# EDGAR Filing Document

**Accession Number:** 0001563922
**File Stem:** 0001563922-26-000016
**Filing Date:** 2026-5
**Character Count:** 238658
**Document Hash:** c215b34d902128617c6034fce6de330d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001563922-26-000016.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001563922-26-000016

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 114

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Greenbacker Renewable Energy Co LLC
- **CENTRAL INDEX KEY:** 0001563922
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55610
- **FILM NUMBER:** 26972920

**BUSINESS ADDRESS:**
- **STREET 1:** C/O GREENBACKER CAPITAL MANAGEMENT LLC
- **STREET 2:** 230 PARK AVENUE, SUITE 1560
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10169
- **BUSINESS PHONE:** 646-237-7884

**MAIL ADDRESS:**
- **STREET 1:** C/O GREENBACKER CAPITAL MANAGEMENT LLC
- **STREET 2:** 230 PARK AVENUE, SUITE 1560
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10169

?xml version='1.0' encoding='ASCII'? cik0001563922-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission file number: 000-55610** 

**GREENBACKER RENEWABLE ENERGY COMPANY LLC** 

**(Exact Name of Registrant as Specified in its Charter)**

---

| | |
|:---|:---|
| **Delaware** | **80-0872648** |
| **(State or Other Jurisdiction of<br>Incorporation or Organization)** | **(I.R.S. Employer<br>Identification No.)** |

---

**230 Park Avenue, Suite 1560**

**New York, NY 10169**

**Tel (646) 720-9463**

**(Address, including zip code and telephone number, including area code, of registrant's principal executive office)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| None | N/A | N/A |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 1, 2026, the registrant had 199,312,685 shares of common interests, $0.001 par value, outstanding.

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **PAGE** |
| <u>[Glossary of Key Terms](#i1d8c736565aa4902b8979dd178fbcf87_16)</u> | <u>[Glossary of Key Terms](#i1d8c736565aa4902b8979dd178fbcf87_16)</u> | [ii](#i1d8c736565aa4902b8979dd178fbcf87_16) |
| <u>[Forward-Looking Statements](#i1d8c736565aa4902b8979dd178fbcf87_19)</u> | <u>[Forward-Looking Statements](#i1d8c736565aa4902b8979dd178fbcf87_19)</u> | [iv](#i1d8c736565aa4902b8979dd178fbcf87_19) |
| **<u>[PART I.](#i1d8c736565aa4902b8979dd178fbcf87_22)</u>** | **<u>[FINANCIAL INFORMATION](#i1d8c736565aa4902b8979dd178fbcf87_22)</u>** | [1](#i1d8c736565aa4902b8979dd178fbcf87_22) |
| <u>[Item 1.](#i1d8c736565aa4902b8979dd178fbcf87_235)</u> | <u>[Financial Statements and Notes](#i1d8c736565aa4902b8979dd178fbcf87_235)</u> | [1](#i1d8c736565aa4902b8979dd178fbcf87_244) |
| <u>[Item 2.](#i1d8c736565aa4902b8979dd178fbcf87_85)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i1d8c736565aa4902b8979dd178fbcf87_85)</u> | [39](#i1d8c736565aa4902b8979dd178fbcf87_85) |
| <u>[Item 3.](#i1d8c736565aa4902b8979dd178fbcf87_232)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i1d8c736565aa4902b8979dd178fbcf87_232)</u> | [55](#i1d8c736565aa4902b8979dd178fbcf87_232) |
| <u>[Item 4.](#i1d8c736565aa4902b8979dd178fbcf87_1030)</u> | <u>[Controls and Procedures](#i1d8c736565aa4902b8979dd178fbcf87_1030)</u> | [56](#i1d8c736565aa4902b8979dd178fbcf87_1030) |
| **<u>[PART II.](#i1d8c736565aa4902b8979dd178fbcf87_1015)</u>** | **<u>[OTHER INFORMATION](#i1d8c736565aa4902b8979dd178fbcf87_1015)</u>** | [57](#i1d8c736565aa4902b8979dd178fbcf87_1015) |
| <u>[Item 1.](#i1d8c736565aa4902b8979dd178fbcf87_70)</u> | <u>[Legal Proceedings](#i1d8c736565aa4902b8979dd178fbcf87_70)</u> | [57](#i1d8c736565aa4902b8979dd178fbcf87_70) |
| <u>[Item 1A.](#i1d8c736565aa4902b8979dd178fbcf87_1018)</u> | <u>[Risk Factors](#i1d8c736565aa4902b8979dd178fbcf87_1018)</u> | [57](#i1d8c736565aa4902b8979dd178fbcf87_1018) |
| <u>[Item 2.](#i1d8c736565aa4902b8979dd178fbcf87_1021)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i1d8c736565aa4902b8979dd178fbcf87_1021)</u> | [57](#i1d8c736565aa4902b8979dd178fbcf87_1021) |
| <u>[Item 3.](#i1d8c736565aa4902b8979dd178fbcf87_1027)</u> | <u>[Defaults Upon Senior Securities](#i1d8c736565aa4902b8979dd178fbcf87_1027)</u> | [58](#i1d8c736565aa4902b8979dd178fbcf87_1027) |
| <u>[Item 4.](#i1d8c736565aa4902b8979dd178fbcf87_73)</u> | <u>[Mine Safety Disclosures](#i1d8c736565aa4902b8979dd178fbcf87_73)</u> | [58](#i1d8c736565aa4902b8979dd178fbcf87_73) |
| <u>[Item 5.](#i1d8c736565aa4902b8979dd178fbcf87_1033)</u> | <u>[Other Information](#i1d8c736565aa4902b8979dd178fbcf87_1033)</u> | [58](#i1d8c736565aa4902b8979dd178fbcf87_1033) |
| <u>[Item 6.](#i1d8c736565aa4902b8979dd178fbcf87_1063)</u> | <u>[Exhibits](#i1d8c736565aa4902b8979dd178fbcf87_1063)</u> | [59](#i1d8c736565aa4902b8979dd178fbcf87_1063) |
| <u>[Signatures](#i1d8c736565aa4902b8979dd178fbcf87_1069)</u> | <u>[Signatures](#i1d8c736565aa4902b8979dd178fbcf87_1069)</u> | [62](#i1d8c736565aa4902b8979dd178fbcf87_1069) |

---

i

------

<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**GLOSSARY OF KEY TERMS**

When the following terms and abbreviations appear in the text of this report, except as otherwise indicated, they have the meanings indicated below:

---

| | |
|:---|:---|
| Acquisition | The management internalization transaction completed by the Company on May 19, 2022 |
| Adjusted EBITDA | A non-GAAP financial measure that the Company uses as a performance measure as well as for internal planning purposes |
| Advisers Act | The Investment Advisers Act of 1940 |
| Advisory Agreement | Fourth Amended and Restated Advisory Agreement between Greenbacker Renewable Energy Company LLC and Greenbacker Capital Management LLC |
| AEC Companies | LED Funding LLC and Renew AEC One LLC |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| Aurora Solar | Aurora Solar Holdings, LLC |
| COD | Commercial Operations Date |
| CODM | Chief Operating Decision Maker |
| Contribution Agreement | Contribution Agreement between Greenbacker Renewable Energy Company LLC and Greenbacker Capital Management LLC's former parent, Greenbacker Group LLC, under which the Acquisition was implemented |
| DRP | Distribution Reinvestment Plan |
| Earnout Shares | Class EO common shares issued as part of the Acquisition |
| EBITDA | A non-GAAP financial measure that adjusts income before income taxes to exclude interest, depreciation expense and amortization expense |
| EPC | Engineering, procurement, and construction |
| Exchange Act | Securities Exchange Act of 1934 |
| FASB | Financial Accounting Standards Board |
| FFO | A non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing operating performance of the business |
| Fifth Operating Agreement | Fifth Amended and Restated Limited Liability Company Operating Agreement of Greenbacker Renewable Energy Company LLC |
| GCM | Greenbacker Capital Management LLC |
| GDEV | Greenbacker Development Opportunities Fund I, LP |
| GDEV B | Greenbacker Development Opportunities Fund I (B), LP |
| GDEV GP | Greenbacker Development Opportunities Fund GP I, LLC |
| GDEV GP II | Greenbacker Development Opportunities GP II, LLC |
| GDEV I | Greenbacker Development Opportunities Fund I, LP and Greenbacker Development Opportunities Fund I, LP (B) |
| GDEV II | Greenbacker Development Opportunities Fund II, LP and Greenbacker Development Opportunities Fund II, LP (B) |
| GREC | Greenbacker Renewable Energy Corporation, a Maryland corporation |
| GDEV OYA Lender | GDEV OYA Lender LLC |
| GREC HoldCo or GREC Entity HoldCo | GREC Entity HoldCo LLC, a wholly owned subsidiary of GREC |
| GREC II | Greenbacker Renewable Energy Company II, LLC |
| Greenbacker Administration or Administrator | Greenbacker Administration LLC, a wholly-owned subsidiary of GREC |
| Group LLC | Greenbacker Group LLC |
| GROZ | Greenbacker Renewable Opportunity Zone Fund LLC |
| GROZ, GDEV I, GDEV II and GREC II | The managed funds |
| GW | Gigawatts |
| HLBV | Hypothetical Liquidation at Book Value |
| IM | The Investment Management segment represents GCM's investment management platform – a renewable energy, energy efficiency and sustainability-related project acquisition, consulting and development company that is registered as an investment adviser under the Advisers Act |
| IPP | The Independent Power Producer segment represents the active management and operations of the Company's fleet of renewable energy projects |
| IRA | Inflation Reduction Act of 2022 |
| IRS | Internal Revenue Service |
| ITC | Investment Tax Credit |

---

ii

------

<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

---

| | |
|:---|:---|
| kWh | Kilowatt hours |
| LP | Limited partner |
| LPU | Liquidation Performance Unit |
| LPU Holder | GB Liquidation Performance Unit Holder LLC |
| MSV | Monthly share value |
| MW | Megawatts: (DC) for all solar assets and (AC) for wind assets |
| MWh | Megawatt hours |
| NAV | Net asset value |
| NCI | Noncontrolling interests |
| OBBBA | One Big Beautiful Bill Act of 2025 |
| OYA | OYA-Rosewood Holdings LLC, previously OYA Solar B1 Intermediate Holdco LLC |
| PPA | Power Purchase Agreement |
| PTC | Production Tax Credit |
| PTO | Permission to Operate |
| REC | Renewable Energy Credit |
| RNCI | Redeemable noncontrolling interests |
| ROU | Right-of-use asset |
| RPS | Renewable Portfolio Standards |
| SEC | Securities and Exchange Commission |
| SOFR | Secured Overnight Financing Rate |
| SRP | Share Repurchase Program |
| Tax Equity Investors | Third-party passive investors under tax equity financing facilities |
| TCPA | Tax Credit Purchase Agreement |
| U.S. GAAP | U.S. generally accepted accounting principles |
| VIE | Variable interest entities |
| We, us, our and the Company | Greenbacker Renewable Energy Company LLC and its subsidiaries |

---

iii

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**Forward-Looking Statements**

Various statements in this Quarterly Report on Form 10-Q (this "Quarterly Report"), including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects, revenues, income and capital spending. We generally identify forward-looking statements with the words "believe," "continue," "intend," "evaluate," "expect," "likely," "seek," "may," "will," "should," "would," "anticipate," "could," "estimate," "future," "plan," "predict," "project" or their negatives, and other similar expressions. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results, or to our expectations regarding future industry trends, are forward-looking statements. The forward-looking statements contained in this Quarterly Report are largely based on our expectations, which reflect many estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. In addition, assumptions about future events may prove to be inaccurate. We caution all readers that the forward-looking statements contained in this Quarterly Report are not guarantees of future performance, and we cannot assure any reader that such statements will prove correct or that the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to the numerous risks and uncertainties as described under Part I — Item 1A. Risk Factors of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and Part II — Item 1A. Risk Factors and elsewhere in this Quarterly Report. All forward-looking statements are based upon information available to us on the date of this Quarterly Report. We undertake no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as otherwise required by law. Readers are advised to consult any additional disclosures that we may make directly or through reports that we in the future may file with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These cautionary statements qualify all forward-looking statements attributable to us, or persons acting on our behalf. The risks, contingencies and uncertainties associated with our forward-looking statements relate to, among other matters, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increasing volatility of the global financial markets and uncertain economic conditions, as a result of changes in interest rates, inflationary pressures, recessionary concerns, global supply chain issues or changes in U.S. or foreign trade policies, including the imposition of additional tariffs and other trade barriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse impacts of inflationary pressures and other changes in the economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to complete the under construction renewable energy projects that we acquire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to obtain or re-negotiate long-term contracts for the sale of our power produced by our projects on favorable terms and our inability to meet certain milestones and other performance criteria under existing power purchase agreements ("PPAs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our relationships with project developers, lawyers, investment and commercial banks, individual and institutional investors, consultants, diligence specialists, engineering, procurement, and construction ("EPC") companies, contractors, renewable energy technology manufacturers (such as panel manufacturers), solar insurance specialists, component manufacturers, software providers and other industry participants in the renewable energy, capital markets and project finance sectors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in supply, demand, prices and other conditions for electricity, other commodities and renewable energy credits ("RECs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public response to and changes in the local, state and federal regulatory framework affecting renewable energy projects, including the potential expiration or extension of the production tax credit ("PTC") and investment tax credit ("ITC"), potential reductions in renewable portfolio standard ("RPS") requirements, and the impacts of the passage of the Inflation Reduction Act of 2022 ("IRA");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax and other laws, regulations and policies, including, without limitation, the potential effects of the legislation commonly referred to as the One Big Beautiful Bill Act ("OBBBA") and actions of the past, current or future administrations that could impact renewable energy projects in the United States by accelerating phase-outs of IRA energy tax credits and imposing new compliance and planning considerations for solar, wind, and battery facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcome of our exploration of strategic alternatives and our ability to consummate any such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition from other energy developers and asset managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the worldwide demand for electricity and the market for renewable energy;

iv

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability or inability of conventional fossil fuel-based generation technologies to meet the worldwide demand for electricity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our competitive position and our expectation regarding key competitive factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with changes in the fair value of our investments and the methods we use to estimate the fair value of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with our hedging strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential environmental liabilities and the cost of compliance with applicable environmental laws and regulations, which may be material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our electrical production projections (including assumptions of curtailment and facility availability) for our renewable energy projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to operate our business efficiently, manage costs (including salary and compensation related expenses and other general and administrative expenses) effectively and generate cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of suitable renewable energy resources and other weather conditions that affect our electricity production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of litigation, including administrative and other proceedings or investigations relating to our renewable energy projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-payment by customers and enforcement of certain contractual provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the lack of a public trading market for our shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to make and the amount and timing of anticipated future distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with possible disruption in our operations or the economy generally due to terrorism, natural or man-made disasters, pandemics or threatened or actual armed conflicts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future changes in laws or regulations and conditions in our operating areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of our exemption from the definition of an "investment company" under the Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with litigation and investigation or enforcement actions by regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fiscal policies or inaction at the U.S. federal government level, which may lead to federal government shutdowns or negative impacts on the U.S economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to obtain financing or raise capital to achieve our business plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to attract and retain qualified personnel, increased labor costs, and the unavailability of skilled workers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with non-compliance with certain covenant requirements under our credit facilities.

Investors and others should note that we may announce material business and financial information to our investors using our website (www.greenbackercapital.com), U.S. SEC filings, webcasts, press releases and conference calls. We use these mediums to communicate with investors and the general public. It is possible that the information that we make available may be deemed to be material information. We therefore encourage investors, the media, and others interested in us to review the information that we post on our website.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**PART I. FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**Consolidated Financial Statements**

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

*(in thousands, except per share data)*

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
|  | **(unaudited)** | |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $50679 | $66637 |
| &nbsp;&nbsp;Restricted cash, current | 8205 | 18592 |
| &nbsp;&nbsp;Accounts receivable, net | 19668 | 32743 |
| &nbsp;&nbsp;Other receivables | 10752 | 11941 |
| &nbsp;&nbsp;Prepaid expenses | 17001 | 16196 |
| &nbsp;&nbsp;Derivative assets, current | 14723 | 12875 |
| &nbsp;&nbsp;Other current assets | 5186 | 6395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 126214 | 165379 |
| Noncurrent assets: |  |  |
| &nbsp;&nbsp;Restricted cash | 1900 | 2114 |
| &nbsp;&nbsp;Property, plant and equipment, net | 2358928 | 2329035 |
| &nbsp;&nbsp;Intangible assets, net | 253154 | 255940 |
| &nbsp;&nbsp;Operating right-of-use asset, net | 163423 | 164332 |
| &nbsp;&nbsp;Investments, at fair value | 67608 | 73353 |
| &nbsp;&nbsp;Derivative assets | 60305 | 61752 |
| &nbsp;&nbsp;Other noncurrent assets | 29240 | 26615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent assets | 2934558 | 2913141 |
| Total assets | $3060772 | $3078520 |
| **Liabilities and Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable and accrued expenses | $50641 | $55025 |
| &nbsp;&nbsp;Contingent consideration, current | 1906 | 1315 |
| &nbsp;&nbsp;Current portion of long-term debt | 25373 | 24056 |
| &nbsp;&nbsp;Current portion of failed sale-leaseback financing and deferred ITC gain | 46131 | 46131 |
| &nbsp;&nbsp;Other current liabilities | 4108 | 4732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 128159 | 131259 |
| Noncurrent liabilities: |  |  |
| &nbsp;&nbsp;Long-term debt, net of current portion | 1269582 | 1247771 |
| &nbsp;&nbsp;Failed sale-leaseback financing and deferred ITC gain, net of current portion | 167490 | 173487 |
| &nbsp;&nbsp;Deferred tax liabilities, net | 30136 | 24606 |
| &nbsp;&nbsp;Operating lease liabilities | 171482 | 173103 |
| &nbsp;&nbsp;Out-of-market contracts, net | 137396 | 139808 |
| &nbsp;&nbsp;Other noncurrent liabilities | 51973 | 52586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent liabilities | 1828059 | 1811361 |
| Total liabilities | $1956218 | $1942620 |
| Commitments and contingencies (Note 11. Commitments and Contingencies) |  |  |
| Equity: |  |  |
| &nbsp;&nbsp;Preferred shares, par value, $0.001 per share, 50,000 authorized; none issued and outstanding |  |  |
| &nbsp;&nbsp;Common shares, par value, $0.001 per share, 350,000 authorized, 199,331 and 199,379 issued and outstanding as of 2026 and 2025, respectively | 199 | 199 |
| &nbsp;&nbsp;Additional paid-in capital | 1786346 | 1779303 |
| &nbsp;&nbsp;Accumulated deficit | (804276) | (777258) |
| &nbsp;&nbsp;Accumulated other comprehensive income | 25752 | 26547 |
| &nbsp;&nbsp;Noncontrolling interests | 96533 | 107109 |
| Total equity | 1104554 | 1135900 |
| Total liabilities and equity | $3060772 | $3078520 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

*(in thousands, except per share data)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended**<br>**March 31,** | **Three months ended**<br>**March 31,** |
| | **2026** | **2025** |
| **Revenue** |  |  |
| &nbsp;&nbsp;Energy revenue | $34305 | $43980 |
| &nbsp;&nbsp;Investment Management revenue | 2518 | 3260 |
| &nbsp;&nbsp;Other revenue | 447 | 301 |
| &nbsp;&nbsp;Contract amortization, net | (2459) | 2921 |
| Total net revenue | $34811 | $50462 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;Direct operating costs | 19320 | 23911 |
| &nbsp;&nbsp;General and administrative | 12062 | 17046 |
| &nbsp;&nbsp;Depreciation, amortization and accretion | 16831 | 21628 |
| &nbsp;&nbsp;Impairment of long-lived assets, net and termination costs | 463 | 13665 |
| Total operating expenses | 48676 | 76250 |
| Operating loss | (13865) | (25788) |
| Interest expense, net | (12072) | (36566) |
| Change in fair value of investments, net | (5745) | 990 |
| Income from sale-leaseback transfer of tax benefits | 10188 | 10188 |
| Other income, net | 153 | 148 |
| Loss before income taxes | (21341) | (51028) |
| Income tax (expense) benefit | (6173) | 10374 |
| Net loss | $(27514) | $(40654) |
| Less: Net loss attributable to noncontrolling interests | (188) | (25068) |
| Net loss attributable to Greenbacker Renewable Energy Company LLC | $(27326) | $(15586) |
| Earnings per share |  |  |
| Basic | $(0.14) | $(0.08) |
| Diluted | $(0.14) | $(0.08) |
| Weighted average shares outstanding |  |  |
| Basic | 199387 | 199333 |
| Diluted | 199387 | 199333 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

*(in thousands)*

---

| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| | **2026** | **2025** |
| Net loss | $(27514) | $(40654) |
| Other comprehensive loss, net of tax |  |  |
| Amortization on derivatives previously designated as hedges and other changes in Accumulated other comprehensive income (loss), net of tax | (795) | (1247) |
| &nbsp;&nbsp;Total other comprehensive income (loss), net of tax | $(795) | $(1247) |
| Comprehensive loss | (28309) | (41901) |
| Less: Comprehensive income (loss) attributable to Noncontrolling interests | (188) | (25068) |
| Comprehensive income (loss) attributable to Greenbacker Renewable Energy Company LLC | $(28121) | $(16833) |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026**

**(unaudited)**

*(in thousands)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Par<br>Value** | **Additional paid-in capital** | **Accumulated deficit** | **Accumulated other comprehensive income** | **Noncontrolling interests** | **Total<br>equity** |
| **Balances as of December 31, 2025** | 199379 | $199 | $1779303 | $(777258) | $26547 | $107109 | $1135900 |
| Repurchases of common shares | (53) |  | (204) |  |  |  | (204) |
| Deferred shareholder servicing fees |  |  |  | 308 |  |  | 308 |
| Amortization on derivatives previously designated as hedges and other changes in Accumulated other comprehensive income (loss), net of tax |  |  |  |  | (795) |  | (795) |
| Buyout of noncontrolling interests |  |  | 5452 |  |  | (7482) | (2030) |
| Syndication costs |  |  |  |  |  | (422) | (422) |
| Distributions to noncontrolling interests |  |  |  |  |  | (2559) | (2559) |
| Share-based compensation expense | 5 |  | 1795 |  |  | 75 | 1870 |
| Net income (loss) |  |  |  | (27326) |  | (188) | (27514) |
| **Balances as of March 31, 2026** | 199331 | $199 | $1786346 | $(804276) | $25752 | $96533 | $1104554 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY**

**FOR THE THREE MONTHS ENDED MARCH 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

*(in thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Par<br>Value** | **Additional paid-in capital** | **Accumulated deficit** | **Accumulated other comprehensive income** | **Noncontrolling interests** | **Total<br>equity** | **Redeemable noncontrolling interests** |
| **Balances as of December 31, 2024** | 199326 | $199 | $1773758 | $(584733) | $34937 | $115057 | $1339218 | $1851 |
| Repurchases of common shares | (139) |  | (1171) |  |  |  | (1171) |  |
| Deferred shareholder servicing fees |  |  |  | 2 |  |  | 2 |  |
| Amortization on derivatives previously designated as hedges and other changes in Accumulated other comprehensive income (loss), net of tax |  |  |  |  | (1247) |  | (1247) |  |
| Contributions from noncontrolling interests, net |  |  |  |  |  | 2132 | 2132 |  |
| Distributions to noncontrolling interests |  |  |  |  |  | (3811) | (3811) |  |
| Share-based compensation expense | (11) |  | 1743 |  |  | 1750 | 3493 |  |
| Net income (loss) |  |  |  | (15586) |  | (25068) | (40654) |  |
| **Balances as of March 31, 2025** | 199176 | $199 | $1774330 | $(600317) | $33690 | $90060 | $1297962 | $1851 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

*(in thousands)*

---

| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| | **2026** | **2025** |
| **Cash Flows from Operating Activities** |  |  |
| Net loss | $(27514) | $(40654) |
| &nbsp;&nbsp;Adjustments to reconcile Net loss to Net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | 19290 | 18707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets, net | 463 | 12665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 1233 | 3469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of financing costs and debt discounts | 1737 | 2963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of interest rate swap contracts | (1119) | (1693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of interest rate swaps, net | (645) | 21741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of investments, net | 5745 | (990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 6173 | (10374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on failed sale-leaseback financing and deferred ITC gain | 4138 | 4519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from sale-leaseback transfer of tax benefits | (10188) | (10188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1247 | 1235 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 13087 | (930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and noncurrent assets | 1161 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (7263) | (8875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (1593) | (1771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and noncurrent liabilities | (657) | (541) |
| Net cash provided by (used in) operating activities | 5295 | (9632) |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (50736) | (28564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net deposits (paid) returned for property, plant and equipment |  | (390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets | 41 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance proceeds for damaged equipment | 1965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investing activities |  | (70) |
| Net cash used in investing activities | (48730) | (29024) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common shares | (585) | (341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred shareholder servicing fees | (82) | (739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests, net |  | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests | (2571) | (5071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyout of noncontrolling interests | (2030) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings | 105234 | 58731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on borrowings | (82440) | (40054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for loan origination costs | (228) | (273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other capital activity | (422) |  |
| Net cash provided by financing activities | 16876 | 14385 |
| **Net decrease in Cash, cash equivalents and Restricted cash** | (26559) | (24271) |
| **Cash, cash equivalents and Restricted cash at beginning of period** | 87343 | 161588 |
| **Cash, cash equivalents and Restricted cash at end of period** | $60784 | $137317 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

The Notes to the Consolidated Financial Statements (unaudited) were prepared as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025, respectively. All references to the "Company" in these Notes refer to Greenbacker Renewable Energy Company LLC and its consolidated subsidiaries unless otherwise expressly stated or context requires otherwise. This report does not constitute an offer of any of the Company's managed funds as described herein.

**Note 1. Organization and Operations of the Company**

***Organization***

Greenbacker Renewable Energy Company LLC (the "Company") is a Delaware limited liability company formed in December 2012. The Company is an energy transition, renewable energy and investment management ("IM") company that acquires, constructs and operates renewable energy and energy efficiency projects, as well as finances the construction and/or operation of these and other sustainable development projects and businesses and provides investment management services to funds within the sustainable infrastructure and renewable energy industry through Greenbacker Capital Management LLC ("GCM"). As of March 31, 2026, the Company's fleet comprised 220 renewable energy projects with an aggregate power production capacity of approximately 2.7 gigawatts ("GW"), which includes operating capacity of approximately 1.3 GW and pre-operational capacity of approximately 1.4 GW. The Company divested certain projects in the IPP segment during the year ended December 31, 2025. As of March 31, 2026, GCM serves as the registered investment adviser of four funds in the sustainable and renewable energy industry.

The Company conducts substantially all of its operations through its wholly owned subsidiary, Greenbacker Renewable Energy Corporation ("GREC"), which includes GCM and other related entities, all of which are wholly owned subsidiaries of GREC, pursuant to the management internalization transaction completed in 2022, ("the Acquisition"). The Company's fiscal year-end is December 31.

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**Note 2. Significant Accounting Policies**

***Basis of Presentation***

The Company's Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the regulations of the Securities and Exchange Commission (the "SEC") and include Greenbacker Renewable Energy Company LLC and its consolidated subsidiaries.

The Company presents amounts in the Consolidated Financial Statements in thousands within tables and millions within text (unless otherwise specified) and calculates all percentages and per share data from underlying whole dollar amounts. Thus, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding.

***Interim Financial Statements***

The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and Article 10 of Regulation S-X of the SEC for interim financial information, and should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC. The Consolidated Financial Statements presented in this Quarterly Report are unaudited; however, in the opinion of management, the Consolidated Financial Statements reflect all adjustments, consisting solely of normal, recurring adjustments, necessary for the fair presentation of the financial statements for the periods presented. The results disclosed in the Consolidated Statements of Operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year.

***Basis of Consolidation***

The Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, and the subsidiaries in which it has a controlling financial and/or voting interest. All intercompany balances and transactions have been eliminated in consolidation. The Company determines whether it has a controlling interest in an entity by first evaluating whether the entity is a variable interest entity ("VIE") under U.S. GAAP. Refer to Note 4. Variable Interest Entities for further details.

***Use of Estimates***

The preparation of the Company's Consolidated Financial Statements in conformity with U.S. GAAP requires management to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. The Company bases its estimates on historical experience, current business factors and various other assumptions believed to be reasonable under the circumstances, all of which are necessary in order to form a basis for determining the carrying values of assets and liabilities. Actual results may differ from those estimates and assumptions.

The Company evaluates the adequacy of its reserves and the estimates used in calculations on an ongoing basis. Significant areas requiring management to make estimates may include, but are not limited to: (i) estimates of future undiscounted net cash flows used in assessing the recoverability of long-lived assets; (ii) the change in fair value of equity method investments for which the fair value option has been elected; (iii) the useful lives of intangible assets; (iv) the grant date fair value of share-based compensation awards; (v) derivative assets and liabilities for the interest rate swaps; and (vi) valuation allowances on deferred tax assets which are based on an assessment of recoverability of the deferred tax assets against future taxable income. Although some variability is inherent in these estimates, the Company believes that the current estimates are reasonable in all material respects. Adjustments related to changes in estimates are reflected in the Company's Consolidated Financial Statements in the period for which those estimates changed. Refer to the subsequent footnotes to these Consolidated Financial Statements for additional information on the Company's estimates.

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***Cash and Cash Equivalents and Restricted Cash***

Cash and cash equivalents include investments in highly liquid money market instruments with an original maturity of three months or less. Restricted cash consists of cash accounts used as collateral for letters of credit and requirements for financial institutional loans and purchase and sale agreements that are restricted for use on certain of the Company's renewable energy projects.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that aggregate to the beginning and ending balances shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **March 31, 2026** | **December 31, 2025** |
| Cash and cash equivalents | $50679 | $66637 |
| Restricted cash, current | 8205 | 18592 |
| Restricted cash | 1900 | 2114 |
| &nbsp;&nbsp;Total cash and cash equivalents and restricted cash | $60784 | $87343 |

---

***Supplemental Cash Flow Information***

The following table presents the Company's non-cash investing and financing activities as well as the cash paid for interest:

---

| | | |
|:---|:---|:---|
| | **Three months ended**<br>**March 31,** | **Three months ended**<br>**March 31,** |
| *(in thousands)* | **2026** | **2025** |
| **Non-cash investing activities** |  |  |
| Capital expenditures incurred but not paid | $8643 | $57665 |
| **Non-cash financing activities** |  |  |
| Redemptions payable | 204 | 1172 |
| Change in distributions payable to noncontrolling interest | $(12) | $(1260) |
| **Cash paid for** |  |  |
| Interest paid, net of amounts capitalized | $9447 | $12857 |

---

***Concentration of Risk***

The Company's derivative financial instruments and PPAs potentially subject the Company to concentrations of credit risk. The maximum exposure to loss due to credit risk of counterparties of the Company's derivative financial instruments generally equals the fair value of derivative financial instruments in an asset position presented in the Company's Consolidated Balance Sheets. The maximum exposure to loss due to credit risk of counterparties of the Company's PPAs generally equals the revenue otherwise expected to be earned under the terms of the PPAs. The Company manages these credit risks by maintaining a diversified portfolio of creditworthy counterparties.

The Company evaluates which customers, if any, comprise over ten percent of either revenue or accounts receivable. For the three months ended March 31, 2026 and 2025, one customer accounted for 18.1% and 14.0% of total revenue, respectively. As of March 31, 2026 and December 31, 2025, one and two customers, respectively, accounted for 12.4% and 44.7%, of total accounts receivable.

***Recent Accounting Pronouncements - Not Yet Adopted***

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement (Subtopic 220-40): Reporting Comprehensive Income, Expense Disaggregation Disclosures," which requires disclosures for a more detailed disaggregation of income statement expenses. ASU 2024-03 requires a public entity to report relevant expenses presented on the face of the income statement for continued operations such as: (i) purchases of inventory; (ii) depreciation; and (iii) intangible asset amortization. For public business entities, the amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026 and effective for interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be adopted prospectively or retrospectively. The Company is in the process of assessing the impacts and method of adoption.

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In May 2025, the FASB issued ASU No. 2025-03, "Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (VIE)," which clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business. The standard is effective for all entities for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. The Company is evaluating the impact of ASU 2025-03 on its Consolidated Financial Statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software," which simplifies the capitalization guidance by removing all references to prescriptive and sequential software development stages (referred to as "project stages") throughout ASC 350-40. The standard is effective for all entities for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. The Company is evaluating the impact of ASU 2025-06 on its Consolidated Financial Statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-10, "Government Grants (Topic 832)—Accounting for Government Grants Received by Business Entities," which amends ASC Topic 832, Government Assistance, to include guidance on the recognition, measurement, and presentation of government grants, leveraging the principles in International Accounting Standards ("IAS") 20, which the Company currently applies by analogy. Given the similarities between the guidance in ASU 2025-10 and IAS 20, adoption of ASU 2025-10 by companies currently applying IAS 20 by analogy will likely not have a significant impact. ASU 2025-10 defines a government grant as a "transfer of a monetary asset or a tangible nonmonetary asset, other than in an exchange transaction (including an exchange transaction that may be at a significant discount to fair value), from a government to an entity." For public business entities, the amendments in ASU 2025-10 are effective for annual periods in fiscal years beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. If a business entity adopts the amendments in ASU 2025-10 in an interim reporting period, it must adopt them as of the beginning of the annual reporting period that includes that interim reporting period. The Company is evaluating the impact of ASU 2025-10 on its Consolidated Financial Statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270) - Narrow-Scope Improvements," which improves the navigability of the guidance in ASC Topic 270, Interim Reporting ("ASC 270"), and clarifies when it applies. It also addresses the form and content of financial statements, adds lists to ASC 270 of the interim disclosures required by all other ASC topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. For public business entities, the amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is evaluating the impact of this ASU 2025-11 on its Consolidated Financial Statements and related disclosures.

Changes to U.S. GAAP are established by the FASB in the form of ASUs to the FASB ASC. ASUs issued which are not specifically listed above were assessed and have already been adopted in a prior period or determined to be either not applicable or are not expected to have a material impact on the Company's Consolidated Financial Statements and related disclosures.

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**Note 3. Revenue**

***Disaggregation of Revenue***

The following table provides information on the disaggregation of revenue as reported in the Consolidated Statements of Operations:

---

| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Energy sales | $30837 | $39143 |
| RECs and other incentives | 3468 | 4837 |
| Investment Management revenue | 2518 | 3260 |
| Other revenue | 447 | 301 |
| Contract amortization, net | (2459) | 2921 |
| &nbsp;&nbsp;Total net revenue | $34811 | $50462 |
| Add back: Contract amortization, net | 2459 | (2921) |
| Less: Lease revenue | (1788) | (2617) |
| Less: Investment, dividend, interest and other income | (266) | (141) |
| &nbsp;&nbsp;Total revenue from contracts with customers | $35216 | $44783 |

---

***Contract Amortization, net***

Intangible assets and out-of-market contracts recognized from PPA and REC contracts assumed through acquisitions related to the sale of energy or RECs in future periods for which the fair value has been determined to be less or more than market value are amortized to revenue over the term of each underlying contract on a straight-line basis.

***Contract Balances***

The Company's billing practices are dictated by the contract terms and are typically done in arrears based upon the amount of power delivered in the prior period. The Company did not record any contract assets as of March 31, 2026 and December 31, 2025, as none of its rights to payment were subject to a particular event other than passage of time. The Company had a receivable balance of $18.9 million and $32.0 million related to contracts with customers reported within Accounts receivable, net on the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.

The Company has contract liabilities related to amounts received from certain PPA and REC customers upon the related projects reaching COD, PTO, or over the initial years of the project's life. The contract liabilities are recognized into revenue over the term of the related contract. As of March 31, 2026 and December 31, 2025, the Company recorded $3.2 million and $3.0 million, respectively, of contract liabilities in Other noncurrent liabilities in the Consolidated Balance Sheets. For the three months ended March 31, 2026 and March 31, 2025, the Company's amortization of contract liabilities was $0.3 million and $0.2 million, respectively.

***Costs to Obtain a Contract***

The Company's incremental costs of obtaining a contract are recognized as an asset if the Company expects to recover them. These costs are amortized over the expected period of benefit of the related contracts. The Company capitalized $3.9 million and $3.6 million in costs to obtain a contract as of March 31, 2026 and December 31, 2025, respectively, reported within Other noncurrent assets in the Consolidated Balance Sheets. During the three months ended March 31, 2025, the Company recorded impairment of $0.8 million related to the termination of the development of three projects. Refer to Note 6. Property, Plant and Equipment for further discussion. The Company's amortization of costs to obtain a contract was not material for the three months ended March 31, 2026 and 2025.

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***Remaining Performance Obligations***

Remaining performance obligations represent fixed contracted revenue related to the Company's commitment to deliver a certain number of RECs in the future that has not been recognized, which includes amounts that will be billed and recognized as revenue in future periods. As of March 31, 2026, the Company had $1.2 million of remaining performance obligations. The following table includes the approximate amounts expected to be recognized related to remaining performance obligations for each of the next five years and thereafter:

---

| | |
|:---|:---|
| *(in thousands)* |  |
| **Period ended March 31,** | **Amount** |
| 2026-2027 | $131 |
| 2027-2028 | 159 |
| 2028-2029 | 158 |
| 2029-2030 | 136 |
| 2030-2031 | 80 |
| Thereafter | 545 |
| &nbsp;&nbsp;Total | $1209 |

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**Note 4. Variable Interest Entities**

***Consolidated Variable Interest Entities***

The Company consolidates entities that are determined to be VIEs in accordance with ASC 810. The Company does not recognize any gain or loss on the initial consolidation of any of its VIEs.

*Tax Equity Investors*

The Company, through various wholly owned subsidiaries, is the managing member of eight tax equity partnerships where the other members are Tax Equity Investors under tax equity financing facilities. Tax Equity Investors are passive investors, usually large tax-paying financial entities such as banks, insurance companies and utility affiliates, that use these investments to reduce future tax liabilities. Refer to Note 13. Noncontrolling Interests and Redeemable Noncontrolling Interests for further details. These tax equity partnerships generate income through renewable energy and sustainable development projects within North America. The projects represent a diversified portfolio of income-producing renewable energy power facilities that sell power under long-term electricity contracts to offtakers with high credit quality, such as utilities, municipalities, and corporations. The Company has determined that these tax equity partnerships are VIEs because the equity holders, as a group, lack the characteristics of a controlling financial interest. The Company is the primary beneficiary of these tax equity partnerships because: (1) through its role as managing member of these tax equity partnerships, the Company has the power to direct the activities that most significantly impact the economic performance of these VIEs, and (2) the Company has the obligation to absorb losses and the right to receive benefits that could potentially be more than insignificant to these VIEs. Therefore, the Company consolidates these VIEs. As of March 31, 2026, the assets and liabilities of the consolidated tax equity partnerships and other consolidated VIEs totaled approximately $1.3 billion and $209.0 million, respectively. As of December 31, 2025, the assets and liabilities of the consolidated tax equity partnerships and other consolidated VIEs totaled approximately $1.3 billion and $213.8 million, respectively. The assets largely consist of property, plant and equipment, and the liabilities primarily consist of out-of-market contracts.

During the three months ended March 31, 2026, the Company purchased the interests held by a Tax Equity Investor in one tax equity financing structure for cash consideration of $2.0 million. As the Company retained its controlling financial interest in the partnership, the transaction was accounted for as an equity transaction in accordance with ASC 810. Accordingly, the carrying amount of the related NCI of $4.6 million was derecognized, and the difference between the consideration paid and the carrying amount of the NCI, totaling $2.6 million, was recorded directly to equity and reflected as Buyout of noncontrolling interests in the Consolidated Statements of Equity. During the three months ended March 31, 2025, the Company did not have any buyouts of tax equity financing structures.

*Cider Solar Holdings LLC*

On December 24, 2025, the Company, through its wholly owned subsidiary Cider Solar Holdings LLC, entered into an Equity Capital Contribution Agreement ("ECCA") with two counterparties pursuant to which the counterparties committed to invest up to an aggregate of $440 million in an under-construction solar projects through June 30, 2027. This commitment period may be extended to October 24, 2027 subject to the payment of the specified fees per the agreement. On March 31, 2026, the specified fees under the ECCA were amended, and the Company agreed to pay an amended structuring fee of $6.5 million in two equal installments due on April 30, 2026 and May 29, 2026. The obligation to pay the amended fee became fixed upon the counterparty remaining a party to the ECCA as of March 31, 2026. The Company also agreed to pay a structuring fee of $0.8 million to a separate counterparty, payable upon the earlier of mechanical completion of the related project or December 31, 2026.

*GDEV Management Holdings LLC*

On January 1, 2025, GCM contributed its advisory agreements with GDEV I and GDEV II to GDEV Management Holdings LLC in exchange for 75% of the membership interests in GDEV Management Holdings LLC. GDEV Management Holdings LLC is the non-economic managing member of Greenbacker Development Opportunities GP I, LLC ("GDEV GP") and Greenbacker Development Opportunities GP II, LP ("GDEV GP II"). The owner of the remaining 25% of the membership interests in GDEV Management Holdings LLC is a related party of GCM and an independent contractor of GDEV Management Holdings LLC and serves as the managing member of GDEV Management Holdings LLC. The Company determined that GDEV Management Holdings LLC is a VIE because GDEV Management Holdings LLC has insufficient equity at risk. The Company further determined that GCM and the managing member of GDEV Management Holdings LLC have shared control over GDEV Management Holdings LLC. GCM was determined to be more closely associated with GDEV Management Holdings LLC and therefore determined to be the primary beneficiary and consolidates GDEV Management Holdings LLC. As of March 31, 2026, the consolidated assets and liabilities of GDEV Management Holdings LLC totaled approximately $0.1 million and $0.9 million, respectively. The assets consisted of cash and cash equivalents, and the liabilities primarily consisted of accounts payable and accrued expenses.

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In connection with the contributions to GDEV Management Holdings LLC on January 1, 2025, GCM and GDEV Management Holdings LLC entered into a credit agreement, pursuant to which GCM agreed to make cash advances in an aggregate principal amount not to exceed $4.0 million, through the maturity date of December 31, 2029. Until the maturity date, GDEV Management Holdings LLC may from time to time borrow, repay, and re-borrow the loan. Interest accrues at the fixed rate of 6% per annum and may be paid in kind. As of March 31, 2026, there was a $1.0 million balance outstanding under the credit agreement.

***Unconsolidated Variable Interest Entities***

*GDEV I*

As of March 31, 2026, GDEV GP held a combined 2.00% of the interests in GDEV I, which makes private equity and development capital investments in the sustainable infrastructure industry. The Company determined that GDEV I is a VIE but that the Company is not the primary beneficiary. The Company can exert significant influence over operating and financial policies of GDEV I because of its ownership of GDEV GP, which is GDEV I's general partner. Accordingly, GDEV GP, which is a consolidated subsidiary of the Company, accounts for its investment in GDEV I as an equity method investment and has elected the fair value option as management deems fair value to be more relevant than historical cost. The Company's maximum exposure to loss as a result of its involvement with GDEV I is equal to $2.5 million, which is the sum of the Company's existing investment in GDEV I and the remaining commitments to GDEV I, less the portion attributable to the NCI in GDEV GP.

*GDEV II*

As of March 31, 2026, GDEV GP II held a combined 1.96% of the interests in GDEV II, which makes private equity and development capital investments in the sustainable infrastructure industry. The Company determined that GDEV II is a VIE but that it is not the primary beneficiary. However, the Company can exert significant influence over operating and financial policies of GDEV II because of its ownership of GDEV GP II, which is GDEV II's general partner. Accordingly, GDEV GP II, which is a consolidated subsidiary of the Company, accounts for its investment in GDEV II as an equity method investment and has elected the fair value option as management deems fair value to be more relevant than historical cost. The Company's maximum exposure to loss as a result of its involvement with GDEV II is $3.0 million, which is GDEV GP II's total capital commitment to GDEV II, less the portion of the capital commitment attributable to the NCI in GDEV GP II.

*Aurora Solar*

As of March 31, 2026, the Company held a 49.00% equity interest in Aurora Solar Holdings, LLC ("Aurora Solar")'s issued and outstanding common shares. Aurora Solar was formed in 2016 to develop, construct, own, finance, and operate a portfolio of 16 solar projects. The Company determined that Aurora Solar is a VIE but that it is not the primary beneficiary. Accordingly, the Company accounts for its investment in the common shares of Aurora Solar as an equity method investment and has elected the fair value option as management deems fair value to be more relevant than historical cost. The Company's maximum exposure to loss is equal to the fair value of its investment in Aurora Solar. Refer to Note 5. Fair Value Measurements and Investments.

*OYA*

The Company previously held a 50.00% interest in OYA-Rosewood Holdings LLC ("OYA"), which was accounted for under the equity method and measured at fair value. On November 6, 2024, OYA and certain affiliates filed for Chapter 11 of the U.S. Bankruptcy Code, following which the investment no longer qualified for equity method accounting but continued to be measured at fair value. During the first quarter of 2025, substantially all OYA assets were sold pursuant to Bankruptcy Court orders. A portion of these assets was acquired by GDEV OYA Lender LLC ("GDEV OYA Lender"), a subsidiary of GDEV I, the managing member. On April 22, 2025, the Bankruptcy Court confirmed a plan of reorganization that canceled the Company's equity interest with no recovery. The Company's $7.4 million loan to an OYA affiliate was extinguished and replaced with an allowed bankruptcy claim. In July 2025, the Company contributed the bankruptcy claim to GDEV OYA Lender in exchange for a 30% membership interest and received a $3.0 million initial cash distribution. Future distributions are subject to a defined waterfall, including a preferred return of $4.7 million to the Company, with remaining amounts distributed on a pro rata basis. The investment in GDEV OYA Lender is accounted for under the equity method and measured at fair value.

The Company had previously provided guarantees to certain OYA subsidiaries' tax equity investors. On March 11, 2025, the sole remaining guarantee was terminated and replaced with a new guarantee covering potential tax credit recapture of up to $1.5 million. This guarantee decreases by $0.5 million annually and will expire on March 11, 2028.

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**Note 5. Fair Value Measurements and Investments**

In accordance with ASC 820-10, the Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them for each reporting period. This determination requires significant judgments to be made by management.

The Company's financial assets and liabilities measured at fair value on a recurring basis consisted of the following types of instruments as of the following dates:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value as of March 31, 2026** | **Fair Value as of March 31, 2026** | **Fair Value as of March 31, 2026** | **Fair Value as of March 31, 2026** |
| *(in thousands)* | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivative assets | $— | $75028 | $— | $75028 |
| Derivative liabilities |  | (2574) |  | (2574) |
| Investments at fair value |  |  | 67608 | 67608 |
| &nbsp;&nbsp;Total | $— | $72454 | $67608 | $140062 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** |
| *(in thousands)* | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivative assets | $— | $74627 | $— | $74627 |
| Derivative liabilities |  | (2817) |  | (2817) |
| Investments at fair value |  |  | 73353 | 73353 |
| &nbsp;&nbsp;Total | $— | $71810 | $73353 | $145163 |

---

The following table reconciles the beginning and ending balances for instruments that are recognized at fair value using Level 3 inputs in the Consolidated Financial Statements as of March 31, 2026 using significant unobservable inputs:

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| | |
|:---|:---|
| *(in thousands)* | **Investments at fair value** |
| Balance as of December 31, 2025 | $73353 |
| Change in fair value of investments, net | (5745) |
| &nbsp;&nbsp;Balance as of March 31, 2026 | $67608 |

---

The Company does not have any non-financial assets or liabilities measured at fair value as of March 31, 2026 or December 31, 2025. There were no transfers between Levels 1, 2, or 3 for the three months ended March 31, 2026 or 2025.

***Derivative Assets and Liabilities***

The Company estimates the fair value of its interest rate derivatives using a discounted cash flow valuation technique based on the net amount of estimated future cash flows related to the agreements. The primary inputs used in the fair value measurements include the contractual terms of the derivative agreements, current interest rates, and credit spreads. The significant inputs for the resulting fair value measurement are market-observable inputs, and thus the valuation of the swaps is classified as Level 2 in the fair value hierarchy.

During 2024, the Company entered into an option contract with a counterparty for the right, but not the obligation, to enter into an interest rate swap with the counterparty in exchange for a premium of $2.6 million. The option expired without exercise on March 27, 2025. The valuation of the option was classified as Level 2 in the fair value hierarchy. Refer to Note 9. Derivative Instruments for further detail.

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***Investments at Fair Value***

In the table above, certain equity method and other investments included within investments at fair value may be valued at the purchase price for a period of time after an acquisition as the best indicator of fair value. In addition, certain valuations of investments may be entirely or partially derived by reference to observable valuation measures for a pending or consummated transaction. In the absence of quoted prices in active markets, the Company uses a variety of techniques to measure the fair value of its investments. The methodologies incorporate the Company's assumptions about the factors that a market participant would use to value the investments. The various unobservable inputs used to determine the Level 3 valuations may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurements. Refer to *Unconsolidated Variable Interest Entities* in Note 4. Variable Interest Entities for additional information on the Company's investments at fair value.

The following table quantifies the significant unobservable inputs used in determining the fair value of equity method investments as of March 31, 2026:

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| | |
|:---|:---|
| **Unobservable Input** | **Input/Range** |
| Aurora Solar - Discount rate | 10.0% |
| Aurora Solar - kWh production | 0.5% |
| Aurora Solar - Estimated remaining useful life | 26 years |
| GDEV OYA Lender - Discount rate | 25% |
| GDEV OYA Lender - Attrition | 25%-75% |
| GDEV OYA Lender - Price per watt | $0.30-$0.50 |

---

As discussed in Note 4. Variable Interest Entities, the Company accounts for its investments in GDEV I and GDEV II as equity method investments.

As of March 31, 2026, the Company has unfunded commitments to GDEV I and GDEV II of $0.2 million and $0.2 million, respectively. The GDEV I and GDEV II LLCAs do not permit the partners to make withdrawals of any of their capital contributions. GDEV GP and GDEV GP II are required to cause the respective partnerships to distribute amounts available for distribution to the partners within 90 days of the receipt of such amounts.

The following table presents the Company's investments at fair value reported in Investments, at fair value on the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
| *(in thousands)* | **March 31, 2026** | **December 31, 2025** |
| Aurora | $53966 | $60722 |
| GDEV OYA Lender | 6614 | 6614 |
| GDEV I | 3215 | 2688 |
| GDEV II | 3813 | 3329 |
| &nbsp;&nbsp;Total investments at fair value | $67608 | $73353 |

---

The following table presents Total Change in fair value of investments, net of each of the Company's investments for the periods indicated below:

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| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Aurora | $(6755) | $1588 |
| OYA |  | (598) |
| GDEV OYA Lender |  |  |
| GDEV | 526 |  |
| GDEV II | 484 |  |
| &nbsp;&nbsp;Total Change in fair value of investments, net | $(5745) | $990 |

---

The change in fair value of the Company's investments is recorded in Change in fair value of investments, net presented on the Consolidated Statements of Operations.

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**Note 6. Property, Plant and Equipment**

Property, plant and equipment, net consists of the following:

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| | | |
|:---|:---|:---|
| *(in thousands)* | **March 31, 2026** | **December 31, 2025** |
| Land | $22778 | $22778 |
| Plant and equipment | 1620577 | 1621970 |
| Construction in progress | 848237 | 802310 |
| Asset retirement cost | 27483 | 27595 |
| Finance right-of-use asset | 65 | 65 |
| Other | 2231 | 2010 |
| &nbsp;&nbsp;Total property, plant and equipment | $2521371 | $2476728 |
| Accumulated depreciation | (162443) | (147693) |
| &nbsp;&nbsp;Property, plant and equipment, net | $2358928 | $2329035 |

---

The Accumulated depreciation balance as of March 31, 2026 and December 31, 2025 reflects the sale of certain projects during the period ended December 31, 2025. Construction in progress includes $63.4 million and $61.7 million of development costs as of March 31, 2026 and December 31, 2025, respectively.

The following table presents Depreciation expense recorded within Depreciation, amortization and accretion on the Consolidated Statements of Operations for the periods indicated below:

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| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Depreciation expense | $15098 | $18496 |

---

*Involuntary Conversion* 

In 2025, two operating solar projects, located in Montana and California, experienced fires that caused significant damage to the projects. As a result of the fires and related damage, the Company is in process of replacing certain damaged project components, primarily solar modules. The Company estimated the net book value of the damaged components to be replaced and accordingly derecognized the estimated net book value of $9.1 million from Property, plant and equipment, net reflected in the Consolidated Balance Sheets as of December 31, 2025. The Company evaluated and expects to be fully reimbursed under its property insurance policies for the costs to repair the facilities, net of an applicable deductible, as well as for up to twelve months of business interruption losses, net of a thirty-day waiting period. Based on the current status of negotiations with the insurers, the Company has concluded that it is probable that it will recover a minimum of $9.1 million of proceeds associated with the assets damaged and derecognized them during the year ended December 31, 2025. Accordingly, the Company recorded an insurance receivable for the same amount within Other current assets reflected in the Consolidated Balance Sheets as of December 31, 2025 and did not record any gain or loss related to the derecognition of the assets in the Company's Consolidated Statements of Operations during 2025. The Company received insurance proceeds of $3.0 million related to these fires through March 31, 2026, which were recorded as a reduction of the insurance receivable within Other current assets in the Consolidated Balance Sheets.

*Impairment of Long-Lived Assets*

For the three months ended March 31, 2026, the Company recognized an impairment loss of $0.5 million associated with miscellaneous write offs related to projects that were previously impaired.

For the three months ended March 31, 2025, the Company recognized an impairment loss of $12.7 million associated with (i) two operational wind projects because the Company determined that the carrying value of the related long-lived assets were no longer recoverable through the projected future operating cash flows of the projects and (ii) six development-stage solar projects because the Company terminated the development of the projects. The fair value of the assets was determined using a market approach. The total impairment loss includes $1.6 million related to upfront payments to customers and $0.8 million of capitalized costs to obtain a contract related to the termination of the development of three projects recorded within Other noncurrent assets on the Consolidated Balance Sheets due to the termination of the related PPAs. In addition to the $12.7 million impairment, the Company also paid a $1.0 million termination fee in association with the termination of a PPA. The termination fee and impairment losses are presented within Impairment of long-lived assets, net and termination costs in the Consolidated Statements of Operations. The charges were recorded to the Company's IPP segment.

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**Note 7. Intangible Assets and Out-of-market Contracts**

***Intangible Assets and Out-of-market Contracts***

*Intangible Assets*

Intangible assets as of March 31, 2026 consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Gross carrying amount**<sup>(1)</sup> | **Accumulated amortization** | **Net intangible assets as of March 31, 2026** |
| PPA contracts | $255627 | $(52284) | $203343 |
| REC contracts | 28023 | (1676) | 26347 |
| Trademarks | 1364 | (652) | 712 |
| Channel partner relationships | 47071 | (29606) | 17465 |
| Other intangible assets | 5340 | (53) | 5287 |
| &nbsp;&nbsp;Total intangible assets, net | $337425 | $(84271) | $253154 |

---

(1)Gross carrying amount is adjusted for any write offs or impairment charges due to the termination of the PPA contracts.

Intangible assets as of December 31, 2025 consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Gross carrying amount**<sup>(1)</sup> | **Accumulated amortization** | **Net intangible assets as of December 31, 2025** |
| PPA contracts | $255627 | $(47610) | $208017 |
| REC contracts | 28194 | (1650) | 26544 |
| Trademarks | 1364 | (631) | 733 |
| Channel partner relationships | 47071 | (28644) | 18427 |
| Other intangible assets | 2219 |  | 2219 |
| &nbsp;&nbsp;Total intangible assets, net | $334475 | $(78535) | $255940 |

---

(1)Gross carrying amount is adjusted for any write offs or impairment charges due to the termination of the PPA contracts.

The following table presents amortization expense for the intangible assets related to the favorable PPA and REC contracts recorded on the Consolidated Statements of Operations, including the Contract amortization, net that was recorded as a reduction to revenue in the Consolidated Statements of Operations for the periods indicated below:

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| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Total Favorable Amortization expense | $5906 | $9353 |
| Favorable Contract amortization as a reduction to revenue  | 4871 | 6970 |

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*Out-of-market Contracts*

The Company has PPA and REC contracts that were acquired in an unfavorable position (out-of-market contracts) recorded as liabilities. Out-of-market contract liabilities as of March 31, 2026 consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Gross carrying amount** | **Accumulated amortization** | **Net out-of-market contracts as of March 31, 2026** |
| PPA contracts | $(164190) | $29066 | $(135124) |
| REC contracts | (3071) | 799 | (2272) |
| &nbsp;&nbsp;Total out-of-market contracts, net | $(167261) | $29865 | $(137396) |

---

Out-of-market contract liabilities as of December 31, 2025 consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Gross carrying amount** | **Accumulated amortization** | **Net out-of-market contracts as of December 31, 2025** |
| PPA contracts | $(164190) | $26985 | $(137205) |
| REC contracts | (17949) | 15346 | (2603) |
| &nbsp;&nbsp;Total out-of-market contracts, net | $(182139) | $42331 | $(139808) |

---

The following table presents the contract amortization recorded as an increase to revenue related to out-of-market contract liabilities for the periods indicated below:

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| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Out-of-market contract amortization<sup>(1)</sup> | $2412 | $3821 |

---

(1)For the three months ended March 31, 2026 and 2025, the out-of-market contract amortization includes out-of-market contract terminations of nil and $6.1 million, respectively.

The amounts recorded to out-of-market contracts are amortized to Contract amortization, net on the Consolidated Statements of Operations similar to favorable PPA and REC contracts.

The following table presents the total amortization expense related to the Company's finite-lived intangible asset and liabilities, net, which includes contract amortization on PPA and REC contract intangible assets and out-of-market contracts, net and amortization expense on channel partner relationships and trademark intangible assets for the periods indicated:

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| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
|<br>*(in thousands)* | **2026** | **2025** |
| Amortization expense on channel partner relationships and trademark intangible assets, net | $1035 | $2383 |
| Contract amortization on PPA and REC contracts, intangible assets and out-of-market contracts, net | 2459 | (2921) |
| Total amortization expense related to intangible assets and liabilities, net | $3494 | $(538) |

---

Contract amortization on PPA and REC contract intangible assets and out-of-market contracts is recorded within Contract amortization, net on the Consolidated Statements of Operations. Amortization expense on channel partner relationships and trademark intangible assets is recorded within Depreciation, amortization and accretion on the Consolidated Statements of Operations. During the three months ended March 31, 2025, the Company derecognized two out-of-market contracts due to the termination of the related PPAs and recognized $6.1 million within Contract amortization, net on the Consolidated Statements of Operations.

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Estimated future amortization expense, net for the above amortizable intangible assets and out-of-market contracts for each of the next five years and thereafter are as follows:

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| | |
|:---|:---|
| *(in thousands)* |  |
| **Period ended March 31,** | **Amortization Expense** |
| 2026-2027 | $12252 |
| 2027-2028 | 11727 |
| 2028-2029 | 11708 |
| 2029-2030 | 11567 |
| 2030-2031 | 10985 |
| Thereafter | 57519 |
| &nbsp;&nbsp;Total | $115758 |

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**Note 8. Debt**

The Company, through its subsidiaries, has entered into various credit facilities and loan agreements. The principal balances payable under all credit facilities are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(dollars in thousands)* | **March 31, 2026** | **December 31, 2025** | **Interest rate** | **Maturity date** |
| Trillium Manager LLC | 62669 | 62975 | Daily SOFR + 2.10% | June 9, 2027 |
| Greenbacker Wind Holdings II LLC | 64414 | 64414 | 3 mo. SOFR + 2.15% | December 31, 2027 |
| Conic Manager LLC | 20934 | 21076 | 3 mo. SOFR + 1.75% | October 31, 2027 |
| Greenbacker Renewable Energy Corporation (Premium financing agreement) | 441 | 1699 | 7.15% | April 30, 2026 |
| Gemstone 2025 Manager LLC | 52502 | 52502 | 3 mo. SOFR + 2.25% | February 25, 2028 |
| GB Solar TE 2020 Manager LLC | 13658 | 13688 | Daily SOFR + 2.10% | December 31, 2027 |
| Sego Lily Solar Manager LLC | 119071 | 121488 | 3 mo. SOFR + 1.53% | June 30, 2028 |
| GRP II Borealis Solar LLC | 38184 | 38752 | Daily Compounded SOFR + 2.26% | June 30, 2027 |
| Ponderosa Manager LLC | 85363 | 85363 | 3 mo. SOFR + 1.40% | October 4, 2029 |
| PRC Nemasket LLC | 35706 | 37486 | Daily SOFR + 1.25% | November 1, 2029 |
| GREC Holdings 1 LLC | 72600 | 67600 | 1 mo. SOFR + <br>1.85% - 2.10% | November 29, 2027 |
| GREC Warehouse Holdings I LLC | 78240 | 89179 | 3 mo. SOFR + 2.28% | June 30, 2027 |
| Cider Solar Construction Owner LLC | 81000 | 81000 | 12.25% - 14.00% | July 30, 2028 |
| Cider Solar Manager LLC<sup>(1)</sup> | 520879 | 485645 | Various | Various |
| Pemaquid Manager LLC | 75745 | 75745 | Daily SOFR + 1.85% | November 13, 2029 |
| &nbsp;&nbsp;Total debt | $1321406 | $1298612 |  |  |
| Less: Total unamortized discount and deferred financing costs | (26451) | (26785) |  |  |
| Less: Current portion of long-term debt<sup>(2)</sup> | (25373) | (24056) |  |  |
| &nbsp;&nbsp;Total long-term debt, net | $1269582 | $1247771 |  |  |

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(1)Cider Solar Manager LLC has construction and ITC bridge loan facilities, with the option to convert the construction loans into Tranche A or Tranche B term loans, which bear interest at daily SOFR plus an applicable margin subject to the interest rates disclosed in the loan agreement. See below for further details.

(2)Adjusted for $2.3 million and $4.5 million of unamortized debt discount and deferred financing costs pertaining to current portion of long-term debt of $27.7 million and $28.6 million as of March 31, 2026 and December 31, 2025, respectively.

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During the three months ended March 31, 2026, the Company entered into new or modified existing debt facilities as noted below:

*GREC Warehouse Holdings I LLC*

GREC Warehouse Holdings I LLC maintains a revolving credit facility bearing interest at three-month SOFR plus 2.03% through the second anniversary of the closing date, August 11, 2025, and 2.28% thereafter through the original maturity date of August 11, 2026. On November 7, 2025, the Company executed an amendment extending the maturity date to March 30, 2027, which was accounted for as a modification. On April 29, 2026, the Company executed an additional amendment further extending the maturity date to June 30, 2027 and reducing total lender commitments. Refer to Note 18. Subsequent Events.

*Cider Solar Construction Owner LLC*

On July 30, 2024, the Company entered into an $81.0 million syndicated loan agreement bearing interest at 9.75% through January 30, 2025 and 12.25% thereafter. Quarterly interest payments were required through the maturity date of July 30, 2028. The Company could prepay the loan, subject to the payment of a prepayment premium calculated using a 22.50% factor applied to aggregate borrowings, reduced by certain cumulative interest and fee payments. On December 24, 2025, the Company amended the loan, pursuant to which the interest rate increased to 14.00% as of April 1, 2026. The Company paid a required fee of $1.7 million on February 28, 2026 which offset future prepayment premiums and reduced outstanding obligations. The amendment was accounted for as a modification. On April 13, 2026, the loan was fully repaid and terminated. Refer to Note 18. Subsequent Events.

The following table shows the components of Interest expense, net on the Consolidated Statements of Operations:

---

| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Loan interest<sup>(1)</sup> | $15286 | $11655 |
| Commitment / letter of credit fees | 2162 | 2236 |
| Amortization of deferred financing fees and discount | 3252 | 2963 |
| Interest on sale-leasebacks<sup>(2)</sup> | 4191 | 4520 |
| Loss (gain) on interest rate swaps, net<sup>(3)</sup> | 42 |  |
| Change in fair value of interest rate swaps, net<sup>(3)</sup> | (645) | 21741 |
| Interest capitalized | (12007) | (6176) |
| &nbsp;&nbsp;Total<sup>(4)</sup> | $12281 | $36939 |

---

(1)Includes interest rate swap settlements of $2.7 million and $4.9 million presented as a reduction of loan interest for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 9. Derivative Instruments for additional information.

(2)Refer to *Other Financing Arrangements* for further discussion on the financing obligations and the deferred ITC gain related to the sale-leaseback arrangements.

(3)Refer to Note 9. Derivative Instruments for additional information on the Company's interest rate swaps.

(4)Total interest expense excludes approximately $0.2 million and $0.4 million of interest income on cash accounts and non-bank deposits for the three months ended March 31, 2026 and 2025, respectively.

The principal payments due on the Company's borrowings for each of the next five years and thereafter are as follows:

---

| | |
|:---|:---|
| *(in thousands)* |  |
| **Period ended March 31,** | **Principal Payments** |
| 2026-2027 | $27710 |
| 2027-2028 | 557067 |
| 2028-2029 | 205755 |
| 2029-2030 | 188225 |
| 2030-2031 | 11186 |
| Thereafter | 331463 |
| &nbsp;&nbsp;Total | $1321406 |

---

As of March 31, 2026, the fair value of the Company's long-term debt approximated its carrying value of $1.3 billion. The Company did not have any events of default under its debt agreements.

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*Other Financing Arrangements*

The Company is party to failed sale-leaseback arrangements that provide for the sale of certain assets to a third-party and simultaneous leaseback to the Company. The following table shows the components of Current portion of failed sale-leaseback financing and deferred ITC gain and Failed sale-leaseback financing and deferred ITC gain, net of current portion recorded related to these transactions on the Consolidated Balance Sheets for the periods indicated:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Failed sale-leaseback financing, current | $13390 | $13390 |
| &nbsp;&nbsp;ITC gains, current | 32951 | 32952 |
| &nbsp;&nbsp;&nbsp;Less: origination costs, current | 210 | 211 |
| Current portion of failed sale-leaseback financing and deferred ITC gain | $46131 | $46131 |
| &nbsp;&nbsp;Failed sale-leaseback financing, net of current portion | $112459 | $109576 |
| &nbsp;&nbsp;ITC gains, net of current portion | 57199 | 66132 |
| &nbsp;&nbsp;&nbsp;Less: origination costs, net of current portion | 2168 | 2221 |
| Failed sale-leaseback financing and deferred ITC gain, net of current portion | $167490 | $173487 |

---

The following table shows the components of interest on sale-leasebacks included within Interest expense, net on the Consolidated Statements of Operations for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Financing interest | $2883 | $2911 |
| ITC interest | 1255 | 1609 |
| Amortization of loan origination cost | 53 |  |
| &nbsp;&nbsp;Total | $4191 | $4520 |

---

The calculation of interest expense is based on imputed interest rates within each arrangement for the financing obligations ranging between 7.2% and 11.5% and the IBR within each arrangement for the deferred ITC gain ranging between 4.5% and 5.6%.

For the three months ended March 31, 2026 and 2025, the Company recognized $10.2 million of income from the transfer of tax credits related to the Company's sale leaseback financings, which is recorded to Income from sale-leaseback transfer of tax benefits in the Consolidated Statements of Operations.

The future payments on failed sale-leaseback financing arrangements, inclusive of the repurchase price, for each of the next five years and thereafter are as follows:

---

| | |
|:---|:---|
| *(in thousands)* |  |
| **Period ended March 31,** | **Future Payments** |
| 2026-2027 | $13390 |
| 2027-2028 | 13572 |
| 2028-2029 | 13580 |
| 2029-2030 | 13648 |
| 2030-2031 | 13773 |
| Thereafter | 167965 |
| &nbsp;&nbsp;Total lease payments | 235928 |
| Less: Imputed interest | (110080) |
| Less: Origination costs | (2379) |
| &nbsp;&nbsp;Present value of lease payments | $123469 |

---

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**Note 9. Derivative Instruments**

The Company, through its wholly owned subsidiaries, has entered into interest rate swaps as part of its interest rate risk management strategy. The interest rate swaps involve the receipt of variable rate amounts from a counterparty in exchange for the Company making payments at fixed rates. These fixed rates range between 0.41% and 4.10%. The interest rate swaps have maturities between 2026 and 2051.

Following the voluntarily dedesignation on October 1, 2024, changes in the fair value of the derivatives are recognized directly in Interest expense, net. Amounts recorded in Accumulated other comprehensive income prior to dedesignation are reclassified into earnings either immediately if the related forecasted transactions are probable of not occurring, or as those transactions occur if they remain not probable of not occurring. As of March 31, 2026, a total balance of $35.0 million remains in Accumulated other comprehensive income to be amortized over the remaining term of the derivative contracts.

During 2024, the Company entered into an option contract with a counterparty for the right, but not the obligation, to enter into an interest rate swap with the counterparty with a notional amount of $242.2 million in exchange for a premium of $2.6 million. The option expired on March 27, 2025 without exercise.

The following tables reflect the location and estimated fair value positions of derivative contracts at:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Balance sheet location** | **Outstanding notional amount** | **Fair Value - Assets** | **Fair Value - (Liabilities)** |
| **Derivatives Not Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** |
| Interest rate swap contracts | Derivative assets, current / Derivative assets / (Other current liabilities) / (Other noncurrent liabilities) | $994365 | $75028 | $(2574) |
| &nbsp;&nbsp;**Total** |  | $994365 | $75028 | $(2574) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Balance sheet location** | **Outstanding notional amount** | **Fair Value - Assets** | **Fair Value - (Liabilities)** |
| **Derivatives Not Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** |  |  |  |
| Interest rate swap contracts | Derivative assets, current / Derivative assets / (Other current liabilities) / (Other noncurrent liabilities) | $999302 | $74627 | $(2817) |
| &nbsp;&nbsp;**Total** |  | $999302 | $74627 | $(2817) |

---

As of March 31, 2026, the notional amount of derivatives includes $644.1 million associated with currently effective swaps and $350.3 million associated with forward starting swaps. As of December 31, 2025, the notional amount of derivatives includes $649.0 million associated with currently effective swaps and $350.3 million associated with forward starting swaps.

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The following table provides information on the changes in fair value of derivative contracts as recorded in the Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Operations:

---

| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31, 2026** | **Three months ended<br>March 31, 2026** |
| *(in thousands)* | **Derivatives Previously Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** |
| **Consolidated Other Comprehensive Income (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Gain (loss) in other comprehensive income (loss) reclassified to earnings from termination of interest rate swaps, net | $42 | $— |
| &nbsp;&nbsp;&nbsp;Amortization of derivatives | (1119) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Taxes on total net gain (loss) recognized in other comprehensive income (loss) | 283 |  |
| **Consolidated Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of interest rate swaps, net |  | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on interest rate swaps, net<sup>(1)</sup> |  | (42) |

---

---

| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31, 2025** | **Three months ended<br>March 31, 2025** |
| *(in thousands)* | **Derivatives Previously Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** |
| **Consolidated Other Comprehensive Income (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of derivatives | (1693) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Taxes on total net gain (loss) recognized in other comprehensive income (loss) | 446 |  |
| **Consolidated Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of interest rate swaps, net |  | (21741) |

---

(1)The Gain (loss) on interest rate swaps, net, represents gains and losses reclassified into earnings as a result of the discontinuance of cash flow hedges when the Company determines that it is probable that the original forecasted transactions will not occur by the end of the originally specified time period.

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**Note 10. Income Taxes**

The Company recorded effective tax rates of (29.3)% and 20.3% for the three months ended March 31, 2026 and March 31, 2025, respectively. The following table presents the Company's consolidated income tax benefit (expense) for the following periods:

---

| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Income tax (expense) benefit | $(6173) | $10374 |

---

The effective tax rate varies from the statutory U.S. federal income tax rate of 21.0% primarily due to the change in valuation allowance and the tax impact of net loss attributable to noncontrolling interests.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The results of this assessment are included in the Company's tax provision and deferred tax assets as of March 31, 2026. For the three months ended March 31, 2026, the total valuation allowance decrease was $17.4 million. For federal tax purposes, a valuation allowance decrease of $15.0 million has been recorded against federal net operating losses and tax credits where it is not more likely than not that they will be utilized. For state tax purposes, a valuation allowance decrease of $2.4 million has been recorded against state net operating loss carryforwards where it is not more likely than not that they will be utilized within the loss carryforward period. The main cause for the reduction in valuation allowance was an increase in the scheduled reversal of taxable temporary differences due to the expected contributions from the counterparties under the Cider Solar Holdings LLC ECCA in 2026. Refer to Note 4. Variable Interest Entities for further information on the Cider Solar Holdings LLC ECCA.

The Company assessed its tax positions for all open tax years as of March 31, 2026 for all U.S. federal and state, and foreign tax jurisdictions for the years 2015 through 2025. The results of this assessment are included in the Company's tax provision and deferred tax assets as of March 31, 2026.

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**Note 11. Commitments and Contingencies**

***Legal Proceedings***

The Company is engaged in an ongoing dispute with a third party that is both the offtaker for one of the Company's projects and the lessor of the property on which the project is located, related to the third-party's prevention of the re-energization of a portion of the project following certain events. On July 25, 2025, the Company filed a lawsuit against the third party in the Superior Court in the State of New Jersey. On January 30, 2026, the third party filed a response refuting the Company's claims; no counterclaims were asserted. The Company is vigorously pursuing its claims. The Company has not recorded an accrual related to this matter as of March 31, 2026 or December 31, 2025, as a loss is not considered probable and reasonably estimable.

On April 17, 2024, Eagle Valley Clean Energy LLC ("EVCE"), a wholly owned subsidiary of the Company, filed a voluntary petition for relief under Chapter 7 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the District of Colorado . In October 2025, the Chapter 7 trustee for EVCE requested information regarding payments made by EVCE to the Company prior to EVCE's bankruptcy filing. On April 16, 2026, the trustee filed a complaint against the Company in the United States Bankruptcy Court for the District of Colorado seeking recovery of certain amounts allegedly transferred to the Company. The Company is preparing its response and intends to vigorously defend against the claims. Based on the information currently available, the Company currently does not believe a loss is probable, and as such no accrual has been recorded as of March 31, 2026. The Company will continue to monitor the matter and will record a liability if and when it becomes probable and reasonably estimable. Refer to Note 18. Subsequent Events.

On March 11, 2026, a third party filed a complaint in the United States District Court for the Southern District of New York against a wholly owned subsidiary of the Company, alleging breach of contract and anticipatory repudiation under a Membership Interest Purchase Agreement ("MIPA") executed in March 2023 which relates to the planned acquisition in a solar and battery storage project located in Montana. On March 12, 2026, the subsidiary filed a demand for arbitration with the American Arbitration Association arising from the same MIPA. The Company disputes the claims, believes arbitration is the appropriate forum, and is seeking to enforce the arbitration provisions of the parties' agreements. As of March 31, 2026, no liability has been recorded in this matter. Any amounts asserted by the third party as payable under the MIPA are included in the Company's membership interest purchase commitments disclosed in this note below. The Company will continue to monitor the matter and will record a liability if and when it becomes probable and reasonably estimable.

On September 9, 2025, certain subsidiaries of the Company filed a Demand for Arbitration with the American Arbitration Association against an EPC contractor and its surety relating to module performance issues at a utility-scale solar photovoltaic project. The Company provided formal notice of claims to the EPC contractor, the module manufacturer, and other potentially responsible parties pursuant to applicable project agreements. The arbitration is pending, and a procedural schedule is in the process of being established, with hearings currently proposed for September 2027. The Company will continue to monitor the matter and will record a liability if and when it becomes probable and reasonably estimable.

The Company may become involved in other legal proceedings, administrative proceedings, claims, or other litigation that arise in the ordinary course of business. Individuals and interest groups may sue to challenge the issuance of a permit for a renewable energy project or seek to enjoin construction of a wind energy project. In addition, the Company may be subject to legal proceedings or claims contesting the construction or operation of its renewable energy projects. In defending itself in these proceedings, the Company may incur significant expenses in legal fees and other related expenses regardless of the outcome of such proceedings. Unfavorable outcomes or developments relating to these proceedings, such as judgments for monetary damages, injunctions, or denial or revocation of permits, could have a material adverse effect on the Company's business, financial condition, and results of operations. In addition, settlement of claims could adversely affect the Company's financial condition and results of operations. Other than described above, as of March 31, 2026, the Company is not aware of any legal proceedings that might have a significant adverse impact on the Company.

***Letters of Credit***

The Company is required to provide security under the terms of several of its PPAs, permits, lease agreements, and other project documents as well as many of its loan agreements. As of March 31, 2026, the Company has provided the requisite security for these agreements in the form of standby letters of credit in the aggregate amount of $193.8 million. As of March 31, 2026, no amounts have been drawn under these letters of credit.

***Pledge of Collateral and Unsecured Guarantee of Loans to Subsidiaries***

Pursuant to various project loan agreements between the Company's subsidiaries and various lenders, the Company has pledged solar, wind, and battery storage operating assets as well as the membership interests in various subsidiaries as collateral for the loans with maturity dates ranging from March 2027 through approximately March 2037.

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***Investment in To-Be-Constructed Assets and Membership Interest Purchase Commitments***

Pursuant to various engineering, procurement and construction contracts and membership interest purchase agreements to which certain of the Company's subsidiaries are individually a party, the subsidiaries, and indirectly the Company, have committed an amount of approximately $0.2 billion to complete construction of the facilities and payments under the agreements pursuant to all conditions being met under such agreements. Based upon current construction and payment schedules, the expectation is that these commitments will be fulfilled between 2026 and 2029. The Company plans to use debt and tax equity financing as well as cash on hand to fund such commitments.

***Power Purchase Agreements***

The Company has long-term PPAs with its offtake customers. Under certain PPAs, the Company is required to deliver agreed-upon quantities based on the agreements for successive periods, typically between one- to five-year rolling periods, over the terms of the PPAs. As of March 31, 2026, the Company was in compliance with all agreed-upon delivery quantities.

***Renewable Energy Credit Commitments***

The Company's commitments to third parties under REC sales contracts for each of the next five years and thereafter are as follows:

---

| | |
|:---|:---|
| *(in thousands)* |  |
| **Period ended March 31,** | **Number of RECs** |
| 2026-2027 | 18 |
| 2027-2028 | 21 |
| 2028-2029 | 21 |
| 2029-2030 | 21 |
| 2030-2031 | 20 |
| Thereafter | 139 |
| &nbsp;&nbsp;Total | 240 |

---

***Pledge of Parent Company Guarantees***

Pursuant to various tax equity structures governed by various agreements to which certain of the Company's subsidiaries maybe a party, the Company has provided unsecured guarantees to support the commitments and obligations of these underlying tax equity agreements in the maximum amount of $0.9 billion as of March 31, 2026. These guarantees will remain in effect through varying dates between September 15, 2029 and September 15, 2033. As of March 31, 2026, the Company is not aware of any events that could trigger a material obligation under these guarantees.

In 2025, the Company entered into a TCPA related to various solar projects in which the Company provided an unsecured guarantee for any indemnification obligation, which covers potential losses due to breaches of representations or covenants or disallowance or recapture of the transferred ITCs. The indemnity is capped at 120% of the face value of the transferred ITCs and is subject to a priority from recovery, first from a tax credit insurance policy, and then from the Class B Member. The Company's guarantee remains in effect until the third quarter of 2033. As of March 31, 2026, the maximum amount of this guarantee is $57.9 million. The Company is not aware of any events that could trigger the Company's obligation under this guarantee.

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***ASC 842 lease obligations***

Maturities of the Company's ASC 842 lease liabilities for each of the next five years and thereafter are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands)* |  |  |
| **Period ended March 31,** | **Operating Leases** | **Finance Leases** |
| 2026-2027 | $10899 | $17 |
| 2027-2028 | 13787 |  |
| 2028-2029 | 11045 |  |
| 2029-2030 | 11436 |  |
| 2030-2031 | 11563 |  |
| Thereafter | 406146 |  |
| &nbsp;&nbsp;Total lease payments | 464876 | 17 |
| Less: Imputed interest | (291923) |  |
| &nbsp;&nbsp;Present value of lease liabilities | $172953 | $17 |

---

***Non-ASC 842 lease obligations***

The Company has also entered into certain long-term site control arrangements with landowners that are not within the scope of ASC 842 and therefore are not reflected as ROU assets or lease liabilities on the Company's Consolidated Balance Sheets. Future minimum payments under the non-cancellable terms of these non-ASC 842 arrangements, are as follows for each of the next five years and thereafter:

---

| | |
|:---|:---|
| *(in thousands)* |  |
| **Period ended March 31,** | **Amount** |
| 2026-2027 | $1502 |
| 2027-2028 | 1534 |
| 2028-2029 | 1567 |
| 2029-2030 | 1601 |
| 2030-2031 | 1636 |
| Thereafter | 17012 |
| &nbsp;&nbsp;Total payments | $24852 |

---

Refer to Note 4. Variable Interest Entities and Note 8. Debt for additional discussions of the Company's commitments and contingencies.

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**Note 12. Related Parties**

The Company provides, through GCM and GDEV Management Holdings LLC, investment management services to Greenbacker Renewable Opportunity Zone Fund LLC ("GROZ"), GDEV I, GDEV II and GREC II. As a result, the Company records Investment Management revenue on the Consolidated Statements of Operations.

The following table presents investment management revenue for the periods indicated below:

---

| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| **GROZ:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | $73 | $73 |
| **GDEV I:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 518 | 461 |
| **GDEV II:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 646 | 642 |
| **GREC II:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 952 | 1163 |
| &nbsp;&nbsp;&nbsp;Administrative fees | $102 | $952 |

---

Management fees, Performance participation fees, and Administrative fees are included in Investment Management revenue on the Consolidated Statements of Operations.

The following table presents investment management fees receivable as of March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **March 31, 2026** | **December 31, 2025** |
| **GROZ:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees receivable | $24 | $73 |
| **GREC II:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees receivable | 952 | 5885 |
| &nbsp;&nbsp;&nbsp;Administrative fee receivable<sup>(1)</sup> | $329 | $3901 |

---

(1)Includes amounts owed from GREC II of $0.1 million and $1.8 million related to administrative fees and $0.2 million and $2.1 million related to capitalized labor costs pursuant to the Administration Agreement (as defined in the *GREC II* discussion below) as of March 31, 2026 and December 31, 2025, respectively.

Management fees, Performance participation fees, and Administrative fees owed to the Company are included in Accounts receivable, net on the Consolidated Balance Sheets.

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**Note 13. Noncontrolling Interests and Redeemable Noncontrolling Interests**

The holders of NCI of consolidated subsidiaries of the Company include Tax Equity Investors under the tax equity financing facilities as well as the NCI in GDEV GP, GDEV GP II, and GDEV Management Holdings LLC, which are held by an independent contractor of GDEV Management Holdings LLC. Until the Tax Equity Investors achieve their agreed-upon rate of return, they are entitled to a portion of the applicable project's operating cash flow, as well as substantially all of the project's ITCs, accelerated depreciation, and taxable income or loss. Typically, tax equity financing transactions are structured so that the Tax Equity Investors reach their target return between five and 10 years after the applicable project achieves commercial operation. The Company has determined that the contractual arrangements with Tax Equity Investors represent substantive profit-sharing arrangements and that income or loss should be attributed to these NCIs in each period using a balance sheet approach referred to as the HLBV method.

The following table presents the NCI attributable to Tax Equity Investors as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **March 31, 2026** | **December 31, 2025** |
| Redeemable NCI attributable to Tax Equity Investors | $— | $— |
| NCI attributable to Tax Equity Investors | $95503 | 104868 |

---

NCI attributable to other noncontrolling interest was $0.2 million as of both March 31, 2026 and December 31, 2025.

The following table presents the Net income (loss) attributable to NCI for Tax Equity Investors for the periods indicated below:

---

| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Net income (loss) attributable to NCI | $918 | $(25086) |

---

The following table presents the contributions from Tax Equity Investors and distributions to Tax Equity Investors for the periods indicated below:

---

| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| | **2026** | **2025** |
| Contributions from Tax Equity Investors | $— | $2362 |
| Less: Syndication costs | 422 | 242 |
| Contributions from Tax Equity Investors, net | $(422) | $2120 |
| Distributions to Tax Equity Investors | $2559 | $3811 |
| Distributions to Tax Equity Investors, paid | $2571 | $5071 |

---

As of March 31, 2026 and December 31, 2025, the Company had outstanding distributions payable to Tax Equity Investors of $1.0 million and $1.1 million, respectively, reported on the Consolidated Balance Sheet.

The Company allocates income and loss to the NCI in GDEV GP based on the contractual allocations within the GDEV GP operating agreement. As of March 31, 2026 and December 31, 2025, the NCI attributable to GDEV GP was $0.8 million and $1.2 million, respectively. Net income attributable to noncontrolling interests at GDEV GP for the three months ended March 31, 2026 was $0.4 million. Net income (loss) attributable to noncontrolling interests at GDEV GP for the for the three months ended March 31, 2025 was not material.

The Company allocates income and loss to the NCI in GDEV GP II based on the contractual allocations within the GDEV GP II operating agreement. As of March 31, 2026 and December 31, 2025, the NCI attributable to GDEV GP II was not material. Net income attributable to noncontrolling interests at GDEV GP II for the three months ended March 31, 2026 was $0.2 million. Net income (loss) attributable to noncontrolling interests at GDEV GP II for the three months ended March 31, 2025 was not material.

The Company allocates income and loss to the NCI in GDEV Management Holdings LLC based on the contractual allocations within the GDEV Management Holdings LLC operating agreement. As of March 31, 2026 and December 31, 2025, the NCI in GDEV Management Holdings LLC was $1.2 million and $1.6 million, respectively. Net loss attributable to noncontrolling interests at GDEV Management Holdings LLC for the three months ended March 31, 2026 was $0.5 million. Net income (loss) attributable to noncontrolling interests at GDEV Management Holdings LLC for the three months ended March 31, 2025 was immaterial.

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**Note 14. Equity**

The following table is a summary of the shares issued, participating and repurchased for each class during the period and outstanding as of March 31, 2026:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **Class A** | **Class C** | **Class I** | **Class P-A** | **Class P-I** | **Class P-D** | **Class P-S** | **Class P-T** | **Class EO** | **Total** |
| **Shares outstanding as of December 31, 2025** | 15684 | 2709 | 6545 | 860 | 125114 | 193 | 44026 | 252 | 3996 | 199379 |
| Shares repurchased during the period | (38) |  | (4) |  | (11) |  |  |  |  | (53) |
| Shares transferred during the period |  |  |  |  | 17 |  | (17) |  |  |  |
| Other capital activity |  |  |  |  | 5 |  |  |  |  | 5 |
| **Shares outstanding as of March 31, 2026** | 15646 | 2709 | 6541 | 860 | 125125 | 193 | 44009 | 252 | 3996 | 199331 |

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As of March 31, 2026, none of the Company's preferred shares were issued and outstanding.

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**Note 15. Share-based Compensation**

Share-based compensation expense is recognized in Direct operating costs and General and administrative expense on the Consolidated Statements of Operations. The Company accounts for forfeitures as they occur. The following table summarizes share-based compensation expense recognized for the periods indicated below:

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| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Restricted stock units | $1538 | $1442 |
| Cash-settled restricted stock units |  | (72) |
| Performance restricted stock units | 237 | 255 |
| Director's fees | 20 | 46 |
| GDEV incentive fees<sup>(1)</sup> | (165) | (404) |
| GDEV II incentive fees<sup>(1)</sup> | (472) | 447 |
| GDEV II special profits interest |  | 5 |
| GDEV Management Holdings LLC member interests | 75 | 1750 |
| &nbsp;&nbsp;Total | $1233 | $3469 |

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(1)The GDEV I and GDEV II incentive units are carried interest awards that were issued by GDEV GP and GDEV GP II to certain employees and non-employee service providers of GCM and GDEV Management Holdings LLC that provide services to GDEV GP and GDEV GP II.

***Restricted Share Units***

The following table provides a summary of the restricted share unit activity during the periods indicated below:

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| | | |
|:---|:---|:---|
| *(in thousands, except per share data)* | **Restricted Share Units** | **Weighted Average Fair Value** |
| Unvested balance as of December 31, 2025 | 2589 | $5.78 |
| Forfeited | (122) | $5.90 |
| &nbsp;&nbsp;Unvested balance as of March 31, 2026 | 2467 | $5.77 |

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Unrecognized compensation expense related to restricted share units as of March 31, 2026 was $7.9 million, which the Company expects to recognize over a weighted average period of 1.32 years.

***Performance Restricted Share Units***

The following table provides a summary of performance restricted share unit activity during the periods indicated below:

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| | | |
|:---|:---|:---|
| *(in thousands, except per share data)* | **Performance Restricted Share Units** | **Weighted Average Fair Value** |
| Unvested balance as of December 31, 2025 | 2834 | $4.82 |
| Forfeited | (158) | $4.92 |
| &nbsp;&nbsp;Unvested balance as of March 31, 2026 | 2676 | $4.81 |

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**Note 16. Earnings Per Share**

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated:

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| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| *(in thousands, except per share data)* | **2026** | **2025** |
| **Basic and diluted:** |  |  |
| Net loss attributable to Greenbacker Renewable Energy Company LLC | $(27326) | $(15586) |
| Weighted average common shares outstanding used in computing net loss per share—basic | 199387 | 199333 |
| Weighted average common shares outstanding used in computing net loss per share—diluted | 199387 | 199333 |
| Net income (loss) per share—basic | $(0.14) | $(0.08) |
| Net income (loss) per share—diluted | $(0.14) | $(0.08) |

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Securities that could potentially be dilutive are excluded from the computation of diluted loss per share when a loss from continuing operations exists because their inclusion would result in an anti-dilutive effect on per share amounts.

The effect of 5.1 million and 4.4 million shares related to the Company's share-based compensation awards for the three months ended March 31, 2026 and 2025, respectively, were excluded from the calculation of diluted earnings per share as the effect of such shares would have been anti-dilutive.

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**Note 17. Segment Reporting**

We operate in two reportable operating segments: IPP and IM, and publicly report our financial results on these two segments. The Company determines the operating segments and reports segment information in accordance with how the Company's CODM allocates resources and assesses performance. The Company's CODM is its CEO. The Company's operating segments are aggregated into two reportable operating segments as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *IPP –* The IPP business represents the active management and operations of the Company's fleet of renewable energy projects, including those in late-stage development and under construction. The Company's renewable energy projects generally earn revenue through the sale of generated electricity as well as frequently through the sale of other commodities such as RECs. In certain cases, the Company also serves as a minority member in renewable energy projects where it does not actively manage and operate the project but receives periodic dividends. The Company also provides loans to developers for the construction of renewable energy and energy efficiency projects as an incremental revenue stream for IPP.

The IPP business includes the direct costs to operate the Company's fleet, including costs such as operations and maintenance, repairs, and other costs incurred at the project/site level. Additionally, the Company employs a dedicated team of technical asset managers as well as a construction team to oversee the development and operations of our fleet. Such costs are recorded as Direct operating costs for IPP.

The IPP business also includes the allocable portion of the Company's General and administrative expenses, which represents overhead functions such as: finance and accounting, legal, information technology, human resources and other general functions that support the operations of IPP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *IM* – The IM business represents GCM's investment management platform, which is a renewable energy, energy efficiency and sustainability-related project acquisition, consulting and development company that is registered as an investment adviser under the Advisers Act. The IM business also includes administrative services provided by Greenbacker Administration for managed funds in the renewable energy industry as an additional revenue stream.

The Company's IM business includes the direct costs incurred for the investment management services for managed funds and other marketing and investor relation services. This includes the costs to raise and deploy capital for such funds. Such costs are recorded as Direct operating costs for IM.

The IM business also includes the allocable portion of the Company's General and administrative expenses, which represents overhead functions such as: finance and accounting, legal, information technology, human resources and other general functions that support the operations of IM.

The following table presents the Company's revenue by reportable operating segment:

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| | | |
|:---|:---|:---|
| | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Energy revenue | $34305 | $43980 |
| Other revenue | 447 | 301 |
| Contract amortization, net | (2459) | 2921 |
| &nbsp;&nbsp;Total IPP revenue | $32293 | $47202 |
| Investment Management revenue | $2518 | $3260 |
| &nbsp;&nbsp;Total net revenue | $34811 | $50462 |

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Our segment structure reflects the financial information and reports used by the CODM to make decisions regarding the business, including resource allocations and performance assessments. The Company's CODM reviews operating income (loss) and its components to evaluate the performance of each segment on a regular basis and to determine how to allocate resources. The operating income (loss) of each operating segment includes the operating revenues of the segments less expenses that are directly related to those revenues. The accounting policies of the reportable operating segments are the same as those described in Note 2. Significant Accounting Policies.

The Company's CODM evaluates the financial performance of each segment using operating income (loss), which excludes: (i) unallocated corporate expenses; (ii) interest expense; (iii) income taxes; (iv) amounts attributable to redeemable and nonredeemable noncontrolling interests; (v) unrealized gains and losses on financial instruments; and (vi) other income (loss). Additionally, the Company does not allocate the change in fair value of contingent consideration and certain share-based compensation expense to its reportable operating segments.

There have been no changes to the measurement methods of expenses or methods of allocating expenses to segments during 2026. Our CODM is not provided with total asset information by segment since we do not measure, evaluate the performance of, or allocate total assets on a segment basis. As a result, we have not disclosed any asset information by segment. All Other reflects the Company's General and administrative costs not directly attributable to the segments.

Information on segments and reconciliations to consolidated revenues, consolidated operating expenses, consolidated operating income, consolidated loss before income taxes and consolidated depreciation and amortization for the periods indicated below were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** |
| *(in thousands)* | **Independent Power Producer** | **Investment Management** | **All Other** | **Consolidated** |
| **Total segment net revenue** | $32293 | $2518 | $— | $34811 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct operating costs<sup>(1) (2)</sup> | $17334 | $1986 | $— | $19320 |
| &nbsp;&nbsp;&nbsp;General and administrative<sup>(3)</sup> | 2831 | 1153 | 8078 | 12062 |
| &nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | 15656 | 1175 |  | 16831 |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets, net and termination costs | 463 |  |  | 463 |
| **Total segment operating expense** | $36284 | $4314 | $8078 | $48676 |
| **Total segment operating income (loss)** | $(3991) | $(1796) | $(8078) | $(13865) |
| Interest expense, net |  |  |  | $(12072) |
| Change in fair value of investments, net |  |  |  | (5745) |
| Income from sale-leaseback transfer of tax benefits |  |  |  | 10188 |
| Other income, net |  |  |  | 153 |
| Loss before income taxes |  |  |  | $(21341) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** |
| *(in thousands)* | **Independent Power Producer** | **Investment Management** | **All Other** | **Consolidated** |
| **Total segment net revenue** | $47202 | $3260 | $— | $50462 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct operating costs<sup>(1) (2)</sup> | $18647 | $5264 | $— | $23911 |
| &nbsp;&nbsp;&nbsp;General and administrative<sup>(3)</sup> | 3283 | 1302 | 12461 | 17046 |
| &nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | 19217 | 2411 |  | 21628 |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets, net and termination costs | 13665 |  |  | 13665 |
| **Total segment operating expense** | $54812 | $8977 | $12461 | $76250 |
| **Total segment operating income (loss)** | $(7610) | $(5717) | $(12461) | $(25788) |
| Interest expense, net |  |  |  | $(36566) |
| Change in fair value of investments, net |  |  |  | 990 |
| Income from sale-leaseback transfer of tax benefits |  |  |  | 10188 |
| Other income, net |  |  |  | 148 |
| Loss before income taxes |  |  |  | $(51028) |

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(1)Direct operating costs within the IPP segment represent the costs to operate our fleet of renewable energy projects, including operations and maintenance, site lease expense, project-level insurance and property taxes, and other costs incurred at the project level. Additionally, the Company employs a dedicated team of technical asset managers to monitor the operational performance of the projects within IPP. The salaries, benefits and professional service costs directly related to the operations of IPP are included within Direct operating costs in the tables above and on the Consolidated Statements of Operations. Direct operating costs exclude any depreciation, amortization and accretion expense.

(2)Direct operating costs within the IM segment represent the costs for the investment management services for the managed funds. This includes the costs to raise and deploy capital for such funds.

(3)General and administrative costs for the IPP and IM segments primarily consist of allocable portions of salaries and other compensation, professional services and consulting fees and other related costs for overhead functions. Unallocated All Other expenses represent the portion of expenses relating to general corporate functions, including certain finance, legal, information technology, human resources, administrative and executive expenses including stock-based compensation, and other expenses not directly attributable to the reportable segments.

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**Note 18. Subsequent Events**

The Company has evaluated events that have occurred after the balance sheet date but before the financial statements are issued and has determined that there were no subsequent events requiring adjustment or disclosure in the Consolidated Financial Statements.

On April 13, 2026. Cider Solar Construction Owner LLC paid an aggregate payoff amount of approximately $80.2 million, consisting of $81.0 million of outstanding principal plus accrued interest through the payoff date, net of the return of unaccrued fees, resulting in the full repayment and termination of the loan. The Company used proceeds from the Cider Solar AcquisitionCo LLC tax equity bridge loan facility to finance the repayment of the Cider Solar Construction Owner LLC facility. Upon receipt of the payoff, all commitments under the loan agreement were terminated and all related liens on the related project assets were released. Refer to Note 8. Debt.

On April 16, 2026, the Chapter 7 trustee for EVCE filed an adversary complaint in the United States Bankruptcy Court for the District of Colorado against the Company and certain affiliates seeking recovery of amounts allegedly transferred to the Company prior to EVCE's bankruptcy filing. The Company is evaluating the complaint and intends to respond; however, based on the information currently available, the Company does not believe the matter will have a significant impact on its financial statements. The Company intends to vigorously defend against the claims. Refer to Note 11. Commitments and Contingencies.

On April 29, 2026, the Company entered into an amendment to the GREC Warehouse Holdings I LLC revolving credit facility that extended the maturity date of the revolving loan facility to June 30, 2027 and reduced total lender commitments to $110.0 million for revolving loans and $15.0 million for letters of credit. As a result of the maturity extension, amounts outstanding under the GREC Warehouse Holdings I LLC revolving credit facility were classified within Long-term debt, net of current portion on the Consolidated Balance Sheets as of March 31, 2026. Refer to Note 8. Debt.

In April 2026, the Company granted approximately 2.2 million restricted share units as well as performance restricted share units covering up to 2.3 million P-I shares to certain employees under the Company's 2023 Equity Incentive Plan. The Company has not yet determined the grant-date fair values of these RSUs or PRSUs issued in April 2026. No adjustments were made to the consolidated financial statements.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following discussion and analysis should be read in conjunction with Greenbacker Renewable Energy Company LLC's Consolidated Financial Statements and related notes and other financial information appearing elsewhere in this Quarterly Report. The use of "we", "us", "our" and the "Company" refer, collectively to the Greenbacker Renewable Energy Company LLC and its subsidiaries, unless otherwise expressly stated or context otherwise requires. This report does not constitute an offer of any of the Company's managed funds described herein.

**Organizational Overview**

Greenbacker Renewable Energy Company LLC (the "Company") is a Delaware limited liability company formed in December 2012. The Company is an energy transition, renewable energy and investment management ("IM") company that acquires, constructs and operates renewable energy and energy efficiency projects, as well as finances the construction and/or operation of these and other sustainable development projects and businesses and provides through Greenbacker Capital Management LLC ("GCM") investment management services to funds within the sustainable infrastructure and renewable energy industry. As of March 31, 2026, the Company's fleet comprised 220 renewable energy projects with an aggregate power production capacity of approximately 2.7 gigawatts ("GW"), which includes operating capacity of approximately 1.3 GW and pre-operational capacity of approximately 1.4 GW. As of March 31, 2026, GCM serves as the registered investment adviser of four funds in the sustainable and renewable energy industry.

The Company conducts substantially all its operations through its wholly owned subsidiary, Greenbacker Renewable Energy Corporation ("GREC"). The Company operates as a fully integrated and internally managed company after acquiring GCM and several other related entities in May 2022, which are now wholly owned subsidiaries of GREC. The Company's fiscal year-end is December 31.

The Company suspended the SRP on September 23, 2023, except with respect to repurchase requests made in connection with the death, qualifying disability, or determination of incompetence of a shareholder. The Company offered the SRP pursuant to which quarterly share repurchases were conducted to allow shareholders to sell shares back to the Company. The Company also suspended the payment of shareholder distributions effective following the distribution payment on May 1, 2024. In connection with suspending shareholder distributions, the Company suspended the DRP which was offered to shareholders who could elect to have the full amount of cash distributions reinvested in additional shares.

For an organizational structure chart depicting a simplified version of our structure, see Part I — Item 1 — Business — Organizational Overview in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC.

**Business Overview**

The Company's business objective is to generate attractive risk-adjusted returns for its shareholders, by actively acquiring and financing the construction and/or operation of income-generating renewable energy, energy efficiency and sustainable development projects, primarily within North America, as well as by providing investment management services as an active third-party investment manager to funds within the sustainable infrastructure and renewable energy industry where the Company expects to receive investment management and incentive fees.

The Company currently categorizes its business in two reportable segments described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *IPP –* The IPP business represents the active management and operations of the Company's fleet of renewable energy projects, including those in late-stage development and under construction. The Company's renewable energy projects generally earn revenue through the sale of generated electricity as well as frequently through the sale of other commodities such as RECs. In certain cases, the Company also serves as a minority member in renewable energy projects where it does not actively manage and operate the project but receives periodic dividends. The Company also provides loans to developers for the construction of renewable energy and energy efficiency projects as an incremental revenue stream for IPP.

The IPP business includes the direct costs to operate the Company's fleet, including costs such as operations and maintenance, repairs, and other costs incurred at the project / site level. Additionally, the Company employs a dedicated team of technical asset managers as well as a construction team to oversee the development and operations of our fleet. Such costs are recorded as Direct operating costs for IPP.

The IPP business also includes the allocable portion of the Company's General and administrative expenses, which represents overhead functions such as: finance and accounting, legal, information technology, human resources and other general functions that support the operations of IPP.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *IM* – The IM business represents GCM's investment management platform — a renewable energy, energy efficiency and sustainability-related project acquisition, consulting and development company that is registered as an investment adviser under the Advisers Act. The IM business also includes administrative services provided by Greenbacker Administration for managed funds in the renewable energy industry as an additional revenue stream.

The Company's IM business includes the direct costs incurred for the investment management services for managed funds and other marketing and investor relation services. This includes the costs to raise and deploy capital for such funds. Such costs are recorded as Direct operating costs for IM.

The IM business also includes the allocable portion of the Company's General and administrative expenses, which represents overhead functions such as: finance and accounting, legal, information technology, human resources and other general functions that support the operations of IM.

For a detailed description of our IPP and IM segments, see Part I, Item 1 — Business — Business Overview in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC.

**Seasonality**

Certain types of renewable power generation exhibit seasonal behavior. For example, wind power generation is generally stronger in winter than in summer as wind speed tends to be higher when the weather is colder. In contrast, solar power generation is typically stronger in the summer than in the winter. This is primarily due to the brighter sunshine, longer days and shorter nights of the summer months, which generally result in the highest power output of the year for solar power. Because these seasonal variations are relatively predictable for these types of assets, we factor in the effects of seasonality when analyzing a potential acquisition in these target assets. Therefore, the impact that seasonality has on our business, including the income from our renewable energy projects, depends on the diversity of our acquisitions in renewable energy, energy efficiency and other sustainability-related projects as well as the mix of renewable power generation technology in our overall portfolio.

**Presentation of Key Factors Impacting Our Operating Results and Financial Condition**

The results of our operations are affected by a number of factors and will primarily depend on, among other things: the supply of renewable energy assets in the marketplace; the revenues we receive from renewable energy, energy efficiency projects and businesses; the market price of electricity; the availability of government incentives; local, regional and national economies; general market conditions; and the amount of our assets that are operating versus those that are pre-operating because they are currently under construction and the cost to construct such assets. Additionally, our operations are impacted by interest rates, the cost of financing provided by other financial market participants and the ability to raise capital through its managed funds. Many of the factors that affect our operating results are beyond our control. The results of our operations are further affected by the growth of GCM's investment management platform and the related generation of management fees and incentive fees revenue.

Overview

*General Market Risks*

The Company's business and the success of its strategies are generally affected by global and domestic economic, political and market conditions, including the local economic conditions of where its assets are located. Certain external events such as public health crises, natural disasters and geopolitical events may lead to increased financial and credit market volatility and disruptions, including inflationary pressures, changes in interest rates, supply chain issues, tariffs, labor shortages and recessionary concerns. While inflation rates moderated in 2025, we have been impacted by heightened inflationary pressures, Central banks in various countries may raise interest rates in response to concerns about inflation, which, coupled with reduced government spending, increased tariffs and volatility in financial markets, may have the effect of further increasing economic uncertainty and heightening these risks. The full impact of such external events on the financial and credit markets and consequently on the Company's future financial conditions and results of operations is uncertain and cannot be fully predicted. The Company continues to monitor these events and will adjust its operations as necessary.

*Regulatory Changes*

The Company's strategy depends in part on government policies that support renewable power generation and energy storage and enhance the economic viability of owning renewable power generation assets. Renewable power and sustainable solutions assets and businesses and the overall growth of the industries in which we operate have historically benefited from the support of state or provincial, national, supranational and international policies and incentives that promote and support investment, such as ITCs, PTCs, RPS programs and accelerated depreciation for tax purposes. However, recent legislative and regulatory developments, including the enactment of the OBBBA and related executive actions in July 2025, have introduced new limitations and uncertainties regarding the availability and structure of certain clean energy tax credits.

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In July 2025, the OBBBA was signed into law, which modified several pre-existing provisions of the Inflation Reduction Act of 2022 ("IRA") and other laws, including the phase-out of certain clean energy tax credits. In order to be eligible for ITCs, solar facilities must be placed in service by December 31, 2027, unless construction begins before July 4, 2026, and must satisfy the prohibited foreign entity material assistance requirements, unless construction began before December 31, 2025. Regulatory developments in 2025 also affected the criteria for establishing the beginning of construction. Executive Order 14315 directed the Secretary of the Treasury to revise the applicable framework, and the IRS subsequently issued Notice 2025-42, which eliminated the 5% safe harbor for solar projects larger than 1.5 MW and for all wind projects beginning construction on or after September 2, 2025. This change has required the Company to adjust its development and contracting practices to ensure that qualifying physical work is initiated in a timely manner. The four-year continuity safe harbor remains available, subject to exceptions for excusable delays, and continues to influence the Company's construction sequencing and risk management practices.

Collectively, these legislative and regulatory changes have introduced additional complexity into our project development and financing activities. We are continuing to evaluate their impact on our expected tax credit monetization, project-level economics, and overall capital deployment strategy. Any inability to satisfy domestic content, FEOC, or beginning-of-construction requirements could reduce or eliminate the availability of federal tax credits for certain projects, which could adversely affect our financial condition, results of operations, and long-term growth prospects.

The Company continues to assess the impacts of OBBBA, the above mentioned executive order and revised IRS guidance on the determination of the beginning of construction. While there have been no material impacts to the Company's financial position or results of operations as of March 31, 2026, resulting from the change in law and revised IRS guidance, these changes may impact our ability to identify, develop, and source materials to construct future projects in a way that meets the new requirements established for the ITC framework.

*U.S. Federal Incentives*

Under the Corporate Depreciation: Modified Accelerated Cost Recovery System ("MACRS"), certain renewable energy and energy efficiency projects are eligible to recover capital investments through accelerated depreciation. Bonus depreciation under Section 168(k) of the Internal Revenue Code was subject to a phase-down under prior law, with percentages scheduled to decline for property placed in service in successive years. However, the OBBBA restored 100% bonus depreciation and made it permanent for most qualifying property acquired and placed in service on or after January 20, 2025, allowing immediate expensing of the full cost of such property in the year it is placed in service. Property acquired (or under a binding contract) before January 20, 2025 generally remains subject to the earlier phase-down schedule. Certain renewable energy assets and energy storage technologies may also qualify as five-year property under MACRS for cost-recovery purposes. These accelerated cost recovery provisions affect the timing of tax deductions for capital investments, enhancing cash flow and the economics of qualifying projects. Projects placed in service after this date may benefit from immediate expensing of capital costs, which could improve near-term cash flows and reduce taxable income. The Company is still evaluating the impact of this provision on its financial position and future project economics.

*Size of Fleet*

The size of our fleet of operating renewable energy projects is one of the key revenue drivers. Generally, as the size of our operating fleet grows, the amount of revenue we receive will increase. In addition, our fleet of renewable energy projects may grow at an uneven pace as opportunities to make investments in our target assets may be irregularly timed, and the timing and extent of our success in acquiring such assets cannot be predicted.

*Credit Risk*

We expect to encounter credit risk relating to: (1) counterparties to the electricity sales agreements (including PPAs) for our projects, (2) counterparties responsible for project construction and equipment supply, (3) companies in which we may invest, and (4) any potential debt financing we or our projects may obtain. When we are able to do so, we seek to mitigate credit risk by entering into contracts with high-quality counterparties. However, it is still possible that these counterparties may be unable to fulfill their contractual obligations to us.

If counterparties to the electricity sales agreements for our projects or the companies in which we invest are unable to make payments to us when due, or at all, our financial condition and results of operations could be materially adversely affected. While we seek to mitigate construction related credit risk by entering into contracts with high-quality EPC companies with appropriate bonding and insurance capacity, if EPC companies to the construction agreements for our projects are unable to fulfill their contractual obligations to us, our financial condition and results of operation could be materially adversely affected.

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*Pre-Operational Assets*

We must complete construction and reach commercial operations before revenue can be generated for the pre-operational renewable energy projects in our IPP business that the Company has previously acquired. We believe these assets, once operational, will generate significant operating revenues for our business.

*Electricity Prices*

Investments in renewable energy and energy efficiency projects and businesses expose us to volatility in the market prices of electricity. We generally seek projects that have long-term contracts, ranging from 10 to 25 years, which mitigate the effects of volatility in energy prices on our business. To the extent that we have projects that have shorter term contracts with the potential of producing higher risk-adjusted returns, this may subject us to risk should energy prices change. Generally, our projects benefit from take-or-pay agreements with terms structured to take 100% of the power output. We believe the take-or-pay nature of our contracts is a significant factor in managing our exposure to the daily volatility of the electricity market prices. On average, the contracts in our existing operating portfolio have an approximate remaining life of 17 years.

*Changes in Market Interest Rates*

We use debt financing with both hedged and unhedged floating interest rates, or in the case of any refinancing, general increases in interest rates over time may cause the interest expense associated with our borrowings to increase and the value of our debt investments to decline. Conversely, general decreases in interest rates over time may cause the interest expense associated with our borrowings to decrease and the value of our debt investments to increase.

**Key Components of Our Results of Operations**

***Revenue***

*Energy revenue*

Energy revenue within the IPP segment primarily represents revenues associated with the sale of electricity under our long-term PPAs as well as from REC sales. The Company also generates energy revenue from capacity markets, whereby revenue is generated for our ability to meet peak demand if and when needed. The Company also generates revenues through performing energy optimization services for customers, which includes providing a battery storage system and services.

*Investment Management revenue*

The IM segment and the related revenue are driven by GCM's investment management platform. These include management fees and incentives, performance-based fee revenue from current and future third-party funds managed by GCM as well as administrative revenue from certain of its managed funds through services performed by Greenbacker Administration.

The primary sources of IM revenues are management fees and performance participation fees earned. Management fee revenue earned by our IM business is generally based upon the underlying net asset value, cost of investments or committed capital of the managed funds for which GCM provides investment management services, primarily relating to capital raise and deployment as well as other investor relation functions for third-party funds.

The additional revenue source for the IM segment includes, for certain managed funds, administrative services performed by Greenbacker Administration. These services include technical asset management, finance and accounting, legal and other costs incurred by the Company in performing its administrative services.

*Contract amortization, net*

Contract amortization, net within the IPP segment represents amortization of intangible assets and out-of-market contracts recognized from PPA and REC contracts assumed through acquisitions related to the sale of energy in future periods for which the fair value has been determined to be less or more than market. The intangible assets and out-of-market contracts are amortized to revenue over the term of each underlying contract on a straight-line basis.

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**Operating Expenses**

*Direct operating costs*

Direct operating costs within the IPP segment represent the costs to operate our fleet of renewable energy projects, including operations and maintenance, site lease expense, project-level insurance, property taxes and other costs incurred at the project level. Additionally, the Company employs a dedicated team of technical asset managers to monitor the operational performance of the projects within IPP The salaries, benefits and professional service costs directly related to the operations of IPP are included within Direct operating costs on the Consolidated Statements of Operations. Direct operating costs exclude any depreciation, amortization and accretion expense.

Direct operating costs within the IM segment represent the costs for the investment management services for the managed funds. This includes the costs to raise and deploy capital for such funds.

*General and administrative*

*IPP and IM*

General and administrative costs for the IPP and IM segments primarily consist of salaries and other compensation, professional services and consulting fees, occupancy costs and hardware and software costs.

*Corporate*

General and administrative costs also include the unallocated corporate expenses that represent the portion of expenses relating to general corporate functions, including certain finance, legal, information technology, human resources, administrative and executive expenses, and other expenses not directly attributable to a reportable segment. Unallocated corporate expenses include non-recurring professional services and legal fees.

*Depreciation, amortization and accretion*

Depreciation, amortization and accretion reflects the recognition of the cost of our investments in various assets over their useful lives as well as the accretion of our asset retirement obligations over time. Depreciation expense primarily relates to plant and equipment costs for our various renewable energy projects. Amortization primarily relates to our favorable PPA and REC contracts.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**Results of Operations**

***Three months ended March 31, 2026 and 2025***

The following table presents the Company's consolidated results of operations for the three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
| *(dollars in thousands)* | **2026** | **2025** | **$ Change** | **% Change** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;Energy revenue | $34305 | $43980 | $(9675) | (22.0)% |
| &nbsp;&nbsp;Investment Management revenue | 2518 | 3260 | (742) | (22.8)% |
| &nbsp;&nbsp;Other revenue | 447 | 301 | 146 | 48.5% |
| &nbsp;&nbsp;Contract amortization, net | (2459) | 2921 | (5380) | (184.2)% |
| Total net revenue | $34811 | $50462 | $(15651) | (31.0)% |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;Direct operating costs | 19320 | 23911 | (4591) | (19.2)% |
| &nbsp;&nbsp;General and administrative | 12062 | 17046 | (4984) | (29.2)% |
| &nbsp;&nbsp;Depreciation, amortization and accretion | 16831 | 21628 | (4797) | (22.2)% |
| &nbsp;&nbsp;Impairment of long-lived assets, net and termination costs | 463 | 13665 | (13202) | (96.6)% |
| Total operating expenses | 48676 | 76250 | (27574) | (36.2)% |
| Operating loss | (13865) | (25788) | 11923 | 46.2% |
| Interest expense, net | (12072) | (36566) | 24494 | 67.0% |
| Change in fair value of investments, net | (5745) | 990 | (6735) | 680.3% |
| Income from sale-leaseback transfer of tax benefits | 10188 | 10188 |  | —% |
| Other income, net | 153 | 148 | 5 | NM |
| Loss before income taxes | (21341) | (51028) | 29687 | 58.2% |
| Income tax (expense) benefit | (6173) | 10374 | (16547) | 159.5% |
| Net loss | $(27514) | $(40654) | $13140 | 32.3% |
| Less: Net loss attributable to noncontrolling interests | (188) | (25068) | 24880 | 99.3% |
| Net loss attributable to Greenbacker Renewable Energy Company LLC | $(27326) | $(15586) | $(11740) | (75.3)% |

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

The following table presents a discussion of the Company's results of operations for each segment for the three months ended March 31, 2026 and 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| *(dollars in thousands)* | **2026** | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** | **2025** |
|  | **Independent Power Producer** | **Investment Management** | **Corporate** | **Total** | **Independent Power Producer** | **Investment Management** | **Corporate** | **Total** |
| **Revenue** |  |  |  |  |  |  |  |  |
| Energy revenue | $34305 | $— | $— | $34305 | $43980 | $— | $— | $43980 |
| Investment Management revenue |  | 2518 |  | 2518 |  | 3260 |  | 3260 |
| Other revenue | 447 |  |  | 447 | 301 |  |  | 301 |
| Operating revenue | $34752 | $2518 | $— | $37270 | $44281 | $3260 | $— | $47541 |
| Contract amortization, net | (2459) |  |  | (2459) | 2921 |  |  | 2921 |
| **Total net revenue** | $32293 | $2518 | $— | $34811 | $47202 | $3260 | $— | $50462 |
| **Operating expenses** |  |  |  |  |  |  |  |  |
| Direct operating costs | $17334 | $1986 | $— | $19320 | $18647 | $5264 | $— | $23911 |
| General and administrative | 2831 | 1153 | 8078 | 12062 | 3283 | 1302 | 12461 | 17046 |
| Depreciation, amortization and accretion | 15656 | 1175 |  | 16831 | 19217 | 2411 |  | 21628 |
| Impairment of long-lived assets, net and termination costs | 463 |  |  | 463 | 13665 |  |  | 13665 |
| **Total operating expenses** | $36284 | $4314 | $8078 | $48676 | $54812 | $8977 | $12461 | $76250 |
| **Operating income (loss)** | $(3991) | $(1796) | $(8078) | $(13865) | $(7610) | $(5717) | $(12461) | $(25788) |
| Operating income (loss) margin<sup>(1)</sup> | (12)% | (71)% | N/A | (40)% | (16)% | (175)% | N/A | (51)% |
| Segment adjusted EBITDA<sup>(2)</sup> | $15289 | $(1050) | $(3594) | $10645 | $22515 | $(689) | $(7378) | $14448 |
| Segment adjusted EBITDA margin<sup>(3)</sup> | 44% | (42)% | N/A | 29% | 51% | (21)% | N/A | 30% |

---

(1)Operating income (loss) margin is calculated by dividing Operating income (loss) by Total net revenue.

(2)See below for a reconciliation of total Segment Adjusted EBITDA to Net loss. See also Part I — Item 1 – Note 17. Segment Reporting in the Notes to the Consolidated Financial Statements (unaudited) for more information regarding our segment determination.

(3)Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Operating revenue.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

***Reconciliation of Segment Adjusted EBITDA***

The following table reconciles total Segment Adjusted EBITDA to Net loss attributable to Greenbacker Renewable Energy Company LLC:

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| | | |
|:---|:---|:---|
| | **For the three months ended March 31,** | **For the three months ended March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Segment Adjusted EBITDA: |  |  |
| &nbsp;&nbsp;IPP Adjusted EBITDA | $15289 | $22515 |
| &nbsp;&nbsp;IM Adjusted EBITDA | (1050) | (689) |
| Total Segment Adjusted EBITDA | $14239 | $21826 |
| Reconciliation: |  |  |
| Total Segment Adjusted EBITDA | $14239 | $21826 |
| &nbsp;&nbsp;Unallocated corporate expenses | (3594) | (7378) |
| Total Adjusted EBITDA | $10645 | $14448 |
| Add (less): |  |  |
| &nbsp;&nbsp;Share-based compensation expense | 1233 | 3469 |
| &nbsp;&nbsp;(Gain) loss on asset disposition | 205 | 13 |
| &nbsp;&nbsp;Impairment of long-lived assets, net and termination costs | 463 | 13665 |
| &nbsp;&nbsp;Depreciation, amortization and accretion<sup>(1)</sup> | 19470 | 18804 |
| &nbsp;&nbsp;Non-recurring professional services and legal fees | 2045 | 1689 |
| &nbsp;&nbsp;Non-recurring salaries and personnel related expenses<sup>(2)</sup> | 1094 | 2596 |
| Operating loss | $(13865) | $(25788) |
| Interest expense, net | (12072) | (36566) |
| Change in fair value of investments, net | (5745) | 990 |
| Income from sale-leaseback transfer of tax benefits | 10188 | 10188 |
| Other income (expense), net | 153 | 148 |
| Loss before income taxes | $(21341) | $(51028) |
| (Provision for) benefit from income taxes | (6173) | 10374 |
| Net loss | $(27514) | $(40654) |
| Less: Net loss attributable to noncontrolling interests | (188) | (25068) |
| Net loss attributable to Greenbacker Renewable Energy Company LLC | $(27326) | $(15586) |

---

1. Includes contract amortization, net in the amount of $2.5 million and $2.9 million for the three months ended March 31, 2026 and 2025, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations; also includes certain other amortization costs included in Direct operating costs and General and administrative on the Consolidated Statements of Operations.

2. Non-recurring salaries and personnel related expenses include costs which primarily include salaries and personnel related expenses of incremental employees hired in advance to launch new investment strategy initiatives. Given the nature and scale of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to initially develop our new funds. Therefore, we believe it is useful and necessary for investors to understand our core operating performance in current and future periods by excluding the impact of these costs as incurred.

Refer to Part I — Item 1 – Note 17. Segment Reporting in the Notes to the Consolidated Financial Statements (unaudited) for further discussion on how the Company's CODM evaluates the financial performance of each segment and above for a discussion and analysis of the Company's results of operations for each segment.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

***Independent Power Producer***

*Energy revenue*

Energy revenue generated from the IPP segment was $34.3 million for the three months ended March 31, 2026, a decrease of $9.7 million, or 22.0%, compared to the same period in 2025. The decrease was driven by decreases in PPA and REC revenue generated by the Company's operating renewable energy projects primarily due to the divestiture of certain projects. PPA revenue is also impacted by the underlying availability of the natural resource (i.e., solar or wind) and the underlying mix of operating assets by technology type. The Company's operating solar fleet generated $11.0 million of Energy revenue from PPAs, a decrease of $6.2 million, or 36.1%, and the Company's operating wind fleet generated $19.2 million of Energy revenue from PPAs, an increase of $0.2 million, or 1.3%, for the three months ended March 31, 2026 compared to the same period in 2025. The overall decrease of $6.0 million in combined solar and wind PPA revenue was primarily driven by the sale of Celadon Manager LLC, Dogwood Manager LLC, and the assets of GREC Entity Holdco as well as decreased production at certain solar sites that experienced fires during 2025 and have not yet returned to full operations as of March 31, 2026. The overall decrease in REC and other incentive revenue of $1.4 million for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to the sale of Celadon Manager LLC, Dogwood Manager LLC, and the assets of GREC Entity Holdco.

The Company's operating solar fleet includes 166 operating assets comprising 950 MW of capacity as of March 31, 2026, a decrease of 174 operating assets and 263 MW of capacity compared to March 31, 2025. Total production was 0.1 million MWh for the three months ended March 31, 2026, a decrease of 0.2 million MWh, or 59.7%, compared to the same period for 2025. The decrease in production and assets was primarily due to the sale of the assets of GREC Entity Holdco, Celadon Manager LLC and Dogwood Manager LLC during 2025.

The Company's operating wind fleet includes 14 operating assets comprising 376 MW of capacity as of March 31, 2026, a decrease of 2 operating assets and 17 MW of capacity compared to March 31, 2025. Total production was 0.3 million MWh for the three months ended March 31, 2026, a decrease of 0.1 million MWh, or 13.0%, compared to the same period for 2025. The decrease in production and assets was due to the sale of assets of GREC Entity Holdco, Celadon Manager LLC and Dogwood Manager LLC during 2025. The decrease in production was also due to less favorable wind resource condition during the three months ended March 31, 2026.

The following table presents summary statistics on the IPP fleet as of March 31, 2026 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Metrics** | **March 31, 2026** | **March 31, 2025** | **Total Change**<sup>(1)</sup> | **Total Change as %** |
| Power production capacity of operating fleet (MW) | 1336 | 1614 | (278) | (17)% |
| Power-generating capacity of pre-operational fleet (MW) | 1364 | 1426 | (62) | (4)% |
| Total power-generating capacity of fleet (MW) | 2700 | 3041 | (341) | (11)% |
| Total number of fleet assets | 220 | 407 | (187) | (46)% |

---

(1) Total change in the power production capacity of the operating IPP fleet for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 includes 305 MW of total operating IPP fleet sold during 2025, which included 184 fleet assets.

The Company produced approximately 0.4 million MWh of total power during the three months ended March 31, 2026, a year-over-year decrease of 34% primarily due to the sale of the assets of GREC Entity Holdco, Celadon Manager LLC and Dogwood Manager LLC during 2025.

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The following table presents the Company's operating fleet production by asset type for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
|<br>**MWh by Technology**<sup>(1)</sup> | **2026** | **2025** | **% Change** |
| Solar | 123899 | 307154 | (60)% |
| Wind | 321042 | 368957 | (13)% |
| &nbsp;&nbsp;Total | 444941 | 676111 | (34)% |

---

(1) Production for the three months ended March 31, 2025 includes 64,312 MWh of solar production attributable to solar assets sold during 2025 and 8,722 MWh of wind production attributable to wind assets sold during 2025.

*Other revenue - IPP*

Other revenue from the IPP segment was $0.4 million for the three months ended March 31, 2026, representing an increase of $0.1 million, or 48.5%, compared to the same period in 2025. This increase was primarily driven by an increase in dividend income.

*Contract amortization, net - IPP*

The Company recognized an expense of $2.5 million of Contract amortization, net from the IPP segment during the three months ended March 31, 2026, representing an increase of $5.4 million, or 184.2%, compared to the same period in 2025, when the Company recorded income of $2.9 million. This change was primarily attributable to the derecognition of two PPAs and one REC out-of-market contract following the termination of these contracts in 2025, partially offset by amortization associated with assets sold during 2025.

*Direct operating costs - IPP*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
| *(dollars in thousands)* | **2026** | **2025** | **$ Change** | **% Change** |
| Operations and maintenance | $6535 | $7302 | $(767) | (10.5)% |
| Property taxes, insurance and site lease | 7780 | 8163 | (383) | (4.7)% |
| Salaries and benefits, professional fees and other | 3020 | 3182 | (162) | (5.1)% |
| &nbsp;&nbsp;**Direct operating costs - IPP** | $17335 | $18647 | $(1312) | (7.0)% |

---

Direct operating costs from the IPP segment were $17.3 million for the three months ended March 31, 2026, representing a decrease of $1.3 million, or 7.0%, compared to the same period in 2025. The decrease was primarily driven by the sale of the assets of GREC Entity Holdco, Celadon Manager LLC and Dogwood Manager LLC during 2025 leading to lower overall operating costs within the IPP segment, partially offset by increases in certain costs for the remaining assets.

*General and administrative - IPP*

General and administrative expense for the IPP segment was $2.8 million for the three months ended March 31, 2026, a decrease of $0.5 million, or 13.8%, compared to the same period in 2025. The decrease in General and administrative expense is primarily related to an overall decrease in salary and compensation expense due to the lower headcount of various functions providing support to the IPP segment.

*Depreciation, amortization and accretion*

Depreciation, amortization and accretion expense for the IPP segment was $15.7 million for the three months ended March 31, 2026, a decrease of $3.6 million, or 18.5%, compared to the same period in 2025. The decrease was primarily related to the impacts of the sales of the assets of GREC Entity HoldCo, Celadon Manager LLC, and Dogwood Manager LLC during 2025.

*Impairment of long-lived assets, net and termination costs*

Impairment of long-lived assets, net and termination costs in the IPP segment was $0.5 million for the three months ended March 31, 2026 which cost related to miscellaneous write offs for previously sold projects. During the three months ended March 31, 2025, the Company recognized impairment losses of $13.7 million, of which $12.7 million was associated with two operational wind projects and six development-stage solar projects. The remaining $1.0 million consisted of termination fees associated with the failure of a project to achieve commercial operations by the contractually required date.

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***Investment Management***

*Revenue*

Revenue from the IM segment was $2.5 million for the three months ended March 31, 2026, a decrease of $0.7 million or 22.8%, compared to the same period in 2025. The decrease in revenue within the period is primarily related to a reduction in revenue earned from GREC II for management and administration fees due to a lower aggregate net asset value for GREC II used to calculate monthly fee rates.

*Direct operating costs – IM*

Direct operating costs of the IM segment were $2.0 million for the three months ended March 31, 2026, a decrease of $3.3 million, or 62.3%, compared to the same period in 2025. The decrease in Direct operating costs within the period primarily related to lower salary and compensation related expenses due to lower headcount for the IM segment.

General and administrative expense for the IM segment was $1.2 million for the three months ended March 31, 2026, a decrease of $0.1 million or 11.4%, compared to the same period in 2025. The decrease in General and administrative expense was primarily driven by lower administrative, salary, and compensation-related costs within the IM segment primarily due to lower headcount and lower share-based compensation expense related to GDEV II incentive units.

***Corporate***

*General and administrative*

General and administrative expense for Corporate was $8.1 million for the three months ended March 31, 2026, a decrease of $4.4 million, or 35.2%, compared to the same period in 2025. The decrease was primarily driven by a decrease in salary and related compensation driven by lower headcount.

***Non-operating income and expense***

*Interest expense, net*

Interest expense, net was $12.1 million for the three months ended March 31, 2026, compared to $36.6 million for the same period in 2025. The decrease in expense is primarily driven by 1) favorable changes in the fair value of the interest rate swaps due to more favorable forward rate curves, and 2) more capitalized interest expense related to the under-construction Cider project. These are partially offset by 1) a decrease in interest rate swap income due to the Company having less swap arrangements and changing interest rates, and 2) an increase in debt-related interest expense due to larger debt balances.

*Change in fair value of investments, net*

Change in fair value of investments, net was a loss of $5.7 million for the three months ended March 31, 2026, compared to a gain of $1.0 million in the same period in 2025. The loss in the current year period was primarily related to a decrease in the fair value of the Company's investment in Aurora Solar due to a change in forecasted distributions from the tax equity partnership in which Aurora Solar is the managing member.

*Income from sale-leaseback transfer of tax benefits*

The Company recorded Income from sale-leaseback transfer of tax benefits of $10.2 million for the three months ended March 31, 2026, the same amount recorded for the same period in 2025. The income is driven by the recognition of deferred income from the transfer of tax credits related to the Company's three sale leaseback financings. The Company recognizes deferred income over the first five anniversary dates of each sale leaseback transaction, corresponding to the five-year recapture period. Refer to Part I — Item 1 – Note 8. Debt for more information.

*Income tax (expense) benefit*

Income tax (expense) benefit was an expense of $6.2 million for the three months ended March 31, 2026, compared to a benefit of $10.4 million for the same period in 2025, primarily due to a change in the estimated annual effective tax rate driven by the forecasted NCI income (loss) allocations and changes in the valuation allowance.

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*Net loss attributable to noncontrolling interests*

Net loss attributable to noncontrolling interests was $0.2 million for the three months ended March 31, 2026, compared to $25.1 million for the same period in 2025. The decrease was primarily due to lower allocation of nonrecurring tax benefits to certain tax equity partners as well as the impact of contractual provisions governing the timing of tax benefits used in determining the tax equity partners' returns.

**Non-GAAP Financial Measures**

This quarterly report includes certain non-GAAP financial measures that are not prepared in accordance with U.S. GAAP and that may be different from non-GAAP financial measures used by other companies. The Company believes EBITDA, Adjusted EBITDA and Funds from Operations ("FFO") are useful to investors in evaluating the Company's financial performance. Each of these measures should not be considered in isolation from or as superior to or as a substitute for other financial measures determined in accordance with U.S. GAAP, such as net income (loss) or operating income (loss). The Company uses these measures internally to establish forecasts, budgets and operational goals to manage and monitor its business, as well as evaluate its underlying historical performance and to measure incentive compensation, as we believe that these non-GAAP financial measures depict the true performance of the business by encompassing only relevant and controllable events, enabling the Company to evaluate and plan more effectively for the future. In addition, the Company's debt agreements contain covenants that use a variation of these measures for purposes of determining debt covenant compliance. The Company believes that investors should have access to the same set of tools that its management uses in analyzing operating results. EBITDA, Adjusted EBITDA and FFO should not be considered as measures of financial performance under U.S. GAAP, and the items excluded from EBITDA, Adjusted EBITDA and FFO are significant components in understanding and assessing the Company's financial performance. Accordingly, these key business metrics have limitations as an analytical tool. They should not be considered as an alternative to net income (loss) or any other performance measures derived in accordance with U.S. GAAP or as an alternative to cash flows from operating activities as a measure of the Company's liquidity and may be different from similarly titled non-GAAP measures used by other companies. The presentations of EBITDA, Adjusted EBITDA and FFO should not be construed as an inference that the future results of the Company will be unaffected by unusual or nonrecurring items.

***Adjusted EBITDA and FFO***

*Adjusted EBITDA*

Adjusted EBITDA is a non-GAAP financial measure that the Company uses as a performance measure as well as for internal planning purposes. We believe that Adjusted EBITDA is useful to management and investors in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis as it includes adjustments relating to items that are not indicative of the ongoing operating performance of the business.

The Company defines Adjusted EBITDA as net income (loss) before: (i) interest expense; (ii) income taxes; (iii) depreciation expense; (iv) amortization expense (including contract amortization); (v) accretion expense; (vi) impairment of long-lived assets; (vii) amounts attributable to our redeemable and nonredeemable noncontrolling interests; (viii) unrealized gains and losses on financial instruments; (ix) gains and losses for asset dispositions; (x) other income (loss); and (xi) foreign currency gain (loss). Additionally, the Company further adjusts for the following items described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based compensation is excluded from Adjusted EBITDA as it is different from other forms of compensation as it is a non-cash expense and is highly variable. For example, a cash salary generally has a fixed and unvarying cash cost. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a share-based compensation valuation methodology and underlying assumptions that may vary over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Costs associated with new investment strategies are excluded from Adjusted EBITDA. The Company evaluates new investment strategies on a regular basis and excludes start-up cost from Adjusted EBITDA until such time as a new strategy is determined to form part of the Company's core investment management business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Placement fees, including internal sales commissions, related to fundraising efforts based on the capital raised, are excluded from Adjusted EBITDA. By excluding these fundraising-related fees from Adjusted EBITDA, we focus on core operational performance, separate from capital raising efforts, which might vary significantly from period to period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other costs that are not consistently occurring, not reflective of expected future operating expense and provide no insight into the fundamentals of current or past operations of our business are excluded from Adjusted EBITDA. This includes costs such as professional services and legal fees, and other non-recurring costs unrelated to the ongoing operations of the Company.

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Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with U.S. GAAP. Adjusted EBITDA should not be considered in isolation from or as superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP. Additionally, our calculations of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

*FFO*

FFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain items that are not indicative of the ongoing operating performance of the business. FFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to Tax Equity Investors under the financing facilities associated with our IPP segment. The Company excludes these distributions as these are not recorded within Adjusted EBITDA and therefore not a component of the Company's earnings from operations. Distributions excluded to calculate the FFO does not include distributions made to Tax Equity Investors from the proceeds received from the transfer of investment tax credits to third parties. The Company believes that the analysis and presentation of FFO will enhance our investors' understanding of the ongoing performance of our operating business.

Adjusted EBITDA and FFO should not be considered in isolation from or as a superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP.

The following table reconciles Net loss attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA and FFO:

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| | | |
|:---|:---|:---|
| | **For the three months ended March 31,** | **For the three months ended March 31,** |
| *(in thousands)* | **2026** | **2025** |
| **Net loss attributable to Greenbacker Renewable Energy Company LLC** | $(27326) | $(15586) |
| *Add back or (deduct) the following:* |  |  |
| Net loss attributable to noncontrolling interests | (188) | (25068) |
| (Benefit) expense from income taxes | 6173 | (10374) |
| Interest (income) expense, net | 12072 | 36566 |
| Depreciation, amortization and accretion<sup>(1)</sup> | 19470 | 18804 |
| **EBITDA** | $10201 | $4342 |
| *Add back or (deduct) the following:* |  |  |
| Share-based compensation expense | 1233 | 3469 |
| Change in fair value of investments, net | 5745 | (990) |
| Income from sale-leaseback transfer of tax benefits | (10188) | (10188) |
| Other expense (income), net | (153) | (148) |
| Loss on asset disposition | 205 | 13 |
| Impairment of long-lived assets, net and termination costs | 463 | 13665 |
| Non-recurring professional services and legal fees | 2045 | 1689 |
| Non-recurring salaries and personnel related expenses<sup>(2)</sup> | 1094 | 2596 |
| **Adjusted EBITDA** | $10645 | $14448 |
| Cash portion of interest expense | (6292) | (9408) |
| Distributions to tax equity investors | (2559) | (3811) |
| **FFO** | $1794 | $1229 |

---

(1)Includes contract amortization, net in the amount of $2.5 million and $2.9 million for the three months ended March 31, 2026 and 2025, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations; also includes certain other amortization costs included in Direct operating costs and General and administrative on the Consolidated Statements of Operations.

(2)Non-recurring salaries and personnel related expenses include costs which primarily include salaries and personnel related expenses of incremental employees hired in advance to launch new investment strategy initiatives. Given the nature and scale of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to initially develop our new funds. Therefore, we believe it is useful and necessary for investors to understand our core operating performance in current and future periods by excluding the impact of these costs as incurred.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**Liquidity and Capital Resources**

***Overview***

The Company's primary sources of liquidity are its existing cash and cash equivalents balances, cash flows from operations, borrowings under its existing financing sources and future debt and equity financing. The Company's primary cash requirements include operating expenses, debt service payments (principal and interest), and capital expenditures. The Company's short-term cash requirements consist primarily of funds necessary to pay for our operating expenses, including our general and administrative expenses as well as interest payments on our outstanding debt and to repurchase our common shares pursuant to our SRP in connection with the death, disability or determination of incompetence of a shareholder. We also have a pipeline of currently contracted and potential future development, construction and acquisition projects, which may require short-term funding. The Company's long-term liquidity needs consist of funds necessary to repay debt and other financing obligations, and to acquire, construct and develop renewable energy and energy efficiency projects.

The Company's primary sources of liquidity include corporate-level credit facilities or other secured and unsecured borrowings as well as the issuance of equity and debt securities, as appropriate given market conditions. The Company expect to utilize project-level financing arrangements as needed, including joint venture structures, construction loans, tax equity bridge loans, tax credit transfer bridge loans, property mortgages, letters of credit, leases and sale and leaseback transactions, and other secured or unsecured arrangements. Additional sources of capital may include tax equity financings, proceeds from the sale of tax credits, governmental grants, and proceeds from asset sales. There can be no guarantee, however, that financing will be available on acceptable terms or at all.

As of March 31, 2026 and December 31, 2025, the Company had $50.7 million and $66.6 million, respectively, in Cash and cash equivalents and $8.2 million and $18.6 million, respectively, in Restricted cash, current. In the short-term, we anticipate continuing to: (1) increase our draw on current financing facilities, and/or (2) enter into new financing arrangements.

The Company remains focused on maintaining liquidity and financial flexibility and continues to monitor the capital and credit markets and its ability to finance the needs of its operating, financing and investment activity. If we are unable to expand our sources of financing, fully utilize our available cash or otherwise meet the required terms and financial covenants associated with our financing arrangements, it may have an adverse effect on our ability to fund and continue our operations. Our liquidity plans are also subject to a number of risks and uncertainties, including those described under the section Part I — Item 1A. Risk Factors in the Company's Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2025.

***Debt Outstanding***

We supplement our equity capital through the use of borrowings both at the corporate level and the project level. As of March 31, 2026 and December 31, 2025, the Company had $1.3 billion and $1.3 billion, respectively, in outstanding debt. The Company has $199.2 million of revolver capacity available to draw on its existing debt facilities as of March 31, 2026. The weighted average interest rate, including associated swap agreements and deferred financing costs on total debt outstanding, reduced by the amount of interest capitalized, was 2.59% as of March 31, 2026.

As of March 31, 2026, the Company's net leverage ratio met the requirement for the borrowings as defined in the terms of the credit facilities. The Company did not have any events of default under its debt agreements. Refer to Part I — Item 1 — Note 8. Debt in the Notes to the Consolidated Financial Statements (unaudited) for more information on borrowings.

**Changes in Cash Flows**

The following table shows cash flows from operating, investing and financing activities for the Company for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **For the three months ended March 31,** | **For the three months ended March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Net cash provided by (used in) operating activities | $5295 | $(9632) |
| Net cash used in investing activities | (48730) | (29024) |
| Net cash provided by financing activities | 16876 | 14385 |
| Net decrease in Cash, cash equivalents and Restricted cash | $(26559) | $(24271) |

---

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

***Operating Activities***

Net cash provided by operating activities was $5.3 million for the three months ended March 31, 2026, an increase of $14.9 million, compared to the net cash used of $9.6 million for the three months ended March 31, 2025. Excluding the impact of non-cash items, the increase in cash provided by operating activities was largely attributable to a decrease in accounts receivable resulting from collections of investment management revenue from GREC II.

***Investing Activities***

Net cash used in investing activities was $48.7 million for the three months ended March 31, 2026, an increase in cash used of $19.7 million, compared to $29.0 million for the three months ended March 31, 2025. The increase in net cash used in investing activities was primarily due to higher payments made for ongoing construction projects of $22.2 million during the three months ended March 31, 2026, driven mainly by capital expenditures related to the Cider project, expenditures associated with a wind repowering project, and expenditures incurred to replace damaged equipment at a project. This was offset by insurance proceeds received related to damaged equipment for certain projects.

***Financing Activities***

Net cash provided by financing activities was $16.9 million for the three months ended March 31, 2026, an increase of $2.5 million, compared to $14.4 million for the three months ended March 31, 2025. The increase in net cash provided by financing activities was primarily due to an increase in cash proceeds on borrowings of $46.5 million and a decrease in distributions to noncontrolling interests of $2.5 million. This was offset by an increase in payments on borrowings of $42.4 million, lower contributions from noncontrolling interests of $2.1 million, and higher buyouts of noncontrolling interests of $2.0 million.

**Contractual Obligations**

The Company has a variety of contractual obligations and commitments, both short-term and long-term in nature. The following table summarizes the Company's contractual obligations related to debt and leases. Refer to Part I — Item 1 — Note 8. Debt and Note 11. Commitments and Contingencies in the Notes to the Consolidated Financial Statements (unaudited) for more information.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **By Remaining Maturity at March 31,** | **By Remaining Maturity at March 31,** | **By Remaining Maturity at March 31,** | **By Remaining Maturity at March 31,** | **By Remaining Maturity at March 31,** |
| | **2026** | **2026** | **2026** | **2026** | **2026** |
| | **Under** | | | **Over** | |
| *(in thousands)* | **1 Year** | **1-3 Years** | **3-5 Years** | **5 Years** | **Total** |
| Long-term debt | $27710 | $762822 | $199411 | $331463 | $1321406 |
| Operating leases | 10899 | 24832 | 22999 | 406146 | 464876 |
| Other commitments | 1502 | 3101 | 3237 | 17012 | 24852 |
| &nbsp;&nbsp;Total | $40111 | $790755 | $225647 | $754621 | $1811134 |

---

The Company has additional commitments and guarantees, including letters of credit, pledges of collateral and unsecured guarantees of loans to subsidiaries, investments-to-be-constructed assets and membership interest purchase commitments, PPAs, REC commitments and pledges of parent company guarantees. Refer to Part I — Item 1 — Note 4. Variable Interest Entities, Note 10. Income Taxes and Note 11. Commitments and Contingencies in the Notes to the Consolidated Financial Statements (unaudited) for more information.

 **Share Repurchase Program**

In 2023, the Board of Directors approved the suspension of the SRP, except for repurchase requests made in connection with the death, qualifying disability, or determination of incompetence of a shareholder. A shareholder was required to hold his or her shares for a minimum of one year before he or she could participate in the SRP, subject to any of the following special circumstances: (i) the written request of the estate, heir or beneficiary or a deceased shareholder; (ii) a qualifying disability of the shareholder for a non-temporary period of time, provided that the condition causing the qualifying disability was not pre-existing on the date that the shareholder became a shareholder; (iii) a determination of incompetence of the shareholder by a state or federal court located in the U.S.; or (iv) as determined by the Board of Directors, in their discretion, to be in the interests of the Company. If a member has made more than one purchase of shares, the one-year holding period will be calculated separately with respect to each purchase.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**Off-Balance Sheet Arrangements**

In the ordinary course of business, the Company engages in financial transactions that are not presented on our Consolidated Balance Sheets or may be recorded on our Consolidated Balance Sheets in amounts that are different from the full contract or notional amount of the transaction. The Company's off-balance sheet arrangements consist primarily of unfunded loan commitments and guarantees to the Tax Equity Investors, which may affect our liquidity and funding requirements based on the likelihood that borrowers will advance funds under the loan commitments, or we will be required to perform under the guarantee obligations. Refer to Part I — Item 1 — Note 4. Variable Interest Entities, Note 11. Commitments and Contingencies and Note 13. Noncontrolling Interests and Redeemable Noncontrolling Interests in the Notes to the Consolidated Financial Statements (unaudited) in this Quarterly Report for further details.

**Critical Accounting Policies and Use of Estimates**

Our critical accounting policies are detailed in Part II — Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies and Estimates in our Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2025.

**Recently Issued Accounting Pronouncements**

Refer to Part I — Item 1 — Note 2. Significant Accounting Policies in the Notes to the Consolidated Financial Statements (unaudited) in this Quarterly Report for a discussion of recently issued accounting pronouncements.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

The Company is exposed to several market risks in its normal business activities. Market risk is the potential loss that may result from market changes associated with the Company's power generation or with an existing or forecasted financial or commodity transaction. The types of market risks the Company is exposed to are commodity price risk, interest rate risk, the credit quality of our counterparties and project companies, and changes in government incentives. We seek to manage these risks; however, there can be no assurance that our current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short or long term. Investors must be prepared to lose all or substantially all their investment in the shares.

**Commodity Price Risk**

Acquisitions of renewable energy and energy efficiency projects and businesses expose us to volatility in the market prices of electricity. To stabilize our revenue, we generally enter into projects that have PPAs with local utilities and offtakers that ensure all or most of the electricity generated by each project will be purchased at the contracted price. In the event any electricity is not purchased by the offtaker or the energy produced exceeds the offtaker's capacity, we generally sell that excess energy to the local utility or another suitable counterparty, which ensures revenue is generated for all electricity produced. We may be exposed to the risk that the offtaker will fail to perform under the PPA, with the result that we will sell our excess electricity at the market price, which could be either advantageous or disadvantageous, depending on the market price of electricity at that point in time.

The contractual status of our projects limits our exposure to: (i) volatility in the market prices of electricity caused by volatility in the market price of natural gas to our projects' post-PPA periods, (ii) situations where an offtaker is unable to fulfill their contractual obligation to buy the power the projects generate, or: (iii) situations where the projects generate energy in excess of that agreed upon in their PPAs and the excess power is sold to the market. In regard to the market price of other commodities, increases in the costs of raw materials used in the construction of our renewable energy assets could materially adversely affect the cost required to bring our projects to commercial operation. To mitigate this risk, we (i) when possible, share this risk with developers from whom we purchase in construction and pre-construction assets, and (ii) pursue large forward procurement strategies to secure equipment for our in-construction portfolio from large and creditworthy suppliers of equipment with fixed price contracts.

**Credit Risk**

Credit risk represents the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company seeks to mitigate this risk by maintaining a diversified portfolio of counterparties and by entering into contracts with high-credit-quality counterparties. Nevertheless, unanticipated credit losses could occur, which could adversely impact the Company's operating results and the amount and timing of expected cash flows. The Company enters into derivative instruments such as interest rate swaps to manage its variable interest rate risk. Refer to Part I — Item 1 — Note 9. Derivative Instruments in the Notes to the Consolidated Financial Statements (unaudited). Based on the credit ratings of the counterparties, the Company believes that its exposure to credit risk arising from potential nonperformance under these interest rate swap contracts is insignificant.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**Changes in Market Interest Rates**

In addition to other sources of financing, the Company uses variable rate debt to finance its operations, which exposes the Company to fluctuations in market interest rates. The Company's long-term debt instruments subject it to the risk of loss associated with movements in interest rates. To manage this exposure, the Company enters into derivative instruments, including interest rate swaps. These interest rate swaps are not designated as hedging instruments for accounting purposes. When considered together with the Company's variable-rate debt, the interest rate swap contracts economically reduce exposure to interest rate volatility and result in primarily fixed rate debt obligations. Refer to Part I — Item 1 — Note 9. Derivative Instruments in the Notes to the Consolidated Financial Statements (unaudited). The Company performed a sensitivity analysis to evaluate its exposure to changes in market interest rates, taking into account its outstanding variable-rate debt and interest rate swap agreements as of March 31, 2026. Based on this analysis, a hypothetical 1.0% increase or decrease in market interest rates would result in an approximately $79.4 million change in the fair value of the Company's interest rate derivative instruments. Because these swaps are not designated as hedging instruments, changes in their fair value are recognized in earnings and may result in volatility in the Company's results of operations. As of March 31, 2026, the fair value of the Company's long-term debt approximated its carrying value of $1.3 billion. The Company remains in compliance with all financial covenants under its debt agreements.

**Changes in Government Incentives**

Retrospective changes in the levels of government incentives may have a negative impact on our current renewable energy projects. Prospective changes in the levels of government incentives, including RECs, ITCs and PTCs, due to the OBBBA and other legislative and regulatory actions, may impact the relative attractiveness of future acquisitions in various renewable energy projects, which could make it difficult for the Company to find suitable acquisitions in the sector.

**Item 4. Controls and Procedures**

**Disclosure Controls**

In accordance with Rules 13a-15(b) and 15d-15(b) of the Exchange Act, we, under the supervision and with the participation of our principal executive officer and principal accounting officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report, and determined that the disclosure controls and procedures are effective. Our disclosure controls and procedures are designed to provide reasonable assurance that information we are required to disclose in the reports that we file or submit under the Exchange Act are recorded, processed and summarized and reported within the time period specified in the applicable rules and forms.

**Change in Internal Control Over Financial Reporting**

No change occurred in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**Limitations on the Effectiveness of Controls**

Any control system, no matter how well designed and operated, can only provide reasonable (but not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

The Company is not currently subject to any material legal proceedings, nor, to its knowledge, is any material legal proceeding threatened against the Company other than the items contained herein.

On September 9, 2025, CO Buffalo Flats LLC and GB Solar TE 2020 Holdings LLC, subsidiaries of the Company, filed a Demand for Arbitration with the American Arbitration Association against the Project's EPC contractor and its surety relating to module performance issues at a utility-scale solar photovoltaic project (the "Project"). Following identification of certain operational concerns, the Company initiated an engineering review and engaged independent consultants to evaluate, among other matters, module selection, module quality and compatibility with the Project's mounting structure. The Company provided formal notice of claims to the EPC contractor, the module manufacturer and other potentially responsible parties pursuant to applicable project agreements. The Company is also evaluating potential recovery under contractual warranties, indemnities and applicable insurance policies. The arbitration is pending, and a procedural schedule is in the process of being established, with hearings currently proposed for September 2027. The Company cannot predict the timing or the resolution of this matter.

On July 25, 2025, Robin MCK LLC ("Robin MCK"), a subsidiary of the Company, filed a complaint against McKesson Corporation ("McKesson") in the Superior Court of New Jersey, Mercer County. The Company alleges that McKesson breached its contractual obligations under a PPA and associated site lease by refusing to permit repairs and reenergization of the rooftop solar energy facility following a July 2023 fire, and seeks declaratory relief, specific performance, injunctive relief, and monetary damages of not less than $18 million including damages related to claimed lost revenue, as well as additional amounts for lost renewable energy credits, environmental incentives, and interest. On January 30, 2026, McKesson filed an answer denying the allegations and asserting multiple affirmative defenses. McKesson did not assert any counterclaims in its filing. The litigation remains pending. The Company cannot predict the timing or the resolution of this matter.

On March 11, 2026, a third party filed a complaint in the United States District Court for the Southern District of New York against a wholly owned subsidiary of the Company, alleging breach of contract and anticipatory repudiation under a membership interest purchase agreement executed in March 2023 related to the planned acquisition of a solar and battery storage project located in Montana. The complaint seeks, among other things, certain monetary damages plus declaratory relief that the plaintiff is not obligated to arbitrate the dispute. On March 12, 2026, the subsidiary filed a demand for arbitration with the American Arbitration Association arising from the same agreement. The Company disputes the allegations, believes that arbitration is the appropriate forum for resolution, and is seeking to enforce the arbitration provisions contained in the parties' agreements.

On April 16, 2026, the Chapter 7 trustee for EVCE filed an adversary complaint in the United States Bankruptcy Court for the District of Colorado against the Company and certain affiliates seeking recovery of amounts allegedly transferred to the Company prior to EVCE's bankruptcy filing. The Company will respond to the complaint and intends to vigorously defend against the claims.

**Item 1A. Risk Factors**

There have been no material changes from the risk factors disclosed under the heading Part I — Item 1A. Risk Factors in the Company's Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2025.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

**Issuer Purchases of Equity Securities**

For the three months ended March 31, 2026, the Company repurchased 37.9 thousand Class A shares, 55 Class C shares, 3.5 thousand Class I shares, nil Class P-A shares, 11.3 thousand Class P-I shares, nil Class P-D shares, nil Class P-S shares and nil Class P-T shares at a total purchase price of $0.1 million for Class A shares, an immaterial amount for Class C shares, $11.2 thousand for Class I shares, nil for Class P-A shares, $48.2 thousand for Class P-I shares, and nil for Class P-S shares and nil for Class P-T shares, respectively. All repurchases were made pursuant to the Company's share repurchase program ("SRP") which has been suspended since 2023 except in connection with the death, disability or determination of incompetence of a shareholder.

The table below provides information concerning the Company's repurchase of shares during the quarter ended March 31, 2026 pursuant to the Company's SRP:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands, except per share data)* |  |  |  |  |
| **Period** | **Total<br>Number of<br>Shares<br>Repurchased** | **Average<br>Price Paid<br>per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Maximum<br>Number of Repurchase<br>Shares<br>Offered** |
| January 1 to March 31, 2026 | 53 | $3.85 | 53 | 9769 |

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**Item 3. Defaults Upon Senior Securities**

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

Not applicable.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**Item 6. Exhibits**

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 2.1 | <u>[Contribution Agreement, dated as of May 19, 2022, by and between Greenbacker Renewable Energy Company LLC and Greenbacker Group LLC](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex2-1.htm)</u> <u>[(Incorporated by reference from Exhibit 2.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex2-1.htm)</u> |
| 2.2 | <u>[Contribution Agreement, dated as of May 19, 2022, by and between Greenbacker Renewable Energy Company LLC and Greenbacker Renewable Energy Corporation](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex2-2.htm)</u> <u>[(Incorporated by reference from Exhibit 2.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex2-1.htm)</u> |
| 3.1 | <u>[Fifth Amended and Restated Limited Liability Company Operating Agreement, dated as of May 19, 2022 of Greenbacker Renewable Energy Company LLC](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex3-1.htm)</u> <u>[(Incorporated by reference from Exhibit 3.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex2-1.htm)</u> |
| 3.2 | <u>[Certificate of Formation of Greenbacker Renewable Energy Company LLC (Incorporated by reference from Exhibit 3.1 of the Registrant's Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-178786-01) filed on December 11, 2012)](https://www.sec.gov/Archives/edgar/data/1538377/000119312512498707/d451116dex31.htm)</u> |
| 3.3 | <u>[Fourth Amended and Restated Limited Liability Company Operating Agreement of Greenbacker Renewable Energy Company LLC dated November 17, 2020 (Incorporated by reference from Exhibit 3.1 of the Registrant's Form 10-Q (File No. 000-55610) filed on November 17, 2020)](https://www.sec.gov/Archives/edgar/data/1563922/000121390020037695/f10q0920ex3-1_greenbacker.htm)</u> |
| 4.1 | <u>[Certificate of Share Designation of Class EO Common Shares of Greenbacker Renewable Energy Company LLC, dated as of May 19, 2022 (Incorporated by reference from Exhibit 4.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex4-1.htm)</u> |
| 4.2 | <u>[Amended and Restated Certificate of Share Designation of Class EO Common Shares of Greenbacker Renewable Energy Company LLC, dated as of February 5, 2024 (Incorporated by reference from Exhibit 4.1 of the Registrant's Form 8-K (File No. 000-55610) filed on February 9, 2024)](https://www.sec.gov/Archives/edgar/data/1563922/000175392624000257/g084024_ex4-1.htm)</u> |
| 10.1 | <u>[Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan, dated as of May 23, 2023 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 30, 2023)](https://www.sec.gov/Archives/edgar/data/1563922/000175392623000747/g083571_ex10-1.htm)</u> |
| 10.2 | <u>[Form of Restricted Share Unit Grant and Agreement under the Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan (Incorporated by reference from Exhibit 10.2 of the Registrant's Form 8-K (File No. 000-55610) filed on May 30, 2023)](https://www.sec.gov/Archives/edgar/data/1563922/000175392623000747/g083571_ex10-2.htm)</u> |
| 10.3 | <u>[Form of Restricted Share Grant and Agreement under the Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan (Incorporated by reference from Exhibit 10.3 of the Registrant's Form 8-K (File No. 000-55610) filed on May 30, 2023)](https://www.sec.gov/Archives/edgar/data/1563922/000175392623000747/g083571_ex10-3.htm)</u> |
| 10.4 | <u>[Fourth Amended and Restated Advisory Agreement between Registrant, Greenbacker Renewable Energy Corporation and Greenbacker Capital Management LLC dated July 1, 2021 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 333-178786-01) filed on July 1, 2021)](https://www.sec.gov/Archives/edgar/data/1563922/000175392621000221/g082247_ex10-1.htm)</u> |
| 10.5 | <u>[Registration Rights Agreement, dated as of May 19, 2022, by and between Greenbacker Renewable Energy Corporation, Greenbacker Renewable Energy Company LLC and the Initial Holders (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex10-1.htm)</u> |
| 10.6 | <u>[Form of Administration Agreement by and among Registrant, Greenbacker Renewable Energy Corporation and Greenbacker Administration, LLC](https://www.sec.gov/Archives/edgar/data/1563922/000121390020037695/f10q0920ex10-2_greenbacker.htm)[(Incorporated by reference from Exhibit 3.1 of the Registrant's Form 10-Q (File No. 333-178786-01) filed on November 17, 2020)](https://www.sec.gov/Archives/edgar/data/1563922/000121390020037695/f10q0920ex10-2_greenbacker.htm)</u> |
| 10.7 | <u>[Transition Services Agreement, dated as of May 19, 2022, by and among Greenbacker Group LLC, GB Liquidation Performance Holder LLC, GB EO Holder LLC, and Greenbacker Administration, LLC (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex10-2.htm)</u> |
| 10.8 | <u>[Form of Expense Assumption and Reimbursement Agreement by and among Registrant, Greenbacker Renewable Energy Corporation and Greenbacker Capital Management, LLC (Incorporated by reference from Exhibit 10.6 of the Registrant's Form 10-Q (File No. 333-178786-01) filed on August 11, 2014)](https://www.sec.gov/Archives/edgar/data/1563922/000119312514304195/d764343dex106.htm)</u> |
| 10.9 | <u>[Credit Agreement among GREC Entity HoldCo LLC, as Borrower, Greenbacker Renewable Energy Corporation, as Intermediate Holdco, Greenbacker Renewable Energy Company LLC, as Parent, and the lenders named therein, dated July 11, 2016 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 333-178786-01) filed on July 14, 2016)](https://www.sec.gov/Archives/edgar/data/1563922/000161577416006331/s103707_ex10-1.htm)</u> |
| 10.10 | <u>[Credit Agreement among GREC Entity HoldCo LLC, as Borrower, Greenbacker Renewable Energy Corporation, as Intermediate Holdco, Greenbacker Renewable Energy Company LLC, as Parent, and the lenders named therein, dated January 5, 2018 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on January 10, 2018)](https://www.sec.gov/Archives/edgar/data/1563922/000161577418000237/s108683_ex10-1.htm)</u> |
| 10.11 | <u>[Amended and Restated Credit Agreement among GREC Entity HoldCo LLC, as Borrower, Greenbacker Renewable Energy Corporation, as Intermediate Holdco, Greenbacker Renewable Energy Company LLC, as Parent, and the lenders named therein, dated June 20, 2019 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on June 25, 2019)](https://www.sec.gov/Archives/edgar/data/1563922/000121390019011416/f8k062019ex10-1_greenbacker.htm)</u> |

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 10.12 | <u>[Second Amended and Restated Credit Agreement among GREC Entity HoldCo LLC, as Borrower, Greenbacker Renewable Energy Corporation, as Intermediate Holdco, Greenbacker Renewable Energy Company LLC, as Parent, and the lenders named therein, dated November 25, 2020 (Incorporated by reference from Exhibit 10.12 of the Registrant's Form 10-K (File No. 000-55610) filed on March 28, 2024)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1563922/000156392224000001/cik0001563922-20231231.htm)</u> |
| 10.13 | <u>[Separation Agreement by and among Greenbacker Renewable Energy Corporation (together with Greenbacker Renewable Energy Company LLC and each of their affiliates) and Mehul Mehta, dated as of September 1, 2023 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on September 1, 2023)](https://www.sec.gov/Archives/edgar/data/1563922/000175392623001175/g083733_ex10-01.htm)</u> |
| 10.14 | <u>[Consulting Agreement by and among Greenbacker Renewable Energy Corporation (together with Greenbacker Renewable Energy Company LLC and each of their affiliates) and Mehul Mehta, dated as of September 1, 2023 (Incorporated by reference from Exhibit 10.2 of the Registrant's Form 8-K (File No. 000-55610) filed on September 1, 2023)](https://www.sec.gov/Archives/edgar/data/1563922/000175392623001175/g083733_ex10-02.htm)</u> |
| 10.15 | <u>[Credit and Guaranty Agreement by and among GREC Warehouse Holdings 1 LLC, as borrower, and the guarantors, letter of credit issuers, and lenders named therein, dated August 11, 2023 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1563922/000175392624000095/g083945_ex10-1.htm)</u> |
| 10.16 | <u>[Credit Agreement among GREC Holdings 1 LLC, as Borrower, and Fifth Third Bank, National Association, KeyBanc Capital Markets Inc., Wells Fargo Bank, National Association, and the lenders named therein, dated November 29, 2022 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1563922/000175392624000093/g083942_ex10-1.htm)</u> |
| 10.17 | <u>[Amended Credit Agreement among GREC Holdings 1 LLC, as Borrower, and Fifth Third Bank, National Association, KeyBanc Capital Markets Inc., Wells Fargo Bank, National Association, and the lenders named therein, dated March 21, 2023 (Incorporated by reference from Exhibit 10.2 of the Registrant's Form 8-K (File No. 000-55610) filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1563922/000175392624000093/g083942_ex10-2.htm)</u> |
| 10.18 | <u>[Separation Agreement by and among Greenbacker Renewable Energy Corporation (together with Greenbacker Renewable Energy Company LLC and each of their affiliates) and Christopher Smith, dated as of January 28, 2025 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on January 28, 2025)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001563922/000175392625000153/g084673_8k.htm)</u> |
| 10.19 | <u>[Transition Agreement by and among the Company, Greenbacker Renewable Energy Corporation, Greenbacker Capital Management, Greenbacker Administration, LLC and Charles Wheeler, dated March 31, 2025 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on March 31, 2025)](https://www.sec.gov/Archives/edgar/data/1563922/000175392625000539/g084741_ex10-1.htm)</u> |
| 10.20 | <u>[Employment Agreement, dated August 25, 2025, by and between Greenbacker Renewable Energy Corporation and Daniel de Boer (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 10-Q (File No. 000-55610) filed on November 13, 2025](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex101.htm)</u>) |
| 10.21 | <u>[Employment Agreement, dated August 25, 2025, by and between Greenbacker Renewable Energy Corporation and Carl Weatherley-White (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 10-Q (File No. 000-55610) filed on November 13, 2025](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex102.htm)</u>) |
| 10.22 | <u>[Transition and Separation Agreement, dated September 15, 2025 by and between Greenbacker Renewable Energy Company LLC and Matthew Murphy (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on September 17, 2025)](https://www.sec.gov/Archives/edgar/data/1563922/000175392625001515/g084952_ex10-1.htm)</u> |
| 10.23 | <u>[Consultation Agreement, dated December 22, 2025, by and between Greenbacker Renewable Energy Company LLC and David Sher (Incorporated by reference from Exhibit 10.23 of the Registrant's Form 10-K (File No. 000-55610) filed on March 9 , 2026)](https://www.sec.gov/Archives/edgar/data/1563922/000156392226000006/grec-20251231xex1023.htm)</u> |
| 10.24 | <u>[Form of Restricted Share Unit Grant and Agreement (Time-Based Vesting) under the Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan (Incorporated by reference from Exhibit 10.24 of the Registrant's Form 10-K (File No. 000-55610) filed on March 9 , 2026)](https://www.sec.gov/Archives/edgar/data/1563922/000156392226000006/grec-20251231xex1024.htm)</u> |
| 10.25 | <u>[Form of Restricted Share Unit Grant and Agreement (Performance-Based Vesting – Tier 1) under the Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan (Incorporated by reference from Exhibit 10.25 of the Registrant's Form 10-K (File No. 000-55610) filed on March 9 , 2026)](https://www.sec.gov/Archives/edgar/data/1563922/000156392226000006/grec-20251231xex1025.htm)</u> |
| 10.26 | <u>[Form of Restricted Share Unit Grant and Agreement (Performance-Based Vesting – Tier 2) under the Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan (Incorporated by reference from Exhibit 10.26 of the Registrant's Form 10-K (File No. 000-55610) filed on March 9 , 2026)](https://www.sec.gov/Archives/edgar/data/1563922/000156392226000006/grec-20251231xex1026.htm)</u> |
| 31.1\* | <u>[Certification of principal executive officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended](grec-20260331xex311.htm)</u> |
| 31.2\* | <u>[Certification of principal financial officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended](grec-20260331xex312.htm)</u> |
| 32.1\*\* | <u>[Certification of principal executive officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](grec-20260331xex321.htm)</u> |
| 32.2\*\* | <u>[Certification of principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](grec-20260331xex322.htm)</u> |

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 101\* | The following materials from Greenbacker Renewable Energy Company LLC's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed on May 13, 2026, formatted in inline XBRL (eXtensible Business Reporting Language):<br>(i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations; (iii) Consolidated Statements of Comprehensive Income (Loss); (iv) Consolidated Statements of Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to the Unaudited Consolidated Financial Statements |
| 104 | Cover page interactive data file, formatted in Inline XBRL and contained in Exhibit 101 |

---

\*Filed herewith.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith.

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<u>[**Table of Contents**](#i1d8c736565aa4902b8979dd178fbcf87_10)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | Greenbacker Renewable Energy Company LLC | Greenbacker Renewable Energy Company LLC |
| Date: May 13, 2026 | By | /s/ Daniel de Boer |
|  |  | Daniel de Boer<br>Chief Executive Officer<br>*principal executive officer* |
| Date: May 13, 2026 | By | /s/ Michael Cunningham |
|  |  | Michael Cunningham<br>Senior Vice President, Chief Accounting Officer<br>*principal accounting officer, performing the duties of principal financial officer* |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Daniel de Boer, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Greenbacker Renewable Energy Company LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2026

---

| |
|:---|
| **Greenbacker Renewable Energy Company LLC** |
| /s/ Daniel de Boer |
| Daniel de Boer<br>Chief Executive Officer<br>*principal executive officer* |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Michael Cunningham, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Greenbacker Renewable Energy Company LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2026

---

| |
|:---|
| **Greenbacker Renewable Energy Company LLC** |
| /s/ Michael Cunningham |
| Michael Cunningham<br>Senior Vice President, Chief Accounting Officer<br>*principal accounting officer, performing the duties of principal financial officer* |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE**

**OFFICER PURSUANT TO 18 U.S.C. SECTION**

**1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Daniel de Boer, Chief Executive Officer, and principal executive officer, in connection with the Quarterly Report of Greenbacker Renewable Energy Company LLC (the "Company") on Form 10-Q for the three months ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Quarterly Report"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the company.

Date: May 13, 2026

---

| |
|:---|
| **Greenbacker Renewable Energy Company LLC** |
| /s/ Daniel de Boer |
| Daniel de Boer<br>Chief Executive Officer<br>*principal executive officer* |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF CHIEF FINANCIAL** 

**OFFICER PURSUANT TO 18 U.S.C. SECTION**

**1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Michael Cunningham, Senior Vice President, Chief Accounting Officer, and principal accounting officer, performing the duties of principal financial officer, in connection with the Quarterly Report of Greenbacker Renewable Energy Company LLC (the "Company") on Form 10-Q for the three months ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Quarterly Report"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the company.

Date: May 13, 2026

---

| |
|:---|
| **Greenbacker Renewable Energy Company LLC** |
| /s/ Michael Cunningham |
| Michael Cunningham<br>Senior Vice President, Chief Accounting Officer<br>*principal accounting officer, performing the duties of principal financial officer* |

---

<br>