Member] | |||||
Interest | 8.00% | ||||
Maturity | Jun. 30, 2020 | ||||
Shares or Principal Amount | $ 2,621,883 | ||||
Cost | 2,621,883 | ||||
Fair Value | $ 2,621,883 | ||||
Percentage of Net Assets | [1] | 0.60% | |||
[1] | Percentages are based on net assets of $423,451,591 as of December 31, 2019. | ||||
[2] | Percentages are based on net assets of $320,056,749 as of December 31, 2018 | ||||
[3] | Portfolio is located outside of the United States of America. | ||||
[4] | Includes pre-acquisition and due diligence expenses. | ||||
[5] | Per the loan agreement, interest commenced on January 24, 2016. |
CONSOLIDATED SCHEDULES OF INV_2
CONSOLIDATED SCHEDULES OF INVESTMENTS (Interest Rate Swaps) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Notional Amount | $ 93,920,446 | |
Interest Rate Swaps [Member] | ||
Value | (4,878,343) | $ 123,962 |
Upfront Premiums Paid (Received) | ||
Fifth Third Financial Risk Solutions Due 07/09/2021 [Member] | Interest Rate Swaps [Member] | ||
Pay / Receive Floating Rate | Receive | Receive |
Floating Rate Index | 1-MO-USD-LIBOR | 1-MO-USD-LIBOR |
Fixed Pay Rate | 1.11% | 1.11% |
Payment Frequency | Monthly | Monthly |
Maturity Date | Jul. 9, 2021 | Jul. 9, 2021 |
Notional Amount | $ 3,320,556 | $ 3,607,222 |
Value | 21,223 | 107,431 |
Upfront Premiums Paid (Received) | ||
Fifth Third Financial Risk Solutions Due 02/29/2032 [Member] | Interest Rate Swaps [Member] | ||
Pay / Receive Floating Rate | Receive | Receive |
Floating Rate Index | 1-MO-USD-LIBOR | 1-MO-USD-LIBOR |
Fixed Pay Rate | 2.261% | 2.261% |
Payment Frequency | Monthly | Monthly |
Maturity Date | Feb. 29, 2032 | Feb. 29, 2032 |
Notional Amount | $ 18,981,540 | $ 20,668,547 |
Value | (611,198) | 328,172 |
Upfront Premiums Paid (Received) | ||
Fifth Third Financial Risk Solutions Due 12/31/2038 [Member] | Interest Rate Swaps [Member] | ||
Pay / Receive Floating Rate | Receive | Receive |
Floating Rate Index | 1-MO-USD-LIBOR | 1-MO-USD-LIBOR |
Fixed Pay Rate | 2.648% | 2.648% |
Payment Frequency | Monthly | Monthly |
Maturity Date | Dec. 31, 2038 | Dec. 31, 2038 |
Notional Amount | $ 27,662,350 | $ 29,624,945 |
Value | (1,725,805) | (190,440) |
Upfront Premiums Paid (Received) | ||
Fifth Third Financial Risk Solutions Due 12/31/2038 [Member] | Interest Rate Swaps [Member] | ||
Pay / Receive Floating Rate | Receive | Receive |
Floating Rate Index | 1-MO-USD-LIBOR | 1-MO-USD-LIBOR |
Fixed Pay Rate | 2.965% | 2.965% |
Payment Frequency | Monthly | Monthly |
Maturity Date | Dec. 31, 2038 | Dec. 31, 2038 |
Notional Amount | $ 3,946,615 | $ 4,180,063 |
Value | (359,271) | (121,201) |
Upfront Premiums Paid (Received) | ||
Fifth Third Financial Risk Solutions Due 12/31/2034 [Member] | Interest Rate Swaps [Member] | ||
Pay / Receive Floating Rate | Receive | |
Floating Rate Index | 1-MO-USD-LIBOR | |
Fixed Pay Rate | 2.668% | |
Payment Frequency | Monthly | |
Maturity Date | Dec. 31, 2034 | |
Notional Amount | $ 37,560,113 | |
Value | (2,203,292) | |
Upfront Premiums Paid (Received) |
Organization and Operations of
Organization and Operations of the Company | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations of the Company | Note 1. 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 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. The use of "we," "us," "our" and the "company" refers, collectively, to Greenbacker Renewable Energy Company LLC, Greenbacker Renewable Energy Corporation, and GREC HoldCo. 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"). As of March 29, 2019, the company terminated its public offering of the shares as well as its privately offered Class P-A shares. While the company publicly offered three classes of shares: Class A, C and I, currently the company is only privately offering Class P-I shares on a continuous basis. The share classes had different selling commissions, dealer manager fees and there is an ongoing distribution fee with respect to Class C shares. The company has adopted the DRP pursuant to which a shareholder owning publicly offered share classes may elect to have the full amount of cash distributions reinvested in additional shares. Following the termination of the company's public offering of shares, the DRP and the share repurchase plan will continue to be available to existing investors. As of June 4, 2019, pursuant to our Registration Statement on Form S-3 (File No. 333-231960) we are offering a maximum of $10,000,000 in shares of our common stock to our existing stockholders pursuant to the DRP. Each quarter, our advisor, utilizing the services of an independent valuation firm, when necessary, reviews and approves the net asset value for each class of shares, subject to the oversight of the company's board of directors. To the extent that the net asset value per share on the most recent valuation date increases or decreases, the company will adjust the offering price of the P-I shares to the then-net asset value per share. Five days after the publishing of each quarter-end valuation, Class A, C and I shares will be offered pursuant to the DRP at a price equal to the net asset value. As of December 31, 2019, the company has made solar, wind, biomass, and energy efficiency investments in 36 portfolios, 35 domiciled in the United States and one in Canada, as well as six secured loans in the United States (See Note 3). As of December 31, 2018, the company has made solar, wind and energy efficiency investments in 26 portfolios, 25 domiciled in the United States and one in Canada, as well as one energy efficiency secured loan in the United States. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. 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 Danforth Shared Services LLC which provides 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 of its investments 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 December 31, 2019 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 consolidated the accounts of the company's wholly-owned subsidiaries to meet the aforementioned criteria in its consolidated financial statements. 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. The company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Short-term investments that are cash equivalents, which are considered level 1 investments, are stated at cost, which approximates fair value. Restricted Cash Restricted cash consists of cash accounts or letters of credit that are restricted for use on specific investments. As of December 31,2019, we have one restricted cash account that serves as collateral for a letter of credit related to funding of a specific "to be constructed" investment. 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 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 which the company's board of directors has reviewed and approved. The company will use observable market data to estimate the fair value of investments to the extent that such market data is available. 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, which incorporates the company's assumptions about the factors that a market participant would use to value the asset. For investments for which quoted market prices are not available, which will comprise most of our investment portfolio, fair value will be estimated by using the income or market approach. The income approach assumes that value is created by the expectation of future benefits discounted to a current value and the fair value estimate is the amount an investor would be willing to pay to receive those future benefits. The market approach compares recent comparable transactions to the investment or an offer to purchase an investment based upon a firm bid, a signed term sheet and/or a signed purchase agreement. Adjustments are made to account for the probability of the deal closing and any dissimilarity between the comparable transactions and the investments. Pre-operational assets are held at cost until they are operational. Therefore, the fair value associated with these assets are essentially cost. These valuation methodologies involve a significant degree of judgment on the part of our advisor. 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, 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. 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 for the years ended December 31, 2019, 2018 and 2017. For the year ended For the year ended For the year ended Basic and diluted Net increase in net assets resulting from operations attributed to common members $ 29,297,441 $ 13,314,380 $ 11,330,663 Weighted average common shares outstanding 43,788,187 29,799,735 18,922,343 Net increase in net assets resulting from operations attributed to common members per share $ 0.67 $ 0.45 $ 0.60 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 (1) on the ex-dividend date for publicly issued securities and (2) on the ex-dividend date for private investments. The timing and amount of dividend income is determined on at least a quarterly basis by GREC. 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 are recognized when approved. Dividends received from the company's project companies, which generally reflect net cash flow from operations, are declared, accrued and paid on a quarterly basis at a minimum. Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments 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, without regard to unrealized appreciation or depreciation previously recognized. 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 Interest 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 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 shares, which is allocated specifically to Class C 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. These O&O costs included all costs previously paid or to be paid by 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) and a private placement memorandum, including legal, accounting, printing, mailing and filing fees, charges of the company's escrow holder, transfer agent fees, due diligence expense reimbursements to participating broker-dealers included in detailed and itemized invoices and costs in connection with administrative oversight of the offering and marketing process, and preparing supplemental sales materials, holding educational conferences, and attending retail seminars conducted by broker-dealers. 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, but with respect to the company's public offerings, only to the extent that the reimbursement would not cause the selling commissions, the dealer manager fee and the other organization and offering expenses borne by the company to exceed 15% of gross offering proceeds as of the date of reimbursement. Total O&O costs related to the terminated Registration Statements amounted to $9.4 million, approximately 3.8% of gross offering proceeds raised pursuant to such Registration Statements. 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, subject to the 15% of gross offering proceeds limitation described above. 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. The following table provides information in regard to the status of O&O costs (in 000's) as of December 31, 2019 and 2018: December 31, December 31, Total O&O Costs Incurred by the Advisor and Dealer Manager $ 9,822 $ 9,371 Amounts previously reimbursed to the Advisor/Dealer Manager by the company 9,822 9,106 Amounts payable to Advisor by the company - 19 Amounts of the contingent liability subject to payment by the company only upon adequate gross offering proceeds being raised - 246 Financing Costs Financing costs related to debt liabilities incurred by the company, GREC or any wholly-owned holding company formed specifically to be a credit agreement counterparty are presented on the consolidated statements of assets and liabilities as a direct deduction from the carrying amount of that debt liability. Financing costs are deferred and amortized using the straight-line method over the life of the debt liability. Capital Gains Incentive Allocation and Distribution Pursuant to the terms of the LLC's amended and restated limited liability company agreement, a capital gains incentive fee will be earned by 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 advisory agreement neither include nor contemplate the inclusion of unrealized gains in the calculation of the capital gains incentive fee, the company will include unrealized gains in the calculation of the capital gains incentive distribution pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies. This amount reflects 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 advisor 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 is calculated, the company calculates 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. As of December 31, 2019, and 2018, a capital gains incentive distribution allocation in the amounts of $6,897,808 and $1,797,138, respectively, was recorded in the consolidated statements of assets and liabilities as Special unitholder's equity. 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 Class C shares sold with a reduced front-end load sales charge. The costs expected to be incurred at the time of the sale of Class C shares are recorded as a liability on the date of sale and are amortized on a straight-line basis over the period beginning at the time of sale and ending on the date which approximates an expected liquidity event for the company. As of December 31, 2019, and December 31, 2018, the company recorded a liability for deferred sales commissions in the amount of $56,483 and $191,706, respectively. Reclassifications Certain prior year amounts have been reclassified to conform with current year presentation. These reclassifications had no impact on prior periods' results. 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 are netted for financial statement presentation. The fair value of interest rate swap contracts open as of December 31, 2019 is included on the schedule of investments by contract. For the year ended December 31, 2019, the company's average monthly notional exposure to interest rate swap contracts was $93,920,446. Consolidated Statements of Assets and Liabilities — Fair Values of Derivatives at December 31, 2019 Asset Derivatives Liability Derivatives Risk Exposure Consolidated Statement of Assets and Liabilities Location Fair Value Consolidated Statement of Assets and Liabilities Location Fair Value Swaps Interest Rate Risk Swap contracts, at fair value $ 21,223 Swap contracts, at fair value $ 4,899,566 $ 21,223 $ 4,899,566 Consolidated Statements of Assets and Liabilities — Fair Values of Derivatives at December 31, 2018. Asset Derivatives Liability Derivatives Risk Exposure Consolidated Statement of Assets and Liabilities Location Fair Value Consolidated Statement of Assets and Liabilities Location Fair Value Swaps Interest Rate Risk Swap contracts, at fair value $ 435,603 Swap contracts, at fair value $ 311,641 $ 435,603 $ 311,641 The effect of derivative instruments on the Consolidated Statements of Operations Risk Exposure Change in net unrealized depreciation on derivative transactions for the year ended Change in net unrealized depreciation on derivative transactions for the year ended Change in net unrealized appreciation on derivative transactions for the year ended Swaps Interest Rate Risk $ (5,002,305 ) $ (32,106 ) $ 65,371 $ (5,002,305 ) $ (32,106 ) $ 65,371 Risk Exposure Investment interest income from non-controlled, non-affiliated investments for the year ended Investment interest income from non-controlled, non-affiliated investments for the year ended Investment interest income from non-controlled, non-affiliated investments for the year ended Swaps Interest Rate Risk $ - $ 189,178 $ - $ - $ 189,178 $ - Risk Exposure Other expenses for the year ended Other expenses for the year ended Other expenses for the year ended Swaps Interest Rate Risk $ 229,731 $ - $ 111,831 $ 229,731 $ - $ 111,831 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 statement of assets and liabilities. The company minimizes counterparty credit risk through credit monitoring procedures and managing margin and collateral requirements, as appropriate. Regarding our investment in the Canadian Northern Lights Portfolio, we have foreign currency risk related to our revenue and operating expenses which are denominated in the Canadian Dollars as opposed to the 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. Distributions to members from the LLC would constitute dividend income taxable to such members, to the extent of the company's earnings and profits and the payment of the distributions would not be deductible by the LLC. 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. 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 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 December 31, 2019 for all U.S. federal and state tax jurisdictions for the years 2015 through 2019. The results of this assessment are included in the company's tax provision and deferred tax assets as of December 31, 2019. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement", which modifies the disclosure requirements on fair value measurements. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (fiscal 2020 for the company). Upon the effective date, certain provisions are to be applied prospectively, while others are to be applied retrospectively to all periods presented. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. We are currently evaluating the impact of ASU 2018-03 on our consolidated financial statements and disclosures, but do not expect a material impact on our consolidated financial statements and disclosures. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 3. Investments The composition of the company's investments as of December 31, 2019, at fair value, were as follows: Investments at Investments at Fair Value Biomass: Eagle Valley Biomass Portfolio $ 21,425,600 $ 21,425,600 4.5 % Subtotal $ 21,425,600 $ 21,425,600 4.5 % Commercial Solar: Conic Portfolio $ 12,077,823 $ 17,828,206 3.8 % East to West Solar Portfolio 39,109,190 41,214,191 8.7 Foresight Solar Portfolio 13,790,000 14,965,339 3.1 Golden Horizons Solar Portfolio 9,290,000 15,132,017 3.2 Green Maple Portfolio 26,561,596 27,268,058 5.7 Longleaf Portfolio 22,797,404 24,605,536 5.2 Magnolia Sun Portfolio 10,775,000 6,460,457 1.4 Midway III Solar Portfolio 10,575,394 11,475,652 2.4 Six States Solar Portfolio 12,655,306 12,799,005 2.6 Sunny Mountain Portfolio 884,578 743,768 0.2 Subtotal $ 158,516,291 $ 172,492,229 36.3 % Residential Solar: Canadian Northern Lights Portfolio $ 1,603,136 $ 1,611,955 0.3 % Greenbacker Residential Solar Portfolio 28,100,000 32,540,979 6.9 Greenbacker Residential Solar Portfolio II 6,400,000 13,279,521 2.8 Subtotal $ 36,103,136 $ 47,432,455 10.0 % Wind: Greenbacker Wind Portfolio – California $ 9,500,000 $ 8,777,056 1.8 % Greenbacker Wind Portfolio - HoldCo 25,753,111 35,089,021 7.4 Greenbacker Wind Portfolio - Iowa 20,440,000 20,440,000 4.3 Greenbacker Wind Portfolio - Massachusetts 10,169,079 10,902,726 2.3 Greenbacker Wind Portfolio - Montana 24,756,684 26,451,773 5.6 Subtotal $ 90,618,874 $ 101,660,576 21.4 % Pre-Operational Assets: Citrine Solar Portfolio $ 3,411,249 $ 3,411,249 0.7 % Colorado CES Portfolio 4,517,354 4,517,354 1.0 Electric City Portfolio 4,208,484 4,208,484 0.9 Omni Portfolio 17,900,298 17,900,298 3.8 Opal Portfolio 344,949 344,949 0.1 Oregon Sun Portfolio 5,404,787 5,404,787 1.1 Phoenix Solar Portfolio 4,051,138 4,051,138 0.8 SE Solar Portfolio 5,000,000 5,000,000 1.1 Trillium Portfolio 24,277,396 24,277,396 5.0 Turquoise Solar Portfolio 26,602,532 26,602,532 5.6 Subtotal $ 95,718,187 $ 95,718,187 20.1 % Other Investments: Other Portfolios $ 12,656,710 $ 12,473,975 2.6 % Subtotal $ 12,656,710 $ 12,473,975 2.6 % Energy Efficiency: GREC Energy Efficiency Portfolio $ 388,044 $ 390,019 0.1 % Renew AEC One, LLC 479,140 479,140 0.1 Subtotal $ 867,184 $ 869,159 0.2 % Secured Loans Encore Loan $ 5,000,680 $ 5,000,680 1.1 % Hudson Loan 9,481,127 9,481,127 2.0 New Market Loan 5,000,000 5,000,000 1.1 SE Solar Loan 1,000,000 1,000,000 0.2 TUUSSO Loan 2,621,883 2,621,883 0.5 Subtotal $ 23,103,690 $ 23,103,690 4.9 % Total $ 439,009,672 $ 475,175,871 100.0 % The composition of the company's investments as of December 31, 2018, at fair value, were as follows: Investments at Investments at Fair Value Commercial Solar: East to West Solar Portfolio $ 37,079,887 $ 33,665,088 10.9 % Foresight Solar Portfolio 13,650,000 14,357,201 4.7 Golden Horizons Solar Portfolio 9,400,000 14,445,071 4.7 Green Maple Portfolio 17,582,823 16,066,837 5.2 Magnolia Sun Portfolio 10,775,000 8,258,786 2.7 Midway III Solar Portfolio 11,552,904 13,265,608 4.3 Raleigh Portfolio 20,822,198 21,358,997 7.0 Six States Solar Portfolio 12,470,306 13,440,025 4.4 Sun Farm Portfolio 10,514,960 11,606,877 3.8 Sunny Mountain Portfolio 884,578 1,107,041 0.4 Subtotal $ 144,732,656 $ 147,571,531 48.1 % Residential Solar: Canadian Mountain Portfolio $ 1,603,136 $ 2,081,554 0.6 % Enfinity Colorado DHA Portfolio 1,400,000 1,700,728 0.6 Greenbacker Residential Solar Portfolio 28,100,000 27,372,253 8.9 Greenbacker Residential Solar Portfolio II 6,400,000 10,763,559 3.5 Subtotal $ 37,503,136 $ 41,918,094 13.6 % Wind: Greenbacker Wind Portfolio - California $ 9,500,000 $ 8,070,745 2.6 % Greenbacker Wind Portfolio - Idaho 7,320,000 6,385,631 2.1 Greenbacker Wind Portfolio - Montana 21,709,487 21,956,868 7.1 Greenbacker Wind Portfolio - Vermont 24,917,193 28,752,500 9.4 Subtotal $ 63,446,680 $ 65,165,744 21.2 % Pre-Operational Assets: Colorado CSG Solar Portfolio $ 27,333,205 $ 27,215,170 8.9 % Phoenix Solar Portfolio 9,964,515 9,964,515 3.2 SE Solar Portfolio 7,178,207 7,178,207 2.3 Turquoise Solar Portfolio 5,877,188 5,877,188 1.9 Subtotal $ 50,353,115 $ 50,235,080 16.3 % Other Investments: $ 1,279,273 $ 1,263,620 0.4 % Energy Efficiency: GREC Energy Efficiency Portfolio $ 447,885 $ 470,406 0.2 % Renew AEC One, LLC 551,640 551,640 0.2 Subtotal $ 999,525 $ 1,022,046 0.4 % Total $ 298,314,385 $ 307,176,115 100.0 % The counterparty to all the energy efficiency investments held by the company as of December 31, 2019 and December 31, 2018 is a related party (See Note 5). Investments at Investments at Fair Value United States: East Region $ 123,146,232 $ 130,572,650 27.4 % Mid-West Region 49,208,021 55,455,982 11.7 % Mountain Region 79,975,330 87,711,362 18.5 % South Region 91,932,394 93,441,062 19.7 % West Region 92,944,559 106,382,860 22.4 % Total United States: $ 437,406,536 $ 473,563,916 99.7 % Canada: 1,603,136 1,611,955 0.3 % Total $ 439,009,672 $ 475,175,871 100.0 % The composition of the company's investments as of December 31, 2018 by geographic region, at fair value, were as follows: Investments at Investments at Fair Value United States: East Region $ 65,082,005 $ 67,541,264 22.0 % Mid-West Region 1,796,801 1,846,346 0.6 Mountain Region 69,619,383 69,553,178 22.6 South Region 98,476,770 95,332,608 31.0 West Region 61,736,290 70,821,165 23.1 Total United States $ 296,711,249 $ 305,094,561 99.3 % Canada: 1,603,136 2,081,554 0.7 Total $ 298,314,385 $ 307,176,115 100.0 % The composition of the company's investments as of December 31, 2019 by industry, at fair value, were as follows: Investments at Investments at Fair Value Biomass $ 21,425,600 $ 21,425,600 4.5 % Commercial Solar* 181,619,981 195,595,919 41.2 Residential Solar 36,103,136 47,432,455 10.0 Wind 90,618,874 101,660,576 21.4 Pre-Operational Assets 95,718,187 95,718,187 20.1 Other Investments 12,656,710 12,473,975 2.6 Energy Efficiency 867,184 869,159 0.2 Total $ 439,009,672 $ 475,175,871 100.0 % * Includes loans in the amount of $23,103,690. The composition of the company's investments as of December 31, 2018 by industry, at fair value, were as follows: Investments at Investments at Fair Value Commercial Solar $ 144,732,656 $ 147,571,531 48.1 % Residential Solar 37,503,136 41,918,094 13.6 Wind 63,446,680 65,165,744 21.2 Pre-Operational Assets 50,353,115 50,235,080 16.3 Other Investments 1,279,273 1,263,620 0.4 Energy Efficiency 999,525 1,022,046 0.4 Total $ 298,314,385 $ 307,176,115 100.0 % Investments held as of December 31, 2019 and 2018 are considered Control Investments, which are defined as investments in companies in which the company owns 25% or more of the voting securities of such company, have greater than 50% representation on such company's board of directors, or investments in limited liability companies for which the company serves managing member. |
Fair Value Measurements - Inves
Fair Value Measurements - Investments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements - Investments | Note 4. Fair Value Measurements — Investments The following table presents fair value measurements of investments, by major class, as of December 31, 2019 according to the fair value hierarchy: Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ - $ - $ 449,981,086 $ 449,981,086 Capital Stock - - 1,611,955 1,611,955 Energy Efficiency Secured Loans - - 479,140 479,140 Secured Loans – Other - - 23,103,690 23,103,690 Total $ - $ - $ 475,175,871 $ 475,175,871 Other Financial Instruments* Open swap contracts- assets $ - $ 21,223 $ - $ 21,223 Open swap contracts- liabilities - (4,899,566 ) - (4,899,566 ) Total $ - $ (4,878,343 ) $ - $ (4,878,343 ) * 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 presents fair value measurements of investments, by major class, as of December 31, 2018 according to the fair value hierarchy: Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ — $ — $ 304,542,921 $ 304,542,921 Capital Stock — — 2,081,554 2,081,554 Energy Efficiency Secured Loans — — 551,640 551,640 Total $ — $ — $ 307,176,115 $ 307,176,115 Other Financial Instruments* Open swap contracts- assets $ — $ 435,603 $ — $ 435,603 Open swap contracts- liabilities $ — $ (311,641 ) $ — $ (311,641 ) Total $ — $ 123,962 $ — $ 123,962 * 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 year ended December 31, 2019: Balance Net change Translation Purchases Cost Sales and Net realized Balance Limited Liability Company Member Interests $ 304,542,921 $ 27,774,068 $ - $ 314,175,394 $ (159,495,169 ) $ (49,931,866 ) $ 12,915,738 $ 449,981,086 Capital Stock 2,081,554 (477,188 ) 7,589 - - - - 1,611,955 Energy Efficiency - Secured Loans 551,640 - - - - (72,500 ) - 479,140 Secured Loans - Other - - - 39,410,466 (2,056,776 ) (14,250,000 ) - 23,103,690 Total $ 307,176,115 $ 27,296,880 $ 7,589 $ 353,585,860 $ (161,551,945 ) $ (64,254,366 ) $ 12,915,738 $ 475,175,871 (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 year ended December 31, 2019 attributable to Level 3 investments still held at December 31, 2019 was $27,304,469. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of the Level 3 as of the beginning of the period which the reclassifications occur. There were no reclassifications attributable to Level 3 investments during the year ended December 31, 2019. The total net change in unrealized appreciation at fair value for the year ended December 31, 2019 was $22,302,164. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2018: Balance Net change in unrealized appreciation on investments Translation of assets and liabilities denominated in foreign currencies Purchases Cost adjustments (1) Sales and Repayments of investments (2) Net realized gain on investments Balance Limited Liability Company Member Interests $ 215,619,476 $ 2,848,856 $ - $ 135,141,381 $ (44,566,792 ) $ (4,500,000 ) $ - $ 304,542,921 Capital Stock 2,093,827 106,223 (118,496 ) - - - - 2,081,554 Energy Efficiency - Secured Loans 672,871 - - - - (121,231 ) - 551,640 Total $ 218,386,174 $ 2,955,079 $ (118,496 ) $ 135,141,381 $ (44,566,792 ) $ (4,621,231 ) $ - $ 307,176,115 (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 year ended December 31, 2018 attributable to Level 3 investments still held at December 31, 2018 was $2,836,583. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of the Level 3 as of the beginning of the period which the reclassifications occur. There were no reclassifications attributable to Level 3 investments during the year ended December 31, 2018. The total net change in unrealized appreciation at fair value for the year ended 31, 2018 was $2,804,477. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2017: Balance as of December 31, Net change in unrealized appreciation on investments Translation of assets and liabilities denominated in foreign currencies Purchases Cost adjustments (1) Sales and Repayments of investments (2) Net realized gain on investments Balance as of December 31, Limited Liability Company Member Interests $ 112,536,561 $ 5,748,138 $ - $ 127,069,013 $ (30,412 ) $ (30,397,706 ) $ 693,882 $ 215,619,476 Capital Stock 1,815,169 180,895 97,763 - - - - 2,093,827 Energy Efficiency - Secured Loans 771,371 - - - - (98,500 ) - 672,871 Total $ 115,123,101 $ 5,929,033 $ 97,763 $ 127,069,013 $ (30,412 ) $ (30,496,206 ) $ 693,882 $ 218,386,174 (1) Includes purchases of new investments, capitalized deal costs, effects of purchase price adjustments, 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 year ended December 31, 2017 attributable to Level 3 investments still held at December 31, 2017 was $6,026,796. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of the Level 3 as of the beginning of the period which the reclassifications occur. There were no reclassifications attributable to Level 3 investments during the year ended December 31, 2017. The total net change in unrealized appreciation at fair value for the year ended 31, 2017 was $6,092,167. As of December 31, 2019, 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, 2019: Fair Value Valuation Techniques Unobservable Inputs Rates/Assumptions Biomass $ 21,425,600 Transaction Cost Not Applicable Not Applicable Commercial Solar $ 172,492,229 Income Approach and Market Approach Discount rate, future kWh Production, and estimated remaining useful life 7.25% - 9.25%, 0.50% annual degradation in production, 13.5 - 34.3 years Residential Solar $ 47,432,455 Income Approach and Market Approach Discount rate, future kWh Production, and estimated remaining useful life 7.25% - 9.25%, 0.50% annual degradation in production, 13.5 - 34.3 years Wind $ 101,660,576 Income Approach Discount rate, future kWh Production, and estimated remaining useful life 8.50%, no annual degradation in production, 27.9 - 29.0 years Pre-Operational Assets $ 95,718,187 Transaction Cost Not Applicable Not Applicable Other Investments $ 12,473,975 Transaction Cost Not Applicable Not Applicable Energy Efficiency $ 869,159 Income and Collateral Based Approach Income Based Market yields 10.25% - 20.40% Secured Loans $ 23,103,690 Yield Analysis Market yields 8% - 10% As of December 31, 2018, 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, 2018: Fair Value Valuation Techniques Unobservable Inputs Rates/Assumptions Commercial Solar $ 147,571,531 Income approach Discount rate, future kWh Production, and estimated remaining useful life 7.75% - 8.50%, 0.50% annual degradation in production, 22.2 - 35 years Residential Solar $ 41,918,094 Income approach Discount rate, future kWh Production, and estimated remaining useful life 7.25% - 11%, 0.50% annual degradation in production, 12.2 - 33 years Wind $ 65,165,744 Income approach Discount rate, future kWh Production, and estimated remaining useful life 8.50%, no annual degradation in production, 24 - 27.7 years Pre-Operational Assets $ 50,235,080 Transaction cost Not Applicable Not Applicable Other Investments $ 1,263,620 Transaction cost Not Applicable Not Applicable Energy Efficiency $ 1,022,046 Income and collateral based approach Income Based 10.25% - 20.40% 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 Transactions Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Agreements and Transactions Agreements | Note 5. Related Party Agreements and Transactions 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 continuous public offering was terminated on March 29, 2019, the dealer manager will no longer receive any selling commission or dealer manager fees. However, the 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 offering were as follows: Type of Compensation and Recipient Determination of Amount Selling Commissions — Dealer Manager Up to 7% of gross offering proceeds from the sale of Class A shares, up to 3% of gross offering proceeds from the sale of Class C shares and up to 6% of gross offering proceeds for the sale of Class P-A shares. No selling commission will be paid with respect to Class I and Class P-I shares or for sales pursuant to the dividend reinvestment plan. All its selling commissions were re-allowed to participating broker-dealers. Dealer Manager Fee — Dealer Manager Up to 2.75% of gross offering proceeds from the sale of Class A and C shares, and up to 1.75% of gross offering proceeds from the sale of Class I shares. No dealer manager fee will be paid for sales pursuant to the dividend reinvestment plan. The dealer manager re-allowed a portion of its dealer manager fee to selected broker-dealers during the offering. Distribution Fee — Dealer Manager With respect to Class C shares only, the company will pay the 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) following the completion of this offering, total underwriting compensation in this offering equals 10% of the gross proceeds from the primary offering of Class C shares 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. Commencing as of June 30, 2016, the company estimates the amount of distribution fees expected to be paid and records that liability at the time of sale. O&O costs — Advisor The company reimburses the advisor for the O&O costs (other than selling commissions and dealer manager fees) it has incurred on the company's behalf 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. From the commencement of the continuous offering through December 31, 2019, approximately 3.8%, or $9.4 million, was charged against gross offering proceeds for O&O costs. 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). For services rendered under the advisory agreement, the base management fee will be payable monthly in arrears. 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 pro-rated. The base management fee may be deferred or waived, in whole or 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. Type of Compensation and Recipient Determination of Amount Incentive Allocation and Distribution — Special Unitholder The incentive distribution to which the Special Unitholder is be entitled to will be calculated and payable quarterly in arrears based on the pre-incentive distribution net investment income for the immediately preceding fiscal quarter. For this purpose, pre-incentive distribution net investment income means interest income, dividend and distribution income from equity investments (excluding that portion of distributions that are treated as return of capital) and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive, but excluding any fees for providing managerial assistance) accrued during the fiscal quarter, minus the operating expenses for the fiscal quarter (including the base management fee, expenses payable under the administration agreement with the company's Administrator, and any interest expense and distributions paid on any issued and outstanding indebtedness and preferred units of limited liability company interest, but excluding the incentive distribution). Pre-incentive distribution net investment income does not include any realized capital gains, realized capital losses, unrealized capital appreciation or depreciation or any accrued income taxes and other taxes including, but not limited to, franchise, property, and sales taxes. Pre-incentive distribution net investment income, expressed as a rate of return on the value of the company's average adjusted capital at the end of the immediately preceding fiscal quarter, will be compared to a "hurdle rate" of 1.75% per fiscal quarter (7.00% annualized). Adjusted capital shall mean: cumulative gross proceeds before sales and commission and dealer fees, generated from sales of the company's shares and preferred units of limited liability company interests (including the DRP) reduced for distributions to members of proceeds from non-liquidation dispositions of asset and amount paid for share repurchases pursuant to the Share Repurchase Program. Average adjusted capital shall mean: the average value of the adjusted capital for the two most recently completed fiscal quarters. The Special Unitholder shall receive an incentive distribution with respect to the pre-incentive distribution net investment income in each fiscal quarter as follows: ● no incentive distribution in any fiscal quarter in which the pre-incentive distribution net investment income does not exceed the "hurdle rate" of 1.75%; ● 100% of the pre-incentive distribution net investment income with respect to that portion of such pre-incentive distribution net investment income, if any, that exceeds the hurdle but is less than 2.1875% in any fiscal quarter (8.75% annualized with a 7% annualized hurdle rate). The company refers to this portion of the pre-incentive distribution net investment income (which exceeds the hurdle but is less than 2.1875%) as the "catch-up." The "catch-up" is meant to provide the advisor with 20% of the pre-incentive distribution net investment income as if a hurdle did not apply if the net investment income exceeds 2.1875% in any fiscal quarter; and Type of Compensation and Recipient Determination of Amount ● 20% of the amount of the pre-incentive distribution net investment income, if any, that exceeds 2.1875% in any fiscal quarter (8.75% annualized with a 7% annualized hurdle rate) is payable to the Special Unitholder (once the hurdle is reached and the catch-up is achieved, 20% of all pre-incentive distribution investment income thereafter is allocated to the Special Unitholder). Capital Gains Incentive Distribution — Special Unitholder The capital gains incentive distribution will be determined and payable to the Special Unitholder in arrears as of the end of each fiscal quarter (or upon termination of the advisory agreement, as of the termination date) to the Special Unitholder, and will equal 20.0% of the company's realized capital gains, if any, on a cumulative basis from inception through the end of each fiscal quarter, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any capital gain incentive distributions. Liquidation Incentive Distribution — Special Unitholder The liquidation incentive distribution payable to the Special Unitholder will equal 20.0% of the net proceeds from a liquidation of the company (other than in connection with a listing, as described below) in excess of adjusted capital, as measured immediately prior to liquidation. Adjusted capital shall mean: cumulative gross proceeds generated from sales of shares (including the DRP) reduced for distributions to members of proceeds from non-liquidation dispositions of our assets and amounts paid for share repurchases pursuant to the Share Repurchase Program. 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 incentive distribution will equal 20% 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 incentive distribution will be determined and payable in arrears 30 days after the commencement of trading following such liquidity event. For the years ended December 31, 2019, 2018 and 2017, the advisor earned $8,461,616, $5,803,893 and $3,490,942, respectively, in management fees. The Consolidated Statements of Operations also reflect a $5,270,670 incentive allocation for the year ended December 31, 2019 shown as a net increase in net assets attributed to special unitholder. There was a capital gains incentive distribution of $170,000, nil, and $139,692 earned in 2019, 2018 and 2017, respectively. The Consolidated Statements of Operation also reflect a $560,895 and $1,235,657 incentive allocation shown as a net increase in net assets attributed to special unitholder for the years ended December 31, 2018 and December 31, 2017, respectively. As of December 31, 2019, no amounts were due to the advisor. As of December 31, 2018, due to advisor on the consolidated statements of assets and liabilities in the amount of $19,181 is solely comprised of a payable to the advisor for reimbursable Organization and Offering Costs. For the years ended December 31, 2019, 2018 and 2017, the company paid $231,892, $833,043 and $827,709, respectively, in dealer manager fees and $594,247, $2,438,486 and $2,444,282, respectively, in selling commissions to the company's dealer manager, SC Distributors. These fees and commissions were paid in connection with the sales of the company's shares to investors and, as such, were recorded against the proceeds from the issuance of shares, prior the receipt by the company, and thus are not reflected in the company's consolidated statements of operations. For the years ended December 31, 2019, 2018 and 2017, Greenbacker Administration, LLC invoiced the company nil, nil and $115,849, respectively, for expenses, at cost, for services related to asset management, compliance and accounting services related to the company's investments. Effective on April 1, 2017, these expenses were invoiced directly to the company's investments. As of December 31, 2019, and 2018, respectively, the advisor owned 23,601 Class A shares. The affiliate of our advisor redeemed all its shares during the year ended December 31, 2018 and no longer owns shares as of December 31, 2018. 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. As of December 31, 2019, all loans and operating leases are considered current per their terms. The company entered into a transaction with Greenbacker Renewable Opportunity Zone Fund LLC ("GROZ") to sell the Sol Phoenix Solar LLC investment, included within the Phoenix Solar Portfolio, on September 30, 2019 for $16,874,761, which was later amended to total $17,175,554 as of December 31, 2019. GROZ is an affiliate of GREC, as the fund shares the same advisor as GREC. Since GROZ is an affiliate of the company, the determination of the purchase price was based on the fair value of the investment as determined by an independent third-party appraiser and the purchase was determined by a majority of the company board of directors (including a majority of the independent directors) not otherwise interested in the transaction to be fair and reasonable to the company On December 10, 2019 the company through its wholly owned subsidiary, Citrine Solar LLC, entered into a second transaction with GROZ to sell the Fremont CO I, LLC asset. The asset was sold for a purchase price of $5,272,475, based upon the fair value of the investment as determined by an independent third-party appraiser. The transaction resulted in a realized gain of $794,475 recorded in the Consolidated Statement of Operations. As of December 31, 2019, the remaining balance of $2,741,476 is included in Investment Sales Receivable in the Consolidated Statements of Assets and Liabilities. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 6. Borrowings On June 20, 2019, the company, through GREC HoldCo, entered into a new credit agreement, the lenders party thereto and Fifth Third Bank, as administrative agent, as sole lead arranger, sole lead bookrunner, and as 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 $58,307,080 was drawn down at closing. The $110,000,000 borrowing base has since been reduced to $96,438,316 as a result of our sale of the Raleigh Portfolio and its removal from the facility. The New Credit Facility allows for additional drawdowns through June 20, 2020, at which point the outstanding loans shall convert to an additional term loan and mature on June 20, 2025. As of December 2019, the company has drawn down an additional $13,683,387 increasing the total amount drawn on the credit facility. 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. Until the New Credit Facility converts to a term loan, quarterly commitment fees on the average daily unused portion of the Credit Facility are payable at a rate per annum of 0.50%. Borrowings under the New Credit Facility are back-leveraged and secured by all of 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. As of December 31, 2019, the outstanding balance is approximately $72 million. Financing costs of $3.1 million related to the New Credit Facility have been capitalized and are being amortized over the current term of the New Credit Facility. 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, as sole lead arranger, sole lead bookrunner, and as 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. The New Credit Facility replaced the previous Credit Facility. Regarding the Credit Facility, the company has entered into five separate interest rate swap agreements. The first swap ("Swap 1"), effective July 29, 2016, has 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 ("Swap 2"), with a trade date of June 15, 2017 and an effective date of June 18, 2018 and an initial notional amount of $20,920,650, 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 2.261%. The third swap ("Swap 3"), with a trade date of January 11, 2018 and 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 ("Swap 4"), with a trade date of February 7, 2018 and 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 ("Swap 5"), with a trade date of January 2, 2019 and an effective date of September 30, 2019 and an initial notional amount of $38,203,506 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%. 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. 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. The company's outstanding debt as of December 31, 2019 and December 31, 2018 was as follows: December 31, 2019 December 31, 2018 Aggregate Principal Amount Available Principal Amount Outstanding Carrying Value Deferred Financing Costs Term Note Payable, Net of Financing Costs Aggregate Principal Amount Available Principal Amount Outstanding Carrying Value Deferred Financing Costs Term Note Payable, Net of Financing Costs New Facility $ 96,438,316 $ 71,990,467 $ 71,990,467 $ 3,103,681 $ 68,886,785 $ 60,000,000 $ 30,665,460 $ 30,665,460 $ 1,138,414 $ 29,527,046 Total $ 96,438,316 $ 71,990,467 $ 71,990,467 $ 3,103,681 $ 68,886,785 $ 60,000,000 $ 30,665,460 $ 30,665,460 $ 1,138,414 $ 29,527,046 The following table shows the components of interest expense, commitment fees related to the Credit Facility, amortized deferred financing costs, weighted average stated interest rate and weighted average outstanding debt balance for the credit facility for the year ended December 31, 2019: For the year Ended December 31, Credit Facility commitment fee $ 43,087 Credit Facility Loan interest 1,360,409 Amortization of deferred financing costs 226,742 Other* 1,182,564 Total $ 2,812,802 Weighted average interest rate on credit facility 4.32 % Weighted average outstanding balance of credit facility $ 53,753,277 * Primarily includes financing costs of credit facility. The following table shows the components of interest expense, commitment fees related to the Credit Facility, amortized deferred financing costs, weighted average stated interest rate and weighted average outstanding debt balance for the credit facility for the year ended December 31, 2018: For the year Ended Credit Facility commitment fee $ 42,615 Credit Facility Loan interest 1,219,237 Amortization of deferred financing costs 222,394 Other* 309,588 Total $ 1,793,834 Weighted average interest rate on credit facility 4.14 % Weighted average outstanding balance of credit facility $ 29,896,416 * Primarily includes financing costs of credit facility. The following table shows the components of interest expense, commitment fees related to the Revolving Facility, amortized deferred financing costs, weighted average stated interest rate and weighted average outstanding debt balance for the credit facility for the year ended December 31, 2017: For the year Ended Revolver interest $ 288,620 Revolver commitment fee 81,109 Credit Facility Loan interest 157,811 Amortization of deferred financing costs 164,725 Total 692,265 Weighted average interest rate on credit facility. 4.87 % Weighted average outstanding balance of credit facility $ 8,481,848 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 2020 $ 4,393,296 2021 5,659,278 2022 5,549,332 2023 5,630,052 2024 5,805,094 Thereafter 44,953,415 $ 71,990,467 |
Members' Equity
Members' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Members' Equity | Note 7. Members' Equity General Pursuant to the terms of the LLC Agreement, the LLC may issue up to 400,000,000 shares, of which 350,000,000 shares are designated as Class A, C, I, P-A 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. The following were 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 A: Each Class A share were subject to a selling commission of up to 7.00% per share and a dealer manager fee of up to 2.75% per share. No selling commissions or dealer manager fees are paid for sales pursuant to the DRP. Class C: Each Class C share issued in the primary offering was subject to a selling commission of up to 3.00% per share and a dealer manager fee of up to 2.75% per share. In addition, with respect to Class C shares, the company pays the dealer manager a monthly distribution fee, or "distribution fee", that accrues daily equal to 1/365th of 0.80% of the amount of the daily net asset value for the Class C shares on a continuous basis from year to year. No selling commissions or dealer manager fees are paid for sales pursuant to the DRP. Class I: No selling commission or distribution fee will be paid for sales of any Class I shares. Each Class I share was subject to a dealer manager fee of up to 1.75% per share. No selling commissions or dealer manager fees are paid for sales pursuant to the DRP for Class I shares. Class P-A: Class P-A shares were converted into Class P-I shares during the quarter ended June 30, 2017 and were not offered for sale for the period through April 15, 2018. Effective April 16, 2018, Class P-A shares were again offered with a selling commission of up to 6% and a dealer manager fee of up to 2.50%. The Class P-A shares are no longer offered for sale. Class P-I shares are currently offered at net asset value through a private placement memorandum. The following table is a summary of the shares issued and repurchased during the period and outstanding as of December 31, 2019: Shares Outstanding as of Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding as of Class A shares 16,714,738 1,053,857 (558,579 ) 17,210,016 Class C shares 2,222,478 512,926 (16,929 ) 2,718,475 Class I shares 6,209,416 670,113 (185,871 ) 6,693,658 Class P-A shares 15,478 2,631 - 18,109 Class P-I shares 11,841,392 9,631,641 (223,681 ) 21,249,352 Total 37,003,502 11,871,168 (985,060 ) 47,889,610 The following table is a summary of the shares issued and repurchased during the period and outstanding as of December 31, 2018: Shares Outstanding as of Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding as of Class A shares 13,857,830 3,279,887 (422,979 ) 16,714,738 Class C shares 1,431,999 798,080 (7,601 ) 2,222,478 Class I shares 4,511,832 1,757,365 (59,781 ) 6,209,416 Class P-A shares — 15,478 — 15,478 Class P-I shares 3,387,568 8,469,305 (15,481 ) 11,841,392 Total 23,189,229 14,320,115 (505,842 ) 37,003,502 The proceeds from shares sold and the value of shares issued through the reinvestment of distributions for each class of shares for the years ended December 31, 2019, 2018, 2017 were as follows: Class A Class C Class I Class P-A Class P-I Total For the year ended December 31, 2019 Proceeds from Shares Sold $ 5,256,053 $ 3,651,717 $ 3,773,270 $ 22,875 $ 84,637,482 $ 97,341,397 Proceeds from Shares Issued through Reinvestment of Distributions $ 3,944,111 $ 733,788 $ 2,074,778 $ - $ - $ 6,752,677 For the year ended December 31, 2018 Proceeds from Shares Sold $ 25,178,267 $ 6,378,209 $ 13,706,626 $ 135,375 $ 74,928,595 $ 120,327,072 Proceeds from Shares Issued through Reinvestment of Distributions $ 3,815,909 $ 487,570 $ 1,823,310 $ - $ - $ 6,126,789 For the year ended December 31, 2017 Proceeds from Shares Sold $ 26,852,433 $ 3,102,082 $ 15,071,499 $ 27,075 $ 27,366,718 $ 72,419,807 Proceeds from Shares Issued through Reinvestment of Distributions $ 3,127,873 $ 363,670 $ 1,255,991 $ - $ - $ 4,747,534 As of December 31, 2019, 2018 and 2017, none of the LLC's preferred shares were issued and outstanding. The LLC 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 LLC 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 for the terms of the special unit. The proceeds related to the shareholder receivable amount of $650,000 presented on the consolidated statements of assets and liabilities as of December 31, 2019 were subsequently collected on January 2, 2020. 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 board of directors may reallocate the shares between the public offering and the DRP. Shares issued pursuant to the DRP will have the same voting rights as shares offered pursuant to the public offering. As of June 4, 2019, pursuant to our Registration Statement on Form S-3 (File No. 333-231960) we are offering a maximum of $10,000,000 in shares of our common stock to our existing stockholders pursuant to the DRP. Management plans to increase the size of the offering once the maximum offering amount is reached. During this offering, the purchase price of shares purchased through the DRP will be at a price equal to the then current net offering price per share. 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 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 December 31, 2019, the company issued 1,588,435 Class A shares, 220,991 Class C shares, and 678,445 Class I shares for a total of 2,487,871 shares issued under the DRP. As of December 31, 2018, the company issued 1,131,099 Class A shares, 134,021 Class C shares, and 438,254 Class I shares, for a total of 1,703,374 shares issued under the DRP. Share Repurchase Program During 2015, the company commenced a share repurchase program, or "share repurchase program", pursuant to which quarterly share repurchases will be conducted, on up to approximately 5% of the weighted average number of outstanding shares in any 12-month period, to allow members who hold Class A, C, I, P-A (commencing as of April 16, 2018) or P-I shares (commencing as of October 1, 2017) 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 company is not obligated to repurchase shares and the board of directors may terminate the share repurchase program at its sole discretion. The share repurchase program includes numerous restrictions that will limit a shareholder's ability to sell shares. Unless the board of directors determines otherwise, the company limits the number of shares to be repurchased during any calendar year to the number of shares the company can repurchase with the proceeds received from the sale of shares under the DRP. 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. In addition, the company plans to limit repurchases in each fiscal quarter to 1.25% of the weighted average number of shares outstanding in the prior four fiscal quarters. For the year ended December 31, 2019, the company repurchased 558,579 Class A shares, 16,929, Class C shares, 185,871 Class I shares and 223,681 Class P-I shares at a total purchase price of $4,807,693, $142,110, $1,596,905 and $1,975,682, respectively, pursuant to the company's share repurchase program. For the year ended December 31, 2018, the company repurchased 422,979 Class A shares, 7,601 Class C shares, 59,781 Class I shares and 15,481 Class P-I shares at a total purchase price of $3,743,387, $65,340, $528,898 and $136,845, respectively, pursuant to the company's share repurchase program. For the year ended December 31, 2017, the company repurchased 368,925 Class A shares, 6,041 Class C shares, 81,315 Class I shares and 10,309 Class P-I shares at a total purchase price of $3,280,566, $53,073, $724,059 and $90,000, respectively, pursuant to the company's share repurchase program. 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 | 12 Months Ended |
Dec. 31, 2019 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Distributions | Note 8. 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 A, C, I, P-A and P-I share. 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 1-Nov-15 31-Jan-16 $ 0.00164780 $ 0.00164780 $ 0.00164780 — — 1-Feb-16 30-Apr-16 $ 0.00165510 $ 0.00165510 $ 0.00165510 — — 1-May-16 31-Jul-16 $ 0.00166170 $ 0.00166170 $ 0.00166170 $ 0.00158260 $ 0.00158260 1-Aug-16 31-Oct-16 $ 0.00167660 $ 0.00167660 $ 0.00167660 $ 0.00159680 $ 0.00159680 1-Nov-16 31-Jan-17 $ 0.00168560 $ 0.00164020 $ 0.00168560 $ 0.00160360 $ 0.00160360 1-Feb-17 31-Apr-17 $ 0.00168070 $ 0.00163500 $ 0.00168070 $ 0.00159520 $ 0.00159520 1-May-17 31-Jul-17 $ 0.00167100 $ 0.00162730 $ 0.00167100 $ 0.00159520 $ 0.00158280 1-Aug-17 31-Oct-17 $ 0.00166900 $ 0.00162650 $ 0.00166900 — $ 0.00159010 1-Nov-17 31-Jan-18 $ 0.00166900 $ 0.00162650 $ 0.00166900 — $ 0.00158280 1-Feb-18 30-Apr-18 $ 0.00166900 $ 0.00162650 $ 0.00166900 — $ 0.00158280 1-May-18 31-Jul-18 $ 0.00166900 $ 0.00162650 $ 0.00166900 — $ 0.00158280 1-Aug-18 31-Oct-18 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 1-Nov-18 31-Jan-19 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 1-Feb-19 30-Apr-19 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 1-May-19 31-Jul-19 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 1-Aug-19 31-Oct-19 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 1-Nov-19 31-Dec-19 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 The following table reflects the distributions declared during the year ended December 31, 2019: Pay Date Paid in Cash Values of Shares Issued Under DRP Total February 1, 2019 $ 1,317,325 $ 583,571 $ 1,900,896 March 1, 2019 1,247,614 552,615 1,800,229 April 1, 2019 1,452,585 611,400 2,063,985 May 1, 2019 1,438,057 600,614 2,038,671 June 3, 2019 1,553,801 622,584 2,176,385 July 1, 2019 1,764,339 383,813 2,148,152 August 1, 2019 1,850,929 393,237 2,244,166 September 2, 2019 1,664,451 613,333 2,277,784 October 1, 2019 1,647,779 589,769 2,237,548 November 1, 2019 1,715,922 609,493 2,325,415 December 2, 2019 1,693,670 587,119 2,280,789 January 1, 2020 1,784,956 605,129 2,390,085 Total $ 19,131,428 $ 6,752,677 $ 25,884,105 The following table reflects the distributions declared during the year ended December 31, 2018: Pay Date Paid in Cash Value of Shares Issued under DRP Total February 1, 2018 $ 728,738 $ 464,821 $ 1,193,559 March 1, 2018 682,039 428,310 1,110,349 April 2, 2018 790,925 474,370 1,265,295 May 1, 2018 792,185 475,874 1,268,059 June 1, 2018 883,662 507,728 1,391,390 July 2, 2018 927,638 502,333 1,429,971 August 1, 2018 1,013,883 529,333 1,543,216 September 4, 2018 1,078,310 541,479 1,619,789 October 1, 2018 1,097,313 529,751 1,627,064 November 1, 2018 1,178,736 555,383 1,734,119 December 3, 2018 1,177,142 546,446 1,723,588 January 2, 2019 1,260,777 570,961 1,831,738 Total $ 11,611,348 $ 6,126,789 $ 17,738,137 The following table reflects the distributions declared during the year ended December 31, 2017: Pay Date Paid in Cash Value of Shares Issued under DRP Total February 1, 2017 $ 431,686 $ 349,842 $ 781,528 March 1, 2017 413,270 332,761 746,031 April 3, 2017 482,113 371,902 854,015 May 1, 2017 486,864 370,463 857,327 June 1, 2017 524,909 383,585 908,494 July 3, 2017 534,165 382,339 916,504 August 1, 2017 572,833 406,993 979,826 September 1, 2017 600,962 415,864 1,016,826 October 2, 2017 603,869 411,848 1,015,717 November 1, 2017 637,604 436,753 1,074,357 December 1, 2017 656,495 430,860 1,087,355 January 2, 2018 711,306 454,324 1,165,630 Total $ 6,656,076 $ 4,747,534 $ 11,403,610 All distributions paid for the year ended December 31, 2019 are expected to be reported as a return of capital to members for tax reporting purposes and all distributions paid for the years ended December 31, 2018 and 2017 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 For the For the Cash from operations $ 4,088,660 $ 11,611,348 $ 6,656,075 Offering proceeds 15,042,768 — — Total cash distributions $ 19,131,428 $ 11,611,348 $ 6,656,075 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 in 2018 to include a greater percentage of pre-operational assets, a significant amount of distributions will continue to be funded from offering proceeds. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The LLC conducts most of its operations through GREC, its taxable wholly-owned subsidiary. The consolidated income tax provision for the years ended December 31, 2019, 2018 and 2017 is comprised of the following: Current Deferred Total Year ended December 31, 2019: US federal $ - $ 3,551,704 $ 3,551,704 State and local - (44,946 ) (44,946 ) Foreign jurisdiction - - - Tax (benefit) expense $ - $ 3,506,758 $ 3,506,758 Change in valuation allowance - 1,231,693 1,231,693 Deferred tax (benefit) expense - (3,188,431 ) (3,188,431 ) Change in benefit from deferred taxes on unrealized depreciation on investments - 7,926,882 7,926,882 Tax (benefit) expense, net $ - $ 4,738,451 $ 4,738,451 Current Deferred Total Year ended December 31, 2018: US federal $ - $ (1,218,349 ) $ (1,218,349 ) State and local - (254,810 ) (254,810 ) Foreign jurisdiction - - - Tax benefit/(expense) $ - $ (1,473,159 ) $ (1,473,159 ) Change in valuation allowance - (54,758 ) (54,758 ) Tax benefit/(expense), net $ - $ (1,527,917 ) $ (1,527,917 ) Current Deferred Total Year ended December 31, 2017: US federal $ - $ 1,289,202 $ 1,289,202 State and local - 273,787 273,787 Foreign jurisdiction - - - Tax (benefit) expense $ - $ 1,562,989 $ 1,562,989 Change in valuation allowance - 92,366 92,366 Tax benefit/(expense), net $ - $ 1,655,355 $ 1,655,355 The following table represents the components of the income tax expense and the proportionate ratio of each components as follows: 2019 Percentage 2018 Percentage 2017 Percentage Net increase in net assets from operations before tax, based on ASC 946, at the federal income tax rate $ 7,125,202 150.37 % $ 2,523,711 (165.17 )% $ 2,793,488 168.75 % Add: Greenbacker Renewable Energy, LLC's loss treated as a partnership for U.S. tax purposes, at federal income tax rate $ 1,387,056 29.27 % $ 283,062 (18.53 )% $ 337,284 20.38 % Add: Greenbacker Renewable Energy Corporation's consolidated book (loss) based on standard GAAP accounting, at federal income tax rate $ (4,713,909 ) (99.48 )% $ (3,769,926 ) 246.74 % $ (2,225,352 ) (134.43 )% Federal tax credit $ (246,645 ) (5.21 )% $ (255,196 ) 16.70 % $ - - % Increase in income taxes resulting from: State and local taxes, net of federal benefit $ 969,124 20.45 % $ (270,036 ) 17.67 % $ 261,224 15.78 % Change in state rate $ (1,014,070 ) (21.40 )% $ 15,226 (1.00 )% $ 12,562 0.76 % Change in federal rate $ - - % $ - - % $ 383,783 23.18 % Change in valuation allowances $ 1,231,693 26.00 % $ (54,758 ) 3.59 % $ 92,366 5.58 % Actual provision for income taxes $ 4,738,451 100.00 % $ (1,527,917 ) 100.00 % $ 1,655,355 100.00 % Deferred tax assets have been classified on the accompanying consolidated statements of assets and liabilities as of December 31, 2019 and 2018 as follows: 2019 2018 Amortization 53,558 60,181 Net operating losses 27,935,648 21,289,433 Federal tax credits 7,046,772 5,756,076 Unrealized gains (32,223,751 ) (20,786,706 ) Deferred tax assets 2,812,227 $ 6,318,984 Less: valuation allowance (1,498,721 ) (267,027 ) Deferred tax assets, net 1,313,506 $ 6,051,957 As of December 31, 2019, the company has federal and state income tax net operating loss ("NOL") and investment tax credit ("ITC") carryforwards of which will expire on various dates through 2039 as follows: Expires Year Ending December 31, Federal NOL Amount Federal ITC Amount State ITC Amount State NOL Amount 2020 $ — $ — $ 802,822 — 2021 $ — $ — $ 422,885 $ — 2022 $ — $ — $ — $ 918,368 2023 $ — $ — $ — $ 2,454,562 2024 $ — $ — $ — $ 2,549,437 2025 $ — $ — $ — $ 673,181 2026 $ — $ — $ — $ 2,934,175 2027 $ — $ — $ — $ 4,162,481 2028 $ — $ — $ — $ 10,579,879 2029 $ — $ — $ — $ — 2030 $ — $ — $ — $ 2,751,775 2031 $ — $ — $ — $ 5,377,684 2032 $ — $ — $ — $ 8,015,544 2033 $ — $ — $ — $ 7,163,874 2034 $ 161,963 $ — $ — $ 156,188 2035 $ 6,693,198 $ 3,345,092 $ — $ 2,718,197 2036 $ 15,734,069 $ 1,955,780 $ — $ 5,911,423 2037 $ 26,927,165 $ — $ — $ 13,684,243 2038 $ 35,706,007 $ 273,548 $ — $ 18,592,693 2039 $ 20,866,683 $ 246,645 $ — $ — Indefinite $ — $ — $ — $ — As new tax legislation was enacted on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act (the "Act"), the company recognized the effect of any material changes in the Act in the determination of deferred tax assets and liabilities for the year ending December 31, 2017. The major aspects of the Act which affected the company included 1) the reduction of the corporate tax rate to 21%, effective December 22, 2017, which caused the company to remeasure its deferred tax assets and liabilities to reflect the effects of tax rate change; and 2) a deduction of interest expense up to only 30% of "adjusted taxable income" (as defined in the Act) ) and the ability of post 2017 net operating losses ("NOLs") to only offset up to 80% of taxable income, with the understanding that any unused NOL can be carried forward indefinitely, which caused the company to modify certain assumptions in regard to utilization of NOL and investment tax credits in determining any potential valuation allowance. While cost recovery was modified to allow companies to expense 100% of investments in depreciable property, the company expects to continue to depreciate renewable energy assets over a five-year life using accelerated methodology. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. Based upon projections for future taxable income over the periods in which the deferred tax assets would be deductible, management as of December 31, 2019 has applied a partial valuation allowance of $1,498,721 against the deferred tax asset amounts the company will not be able to fully realize, as compared with $267,027 for the year ended December 31, 2018. The company follows the authoritative guidance on accounting for uncertainty in income taxes and concluded it has no material uncertain tax positions to be recognized as of December 31, 2019. The company assessed its tax positions and filings for all open tax years as of December 31, 2019 for all federal and state tax jurisdictions for the years 2014 through 2019. The results of this assessment are included in the company's tax provision and deferred tax assets as of December 31, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies Legal proceedings: Pledge of collateral and unsecured guarantee of loans to subsidiaries: Investment in to be constructed assets Investment in operating assets: Unsecured guarantee of subsidiary renewable energy credit ("REC") forward contracts See Note 1 — Organization and Operations of the Company and Note 5 — Related Party Agreements and Transactions Agreements for an additional discussion of the company's commitments and contingencies. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2019 | |
Financial Highlights [Abstract] | |
Financial Highlights | Note 11. Financial Highlights The following is a schedule of financial highlights of the company attributed to Class A, C, I, P-A and P-I shares for the year ended December 31, 2019. For the year ended December 31, 2019 Class A Shares Class C Shares Class I Shares Class P-A Shares Class P-I Shares Per share data attributed to common shares (1) Net Asset Value at beginning of period $ 8.54 $ 8.34 $ 8.54 $ 8.55 $ 8.76 Net investment income (3) 0.17 0.17 0.17 0.17 0.17 Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder 0.80 0.80 0.80 0.80 0.80 Change in translation of assets and liabilities denominated in foreign currencies (4) - - - - - Change in benefit from deferred taxes on unrealized depreciation on investments (0.18 ) (0.18 ) (0.18 ) (0.18 ) (0.18 ) Net increase in net assets attributed to common stockholders 0.79 0.79 0.79 0. 79 0.79 Shareholder distributions: Distributions from net investment income (0.10 ) (0.10 ) (0.10 ) (0.10 ) (0.10 ) Distributions from offering proceeds (0.51 ) (0.50 ) (0.51 ) (0.51 ) (0.48 ) Offering costs and deferred sales commissions (0.02 ) (0.05 ) (0.02 ) - - Other (2) (0.14 ) (0.10 ) (0.13 ) (0.13 ) (0.07 ) Net decrease in members' equity attributed to common shares (0.77 ) (0.75 ) (0.76 ) (0.74 ) (0.65 ) Net asset value for common shares at end of period $ 8.56 $ 8.38 $ 8.56 $ 8.60 $ 8.90 Common members' equity at end of period $ 147,304,141 $ 22,792,345 $ 57,292,421 $ 155,802 $ 189,009,074 Common shares outstanding at end of period 17,210,016 2,718,475 6,693,658 18,109 21,249,352 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 8.06 % 7.79 % 8.05 % 7.66 % 8.49 % Ratio of net investment income to average net assets 1.97 % 1.98 % 1.95 % 1.96 % 1.91 % Ratio of operating expenses to average net assets 3.94 % 3.96 % 3.90 % 3.92 % 3.81 % Portfolio turnover rate 14.04 % 14.04 % 14.04 % 14.04 % 14.04 % (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 year ended December 31, 2019, which were 17,270,555, 2,645,713, 6,642,314, 17,841, and 17,211,763, 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. The following is a schedule of financial highlights of the company attributed to Class A, C, I, P-A and P-I shares for the year ended December 31, 2018. For the year ended December 31, 2018 Class A Shares Class C Shares Class I Shares Class P-A Shares (5) Class P-I Shares Per share data attributed to common shares (1) Net Asset Value at beginning of period $ 8.68 $ 8.42 $ 8.68 $ 8.75 $ 8.81 Net investment income (3) 0.28 0.28 0.28 0.07 0.28 Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder 0.12 0.12 0.12 (0.05 ) 0.12 Change in translation of assets and liabilities denominated in foreign currencies (4) - - - - - Change in benefit from deferred taxes on unrealized depreciation on investments 0.08 0.08 0.08 0.12 0.08 Net increase in net assets attributed to common members 0.48 0.48 0.48 0.14 0.48 Shareholder distributions: Distributions from net investment income (0.33 ) (0.33 ) (0.33 ) (0.08 ) (0.30 ) Distributions from offering proceeds (0.28 ) (0.26 ) (0.28 ) (0.14 ) (0.28 ) Offering costs and deferred sales commissions (0.03 ) (0.08 ) (0.04 ) (0.14 ) - Other (2) 0.02 0.11 0.03 0.02 0.05 Net decrease in members' equity attributed to common shares (0.62 ) (0.56 ) (0.62 ) (0.34 ) (0.53 ) Net asset value for common shares at end of period $ 8.54 $ 8.34 $ 8.54 $ 8.55 $ 8.76 Common shareholders' equity at end of period $ 142,791,899 $ 18,546,310 $ 53,046,260 $ 132,272 $ 103,742,870 Common shares outstanding at end of period 16,714,738 2,222,478 6,209,416 15,478 11,841,392 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 5.45 % 6.19 % 5.44 % 1.06 % 6.16 % Ratio of net investment income to average net assets 3.24 % 3.26 % 3.20 % 1.97 % 2.86 % Ratio of operating expenses to average net assets 3.87 % 3.95 % 3.86 % 3.48 % 3.69 % Portfolio turnover rate 0.05 % 0.05 % 0.05 % 0.05 % 0.05 % (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 year ended December 31, 2018, which were 15,338,291, 1,803,985, 5,386,556, 11,042, and 7,266,426, 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. (5) Class P-A shares were reinstated for sale as of April 16, 2018 and first sold on August 6, 2018. The following is a schedule of financial highlights of the company attributed to Class A, C, I and P-I shares for the year ended December 31, 2017. For the year ended December 31, 2017 Class A Shares Class C Shares Class I Shares Class P-I Shares Per share data attributed to common shares (1) Net Asset Value at beginning of period $ 8.69 $ 8.44 $ 8.69 $ 8.67 Net investment income (3) 0.25 0.25 0.25 0.25 Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder 0.35 0.35 0.35 0.35 Change in translation of assets and liabilities denominated in foreign currencies (4) 0.01 0.01 0.01 0.01 Change in benefit from deferred taxes on unrealized depreciation on investments 0.05 0.05 0.05 0.05 Net increase in net assets attributed to common members 0.66 0.66 0.66 0.66 Shareholder distributions: Distributions from net investment income (0.39 ) (0.39 ) (0.39 ) (0.39 ) Distributions from offering proceeds (0.22 ) (0.22 ) (0.21 ) (0.19 ) Offering costs and deferred sales commissions. (0.04 ) (0.15 ) (0.08 ) - Other (2) (0.02 ) 0.08 0.01 0.06 Net decrease in members' equity attributed to common shares (0.01 ) (0.02 ) (0.01 ) 0.14 Net asset value for common shares at end of period $ 8.68 $ 8.42 $ 8.68 $ 8.81 Common shareholders' equity at end of period $ 120,344,517 $ 12,053,349 $ 39,181,769 $ 29,858,889 Common shares outstanding at end of period 13,857,830 1,431,999 4,511,832 3,387,568 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 6.90 % 6.77 % 6.90 % 8.65 % Ratio of net investment income to average net assets 2.96 % 3.04 % 2.96 % 2.92 % Ratio of operating expenses to average net assets. 3.64 % 3.74 % 3.64 % 3.59 % Portfolio turnover rate 19.15 % 19.15 % 19.15 % 19.15 % (1) The per share data for Class A, C, I and P-I Shares were derived by using the weighted average shares outstanding during the year ended December 31, 2017, which were 12,384,101, 1,194,718, 3,529,998 and 1,792,632, 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. |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Data (Unaudited) | Note 12. Selected Quarterly Data (Unaudited) Presented in the following tables is a summary of the unaudited quarterly financial information for the years ended December 31, 2019, 2018, 2017, 2016, and 2015. The company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information. For the quarter ended December 31, September 30, June 30, March 31, Total Investment income $ 4,640,954 $ 6,679,823 $ 4,876,003 $ 2,565,925 Net investment income $ 4,587,394 $ 2,067,331 $ 1,417,709 $ (795,343 ) Net gain(loss) on investments and foreign currency translation $ 5,248,381 $ 16,589,939 $ 6,098,299 $ 7,281,283 Change in (benefit) expense from deferred taxes on unrealized appreciation on investments $ (3,383,241 ) $ (2,463,723 ) $ (1,482,457 ) $ (597,461 ) Net increase (decrease) in net assets resulting from operations $ 6,452,534 $ 16,193,547 $ 6,033,551 $ 5,888,479 Net investment income (loss) per share - basic and diluted $ 0.10 $ 0.05 $ - $ (0.02 ) Net increase (decrease) in net assets resulting from operations per share - basic and diluted. $ 0.15 $ 0.36 $ 0.10 $ 0.15 Net asset value per share at period end (Class A) $ 8.60 $ 8.62 $ 8.48 $ 8.50 Net asset value per share at period end (Class C) $ 8.38 $ 8.44 $ 8.31 $ 8.32 Net asset value per share at period end (Class I) $ 8.60 $ 8.62 $ 8.48 $ 8.50 Net asset value per share at period end (Class P-A) $ 8.60 $ 8.65 $ 8.51 $ 8.53 Net asset value per share at period end (Class P-I) $ 8.90 $ 8.93 $ 8.77 $ 8.76 For the quarter ended December 31, September 30, June 30, March 31, Total Investment income $ 4,540,427 $ 5,103,336 $ 4,984,874 $ 4,918,793 Net investment income $ (434,963 ) $ 1,988,378 $ 3,259,425 $ 3,271,370 Net gain (loss) on investments and foreign currency translation $ (1,693,642 ) $ (296,054 ) $ 2,341,771 $ 2,452,402 Change in (benefit) expense from deferred taxes on unrealized appreciation on investments $ 1,877,386 $ 2,275,076 $ 73,354 $ (1,239,228 ) Net increase (decrease) in net assets resulting from operations $ (251,219 ) $ 3,967,400 $ 5,674,550 $ 4,484,544 Net investment income (loss) per share - basic and diluted $ (0.01 ) $ 0.06 $ 0.12 $ 0.13 Net increase (decrease) in net assets resulting from operations per share - basic and diluted $ (0.01 ) $ 0.12 $ 0.21 $ 0.19 Net asset value per share at period end (Class A) $ 8.54 $ 8.69 $ 8.72 $ 8.70 Net asset value per share at period end (Class C) $ 8.34 $ 8.48 $ 8.50 $ 8.45 Net asset value per share at period end (Class I) $ 8.54 $ 8.69 $ 8.72 $ 8.70 Net asset value per share at period end (Class P-A) $ 8.55 $ 8.71 $ — $ — Net asset value per share at period end (Class P-I) $ 8.76 $ 8.89 $ 8.90 $ 8.84 For the quarter ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Total investment income $ 4,416,117 $ 3,663,635 $ 2,936,470 $ 2,366,899 Net investment income $ 229,297 $ 1,149,977 $ 1,986,899 $ 1,450,378 Net gain (loss) on investments and foreign currency translation $ 3,738,403 $ 1,579,619 $ 1,576,272 $ (108,245 ) Change in benefit (expense) from deferred taxes on unrealized appreciation on investments $ 1,198,186 $ 680,969 $ (653,366 ) $ (262,069 ) Net increase in net assets resulting from operations. $ 5,165,886 $ 3,410,565 $ 2,909,805 $ 1,080,064 Net investment income per share – basic and diluted. $ (0.01 ) $ 0.06 $ 0.11 $ 0.09 Net increase in net assets resulting from operations per share – basic and diluted. $ 0.22 $ 0.16 $ 0.15 $ 0.07 Net asset value per share at period end (Class A). $ 8.68 $ 8.64 $ 8.63 $ 8.64 Net asset value per share at period end (Class C). $ 8.42 $ 8.42 $ 8.41 $ 8.40 Net asset value per share at period end (Class I) $ 8.68 $ 8.64 $ 8.63 $ 8.64 Net asset value per share at period end (Class P-I). $ 8.81 $ 8.75 $ 8.73 $ 8.69 For the quarter ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Total investment income $ 2,848,655 $ 3,085,513 $ 1,645,291 $ 656,566 Net investment income $ 1,497,148 $ 1,730,438 $ 1,519,649 $ 23,132 Net gain (loss) on investments and foreign currency translation $ (1,706,876 ) $ 1,143,849 $ (231,426 ) $ (634,047 ) Change in benefit (expense) from deferred taxes on unrealized appreciation on investments $ 671,401 $ (8,372 ) $ 1,838,292 $ 1,885,335 Net increase in net assets resulting from operations $ 461,673 $ 2,865,915 $ 3,126,515 $ 1,274,420 Net investment income per share – basic and diluted $ 0.11 $ 0.14 $ 0.15 $ 0.00 Net increase in net assets resulting from operations per share – basic and diluted. $ 0.03 $ 0.24 $ 0.30 $ 0.16 Net asset value per share at period end (Class A) $ 8.69 $ 8.74 $ 8.69 $ 8.56 Net asset value per share at period end (Class C) $ 8.44 $ 8.49 $ 8.43 $ 8.56 Net asset value per share at period end (Class I) $ 8.69 $ 8.74 $ 8.69 $ 8.56 Net asset value per share at period end (Class P-A) $ 8.67 $ 8.74 $ - $ - Net asset value per share at period end (Class P-I) $ 8.67 $ 8.74 $ - $ - For the quarter ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Total investment income $ 421,488 $ 740,773 $ 633,646 $ 58,215 Net investment income (loss) $ 253,576 $ 270,523 $ 333,917 $ (118,483 ) Net gain (loss) on investments and foreign currency translation $ 666,498 $ 376,473 $ (46,396 ) $ 385,490 Change in benefit from deferred taxes on unrealized appreciation on investments $ 127,015 $ - $ - $ - Net increase in net assets resulting from operations $ 1,047,089 $ 646,996 $ 287,521 $ 267,007 Net investment income (loss) per share – basic and diluted $ 0.09 $ 0.07 $ 0.14 $ (0.08 ) Net increase in net assets resulting from operations per share – basic and diluted $ 0.20 $ 0.17 $ 0.12 $ 0.18 Net asset value per share at period end $ 8.54 $ 8.52 $ 8.50 $ 8.50 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13. 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 the year ended December 31, 2019 except as discussed below: On March 5, 2020, the company signed and closed a transaction to sell the entirety of its investments in the Greenbacker Residential Solar Portfolio and the Greenbacker Residential Solar Portfolio II. The Portfolios were sold to a residential roof top solar aggregator for approximately $45 million to enable the buyer to achieve broad economies of scale across a much larger portfolio of residential solar roof top assets. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 Danforth Shared Services LLC which provides 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 of its investments 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 December 31, 2019 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 consolidated the accounts of the company's wholly-owned subsidiaries to meet the aforementioned criteria in its consolidated financial statements. |
Cash and Cash Equivalents | 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. The company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Short-term investments that are cash equivalents, which are considered level 1 investments, are stated at cost, which approximates fair value. |
Restricted Cash | Restricted Cash Restricted cash consists of cash accounts or letters of credit that are restricted for use on specific investments. As of December 31,2019, we have one restricted cash account that serves as collateral for a letter of credit related to funding of a specific "to be constructed" investment. |
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 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 which the company's board of directors has reviewed and approved. The company will use observable market data to estimate the fair value of investments to the extent that such market data is available. 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, which incorporates the company's assumptions about the factors that a market participant would use to value the asset. For investments for which quoted market prices are not available, which will comprise most of our investment portfolio, fair value will be estimated by using the income or market approach. The income approach assumes that value is created by the expectation of future benefits discounted to a current value and the fair value estimate is the amount an investor would be willing to pay to receive those future benefits. The market approach compares recent comparable transactions to the investment or an offer to purchase an investment based upon a firm bid, a signed term sheet and/or a signed purchase agreement. Adjustments are made to account for the probability of the deal closing and any dissimilarity between the comparable transactions and the investments. Pre-operational assets are held at cost until they are operational. Therefore, the fair value associated with these assets are essentially cost. These valuation methodologies involve a significant degree of judgment on the part of our advisor. 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, 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 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. |
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. 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 for the years ended December 31, 2019, 2018 and 2017. For the year ended For the year ended For the year ended Basic and diluted Net increase in net assets resulting from operations attributed to common members $ 29,297,441 $ 13,314,380 $ 11,330,663 Weighted average common shares outstanding 43,788,187 29,799,735 18,922,343 Net increase in net assets resulting from operations attributed to common members per share $ 0.67 $ 0.45 $ 0.60 |
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 (1) on the ex-dividend date for publicly issued securities and (2) on the ex-dividend date for private investments. The timing and amount of dividend income is determined on at least a quarterly basis by GREC. 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 are recognized when approved. Dividends received from the company's project companies, which generally reflect net cash flow from operations, are declared, accrued and paid on a quarterly basis at a minimum. |
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 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, without regard to unrealized appreciation or depreciation previously recognized. 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 Interest | Payment-in-Kind Interest 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 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 shares, which is allocated specifically to Class C 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. These O&O costs included all costs previously paid or to be paid by 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) and a private placement memorandum, including legal, accounting, printing, mailing and filing fees, charges of the company's escrow holder, transfer agent fees, due diligence expense reimbursements to participating broker-dealers included in detailed and itemized invoices and costs in connection with administrative oversight of the offering and marketing process, and preparing supplemental sales materials, holding educational conferences, and attending retail seminars conducted by broker-dealers. 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, but with respect to the company's public offerings, only to the extent that the reimbursement would not cause the selling commissions, the dealer manager fee and the other organization and offering expenses borne by the company to exceed 15% of gross offering proceeds as of the date of reimbursement. Total O&O costs related to the terminated Registration Statements amounted to $9.4 million, approximately 3.8% of gross offering proceeds raised pursuant to such Registration Statements. 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, subject to the 15% of gross offering proceeds limitation described above. 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. The following table provides information in regard to the status of O&O costs (in 000's) as of December 31, 2019 and 2018: December 31, December 31, Total O&O Costs Incurred by the Advisor and Dealer Manager $ 9,822 $ 9,371 Amounts previously reimbursed to the Advisor/Dealer Manager by the company 9,822 9,106 Amounts payable to Advisor by the company - 19 Amounts of the contingent liability subject to payment by the company only upon adequate gross offering proceeds being raised - 246 |
Financing Costs | Financing Costs Financing costs related to debt liabilities incurred by the company, GREC or any wholly-owned holding company formed specifically to be a credit agreement counterparty are presented on the consolidated statements of assets and liabilities as a direct deduction from the carrying amount of that debt liability. Financing costs are deferred and amortized using the straight-line method over the life of the debt liability. |
Capital Gains Incentive Allocation and Distribution | Capital Gains Incentive Allocation and Distribution Pursuant to the terms of the LLC's amended and restated limited liability company agreement, a capital gains incentive fee will be earned by 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 advisory agreement neither include nor contemplate the inclusion of unrealized gains in the calculation of the capital gains incentive fee, the company will include unrealized gains in the calculation of the capital gains incentive distribution pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies. This amount reflects 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 advisor 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 is calculated, the company calculates 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. As of December 31, 2019, and 2018, a capital gains incentive distribution allocation in the amounts of $6,897,808 and $1,797,138, respectively, was recorded in the consolidated statements of assets and liabilities as Special unitholder's equity. |
Deferred Sales Commissions | 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 Class C shares sold with a reduced front-end load sales charge. The costs expected to be incurred at the time of the sale of Class C shares are recorded as a liability on the date of sale and are amortized on a straight-line basis over the period beginning at the time of sale and ending on the date which approximates an expected liquidity event for the company. As of December 31, 2019, and December 31, 2018, the company recorded a liability for deferred sales commissions in the amount of $56,483 and $191,706, respectively. |
Reclassifications | Reclassifications Certain 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 are netted for financial statement presentation. The fair value of interest rate swap contracts open as of December 31, 2019 is included on the schedule of investments by contract. For the year ended December 31, 2019, the company's average monthly notional exposure to interest rate swap contracts was $93,920,446. Consolidated Statements of Assets and Liabilities — Fair Values of Derivatives at December 31, 2019 Asset Derivatives Liability Derivatives Risk Exposure Consolidated Statement of Assets and Liabilities Location Fair Value Consolidated Statement of Assets and Liabilities Location Fair Value Swaps Interest Rate Risk Swap contracts, at fair value $ 21,223 Swap contracts, at fair value $ 4,899,566 $ 21,223 $ 4,899,566 Consolidated Statements of Assets and Liabilities — Fair Values of Derivatives at December 31, 2018. Asset Derivatives Liability Derivatives Risk Exposure Consolidated Statement of Assets and Liabilities Location Fair Value Consolidated Statement of Assets and Liabilities Location Fair Value Swaps Interest Rate Risk Swap contracts, at fair value $ 435,603 Swap contracts, at fair value $ 311,641 $ 435,603 $ 311,641 The effect of derivative instruments on the Consolidated Statements of Operations Risk Exposure Change in net unrealized depreciation on derivative transactions for the year ended Change in net unrealized depreciation on derivative transactions for the year ended Change in net unrealized appreciation on derivative transactions for the year ended Swaps Interest Rate Risk $ (5,002,305 ) $ (32,106 ) $ 65,371 $ (5,002,305 ) $ (32,106 ) $ 65,371 Risk Exposure Investment interest income from non-controlled, non-affiliated investments for the year ended Investment interest income from non-controlled, non-affiliated investments for the year ended Investment interest income from non-controlled, non-affiliated investments for the year ended Swaps Interest Rate Risk $ - $ 189,178 $ - $ - $ 189,178 $ - Risk Exposure Other expenses for the year ended Other expenses for the year ended Other expenses for the year ended Swaps Interest Rate Risk $ 229,731 $ - $ 111,831 $ 229,731 $ - $ 111,831 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 statement of assets and liabilities. The company minimizes counterparty credit risk through credit monitoring procedures and managing margin and collateral requirements, as appropriate. Regarding our investment in the Canadian Northern Lights Portfolio, we have foreign currency risk related to our revenue and operating expenses which are denominated in the Canadian Dollars as opposed to the 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. Distributions to members from the LLC would constitute dividend income taxable to such members, to the extent of the company's earnings and profits and the payment of the distributions would not be deductible by the LLC. 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. 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 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 December 31, 2019 for all U.S. federal and state tax jurisdictions for the years 2015 through 2019. The results of this assessment are included in the company's tax provision and deferred tax assets as of December 31, 2019. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement", which modifies the disclosure requirements on fair value measurements. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (fiscal 2020 for the company). Upon the effective date, certain provisions are to be applied prospectively, while others are to be applied retrospectively to all periods presented. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. We are currently evaluating the impact of ASU 2018-03 on our consolidated financial statements and disclosures, but do not expect a material impact on our consolidated financial statements and disclosures. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of weighted average basic and diluted net increase in net assets | For the year ended For the year ended For the year ended Basic and diluted Net increase in net assets resulting from operations attributed to common members $ 29,297,441 $ 13,314,380 $ 11,330,663 Weighted average common shares outstanding 43,788,187 29,799,735 18,922,343 Net increase in net assets resulting from operations attributed to common members per share $ 0.67 $ 0.45 $ 0.60 |
Schedule of status of O&O costs | December 31, December 31, Total O&O Costs Incurred by the Advisor and Dealer Manager $ 9,822 $ 9,371 Amounts previously reimbursed to the Advisor/Dealer Manager by the company 9,822 9,106 Amounts payable to Advisor by the company - 19 Amounts of the contingent liability subject to payment by the company only upon adequate gross offering proceeds being raised - 246 |
Schedule of consolidated statements of assets and liabilities - value of derivative | Asset Derivatives Liability Derivatives Risk Exposure Consolidated Statement of Assets and Liabilities Location Fair Value Consolidated Statement of Assets and Liabilities Location Fair Value Swaps Interest Rate Risk Swap contracts, at fair value $ 21,223 Swap contracts, at fair value $ 4,899,566 $ 21,223 $ 4,899,566 Asset Derivatives Liability Derivatives Risk Exposure Consolidated Statement of Assets and Liabilities Location Fair Value Consolidated Statement of Assets and Liabilities Location Fair Value Swaps Interest Rate Risk Swap contracts, at fair value $ 435,603 Swap contracts, at fair value $ 311,641 $ 435,603 $ 311,641 |
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 year ended Change in net unrealized depreciation on derivative transactions for the year ended Change in net unrealized appreciation on derivative transactions for the year ended Swaps Interest Rate Risk $ (5,002,305 ) $ (32,106 ) $ 65,371 $ (5,002,305 ) $ (32,106 ) $ 65,371 Risk Exposure Investment interest income from non-controlled, non-affiliated investments for the year ended Investment interest income from non-controlled, non-affiliated investments for the year ended Investment interest income from non-controlled, non-affiliated investments for the year ended Swaps Interest Rate Risk $ - $ 189,178 $ - $ - $ 189,178 $ - Risk Exposure Other expenses for the year ended Other expenses for the year ended Other expenses for the year ended Swaps Interest Rate Risk $ 229,731 $ - $ 111,831 $ 229,731 $ - $ 111,831 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of composition of company's investments | Investments at Investments at Fair Value Biomass: Eagle Valley Biomass Portfolio $ 21,425,600 $ 21,425,600 4.5 % Subtotal $ 21,425,600 $ 21,425,600 4.5 % Commercial Solar: Conic Portfolio $ 12,077,823 $ 17,828,206 3.8 % East to West Solar Portfolio 39,109,190 41,214,191 8.7 Foresight Solar Portfolio 13,790,000 14,965,339 3.1 Golden Horizons Solar Portfolio 9,290,000 15,132,017 3.2 Green Maple Portfolio 26,561,596 27,268,058 5.7 Longleaf Portfolio 22,797,404 24,605,536 5.2 Magnolia Sun Portfolio 10,775,000 6,460,457 1.4 Midway III Solar Portfolio 10,575,394 11,475,652 2.4 Six States Solar Portfolio 12,655,306 12,799,005 2.6 Sunny Mountain Portfolio 884,578 743,768 0.2 Subtotal $ 158,516,291 $ 172,492,229 36.3 % Residential Solar: Canadian Northern Lights Portfolio $ 1,603,136 $ 1,611,955 0.3 % Greenbacker Residential Solar Portfolio 28,100,000 32,540,979 6.9 Greenbacker Residential Solar Portfolio II 6,400,000 13,279,521 2.8 Subtotal $ 36,103,136 $ 47,432,455 10.0 % Wind: Greenbacker Wind Portfolio – California $ 9,500,000 $ 8,777,056 1.8 % Greenbacker Wind Portfolio - HoldCo 25,753,111 35,089,021 7.4 Greenbacker Wind Portfolio - Iowa 20,440,000 20,440,000 4.3 Greenbacker Wind Portfolio - Massachusetts 10,169,079 10,902,726 2.3 Greenbacker Wind Portfolio - Montana 24,756,684 26,451,773 5.6 Subtotal $ 90,618,874 $ 101,660,576 21.4 % Pre-Operational Assets: Citrine Solar Portfolio $ 3,411,249 $ 3,411,249 0.7 % Colorado CES Portfolio 4,517,354 4,517,354 1.0 Electric City Portfolio 4,208,484 4,208,484 0.9 Omni Portfolio 17,900,298 17,900,298 3.8 Opal Portfolio 344,949 344,949 0.1 Oregon Sun Portfolio 5,404,787 5,404,787 1.1 Phoenix Solar Portfolio 4,051,138 4,051,138 0.8 SE Solar Portfolio 5,000,000 5,000,000 1.1 Trillium Portfolio 24,277,396 24,277,396 5.0 Turquoise Solar Portfolio 26,602,532 26,602,532 5.6 Subtotal $ 95,718,187 $ 95,718,187 20.1 % Other Investments: Other Portfolios $ 12,656,710 $ 12,473,975 2.6 % Subtotal $ 12,656,710 $ 12,473,975 2.6 % Energy Efficiency: GREC Energy Efficiency Portfolio $ 388,044 $ 390,019 0.1 % Renew AEC One, LLC 479,140 479,140 0.1 Subtotal $ 867,184 $ 869,159 0.2 % Secured Loans Encore Loan $ 5,000,680 $ 5,000,680 1.1 % Hudson Loan 9,481,127 9,481,127 2.0 New Market Loan 5,000,000 5,000,000 1.1 SE Solar Loan 1,000,000 1,000,000 0.2 TUUSSO Loan 2,621,883 2,621,883 0.5 Subtotal $ 23,103,690 $ 23,103,690 4.9 % Total $ 439,009,672 $ 475,175,871 100.0 % |
Schedule of investments by geographic region | Investments at Investments at Fair Value United States: East Region $ 123,146,232 $ 130,572,650 27.4 % Mid-West Region 49,208,021 55,455,982 11.7 % Mountain Region 79,975,330 87,711,362 18.5 % South Region 91,932,394 93,441,062 19.7 % West Region 92,944,559 106,382,860 22.4 % Total United States: $ 437,406,536 $ 473,563,916 99.7 % Canada: 1,603,136 1,611,955 0.3 % Total $ 439,009,672 $ 475,175,871 100.0 % Investments at Investments at Fair Value United States: East Region $ 65,082,005 $ 67,541,264 22.0 % Mid-West Region 1,796,801 1,846,346 0.6 Mountain Region 69,619,383 69,553,178 22.6 South Region 98,476,770 95,332,608 31.0 West Region 61,736,290 70,821,165 23.1 Total United States $ 296,711,249 $ 305,094,561 99.3 % Canada: 1,603,136 2,081,554 0.7 Total $ 298,314,385 $ 307,176,115 100.0 % |
Schedule of investments by industry | Investments at Investments at Fair Value Biomass $ 21,425,600 $ 21,425,600 4.5 % Commercial Solar* 181,619,981 195,595,919 41.2 Residential Solar 36,103,136 47,432,455 10.0 Wind 90,618,874 101,660,576 21.4 Pre-Operational Assets 95,718,187 95,718,187 20.1 Other Investments 12,656,710 12,473,975 2.6 Energy Efficiency 867,184 869,159 0.2 Total $ 439,009,672 $ 475,175,871 100.0 % * Includes loans in the amount of $23,103,690. Investments at Investments at Fair Value Commercial Solar $ 144,732,656 $ 147,571,531 48.1 % Residential Solar 37,503,136 41,918,094 13.6 Wind 63,446,680 65,165,744 21.2 Pre-Operational Assets 50,353,115 50,235,080 16.3 Other Investments 1,279,273 1,263,620 0.4 Energy Efficiency 999,525 1,022,046 0.4 Total $ 298,314,385 $ 307,176,115 100.0 % |
Fair Value Measurements - Inv_2
Fair Value Measurements - Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value measurements of investments, by major class | Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ - $ - $ 449,981,086 $ 449,981,086 Capital Stock - - 1,611,955 1,611,955 Energy Efficiency Secured Loans - - 479,140 479,140 Secured Loans – Other - - 23,103,690 23,103,690 Total $ - $ - $ 475,175,871 $ 475,175,871 Other Financial Instruments* Open swap contracts- assets $ - $ 21,223 $ - $ 21,223 Open swap contracts- liabilities - (4,899,566 ) - (4,899,566 ) Total $ - $ (4,878,343 ) $ - $ (4,878,343 ) * 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. Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ — $ — $ 304,542,921 $ 304,542,921 Capital Stock — — 2,081,554 2,081,554 Energy Efficiency Secured Loans — — 551,640 551,640 Total $ — $ — $ 307,176,115 $ 307,176,115 Other Financial Instruments* Open swap contracts- assets $ — $ 435,603 $ — $ 435,603 Open swap contracts- liabilities $ — $ (311,641 ) $ — $ (311,641 ) Total $ — $ 123,962 $ — $ 123,962 * 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 beginning and ending balances for investments and secured borrowings | The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2019: Balance Net change Translation Purchases Cost Sales and Net realized Balance Limited Liability Company Member Interests $ 304,542,921 $ 27,774,068 $ - $ 314,175,394 $ (159,495,169 ) $ (49,931,866 ) $ 12,915,738 $ 449,981,086 Capital Stock 2,081,554 (477,188 ) 7,589 - - - - 1,611,955 Energy Efficiency - Secured Loans 551,640 - - - - (72,500 ) - 479,140 Secured Loans - Other - - - 39,410,466 (2,056,776 ) (14,250,000 ) - 23,103,690 Total $ 307,176,115 $ 27,296,880 $ 7,589 $ 353,585,860 $ (161,551,945 ) $ (64,254,366 ) $ 12,915,738 $ 475,175,871 (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 year ended December 31, 2018: Balance Net change in unrealized appreciation on investments Translation of assets and liabilities denominated in foreign currencies Purchases Cost adjustments (1) Sales and Repayments of investments (2) Net realized gain on investments Balance Limited Liability Company Member Interests $ 215,619,476 $ 2,848,856 $ - $ 135,141,381 $ (44,566,792 ) $ (4,500,000 ) $ - $ 304,542,921 Capital Stock 2,093,827 106,223 (118,496 ) - - - - 2,081,554 Energy Efficiency - Secured Loans 672,871 - - - - (121,231 ) - 551,640 Total $ 218,386,174 $ 2,955,079 $ (118,496 ) $ 135,141,381 $ (44,566,792 ) $ (4,621,231 ) $ - $ 307,176,115 (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 year ended December 31, 2017: Balance as of December 31, Net change in unrealized appreciation on investments Translation of assets and liabilities denominated in foreign currencies Purchases Cost adjustments (1) Sales and Repayments of investments (2) Net realized gain on investments Balance as of December 31, Limited Liability Company Member Interests $ 112,536,561 $ 5,748,138 $ - $ 127,069,013 $ (30,412 ) $ (30,397,706 ) $ 693,882 $ 215,619,476 Capital Stock 1,815,169 180,895 97,763 - - - - 2,093,827 Energy Efficiency - Secured Loans 771,371 - - - - (98,500 ) - 672,871 Total $ 115,123,101 $ 5,929,033 $ 97,763 $ 127,069,013 $ (30,412 ) $ (30,496,206 ) $ 693,882 $ 218,386,174 (1) Includes purchases of new investments, capitalized deal costs, effects of purchase price adjustments, 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 year ended December 31, 2017 attributable to Level 3 investments still held at December 31, 2017 was $6,026,796. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of the Level 3 as of the beginning of the period which the reclassifications occur. There were no reclassifications attributable to Level 3 investments during the year ended December 31, 2017. The total net change in unrealized appreciation at fair value for the year ended 31, 2017 was $6,092,167. |
Schedule of quantitative information about level 3 fair value measurements | As of December 31, 2019, 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, 2019: Fair Value Valuation Techniques Unobservable Inputs Rates/Assumptions Biomass $ 21,425,600 Transaction Cost Not Applicable Not Applicable Commercial Solar $ 172,492,229 Income Approach and Market Approach Discount rate, future kWh Production, and estimated remaining useful life 7.25% - 9.25%, 0.50% annual degradation in production, 13.5 - 34.3 years Residential Solar $ 47,432,455 Income Approach and Market Approach Discount rate, future kWh Production, and estimated remaining useful life 7.25% - 9.25%, 0.50% annual degradation in production, 13.5 - 34.3 years Wind $ 101,660,576 Income Approach Discount rate, future kWh Production, and estimated remaining useful life 8.50%, no annual degradation in production, 27.9 - 29.0 years Pre-Operational Assets $ 95,718,187 Transaction Cost Not Applicable Not Applicable Other Investments $ 12,473,975 Transaction Cost Not Applicable Not Applicable Energy Efficiency $ 869,159 Income and Collateral Based Approach Income Based Market yields 10.25% - 20.40% Secured Loans $ 23,103,690 Yield Analysis Market yields 8% - 10% As of December 31, 2018, 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, 2018: Fair Value Valuation Techniques Unobservable Inputs Rates/Assumptions Commercial Solar $ 147,571,531 Income approach Discount rate, future kWh Production, and estimated remaining useful life 7.75% - 8.50%, 0.50% annual degradation in production, 22.2 - 35 years Residential Solar $ 41,918,094 Income approach Discount rate, future kWh Production, and estimated remaining useful life 7.25% - 11%, 0.50% annual degradation in production, 12.2 - 33 years Wind $ 65,165,744 Income approach Discount rate, future kWh Production, and estimated remaining useful life 8.50%, no annual degradation in production, 24 - 27.7 years Pre-Operational Assets $ 50,235,080 Transaction cost Not Applicable Not Applicable Other Investments $ 1,263,620 Transaction cost Not Applicable Not Applicable Energy Efficiency $ 1,022,046 Income and collateral based approach Income Based 10.25% - 20.40% |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding debt | December 31, 2019 December 31, 2018 Aggregate Principal Amount Available Principal Amount Outstanding Carrying Value Deferred Financing Costs Term Note Payable, Net of Financing Costs Aggregate Principal Amount Available Principal Amount Outstanding Carrying Value Deferred Financing Costs Term Note Payable, Net of Financing Costs New Facility $ 96,438,316 $ 71,990,467 $ 71,990,467 $ 3,103,681 $ 68,886,785 $ 60,000,000 $ 30,665,460 $ 30,665,460 $ 1,138,414 $ 29,527,046 Total $ 96,438,316 $ 71,990,467 $ 71,990,467 $ 3,103,681 $ 68,886,785 $ 60,000,000 $ 30,665,460 $ 30,665,460 $ 1,138,414 $ 29,527,046 |
Schedule of weighted average outstanding debt balance for credit facility | For the year Ended Credit Facility commitment fee $ 43,087 Credit Facility Loan interest 1,360,409 Amortization of deferred financing costs 226,742 Other* 1,182,564 Total $ 2,812,802 Weighted average interest rate on credit facility 4.32 % Weighted average outstanding balance of credit facility $ 53,753,277 * Primarily includes financing costs of credit facility. For the year Ended Credit Facility commitment fee $ 42,615 Credit Facility Loan interest 1,219,237 Amortization of deferred financing costs 222,394 Other* 309,588 Total $ 1,793,834 Weighted average interest rate on credit facility 4.14 % Weighted average outstanding balance of credit facility $ 29,896,416 * Primarily includes financing costs of credit facility. For the year Ended Revolver interest $ 288,620 Revolver commitment fee 81,109 Credit Facility Loan interest 157,811 Amortization of deferred financing costs 164,725 Total 692,265 Weighted average interest rate on credit facility. 4.87 % Weighted average outstanding balance of credit facility $ 8,481,848 |
Schedule of principal payments due on borrowings | Year ending December 31: Principal Payments 2020 $ 4,393,296 2021 5,659,278 2022 5,549,332 2023 5,630,052 2024 5,805,094 Thereafter 44,953,415 $ 71,990,467 |
Members' Equity (Tables)
Members' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of shares issued and outstanding | Shares Outstanding as of Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding as of Class A shares 16,714,738 1,053,857 (558,579 ) 17,210,016 Class C shares 2,222,478 512,926 (16,929 ) 2,718,475 Class I shares 6,209,416 670,113 (185,871 ) 6,693,658 Class P-A shares 15,478 2,631 - 18,109 Class P-I shares 11,841,392 9,631,641 (223,681 ) 21,249,352 Total 37,003,502 11,871,168 (985,060 ) 47,889,610 Shares Outstanding as of Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding as of Class A shares 13,857,830 3,279,887 (422,979 ) 16,714,738 Class C shares 1,431,999 798,080 (7,601 ) 2,222,478 Class I shares 4,511,832 1,757,365 (59,781 ) 6,209,416 Class P-A shares — 15,478 — 15,478 Class P-I shares 3,387,568 8,469,305 (15,481 ) 11,841,392 Total 23,189,229 14,320,115 (505,842 ) 37,003,502 |
Schedule of reinvestment of distributions | Class A Class C Class I Class P-A Class P-I Total For the year ended December 31, 2019 Proceeds from Shares Sold $ 5,256,053 $ 3,651,717 $ 3,773,270 $ 22,875 $ 84,637,482 $ 97,341,397 Proceeds from Shares Issued through Reinvestment of Distributions $ 3,944,111 $ 733,788 $ 2,074,778 $ - $ - $ 6,752,677 For the year ended December 31, 2018 Proceeds from Shares Sold $ 25,178,267 $ 6,378,209 $ 13,706,626 $ 135,375 $ 74,928,595 $ 120,327,072 Proceeds from Shares Issued through Reinvestment of Distributions $ 3,815,909 $ 487,570 $ 1,823,310 $ - $ - $ 6,126,789 For the year ended December 31, 2017 Proceeds from Shares Sold $ 26,852,433 $ 3,102,082 $ 15,071,499 $ 27,075 $ 27,366,718 $ 72,419,807 Proceeds from Shares Issued through Reinvestment of Distributions $ 3,127,873 $ 363,670 $ 1,255,991 $ - $ - $ 4,747,534 |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Schedule of the company declares distributions on each outstanding class A, C, I, P-A and P-I share | Class of Share Distribution Period A C I P-A P-I 1-Nov-15 31-Jan-16 $ 0.00164780 $ 0.00164780 $ 0.00164780 — — 1-Feb-16 30-Apr-16 $ 0.00165510 $ 0.00165510 $ 0.00165510 — — 1-May-16 31-Jul-16 $ 0.00166170 $ 0.00166170 $ 0.00166170 $ 0.00158260 $ 0.00158260 1-Aug-16 31-Oct-16 $ 0.00167660 $ 0.00167660 $ 0.00167660 $ 0.00159680 $ 0.00159680 1-Nov-16 31-Jan-17 $ 0.00168560 $ 0.00164020 $ 0.00168560 $ 0.00160360 $ 0.00160360 1-Feb-17 31-Apr-17 $ 0.00168070 $ 0.00163500 $ 0.00168070 $ 0.00159520 $ 0.00159520 1-May-17 31-Jul-17 $ 0.00167100 $ 0.00162730 $ 0.00167100 $ 0.00159520 $ 0.00158280 1-Aug-17 31-Oct-17 $ 0.00166900 $ 0.00162650 $ 0.00166900 — $ 0.00159010 1-Nov-17 31-Jan-18 $ 0.00166900 $ 0.00162650 $ 0.00166900 — $ 0.00158280 1-Feb-18 30-Apr-18 $ 0.00166900 $ 0.00162650 $ 0.00166900 — $ 0.00158280 1-May-18 31-Jul-18 $ 0.00166900 $ 0.00162650 $ 0.00166900 — $ 0.00158280 1-Aug-18 31-Oct-18 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 1-Nov-18 31-Jan-19 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 1-Feb-19 30-Apr-19 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 1-May-19 31-Jul-19 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 1-Aug-19 31-Oct-19 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 1-Nov-19 31-Dec-19 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 |
Schedule of distributions declared | Pay Date Paid in Cash Values of Shares Issued Under DRP Total February 1, 2019 $ 1,317,325 $ 583,571 $ 1,900,896 March 1, 2019 1,247,614 552,615 1,800,229 April 1, 2019 1,452,585 611,400 2,063,985 May 1, 2019 1,438,057 600,614 2,038,671 June 3, 2019 1,553,801 622,584 2,176,385 July 1, 2019 1,764,339 383,813 2,148,152 August 1, 2019 1,850,929 393,237 2,244,166 September 2, 2019 1,664,451 613,333 2,277,784 October 1, 2019 1,647,779 589,769 2,237,548 November 1, 2019 1,715,922 609,493 2,325,415 December 2, 2019 1,693,670 587,119 2,280,789 January 1, 2020 1,784,956 605,129 2,390,085 Total $ 19,131,428 $ 6,752,677 $ 25,884,105 The following table reflects the distributions declared during the year ended December 31, 2018. Pay Date Paid in Cash Value of Shares Issued under DRP Total February 1, 2018 $ 728,738 $ 464,821 $ 1,193,559 March 1, 2018 682,039 428,310 1,110,349 April 2, 2018 790,925 474,370 1,265,295 May 1, 2018 792,185 475,874 1,268,059 June 1, 2018 883,662 507,728 1,391,390 July 2, 2018 927,638 502,333 1,429,971 August 1, 2018 1,013,883 529,333 1,543,216 September 4, 2018 1,078,310 541,479 1,619,789 October 1, 2018 1,097,313 529,751 1,627,064 November 1, 2018 1,178,736 555,383 1,734,119 December 3, 2018 1,177,142 546,446 1,723,588 January 2, 2019 1,260,777 570,961 1,831,738 Total $ 11,611,348 $ 6,126,789 $ 17,738,137 The following table reflects the distributions declared during the year ended December 31, 2017. Pay Date Paid in Cash Value of Shares Issued under DRP Total February 1, 2017 $ 431,686 $ 349,842 $ 781,528 March 1, 2017 413,270 332,761 746,031 April 3, 2017 482,113 371,902 854,015 May 1, 2017 486,864 370,463 857,327 June 1, 2017 524,909 383,585 908,494 July 3, 2017 534,165 382,339 916,504 August 1, 2017 572,833 406,993 979,826 September 1, 2017 600,962 415,864 1,016,826 October 2, 2017 603,869 411,848 1,015,717 November 1, 2017 637,604 436,753 1,074,357 December 1, 2017 656,495 430,860 1,087,355 January 2, 2018 711,306 454,324 1,165,630 Total $ 6,656,076 $ 4,747,534 $ 11,403,610 |
Schedule of cash distributions paid | For the For the For the Cash from operations $ 4,088,660 $ 11,611,348 $ 6,656,075 Offering proceeds 15,042,768 — — Total cash distributions $ 19,131,428 $ 11,611,348 $ 6,656,075 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax provision | Current Deferred Total Year ended December 31, 2019: US federal $ - $ 3,551,704 $ 3,551,704 State and local - (44,946 ) (44,946 ) Foreign jurisdiction - - - Tax (benefit) expense $ - $ 3,506,758 $ 3,506,758 Change in valuation allowance - 1,231,693 1,231,693 Deferred tax (benefit) expense - (3,188,431 ) (3,188,431 ) Change in benefit from deferred taxes on unrealized depreciation on investments - 7,926,882 7,926,882 Tax (benefit) expense, net $ - $ 4,738,451 $ 4,738,451 Current Deferred Total Year ended December 31, 2018: US federal $ - $ (1,218,349 ) $ (1,218,349 ) State and local - (254,810 ) (254,810 ) Foreign jurisdiction - - - Tax benefit/(expense) $ - $ (1,473,159 ) $ (1,473,159 ) Change in valuation allowance - (54,758 ) (54,758 ) Tax benefit/(expense), net $ - $ (1,527,917 ) $ (1,527,917 ) Current Deferred Total Year ended December 31, 2017: US federal $ - $ 1,289,202 $ 1,289,202 State and local - 273,787 273,787 Foreign jurisdiction - - - Tax (benefit) expense $ - $ 1,562,989 $ 1,562,989 Change in valuation allowance - 92,366 92,366 Tax benefit/(expense), net $ - $ 1,655,355 $ 1,655,355 |
Schedule of reconciliation between the federal statutory rate and the effective tax rate | 2019 Percentage 2018 Percentage 2017 Percentage Net increase in net assets from operations before tax, based on ASC 946, at the federal income tax rate $ 7,125,202 150.37 % $ 2,523,711 (165.17 )% $ 2,793,488 168.75 % Add: Greenbacker Renewable Energy, LLC's loss treated as a partnership for U.S. tax purposes, at federal income tax rate $ 1,387,056 29.27 % $ 283,062 (18.53 )% $ 337,284 20.38 % Add: Greenbacker Renewable Energy Corporation's consolidated book (loss) based on standard GAAP accounting, at federal income tax rate $ (4,713,909 ) (99.48 )% $ (3,769,926 ) 246.74 % $ (2,225,352 ) (134.43 )% Federal tax credit $ (246,645 ) (5.21 )% $ (255,196 ) 16.70 % $ - - % Increase in income taxes resulting from: State and local taxes, net of federal benefit $ 969,124 20.45 % $ (270,036 ) 17.67 % $ 261,224 15.78 % Change in state rate $ (1,014,070 ) (21.40 )% $ 15,226 (1.00 )% $ 12,562 0.76 % Change in federal rate $ - - % $ - - % $ 383,783 23.18 % Change in valuation allowances $ 1,231,693 26.00 % $ (54,758 ) 3.59 % $ 92,366 5.58 % Actual provision for income taxes $ 4,738,451 100.00 % $ (1,527,917 ) 100.00 % $ 1,655,355 100.00 % |
Schedule of deferred tax assets | 2019 2018 Amortization 53,558 60,181 Net operating losses 27,935,648 21,289,433 Federal tax credits 7,046,772 5,756,076 Unrealized gains (32,223,751 ) (20,786,706 ) Deferred tax assets 2,812,227 $ 6,318,984 Less: valuation allowance (1,498,721 ) (267,027 ) Deferred tax assets, net 1,313,506 $ 6,051,957 |
Schedule of tax carryforwards | Expires Year Ending December 31, Federal NOL Amount Federal ITC Amount State ITC Amount State NOL Amount 2020 $ — $ — $ 802,822 — 2021 $ — $ — $ 422,885 $ — 2022 $ — $ — $ — $ 918,368 2023 $ — $ — $ — $ 2,454,562 2024 $ — $ — $ — $ 2,549,437 2025 $ — $ — $ — $ 673,181 2026 $ — $ — $ — $ 2,934,175 2027 $ — $ — $ — $ 4,162,481 2028 $ — $ — $ — $ 10,579,879 2029 $ — $ — $ — $ — 2030 $ — $ — $ — $ 2,751,775 2031 $ — $ — $ — $ 5,377,684 2032 $ — $ — $ — $ 8,015,544 2033 $ — $ — $ — $ 7,163,874 2034 $ 161,963 $ — $ — $ 156,188 2035 $ 6,693,198 $ 3,345,092 $ — $ 2,718,197 2036 $ 15,734,069 $ 1,955,780 $ — $ 5,911,423 2037 $ 26,927,165 $ — $ — $ 13,684,243 2038 $ 35,706,007 $ 273,548 $ — $ 18,592,693 2039 $ 20,866,683 $ 246,645 $ — $ — Indefinite $ — $ — $ — $ — |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Highlights [Abstract] | |
Schedule of financial highlights | For the year ended December 31, 2019 Class A Shares Class C Shares Class I Shares Class P-A Shares Class P-I Shares Per share data attributed to common shares (1) Net Asset Value at beginning of period $ 8.54 $ 8.34 $ 8.54 $ 8.55 $ 8.76 Net investment income (3) 0.17 0.17 0.17 0.17 0.17 Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder 0.80 0.80 0.80 0.80 0.80 Change in translation of assets and liabilities denominated in foreign currencies (4) - - - - - Change in benefit from deferred taxes on unrealized depreciation on investments (0.18 ) (0.18 ) (0.18 ) (0.18 ) (0.18 ) Net increase in net assets attributed to common stockholders 0.79 0.79 0.79 0. 79 0.79 Shareholder distributions: Distributions from net investment income (0.10 ) (0.10 ) (0.10 ) (0.10 ) (0.10 ) Distributions from offering proceeds (0.51 ) (0.50 ) (0.51 ) (0.51 ) (0.48 ) Offering costs and deferred sales commissions (0.02 ) (0.05 ) (0.02 ) - - Other (2) (0.14 ) (0.10 ) (0.13 ) (0.13 ) (0.07 ) Net decrease in members' equity attributed to common shares (0.77 ) (0.75 ) (0.76 ) (0.74 ) (0.65 ) Net asset value for common shares at end of period $ 8.56 $ 8.38 $ 8.56 $ 8.60 $ 8.90 Common members' equity at end of period $ 147,304,141 $ 22,792,345 $ 57,292,421 $ 155,802 $ 189,009,074 Common shares outstanding at end of period 17,210,016 2,718,475 6,693,658 18,109 21,249,352 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 8.06 % 7.79 % 8.05 % 7.66 % 8.49 % Ratio of net investment income to average net assets 1.97 % 1.98 % 1.95 % 1.96 % 1.91 % Ratio of operating expenses to average net assets 3.94 % 3.96 % 3.90 % 3.92 % 3.81 % Portfolio turnover rate 14.04 % 14.04 % 14.04 % 14.04 % 14.04 % (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 year ended December 31, 2019, which were 17,270,555, 2,645,713, 6,642,314, 17,841, and 17,211,763, 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. The following is a schedule of financial highlights of the company attributed to Class A, C, I, P-A and P-I shares for the year ended December 31, 2018. For the year ended December 31, 2018 Class A Shares Class C Shares Class I Shares Class P-A Shares (5) Class P-I Shares Per share data attributed to common shares (1) Net Asset Value at beginning of period $ 8.68 $ 8.42 $ 8.68 $ 8.75 $ 8.81 Net investment income (3) 0.28 0.28 0.28 0.07 0.28 Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder 0.12 0.12 0.12 (0.05 ) 0.12 Change in translation of assets and liabilities denominated in foreign currencies (4) - - - - - Change in benefit from deferred taxes on unrealized depreciation on investments 0.08 0.08 0.08 0.12 0.08 Net increase in net assets attributed to common equityholders 0.48 0.48 0.48 0.14 0.48 Shareholder distributions: Distributions from net investment income (0.33 ) (0.33 ) (0.33 ) (0.08 ) (0.30 ) Distributions from offering proceeds (0.28 ) (0.26 ) (0.28 ) (0.14 ) (0.28 ) Offering costs and deferred sales commissions (0.03 ) (0.08 ) (0.04 ) (0.14 ) - Other (2) 0.02 0.11 0.03 0.02 0.05 Net decrease in members' equity attributed to common shares (0.62 ) (0.56 ) (0.62 ) (0.34 ) (0.53 ) Net asset value for common shares at end of period $ 8.54 $ 8.34 $ 8.54 $ 8.55 $ 8.76 Common shareholders' equity at end of period $ 142,791,899 $ 18,546,310 $ 53,046,260 $ 132,272 $ 103,742,870 Common shares outstanding at end of period 16,714,738 2,222,478 6,209,416 15,478 11,841,392 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 5.45 % 6.19 % 5.44 % 1.06 % 6.16 % Ratio of net investment income to average net assets 3.24 % 3.26 % 3.20 % 1.97 % 2.86 % Ratio of operating expenses to average net assets 3.87 % 3.95 % 3.86 % 3.48 % 3.69 % Portfolio turnover rate 0.05 % 0.05 % 0.05 % 0.05 % 0.05 % (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 year ended December 31, 2018, which were 15,338,291, 1,803,985, 5,386,556, 11,042, and 7,266,426, 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. (5) Class P-A shares were reinstated for sale as of April 16, 2018 and first sold on August 6, 2018. The following is a schedule of financial highlights of the company attributed to Class A, C, I and P-I shares for the year ended December 31, 2017. For the year ended December 31, 2017 Class A Shares Class C Shares Class I Shares Class P-I Shares Per share data attributed to common shares (1) Net Asset Value at beginning of period $ 8.69 $ 8.44 $ 8.69 $ 8.67 Net investment income (3) 0.25 0.25 0.25 0.25 Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder 0.35 0.35 0.35 0.35 Change in translation of assets and liabilities denominated in foreign currencies (4) 0.01 0.01 0.01 0.01 Change in benefit from deferred taxes on unrealized depreciation on investments 0.05 0.05 0.05 0.05 Net increase in net assets attributed to common equityholders 0.66 0.66 0.66 0.66 Shareholder distributions: Distributions from net investment income (0.39 ) (0.39 ) (0.39 ) (0.39 ) Distributions from offering proceeds (0.22 ) (0.22 ) (0.21 ) (0.19 ) Offering costs and deferred sales commissions. (0.04 ) (0.15 ) (0.08 ) - Other (2) (0.02 ) 0.08 0.01 0.06 Net decrease in members' equity attributed to common shares (0.01 ) (0.02 ) (0.01 ) 0.14 Net asset value for common shares at end of period $ 8.68 $ 8.42 $ 8.68 $ 8.81 Common shareholders' equity at end of period $ 120,344,517 $ 12,053,349 $ 39,181,769 $ 29,858,889 Common shares outstanding at end of period 13,857,830 1,431,999 4,511,832 3,387,568 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 6.90 % 6.77 % 6.90 % 8.65 % Ratio of net investment income to average net assets 2.96 % 3.04 % 2.96 % 2.92 % Ratio of operating expenses to average net assets. 3.64 % 3.74 % 3.64 % 3.59 % Portfolio turnover rate 19.15 % 19.15 % 19.15 % 19.15 % (1) The per share data for Class A, C, I and P-I Shares were derived by using the weighted average shares outstanding during the year ended December 31, 2017, which were 12,384,101, 1,194,718, 3,529,998 and 1,792,632, 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. |
Selected Quarterly Data (Unau_2
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of unaudited quarterly financial information | For the quarter ended December 31, September 30, June 30, March 31, Total Investment income $ 4,640,954 $ 6,679,823 $ 4,876,003 $ 2,565,925 Net investment income $ 4,587,394 $ 2,067,331 $ 1,417,709 $ (795,343 ) Net gain(loss) on investments and foreign currency translation $ 5,248,381 $ 16,589,939 $ 6,098,299 $ 7,281,283 Change in (benefit) expense from deferred taxes on unrealized appreciation on investments $ (3,383,241 ) $ (2,463,723 ) $ (1,482,457 ) $ (597,461 ) Net increase (decrease) in net assets resulting from operations $ 6,452,534 $ 16,193,547 $ 6,033,551 $ 5,888,479 Net investment income (loss) per share - basic and diluted $ 0.10 $ 0.05 $ - $ (0.02 ) Net increase (decrease) in net assets resulting from operations per share - basic and diluted. $ 0.15 $ 0.36 $ 0.10 $ 0.15 Net asset value per share at period end (Class A) $ 8.60 $ 8.62 $ 8.48 $ 8.50 Net asset value per share at period end (Class C) $ 8.38 $ 8.44 $ 8.31 $ 8.32 Net asset value per share at period end (Class I) $ 8.60 $ 8.62 $ 8.48 $ 8.50 Net asset value per share at period end (Class P-A) $ 8.60 $ 8.65 $ 8.51 $ 8.53 Net asset value per share at period end (Class P-I) $ 8.90 $ 8.93 $ 8.77 $ 8.76 For the quarter ended December 31, September 30, June 30, March 31, Total Investment income $ 4,540,427 $ 5,103,336 $ 4,984,874 $ 4,918,793 Net investment income $ (434,963 ) $ 1,988,378 $ 3,259,425 $ 3,271,370 Net gain (loss) on investments and foreign currency translation $ (1,693,642 ) $ (296,054 ) $ 2,341,771 $ 2,452,402 Change in (benefit) expense from deferred taxes on unrealized appreciation on investments $ 1,877,386 $ 2,275,076 $ 73,354 $ (1,239,228 ) Net increase (decrease) in net assets resulting from operations $ (251,219 ) $ 3,967,400 $ 5,674,550 $ 4,484,544 Net investment income (loss) per share - basic and diluted $ (0.01 ) $ 0.06 $ 0.12 $ 0.13 Net increase (decrease) in net assets resulting from operations per share - basic and diluted $ (0.01 ) $ 0.12 $ 0.21 $ 0.19 Net asset value per share at period end (Class A) $ 8.54 $ 8.69 $ 8.72 $ 8.70 Net asset value per share at period end (Class C) $ 8.34 $ 8.48 $ 8.50 $ 8.45 Net asset value per share at period end (Class I) $ 8.54 $ 8.69 $ 8.72 $ 8.70 Net asset value per share at period end (Class P-A) $ 8.55 $ 8.71 $ — $ — Net asset value per share at period end (Class P-I) $ 8.76 $ 8.89 $ 8.90 $ 8.84 For the quarter ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Total investment income $ 4,416,117 $ 3,663,635 $ 2,936,470 $ 2,366,899 Net investment income $ 229,297 $ 1,149,977 $ 1,986,899 $ 1,450,378 Net gain (loss) on investments and foreign currency translation $ 3,738,403 $ 1,579,619 $ 1,576,272 $ (108,245 ) Change in benefit (expense) from deferred taxes on unrealized appreciation on investments $ 1,198,186 $ 680,969 $ (653,366 ) $ (262,069 ) Net increase in net assets resulting from operations. $ 5,165,886 $ 3,410,565 $ 2,909,805 $ 1,080,064 Net investment income per share – basic and diluted. $ (0.01 ) $ 0.06 $ 0.11 $ 0.09 Net increase in net assets resulting from operations per share – basic and diluted. $ 0.22 $ 0.16 $ 0.15 $ 0.07 Net asset value per share at period end (Class A). $ 8.68 $ 8.64 $ 8.63 $ 8.64 Net asset value per share at period end (Class C). $ 8.42 $ 8.42 $ 8.41 $ 8.40 Net asset value per share at period end (Class I) $ 8.68 $ 8.64 $ 8.63 $ 8.64 Net asset value per share at period end (Class P-I). $ 8.81 $ 8.75 $ 8.73 $ 8.69 For the quarter ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Total investment income $ 2,848,655 $ 3,085,513 $ 1,645,291 $ 656,566 Net investment income $ 1,497,148 $ 1,730,438 $ 1,519,649 $ 23,132 Net gain (loss) on investments and foreign currency translation $ (1,706,876 ) $ 1,143,849 $ (231,426 ) $ (634,047 ) Change in benefit (expense) from deferred taxes on unrealized appreciation on investments $ 671,401 $ (8,372 ) $ 1,838,292 $ 1,885,335 Net increase in net assets resulting from operations $ 461,673 $ 2,865,915 $ 3,126,515 $ 1,274,420 Net investment income per share – basic and diluted $ 0.11 $ 0.14 $ 0.15 $ 0.00 Net increase in net assets resulting from operations per share – basic and diluted. $ 0.03 $ 0.24 $ 0.30 $ 0.16 Net asset value per share at period end (Class A) $ 8.69 $ 8.74 $ 8.69 $ 8.56 Net asset value per share at period end (Class C) $ 8.44 $ 8.49 $ 8.43 $ 8.56 Net asset value per share at period end (Class I) $ 8.69 $ 8.74 $ 8.69 $ 8.56 Net asset value per share at period end (Class P-A) $ 8.67 $ 8.74 $ - $ - Net asset value per share at period end (Class P-I) $ 8.67 $ 8.74 $ - $ - For the quarter ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Total investment income $ 421,488 $ 740,773 $ 633,646 $ 58,215 Net investment income (loss) $ 253,576 $ 270,523 $ 333,917 $ (118,483 ) Net gain (loss) on investments and foreign currency translation $ 666,498 $ 376,473 $ (46,396 ) $ 385,490 Change in benefit from deferred taxes on unrealized appreciation on investments $ 127,015 $ - $ - $ - Net increase in net assets resulting from operations $ 1,047,089 $ 646,996 $ 287,521 $ 267,007 Net investment income (loss) per share – basic and diluted $ 0.09 $ 0.07 $ 0.14 $ (0.08 ) Net increase in net assets resulting from operations per share – basic and diluted $ 0.20 $ 0.17 $ 0.12 $ 0.18 Net asset value per share at period end $ 8.54 $ 8.52 $ 8.50 $ 8.50 |
Organization and Operations o_2
Organization and Operations of the Company (Details Narrative) - USD ($) | Dec. 31, 2019 | Jun. 04, 2019 |
Organization and Operations of the Company (Textual) | ||
Offering a maximum shares of common stock | $ 10,000,000 | |
Maximum [Member] | Limited Liability Company [Member] | ||
Organization and Operations of the Company (Textual) | ||
Dollar value of shares offering | $ 1,000,000,000 | |
Maximum [Member] | Distribution Reinvestment Plan [Member] | ||
Organization and Operations of the Company (Textual) | ||
Dollar value of shares offering | $ 200,000,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic and diluted | |||
Net increase in net assets resulting from operations attributed to common members | $ 29,297,441 | $ 13,314,380 | $ 11,330,663 |
Weighted average common shares outstanding | 43,788,187 | 29,799,735 | 18,922,343 |
Net increase in net assets resulting from operations attributed to common members per share | $ 0.67 | $ 0.45 | $ 0.6 |
Significant Accounting Polici_5
Significant Accounting Policies (Details 1) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Amounts payable to Advisor by the company | $ 19,181 | |
Advisor and Dealer Manager [Member] | ||
Total O&O Costs Incurred by the Advisor and Dealer Manager | 9,822 | 9,371 |
Amounts previously reimbursed to the Advisor/Dealer Manager by the company | 9,822 | 9,106 |
Amounts payable to Advisor by the company | 19 | |
Amounts of the contingent liability subject to payment by the company only upon adequate gross offering proceeds being raised | $ 246 |
Significant Accounting Polici_6
Significant Accounting Policies (Details 2) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Asset Derivatives | $ 21,223 | $ 435,603 |
Liability Derivatives | 4,899,566 | 311,641 |
Interest Rate Risk [Member] | Swap Contracts [Member] | ||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Asset Derivatives | 21,223 | 435,603 |
Liability Derivatives | $ 4,899,566 | $ 311,641 |
Significant Accounting Polici_7
Significant Accounting Policies (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in net unrealized appreciation on derivative transactions | $ (5,002,305) | $ (32,106) | $ 65,371 |
Investment interest income from non-controlled, non-affiliated investments | 189,178 | ||
Other expenses | 229,731 | 111,831 | |
Interest Rate Risk [Member] | Swap Contracts [Member] | |||
Change in net unrealized appreciation on derivative transactions | (5,002,305) | (32,106) | 65,371 |
Investment interest income from non-controlled, non-affiliated investments | 189,178 | ||
Other expenses | $ 229,731 | $ 111,831 |
Significant Accounting Polici_8
Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Significant Accounting Policies (Textual) | ||
Capital gains incentive distribution allocation | $ 6,897,808 | $ 1,797,138 |
Deferred sales commissions | 56,483 | $ 191,706 |
Average notional amount | $ 93,920,446 | |
Greenbacker Capital Management LLC [Member] | ||
Significant Accounting Policies (Textual) | ||
Limit of offering costs reimbursement to advisor | 15.00% | |
Percentage of reimbursement out of gross offering proceeds | 15.00% | |
Organization and offering costs due to termination of registration statement | $ 9,400,000 |
Investments (Details)
Investments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Investment Holdings [Line Items] | |||
Investments at Cost | $ 415,905,982 | $ 298,314,385 | |
Investments at Fair Value | $ 452,072,181 | $ 307,176,115 | |
Fair Value Percentage of Total Portfolio | 100.00% | 100.00% | |
Biomass [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 21,425,600 | ||
Investments at Fair Value | $ 21,425,600 | ||
Fair Value Percentage of Total Portfolio | 4.50% | ||
Biomass [Member] | Eagle Valley Biomass Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 21,425,600 | ||
Investments at Fair Value | $ 21,425,600 | ||
Fair Value Percentage of Total Portfolio | 4.50% | ||
Commercial Solar [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 158,516,291 | $ 144,732,656 | |
Investments at Fair Value | $ 172,492,229 | $ 147,571,531 | |
Fair Value Percentage of Total Portfolio | 36.30% | [1] | 48.10% |
Commercial Solar [Member] | Conic Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 12,077,823 | ||
Investments at Fair Value | $ 17,828,206 | ||
Fair Value Percentage of Total Portfolio | 3.80% | ||
Commercial Solar [Member] | East To West Solar Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 39,109,190 | $ 37,079,887 | |
Investments at Fair Value | $ 41,214,191 | $ 33,665,088 | |
Fair Value Percentage of Total Portfolio | 8.70% | 10.90% | |
Commercial Solar [Member] | Foresight Solar Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 13,790,000 | $ 13,650,000 | |
Investments at Fair Value | $ 14,965,339 | $ 14,357,201 | |
Fair Value Percentage of Total Portfolio | 3.10% | 4.70% | |
Commercial Solar [Member] | Golden Horizons Solar Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 9,290,000 | $ 9,400,000 | |
Investments at Fair Value | $ 15,132,017 | $ 14,445,071 | |
Fair Value Percentage of Total Portfolio | 3.20% | 4.70% | |
Commercial Solar [Member] | Green Maple Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 26,561,596 | $ 17,582,823 | |
Investments at Fair Value | $ 27,268,058 | $ 16,066,837 | |
Fair Value Percentage of Total Portfolio | 5.70% | 5.20% | |
Commercial Solar [Member] | Longleaf Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 22,797,404 | ||
Investments at Fair Value | $ 24,605,536 | ||
Fair Value Percentage of Total Portfolio | 5.20% | ||
Commercial Solar [Member] | Magnolia Sun Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 10,775,000 | $ 10,775,000 | |
Investments at Fair Value | $ 6,460,457 | $ 8,258,786 | |
Fair Value Percentage of Total Portfolio | 1.40% | 2.70% | |
Commercial Solar [Member] | Midway III Solar Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 10,575,394 | $ 11,552,904 | |
Investments at Fair Value | $ 11,475,652 | $ 13,265,608 | |
Fair Value Percentage of Total Portfolio | 2.40% | 4.30% | |
Commercial Solar [Member] | Six States Solar Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 12,655,306 | $ 12,470,306 | |
Investments at Fair Value | $ 12,799,005 | $ 13,440,025 | |
Fair Value Percentage of Total Portfolio | 2.60% | 4.40% | |
Commercial Solar [Member] | Sunny Mountain Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 884,578 | $ 884,578 | |
Investments at Fair Value | $ 743,768 | $ 1,107,041 | |
Fair Value Percentage of Total Portfolio | 0.20% | 0.40% | |
Commercial Solar [Member] | Raleigh Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 20,822,198 | ||
Investments at Fair Value | $ 21,358,997 | ||
Fair Value Percentage of Total Portfolio | 7.00% | ||
Commercial Solar [Member] | Sun Farm Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 10,514,960 | ||
Investments at Fair Value | $ 11,606,877 | ||
Fair Value Percentage of Total Portfolio | 3.80% | ||
Residential Solar [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 36,103,136 | $ 37,503,136 | |
Investments at Fair Value | $ 47,432,455 | $ 41,918,094 | |
Fair Value Percentage of Total Portfolio | 10.00% | 13.60% | |
Residential Solar [Member] | Canadian Northern Lights Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 1,603,136 | ||
Investments at Fair Value | $ 1,611,955 | ||
Fair Value Percentage of Total Portfolio | 3.00% | ||
Residential Solar [Member] | Greenbacker Residential Solar Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 28,100,000 | $ 28,100,000 | |
Investments at Fair Value | $ 32,540,979 | $ 27,372,253 | |
Fair Value Percentage of Total Portfolio | 6.90% | 8.90% | |
Residential Solar [Member] | Greenbacker Residential Solar Portfolio II [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 6,400,000 | $ 6,400,000 | |
Investments at Fair Value | $ 13,279,521 | $ 10,763,559 | |
Fair Value Percentage of Total Portfolio | 2.80% | 3.50% | |
Residential Solar [Member] | Canadian Mountain Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 1,603,136 | ||
Investments at Fair Value | $ 2,081,554 | ||
Fair Value Percentage of Total Portfolio | 0.60% | ||
Residential Solar [Member] | Enfinity Colorado DHA Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 1,400,000 | ||
Investments at Fair Value | $ 1,700,728 | ||
Fair Value Percentage of Total Portfolio | 0.60% | ||
Wind [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 90,618,874 | $ 63,446,680 | |
Investments at Fair Value | $ 101,660,576 | $ 65,165,744 | |
Fair Value Percentage of Total Portfolio | 21.40% | 21.20% | |
Wind [Member] | Greenbacker Wind Portfolio - California [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 9,500,000 | $ 9,500,000 | |
Investments at Fair Value | $ 8,777,056 | $ 8,070,745 | |
Fair Value Percentage of Total Portfolio | 1.80% | 2.60% | |
Wind [Member] | Greenbacker Wind Portfolio - HoldCo [member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 25,753,111 | ||
Investments at Fair Value | $ 35,089,021 | ||
Fair Value Percentage of Total Portfolio | 7.40% | ||
Wind [Member] | Greenbacker Wind Portfolio - Iowa [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 20,440,000 | ||
Investments at Fair Value | $ 20,440,000 | ||
Fair Value Percentage of Total Portfolio | 4.30% | ||
Wind [Member] | Greenbacker Wind Portfolio - Massachusetts [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 10,169,079 | ||
Investments at Fair Value | $ 10,902,726 | ||
Fair Value Percentage of Total Portfolio | 2.30% | ||
Wind [Member] | Greenbacker Wind Portfolio - Montana [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 24,756,684 | $ 21,709,487 | |
Investments at Fair Value | $ 26,451,773 | $ 21,956,868 | |
Fair Value Percentage of Total Portfolio | 5.60% | 7.10% | |
Wind [Member] | Greenbacker Wind Portfolio - Idaho [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 7,320,000 | ||
Investments at Fair Value | $ 6,385,631 | ||
Fair Value Percentage of Total Portfolio | 2.10% | ||
Wind [Member] | Greenbacker Wind Portfolio - Vermont [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 24,917,193 | ||
Investments at Fair Value | $ 28,752,500 | ||
Fair Value Percentage of Total Portfolio | 9.40% | ||
Pre-Operational Assets [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 95,718,187 | $ 50,353,115 | |
Investments at Fair Value | $ 95,718,187 | $ 50,235,080 | |
Fair Value Percentage of Total Portfolio | 20.10% | 16.30% | |
Pre-Operational Assets [Member] | Citrine Solar Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 3,411,249 | ||
Investments at Fair Value | $ 3,411,249 | ||
Fair Value Percentage of Total Portfolio | 0.70% | ||
Pre-Operational Assets [Member] | Colorado CES Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 4,517,354 | ||
Investments at Fair Value | $ 4,517,354 | ||
Fair Value Percentage of Total Portfolio | 100.00% | ||
Pre-Operational Assets [Member] | Electric City Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 4,208,484 | ||
Investments at Fair Value | $ 4,208,484 | ||
Fair Value Percentage of Total Portfolio | 0.90% | ||
Pre-Operational Assets [Member] | Omni Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 17,900,298 | ||
Investments at Fair Value | $ 17,900,298 | ||
Fair Value Percentage of Total Portfolio | 3.80% | ||
Pre-Operational Assets [Member] | Opal Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 344,949 | ||
Investments at Fair Value | $ 344,949 | ||
Fair Value Percentage of Total Portfolio | 0.10% | ||
Pre-Operational Assets [Member] | Oregon Sun Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 5,404,787 | ||
Investments at Fair Value | $ 5,404,787 | ||
Fair Value Percentage of Total Portfolio | 1.10% | ||
Pre-Operational Assets [Member] | Phoenix Solar Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 4,051,138 | $ 9,964,515 | |
Investments at Fair Value | $ 4,051,138 | $ 9,964,515 | |
Fair Value Percentage of Total Portfolio | 0.80% | 3.20% | |
Pre-Operational Assets [Member] | SE Solar Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 7,178,207 | ||
Investments at Fair Value | $ 7,178,207 | ||
Fair Value Percentage of Total Portfolio | 2.30% | ||
Pre-Operational Assets [Member] | Trillium Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 24,277,396 | ||
Investments at Fair Value | $ 24,277,396 | ||
Fair Value Percentage of Total Portfolio | 5.00% | ||
Pre-Operational Assets [Member] | Turquoise Solar Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 26,602,532 | $ 5,877,188 | |
Investments at Fair Value | $ 26,602,532 | $ 5,877,188 | |
Fair Value Percentage of Total Portfolio | 5.60% | 1.90% | |
Pre-Operational Assets [Member] | Colorado CSG Solar Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 27,333,205 | ||
Investments at Fair Value | $ 27,215,170 | ||
Fair Value Percentage of Total Portfolio | 8.90% | ||
Pre-Operational Assets [Member] | SE Solar Portfolio 2019 [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 5,000,000 | ||
Investments at Fair Value | $ 5,000,000 | ||
Fair Value Percentage of Total Portfolio | 1.10% | ||
Other Investments [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 12,656,710 | ||
Investments at Fair Value | $ 12,473,975 | ||
Fair Value Percentage of Total Portfolio | 2.60% | ||
Other Investments [Member] | Other Portfolios [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 12,656,710 | $ 1,279,273 | |
Investments at Fair Value | $ 12,473,975 | $ 1,263,620 | |
Fair Value Percentage of Total Portfolio | 2.60% | 0.40% | |
Energy Efficiency [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 867,184 | $ 999,525 | |
Investments at Fair Value | $ 869,159 | $ 1,022,046 | |
Fair Value Percentage of Total Portfolio | 0.20% | 0.40% | |
Energy Efficiency [Member] | GREC Energy Efficiency Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 388,044 | $ 447,885 | |
Investments at Fair Value | $ 390,019 | $ 470,406 | |
Fair Value Percentage of Total Portfolio | 0.10% | 0.20% | |
Energy Efficiency [Member] | Renew AEC One, LLC [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 479,140 | $ 551,640 | |
Investments at Fair Value | $ 479,140 | $ 551,640 | |
Fair Value Percentage of Total Portfolio | 0.10% | 0.20% | |
Secured Loan [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 23,103,690 | ||
Investments at Fair Value | $ 23,103,690 | ||
Fair Value Percentage of Total Portfolio | 4.90% | ||
Secured Loan [Member] | Encore Loan [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 5,000,680 | ||
Investments at Fair Value | $ 5,000,680 | ||
Fair Value Percentage of Total Portfolio | 1.10% | ||
Secured Loan [Member] | Hudson Loan [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 9,481,127 | ||
Investments at Fair Value | $ 9,481,127 | ||
Fair Value Percentage of Total Portfolio | 2.00% | ||
Secured Loan [Member] | New Market Loan [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 5,000,000 | ||
Investments at Fair Value | $ 5,000,000 | ||
Fair Value Percentage of Total Portfolio | 1.10% | ||
Secured Loan [Member] | SE Solar Loan [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 1,000,000 | ||
Investments at Fair Value | $ 1,000,000 | ||
Fair Value Percentage of Total Portfolio | 0.20% | ||
Secured Loan [Member] | TUUSSO Loan [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 2,621,883 | ||
Investments at Fair Value | $ 2,621,883 | ||
Fair Value Percentage of Total Portfolio | 0.50% | ||
[1] | Includes loans in the amount of $23,103,690. |
Investments (Details 1)
Investments (Details 1) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||
Investments at Cost | $ 415,905,982 | $ 298,314,385 |
Investments at Fair Value | $ 452,072,181 | $ 307,176,115 |
Fair Value Percentage of Total Portfolio | 100.00% | 100.00% |
East Region [Member] | ||
Investment Holdings [Line Items] | ||
Investments at Cost | $ 123,146,232 | $ 65,082,005 |
Investments at Fair Value | $ 130,572,650 | $ 67,541,264 |
Fair Value Percentage of Total Portfolio | 27.40% | 22.00% |
Mid-West Region [Member] | ||
Investment Holdings [Line Items] | ||
Investments at Cost | $ 49,208,021 | $ 1,796,801 |
Investments at Fair Value | $ 55,455,982 | $ 1,846,346 |
Fair Value Percentage of Total Portfolio | 11.70% | 0.60% |
Mountain Region [Member] | ||
Investment Holdings [Line Items] | ||
Investments at Cost | $ 79,975,330 | $ 69,619,383 |
Investments at Fair Value | $ 87,711,362 | $ 69,553,178 |
Fair Value Percentage of Total Portfolio | 18.50% | 22.60% |
South Region [Member] | ||
Investment Holdings [Line Items] | ||
Investments at Cost | $ 91,932,394 | $ 98,476,770 |
Investments at Fair Value | $ 93,441,062 | $ 95,332,608 |
Fair Value Percentage of Total Portfolio | 19.70% | 31.00% |
West Region [Member] | ||
Investment Holdings [Line Items] | ||
Investments at Cost | $ 92,944,559 | $ 61,736,290 |
Investments at Fair Value | $ 106,382,860 | $ 70,821,165 |
Fair Value Percentage of Total Portfolio | 22.40% | 23.10% |
Total United States [Member] | ||
Investment Holdings [Line Items] | ||
Investments at Cost | $ 437,406,536 | $ 296,711,249 |
Investments at Fair Value | $ 473,563,916 | $ 305,094,561 |
Fair Value Percentage of Total Portfolio | 99.70% | 99.30% |
Canada [Member] | ||
Investment Holdings [Line Items] | ||
Investments at Cost | $ 1,603,136 | $ 1,603,136 |
Investments at Fair Value | $ 1,611,955 | $ 2,081,554 |
Fair Value Percentage of Total Portfolio | 0.30% | 0.70% |
Investments (Details 2)
Investments (Details 2) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Investment Holdings [Line Items] | |||
Investments at Cost | $ 439,009,672 | $ 298,314,385 | |
Investments at Fair Value | $ 475,175,871 | $ 307,176,115 | |
Fair Value Percentage of Total Portfolio | 100.00% | 100.00% | |
Biomass [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 21,425,600 | ||
Investments at Fair Value | $ 21,425,600 | ||
Fair Value Percentage of Total Portfolio | 4.50% | ||
Commercial Solar [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 181,619,981 | [1] | $ 144,732,656 |
Investments at Fair Value | $ 195,595,919 | [1] | $ 147,571,531 |
Fair Value Percentage of Total Portfolio | 36.30% | [1] | 48.10% |
Residential Solar [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 36,103,136 | $ 37,503,136 | |
Investments at Fair Value | $ 47,432,455 | $ 41,918,094 | |
Fair Value Percentage of Total Portfolio | 10.00% | 13.60% | |
Wind [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 90,618,874 | $ 63,446,680 | |
Investments at Fair Value | $ 101,660,576 | $ 65,165,744 | |
Fair Value Percentage of Total Portfolio | 21.40% | 21.20% | |
Pre-Operational Assets [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 95,718,187 | $ 50,353,115 | |
Investments at Fair Value | $ 95,718,187 | $ 50,235,080 | |
Fair Value Percentage of Total Portfolio | 20.10% | 16.30% | |
Other Investments [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 12,656,710 | $ 1,279,273 | |
Investments at Fair Value | $ 12,473,975 | $ 1,263,620 | |
Fair Value Percentage of Total Portfolio | 2.60% | 0.40% | |
Energy Efficiency [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | $ 867,184 | $ 999,525 | |
Investments at Fair Value | $ 869,159 | $ 1,022,046 | |
Fair Value Percentage of Total Portfolio | 0.20% | 0.40% | |
[1] | Includes loans in the amount of $23,103,690. |
Investments (Details Narrative)
Investments (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investments (Textual) | ||
Description of control investment | Investments held as of December 31, 2019 and 2018 are considered Control Investments, which are defined as investments in companies in which the company owns 25% or more of the voting securities of such company, have greater than 50% representation on such company's board of directors, or investments in limited liability companies for which the company serves managing member. | Investments held as of December 31, 2019 and 2018 are considered Control Investments, which are defined as investments in companies in which the company owns 25% or more of the voting securities of such company, have greater than 50% representation on such company's board of directors, or investments in limited liability companies for which the company serves managing member. |
Loans in the amount | $ 23,103,690 |
Fair Value Measurements - Inv_3
Fair Value Measurements - Investments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | $ 475,175,871 | $ 307,176,115 | |
Unrealized appreciation and depreciation, Total | [1] | (4,878,343) | 123,962 |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | |||
Unrealized appreciation and depreciation, Total | [1] | ||
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | |||
Unrealized appreciation and depreciation, Total | [1] | (4,878,343) | 123,962 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | 475,175,871 | 307,176,115 | |
Unrealized appreciation and depreciation, Total | [1] | ||
Limited Liability Company Member Interests [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | 449,981,086 | 304,542,921 | |
Limited Liability Company Member Interests [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | |||
Limited Liability Company Member Interests [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | |||
Limited Liability Company Member Interests [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | 449,981,086 | 304,542,921 | |
Secured Loans - Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | 23,103,690 | ||
Secured Loans - Other [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | |||
Secured Loans - Other [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | |||
Secured Loans - Other [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | 23,103,690 | ||
Capital Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | 1,611,955 | 2,081,554 | |
Capital Stock [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | |||
Capital Stock [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | |||
Capital Stock [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | 1,611,955 | 2,081,554 | |
Energy Efficiency Secured Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | 479,140 | 551,640 | |
Energy Efficiency Secured Loans [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | |||
Energy Efficiency Secured Loans [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | |||
Energy Efficiency Secured Loans [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements, Total | 479,140 | 551,640 | |
Open swap contracts- assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized appreciation and depreciation, Total | [1] | 21,223 | 435,603 |
Open swap contracts- assets [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized appreciation and depreciation, Total | [1] | ||
Open swap contracts- assets [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized appreciation and depreciation, Total | [1] | 21,223 | 435,603 |
Open swap contracts- assets [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized appreciation and depreciation, Total | [1] | ||
Open swap contracts- liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized appreciation and depreciation, Total | [1] | (4,899,566) | (311,641) |
Open swap contracts- liabilities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized appreciation and depreciation, Total | [1] | ||
Open swap contracts- liabilities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized appreciation and depreciation, Total | [1] | (4,899,566) | (311,641) |
Open swap contracts- liabilities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized appreciation and depreciation, Total | [1] | ||
[1] | 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. |
Fair Value Measurements - Inv_4
Fair Value Measurements - Investments (Details 1) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | $ 307,176,115 | $ 218,386,174 | $ 115,123,101 | |
Net change in unrealized appreciation on investments | 27,296,880 | 2,955,079 | 5,929,033 | |
Translation of assets and liabilities denominated in foreign currencies | 7,589 | (118,496) | 97,763 | |
Purchase | 353,585,860 | 135,141,381 | 127,069,013 | |
Cost adjustments | [1] | (161,551,945) | (44,566,792) | (30,412) |
Sales and Repayments of investments | [2] | (64,254,366) | (4,621,231) | (30,496,206) |
Net realized gain on investments | 12,915,738 | 693,882 | ||
Ending Balance | 475,175,871 | 307,176,115 | 218,386,174 | |
Energy Efficiency - Secured Loans [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 551,640 | 672,871 | 771,371 | |
Net change in unrealized appreciation on investments | ||||
Translation of assets and liabilities denominated in foreign currencies | ||||
Purchase | ||||
Cost adjustments | [1] | |||
Sales and Repayments of investments | [2] | (121,231) | (98,500) | |
Net realized gain on investments | ||||
Ending Balance | 551,640 | 672,871 | ||
Energy Efficiency - Secured Loans [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 551,640 | |||
Net change in unrealized appreciation on investments | ||||
Translation of assets and liabilities denominated in foreign currencies | ||||
Purchase | ||||
Cost adjustments | [1] | |||
Sales and Repayments of investments | [2] | (72,500) | ||
Net realized gain on investments | ||||
Ending Balance | 479,140 | 551,640 | ||
Secured Loans - Other [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | ||||
Net change in unrealized appreciation on investments | ||||
Translation of assets and liabilities denominated in foreign currencies | ||||
Purchase | 39,410,466 | |||
Cost adjustments | [1] | (2,056,776) | ||
Sales and Repayments of investments | [2] | (14,250,000) | ||
Net realized gain on investments | ||||
Ending Balance | 23,103,690 | |||
Capital Stock [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 2,081,554 | 2,093,827 | 1,815,169 | |
Net change in unrealized appreciation on investments | (477,188) | 106,223 | 180,895 | |
Translation of assets and liabilities denominated in foreign currencies | 7,589 | (118,496) | 97,763 | |
Purchase | ||||
Cost adjustments | [1] | |||
Sales and Repayments of investments | [2] | |||
Net realized gain on investments | ||||
Ending Balance | 1,611,955 | 2,081,554 | 2,093,827 | |
Limited Liability Company Member Interests [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 304,542,921 | 215,619,476 | 112,536,561 | |
Net change in unrealized appreciation on investments | 27,774,068 | 2,848,856 | 5,748,138 | |
Translation of assets and liabilities denominated in foreign currencies | ||||
Purchase | 314,175,394 | 135,141,381 | 127,069,013 | |
Cost adjustments | [1] | (159,495,169) | (44,566,792) | (30,412) |
Sales and Repayments of investments | [2] | (49,931,866) | (4,500,000) | (30,397,706) |
Net realized gain on investments | 12,915,738 | 693,882 | ||
Ending Balance | $ 449,981,086 | $ 304,542,921 | $ 215,619,476 | |
[1] | Includes paid-in-kind interest, return of capital and additional investments in existing investments, if any. | |||
[2] | Includes principal repayments on loans. |
Fair Value Measurements - Inv_5
Fair Value Measurements - Investments (Details 2) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Wind [Member] | ||
Fair Value | $ 101,660,576 | $ 65,165,744 |
Valuation Techniques | Income Approach | Income approach |
Unobservable Inputs | Discount rate, future kWh Production, and estimated remaining useful life | Discount rate, future kWh Production, and estimated remaining useful life |
Rates/Assumptions | 8.50%, no annual degradation in production, 27.9 - 29.0 years | 8.50%, no annual degradation in production, 24 - 27.7 years |
Pre-Operational Assets [Member] | ||
Fair Value | $ 95,718,187 | $ 50,235,080 |
Valuation Techniques | Transaction Cost | Transaction cost |
Unobservable Inputs | Not Applicable | Not Applicable |
Rates/Assumptions | Not Applicable | Not Applicable |
Other Investments [Member] | ||
Fair Value | $ 12,473,975 | $ 1,263,620 |
Valuation Techniques | Transaction Cost | Transaction cost |
Unobservable Inputs | Not Applicable | Not Applicable |
Rates/Assumptions | Not Applicable | Not Applicable |
Energy Efficiency [Member] | ||
Fair Value | $ 869,159 | $ 1,022,046 |
Valuation Techniques | Income and Collateral Based Approach | Income and collateral based approach |
Unobservable Inputs | Income Based Approach and Market yields | Income Based Approach and Market yields |
Rates/Assumptions | 10.25% - 20.40% | 10.25% - 20.40% |
Commercial Solar [Member] | ||
Fair Value | $ 172,492,229 | $ 147,571,531 |
Valuation Techniques | Income Approach and Market Approach | Income approach |
Unobservable Inputs | Discount rate, future kWh Production, and estimated remaining useful life | Discount rate, future kWh Production, and estimated remaining useful life |
Rates/Assumptions | 7.25% - 9.25%, 0.50% annual degradation in production, 13.5 - 34.3 years | 7.75% - 8.50%, 0.50% annual degradation in production, 22.2 - 35 years |
Residential Solar [Member] | ||
Fair Value | $ 47,432,455 | $ 41,918,094 |
Valuation Techniques | Income Approach and Market Approach | Income approach |
Unobservable Inputs | Discount rate, future kWh Production, and estimated remaining useful life | Discount rate, future kWh Production, and estimated remaining useful life |
Rates/Assumptions | 7.25% - 9.25%, 0.50% annual degradation in production, 13.5 - 34.3 years | 7.25% - 11%, 0.50% annual degradation in production, 12.2 - 33 years |
BioMass [Member] | ||
Fair Value | $ 21,425,600 | |
Valuation Techniques | Transaction Cost | |
Unobservable Inputs | Not Applicable | |
Rates/Assumptions | Not Applicable | |
Secured Loans [Member] | ||
Fair Value | $ 23,103,690 | |
Valuation Techniques | Yield Analysis | |
Unobservable Inputs | Market yields | |
Rates/Assumptions | 8% - 10% |
Fair Value Measurements - Inv_6
Fair Value Measurements - Investments (Details Narrative) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net change in unrealized appreciation on investments and foreign currency translation | $ 27,304,469 | $ 2,836,583 | $ 6,026,796 |
Fair value of unrealized depreciation | $ 22,302,164 | $ 2,804,477 | $ 6,092,167 |
Related Party Agreements and _2
Related Party Agreements and Transactions Agreements (Details Narrative) - USD ($) | Dec. 10, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Agreements and Transactions Agreements (Textual) | |||||
Management fees | $ 8,461,616 | $ 5,803,893 | $ 3,490,942 | ||
Increase (decrease) in incentive allocation expense | 139,692 | ||||
Payment for dealer manager fees | 231,892 | 833,043 | 827,709 | ||
Selling commissions | 594,247 | 2,438,486 | 2,444,282 | ||
Due to advisor | 19,181 | ||||
Net realized gain on investments | 12,915,738 | 693,882 | |||
Gains incentive distribution | 170,000 | 139,692 | |||
Net (increase) decrease in net assets attributed to special unitholder | $ (5,270,670) | (560,895) | (1,235,657) | ||
Special Unitholder [Member] | |||||
Related Party Agreements and Transactions Agreements (Textual) | |||||
Hurdle rate, quarterly | 1.75% | ||||
Hurdle rate, annualized | 7.00% | ||||
Percentage of capital gains incentive distribution | 20.00% | ||||
Percentage of liquidation incentive distribution | 20.00% | ||||
Greenbacker Renewable Opportunity Zone Fund LLC [Member] | |||||
Related Party Agreements and Transactions Agreements (Textual) | |||||
Operating expense | $ 7,494,464 | ||||
Amounts of transaction | $ 794,475 | $ 16,874,761 | 17,175,554 | ||
Initial amount of transaction | 1,500,000 | ||||
Additional amount paid | 8,184,393 | ||||
Purchase price | $ 5,272,475 | ||||
Receivable and included Investment sales | $ 2,741,476 | ||||
Greenbacker Administration, LLC [Member] | |||||
Related Party Agreements and Transactions Agreements (Textual) | |||||
Percentage of reimbursement out of gross offering proceeds | 15.00% | ||||
Base management fees payable, monthly rate | 0.167% | ||||
Base management fees payable, annual rate | 2.00% | ||||
Operating expense | $ 0 | $ 0 | $ 115,849 | ||
Percentage of offering expenses | 3.80% | ||||
Proceeds gross offering amount | $ 9,400,000 | ||||
Greenbacker Administration, LLC [Member] | Class A shares [Member] | |||||
Related Party Agreements and Transactions Agreements (Textual) | |||||
Shares issued | 23,601 | 23,601 | |||
SC Distributors, LLC [Member] | Class C shares [Member] | |||||
Related Party Agreements and Transactions Agreements (Textual) | |||||
Description of distribution fee | With respect to Class C shares only, the company will pay the 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. | ||||
SC Distributors, LLC [Member] | Class C shares [Member] | Maximum [Member] | |||||
Related Party Agreements and Transactions Agreements (Textual) | |||||
Percentage of selling commision | 3.00% | ||||
Percentage of dealer manager fees | 2.75% | ||||
SC Distributors, LLC [Member] | Class A shares [Member] | Maximum [Member] | |||||
Related Party Agreements and Transactions Agreements (Textual) | |||||
Percentage of selling commision | 7.00% | ||||
Percentage of dealer manager fees | 2.75% | ||||
SC Distributors, LLC [Member] | Class P-A shares [Member] | Maximum [Member] | |||||
Related Party Agreements and Transactions Agreements (Textual) | |||||
Percentage of selling commision | 6.00% | ||||
Percentage of dealer manager fees | 2.50% | ||||
SC Distributors, LLC [Member] | Class I shares [Member] | Maximum [Member] | |||||
Related Party Agreements and Transactions Agreements (Textual) | |||||
Percentage of dealer manager fees | 1.75% | ||||
Special Unitholder [Member] | Investment income exceeds the hurdle less than 2.1875% [Member] | |||||
Related Party Agreements and Transactions Agreements (Textual) | |||||
Hurdle rate, quarterly | 8.75% | ||||
Hurdle rate, annualized | 7.00% | ||||
Percentage of incentive distribution | 20.00% | ||||
Special Unitholder [Member] | Investment income exceeds the hurdle rate less than 2.1875% quarterly [Member] | |||||
Related Party Agreements and Transactions Agreements (Textual) | |||||
Hurdle rate, quarterly | 8.75% | ||||
Hurdle rate, annualized | 7.00% | ||||
Percentage of incentive distribution | 100.00% |
Borrowings (Details)
Borrowings (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Aggregate Principal Amount Available | $ 96,438,316 | $ 60,000,000 |
Principal Amount Outstanding | 71,990,467 | 30,665,460 |
Carrying Value | 71,990,467 | 30,665,460 |
Deferred Financing Costs | 3,103,681 | 1,138,414 |
Term Note Payable, Net of Financing Costs | 68,886,785 | 29,527,046 |
New Facility [Member] | ||
Aggregate Principal Amount Available | 96,438,316 | 60,000,000 |
Principal Amount Outstanding | 71,990,467 | 30,665,460 |
Carrying Value | 71,990,467 | 30,665,460 |
Deferred Financing Costs | 3,103,681 | 1,138,414 |
Term Note Payable, Net of Financing Costs | $ 68,886,785 | $ 29,527,046 |
Borrowings (Details 1)
Borrowings (Details 1) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Debt Disclosure [Abstract] | ||||
Credit Facility commitment fee | $ 43,087 | $ 42,615 | $ 288,620 | |
Credit Facility Loan interest | 1,360,409 | 1,219,237 | 81,109 | |
Amortization of deferred financing costs | 226,742 | 222,394 | 157,811 | |
Other | [1] | 1,182,564 | 309,588 | 164,725 |
Total | $ 2,812,802 | $ 1,793,834 | $ 692,265 | |
Weighted average interest rate on credit facility | 4.32% | 4.14% | 4.87% | |
Weighted average outstanding balance of credit facility | $ 53,753,277 | $ 29,896,416 | $ 8,481,848 | |
[1] | Primarily includes financing costs of credit facility. |
Borrowings (Details 2)
Borrowings (Details 2) | Dec. 31, 2019USD ($) |
Year ending December 31: | |
2020 | $ 4,393,296 |
2021 | 5,659,278 |
2022 | 5,549,332 |
2023 | 5,630,052 |
2024 | 5,805,094 |
Thereafter | 44,953,415 |
Total | $ 71,990,467 |
Borrowings (Details Narrative)
Borrowings (Details Narrative) - USD ($) | Jun. 18, 2018 | Jan. 05, 2018 | Jun. 20, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 29, 2016 |
Borrowings (Textual) | |||||||
Weighted average outstanding balance of credit facility | $ 53,753,277 | $ 29,896,416 | $ 8,481,848 | ||||
Credit Agreement [Member] | GREC Entity Holdco LLC [Member] | New Credit Facility (the "Credit Facility") [Member] | |||||||
Borrowings (Textual) | |||||||
Maximum borrowing capacity | $ 60,000,000 | $ 110,000,000 | |||||
Description of interest rate terms | Loans made under the New Credit Facility bear interest at 1.75% in excess of the three-month LIBOR. Until the New Credit Facility converts to a term loan, quarterly commitment fees on the average daily unused portion of the Credit Facility are payable at a rate per annum of 0.50%. | ||||||
Collateral amount | $ 25,700,000 | $ 58,307,080 | 72,000,000 | ||||
Credit facility maturity date | Jan. 5, 2024 | Jun. 20, 2025 | |||||
Financing costs | 3,100,000 | ||||||
Available amount | $ 96,438,316 | ||||||
Credit Agreement [Member] | GREC Entity Holdco LLC [Member] | New Credit Facility (the "Credit Facility") [Member] | Minimum [Member] | |||||||
Borrowings (Textual) | |||||||
Maximum borrowing capacity | 13,683,387 | ||||||
Interest Rate Swap Agreement[Member] | GREC Entity Holdco LLC [Member] | Facility 2 Term Loan [Member] | Interest Rate Swaps [Member] | |||||||
Borrowings (Textual) | |||||||
Description of interest rate terms | Floating rate interest payments | ||||||
Interest swap | $ 20,920,650 | ||||||
Fixed swap rate | 2.261% | ||||||
Interest Rate Swap Agreement[Member] | GREC Entity Holdco LLC [Member] | Facility 5 Term Loan [Member] | Interest Rate Swaps [Member] | |||||||
Borrowings (Textual) | |||||||
Interest swap | $ 38,203,506 | ||||||
Fixed swap rate | 2.69% | ||||||
Interest Rate Swap Agreement[Member] | GREC Entity Holdco LLC [Member] | Facility 4 Term Loan [Member] | Interest Rate Swaps [Member] | |||||||
Borrowings (Textual) | |||||||
Interest swap | $ 4,180,063 | ||||||
Fixed swap rate | 2.97% | ||||||
Interest Rate Swap Agreement[Member] | GREC Entity Holdco LLC [Member] | Facility 3 Term Loan [Member] | Interest Rate Swaps [Member] | |||||||
Borrowings (Textual) | |||||||
Interest swap | $ 29,624,945 | ||||||
Fixed swap rate | 2.65% | ||||||
Interest Rate Swap Agreement[Member] | GREC Entity Holdco LLC [Member] | Facility 1 Term Loan [Member] | Interest Rate Swaps [Member] | |||||||
Borrowings (Textual) | |||||||
Interest swap | $ 4,300,000 | ||||||
Fixed swap rate | 1.11% |
Members' Equity (Details)
Members' Equity (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shares Outstanding, Beginning | 37,003,502 | 23,189,229 |
Shares Issued During the Period | 11,871,168 | 14,320,115 |
Shares Repurchased During the Period | (985,060) | (505,842) |
Shares Outstanding, Ending | 47,889,610 | 37,003,502 |
Class A shares [Member] | ||
Shares Outstanding, Beginning | 16,714,738 | 13,857,830 |
Shares Issued During the Period | 1,053,857 | 3,279,887 |
Shares Repurchased During the Period | (558,579) | (422,979) |
Shares Outstanding, Ending | 17,210,016 | 16,714,738 |
Class C shares [Member] | ||
Shares Outstanding, Beginning | 2,222,478 | 1,431,999 |
Shares Issued During the Period | 512,926 | 798,080 |
Shares Repurchased During the Period | (16,929) | (7,601) |
Shares Outstanding, Ending | 2,718,475 | 2,222,478 |
Class I shares [Member] | ||
Shares Outstanding, Beginning | 6,209,416 | 4,511,832 |
Shares Issued During the Period | 670,113 | 1,757,365 |
Shares Repurchased During the Period | (185,871) | (59,781) |
Shares Outstanding, Ending | 6,693,658 | 6,209,416 |
Class P-A shares [Member] | ||
Shares Outstanding, Beginning | 15,478 | |
Shares Issued During the Period | 2,631 | 15,478 |
Shares Repurchased During the Period | ||
Shares Outstanding, Ending | 18,109 | 15,478 |
Class P-I shares [Member] | ||
Shares Outstanding, Beginning | 11,841,392 | 3,387,568 |
Shares Issued During the Period | 9,631,641 | 8,469,305 |
Shares Repurchased During the Period | (223,681) | (15,481) |
Shares Outstanding, Ending | 21,249,352 | 11,841,392 |
Members' Equity (Details 1)
Members' Equity (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Proceeds from Shares Sold | $ 97,341,397 | $ 120,327,072 | $ 72,419,807 |
Proceeds from Shares Issued through Reinvestment of Distributions | 6,752,677 | 6,126,789 | 4,747,534 |
Class A shares [Member] | |||
Proceeds from Shares Sold | 5,256,053 | 25,178,267 | 26,852,433 |
Proceeds from Shares Issued through Reinvestment of Distributions | 3,944,111 | 3,815,909 | 3,127,873 |
Class C shares [Member] | |||
Proceeds from Shares Sold | 3,651,717 | 6,378,209 | 3,102,082 |
Proceeds from Shares Issued through Reinvestment of Distributions | 733,788 | 487,570 | 363,670 |
Class I shares [Member] | |||
Proceeds from Shares Sold | 3,773,270 | 13,706,626 | 15,071,499 |
Proceeds from Shares Issued through Reinvestment of Distributions | 2,074,778 | 1,823,310 | 1,255,991 |
Class P-A shares [Member] | |||
Proceeds from Shares Sold | 22,875 | 135,375 | 27,075 |
Proceeds from Shares Issued through Reinvestment of Distributions | |||
Class P-I shares [Member] | |||
Proceeds from Shares Sold | 84,637,482 | 74,928,595 | 27,366,718 |
Proceeds from Shares Issued through Reinvestment of Distributions |
Members' Equity (Details Narrat
Members' Equity (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 04, 2019 | Dec. 31, 2015 | |
Members' Equity (Textual) | ||||||
Total number of shares authorized | 400,000,000 | |||||
Common stock of class A, C, I, P-A and P-I, shares authorized | 350,000,000 | 350,000,000 | ||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||||
Description of share repurchase program | Quarterly share repurchases will be conducted, on up to approximately 5% of the weighted average number of outstanding shares in any 12-month period, to allow members who hold Class A, C, I, P-A (commencing as of April 16, 2018) or P-I shares (commencing as of October 1, 2017) 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. | |||||
Share repurchase program repurchase limit | 5.00% | |||||
Share repurchase program repurchase limit in the prior four fiscal quarters | 1.25% | |||||
Total purchase price | $ 8,522,390 | $ 4,474,471 | $ 4,147,698 | |||
Shareholder receivable | $ 650,000 | $ 469,245 | ||||
Class A shares [Member] | ||||||
Members' Equity (Textual) | ||||||
Shares issued under the DRP | 1,588,435 | 1,131,099 | ||||
Share repurchased | 558,579 | 422,979 | 368,925 | |||
Total purchase price | $ 4,807,693 | $ 3,743,387 | $ 3,280,566 | |||
Class A shares [Member] | SC Distributors, LLC [Member] | Maximum [Member] | ||||||
Members' Equity (Textual) | ||||||
Percentage of selling commision | 7.00% | |||||
Percentage of dealer manager fees | 2.75% | |||||
Class C shares [Member] | ||||||
Members' Equity (Textual) | ||||||
Shares issued under the DRP | 220,991 | 134,021 | ||||
Share repurchased | 16,929 | 7,601 | 6,041 | |||
Total purchase price | $ 142,110 | $ 65,340 | $ 53,073 | |||
Class C shares [Member] | SC Distributors, LLC [Member] | ||||||
Members' Equity (Textual) | ||||||
Description of distribution fee | With respect to Class C shares only, the company will pay the 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. | |||||
Class C shares [Member] | SC Distributors, LLC [Member] | Maximum [Member] | ||||||
Members' Equity (Textual) | ||||||
Percentage of selling commision | 3.00% | |||||
Percentage of dealer manager fees | 2.75% | |||||
Class I shares [Member] | ||||||
Members' Equity (Textual) | ||||||
Shares issued under the DRP | 678,445 | 438,254 | ||||
Share repurchased | 185,871 | 59,781 | 81,315 | |||
Total purchase price | $ 1,596,905 | $ 528,898 | $ 724,059 | |||
Class I shares [Member] | SC Distributors, LLC [Member] | Maximum [Member] | ||||||
Members' Equity (Textual) | ||||||
Percentage of dealer manager fees | 1.75% | |||||
Class P-I shares [Member] | ||||||
Members' Equity (Textual) | ||||||
Share repurchased | 223,681 | 15,481 | 10,309 | |||
Total purchase price | $ 1,975,682 | $ 136,845 | $ 90,000 | |||
DRP [Member] | SC Distributors, LLC [Member] | Maximum [Member] | ||||||
Members' Equity (Textual) | ||||||
Percentage of selling commision | 6.00% | |||||
Percentage of dealer manager fees | 2.50% | |||||
Distribution Reinvestment Plan [Member] | ||||||
Members' Equity (Textual) | ||||||
Shares issued under the DRP | 2,487,871 | 1,703,374 | ||||
Minimum written notice period for termination | 10 days | |||||
Share offering price | 10,000,000 |
Distributions (Details)
Distributions (Details) - $ / shares | 2 Months Ended | 3 Months Ended | ||||||||||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | |
Common Class A [Member] | ||||||||||||||||||
Cash distributions announced per unit and per day | $ 0.00166900 | $ 0.00166900 | $ 0.00166900 | $ 0.00166900 | $ 0.00166900 | $ 0.00166900 | $ 0.00166900 | $ 0.00166900 | $ 0.00166900 | $ 0.00166900 | $ 0.00167100 | $ 0.00168070 | $ 0.00168560 | $ 0.00167660 | $ 0.00166170 | $ 0.00165510 | $ 0.00164780 | |
Common Class C [Member] | ||||||||||||||||||
Cash distributions announced per unit and per day | $ 0.00162650 | 0.00162650 | 0.00162650 | 0.00162650 | 0.00162650 | 0.00162650 | 0.00162650 | 0.00162650 | 0.00162650 | 0.00162650 | 0.00162730 | 0.00163500 | 0.00164020 | 0.00167660 | 0.00166170 | 0.00165510 | 0.00164780 | |
Common Class I [Member] | ||||||||||||||||||
Cash distributions announced per unit and per day | 0.00166900 | 0.00166900 | 0.00166900 | 0.00166900 | 0.00166900 | 0.00166900 | 0.00166900 | 0.00166900 | 0.00166900 | 0.00166900 | 0.00167100 | 0.00168070 | 0.00168560 | 0.00167660 | 0.00166170 | 0.00165510 | 0.00164780 | |
Class P-A shares [Member] | ||||||||||||||||||
Cash distributions announced per unit and per day | 0.00164790 | 0.00164790 | 0.00164790 | 0.00164790 | 0.00164790 | 0.00164790 | 0.00159520 | 0.00159520 | 0.00160360 | 0.00159680 | 0.00158260 | |||||||
Class P-I shares [Member] | ||||||||||||||||||
Cash distributions announced per unit and per day | $ 0.00158280 | $ 0.00158280 | $ 0.00158280 | $ 0.00158280 | $ 0.00158280 | $ 0.00158280 | $ 0.00158280 | $ 0.00158280 | $ 0.00158280 | $ 0.00159010 | $ 0.00158280 | $ 0.00159520 | $ 0.00160360 | $ 0.00159680 | $ 0.00158260 |
Distributions (Details 1)
Distributions (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | $ 19,131,428 | $ 11,611,348 | $ 6,656,076 |
Values of Shares Issued Under DRP | 6,752,677 | 6,126,789 | 4,747,534 |
Total | $ 25,884,105 | $ 17,738,137 | $ 11,403,610 |
Pay Date # 1 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Pay Date | Feb. 1, 2018 | Feb. 1, 2018 | Feb. 1, 2017 |
Paid in Cash | $ 1,317,325 | $ 728,738 | $ 431,686 |
Values of Shares Issued Under DRP | 583,571 | 464,821 | 349,842 |
Total | $ 1,900,896 | $ 1,193,559 | $ 781,528 |
Pay Date # 2 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Pay Date | Mar. 1, 2019 | Mar. 1, 2018 | Mar. 1, 2017 |
Paid in Cash | $ 1,247,614 | $ 682,039 | $ 413,270 |
Values of Shares Issued Under DRP | 552,615 | 428,310 | 332,761 |
Total | $ 1,800,229 | $ 1,110,349 | $ 746,031 |
Pay Date # 3 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Pay Date | Apr. 1, 2019 | Apr. 2, 2018 | Apr. 3, 2017 |
Paid in Cash | $ 1,452,585 | $ 790,925 | $ 482,113 |
Values of Shares Issued Under DRP | 611,400 | 474,370 | 371,902 |
Total | $ 2,063,985 | $ 1,265,295 | $ 854,015 |
Pay Date # 4 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Pay Date | May 1, 2019 | May 1, 2018 | May 1, 2017 |
Paid in Cash | $ 1,438,057 | $ 792,185 | $ 486,864 |
Values of Shares Issued Under DRP | 600,614 | 475,874 | 370,463 |
Total | $ 2,038,671 | $ 1,268,059 | $ 857,327 |
Pay Date # 5 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Pay Date | Jun. 3, 2019 | Jun. 1, 2018 | Jun. 1, 2017 |
Paid in Cash | $ 1,553,801 | $ 883,662 | $ 524,909 |
Values of Shares Issued Under DRP | 622,584 | 507,728 | 383,585 |
Total | $ 2,176,385 | $ 1,391,390 | $ 908,494 |
Pay Date # 6 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Pay Date | Jul. 1, 2019 | Jul. 2, 2018 | Jul. 3, 2017 |
Paid in Cash | $ 1,764,339 | $ 927,638 | $ 534,165 |
Values of Shares Issued Under DRP | 383,813 | 502,333 | 382,339 |
Total | $ 2,148,152 | $ 1,429,971 | $ 916,504 |
Pay Date # 7 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Pay Date | Aug. 1, 2019 | Aug. 1, 2018 | Aug. 1, 2017 |
Paid in Cash | $ 1,850,929 | $ 1,013,883 | $ 572,833 |
Values of Shares Issued Under DRP | 393,237 | 529,333 | 406,993 |
Total | $ 2,244,166 | $ 1,543,216 | $ 979,826 |
Pay Date # 8 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Pay Date | Sep. 2, 2019 | Sep. 4, 2018 | Sep. 1, 2017 |
Paid in Cash | $ 1,664,451 | $ 1,078,310 | $ 600,962 |
Values of Shares Issued Under DRP | 613,333 | 541,479 | 415,864 |
Total | $ 2,277,784 | $ 1,619,789 | $ 1,016,826 |
Pay Date # 9 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Pay Date | Oct. 1, 2019 | Oct. 1, 2018 | Oct. 2, 2017 |
Paid in Cash | $ 1,647,779 | $ 1,097,313 | $ 603,869 |
Values of Shares Issued Under DRP | 589,769 | 529,751 | 411,848 |
Total | $ 2,237,548 | $ 1,627,064 | $ 1,015,717 |
Pay Date # 10 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Pay Date | Nov. 1, 2019 | Nov. 1, 2018 | Nov. 1, 2017 |
Paid in Cash | $ 1,715,922 | $ 1,178,736 | $ 637,604 |
Values of Shares Issued Under DRP | 609,493 | 555,383 | 436,753 |
Total | $ 2,325,415 | $ 1,734,119 | $ 1,074,357 |
Pay Date # 11 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Pay Date | Dec. 2, 2019 | Dec. 3, 2018 | Dec. 1, 2017 |
Paid in Cash | $ 1,693,670 | $ 1,177,142 | $ 656,495 |
Values of Shares Issued Under DRP | 587,119 | 546,446 | 430,860 |
Total | $ 2,280,789 | $ 1,723,588 | $ 1,087,355 |
Pay Date # 12 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Pay Date | Jan. 1, 2020 | Jan. 2, 2019 | Jan. 2, 2018 |
Paid in Cash | $ 1,784,956 | $ 1,260,777 | $ 711,306 |
Values of Shares Issued Under DRP | 605,129 | 570,961 | 454,324 |
Total | $ 2,390,085 | $ 1,831,738 | $ 1,165,630 |
Distributions (Details 2)
Distributions (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Distributions Made to Members or Limited Partners [Abstract] | |||
Cash from operations | $ 4,088,660 | $ 11,611,348 | $ 6,656,075 |
Offering proceeds | 15,042,768 | ||
Total cash distributions | $ 19,131,428 | $ 11,611,348 | $ 6,656,075 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
US federal | |||
State and local | |||
Foreign jurisdiction | |||
Tax (benefit)/expense | |||
Change in valuation allowance | |||
Deferred tax (benefit) expense | |||
Change in benefit from deferred taxes on unrealized depreciation on investments | |||
Tax benefit/(expense), net | |||
Deferred | |||
US federal | 3,551,704 | (1,218,349) | 1,289,202 |
State and local | (44,946) | (254,810) | 273,787 |
Foreign jurisdiction | |||
Tax (benefit)/expense | 3,506,758 | (1,473,159) | 1,562,989 |
Change in valuation allowance | 1,231,693 | (54,758) | 92,366 |
Deferred tax (benefit) expense | (3,188,431) | ||
Change in benefit from deferred taxes on unrealized depreciation on investments | 7,926,882 | ||
Tax benefit/(expense), net | 4,738,451 | (1,527,917) | 1,655,355 |
Total | |||
US federal | 3,551,704 | (1,218,349) | 1,289,202 |
State and local | (44,946) | (254,810) | 273,787 |
Foreign jurisdiction | |||
Tax (benefit)/expense | 3,506,758 | (1,473,159) | 1,562,989 |
Change in valuation allowance | 1,231,693 | (54,758) | 92,366 |
Deferred tax (benefit) expense | (3,188,431) | ||
Change in benefit from deferred taxes on unrealized depreciation on investments | 7,926,882 | ||
Tax (benefi)t/expense, net | $ 4,738,451 | $ (1,527,917) | $ 1,655,355 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Net increase in net assets from operations before tax, based on ASC 946, at the federal income tax rate | $ 7,125,202 | $ 2,523,711 | $ 2,793,488 |
Add: Greenbacker Renewable Energy, LLC's loss treated as a partnership for U.S. tax purposes, at federal income tax rate | 1,387,056 | 283,062 | 337,284 |
Add: Greenbacker Renewable Energy Corporation's consolidated book (loss) based on standard GAAP accounting, at federal income tax rate | (4,713,909) | (3,769,926) | (2,225,352) |
Federal tax credit | (246,645) | (255,196) | |
Increase in income taxes resulting from: | |||
State and local taxes, net of federal benefit | 969,124 | (270,036) | 261,224 |
Change in state rate | (1,014,070) | 15,226 | 12,562 |
Change in federal rate | 383,783 | ||
Change in valuation allowance | 1,231,693 | (54,758) | 92,366 |
Actual provision for income taxes | $ 4,738,451 | $ (1,527,917) | $ 1,655,355 |
Net increase (decrease) in net assets from operations before tax, based on ASC 946, at the federal income tax rate | 150.37% | (165.17%) | 168.75% |
Reversal of Greenbacker Renewable Energy, LLC's (income)/loss treated as a partnership for U.S tax purposes, at federal income tax rate | 29.27% | (18.53%) | 20.38% |
Adjustment for Greenbacker Renewable Energy Corporation's consolidated book income/(loss), based on standard GAAP accounting, at federal income tax rate | (9948.00%) | 246.74% | (134.43%) |
Federal tax credit | (521.00%) | 16.70% | |
State tax credit | |||
Increase in income taxes resulting from: | |||
State and local taxes, net of federal benefit | 2045.00% | 17.67% | 15.78% |
Change in state rate | (21.40%) | (1.00%) | 0.76% |
Change in federal rate | 23.18% | ||
Permanent differences, at federal income tax rate | |||
Change in valuation allowances | 26.00% | 3.59% | 5.58% |
Actual provision for income taxes | 10000.00% | 100.00% | 100.00% |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Amortization | $ 53,558 | $ 60,181 |
Net operating losses | 27,935,648 | 21,289,433 |
Federal tax credits | 7,046,772 | 5,756,076 |
Unrealized gains | (32,223,751) | (20,786,706) |
Deferred tax assets | 2,812,227 | 6,318,984 |
Less: valuation allowance | (1,498,721) | (267,027) |
Deferred tax assets, net | $ 1,313,506 | $ 6,051,957 |
Income Taxes (Details 3)
Income Taxes (Details 3) | Dec. 31, 2019USD ($) |
2020 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | 802,822 |
State NOL Amount | |
2021 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | 422,885 |
State NOL Amount | |
2022 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | 918,368 |
2023 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | 2,454,562 |
2024 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | 2,549,437 |
2025 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | 673,181 |
2026 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | 2,934,175 |
2027 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | 4,162,481 |
2028 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | 10,579,879 |
2029 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | |
2030 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | 2,751,775 |
2031 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | 5,377,684 |
2032 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | 8,015,544 |
2033 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | 7,163,874 |
2034 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | 161,963 |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | 156,188 |
2035 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | 6,693,198 |
Federal ITC Amount | 3,345,092 |
State ITC Amount | |
State NOL Amount | 2,718,197 |
2036 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | 15,734,069 |
Federal ITC Amount | 1,955,780 |
State ITC Amount | |
State NOL Amount | 5,911,423 |
2037 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | 26,927,165 |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount | 13,684,243 |
2038 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | 35,706,007 |
Federal ITC Amount | 273,548 |
State ITC Amount | |
State NOL Amount | 18,592,693 |
2039 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | 20,866,683 |
Federal ITC Amount | 246,645 |
State ITC Amount | |
State NOL Amount | |
Indefinite [Member] | |
Operating Loss Carryforwards [Line Items] | |
Federal NOL Amount | |
Federal ITC Amount | |
State ITC Amount | |
State NOL Amount |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes (Textual) | ||
Deferred tax assets valuation allowance | $ 1,498,721 | $ 267,027 |
Corporate tax rate | 21.00% | |
Percentage of adjusted taxable income | 30.00% | |
Percentage of investments in depreciable property | 100.00% | |
Percentage of post 2017 net operating losses on taxable income | 80.00% | |
Net operating loss expire, Description | Through 2038 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | |
Other Commitments [Line Items] | ||
Investment in operating assets, description | GREC signed a purchase and sale agreement to acquire an interest in Greenbacker Wind – I, which is comprised of two projects Elk and Hawkeye. Elk is a 42.5 MW operating wind farm located in Delaware County, Iowa, and Hawkeye is a 37.5 MW operating wind farm located in Fayette County, Iowa. Elk and Hawkeye reached their COD in 2011 and 2012, respectively, and originally secured 20 and 25-year busbar PPAs with an investment-grade utility. | |
Renewable Energy Credit [Member] | ||
Other Commitments [Line Items] | ||
Investment outstanding balance | $ 883,275 | |
7 Operating Entities [Member] | ||
Other Commitments [Line Items] | ||
Investment outstanding balance | 183,400,000 | |
9 Operating Entities [Member] | MIPA [Member] | ||
Other Commitments [Line Items] | ||
Investment outstanding balance | $ 245,080,000 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Class A shares [Member] | |||||||
Per share data attributed to common shares: | |||||||
Net Asset Value at beginning of period | $ 8.54 | [1] | $ 8.68 | $ 8.69 | [2] | ||
Net investment income | [3] | 0.17 | [1] | 0.28 | [4] | 0.25 | [2] |
Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder | 0.80 | [1] | 0.12 | [4] | 0.35 | [2] | |
Change in translation of assets and liabilities denominated in foreign currencies | [1] | [4],[5] | 0.01 | [2],[5] | |||
Change in benefit from deferred taxes on unrealized depreciation on investments | (0.18) | [1] | 0.08 | [4] | 0.05 | [2] | |
Net increase in net assets attributed to common stockholders/members | 0.79 | [1] | 0.48 | [4] | 0.66 | [2] | |
Shareholder distributions: | |||||||
Distributions from net investment income | (0.10) | [1] | (0.33) | [4] | (0.39) | [2] | |
Distributions from offering proceeds | (0.51) | [1] | (0.28) | [4] | (0.22) | [2] | |
Offering costs and deferred sales commissions | (0.02) | [1] | (0.03) | [4] | (0.04) | [2] | |
Other | [6] | (0.14) | [1] | 0.02 | [4] | (0.02) | [2] |
Net decrease in members' equity attributed to common shares | (0.77) | [1] | (0.62) | [4] | (0.01) | [2] | |
Net asset value for common shares at end of period | $ 8.56 | [1] | $ 8.54 | [1] | $ 8.68 | ||
Common equityholders' equity at end of period | $ 147,304,141 | [1] | $ 142,791,899 | [4] | $ 120,344,517 | [2] | |
Common shares outstanding at end of period | 17,210,016 | [1] | 16,714,738 | [4] | 13,857,830 | [2] | |
Ratio/Supplemental data for common shares (annualized): | |||||||
Total return attributed to common shares based on net asset value | 8.06% | 5.45% | 6.90% | ||||
Ratio of net investment income to average net assets | 1.97% | 3.24% | 2.96% | ||||
Ratio of operating expenses to average net assets | 3.94% | 3.87% | 3.64% | ||||
Portfolio turnover rate | 14.04% | 0.05% | 19.15% | ||||
Class C shares [Member] | |||||||
Per share data attributed to common shares: | |||||||
Net Asset Value at beginning of period | $ 8.34 | [1] | $ 8.42 | $ 8.44 | [2] | ||
Net investment income | [3] | 0.17 | [1] | 0.28 | [4] | 0.25 | [2] |
Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder | 0.80 | [1] | 0.12 | [4] | 0.35 | [2] | |
Change in translation of assets and liabilities denominated in foreign currencies | [1] | [4],[5] | 0.01 | [2],[5] | |||
Change in benefit from deferred taxes on unrealized depreciation on investments | (0.18) | [1] | 0.08 | [4] | 0.05 | [2] | |
Net increase in net assets attributed to common stockholders/members | 0.79 | [1] | 0.48 | [4] | 0.66 | [2] | |
Shareholder distributions: | |||||||
Distributions from net investment income | (0.10) | [1] | (0.33) | [4] | (0.39) | [2] | |
Distributions from offering proceeds | (0.50) | [1] | (0.26) | [4] | (0.22) | [2] | |
Offering costs and deferred sales commissions | (0.05) | [1] | (0.08) | [4] | (0.15) | [2] | |
Other | [6] | (0.10) | [1] | 0.11 | [4] | 0.08 | [2] |
Net decrease in members' equity attributed to common shares | (0.75) | [1] | (0.56) | [4] | (0.02) | [2] | |
Net asset value for common shares at end of period | $ 8.38 | [1] | $ 8.34 | [1] | $ 8.42 | ||
Common equityholders' equity at end of period | $ 22,792,345 | [1] | $ 18,546,310 | [4] | $ 12,053,349 | [2] | |
Common shares outstanding at end of period | 2,718,475 | [1] | 2,222,478 | [4] | 1,431,999 | [2] | |
Ratio/Supplemental data for common shares (annualized): | |||||||
Total return attributed to common shares based on net asset value | 7.79% | 6.19% | 6.77% | ||||
Ratio of net investment income to average net assets | 1.98% | 3.26% | 3.04% | ||||
Ratio of operating expenses to average net assets | 3.96% | 3.95% | 3.74% | ||||
Portfolio turnover rate | 14.04% | 0.05% | 19.15% | ||||
Class I shares [Member] | |||||||
Per share data attributed to common shares: | |||||||
Net Asset Value at beginning of period | $ 8.54 | [1] | $ 8.68 | $ 8.69 | [2] | ||
Net investment income | [3] | 0.17 | [1] | 0.28 | [4] | 0.25 | [2] |
Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder | 0.80 | [1] | 0.12 | [4] | 0.35 | [2] | |
Change in translation of assets and liabilities denominated in foreign currencies | [1] | [4],[5] | 0.01 | [2],[5] | |||
Change in benefit from deferred taxes on unrealized depreciation on investments | (0.18) | [1] | 0.08 | [4] | 0.05 | [2] | |
Net increase in net assets attributed to common stockholders/members | 0.79 | [1] | 0.48 | [4] | 0.66 | [2] | |
Shareholder distributions: | |||||||
Distributions from net investment income | (0.10) | [1] | (0.33) | [4] | (0.39) | [2] | |
Distributions from offering proceeds | (0.51) | [1] | (0.28) | [4] | (0.21) | [2] | |
Offering costs and deferred sales commissions | (0.02) | [1] | (0.04) | [4] | (0.08) | [2] | |
Other | [6] | (0.13) | [1] | 0.03 | [4] | 0.01 | [2] |
Net decrease in members' equity attributed to common shares | (0.76) | [1] | (0.62) | [4] | (0.01) | [2],[6] | |
Net asset value for common shares at end of period | $ 8.56 | [1] | $ 8.54 | [1] | $ 8.68 | ||
Common equityholders' equity at end of period | $ 57,292,421 | [1] | $ 53,046,260 | [4] | $ 39,181,769 | [2] | |
Common shares outstanding at end of period | 6,693,658 | [1] | 6,209,416 | [4] | 4,511,832 | [2] | |
Ratio/Supplemental data for common shares (annualized): | |||||||
Total return attributed to common shares based on net asset value | 8.05% | 5.44% | 6.90% | ||||
Ratio of net investment income to average net assets | 1.95% | 3.20% | 2.96% | ||||
Ratio of operating expenses to average net assets | 3.90% | 3.86% | 3.64% | ||||
Portfolio turnover rate | 14.04% | 0.05% | 19.15% | ||||
Class P-A shares [Member] | |||||||
Per share data attributed to common shares: | |||||||
Net Asset Value at beginning of period | $ 8.55 | [1] | $ 8.75 | [4],[7] | |||
Net investment income | [3] | 0.17 | [1] | 0.07 | [4] | ||
Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder | 0.80 | [1] | (0.05) | [4],[7] | |||
Change in translation of assets and liabilities denominated in foreign currencies | [1] | [4],[5] | |||||
Change in benefit from deferred taxes on unrealized depreciation on investments | (0.18) | [1] | 0.12 | [4],[7] | |||
Net increase in net assets attributed to common stockholders/members | 0.79 | [1] | 0.14 | [4],[7] | |||
Shareholder distributions: | |||||||
Distributions from net investment income | (0.10) | [1] | (0.08) | [4],[7] | |||
Distributions from offering proceeds | (0.51) | [1] | (0.14) | [4],[7] | |||
Offering costs and deferred sales commissions | [1] | (0.14) | [4],[7] | ||||
Other | [6] | (0.13) | [1] | 0.02 | [4] | ||
Net decrease in members' equity attributed to common shares | (0.74) | [1] | (0.34) | [4],[7] | |||
Net asset value for common shares at end of period | $ 8.60 | [1] | $ 8.55 | [1] | $ 8.75 | [4],[7] | |
Common equityholders' equity at end of period | $ 155,808 | [1] | $ 132,272 | [4],[7] | |||
Common shares outstanding at end of period | 18,109 | [1] | 15,478 | [4],[7] | |||
Ratio/Supplemental data for common shares (annualized): | |||||||
Total return attributed to common shares based on net asset value | 7.66% | 1.06% | |||||
Ratio of net investment income to average net assets | 1.96% | 1.97% | |||||
Ratio of operating expenses to average net assets | 3.92% | 3.48% | |||||
Portfolio turnover rate | 14.04% | 0.05% | |||||
Class P-I shares [Member] | |||||||
Per share data attributed to common shares: | |||||||
Net Asset Value at beginning of period | $ 8.76 | [1] | $ 8.81 | 8.67 | [2] | ||
Net investment income | [3] | 0.17 | [1] | 0.28 | [4] | 0.25 | [2] |
Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder | 0.80 | [1] | 0.12 | [4] | 0.35 | [2] | |
Change in translation of assets and liabilities denominated in foreign currencies | [1] | [4],[5] | 0.01 | [2],[5] | |||
Change in benefit from deferred taxes on unrealized depreciation on investments | (0.18) | [1] | 0.08 | [4] | 0.05 | [2] | |
Net increase in net assets attributed to common stockholders/members | 0.79 | [1] | 0.48 | [4] | 0.66 | [2] | |
Shareholder distributions: | |||||||
Distributions from net investment income | (0.10) | [1] | (0.30) | [4] | (0.39) | [2] | |
Distributions from offering proceeds | (0.48) | [1] | (0.28) | [4] | (0.19) | [2] | |
Offering costs and deferred sales commissions | [1] | [4] | [2] | ||||
Other | [6] | (0.07) | [1] | 0.05 | [4] | 0.06 | [2] |
Net decrease in members' equity attributed to common shares | (0.65) | [1] | (0.53) | [4] | 0.14 | [2],[6] | |
Net asset value for common shares at end of period | $ 8.90 | [1] | $ 8.76 | [1] | $ 8.81 | ||
Common equityholders' equity at end of period | $ 189,009,074 | [1] | $ 103,742,870 | [4] | $ 29,858,889 | [2] | |
Common shares outstanding at end of period | 21,249,352 | [1] | 11,841,392 | [4] | 3,387,568 | [2] | |
Ratio/Supplemental data for common shares (annualized): | |||||||
Total return attributed to common shares based on net asset value | 8.49% | 6.16% | 8.65% | ||||
Ratio of net investment income to average net assets | 1.91% | 2.86% | 2.92% | ||||
Ratio of operating expenses to average net assets | 3.81% | 3.69% | 3.59% | ||||
Portfolio turnover rate | 14.04% | 0.05% | 19.15% | ||||
[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 year ended December 31, 2019, which were 17,270,555, 2,645,713, 6,642,314, 17,841, and 17,211,763, respectively. | ||||||
[2] | The per share data for Class A, C, I and P-I Shares were derived by using the weighted average shares outstanding during the year ended December 31, 2017, which were 12,384,101, 1,194,718, 3,529,998 and 1,792,632, respectively. | ||||||
[3] | Does not reflect any incentive fees that may be payable to the Special Unitholder. | ||||||
[4] | 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 year ended December 31, 2018, which were 15,338,291, 1,803,985, 5,386,556, 11,042, and 7,266,426, respectively. | ||||||
[5] | Amount is less than $0.01 per share. | ||||||
[6] | Represents the impact of different share amounts used in calculating certain per share data based on weighted average shares outstanding during the period and the impact of shares at a price other than the net asset value. | ||||||
[7] | Class P-A shares were reinstated for sale as of April 16, 2018 and first sold on August 6, 2018. |
Financial Highlights (Details T
Financial Highlights (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Highlights (Textual) | |||
Weighted average common shares outstanding | 43,788,187 | 29,799,735 | 18,922,343 |
Class A shares [Member] | |||
Financial Highlights (Textual) | |||
Weighted average common shares outstanding | 15,338,291 | 15,338,291 | 12,384,101 |
Class C shares [Member] | |||
Financial Highlights (Textual) | |||
Weighted average common shares outstanding | 1,803,985 | 1,803,985 | 1,194,718 |
Class I shares [Member] | |||
Financial Highlights (Textual) | |||
Weighted average common shares outstanding | 5,386,556 | 5,386,556 | 3,529,998 |
Class P-A shares [Member] | |||
Financial Highlights (Textual) | |||
Weighted average common shares outstanding | 11,042 | 11,042 | |
Class P-I shares [Member] | |||
Financial Highlights (Textual) | |||
Weighted average common shares outstanding | 7,266,426 | 7,266,426 | 1,792,632 |
Selected Quarterly Data (Unau_3
Selected Quarterly Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Total investment income | $ 4,640,954 | $ 6,679,823 | $ 4,876,003 | $ 2,565,925 | $ 4,540,427 | $ 5,103,336 | $ 4,984,874 | $ 4,918,793 | $ 4,416,117 | $ 3,663,635 | $ 2,936,470 | $ 2,366,899 | $ 2,848,655 | $ 3,085,513 | $ 1,645,291 | $ 656,566 | $ 421,488 | $ 740,773 | $ 633,646 | $ 58,215 | $ 18,762,705 | $ 19,392,582 | $ 13,339,269 | $ 8,236,025 | ||||
Net investment income (loss) | 4,587,394 | 2,067,331 | 1,417,709 | (795,343) | (434,963) | 1,988,378 | 3,259,425 | 3,271,370 | 229,297 | 1,149,977 | 1,986,899 | 1,450,378 | 1,497,148 | 1,730,438 | 1,519,649 | 23,132 | 253,576 | 270,523 | 333,917 | (118,483) | 4,472,303 | 8,084,210 | 4,816,551 | 4,679,670 | ||||
Net gain (loss) on investments and foreign currency translation | 5,248,381 | 16,589,939 | 6,098,299 | 7,281,283 | (1,693,642) | (296,054) | 2,341,771 | 2,452,402 | 3,738,403 | 1,579,619 | 1,576,272 | (108,245) | (1,706,876) | 1,143,849 | (231,426) | (634,047) | 666,498 | 376,473 | (46,396) | 385,490 | ||||||||
Change in (benefit) expense from deferred taxes on unrealized appreciation on investments | (3,383,241) | (2,463,723) | (1,482,457) | (597,461) | 1,877,386 | 2,275,076 | 73,354 | (1,239,228) | 1,198,186 | 680,969 | (653,366) | (262,069) | 671,401 | (8,372) | 1,838,292 | 1,885,335 | 127,015 | (7,926,882) | 2,986,588 | 963,720 | 4,386,656 | |||||||
Net increase (decrease) in net assets resulting from operations | $ 6,452,534 | $ 16,193,547 | $ 6,033,551 | $ 5,888,479 | $ (251,219) | $ 3,967,400 | $ 5,674,550 | $ 4,484,544 | $ 5,165,886 | $ 3,410,565 | $ 2,909,805 | $ 1,080,064 | $ 461,673 | $ 2,865,915 | $ 3,126,515 | $ 1,274,420 | $ 1,047,089 | $ 646,996 | $ 287,521 | $ 267,007 | $ 29,132,932 | $ 13,875,275 | $ 12,566,320 | $ 7,728,523 | ||||
Net investment income (loss) per share - basic and diluted (in dollars per share) | $ 0.1 | $ 0.05 | $ (0.02) | $ (0.01) | $ 0.06 | $ 0.12 | $ 0.13 | $ (0.01) | $ 0.06 | $ 0.11 | $ 0.09 | $ 0.11 | $ 0.14 | $ 0.15 | $ 0 | $ 0.09 | $ 0.07 | $ 0.14 | $ (0.08) | $ 0.17 | $ 0.27 | $ 0.25 | $ 0.43 | |||||
Net increase (decrease) in net assets resulting from operations per share - basic and diluted (in dollars per share) | 0.15 | 0.36 | 0.1 | 0.15 | (0.01) | 0.12 | 0.21 | 0.19 | 0.22 | 0.16 | 0.15 | 0.07 | 0.03 | 0.24 | 0.30 | 0.16 | 0.20 | 0.17 | 0.12 | 0.18 | ||||||||
Net asset value per share at period end (in dollars per share) | $ 8.54 | $ 8.52 | $ 8.50 | $ 8.50 | ||||||||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||||||||||
Net investment income (loss) per share - basic and diluted (in dollars per share) | 0.28 | [1],[2] | 0.25 | [3],[4] | 0.43 | [3] | ||||||||||||||||||||||
Net asset value per share at period end (in dollars per share) | 8.6 | 8.62 | 8.48 | 8.5 | 8.54 | 8.69 | 8.72 | 8.70 | 8.68 | 8.64 | 8.63 | 8.64 | 8.69 | 8.74 | 8.69 | 8.56 | 8.6 | 8.54 | 8.68 | 8.69 | ||||||||
Common Class C [Member] | ||||||||||||||||||||||||||||
Net investment income (loss) per share - basic and diluted (in dollars per share) | 0.28 | [1],[2] | 0.25 | [3],[4] | 0.43 | [3] | ||||||||||||||||||||||
Net asset value per share at period end (in dollars per share) | 8.38 | 8.44 | 8.31 | 8.32 | 8.34 | 8.48 | 8.50 | 8.45 | 8.42 | 8.42 | 8.41 | 8.40 | 8.44 | 8.49 | 8.43 | 8.56 | 8.38 | 8.34 | 8.42 | 8.44 | ||||||||
Common Class I [Member] | ||||||||||||||||||||||||||||
Net investment income (loss) per share - basic and diluted (in dollars per share) | [3] | 0.28 | [2] | 0.25 | [4] | 0.43 | ||||||||||||||||||||||
Net asset value per share at period end (in dollars per share) | 8.6 | 8.62 | 8.48 | 8.5 | 8.54 | 8.69 | 8.72 | 8.70 | 8.68 | 8.64 | 8.63 | 8.64 | 8.69 | 8.74 | 8.69 | 8.56 | 8.6 | 8.54 | 8.68 | 8.69 | ||||||||
Class P-A shares [Member] | ||||||||||||||||||||||||||||
Net investment income (loss) per share - basic and diluted (in dollars per share) | [3] | 0.07 | [2],[5] | 0.19 | ||||||||||||||||||||||||
Net asset value per share at period end (in dollars per share) | 8.6 | 8.65 | 8.51 | 8.53 | 8.55 | 8.71 | 8.67 | 8.74 | 8.6 | 8.55 | 8.67 | |||||||||||||||||
Class P-I shares [Member] | ||||||||||||||||||||||||||||
Net investment income (loss) per share - basic and diluted (in dollars per share) | [3] | 0.28 | [2] | 0.25 | [4] | 0.19 | ||||||||||||||||||||||
Net asset value per share at period end (in dollars per share) | $ 8.9 | $ 8.93 | $ 8.77 | $ 8.76 | $ 8.76 | $ 8.89 | $ 8.9 | $ 8.84 | $ 8.81 | $ 8.75 | $ 8.73 | $ 8.69 | $ 8.67 | $ 8.74 | $ 8.9 | $ 8.76 | $ 8.81 | $ 8.67 | ||||||||||
[1] | Amount is less than $0.01 per share. | |||||||||||||||||||||||||||
[2] | The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the year ended December 31, 2018, which were 15,338,291, 1,803,985, 5,386,556, 11,042, and 7,266,426, respectively. | |||||||||||||||||||||||||||
[3] | Does not reflect any incentive fees that may be payable to the Special Unitholder. | |||||||||||||||||||||||||||
[4] | The per share data for Class A, C, I and P-I Shares were derived by using the weighted average shares outstanding during the year ended December 31, 2017, which were 12,384,101, 1,194,718, 3,529,998 and 1,792,632, respectively. | |||||||||||||||||||||||||||
[5] | Class P-A shares were reinstated for sale as of April 16, 2018 and first sold on August 6, 2018. |
Subsequent Events (Details Text
Subsequent Events (Details Textual) | Mar. 05, 2020USD ($) |
Subsequent Event [Member] | |
Subsequent Events (Textual) | |
Investment sales price | $ 45,000,000 |