Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 08, 2019 | |
Document And Entity Information Abstract | ||
Entity Registrant Name | Greenbacker Renewable Energy Co LLC | |
Entity Central Index Key | 0001563922 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Reporting Status Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 43,212,806 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | |
ASSETS | |||
Investments in controlled/affiliated portfolios, at fair value (cost of $335,487,599 and $298,314,385, respectively) | $ 353,642,002 | $ 307,176,115 | |
Swap contracts, at fair value | 76,259 | 435,603 | |
Cash and cash equivalents | 35,369,126 | 39,122,635 | |
Shareholder receivable | 262,000 | 469,245 | |
Dividend receivable | 100,000 | 488,000 | |
Deferred tax assets, net of allowance | 5,529,175 | 6,051,957 | |
Other assets | 179,703 | 201,074 | |
Total assets | 395,158,265 | 353,944,629 | |
LIABILITIES | |||
Swap contracts, at fair value | 1,963,687 | 311,641 | |
Payable for investments purchased | 8,901 | ||
Term note payable, net of financing costs | 29,582,955 | 29,527,046 | |
Management fee payable | 495,259 | 588,161 | |
Accounts payable and accrued expenses | 831,699 | 727,175 | |
Shareholder distributions payable | 1,452,590 | 1,260,754 | |
Interest payable | 11,857 | 3,507 | |
Due to advisor | 91,546 | 19,181 | |
Payable for repurchases of common stock | 1,224,111 | 1,249,808 | |
Deferred sales commission payable | 185,557 | 191,706 | |
Total liabilities | 35,839,261 | 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; 41,498,082 and 37,003,502 shares issued and outstanding, respectively | 41,498 | 37,004 | |
Paid-in capital in excess of par value | 360,876,211 | 321,741,819 | |
Accumulated deficit | (26,430,659) | (19,870,206) | |
Accumulated net realized gain on investments | 698,460 | 698,460 | |
Accumulated unrealized appreciation (depreciation) on: | |||
Investments, net of deferred taxes | 22,946,378 | 15,737,151 | |
Foreign currency translation | (178,851) | (208,579) | |
Swap contracts | (1,887,428) | 123,962 | |
Total common equityholders' equity | 356,065,609 | 318,259,611 | |
Special unitholder's equity | 3,253,395 | 1,797,138 | |
Total members' equity (net assets) | 359,319,004 | 320,056,749 | |
Total liabilities and equity (net assets) | 395,158,265 | 353,944,629 | |
Total common equityholders' equity | 356,065,609 | 318,259,611 | |
Common Class A [Member] | |||
Accumulated unrealized appreciation (depreciation) on: | |||
Total common equityholders' equity | [1] | 147,458,709 | |
Net assets | 147,458,709 | 142,791,899 | |
Total common equityholders' equity | [1] | 147,458,709 | |
Common Class C [Member] | |||
Accumulated unrealized appreciation (depreciation) on: | |||
Total common equityholders' equity | [1] | 22,208,298 | |
Net assets | 22,208,298 | 18,546,310 | |
Total common equityholders' equity | [1] | 22,208,298 | |
Common Class I [Member] | |||
Accumulated unrealized appreciation (depreciation) on: | |||
Total common equityholders' equity | [1] | 56,643,455 | |
Net assets | 56,643,455 | 53,046,260 | |
Total common equityholders' equity | [1] | 56,643,455 | |
Common Class P-A [Member] | |||
Accumulated unrealized appreciation (depreciation) on: | |||
Total common equityholders' equity | [1] | 154,375 | |
Net assets | 154,375 | 132,272 | |
Total common equityholders' equity | [1] | 154,375 | |
Common Class P-I [Member] | |||
Accumulated unrealized appreciation (depreciation) on: | |||
Total common equityholders' equity | [1] | 129,600,772 | |
Net assets | 129,600,772 | $ 103,742,870 | |
Total common equityholders' equity | [1] | $ 129,600,772 | |
[1] | The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the period ended March 31, 2019, which were 17,183,282, 2,497,557, 6,526,709, 17,024 and 13,286,831, respectively. |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | |
Investments at fair value, cost | $ 335,487,599 | $ 298,314,385 | |
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 | 41,498,082 | 37,003,502 | |
Common stock, outstanding | 41,498,082 | 37,003,502 | |
Common Class A [Member] | |||
Common stock, outstanding | 17,348,293 | [1] | 16,714,738 |
Common Class C [Member] | |||
Common stock, outstanding | 2,668,333 | [1] | 2,222,478 |
Common Class I [Member] | |||
Common stock, outstanding | 6,664,017 | [1] | 6,209,416 |
Common Class P-A [Member] | |||
Common stock, outstanding | 18,109 | [1] | 15,478 |
Common Class P-I [Member] | |||
Common stock, outstanding | 14,799,330 | [1] | 11,841,392 |
[1] | The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the period ended March 31, 2019, which were 17,183,282, 2,497,557, 6,526,709, 17,024 and 13,286,831, respectively. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investment income from controlled, affiliated investments: | ||
Dividend Income | $ 1,993,118 | $ 4,725,548 |
Interest Income | 61,610 | 158,270 |
Total investment income from controlled, affiliated investments | 2,054,728 | 4,883,818 |
Interest Income | 511,197 | 34,975 |
Total investment income | 2,565,925 | 4,918,793 |
Operating expenses: | ||
Management fee expense | 1,822,066 | 1,165,728 |
Audit and tax expense | 229,316 | 179,405 |
Interest and financing expenses | 842,003 | 651,987 |
General and administration expenses | 97,151 | 82,569 |
Legal expenses | 73,973 | 49,315 |
Directors fees and expenses | 182,356 | 24,710 |
Insurance expense | 33,218 | 15,166 |
Transfer agent expense | 88,767 | 88,767 |
Other expenses | 36,986 | 44,350 |
Total expenses | 3,405,836 | 2,301,997 |
Net investment income (loss) before taxes | (839,911) | 2,616,796 |
Deferred tax (benefit) | (74,679) | (654,574) |
Franchise tax expense | 30,111 | |
Net investment income (loss) | (795,343) | 3,271,370 |
Net change in realized and unrealized gain (loss) on investments, foreign currency translation and deferred tax assets: | ||
Investments | 9,262,945 | 1,993,655 |
Foreign currency translation | 29,728 | (38,991) |
Swap contracts | (2,011,390) | 497,738 |
Change in benefit from deferred taxes on unrealized appreciation (depreciation) on investments | (597,461) | (1,239,228) |
Net increase in net assets resulting from operations | 5,888,479 | 4,484,544 |
Net decrease in net assets attributed to special unitholder | (1,456,257) | (490,480) |
Net increase in net assets attributed to common equityholders | $ 4,432,222 | $ 3,994,064 |
Common stock per share information -basic and diluted: | ||
Net investment income (loss) (in dollars per share) | $ (0.02) | $ 0.13 |
Net increase in net assets attributed to common equityholders (in dollars per share) | $ 0.11 | $ 0.17 |
Weighted average common shares outstanding (in shares) | 39,511,403 | 24,177,255 |
CONSOLIDATED STATEMENTS OF NET
CONSOLIDATED STATEMENTS OF NET ASSETS (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Common Equityholders [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balances at Beginning | $ 37,004 | $ 23,189 | $ 23,189 |
Balances at Beginning (in shares) | 37,003,502 | 23,189,229 | 23,189,229 |
Proceeds from issuance of common stock, net | $ 4,436 | $ 1,949 | |
Proceeds from issuance of common stock, net (in shares) | 4,436,019 | 1,948,934 | |
Issuance of common stock under distribution reinvestment plan | $ 200 | $ 155 | |
Issuance of common stock under distribution reinvestment plan (in shares) | 200,494 | 155,525 | |
Repurchases of common stock | $ (142) | $ (80) | |
Repurchases of common stock (in shares) | (141,933) | (80,197) | |
Balances at ending | $ 41,498 | $ 25,213 | $ 37,004 |
Balances at ending (in shares) | 41,498,082 | 25,213,491 | 37,003,502 |
Paid-in Capital In Excess Of Par Value [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balances at Beginning | $ 321,741,819 | $ 200,510,790 | $ 200,510,790 |
Proceeds from issuance of common stock, net | 38,915,071 | 17,098,815 | |
Issuance of common stock under distribution reinvestment plan | 1,747,386 | 1,367,346 | |
Repurchases of common stock | (1,235,142) | (706,602) | |
Offering costs | (292,923) | (163,652) | |
Balances at ending | 360,876,211 | 218,106,697 | 321,741,819 |
Accumulated Deficit [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balances at Beginning | (19,870,206) | (10,216,279) | (10,216,279) |
Shareholder distributions | (5,765,110) | (3,569,202) | |
Net investment loss | (795,343) | 3,271,370 | |
Balances at ending | (26,430,659) | (10,514,111) | (19,870,206) |
Accumulated Net Realized Gain On Investments [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balances at Beginning | 698,460 | 698,460 | 698,460 |
Balances at ending | 698,460 | 698,460 | 698,460 |
Accumulated Unrealized Appreciation (Depreciation) On Investments, Net Of Deferred Taxes [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balances at Beginning | 15,737,151 | 10,356,379 | 10,356,379 |
Net change in unrealized appreciation on investments | 7,806,688 | 1,503,175 | |
Change in benefit from deferred taxes on unrealized depreciation on investments | (597,461) | (1,239,228) | |
Balances at ending | 22,946,378 | 10,620,326 | 15,737,151 |
Accumulated Unrealized Appreciation (Depreciation) On Foreign Currency Translation [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balances at Beginning | (208,579) | (90,083) | (90,083) |
Net change in unrealized appreciation on foreign currency translation | 29,728 | (38,991) | |
Balances at ending | (178,851) | (129,074) | (208,579) |
Accumulated Unrealized Appreciation (Depreciation) On Swap Contracts [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balances at Beginning | 123,962 | 156,068 | 156,068 |
Net change in unrealized appreciation on swap contracts | (2,011,390) | 497,738 | |
Balances at ending | (1,887,428) | 653,806 | 123,962 |
Common Equityholders' Equity [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balances at Beginning | 318,259,611 | 201,438,524 | 201,438,524 |
Proceeds from issuance of common stock, net | 38,919,507 | 17,100,764 | |
Issuance of common stock under distribution reinvestment plan | 1,747,586 | 1,367,501 | |
Repurchases of common stock | (1,235,284) | (706,682) | |
Offering costs | (292,923) | (163,652) | |
Shareholder distributions | (5,765,110) | (3,569,202) | |
Net investment loss | (795,343) | 3,271,370 | |
Net change in unrealized appreciation on investments | 7,806,688 | 1,503,175 | |
Net change in unrealized appreciation on foreign currency translation | 29,728 | (38,991) | |
Net change in unrealized appreciation on swap contracts | (2,011,390) | 497,738 | |
Change in benefit from deferred taxes on unrealized depreciation on investments | (597,461) | (1,239,228) | |
Balances at ending | 356,065,609 | 219,461,317 | 318,259,611 |
Special Unitholder [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balances at Beginning | 1,797,138 | 1,236,243 | 1,236,243 |
Net change in unrealized appreciation on investments | 1,858,535 | 390,932 | |
Net change in unrealized appreciation on swap contracts | (402,278) | 99,548 | |
Change in benefit from deferred taxes on unrealized depreciation on investments | |||
Balances at ending | 3,253,395 | 1,726,723 | 1,797,138 |
Balances at Beginning | 320,056,749 | 202,674,767 | $ 202,674,767 |
Proceeds from issuance of common stock, net | $ 38,919,507 | 17,100,764 | |
Proceeds from issuance of common stock, net (in shares) | 4,636,513 | 14,320,115 | |
Issuance of common stock under distribution reinvestment plan | $ 1,747,586 | 1,367,501 | |
Repurchases of common stock | $ (1,235,284) | (706,682) | |
Repurchases of common stock (in shares) | 141,933 | 505,842 | |
Offering costs | $ (292,923) | (163,652) | |
Shareholder distributions | (5,765,110) | (3,569,202) | |
Net investment loss | (795,343) | 3,271,370 | |
Net change in unrealized appreciation on investments | 9,262,945 | 1,993,655 | |
Net change in unrealized appreciation on foreign currency translation | 29,728 | (38,991) | |
Net change in unrealized appreciation on swap contracts | (2,413,668) | 597,286 | |
Change in benefit from deferred taxes on unrealized depreciation on investments | (597,461) | (1,239,228) | |
Balances at ending | $ 359,319,004 | $ 221,188,040 | $ 320,056,749 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities: | ||
Net increase in net assets from operations | $ 5,888,479 | $ 4,484,544 |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | ||
Amortization of deferred financing costs | 55,909 | 52,578 |
Purchase of investments | (37,205,714) | (18,382,032) |
Proceeds from principal payments and sales of investments | 32,500 | 17,000 |
Net change in unrealized (appreciation) on investments | (9,262,945) | (1,993,655) |
Net change in unrealized (appreciation) depreciation on foreign currency translation | (29,728) | 38,991 |
Net change in unrealized (appreciation) depreciation on swap contracts | 2,011,390 | (497,738) |
(Increase) decrease in other assets: | ||
Dividend receivable | 388,000 | (300,000) |
Deferred tax assets, net of allowance | 522,782 | 584,651 |
Other assets | 21,371 | (12,542) |
Increase (decrease) in other liabilities: | ||
Payable for investments purchased | (8,901) | (15,189,630) |
Due to advisor, net | 72,365 | 1,649 |
Management fee payable | (92,902) | 139,504 |
Accounts payable and accrued expenses | 104,524 | 74,079 |
Interest payable | 8,350 | 133,207 |
Net cash used in operating activities | (37,494,520) | (30,849,394) |
Financing activities: | ||
Borrowings on Credit facility and term note | 30,665,460 | |
Paydowns on Credit facility and term note | (13,651,291) | |
Payments of financing costs | (595,609) | |
Proceeds from issuance of shares of common stock, net | 39,120,633 | 17,052,411 |
Distributions paid | (3,825,718) | (2,122,078) |
Offering costs | (292,923) | (163,652) |
Repurchases of common stock | (1,260,981) | (969,448) |
Net cash provided by financing activities | 33,741,011 | 30,215,793 |
Net increase (decrease) in cash and cash equivalents | (3,753,509) | (633,601) |
Cash and cash equivalents, beginning of period | 39,122,635 | 10,144,014 |
Cash and cash equivalents, end of period | 35,369,126 | 9,510,413 |
Supplemental disclosure of cash flow information: | ||
Shareholder distributions payable | 1,452,590 | 790,930 |
Shareholder distributions reinvested in common stock | 1,747,586 | 1,367,501 |
Payable for repurchases of common stock | 1,224,111 | 706,682 |
Cash interest paid during the period | 308,606 | 254,220 |
Non cash financing activities | ||
Shareholder receivable from sale of common stock | $ 262,000 | $ 257,863 |
CONSOLIDATED SCHEDULES OF INVES
CONSOLIDATED SCHEDULES OF INVESTMENTS (Unaudited) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | |||
Cost | $ 335,487,599 | $ 298,314,385 | |||
Fair Value | $ 353,642,002 | $ 307,176,115 | |||
Percentage of Net Assets | 100.00% | [1] | 100.00% | [2] | |
OTHER ASSETS IN EXCESS OF LIABILITIES, Fair Value | $ 5,677,002 | $ 12,880,634 | |||
OTHER ASSETS IN EXCESS OF LIABILITIES, Percentage of Net Assets | 1.70% | 4.10% | |||
TOTAL NET ASSETS | $ 359,319,004 | $ 320,056,749 | |||
Investments [Member] | |||||
Shares or Principal Amount | 98.30% | 95.90% | |||
Cost | $ 335,487,598 | $ 298,314,385 | |||
Fair Value | $ 353,642,002 | $ 307,176,115 | |||
Percentage of Net Assets | 98.30% | [1] | 95.90% | [2] | |
Wind [Member] | |||||
Cost | $ 63,986,680 | $ 63,446,680 | |||
Percentage of Net Assets | 18.50% | 21.20% | |||
Pre-Operational Assets [Member] | |||||
Cost | $ 47,219,453 | $ 50,353,115 | |||
Percentage of Net Assets | 13.40% | 16.30% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar [Member] | |||||
Shares or Principal Amount | 46.00% | 46.00% | |||
Cost | $ 179,021,554 | $ 144,732,656 | |||
Fair Value | $ 188,568,317 | $ 147,571,531 | |||
Percentage of Net Assets | 52.50% | [1] | 46.00% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar [Member] | Conic Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 44,478,554 | ||||
Fair Value | $ 48,720,517 | ||||
Percentage of Net Assets | [1] | 13.60% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar [Member] | East To West Solar Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 39,059,190 | $ 37,079,887 | |||
Fair Value | $ 38,742,471 | $ 33,665,088 | |||
Percentage of Net Assets | 10.80% | [1] | 10.50% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar [Member] | Foresight Solar Portfolio [Member] | |||||
Cost | $ 13,700,000 | $ 13,650,000 | |||
Fair Value | $ 14,858,767 | $ 14,357,201 | |||
Percentage of Net Assets | 4.10% | [1] | 4.50% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar [Member] | Golden Horizons Solar Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 9,400,000 | $ 9,400,000 | |||
Fair Value | $ 14,718,986 | $ 14,445,071 | |||
Percentage of Net Assets | 4.10% | [1] | 4.50% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar [Member] | Green Maple Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 17,582,823 | $ 17,582,823 | |||
Fair Value | $ 16,375,999 | $ 16,066,837 | |||
Percentage of Net Assets | 4.60% | [1] | 5.00% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar [Member] | Magnolia Sun Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 10,775,000 | $ 10,775,000 | |||
Fair Value | $ 8,462,336 | $ 8,258,786 | |||
Percentage of Net Assets | 2.40% | [1] | 2.60% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar [Member] | Midway III Solar Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 9,848,905 | $ 11,552,904 | |||
Fair Value | $ 11,299,894 | $ 13,265,608 | |||
Percentage of Net Assets | 3.10% | [1] | 4.10% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar [Member] | Raleigh Portfolio [Member] | |||||
Cost | $ 20,822,198 | $ 20,822,198 | |||
Fair Value | $ 21,724,229 | $ 21,358,997 | |||
Percentage of Net Assets | 6.00% | [1] | 6.70% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar [Member] | Six States Solar Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 12,470,306 | $ 12,470,306 | |||
Fair Value | $ 12,528,838 | $ 13,440,025 | |||
Percentage of Net Assets | 3.50% | [1] | 4.20% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar [Member] | Sunny Mountain Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 884,578 | $ 884,578 | |||
Fair Value | $ 1,136,280 | $ 1,107,041 | |||
Percentage of Net Assets | 0.30% | [1] | 0.30% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Commercial Solar [Member] | Sun Farm Portoflio [Member] | |||||
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 [Member] | |||||
Shares or Principal Amount | 12.20% | 13.20% | |||
Cost | $ 37,553,136 | $ 37,503,136 | |||
Fair Value | $ 43,672,497 | $ 41,918,094 | |||
Percentage of Net Assets | 12.20% | [1] | 13.20% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Residential Solar [Member] | Canadian Northern Lights Portfolio [Member] | |||||
Shares or Principal Amount | [3] | 100.00% | 100.00% | ||
Cost | [3] | $ 1,603,136 | $ 1,603,136 | ||
Fair Value | [3] | $ 2,104,724 | $ 2,081,554 | ||
Percentage of Net Assets | [3] | 0.60% | [1] | 0.70% | [2] |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Residential Solar [Member] | Enfinity Colorado DHA Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 1,450,000 | $ 1,400,000 | |||
Fair Value | $ 2,356,727 | $ 1,700,728 | |||
Percentage of Net Assets | 0.70% | [1] | 0.50% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Residential Solar [Member] | Greenbacker Residential Solar Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 28,100,000 | $ 28,100,000 | |||
Fair Value | $ 28,332,235 | $ 27,372,253 | |||
Percentage of Net Assets | 7.90% | [1] | 8.60% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Residential Solar [Member] | Greenbacker Residential Solar Portfolio II [Member] | |||||
Cost | $ 6,400,000 | $ 6,400,000 | |||
Fair Value | $ 10,878,811 | $ 10,763,559 | |||
Percentage of Net Assets | 3.00% | [1] | 3.40% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Wind [Member] | |||||
Shares or Principal Amount | 18.20% | 20.40% | |||
Cost | $ 63,986,680 | $ 63,446,680 | |||
Fair Value | $ 65,560,905 | $ 65,165,744 | |||
Percentage of Net Assets | 18.20% | [1] | 20.40% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Wind [Member] | Greenbacker Wind Portfolio - California [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 9,500,000 | $ 9,500,000 | |||
Fair Value | $ 8,265,146 | $ 8,070,745 | |||
Percentage of Net Assets | 2.30% | [1] | 2.50% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Wind [Member] | Greenbacker Wind Portfolio - Montana [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 22,249,487 | $ 21,709,487 | |||
Fair Value | $ 21,694,456 | $ 21,956,868 | |||
Percentage of Net Assets | 6.00% | [1] | 6.90% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Wind [Member] | Greenbacker Wind Portfolio - Vermont [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 24,917,193 | $ 24,917,193 | |||
Fair Value | $ 29,274,176 | $ 28,752,500 | |||
Percentage of Net Assets | 8.10% | [1] | 9.00% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Alternative Energy - Wind [Member] | Greenbacker Wind Portfolio - Idaho [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 7,320,000 | $ 7,320,000 | |||
Fair Value | $ 6,327,127 | $ 6,385,631 | |||
Percentage of Net Assets | 1.80% | [1] | 2.00% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets [Member] | |||||
Shares or Principal Amount | 13.10% | 15.60% | |||
Cost | $ 47,219,453 | $ 50,353,115 | |||
Fair Value | $ 47,219,453 | $ 50,235,080 | |||
Percentage of Net Assets | 13.10% | [1] | 15.60% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets [Member] | Omni DG Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 8,290,495 | ||||
Fair Value | $ 8,290,495 | ||||
Percentage of Net Assets | [1] | 2.30% | |||
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets [Member] | Phoenix Solar Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 15,577,251 | $ 9,964,515 | |||
Fair Value | $ 15,577,251 | $ 9,964,515 | |||
Percentage of Net Assets | 4.30% | [1] | 3.10% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets [Member] | SE Solar Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 7,178,207 | $ 7,178,207 | |||
Fair Value | $ 7,178,207 | $ 7,178,207 | |||
Percentage of Net Assets | 2.00% | [1] | 2.20% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets [Member] | Turquoise Solar Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 16,173,500 | $ 5,877,188 | |||
Fair Value | $ 16,173,500 | $ 5,877,188 | |||
Percentage of Net Assets | 4.50% | [1] | 1.80% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Pre-Operational Assets [Member] | Colorado CSG Solar Portfolio [Member] | |||||
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] | Other Investments [Member] | |||||
Shares or Principal Amount | 0.70% | 0.40% | |||
Cost | $ 1,755,244 | $ 1,279,273 | |||
Fair Value | $ 2,651,377 | $ 1,263,620 | |||
Percentage of Net Assets | 0.70% | [1] | 0.40% | [2] | |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Other Investments [Member] | Other Investments [Member] | |||||
Cost | [4] | $ 1,755,244 | $ 1,279,273 | ||
Fair Value | [4] | $ 2,651,377 | $ 1,263,620 | ||
Percentage of Net Assets | [4] | 0.70% | [1] | 0.40% | [2] |
Limited Liability Company Member Interests in the United States - Not Readily Marketable [Member] | Energy Efficiency [Member] | GREC Energy Efficiency Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 432,392 | $ 447,885 | |||
Fair Value | $ 450,313 | $ 470,406 | |||
Percentage of Net Assets | 0.10% | [1] | 0.10% | [2] | |
Energy Efficiency Secured Loans - Not Readily Marketable [Member] | Energy Efficiency [Member] | 9% Renew AEC One, LLC Due 2019-04-22 [Member] | |||||
Shares or Principal Amount | $ 551,640 | $ 551,640 | |||
Cost | 519,140 | 551,640 | |||
Fair Value | $ 519,140 | $ 551,640 | |||
Percentage of Net Assets | 0.10% | [1] | 0.20% | [2] | |
Energy Efficiency [Member] | Energy Efficiency [Member] | |||||
Shares or Principal Amount | 0.20% | 0.30% | |||
Cost | $ 951,532 | $ 999,525 | |||
Fair Value | $ 969,453 | $ 1,022,046 | |||
Percentage of Net Assets | 0.20% | [1] | 0.30% | [2] | |
Secured Loans - Commercial Solar - Not readily marketable [Member] | |||||
Shares or Principal Amount | 1.40% | ||||
Cost | $ 5,000,000 | ||||
Fair Value | $ 5,000,000 | ||||
Percentage of Net Assets | [1] | 1.40% | |||
Secured Loans - Commercial Solar - Not readily marketable [Member] | SE Solar Loan [Member] | 9% Renew AEC One, LLC Due 2019-04-22 [Member] | |||||
Shares or Principal Amount | $ 5,000,000 | ||||
Cost | 5,000,000 | ||||
Fair Value | $ 5,000,000 | ||||
Percentage of Net Assets | [1] | 1.40% | |||
[1] | Percentages are based on net assets of $359,319,004 as of March 31, 2019. | ||||
[2] | Percentages are based on net assets of $320,056,749 as of December 31, 2018. | ||||
[3] | Portfolio is located outside of the United States of America. | ||||
[4] | Includes pre-acquisition and due diligence expenses. |
CONSOLIDATED SCHEDULES OF INV_2
CONSOLIDATED SCHEDULES OF INVESTMENTS (Unaudited) (Interest Rate Swaps) - Interest Rate Swaps [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value | $ (1,887,428) | $ 123,962 |
Upfront Premiums Paid (Received) | ||
Fifth Third Financial Risk Solutions Due 07/09/2021 [Member] | ||
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 | $ 3,535,556 | $ 3,607,222 |
Fair Value | 76,259 | 107,431 |
Upfront Premiums Paid (Received) | ||
Fifth Third Financial Risk Solutions Due 02/29/2032 [Member] | ||
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 | $ 20,246,795 | $ 20,668,547 |
Fair Value | (10,756) | 328,172 |
Upfront Premiums Paid (Received) | ||
Fifth Third Financial Risk Solutions Due 12/31/2038 [Member] | ||
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 | $ 29,134,296 | $ 29,624,945 |
Fair Value | (750,812) | (190,440) |
Upfront Premiums Paid (Received) | ||
Fifth Third Financial Risk Solutions Due 12/31/2038 [Member] | ||
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 | $ 4,121,701 | $ 4,180,063 |
Fair Value | (208,255) | (121,201) |
Upfront Premiums Paid (Received) | ||
Fifth Third Financial Risk Solutions Due 12/31/2038 [Member] | ||
Floating Rate Index | 1-MO-USD-LIBOR | |
Fixed Pay Rate | 2.688% | |
Payment Frequency | Monthly | |
Maturity Date | Dec. 31, 2034 | |
Notional Amount | $ 38,203,507 | |
Fair Value | (993,864) | |
Upfront Premiums Paid (Received) |
Organization and Operations of
Organization and Operations of the Company | 3 Months Ended |
Mar. 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 financing the construction and/or operation of these and sustainable development projects and businesses. The LLC conducts substantially all of 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 of 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 Entity Holdco LLC. We are externally managed and advised by the advisor, 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 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. The company accepted subscriptions for its publicly registered shares until March 27, 2019. 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. 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. The company expects such determination will ordinarily be made within 30 days after each such completed fiscal quarter. 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. The adjustments to the per share offering price, which will become effective five business days after such determination is published, will ensure that after the effective date of the new offering price, the offering price per share is not above or below net asset value per share as of the most recent valuation date. The purchase price per share to be paid by each investor will be equal to the price that is in effect on the date such investor submits his or her completed subscription agreement. The company’s P-I shares are offered in the primary offering at a price based on the most recent valuation. Five days after the completion of each quarter-end valuation, Class A, C and I shares will be offered pursuant to the DRP at a price equal to the offering price per each class of shares calculated consistently with the method used during the public continuous offering. As of March 31, 2019, the company has made solar, wind and energy efficiency investments in 27 portfolios, 26 domiciled in the United States and one in Canada, as well as two secured loans in the United States (See Note 3). As of December 31, 2018, the company had 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 | 3 Months Ended |
Mar. 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 and GREC HoldCo. 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 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 consolidation or equity method of accounting to its investments. The company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The company does not currently plan to elect to carry its non-investment liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities. The financial information associated with the March 31, 2019 consolidated financial statements has been prepared by management and, in the opinion of management, contains all adjustments and eliminations, consisting of only normal recurring adjustments, necessary for a fair presentation in accordance with GAAP. The March 31, 2019 financial information has been reviewed, but not audited by the independent registered public accounting firm and they do not express an opinion thereon. Cash and Cash Equivalents Cash consists of demand deposits at a financial institution. Such deposits may exceed 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 are categorized as Level 1 investments, and stated at cost, which approximates fair value. There are no restrictions on the use of the company’s cash as of March 31, 2019 and December 31, 2018. 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 Measurements and Disclosures (“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. Pre-operational assets are held at cost until they are operational. Therefore, the fair value associated with these assets are essentially cost. 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. Adjustments are made for any dissimilarity between the comparable transactions and the investments. 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 may 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 merger and acquisition, 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 nonoccurrence 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 equityholders 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 equityholders per share for the three months ended March 31, 2019 and March 31, 2018. For the three For the three Basic and diluted Increase in net assets attributed to common equityholders $ 4,432,222 $ 3,994,064 Weighted average common shares outstanding 39,511,403 24,177,255 Net increase in net assets attributed to common equityholders per share $ 0.11 $ 0.17 Revenue Recognition Interest income is recorded on an accrual basis to the extent the company expects to collect such amounts. Interest receivable on loans and debt securities is not accrued for accounting purposes if there is reason to doubt an ability to collect such interest. 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 past due 90 days or more 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. 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) when received from 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 SPV level based on cash available from operations and working capital ratios needed for the SPVs daily operations. Dividend income from our privately held, equity investments are recognized when approved. Dividends received from the company’s private investments, 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, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. 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. While the total O&O costs for each public offering were required to be reasonable and in no event in excess of an amount equal to 15% of the gross proceeds of such offering and the DRP, the company targeted no more than 4.0% of the gross proceeds for O&O costs other than sales commissions and dealer manager fees for the most recent public offering. 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 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 $9,416,402 or 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 March 31, 2019 and December 31, 2018: March 31, 2019 December 31, Total O&O Costs Incurred by the Advisor and Dealer Manager $ 9,416 $ 9,371 Amounts previously reimbursed to the Advisor/Dealer Manager by the company 9,324 9,106 Amounts payable to Advisor/Dealer Manager by the company 92 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 equityholders and special unitholder. As of March 31, 2019, and December 31, 2018, a capital gains incentive distribution allocation in the amounts of $3,253,395 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 March 31, 2019, and December 31, 2018, the company recorded a liability for deferred sales commissions in the amount of $185,557 and $191,706, respectively. Reclassifications Certain prior year amounts have been reclassified to conform with current year presentation. 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 gain or loss in the accompanying consolidated statements of operations. The fair value of interest rate swap contracts open as of March 31, 2019 is included on the consolidated schedules of investments by contract. For the three months ended March 31, 2019, the company’s notional exposure to interest rate swap contracts was $95,597,294. Consolidated Statement of Assets and Liabilities - Value of Derivative at March 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 $ 76,259 Swap contracts, at fair value $ 1,963,687 $ 76,259 $ 1,963,687 Consolidated Statement of Assets and Liabilities - Value of Derivative 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 Statement of Operations Risk Exposure Swaps Change in net unrealized depreciation on derivative transactions for the three months ended March 31, 2019 Risk Exposure Swaps Change in net unrealized appreciation on derivative transactions for the three months ended March 31, 2018 Interest Rate Risk $ (2,011,390 ) Interest Rate Risk $ 497,738 $ (2,011,390 ) $ 497,738 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 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. In regard to 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. While we are currently of the opinion that the currency fluctuation between the Canadian and U.S. Dollar will not have a material impact on our operating results, we may in the future hedge this risk using currency swap transactions or other financial instruments if the impact on our results of operations becomes material. Income Taxes The company 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 company will not meet the qualifying income exception and will not qualify to be treated as a partnership. If the company 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 company would be required to pay income tax at corporate rates on its net taxable income. Distributions to members from the company 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 company. 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 March 31, 2019 for all U.S. federal and state tax jurisdictions for the years 2015 through 2018. The results of this assessment are included in the company’s tax provision and deferred tax assets as of March 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 the amendments on our consolidated financial statement disclosures. Since the amendments impact only disclosure requirements, we do not expect the amendments to have an impact on our consolidated financial statements. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 3. Investments The composition of the company’s investments as of March 31, 2019 by geographic region, at fair value, were as follows: Investments at Cost Investments at Fair Value Fair Value Percentage of Total Portfolio United States: East Region $ 64,996,265 $ 68,973,086 19.5 % Mid-West Region 9,278,633 9,219,601 2.6 Mountain Region 70,373,274 73,997,291 20.9 South Region 110,671,125 110,961,279 31.4 West Region 78,565,166 88,386,021 25.0 Total United States $ 333,884,463 $ 351,537,278 99.4 % Canada: 1,603,136 2,104,724 0.6 Total $ 335,487,599 $ 353,642,002 100.0 % The composition of the company’s investments as of December 31, 2018 by geographic region, at fair value, were as follows: Investments at Cost Investments at Fair Value Fair Value Percentage of Total Portfolio 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 March 31, 2019 by industry, at fair value, were as follows: Investments at Cost Investments at Fair Value Fair Value Percentage of Total Portfolio Commercial Solar $ 179,021,554 $ 188,568,317 53.4 % Residential Solar 37,553,136 43,672,497 12.3 Wind 63,986,680 65,560,905 18.5 Pre-Operational Assets 47,219,453 47,219,453 13.4 Other Investments 1,755,244 2,651,377 0.7 Energy Efficiency 951,532 969,453 0.3 Secured Loans - Commercial Solar 5,000,000 5,000,000 1.4 Total $ 335,487,599 $ 353,642,002 100.0 % The composition of the company’s investments as of December 31, 2018 by industry, at fair value, were as follows: Investments at Cost Investments at Fair Value Fair Value Percentage of Total Portfolio 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 March 31, 2019 and December 31, 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 or have greater than 50% representation on such company’s board of directors or investments in limited liability companies for which the company serves as managing member. |
Fair Value Measurements - Inves
Fair Value Measurements - Investment | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements - Investment | Note 4. Fair Value Measurements - Investment The following table presents fair value measurements of investments, by major class, as of March 31, 2019, according to the fair value hierarchy: Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ — $ — $ 346,018,138 $ 346,018,138 Capital Stock — — 2,104,724 2,104,724 Energy Efficiency Secured Loans — — 519,140 519,140 Secured Loans - Other — — 5,000,000 5,000,000 Total $ — $ — $ 353,642,002 $ 353,642,002 Other Financial Instruments* Unrealized appreciation on open interest rate swap contracts $ — $ 76,259 $ — $ 76,259 Unrealized depreciation on open interest rate swap contracts — (1,963,687 ) — (1,963,687 ) Total $ — $ (1,887,428 ) $ — $ (1,887,428 ) *Other financial instruments are derivatives, such as futures, forwards and swaps. These instruments are reflected at the unrealized appreciation (depreciation) on the instrument. The following table presents fair value measurements of investments, by major class, as of December 31, 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* Unrealized appreciation on open interest rate swap contracts $ — $ 435,603 $ — $ 435,603 Unrealized depreciation on open interest rate swap contracts — (311,641 ) — (311,641 ) Total $ — $ 123,962 $ — $ 123,962 *Other financial instruments are derivatives, such as futures, forwards and swaps. These instruments are reflected at the unrealized appreciation (depreciation) on the instrument. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2019: Balance as of Net change in Translation of assets Purchases (1) Sales and (2) Balance as of Limited Liability Company Member Interests $ 304,542,921 $ 9,269,503 $ — $ 32,205,714 $ — $ 346,018,138 Capital Stock 2,081,554 (6,558 ) 29,728 — — 2,104,724 Energy Efficiency - Secured Loans 551,640 — — — (32,500 ) 519,140 Secured Loans - Other — — — 5,000,000 — 5,000,000 Total $ 307,176,115 $ 9,262,945 $ 29,728 $ 37,205,714 $ (32,500 ) $ 353,642,002 (1) (2) The total change in unrealized appreciation included in the consolidated statements of operations within net change in unrealized appreciation on investments and foreign currency translation for the three months ended March 31, 2019 attributable to Level 3 investments still held at March 31, 2019 was $9,292,673. 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 three months ended March 31, 2019. The total net change in unrealized appreciation at fair value for the three months ended March 31, 2019 was $7,281,283. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2018: Balance as of Net change in Translation of assets Purchases and (1) Sales and (2) Balance as of March Limited Liability Company Member Interests $ 215,619,476 $ 1,791,157 $ — $ 13,882,032 $ — $ 231,292,665 Capital Stock 2,093,827 202,498 (38,991 ) — — 2,257,334 Energy Efficiency - Secured Loans 672,871 — — — (17,000 ) 655,871 Secured Loans - Other — — — 4,500,000 — 4,500,000 Total $ 218,386,174 $ 1,993,655 $ (38,991 ) $ 18,382,032 $ (17,000 ) $ 238,705,870 (1) (2) The total change in unrealized appreciation included in the consolidated statements of operations within net change in unrealized appreciation on investments for the three months ended March 31, 2018 attributable to Level 3 investments and foreign currency translation still held at March 31, 2018 was $1,954,664. 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 three months ended March 31, 2018. The total net change in unrealized appreciation at fair value for the three months ended March 31, 2018 was $2,452,402. As of March 31, 2019, certain company investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the company’s investments as of March 31, 2019: Fair Value Valuation Techniques Unobservable Inputs Rates/Assumptions Commercial Solar $ 188,568,317 Income approach Discount rate, future kWh Production, potential leverage and estimated remaining useful life 7.75%-8.5%, 0.5% annual degradation in production, 10.4- 34.7 years Residential Solar $ 43,672,498 Income approach Discount rate, future kWh Production, potential leverage and estimated remaining useful life 7.25%-11%, 0.5% annual degradation in production, 12- 32.8 years Wind $ 65,560,905 Income approach Discount rate, future kWh Production, potential leverage and estimated remaining useful life 8.25%, 0.5% annual degradation in production, 23.8- 27.5 years Pre-Operational Assets $ 47,719,453 Transaction cost Not Applicable Not Applicable Other Investments $ 2,651,377 Transaction cost Not Applicable Not Applicable Secured Loans - Commercial Solar $ 5,000,000 Yield analysis Market yields 9% Energy Efficiency $ 969,454 Income and collateral based approach Market yields and value of collateral 10.25%-20.4%, 0.5% , 28.8 years 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, potential leverage 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, potential leverage 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, potential leverage 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 Market yields and value of collateral 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 (“kWh”) production can significantly increase or decrease the fair value measurement. |
Related Party Agreements and Tr
Related Party Agreements and Transactions Agreements | 3 Months Ended |
Mar. 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, as well as a dealer manager agreement with the dealer manager, which entitles the advisor, certain affiliates of the advisor, and the dealer manager to specified fees upon the provision of certain services with regard to the offering of the company’s shares and the ongoing management of the company as well as reimbursement of O&O costs incurred by the advisor and the dealer manager 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 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 entitling the Special Unitholder to an incentive allocation and distribution. The fees and reimbursement obligations are 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 of its selling commissions are expected to be 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 may re-allow a portion of its dealer manager fee to selected broker-dealers. 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 a listing of the Class C shares on a national securities exchange, following the completion of this offering, total underwriting compensation in this offering equals 10% of the gross proceeds from the primary offering or 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 March 31, 2019, approximately 3.8%, or $9,416,402, was charged against gross offering proceeds for O&O costs. 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. 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 ● 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 three months ended March 31, 2019 and March 31, 2018, the advisor earned $1,822,066 and $1,165,728, respectively, in management fees. The Consolidated Statement of Operations also reflects a $1,456,257 and a $490,480 increase in incentive allocation for the three months ended March 31, 2019 and March 31, 2018, respectively, shown as net decreases in net assets attributed to special unitholder. As of March 31, 2019 and December 31, 2018, due to advisor on the Consolidated Statements of Assets and Liabilities in the amount of $91,546 and $19,181, respectively, are solely comprised of a payable to the advisor for reimbursable Organization and Offering Costs. For the three months ended March 31, 2019 and March 31, 2018, the company paid $237,599 and $181,330, respectively, in dealer manager fees and $593,872 and $493,874, respectively, in selling commissions to the 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 to the receipt by the company, and thus are not reflected in the company’s Consolidated Statements of Operations. As of March 31, 2019, and December 31, 2018, the advisor owned 23,601 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 loans with LED Funding LLC, an AEC Company, converted to operating leases 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 March 31, 2019, all loans and operating losses are considered current per their terms. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 6. Borrowings On January 5, 2018, the company, through GREC HoldCo, entered into a credit agreement by and among the company, the company’s wholly owned subsidiary, GREC, the lenders party thereto and Fifth Third Bank, as administrative agent, as sole lead arranger and sole lead bookrunner, as well as swap counterparty. The credit facility (the “Credit Facility”) consists 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 allows for additional drawdowns through December 31, 2018 and is scheduled to convert to a term loan with a maturity on January 5, 2024. As of March 31, 2019, the outstanding balance is approximately $30.7 million. Financing costs of $1,657,117 related to the Credit Facility, and the previous Facility 1 and Facility 2 Term Loans, have been capitalized and are being amortized over the current term of the Credit Facility. Interest on the Credit Facility, which bears interest at one-month LIBOR plus 2.125%, is payable on the last day of each month commencing January 31, 2018. Commitment fees on the average daily unused portion of the Credit Facility are payable at a rate per annum of 0.50% through December 31, 2018. While principal on the Credit Facility was scheduled to be payable commencing on January 31, 2019, at a fixed amount on the last day of each month based upon an amortization period equal to the weighted average power purchase agreement (“PPA”) term less one year, the principal payments have been deferred based on an amendment to the Credit Agreement dated February 20, 2019. Borrowings under the Credit Facility are secured by the assets, cash, agreements and equity interests in the Borrower and its subsidiaries. The company is a guarantor of the Borrower’s obligations under the Credit Facility. In regard to 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 Credit Facility, the commitments under the Credit Facility may be terminated and the principal amount outstanding under the 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 March 31, 2019 and December 31, 2018 was as follows: March 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 Revolver $ 60,000,000 $ 30,665,460 $ 30,665,460 $ 1,082,505 $ 29,582,955 $ 60,000,000 $ 30,665,460 $ 30,665,460 $ 1,138,414 $ 29,527,046 $ 60,000,000 $ 30,665,460 $ 30,665,460 $ 1,082,505 $ 29,582,955 $ 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 three months ended March 31, 2019 and March 31, 2018: For the three months ended March 31, 2019 For the three months ended March 31, 2018 Credit Facility commitment fee $ 10,624 $ 301,375 Credit Facility Loan interest 308,606 298,034 Amortization of deferred financing costs 55,909 52,578 Other* 108,994 — Total $ 484,133 $ 651,987 Weighted average interest rate on credit facility 4.62 % 1.07 % Weighted average outstanding balance of credit facility $ 30,665,460 $ 27,917,676 * Primarily includes financing costs of credit facility and swap interest hedged against the credit facility. As of December 31, 2018, the weighted average interest rate on credit facility was 4.14% and the weighted average outstanding balance of the credit facility was $29,896,416. The principal payments due on borrowings for each of the next five years ending December 31 and thereafter, are as follows: Year ending December 31: Principal Payments 2019 $ 2,519,220 2020 2,610,193 2021 2,570,228 2022 2,198,372 2023 2,209,630 Thereafter 18,557,817 $ 30,665,460 |
Members' Equity
Members' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Members' Equity | Note 7. Members’ Equity General Pursuant to the terms of the LLC Agreement, the company 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 is 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 dividend reinvestment plan. Class C: Each Class C share issued in the primary offering is 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 and Class P-I: No selling commission or distribution fee will be paid for sales of any Class I and Class P-I shares. Each Class I share is subject to a dealer manager fee of up to 1.75% per share. 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. The following table is a summary of the shares issued and repurchased during the period and outstanding as of March 31, 2019: Shares Outstanding as of December 31, 2018 Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding as of March 31, 2019 Class A shares 16,714,738 715,441 (81,886 ) 17,348,293 Class C shares 2,222,478 445,857 (2 ) 2,668,333 Class I shares 6,209,416 483,460 (28,859 ) 6,664,017 Class P-A shares 15,478 2,631 — 18,109 Class P-I shares 11,841,392 2,989,124 (31,186 ) 14,799,330 37,003,502 4,636,513 (141,933 ) 41,498,082 The following table is a summary of the shares issued during the period and outstanding as of December 31, 2018: Shares Outstanding as of December 31, 2017 Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding as of December 31, 2018 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 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 three months ended March 31, 2019 and March 31, 2018 were as follows: Class A Shares Class C Shares Class I Shares Class P-A Shares Class P-I Shares Total For the three months Proceeds from Shares Sold $ 5,255,615 $ 3,651,717 $ 3,709,006 $ 22,875 $ 26,280,294 $ 38,919,507 Proceeds from Shares Issued through Reinvestment of Distributions $ 1,039,458 $ 169,735 $ 538,393 $ — $ — $ 1,747,586 For the three months Proceeds from Shares Sold $ 5,167,140 $ 1,346,623 $ 3,721,187 $ — $ 6,865,814 $ 17,100,764 Proceeds from Shares Issued through Reinvestment of Distributions $ 864,701 $ 105,802 $ 396,998 $ — $ — $ 1,367,501 As of March 31, 2019, and December 31, 2018, 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 $262,000 presented on the Consolidated Statements of Assets and Liabilities as of March 31, 2019 were subsequently collected on April 1, 2019. Distribution Reinvestment Plan The company adopted the 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. Shares issued pursuant to the DRP will have the same voting rights as shares offered pursuant to the company’s public offering. As of March 31, 2019, and December 31, 2018, $50,000,000 in shares were allocated for use in the DRP. During this offering, the purchase price of shares purchased through the DRP will be at a price equal to the net offering price per share, calculated consistently with the methodology used during then continuous public offering. 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 March 31, 2019 and December 31, 2018, 1,903,863 and 1,703,374 shares, respectively, were issued under the DRP. Share Repurchase Program During the quarter ended September 30, 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 three months ended March 31, 2019, the company repurchased 81,886 Class A shares, 2 Class C shares, 28,859 Class I shares, and 31,186 Class P-I shares at a total purchase price of $711,343, $24, $250,700, and $273,217, respectively, pursuant to the company’s share repurchase program. For the three months ended March 31, 2018, the company repurchased 50,389 Class A shares, 3,064 Class C shares, 17,001 Class I and 9,743 Class P-I shares at a total purchase of $444,735, $26,247, $149,863 and $85,837, 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 | 3 Months Ended |
Mar. 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 31-Mar-19 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 The following table reflects the distributions declared during the three months ended March 31, 2019: Pay Date Paid in Cash Value of Shares 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 Total $ 4,017,524 $ 1,747,586 $ 5,765,110 The following table reflects the distributions declared during the three months ended March 31, 2018: Pay Date Paid in Cash Value of Shares Total February 1, 2018 $ 728,738 $ 464,821 $ 1,193,559 March 1, 2018 682,038 428,310 1,110,348 April 2, 2018 790,925 474,370 1,265,295 Total $ 2,201,701 $ 1,367,501 $ 3,569,202 Cash distributions paid during the periods presented were funded from the following sources noted below: For the three months ended March 31, 2019 For the three months ended March 31, 2018 Cash from operations $ — $ 2,122,078 Offering proceeds 3,825,718 — Total Cash Distributions $ 3,825,718 $ 2,122,078 All distributions paid for the three months ended March 31, 2019 are expected to be reported as a return of capital to equityholders for tax reporting purposes and all distributions paid for the three months ended March 31, 2018 were reported as a return of capital to equityholders for tax purposes. The company expects to continue to fund distributions from a combination of cash from operations as well as offering proceeds until a minimum of $250,000,000 in net assets is reached, the portfolio is leveraged by at least 33% as well as being fully invested in operating assets. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies Legal proceedings: Pledge of collateral and unsecured guarantee of loans to subsidiaries: Investment in to be constructed 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 | 3 Months Ended |
Mar. 31, 2019 | |
Financial Highlights | |
Financial Highlights | Note 10. 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 three months ended March 31, 2019. For the three months ended March 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 loss (3) (0.02 ) (0.02 ) (0.02 ) (0.02 ) (0.02 ) Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder 0.18 0.18 0.18 0.18 0.18 Change in translation of assets and liabilities denominated in foreign currencies (4) — — — — — Change in benefit from deferred taxes on unrealized depreciation on investments (0.02 ) (0.02 ) (0.02 ) (0.02 ) (0.02 ) Net increase in net assets attributed to common equityholders 0.14 0.14 0.14 0.14 0.14 Shareholder distributions: Distributions from net investment income — — — — — Distributions from offering proceeds (0.15 ) (0.15 ) (0.15 ) (0.15 ) (0.14 ) Offering costs and deferred sales commissions (0.01 ) (0.04 ) (0.01 ) — — Other (2) (0.02 ) 0.03 (0.02 ) (0.02 ) — Net decrease in members’ equity attributed to common shares (0.18 ) (0.16 ) (0.18 ) (0.17 ) (0.14 ) Net asset value for common shares at end of period $ 8.50 $ 8.32 $ 8.50 $ 8.52 $ 8.76 Common shareholders’ equity at end of period $ 147,458,709 $ 22,208,298 $ 56,643,455 $ 154,375 $ 129,600,772 Common shares outstanding at end of period 17,348,293 2,668,333 6,664,017 18,109 14,799,330 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 1.24 % 1.48 % 1.24 % 1.34 % 1.63 % Ratio of net investment loss to average net assets -0.97 % -0.99 % -0.97 % -0.97 % -0.94 % Ratio of operating expenses to average net assets 4.15 % 4.24 % 4.15 % 4.14 % 4.04 % Portfolio turnover rate 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % (1) (2) (3) (4) The following is a schedule of financial highlights of the company attributed to Class A, C, I and P-I shares for the three months ended March 31, 2018. For the three months ended March 31, 2018 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 $ 8.68 $ 8.42 $ 8.68 $ 8.81 Net investment income (3) 0.13 0.13 0.13 0.13 Net realized and unrealized gain on investments, net of incentive allocation to special unitholder 0.10 0.10 0.10 0.10 Change in translation of assets and liabilities denominated in foreign currencies (4) — — — — 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 0.18 0.18 0.18 0.18 Shareholder distributions: Distributions from net investment income (0.12 ) (0.12 ) (0.12 ) (0.12 ) Distributions from offering proceeds (0.03 ) (0.03 ) (0.03 ) (0.03 ) Offering costs and deferred sales commissions — (0.02 ) (0.01 ) — Other (2) (0.01 ) 0.02 — — Net decrease in members’ equity attributed to common shares (0.16 ) (0.15 ) (0.16 ) (0.15 ) Net asset value for common shares at end of period $ 8.70 $ 8.45 $ 8.70 $ 8.84 Common shareholders’ equity at end of period $ 126,019,875 $ 13,505,524 $ 43,153,704 $ 36,782,214 Common shares outstanding at end of period 14,491,912 1,598,485 4,962,548 4,160,546 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 1.95 % 2.09 % 1.95 % 1.98 % Ratio of net investment loss to average net assets 6.74 % 6.95 % 6.74 % 6.63 % Ratio of operating expenses to average net assets 4.47 % 4.61 % 4.47 % 4.40 % Portfolio turnover rate 0.01 % 0.01 % 0.01 % 0.01 % (1) (2) (3) (4) |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events The company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in the consolidated financial statements or would be required to be recognized in the consolidated financial statements as of and for the three months ended March 31, 2019 (unaudited), except as noted below. The company announced on April 25, 2019, the purchase Eagle Valley Clean Energy, LLC (“EVCE”), a 12 megawatt (AC) biomass project located in Gypsum, Colorado. EVCE generates electricity from wood biomass products and sells 100% of energy generated to Holy Cross Energy, a non-profit rural electric cooperative that provides electricity to just over 55,000 members in western Colorado. The company signed an amendment to the SE Solar Loan on April 19, 2019 to extend the term to May 15, 2019. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 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 and GREC HoldCo. 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 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 consolidation or equity method of accounting to its investments. The company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The company does not currently plan to elect to carry its non-investment liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities. The financial information associated with the March 31, 2019 consolidated financial statements has been prepared by management and, in the opinion of management, contains all adjustments and eliminations, consisting of only normal recurring adjustments, necessary for a fair presentation in accordance with GAAP. The March 31, 2019 financial information has been reviewed, but not audited by the independent registered public accounting firm and they do not express an opinion thereon. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash consists of demand deposits at a financial institution. Such deposits may exceed 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 are categorized as Level 1 investments, and stated at cost, which approximates fair value. There are no restrictions on the use of the company’s cash as of March 31, 2019 and December 31, 2018. |
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 Measurements and Disclosures (“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. Pre-operational assets are held at cost until they are operational. Therefore, the fair value associated with these assets are essentially cost. 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. Adjustments are made for any dissimilarity between the comparable transactions and the investments. 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 may 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 merger and acquisition, 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 nonoccurrence 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 equityholders 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 equityholders per share for the three months ended March 31, 2019 and March 31, 2018. For the three For the three Basic and diluted Increase in net assets attributed to common equityholders $ 4,432,222 $ 3,994,064 Weighted average common shares outstanding 39,511,403 24,177,255 Net increase in net assets attributed to common equityholders per share $ 0.11 $ 0.17 |
Revenue Recognition | Revenue Recognition Interest income is recorded on an accrual basis to the extent the company expects to collect such amounts. Interest receivable on loans and debt securities is not accrued for accounting purposes if there is reason to doubt an ability to collect such interest. 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 past due 90 days or more 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. 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) when received from 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 SPV level based on cash available from operations and working capital ratios needed for the SPVs daily operations. Dividend income from our privately held, equity investments are recognized when approved. Dividends received from the company’s private investments, 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, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. |
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. While the total O&O costs for each public offering were required to be reasonable and in no event in excess of an amount equal to 15% of the gross proceeds of such offering and the DRP, the company targeted no more than 4.0% of the gross proceeds for O&O costs other than sales commissions and dealer manager fees for the most recent public offering. 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 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 $9,416,402 or 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 March 31, 2019 and December 31, 2018: March 31, 2019 December 31, Total O&O Costs Incurred by the Advisor and Dealer Manager $ 9,416 $ 9,371 Amounts previously reimbursed to the Advisor/Dealer Manager by the company 9,324 9,106 Amounts payable to Advisor/Dealer Manager by the company 92 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 equityholders and special unitholder. As of March 31, 2019, and December 31, 2018, a capital gains incentive distribution allocation in the amounts of $3,253,395 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 March 31, 2019, and December 31, 2018, the company recorded a liability for deferred sales commissions in the amount of $185,557 and $191,706, respectively. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform with current year presentation. |
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 gain or loss in the accompanying consolidated statements of operations. The fair value of interest rate swap contracts open as of March 31, 2019 is included on the consolidated schedules of investments by contract. For the three months ended March 31, 2019, the company’s notional exposure to interest rate swap contracts was $95,597,294. Consolidated Statement of Assets and Liabilities - Value of Derivative at March 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 $ 76,259 Swap contracts, at fair value $ 1,963,687 $ 76,259 $ 1,963,687 Consolidated Statement of Assets and Liabilities - Value of Derivative 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 Statement of Operations Risk Exposure Swaps Change in net unrealized depreciation on derivative transactions for the three months ended March 31, 2019 Risk Exposure Swaps Change in net unrealized appreciation on derivative transactions for the three months ended March 31, 2018 Interest Rate Risk $ (2,011,390 ) Interest Rate Risk $ 497,738 $ (2,011,390 ) $ 497,738 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 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. In regard to 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. While we are currently of the opinion that the currency fluctuation between the Canadian and U.S. Dollar will not have a material impact on our operating results, we may in the future hedge this risk using currency swap transactions or other financial instruments if the impact on our results of operations becomes material. |
Income Taxes | Income Taxes The company 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 company will not meet the qualifying income exception and will not qualify to be treated as a partnership. If the company 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 company would be required to pay income tax at corporate rates on its net taxable income. Distributions to members from the company 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 company. 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 March 31, 2019 for all U.S. federal and state tax jurisdictions for the years 2015 through 2018. The results of this assessment are included in the company’s tax provision and deferred tax assets as of March 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 the amendments on our consolidated financial statement disclosures. Since the amendments impact only disclosure requirements, we do not expect the amendments to have an impact on our consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of earnings (loss) per share | The following information sets forth the computation of the weighted average basic and diluted net increase in net assets attributed to common equityholders per share for the three months ended March 31, 2019 and March 31, 2018. For the three For the three Basic and diluted Increase in net assets attributed to common equityholders $ 4,432,222 $ 3,994,064 Weighted average common shares outstanding 39,511,403 24,177,255 Net increase in net assets attributed to common equityholders per share $ 0.11 $ 0.17 |
Schedule of status of O&O costs | The following table provides information in regard to the status of O&O costs (in 000’s) as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, Total O&O Costs Incurred by the Advisor and Dealer Manager $ 9,416 $ 9,371 Amounts previously reimbursed to the Advisor/Dealer Manager by the company 9,325 9,106 Amounts payable to Advisor/Dealer Manager by the company 92 19 Amounts of the contingent liability subject to payment by the company only upon adequate gross offering proceeds being raised (1 ) 246 |
Schedule of consolidated statements of assets and liabilities - values of derivatives | Consolidated Statement of Assets and Liabilities - Value of Derivative at March 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 $ 76,259 Swap contracts, at fair value $ 1,963,687 $ 76,259 $ 1,963,687 Consolidated Statement of Assets and Liabilities - Value of Derivative 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 |
Schedule of effect of derivative instruments on the consolidated statements of operations | The effect of derivative instruments on the Consolidated Statement of Operations Risk Exposure Swaps Change in net unrealized depreciation on derivative transactions for the three months ended March 31, 2019 Risk Exposure Swaps Change in net unrealized appreciation on derivative transactions for the three months ended March 31, 2018 Interest Rate Risk $ (2,011,390 ) Interest Rate Risk $ 497,738 $ (2,011,390 ) $ 497,738 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments by geographic region | Investments at Cost Investments at Fair Value Fair Value Percentage of Total Portfolio United States: East Region $ 64,996,265 $ 68,973,086 19.5 % Mid-West Region 9,278,633 9,219,601 2.6 Mountain Region 70,373,274 73,997,291 20.9 South Region 110,671,125 110,961,279 31.4 West Region 78,565,166 88,386,021 25.0 Total United States $ 333,884,463 $ 351,537,278 99.4 % Canada: 1,603,136 2,104,724 0.6 Total $ 335,487,599 $ 353,642,002 100.0 % The composition of the company’s investments as of December 31, 2018 by geographic region, at fair value, were as follows: Investments at Cost Investments at Fair Value Fair Value Percentage of Total Portfolio 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 composition of company's investments by industry | The composition of the company’s investments as of March 31, 2019 by industry, at fair value, were as follows: Investments at Cost Investments at Fair Value Fair Value Percentage of Total Portfolio Commercial Solar $ 179,021,554 $ 188,568,317 53.4 % Residential Solar 37,553,136 43,672,497 12.3 Wind 63,986,680 65,560,905 18.5 Pre-Operational Assets 47,219,453 47,219,453 13.4 Other Investments 1,755,244 2,651,377 0.7 Energy Efficiency 951,532 969,453 0.3 Secured Loans - Commercial Solar 5,000,000 5,000,000 1.4 Total $ 335,487,599 $ 353,642,002 100.0 % The composition of the company’s investments as of December 31, 2018 by industry, at fair value, were as follows: Investments at Cost Investments at Fair Value Fair Value Percentage of Total Portfolio 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 - Investment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value measurements of investments, by major class | The following table presents fair value measurements of investments, by major class, as of March 31, 2019, according to the fair value hierarchy: Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ — $ — $ 346,018,138 $ 346,018,138 Capital Stock — — 2,104,724 2,104,724 Energy Efficiency Secured Loans — — 519,140 519,140 Secured Loans - Other — — 5,000,000 5,000,000 Total $ — $ — $ 353,642,002 $ 353,642,002 Other Financial Instruments* Unrealized appreciation on open interest rate swap contracts $ — $ 76,259 $ — $ 76,259 Unrealized depreciation on open interest rate swap contracts — (1,963,687 ) — (1,963,687 ) Total $ — $ (1,887,428 ) $ — $ (1,887,428 ) *Other financial instruments are derivatives, such as futures, forwards and swaps. These instruments are reflected at the unrealized appreciation (depreciation) on the instrument. The following table presents fair value measurements of investments, by major class, as of December 31, 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* Unrealized appreciation on open interest rate swap contracts $ — $ 435,603 $ — $ 435,603 Unrealized depreciation on open interest rate swap contracts — (311,641 ) — (311,641 ) Total $ — $ 123,962 $ — $ 123,962 *Other financial instruments are derivatives, such as futures, forwards 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 three months ended March 31, 2019: Balance as of Net change in Translation of assets Purchases (1) Sales and (2) Balance as of Limited Liability Company Member Interests $ 304,542,921 $ 9,269,503 $ — $ 32,205,714 $ — $ 346,018,138 Capital Stock 2,081,554 (6,558 ) 29,728 — — 2,104,724 Energy Efficiency - Secured Loans 551,640 — — — (32,500 ) 519,140 Secured Loans - Other — — — 5,000,000 — 5,000,000 Total $ 307,176,115 $ 9,262,945 $ 29,728 $ 37,205,714 $ (32,500 ) $ 353,642,002 (1) (2) The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2018: Balance as of Net change in Translation of assets Purchases and (1) Sales and (2) Balance as of March Limited Liability Company Member Interests $ 215,619,476 $ 1,791,157 $ — $ 13,882,032 $ — $ 231,292,665 Capital Stock 2,093,827 202,498 (38,991 ) — — 2,257,334 Energy Efficiency - Secured Loans 672,871 — — — (17,000 ) 655,871 Secured Loans - Other — — — 4,500,000 — 4,500,000 Total $ 218,386,174 $ 1,993,655 $ (38,991 ) $ 18,382,032 $ (17,000 ) $ 238,705,870 (1) (2) |
Schedule of quantitative information about level 3 fair value measurements | As of March 31, 2019, certain company investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the company’s investments as of March 31, 2019: Fair Value Valuation Techniques Unobservable Inputs Rates/Assumptions Commercial Solar $ 188,568,317 Income approach Discount rate, future kWh Production, potential leverage and estimated remaining useful life 7.75%-8.5%, 0.5% annual degradation in production, 10.4- 34.7 years Residential Solar $ 43,672,498 Income approach Discount rate, future kWh Production, potential leverage and estimated remaining useful life 7.25%-11%, 0.5% annual degradation in production, 12- 32.8 years Wind $ 65,560,905 Income approach Discount rate, future kWh Production, potential leverage and estimated remaining useful life 8.25%, 0.5% annual degradation in production, 23.8- 27.5 years Pre-Operational Assets $ 47,719,453 Transaction cost Not Applicable Not Applicable Other Investments $ 2,651,377 Transaction cost Not Applicable Not Applicable Secured Loans - Commercial Solar $ 5,000,000 Yield analysis Market yields 9% Energy Efficiency $ 969,454 Income and collateral based approach Market yields and value of collateral 10.25%-20.4%, 0.5% , 28.8 years 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, potential leverage 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, potential leverage 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, potential leverage 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 Market yields and value of collateral 10.25% - 20.40% |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding debt | The company’s outstanding debt as of March 31, 2019 and December 31, 2018 was as follows: March 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 Revolver $ 60,000,000 $ 30,665,460 $ 30,665,460 $ 1,082,505 $ 29,582,955 $ 60,000,000 $ 30,665,460 $ 30,665,460 $ 1,138,414 $ 29,527,046 $ 60,000,000 $ 30,665,460 $ 30,665,460 $ 1,082,505 $ 29,582,955 $ 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 | 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 three months ended March 31, 2019 and March 31, 2018: For the three months ended March 31, 2019 For the three months ended March 31, 2018 Credit Facility commitment fee $ 10,624 $ 301,375 Credit Facility Loan interest 308,606 298,034 Amortization of deferred financing costs 55,909 52,578 Other* 108,994 — Total $ 484,133 $ 651,987 Weighted average interest rate on credit facility 4.62 % 1.07 % Weighted average outstanding balance of credit facility $ 30,665,460 $ 27,917,676 * Primarily includes financing costs of credit facility and swap interest hedged against the credit facility. |
Schedule of principal payments due on borrowings | The principal payments due on borrowings for each of the next five years ending December 31 and thereafter, are as follows: Year ending December 31: Principal Payments 2019 $ 2,519,220 2020 2,610,193 2021 2,570,228 2022 2,198,372 2023 2,209,630 Thereafter 18,557,817 $ 30,665,460 |
Members' Equity (Tables)
Members' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Schedule of shares issued and outstanding | The following table is a summary of the shares issued and repurchased during the period and outstanding as of March 31, 2019: Shares Outstanding as of December 31, 2018 Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding as of March 31, 2019 Class A shares 16,714,738 715,441 (81,886 ) 17,348,293 Class C shares 2,222,478 445,857 (2 ) 2,668,333 Class I shares 6,209,416 483,460 (28,859 ) 6,664,017 Class P-A shares 15,478 2,631 — 18,109 Class P-I shares 11,841,392 2,989,124 (31,186 ) 14,799,330 37,003,502 4,636,513 (141,933 ) 41,498,082 The following table is a summary of the shares issued during the period and outstanding as of December 31, 2018: Shares Outstanding as of December 31, 2017 Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding as of December 31, 2018 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 23,189,229 14,320,115 (505,842 ) 37,003,502 |
Schedule of reinvestment of distributions | The proceeds from shares sold and the value of shares issued through the reinvestment of distributions for each class of shares for the three months ended March 31, 2019 and March 31, 2018 were as follows: Class A Shares Class C Shares Class I Shares Class P-A Shares Class P-I Shares Total For the three months Proceeds from Shares Sold $ 5,255,615 $ 3,651,717 $ 3,709,006 $ 22,875 $ 26,280,294 $ 38,919,507 Proceeds from Shares Issued through Reinvestment of Distributions $ 1,039,458 $ 169,735 $ 538,393 $ — $ 1,747,586 For the three months Proceeds from Shares Sold $ 5,167,140 $ 1,346,623 $ 3,721,187 $ — $ 6,865,814 $ 17,100,764 Proceeds from Shares Issued through Reinvestment of Distributions $ 864,701 $ 105,802 $ 396,998 $ — $ — $ 1,367,501 |
Distributions (Tables)
Distributions (Tables) | 3 Months Ended |
Mar. 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 | 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 31-Mar-19 $ 0.00166900 $ 0.00162650 $ 0.00166900 $ 0.00164790 $ 0.00158280 |
Schedule of distributions declared | The following table reflects the distributions declared during the three months ended March 31, 2019: Pay Date Paid in Cash Value of Shares 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 Total $ 4,017,524 $ 1,747,586 $ 5,765,110 The following table reflects the distributions declared during the three months ended March 31, 2018: Pay Date Paid in Cash Value of Shares Total February 1, 2018 $ 728,738 $ 464,821 $ 1,193,559 March 1, 2018 682,038 428,310 1,110,348 April 2, 2018 790,925 474,370 1,265,295 Total $ 2,201,701 $ 1,367,501 $ 3,569,202 |
Schedule of cash distributions paid | Cash distributions paid during the periods presented were funded from the following sources noted below: For the three months ended March 31, 2019 For the three months ended March 31, 2018 Cash from operations $ — $ 2,122,078 Offering proceeds 3,825,718 — Total Cash Distributions $ 3,825,718 $ 2,122,078 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Financial Highlights | |
Schedule of 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 three months ended March 31, 2019. For the three months ended March 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 loss (3) (0.02 ) (0.02 ) (0.02 ) (0.02 ) (0.02 ) Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder 0.18 0.18 0.18 0.18 0.18 Change in translation of assets and liabilities denominated in foreign currencies (4) — — — — — Change in benefit from deferred taxes on unrealized depreciation on investments (0.02 ) (0.02 ) (0.02 ) (0.02 ) (0.02 ) Net increase in net assets attributed to common equityholders 0.14 0.14 0.14 0.14 0.14 Shareholder distributions: Distributions from net investment income — — — — — Distributions from offering proceeds (0.15 ) (0.15 ) (0.15 ) (0.15 ) (0.14 ) Offering costs and deferred sales commissions (0.01 ) (0.04 ) (0.01 ) — — Other (2) (0.02 ) 0.03 (0.02 ) (0.02 ) — Net decrease in members’ equity attributed to common shares (0.18 ) (0.16 ) (0.18 ) (0.17 ) (0.14 ) Net asset value for common shares at end of period $ 8.50 $ 8.32 $ 8.50 $ 8.52 $ 8.76 Common shareholders’ equity at end of period $ 147,458,709 $ 22,208,298 $ 56,643,455 $ 154,375 $ 129,600,772 Common shares outstanding at end of period 17,348,293 2,668,333 6,664,017 18,109 14,799,330 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 1.24 % 1.48 % 1.24 % 1.34 % 1.63 % Ratio of net investment loss to average net assets -0.97 % -0.99 % -0.97 % -0.97 % -0.94 % Ratio of operating expenses to average net assets 4.15 % 4.24 % 4.15 % 4.14 % 4.04 % Portfolio turnover rate 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % (1) (2) (3) (4) The following is a schedule of financial highlights of the company attributed to Class A, C, I and P-I shares for the three months ended March 31, 2018. For the three months ended March 31, 2018 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 $ 8.68 $ 8.42 $ 8.68 $ 8.81 Net investment income (3) 0.13 0.13 0.13 0.13 Net realized and unrealized gain on investments, net of incentive allocation to special unitholder 0.10 0.10 0.10 0.10 Change in translation of assets and liabilities denominated in foreign currencies (4) — — — — 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 0.18 0.18 0.18 0.18 Shareholder distributions: Distributions from net investment income (0.12 ) (0.12 ) (0.12 ) (0.12 ) Distributions from offering proceeds (0.03 ) (0.03 ) (0.03 ) (0.03 ) Offering costs and deferred sales commissions — (0.02 ) (0.01 ) — Other (2) (0.01 ) 0.02 — — Net decrease in members’ equity attributed to common shares (0.16 ) (0.15 ) (0.16 ) (0.15 ) Net asset value for common shares at end of period $ 8.70 $ 8.45 $ 8.70 $ 8.84 Common shareholders’ equity at end of period $ 126,019,875 $ 13,505,524 $ 43,153,704 $ 36,782,214 Common shares outstanding at end of period 14,491,912 1,598,485 4,962,548 4,160,546 Ratio/Supplemental data for common shares (annualized): Total return attributed to common shares based on net asset value 1.95 % 2.09 % 1.95 % 1.98 % Ratio of net investment loss to average net assets 6.74 % 6.95 % 6.74 % 6.63 % Ratio of operating expenses to average net assets 4.47 % 4.61 % 4.47 % 4.40 % Portfolio turnover rate 0.01 % 0.01 % 0.01 % 0.01 % (1) (2) (3) (4) |
Organization and Operations o_2
Organization and Operations of the Company (Details Narrative) - Maximum [Member] | Mar. 31, 2019USD ($) |
Distribution Reinvestment Plan [Member] | |
Dollar value of shares offering | $ 200,000,000 |
Limited Liability Company [Member] | |
Dollar value of shares offering | $ 1,000,000,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Basic and diluted | ||
Increase in net assets attributed to common equityholders | $ 4,432,222 | $ 3,994,064 |
Weighted average common shares outstanding | 39,511,403 | 24,177,255 |
Net increase in net assets attributed to common equityholders per share | $ 0.11 | $ 0.17 |
Significant Accounting Polici_5
Significant Accounting Policies (Details 1) - Advisor And Dealer Manager [Member] - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Total O&O Costs Incurred by the Advisor and Dealer Manager | $ 9,416 | $ 9,371 |
Amounts previously reimbursed to the Advisor/Dealer Manager by the company | 9,324 | 9,106 |
Amounts payable to Advisor/Dealer Manager by the company | 92 | 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 ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Asset Derivatives | $ 76,259 | $ 435,603 |
Liability Derivatives | 1,963,687 | 311,641 |
Interest Rate Risk [Member] | Swap Contracts [Member] | ||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Asset Derivatives | 76,259 | 435,603 |
Liability Derivatives | $ 1,963,687 | $ 311,641 |
Significant Accounting Polici_7
Significant Accounting Policies (Details 3) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Change in net unrealized appreciation on derivative transactions | $ (2,011,390) | $ 497,738 |
Interest Rate Risk [Member] | Swap Contracts [Member] | ||
Change in net unrealized appreciation on derivative transactions | $ (2,011,390) | $ 497,738 |
Significant Accounting Polici_8
Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Capital gains incentive distribution allocation | $ 3,253,395 | $ 1,797,138 |
Deferred sales commissions | 185,557 | $ 191,706 |
Interest Rate Swaps [Member] | ||
Average notional amount | $ 95,597,294 | |
Greenbacker Capital Management LLC [Member] | ||
Limit of offering costs reimbursement to advisor | 15.00% | |
Target offering expense ratio | 4.00% | |
Percentage of reimbursement out of gross offering proceeds | 15.00% | |
Organization and offering costs due to termination of registration statement | $ 9,416,402 | |
Percentage of organization and offering costs due to termination of registration statement | 3.80% |
Investments (Details)
Investments (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | ||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 335,487,599 | $ 298,314,385 | ||
Investments at Fair Value | $ 353,642,002 | $ 307,176,115 | ||
Fair Value Percentage of Total Portfolio | 100.00% | [1] | 100.00% | [2] |
Total United States [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 333,884,463 | $ 296,711,249 | ||
Investments at Fair Value | $ 351,537,278 | $ 305,094,561 | ||
Fair Value Percentage of Total Portfolio | 99.40% | 99.30% | ||
Canada [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 1,603,136 | $ 1,603,136 | ||
Investments at Fair Value | $ 2,104,724 | $ 2,081,554 | ||
Fair Value Percentage of Total Portfolio | 0.60% | 0.70% | ||
East Region [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 64,996,265 | $ 65,082,005 | ||
Investments at Fair Value | $ 68,973,086 | $ 67,541,264 | ||
Fair Value Percentage of Total Portfolio | 19.50% | 22.00% | ||
Mid-West Region [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 9,278,633 | $ 1,796,801 | ||
Investments at Fair Value | $ 9,219,601 | $ 1,846,346 | ||
Fair Value Percentage of Total Portfolio | 2.60% | 0.60% | ||
Mountain Region [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 70,373,274 | $ 69,619,383 | ||
Investments at Fair Value | $ 73,997,291 | $ 69,553,178 | ||
Fair Value Percentage of Total Portfolio | 20.90% | 22.60% | ||
South Region [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 110,671,125 | $ 98,476,770 | ||
Investments at Fair Value | $ 110,961,279 | $ 95,332,608 | ||
Fair Value Percentage of Total Portfolio | 31.40% | 31.00% | ||
West Region [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 78,565,166 | $ 61,736,290 | ||
Investments at Fair Value | $ 88,386,021 | $ 70,821,165 | ||
Fair Value Percentage of Total Portfolio | 25.00% | 23.10% | ||
[1] | Percentages are based on net assets of $359,319,004 as of March 31, 2019. | |||
[2] | Percentages are based on net assets of $320,056,749 as of December 31, 2018. |
Investments (Details 1)
Investments (Details 1) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | ||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 335,487,599 | $ 298,314,385 | ||
Investments at Fair Value | $ 353,642,002 | $ 307,176,115 | ||
Fair Value Percentage of Total Portfolio | 100.00% | [1] | 100.00% | [2] |
Commercial Solar [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 179,021,554 | $ 144,732,656 | ||
Investments at Fair Value | $ 188,568,317 | $ 147,571,531 | ||
Fair Value Percentage of Total Portfolio | 53.40% | 48.10% | ||
Residential Solar [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 37,553,136 | $ 37,503,136 | ||
Investments at Fair Value | $ 43,672,497 | $ 41,918,094 | ||
Fair Value Percentage of Total Portfolio | 12.30% | 13.60% | ||
Wind [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 63,986,680 | $ 63,446,680 | ||
Investments at Fair Value | $ 65,560,905 | $ 65,165,744 | ||
Fair Value Percentage of Total Portfolio | 18.50% | 21.20% | ||
Pre-Operational Assets [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 47,219,453 | $ 50,353,115 | ||
Investments at Fair Value | $ 47,219,453 | $ 50,235,080 | ||
Fair Value Percentage of Total Portfolio | 13.40% | 16.30% | ||
Other Investments [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 1,755,244 | $ 1,279,273 | ||
Investments at Fair Value | $ 2,651,377 | $ 1,263,620 | ||
Fair Value Percentage of Total Portfolio | 0.70% | 0.40% | ||
Energy Efficiency [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 951,532 | $ 999,525 | ||
Investments at Fair Value | $ 969,453 | $ 1,022,046 | ||
Fair Value Percentage of Total Portfolio | 0.30% | 0.40% | ||
Secured Loans - Commercial Solar [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 5,000,000 | |||
Investments at Fair Value | $ 5,000,000 | |||
Fair Value Percentage of Total Portfolio | 1.40% | |||
[1] | Percentages are based on net assets of $359,319,004 as of March 31, 2019. | |||
[2] | Percentages are based on net assets of $320,056,749 as of December 31, 2018. |
Investments (Details Narrative)
Investments (Details Narrative) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Description of control investment | Investments held as of March 31, 2019 and December 31, 2018 are considered Control Investments, which are defined as investments in companies in which the company owns 25% or more of the voting securities of such company or have greater than 50% representation on such company’s board of directors or investments in limited liability companies for which the company serves as managing member. | Investments held as of March 31, 2019 and December 31, 2018 are considered Control Investments, which are defined as investments in companies in which the company owns 25% or more of the voting securities of such company or have greater than 50% representation on such company’s board of directors or investments in limited liability companies for which the company serves as managing member. |
Fair Value Measurements - Inv_3
Fair Value Measurements - Investments (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | $ 353,642,002 | $ 307,176,115 | |||
Financial instruments of fair value | (1,887,428) | 123,962 | |||
Secured Loans - Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | 5,000,000 | ||||
Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments of fair value | [1] | 76,259 | 435,603 | ||
Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments of fair value | [1] | (1,963,687) | (311,641) | ||
9% Renew AEC One, LLC Due 2019-04-22 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | 519,140 | 551,640 | |||
Capital Stock [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | 2,104,724 | 2,081,554 | |||
Limited Liability Company [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | 346,018,138 | 304,542,921 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | |||||
Financial instruments of fair value | [1] | ||||
Fair Value, Inputs, Level 1 [Member] | Secured Loans - Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | |||||
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments of fair value | [1] | ||||
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments of fair value | [1] | ||||
Fair Value, Inputs, Level 1 [Member] | 9% Renew AEC One, LLC Due 2019-04-22 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | |||||
Fair Value, Inputs, Level 1 [Member] | Capital Stock [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | |||||
Fair Value, Inputs, Level 1 [Member] | Limited Liability Company [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | |||||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | |||||
Financial instruments of fair value | [1] | (1,887,428) | 123,962 | ||
Fair Value, Inputs, Level 2 [Member] | Secured Loans - Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | |||||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments of fair value | [1] | 76,259 | 435,603 | ||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments of fair value | [1] | (1,963,687) | (311,641) | ||
Fair Value, Inputs, Level 2 [Member] | 9% Renew AEC One, LLC Due 2019-04-22 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | |||||
Fair Value, Inputs, Level 2 [Member] | Capital Stock [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | |||||
Fair Value, Inputs, Level 2 [Member] | Limited Liability Company [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | |||||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | 353,642,002 | 307,176,115 | $ 238,705,870 | $ 218,386,174 | |
Financial instruments of fair value | [1] | ||||
Fair Value, Inputs, Level 3 [Member] | Secured Loans - Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | 5,000,000 | 4,500,000 | |||
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments of fair value | [1] | ||||
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial instruments of fair value | [1] | ||||
Fair Value, Inputs, Level 3 [Member] | 9% Renew AEC One, LLC Due 2019-04-22 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | 519,140 | 551,640 | 655,871 | 672,871 | |
Fair Value, Inputs, Level 3 [Member] | Capital Stock [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | 2,104,724 | 2,081,554 | 2,257,334 | 2,093,827 | |
Fair Value, Inputs, Level 3 [Member] | Limited Liability Company [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments at Fair Value | $ 346,018,138 | $ 304,542,921 | $ 231,292,665 | $ 215,619,476 | |
[1] | Other financial instruments are derivatives, such as futures, forwards 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 ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments at fair value | $ 307,176,115 | ||
Net change in unrealized appreciation (depreciation) on investments | 9,262,945 | $ 1,993,655 | |
Translation of assets and liabilities denominated in foreign currencies | 29,728 | (38,991) | |
Investments at fair value | 353,642,002 | ||
Secured Loans - Other [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments at fair value | 5,000,000 | ||
9% Renew AEC One, LLC Due 2019-04-22 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments at fair value | 551,640 | ||
Investments at fair value | 519,140 | ||
Capital Stock [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments at fair value | 2,081,554 | ||
Investments at fair value | 2,104,724 | ||
Limited Liability Company [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments at fair value | 304,542,921 | ||
Investments at fair value | 346,018,138 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments at fair value | 307,176,115 | 218,386,174 | |
Net change in unrealized appreciation (depreciation) on investments | 9,262,945 | 1,993,655 | |
Translation of assets and liabilities denominated in foreign currencies | 29,728 | (38,991) | |
Purchases and other adjustments to cost | [1] | 37,205,714 | 18,382,032 |
Sales and Repayments of investments | [2] | (32,500) | (17,000) |
Investments at fair value | 353,642,002 | 238,705,870 | |
Fair Value, Inputs, Level 3 [Member] | Secured Loans - Other [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments at fair value | |||
Net change in unrealized appreciation (depreciation) on investments | |||
Translation of assets and liabilities denominated in foreign currencies | |||
Purchases and other adjustments to cost | [1] | 5,000,000 | 4,500,000 |
Sales and Repayments of investments | [2] | ||
Investments at fair value | 5,000,000 | 4,500,000 | |
Fair Value, Inputs, Level 3 [Member] | 9% Renew AEC One, LLC Due 2019-04-22 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments at fair value | 551,640 | 672,871 | |
Net change in unrealized appreciation (depreciation) on investments | |||
Translation of assets and liabilities denominated in foreign currencies | |||
Purchases and other adjustments to cost | [1] | ||
Sales and Repayments of investments | [2] | (32,500) | (17,000) |
Investments at fair value | 519,140 | 655,871 | |
Fair Value, Inputs, Level 3 [Member] | Capital Stock [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments at fair value | 2,081,554 | 2,093,827 | |
Net change in unrealized appreciation (depreciation) on investments | (6,558) | 202,498 | |
Translation of assets and liabilities denominated in foreign currencies | 29,728 | (38,991) | |
Purchases and other adjustments to cost | [1] | ||
Sales and Repayments of investments | [2] | ||
Investments at fair value | 2,104,724 | 2,257,334 | |
Fair Value, Inputs, Level 3 [Member] | Limited Liability Company [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments at fair value | 304,542,921 | 215,619,476 | |
Net change in unrealized appreciation (depreciation) on investments | 9,269,503 | 1,791,157 | |
Translation of assets and liabilities denominated in foreign currencies | |||
Purchases and other adjustments to cost | [1] | 32,205,714 | 13,882,032 |
Sales and Repayments of investments | [2] | ||
Investments at fair value | $ 346,018,138 | $ 231,292,665 | |
[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. |
Fair Value Measurements - Inv_5
Fair Value Measurements - Investments (Details 2) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Investments at Fair Value | $ 353,642,002 | $ 307,176,115 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Investments at Fair Value | 353,642,002 | 307,176,115 | $ 238,705,870 | $ 218,386,174 |
Fair Value, Inputs, Level 3 [Member] | Pre-Operational Assets [Member] | ||||
Investments at Fair Value | $ 47,719,453 | $ 50,235,080 | ||
Valuation Techniques | Transaction cost | Transaction cost | ||
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||||
Investments at Fair Value | $ 2,651,377 | $ 1,263,620 | ||
Valuation Techniques | Transaction cost | Transaction cost | ||
Fair Value, Inputs, Level 3 [Member] | Energy Efficiency [Member] | ||||
Investments at Fair Value | $ 969,454 | $ 1,022,046 | ||
Valuation Techniques | Income and collateral based approach | Income and collateral based approach | ||
Unobservable Inputs | Market yields and value of collateral | Market yields and value of collateral | ||
Fair value Assumption | 0.50% | |||
Expected term | 28 years 9 months 18 days | |||
Fair Value, Inputs, Level 3 [Member] | Energy Efficiency [Member] | Minimum [Member] | ||||
Measurement Input | 10.25% | 10.25% | ||
Fair Value, Inputs, Level 3 [Member] | Energy Efficiency [Member] | Maximum [Member] | ||||
Measurement Input | 20.40% | 20.40% | ||
Fair Value, Inputs, Level 3 [Member] | Secured Loans - Commercial Solar [Member] | ||||
Investments at Fair Value | $ 5,000,000 | |||
Valuation Techniques | Yield analysis | |||
Unobservable Inputs | Market yields | |||
Measurement Input | 9.00% | |||
Fair Value, Inputs, Level 3 [Member] | Commercial Solar [Member] | ||||
Investments at Fair Value | $ 188,568,317 | $ 147,571,531 | ||
Valuation Techniques | Income approach | Income approach | ||
Unobservable Inputs | Discount rate, future kWh Production, potential leverage and estimated remaining useful life | Discount rate, future kWh Production, potential leverage and estimated remaining useful life | ||
Fair value Assumption | 0.50% | 0.50% | ||
Fair Value, Inputs, Level 3 [Member] | Commercial Solar [Member] | Minimum [Member] | ||||
Measurement Input | 7.25% | 7.75% | ||
Expected term | 10 years 4 months 24 days | 22 years 2 months 12 days | ||
Fair Value, Inputs, Level 3 [Member] | Commercial Solar [Member] | Maximum [Member] | ||||
Measurement Input | 8.50% | 8.50% | ||
Expected term | 34 years 8 months 12 days | 35 years | ||
Fair Value, Inputs, Level 3 [Member] | Residential Solar [Member] | ||||
Investments at Fair Value | $ 43,672,498 | $ 41,918,094 | ||
Valuation Techniques | Income approach | Income approach | ||
Unobservable Inputs | Discount rate, future kWh Production, potential leverage and estimated remaining useful life | Discount rate, future kWh Production, potential leverage and estimated remaining useful life | ||
Fair value Assumption | 0.50% | 0.50% | ||
Fair Value, Inputs, Level 3 [Member] | Residential Solar [Member] | Minimum [Member] | ||||
Measurement Input | 7.25% | 7.25% | ||
Expected term | 12 years | 12 years 2 months 12 days | ||
Fair Value, Inputs, Level 3 [Member] | Residential Solar [Member] | Maximum [Member] | ||||
Measurement Input | 11.00% | 11.00% | ||
Expected term | 32 years 9 months 18 days | 33 years | ||
Fair Value, Inputs, Level 3 [Member] | Alternative Energy - Wind [Member] | ||||
Investments at Fair Value | $ 65,560,905 | $ 65,165,744 | ||
Valuation Techniques | Income approach | Income approach | ||
Unobservable Inputs | Discount rate, future kWh Production, potential leverage and estimated remaining useful life | Discount rate, future kWh Production, potential leverage and estimated remaining useful life | ||
Measurement Input | 8.25% | 8.50% | ||
Fair value Assumption | 0.50% | |||
Fair Value, Inputs, Level 3 [Member] | Alternative Energy - Wind [Member] | Minimum [Member] | ||||
Expected term | 23 years 9 months 18 days | 24 years | ||
Fair Value, Inputs, Level 3 [Member] | Alternative Energy - Wind [Member] | Maximum [Member] | ||||
Expected term | 27 years 6 months | 27 years 8 months 12 days |
Fair Value Measurements - Inv_6
Fair Value Measurements - Investments (Details Narrative) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net change in unrealized appreciation on investments and foreign currency translation | $ 9,292,673 | $ 1,954,664 |
Fair value of unrealized depreciation | $ 7,281,283 | $ 2,452,402 |
Related Party Agreements and _2
Related Party Agreements and Transactions Agreements (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Management fees | $ 1,822,066 | $ 1,165,728 | |
Increase (decrease) in incentive allocation expense | 1,456,257 | 490,480 | |
Payment for dealer manager fees | 237,599 | 181,330 | |
Selling commissions | $ 593,872 | $ 493,874 | |
Special Unitholder [Member] | |||
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% | ||
Due to advisor/dealer manager | $ 91,546 | $ 10,417 | |
Special Unitholder [Member] | |||
Liquidation arrears period | 30 days | ||
SC Distributors, LLC [Member] | Common Class A [Member] | Maximum [Member] | |||
Percentage of selling commision | 7.00% | ||
Percentage of dealer manager fees | 2.75% | ||
SC Distributors, LLC [Member] | Common Class C [Member] | |||
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] | Common Class C [Member] | Maximum [Member] | |||
Percentage of selling commision | 3.00% | ||
Percentage of dealer manager fees | 2.75% | ||
SC Distributors, LLC [Member] | Common Class I [Member] | Maximum [Member] | |||
Percentage of dealer manager fees | 1.75% | ||
SC Distributors, LLC [Member] | Common Class P-A [Member] | Maximum [Member] | |||
Percentage of selling commision | 6.00% | ||
Percentage of dealer manager fees | 2.50% | ||
Greenbacker Capital Management LLC [Member] | |||
Limit of offering costs reimbursement to advisor | 15.00% | ||
Target offering expense ratio | 4.00% | ||
Percentage of organization and offering costs due to termination of registration statement | 3.80% | ||
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% | ||
Percentage of operating expense | 5.00% | ||
Operating expense, reimbursement period | 30 days | ||
Other than selling commissions and dealer manager fees | $ 9,416,402 | ||
Greenbacker Capital Management LLC [Member] | Common Class A [Member] | |||
Shares issued | 23,601 | ||
Special Unitholder [Member] | Investment Income Exceeds 2.1875% Quarterly [Member] | |||
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] | |||
Hurdle rate, quarterly | 8.75% | ||
Hurdle rate, annualized | 7.00% | ||
Percentage of incentive distribution | 100.00% |
Borrowings (Details)
Borrowings (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Deferred Financing Costs | $ 595,609 | ||
Credit Agreement [Member] | GREC Entity Holdco LLC [Member] | |||
Aggregate Principal Amount Available | 60,000,000 | $ 60,000,000 | |
Principal Amount Outstanding | 30,665,460 | 30,665,460 | |
Carrying Value | 30,665,460 | 30,665,460 | |
Deferred Financing Costs | 1,082,505 | 1,138,414 | |
Term Note Payable, Net of Financing Costs | 29,582,955 | 29,527,046 | |
Credit Agreement [Member] | GREC Entity Holdco LLC [Member] | Revolver [Member] | |||
Aggregate Principal Amount Available | 60,000,000 | 60,000,000 | |
Principal Amount Outstanding | 30,665,460 | 30,665,460 | |
Carrying Value | 30,665,460 | 30,665,460 | |
Deferred Financing Costs | 1,082,505 | 1,138,414 | |
Term Note Payable, Net of Financing Costs | $ 29,582,955 | $ 29,527,046 |
Borrowings (Details 1)
Borrowings (Details 1) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Debt Disclosure [Abstract] | |||
Credit Facility commitment fee | $ 10,624 | $ 301,375 | |
Credit Facility Loan interest | 308,606 | 298,034 | |
Amortization of deferred financing costs | 55,909 | 52,578 | |
Other | [1] | 108,994 | |
Total | $ 484,133 | $ 651,987 | |
Weighted average interest rate on credit facility | 4.62% | 1.07% | |
Weighted average outstanding balance of credit facility | $ 30,665,460 | $ 27,917,676 | |
[1] | Primarily includes financing costs of credit facility and swap interest hedged against the credit facility. |
Borrowings (Details 2)
Borrowings (Details 2) - Credit Agreement [Member] - GREC Entity Holdco LLC [Member] - Facility 1 Term Loan [Member] | Mar. 31, 2019USD ($) |
Year ending December 31: | |
2019 | $ 2,519,220 |
2020 | 2,610,193 |
2021 | 2,570,228 |
2022 | 2,198,372 |
2023 | 2,209,630 |
Thereafter | 18,557,817 |
Total | $ 30,665,460 |
Borrowings (Details Narrtive)
Borrowings (Details Narrtive) - USD ($) | Jun. 18, 2018 | Jan. 05, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jul. 29, 2016 |
Weighted average interest rate on credit facility | 4.62% | 1.07% | ||||
Weighted average outstanding balance of credit facility | $ 30,665,460 | $ 27,917,676 | ||||
Interest Rate Swap Agreement[Member] | GREC Entity Holdco LLC [Member] | Facility 1 Term Loan [Member] | Interest Rate Swaps [Member] | ||||||
Interest swap | $ 4,300,000 | |||||
Fixed swap rate | 1.11% | |||||
Interest Rate Swap Agreement[Member] | GREC Entity Holdco LLC [Member] | Facility 2 Term Loan [Member] | Interest Rate Swaps [Member] | ||||||
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 3 Term Loan [Member] | Interest Rate Swaps [Member] | ||||||
Interest swap | $ 29,624,945 | |||||
Fixed swap rate | 2.65% | |||||
Interest Rate Swap Agreement[Member] | GREC Entity Holdco LLC [Member] | Facility 4 Term Loan [Member] | Interest Rate Swaps [Member] | ||||||
Interest swap | $ 4,180,063 | |||||
Fixed swap rate | 2.97% | |||||
Interest Rate Swap Agreement[Member] | GREC Entity Holdco LLC [Member] | Facility 5 Term Loan [Member] | Interest Rate Swaps [Member] | ||||||
Interest swap | $ 38,203,506 | |||||
Fixed swap rate | 2.69% | |||||
Credit Agreement [Member] | GREC Entity Holdco LLC [Member] | New Credit Facility (the "Credit Facility") [Member] | ||||||
Maximum borrowing capacity | $ 60,000,000 | |||||
Description of interest rate terms | one-month LIBOR plus 2.125% | |||||
Commitment fees rate | 0.50% | |||||
Collateral amount | $ 25,700,000 | $ 30,700,000 | ||||
Credit facility maturity date | Jan. 5, 2024 | |||||
Financing costs | $ 1,657,117 | |||||
Weighted average interest rate on credit facility | 4.14% | |||||
Weighted average outstanding balance of credit facility | $ 29,896,416 |
Members' Equity (Details)
Members' Equity (Details) - shares | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |||
Common Stock, Number of Shares [Roll Forward] | |||||
Shares Outstanding, Beginning | 37,003,502 | 23,189,229 | 23,189,229 | ||
Shares Issued During the Period | 4,636,513 | 14,320,115 | |||
Shares Repurchased During the Period | (141,933) | (505,842) | |||
Shares Outstanding, Ending | 41,498,082 | 37,003,502 | |||
Common Class A [Member] | |||||
Common Stock, Number of Shares [Roll Forward] | |||||
Shares Outstanding, Beginning | 16,714,738 | 13,857,830 | 13,857,830 | ||
Shares Issued During the Period | 715,441 | 3,279,887 | |||
Shares Repurchased During the Period | (81,886) | (50,389) | (422,979) | ||
Shares Outstanding, Ending | 17,348,293 | [1] | 14,491,912 | [2] | 16,714,738 |
Common Class C [Member] | |||||
Common Stock, Number of Shares [Roll Forward] | |||||
Shares Outstanding, Beginning | 2,222,478 | 1,431,999 | 1,431,999 | ||
Shares Issued During the Period | 445,857 | 798,080 | |||
Shares Repurchased During the Period | (2) | (3,064) | (7,601) | ||
Shares Outstanding, Ending | 2,668,333 | [1] | 1,598,485 | [2] | 2,222,478 |
Common Class I [Member] | |||||
Common Stock, Number of Shares [Roll Forward] | |||||
Shares Outstanding, Beginning | 6,209,416 | 4,511,832 | 4,511,832 | ||
Shares Issued During the Period | 483,460 | 1,757,365 | |||
Shares Repurchased During the Period | (28,859) | (17,001) | (59,781) | ||
Shares Outstanding, Ending | 6,664,017 | [1] | 4,962,548 | [2] | 6,209,416 |
Common Class P-A [Member] | |||||
Common Stock, Number of Shares [Roll Forward] | |||||
Shares Outstanding, Beginning | 15,478 | ||||
Shares Issued During the Period | 2,631 | 15,478 | |||
Shares Repurchased During the Period | |||||
Shares Outstanding, Ending | 18,109 | [1] | 15,478 | ||
Common Class P-I [Member] | |||||
Common Stock, Number of Shares [Roll Forward] | |||||
Shares Outstanding, Beginning | 11,841,392 | 3,387,568 | 3,387,568 | ||
Shares Issued During the Period | 2,989,124 | 8,469,305 | |||
Shares Repurchased During the Period | (31,186) | (9,743) | (15,481) | ||
Shares Outstanding, Ending | 14,799,330 | [1] | 4,160,546 | [2] | 11,841,392 |
[1] | The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the period ended March 31, 2019, which were 17,183,282, 2,497,557, 6,526,709, 17,024 and 13,286,831, 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 period ended March 31, 2018, which were 14,179,700, 1,506,777, 4,756,951 and 3,733,828, respectively. |
Members' Equity (Details 1)
Members' Equity (Details 1) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Proceeds from Shares Sold | $ 38,919,507 | $ 17,100,764 |
Proceeds from Shares Issued through Reinvestment of Distributions | 1,747,586 | 1,367,501 |
Common Class A [Member] | ||
Proceeds from Shares Sold | 5,255,615 | 5,167,140 |
Proceeds from Shares Issued through Reinvestment of Distributions | 1,039,458 | 864,701 |
Common Class C [Member] | ||
Proceeds from Shares Sold | 3,651,717 | 1,346,623 |
Proceeds from Shares Issued through Reinvestment of Distributions | 169,735 | 105,802 |
Common Class I [Member] | ||
Proceeds from Shares Sold | 3,709,006 | 3,721,187 |
Proceeds from Shares Issued through Reinvestment of Distributions | 538,393 | 396,998 |
Common Class P-A [Member] | ||
Proceeds from Shares Sold | 22,875 | |
Proceeds from Shares Issued through Reinvestment of Distributions | ||
Common Class P-I [Member] | ||
Proceeds from Shares Sold | $ 26,280,294 | 6,865,814 |
Proceeds from Shares Issued through Reinvestment of Distributions |
Members' Equity (Details Narrat
Members' Equity (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2015 | Dec. 31, 2018 | |
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% | |||
Share repurchased | 141,933 | 505,842 | ||
Total purchase price | $ 1,235,284 | $ 706,682 | ||
Shareholder receivable | $ 262,000 | $ 469,245 | ||
Distribution Reinvestment Plan [Member] | ||||
Shares allocated for use in the DRP | 50,000,000 | 50,000,000 | ||
Shares issued under the DRP | 1,903,863 | 1,703,374 | ||
Minimum written notice period for termination | 10 days | |||
Common Class A [Member] | ||||
Share repurchased | 81,886 | 50,389 | 422,979 | |
Total purchase price | $ 711,343 | $ 444,735 | ||
Common Class C [Member] | ||||
Share repurchased | 2 | 3,064 | 7,601 | |
Total purchase price | $ 24 | $ 26,247 | ||
Common Class I [Member] | ||||
Share repurchased | 28,859 | 17,001 | 59,781 | |
Total purchase price | $ 250,700 | $ 149,863 | ||
Common Class P-I [Member] | ||||
Share repurchased | 31,186 | 9,743 | 15,481 | |
Total purchase price | $ 273,217 | $ 85,837 | ||
Common Class P-A [Member] | ||||
Share repurchased | ||||
SC Distributors, LLC [Member] | Common Class A [Member] | Maximum [Member] | ||||
Percentage of selling commision | 7.00% | |||
Percentage of dealer manager fees | 2.75% | |||
SC Distributors, LLC [Member] | Common Class C [Member] | ||||
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] | Common Class C [Member] | Maximum [Member] | ||||
Percentage of selling commision | 3.00% | |||
Percentage of dealer manager fees | 2.75% | |||
SC Distributors, LLC [Member] | Common Class I [Member] | Maximum [Member] | ||||
Percentage of dealer manager fees | 1.75% | |||
SC Distributors, LLC [Member] | Common Class P-A [Member] | Maximum [Member] | ||||
Percentage of selling commision | 6.00% | |||
Percentage of dealer manager fees | 2.50% |
Distributions (Details)
Distributions (Details) - $ / shares | 3 Months Ended | |||||||||||||
Mar. 31, 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 | $ 0.0016690 | $ 0.0016690 | $ 0.0016690 | $ 0.0016690 | $ 0.0016690 | $ 0.0016710 | $ 0.0016807 | $ 0.0016856 | $ 0.0016766 | $ 0.0016617 | $ 0.0016551 | $ 0.0016478 |
Common Class C [Member] | ||||||||||||||
Cash distributions announced per unit and per day | 0.00162650 | 0.00162650 | 0.0016265 | 0.0016265 | 0.0016265 | 0.0016265 | 0.0016265 | 0.0016273 | 0.0016350 | 0.0016402 | 0.0016766 | 0.0016617 | 0.0016551 | 0.0016478 |
Common Class I [Member] | ||||||||||||||
Cash distributions announced per unit and per day | 0.00166900 | 0.00166900 | 0.0016690 | 0.0016690 | 0.0016690 | 0.0016690 | 0.0016690 | 0.0016710 | 0.0016807 | 0.0016856 | 0.0016766 | 0.0016617 | 0.0016551 | 0.0016478 |
Common Class P-A [Member] | ||||||||||||||
Cash distributions announced per unit and per day | 0.00164790 | 0.00164790 | 0.0016479 | 0.0015952 | 0.0015952 | 0.0016036 | 0.0015968 | 0.0015826 | ||||||
Common Class P-I [Member] | ||||||||||||||
Cash distributions announced per unit and per day | $ 0.00158280 | $ 0.00158280 | $ 0.0015828 | $ 0.0015828 | $ 0.0015828 | $ 0.0015828 | $ 0.0015901 | $ 0.0015828 | $ 0.0015952 | $ 0.0016036 | $ 0.0015968 | $ 0.0015826 |
Distributions (Details 1)
Distributions (Details 1) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | $ 4,017,524 | $ 2,201,701 |
Value of Shares Issued under DRP | 1,747,586 | 1,367,501 |
Total | $ 5,765,110 | $ 3,569,202 |
February 1, 2018 [Member] | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | $ 728,738 | |
Value of Shares Issued under DRP | 464,821 | |
Total | $ 1,193,559 | |
March 1, 2018 [Member] | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | $ 682,038 | |
Value of Shares Issued under DRP | 428,310 | |
Total | $ 1,110,348 | |
April 2, 2018 [Member] | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | $ 790,925 | |
Value of Shares Issued under DRP | 474,370 | |
Total | $ 1,265,295 | |
February 1, 2019 [Member] | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | $ 1,317,325 | |
Value of Shares Issued under DRP | 583,571 | |
Total | $ 1,900,896 | |
March 1, 2019 [Member] | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | $ 1,247,614 | |
Value of Shares Issued under DRP | 552,615 | |
Total | $ 1,800,229 | |
April 1, 2019 [Member] | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Paid in Cash | $ 1,452,585 | |
Value of Shares Issued under DRP | 611,400 | |
Total | $ 2,063,985 |
Distributions (Details 2)
Distributions (Details 2) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Distributions Made to Members or Limited Partners [Abstract] | ||
Cash from operations | $ 2,122,078 | |
Offering proceeds | 3,825,718 | |
Total Cash Distributions | $ 3,825,718 | $ 2,122,078 |
Distributions (Details Narrativ
Distributions (Details Narrative) | Mar. 31, 2019USD ($) |
Distributions Made to Members or Limited Partners [Abstract] | |
Fund distributions | $ 250,000,000 |
Portfolio leveraged (in percent) | 33.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Mar. 31, 2019USD ($) |
Other Commitments [Line Items] | |
Investment outstanding balance | $ 43,200 |
GREC Entity Holdco LLC [Member] | |
Other Commitments [Line Items] | |
Term loans | 70,118,083 |
Renewable Energy Credit [Member] | |
Other Commitments [Line Items] | |
Term loans | $ 738,250 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) | 3 Months Ended | ||||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Per share data attributed to common shares: | |||||||
Net investment income (loss) (in dollars per share) | $ (0.02) | $ 0.13 | |||||
Common shareholders' equity at end of period | $ 356,065,609 | ||||||
Common shares outstanding at end of period | 41,498,082 | 37,003,502 | 23,189,229 | ||||
Common Class A [Member] | |||||||
Per share data attributed to common shares: | |||||||
Net Asset Value at beginning of period | $ 8.54 | [1] | 8.68 | [2] | |||
Net investment income (loss) (in dollars per share) | [3] | (0.02) | [1] | 0.13 | [2] | ||
Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder | 0.18 | [1] | 0.1 | [2] | |||
Change in translation of assets and liabilities denominated in foreign currencies | [4] | [1] | [2] | ||||
Change in benefit from deferred taxes on unrealized depreciation on investments | (0.02) | [1] | (0.05) | [2] | |||
Net increase in net assets attributed to common equityholders | 0.14 | [1] | 0.18 | [2] | |||
Shareholder distributions:Distributions from net investment income | [1] | (0.12) | [2] | ||||
Distributions from offering proceeds | (0.15) | [1] | (0.03) | [2] | |||
Offering costs and deferred sales commissions | (0.01) | [1] | [2] | ||||
Other | [5] | (0.02) | [1] | (0.01) | [2] | ||
Net decrease in members' equity attributed to common shares | (0.18) | [1] | (0.16) | [2] | |||
Net asset value for common shares at end of period | $ 8.5 | [1] | $ 8.7 | [2] | |||
Common shareholders' equity at end of period | $ 147,458,709 | [1] | $ 126,019,875 | [2] | |||
Common shares outstanding at end of period | 17,348,293 | [1] | 14,491,912 | [2] | 16,714,738 | 13,857,830 | |
Ratio/Supplemental data for common shares (annualized): | |||||||
Total return attributed to common shares based on net asset value | 1.24% | 1.95% | |||||
Ratio of net investment loss to average net assets | (0.97%) | 6.74% | |||||
Ratio of operating expenses to average net assets | 4.15% | 4.47% | |||||
Portfolio turnover rate | 0.01% | 0.01% | |||||
Common Class C [Member] | |||||||
Per share data attributed to common shares: | |||||||
Net Asset Value at beginning of period | $ 8.34 | [1] | $ 8.42 | [2] | |||
Net investment income (loss) (in dollars per share) | [3] | (0.02) | [1] | 0.13 | [2] | ||
Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder | 0.18 | [1] | 0.1 | [2] | |||
Change in translation of assets and liabilities denominated in foreign currencies | [4] | [1] | [2] | ||||
Change in benefit from deferred taxes on unrealized depreciation on investments | (0.02) | [1] | (0.05) | [2] | |||
Net increase in net assets attributed to common equityholders | 0.14 | [1] | 0.18 | [2] | |||
Shareholder distributions:Distributions from net investment income | [1] | (0.12) | [2] | ||||
Distributions from offering proceeds | (0.15) | [1] | (0.03) | [2] | |||
Offering costs and deferred sales commissions | (0.04) | [1] | (0.02) | [2] | |||
Other | [5] | 0.03 | [1] | 0.02 | [2] | ||
Net decrease in members' equity attributed to common shares | (0.16) | [1] | (0.15) | [2] | |||
Net asset value for common shares at end of period | $ 8.32 | [1] | $ 8.45 | [2] | |||
Common shareholders' equity at end of period | $ 22,208,298 | [1] | $ 13,505,524 | [2] | |||
Common shares outstanding at end of period | 2,668,333 | [1] | 1,598,485 | [2] | 2,222,478 | 1,431,999 | |
Ratio/Supplemental data for common shares (annualized): | |||||||
Total return attributed to common shares based on net asset value | 1.48% | 2.09% | |||||
Ratio of net investment loss to average net assets | (0.99%) | 6.95% | |||||
Ratio of operating expenses to average net assets | 4.24% | 4.61% | |||||
Portfolio turnover rate | 0.01% | 0.01% | |||||
Common Class I [Member] | |||||||
Per share data attributed to common shares: | |||||||
Net Asset Value at beginning of period | $ 8.54 | [1] | $ 8.68 | [2] | |||
Net investment income (loss) (in dollars per share) | [3] | (0.02) | [1] | 0.13 | [2] | ||
Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder | 0.18 | [1] | 0.1 | [2] | |||
Change in translation of assets and liabilities denominated in foreign currencies | [4] | [1] | [2] | ||||
Change in benefit from deferred taxes on unrealized depreciation on investments | (0.02) | [1] | (0.05) | [2] | |||
Net increase in net assets attributed to common equityholders | 0.14 | [1] | 0.18 | [2] | |||
Shareholder distributions:Distributions from net investment income | [1] | (0.12) | [2] | ||||
Distributions from offering proceeds | (0.15) | [1] | (0.03) | [2] | |||
Offering costs and deferred sales commissions | (0.01) | [1] | (0.01) | [2] | |||
Other | [5] | (0.02) | [1] | [2] | |||
Net decrease in members' equity attributed to common shares | (0.18) | [1] | (0.16) | [2] | |||
Net asset value for common shares at end of period | $ 8.5 | [1] | $ 8.7 | [2] | |||
Common shareholders' equity at end of period | $ 56,643,455 | [1] | $ 43,153,704 | [2] | |||
Common shares outstanding at end of period | 6,664,017 | [1] | 4,962,548 | [2] | 6,209,416 | 4,511,832 | |
Ratio/Supplemental data for common shares (annualized): | |||||||
Total return attributed to common shares based on net asset value | 1.24% | 1.95% | |||||
Ratio of net investment loss to average net assets | (0.97%) | 6.74% | |||||
Ratio of operating expenses to average net assets | 4.15% | 4.47% | |||||
Portfolio turnover rate | 0.01% | 0.01% | |||||
Common Class P-A [Member] | |||||||
Per share data attributed to common shares: | |||||||
Net Asset Value at beginning of period | [1] | $ 8.55 | |||||
Net investment income (loss) (in dollars per share) | [1],[3] | (0.02) | |||||
Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder | [1] | 0.18 | |||||
Change in translation of assets and liabilities denominated in foreign currencies | [1],[4] | ||||||
Change in benefit from deferred taxes on unrealized depreciation on investments | [1] | (0.02) | |||||
Net increase in net assets attributed to common equityholders | [1] | 0.14 | |||||
Shareholder distributions:Distributions from net investment income | [1] | ||||||
Distributions from offering proceeds | [1] | (0.15) | |||||
Offering costs and deferred sales commissions | [1] | ||||||
Other | [1],[5] | (0.02) | |||||
Net decrease in members' equity attributed to common shares | [1] | (0.17) | |||||
Net asset value for common shares at end of period | [1] | $ 8.52 | |||||
Common shareholders' equity at end of period | [1] | $ 154,375 | |||||
Common shares outstanding at end of period | 18,109 | [1] | 15,478 | ||||
Ratio/Supplemental data for common shares (annualized): | |||||||
Total return attributed to common shares based on net asset value | 1.34% | ||||||
Ratio of net investment loss to average net assets | (0.97%) | ||||||
Ratio of operating expenses to average net assets | 4.14% | ||||||
Portfolio turnover rate | 0.01% | ||||||
Common Class P-I [Member] | |||||||
Per share data attributed to common shares: | |||||||
Net Asset Value at beginning of period | $ 8.76 | [1] | $ 8.81 | [2] | |||
Net investment income (loss) (in dollars per share) | [3] | (0.02) | [1] | 0.13 | [2] | ||
Net realized and unrealized gain/(loss) on investments, net of incentive allocation to special unitholder | 0.18 | [1] | 0.1 | [2] | |||
Change in translation of assets and liabilities denominated in foreign currencies | [4] | [1] | [2] | ||||
Change in benefit from deferred taxes on unrealized depreciation on investments | (0.02) | [1] | (0.05) | [2] | |||
Net increase in net assets attributed to common equityholders | 0.14 | [1] | 0.18 | [2] | |||
Shareholder distributions:Distributions from net investment income | [1] | (0.12) | [2] | ||||
Distributions from offering proceeds | (0.14) | [1] | (0.03) | [2] | |||
Offering costs and deferred sales commissions | [1] | [2] | |||||
Other | [5] | [1] | [2] | ||||
Net decrease in members' equity attributed to common shares | (0.14) | [1] | (0.15) | [2] | |||
Net asset value for common shares at end of period | $ 8.76 | [1] | $ 8.84 | [2] | |||
Common shareholders' equity at end of period | $ 129,600,772 | [1] | $ 36,782,214 | [2] | |||
Common shares outstanding at end of period | 14,799,330 | [1] | 4,160,546 | [2] | 11,841,392 | 3,387,568 | |
Ratio/Supplemental data for common shares (annualized): | |||||||
Total return attributed to common shares based on net asset value | 1.63% | 1.98% | |||||
Ratio of net investment loss to average net assets | (0.94%) | 6.63% | |||||
Ratio of operating expenses to average net assets | 4.04% | 4.40% | |||||
Portfolio turnover rate | 0.01% | 0.01% | |||||
[1] | The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the period ended March 31, 2019, which were 17,183,282, 2,497,557, 6,526,709, 17,024 and 13,286,831, 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 period ended March 31, 2018, which were 14,179,700, 1,506,777, 4,756,951 and 3,733,828, respectively. | ||||||
[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] | 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. |
Financial Highlights (Details N
Financial Highlights (Details Narrative) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Weighted average common shares outstanding | 39,511,403 | 24,177,255 |
Common Class A [Member] | ||
Weighted average common shares outstanding | 17,183,282 | 14,179,700 |
Common Class C [Member] | ||
Weighted average common shares outstanding | 2,497,557 | 1,506,777 |
Common Class I [Member] | ||
Weighted average common shares outstanding | 6,526,709 | 4,756,951 |
Common Class P-I [Member] | ||
Weighted average common shares outstanding | 13,286,831 | 3,733,828 |
Common Class P-A [Member] | ||
Weighted average common shares outstanding | 17,024 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - Eagle Valley Clean Energy, LLC (''EVCE'') [Member] | Apr. 25, 2019Megawatt |
No of megawatt | 12 |
Percentage for sales of energy | 100.00% |
Production of electricity | 55,000 members |