Investments | Investments During the first quarter of 2021, the Company modified the presentation of the Consolidated Schedule of Investments to consolidate certain underlying portfolios. Certain portfolios that had been separately presented on the Consolidated Schedule of Investments are now aggregated with other portfolios in the same industry to be presented in a consolidated manner on the Consolidated Schedule of Investments. These consolidation efforts had no impact on the underlying portfolios or their individual cost or fair values, but rather represent the aggregation of several similar investments. Certain portfolios, including those determined to be individually significant, remain presented separately. Management believes that the consolidation of our portfolios results in a presentation that more accurately reflects the way in which we view our overall portfolio of investments and will enhance the information reported to the users of our financial statements. Management has recast the Schedule of Investments as of December 31, 2020 to conform with current year presentation based upon the methodology as outlined above. The composition of the Company’s investments as of December 31, 2021, at fair value, were as follows: Investments at Investments at Fair Value Battery Storage: Pacifica Portfolio $ 11,288,841 $ 10,747,811 0.7 % Subtotal $ 11,288,841 $ 10,747,811 0.7 % Biomass: Eagle Valley Biomass Portfolio $ 24,533,222 $ 17,184,912 1.2 % Subtotal $ 24,533,222 $ 17,184,912 1.2 % Commercial Solar: Celadon Portfolio $ 165,129,450 $ 187,410,880 13.1 % GEH Portfolio 150,463,205 157,925,117 11.0 % Ponderosa Portfolio 49,514,975 59,577,751 4.1 % Sego Lily - Solar Portfolio 107,621,275 122,272,431 8.5 % Trillium Portfolio 74,764,309 101,432,185 7.1 % Other Commercial Solar Portfolios 250,865,362 302,548,767 21.1 % Subtotal $ 798,358,576 $ 931,167,131 64.9 % Wind: Sego Lily - Wind Portfolio $ 117,410,390 $ 140,965,616 9.8 % Greenbacker Wind Holdings II Portfolio 62,787,210 62,272,198 4.3 % Greenbacker Wind - HoldCo Portfolio 84,674,188 78,025,844 5.4 % Other Wind Investments Portfolios 56,638,076 58,770,864 4.1 % Subtotal $ 321,509,864 $ 340,034,522 23.6 % Other Investments: Other Portfolios $ 35,034,396 $ 35,243,259 2.5 % Subtotal $ 35,034,396 $ 35,243,259 2.5 % Energy Efficiency: Other Energy Efficiency Portfolios $ 668,736 $ 685,784 0.1 % Subtotal $ 668,736 $ 685,784 0.1 % Secured Loans: Chaberton Loan $ 2,247,962 $ 2,247,962 0.2 % Encore Loan 3,058,527 3,058,527 0.2 % Hudson Loan 4,984,650 4,984,650 0.3 % Hudson II Loan 4,227,098 4,227,098 0.3 % New Market Loan 5,008,070 5,008,070 0.3 % Shepherd's Run Loan 8,751,528 8,751,528 0.6 % SE Solar Loan 5,008,304 5,008,304 0.3 % Subtotal $ 33,286,139 $ 33,286,139 2.2 % Investments in Money Market Funds: Allspring Treasury Plus Money Market Fund - Institutional Class $ 16,823,110 $ 16,823,110 1.2 % Fidelity Government Portfolio - Class I 16,873,111 16,873,111 1.2 % First American Government Obligations Fund - Class X 16,823,111 16,823,111 1.2 % First American Government Obligations Fund - Class Z 50,000 50,000 — % JPMorgan US Government Money Market Fund - Class L 16,823,111 16,823,111 1.2 % Subtotal $ 67,392,443 $ 67,392,443 4.8 % Total $ 1,292,072,217 $ 1,435,742,001 100.0 % The composition of the Company’s investments as of December 31, 2020, at fair value, were as follows: Investments at Investments at Fair Value Battery Storage: Pacifica Portfolio $ 8,839,235 $ 8,839,235 1.3 % Subtotal $ 8,839,235 $ 8,839,235 1.3 % Biomass: Eagle Valley Biomass Portfolio $ 23,236,352 $ 23,236,352 3.5 % Subtotal $ 23,236,352 $ 23,236,352 3.5 % Commercial Solar: GEH Portfolio $ 114,253,479 $ 124,637,707 18.9 % Magnolia Sun Portfolio 33,008,559 36,904,011 5.6 % Other Commercial Solar Portfolios 67,933,619 70,814,994 10.7 % Sego Lily - Solar Portfolio 29,178,404 62,135,652 9.4 % Trillium Portfolio 83,219,738 105,913,033 16.1 % Subtotal $ 327,593,799 $ 400,405,397 60.7 % Wind: Greenbacker Wind Holdings II Portfolio $ 33,834,320 $ 35,839,967 5.4 % Greenbacker Wind - HoldCo Portfolio 73,244,891 75,013,771 11.4 % Greenbacker Wind Portfolio - Maine 12,704,196 23,758,084 3.6 % Other Wind Investments Portfolios 19,986,133 20,356,806 3.1 % Subtotal $ 139,769,540 $ 154,968,628 23.5 % Other Investments: Other Portfolios $ 23,669,446 $ 23,291,114 3.5 % Subtotal $ 23,669,446 $ 23,291,114 3.5 % Energy Efficiency: Other Energy Efficiency Portfolios $ 738,348 $ 741,581 0.1 % Subtotal $ 738,348 $ 741,581 0.1 % Secured Loans: Encore Loan $ 10,606,725 $ 10,606,725 1.6 % Hudson Loan 6,021,402 6,021,402 0.9 % Hudson II Loan 3,923,873 3,923,873 0.6 % New Market Loan 5,007,350 5,007,350 0.8 % SE Solar Loan 5,005,244 5,005,244 0.8 % TUUSSO Loan $ 6,763,096 $ 6,763,096 1.0 % Subtotal $ 37,327,690 $ 37,327,690 5.7 % Investments Money Market Funds: Fidelity Government Portfolio - Class I $ 10,100,000 $ 10,100,000 1.5 % First American Government Obligation Fund - Class Z 1,072,720 1,072,720 0.2 % Invesco Government & Agency Portfolio - Institutional Class 7 7 — % Subtotal $ 11,172,727 $ 11,172,727 1.7 % Total $ 572,347,137 $ 659,982,724 100.0 % The counterparty to all the energy efficiency investments held by the Company as of December 31, 2021 and December 31, 2020 is a related party (See Note 5. Related Party Agreements and Transaction Agreements). The composition of the Company’s investments as of December 31, 2021 by geographic region, at fair value, were as follows: Investments at Investments at Fair Value United States: East Region $ 376,929,916 $ 444,160,983 30.9 % Mid - West Region 222,573,610 233,427,679 16.3 Mountain Region 268,907,355 286,693,236 20.0 South Region 105,516,478 111,030,877 7.7 West Region 249,149,279 291,286,897 20.3 Total United States $ 1,223,076,638 $ 1,366,599,672 95.2 % Canada: 1,603,136 1,749,886 0.1 Money Markets: 67,392,443 67,392,443 4.7 Total $ 1,292,072,217 $ 1,435,742,001 100.0 % The composition of the Company’s investments as of December 31, 2020 by geographic region, at fair value, were as follows: Investments at Investments at Fair Value United States: East Region $ 148,159,362 $ 168,616,615 25.5 % Mid - West Region 120,709,771 127,384,880 19.3 Mountain Region 113,435,944 153,512,583 23.3 South Region 83,302,384 85,763,612 13.0 West Region 93,963,813 111,842,679 16.9 Total United States $ 559,571,274 $ 647,120,369 98.0 % Canada: 1,603,136 1,689,628 0.3 Money Markets: 11,172,727 11,172,727 1.7 Total $ 572,347,137 $ 659,982,724 100.0 % The composition of the Company’s investments as of December 31, 2021 by industry, at fair value, were as follows: Investments at Investments at Fair Value Battery Storage (2) $ 11,288,841 $ 10,747,811 0.7 % Biomass 24,533,222 17,184,912 1.2 Commercial Solar (1) (2) 831,644,715 964,453,270 67.2 Wind 321,509,864 340,034,522 23.7 Other Investments 35,034,396 35,243,259 2.5 Energy Efficiency 668,736 685,784 — Money Market Funds 67,392,443 67,392,443 4.7 Total $ 1,292,072,217 $ 1,435,742,001 100.0 % (1) Includes loans in the amount of $33,286,139. (2) Includes assets that have not reached COD. The composition of the Company’s investments as of December 31, 2020 by industry, at fair value, were as follows: Investments at Investments at Fair Value Biomass $ 23,236,352 $ 23,236,352 3.5 % Commercial Solar (1) (2) 364,921,489 437,733,087 66.4 Battery Storage (2) 8,839,235 8,839,235 1.3 Wind (2) 139,769,540 154,968,628 23.5 Other Investments 23,669,446 23,291,114 3.5 Energy Efficiency 738,348 741,581 0.1 Money Market Funds 11,172,727 11,172,727 1.7 Total $ 572,347,137 $ 659,982,724 100.0 % (1) Includes loans in the amount of $37,327,690. (2) Includes assets that have not reached COD. Investments held as of December 31, 2021 and 2020 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 are investments in limited liability companies for which the Company serves as managing member. |