SPRUCE POWER HOLDING CORP
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 31, 2026
SPRU$1.44-4.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 15. Exhibits and Financial Statement Schedules
Item 15. Exhibits, Financial Statement Schedules
(a)Documents filed as part of this report.
- The following financial statements of Spruce Power Holding Corporation and Report of CohnReznick LLP and Deloitte & Touche LLP, Independent Registered Public Accounting Firms, are included in this report:
| Page No. | |
| Report of Independent Registered Public Accounting Firm for CohnReznick LLP (PCAOB ID No. 596 ) | F-2 |
|---|---|
| Report of Independent Registered Public Accounting Firm for Deloitte & Touche LLP (PCAOB ID No .34) | F-3 |
| Consolidated Balance Sheets as of December 31, 2025 and 2024 | F-4 |
| Consolidated Statements of Operations for the Years Ended December 31, 2025 and 2024 | F-6 |
| Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2025 and 2024 | F-7 |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024 | F-8 |
| Notes to Consolidated Financial Statements | F-10 to F-48 |
- List of financial statement schedules:
All schedules have been omitted since they are not applicable, or the required information is shown in the financial statements or notes thereto.
- List of Exhibits required by Item 601 of Regulation S-K. See part (b) below.
(b)Exhibits.
| Exhibit No. | Description | Included | Form | Exhibit | Filing Date |
|---|---|---|---|---|---|
| 2.1 | Membership Interest Purchase and Sale Agreement, dated as of September 9, 2022, by and between the Company, SF Solar Blocker 2 LLC, SF Solar Blocker 3 LLC, Spruce Holding Company 3 Holdco LLC and HPS Investment Partners, LLC | By Reference | 8-K | 2.1 | September 15, 2022 |
| 3.1 | Second Amended and Restated Certificate of Incorporation. | By Reference | 8-K | 3.1 | December 23, 2020 |
| 3.2 | Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation | By Reference | 8-K | 3.1 | October 6, 2023 |
| 3.3 | Certificate of Amendment changing name of Registrant to Spruce Power Holding Corporation | By Reference | 8-K | 3.1 | November 14, 2022 |
| 3.4 | Amended and Restated Bylaws, as amended as of November 10, 2022 | By Reference | 8-K | 3.2 | November 14, 2022 |
| 4.1 | Description of Registered Securities | Herewith | |||
| Exhibit No. | Description | Included | Form | Exhibit | Filing Date |
|---|---|---|---|---|---|
| 10.1 | Amended and Restated Credit Agreement, dated August 18, 2023 among Spruce Power 2, LLC, as Borrower, Silicon Valley Bank, a division of First-Citizens Bank & Trust Company as Administrative Agent and the Issuing Bank, and the lenders from time to time party thereto. | By Reference | 10-Q | 10.1 | November 13, 2023 |
| 10.3 | Form of Subscription Agreement. | By Reference | 8-K | 10.1 | September 18, 2020 |
| 10.4 | Registration Rights Agreement. | By Reference | S-4 | 10.6 | October 2, 2020 |
| 10.5# | Spruce Power Holding Corp. 2020 Equity Incentive Plan. | By Reference | 10-K | 10.5 | April 9, 2024 |
| 10.6# | Spruce Power Holding Corp. 2020 Equity Incentive Plan Form of Stock Option Agreement. | By Reference | 10-K | 10.6 | April 9, 2024 |
| 10.7# | Spruce Power Holding Corp. 2020 Equity Incentive Plan Form of Restricted Stock Unit Agreement. | By Reference | 10-K | 10.7 | April 9, 2024 |
| 10.8# | Form of Indemnification Agreement between the Registrant and each officer and director. | By Reference | 8-K | 10.11 | December 23, 2020 |
| 10.9 | Amended and Restated Credit Agreement, dated July 12, 2022, among Spruce Power 2, LLC, as Borrower, Silicon Valley Bank, as Administrative Agent and the Issuing Bank, and the lenders from time to time party thereto. | By Reference | 8-K | 10.2 | September 15, 2022 |
| 10.10 | Credit Agreement, dated November 13, 2020, among Spruce Power 3, LLC, as Borrower, KeyBank National Association, as Administrative Agent and Issuing Bank, and the lenders from time to time party thereto. | By Reference | 8-K | 10.3 | September 15, 2022 |
| 10.12# | Executive Employment Agreement, dated April 12, 2024, by and between Spruce Power Holding Corporation and Christopher Hayes | By Reference | 10-Q | 10.2 | August 14, 2024 |
| 10.13# | Amended and Restated At-will Employment, Confidential Information Invention Assignment, and Arbitration Agreement, dated January 1, 2022, by and between Solar Service Experts and Jonathan M. Norling | By Reference | 10-Q | 10.1 | August 14, 2024 |
| 10.14 | Cooperation Agreement, dated June 21, 2024, by and among Spruce Power Holding Corporation, Clayton Capital Appreciation Fund, L.P. and Clayton Partners LLC | By Reference | 8-K | 10.1 | June 24, 2024 |
| 10.15 | Credit Agreement, dated as of June 26, 2024, among Spruce SET Borrower 2024, LLC, as Borrower, Barings GPSF LLC, as Facility Agent for the financial institutions that may from time to time become parties hereto as Lenders, Computershare Trust Company, National Association, as Collateral Agent and as Paying Agent and Lenders from time to time party thereto | By Reference | 8-K | 10.1 | July 1, 2024 |
| Exhibit No. | Description | Included | Form | Exhibit | Filing Date |
|---|---|---|---|---|---|
| 10.16† | Credit Agreement, dated as of November 22, 2024, among Spruce Power 5 Borrower 2024, LLC, as Borrower, Banco Santander, S.A., New York Branch, as Facility Agent, Computershare Trust Company, National Association, as Collateral Agent, as Paying Agent and as Securities Intermediary and The Lenders from time to time party thereto | By Reference | 8-K | 10.1 | November 26, 2024 |
| 10.17*# | Executive Severance Plan | Herewith | |||
| 10.18 | SP1 Facility Amendment | Herewith | |||
| 16.1 | Letter from Deloitte & Touche LLP to the Securities and Exchange Commission dated February 5, 2025 | By Reference | 8-K | 16.1 | February 5, 2025 |
| 16.2 | Letter from CohnReznick LLP to the Securities and Exchange Commission dated February 5, 2025 | By Reference | 8-K | 16.2 | February 5, 2025 |
| 19.1 | Spruce Power Holding Corporation Insider Trading Policy | By Reference | 10-K | 19.1 | March 31, 2025 |
| 21 | Subsidiaries of the Registrant | Herewith | |||
| 23.1* | Consent of Deloitte & Touche LLP, independent registered public accounting firm | Herewith | |||
| 31.1* | Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities and Exchange Act of 1934, as amended, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Herewith | |||
| 31.2* | Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities and Exchange Act of 1934, as amended, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Herewith | |||
| 32.1^* | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | Herewith | |||
| 32.2^* | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | Herewith | |||
| 97* | Spruce Power Holding Corporation Clawback Policy | By Reference | 10-K | 97* | March 31, 2025 |
| 101.INS* | Inline XBRL Instance Document | Herewith | |||
| 101.SCH* | Inline XBRL Taxonomy Extension Schema Document | Herewith | |||
| 101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Herewith | |||
| 101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | Herewith | |||
| 101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | Herewith | |||
| 101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | Herewith | |||
| Exhibit No. | Description | Included | Form | Exhibit | Filing Date |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | Herewith | |||
*Filed herewith
*+Schedule and exhibits to this exhibit omitted pursuant to Regulation S-K Item 601(b)(2). The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.
†Certain confidential portions of this exhibit were omitted by means of marking such portions with asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed.
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