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ructionOwnerLLCFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2026-04-290001563922us-gaap:RestrictedStockUnitsRSUMembercik0001563922:A2023EquityIncentivePlanMemberus-gaap:SubsequentEventMember2026-04-012026-04-300001563922us-gaap:PerformanceSharesMembercik0001563922:A2023EquityIncentivePlanMemberus-gaap:SubsequentEventMember2026-04-012026-04-30\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission file number: 000-55610 \n\nGREENBACKER RENEWABLE ENERGY COMPANY LLC\n\n(Exact Name of Registrant as Specified in its Charter)\n\nDelaware80-0872648\n\n(State or Other Jurisdiction of\nIncorporation or Organization)(I.R.S. Employer\nIdentification No.)\n\n230 Park Avenue, Suite 1560\n\nNew York, NY 10169\n\nTel (646) 720-9463\n\n(Address, including zip code and telephone number, including area code, of registrant’s principal executive office)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nNone\nN/AN/A\n\nIndicate 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 ☐ \n\nIndicate 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 ☐ \n\nIndicate 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. \n\nLarge accelerated filer ☐Accelerated filer☐\n\nNon-accelerated filer ☒Smaller reporting company\n☐\n\nEmerging growth company ☐\n\nIf 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. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒\n\nAs of May 1, 2026, the registrant had 199,312,685 shares of common interests, $0.001 par value, outstanding.\n\nTABLE OF CONTENTS\n\nPAGE\n\n[Glossary of Key Terms](#i1d8c736565aa4902b8979dd178fbcf87_16)\n\n[ii](#i1d8c736565aa4902b8979dd178fbcf87_16)\n\n[Forward-Looking Statements](#i1d8c736565aa4902b8979dd178fbcf87_19)\n\n[iv](#i1d8c736565aa4902b8979dd178fbcf87_19)\n\n[PART I.](#i1d8c736565aa4902b8979dd178fbcf87_22)\n\n[FINANCIAL INFORMATION](#i1d8c736565aa4902b8979dd178fbcf87_22)\n\n[1](#i1d8c736565aa4902b8979dd178fbcf87_22)\n\n[Item 1.](#i1d8c736565aa4902b8979dd178fbcf87_235)\n\n[Financial Statements and Notes](#i1d8c736565aa4902b8979dd178fbcf87_235)\n\n[1](#i1d8c736565aa4902b8979dd178fbcf87_244)\n\n[Item 2.](#i1d8c736565aa4902b8979dd178fbcf87_85)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i1d8c736565aa4902b8979dd178fbcf87_85)\n\n[39](#i1d8c736565aa4902b8979dd178fbcf87_85)\n\n[Item 3.](#i1d8c736565aa4902b8979dd178fbcf87_232)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i1d8c736565aa4902b8979dd178fbcf87_232)\n\n[55](#i1d8c736565aa4902b8979dd178fbcf87_232)\n\n[Item 4.](#i1d8c736565aa4902b8979dd178fbcf87_1030)\n\n[Controls and Procedures](#i1d8c736565aa4902b8979dd178fbcf87_1030)\n\n[56](#i1d8c736565aa4902b8979dd178fbcf87_1030)\n\n[PART II.](#i1d8c736565aa4902b8979dd178fbcf87_1015)\n\n[OTHER INFORMATION](#i1d8c736565aa4902b8979dd178fbcf87_1015)\n\n[57](#i1d8c736565aa4902b8979dd178fbcf87_1015)\n\n[Item 1.](#i1d8c736565aa4902b8979dd178fbcf87_70)\n\n[Legal Proceedings](#i1d8c736565aa4902b8979dd178fbcf87_70)\n\n[57](#i1d8c736565aa4902b8979dd178fbcf87_70)\n\n[Item 1A.](#i1d8c736565aa4902b8979dd178fbcf87_1018)\n\n[Risk Factors](#i1d8c736565aa4902b8979dd178fbcf87_1018)\n\n[57](#i1d8c736565aa4902b8979dd178fbcf87_1018)\n\n[Item 2.](#i1d8c736565aa4902b8979dd178fbcf87_1021)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i1d8c736565aa4902b8979dd178fbcf87_1021)\n\n[57](#i1d8c736565aa4902b8979dd178fbcf87_1021)\n\n[Item 3.](#i1d8c736565aa4902b8979dd178fbcf87_1027)\n\n[Defaults Upon Senior Securities](#i1d8c736565aa4902b8979dd178fbcf87_1027)\n\n[58](#i1d8c736565aa4902b8979dd178fbcf87_1027)\n\n[Item 4.](#i1d8c736565aa4902b8979dd178fbcf87_73)\n\n[Mine Safety Disclosures](#i1d8c736565aa4902b8979dd178fbcf87_73)\n\n[58](#i1d8c736565aa4902b8979dd178fbcf87_73)\n\n[Item 5.](#i1d8c736565aa4902b8979dd178fbcf87_1033)\n\n[Other Information](#i1d8c736565aa4902b8979dd178fbcf87_1033)\n\n[58](#i1d8c736565aa4902b8979dd178fbcf87_1033)\n\n[Item 6.](#i1d8c736565aa4902b8979dd178fbcf87_1063)\n\n[Exhibits](#i1d8c736565aa4902b8979dd178fbcf87_1063)\n\n[59](#i1d8c736565aa4902b8979dd178fbcf87_1063)\n\n[Signatures](#i1d8c736565aa4902b8979dd178fbcf87_1069)\n\n[62](#i1d8c736565aa4902b8979dd178fbcf87_1069)\n\ni\n\n[Table of Contents](#i1d8c736565aa4902b8979dd178fbcf87_10)\n\nGLOSSARY OF KEY TERMS\n\nWhen the following terms and abbreviations appear in the text of this report, except as otherwise indicated, they have the meanings indicated below:\n\nAcquisition\nThe management internalization transaction completed by the Company on May 19, 2022\n\nAdjusted EBITDA\nA non-GAAP financial measure that the Company uses as a performance measure as well as for internal planning purposes\n\nAdvisers ActThe Investment Advisers Act of 1940\n\nAdvisory AgreementFourth Amended and Restated Advisory Agreement between Greenbacker Renewable Energy Company LLC and Greenbacker Capital Management LLC\n\nAEC CompaniesLED Funding LLC and Renew AEC One LLC\n\nASCAccounting Standards Codification\n\nASUAccounting Standards Update\n\nAurora SolarAurora Solar Holdings, LLC\n\nCODCommercial Operations Date\n\nCODMChief Operating Decision Maker\n\nContribution AgreementContribution Agreement between Greenbacker Renewable Energy Company LLC and Greenbacker Capital Management LLC’s former parent, Greenbacker Group LLC, under which the Acquisition was implemented\n\nDRPDistribution Reinvestment Plan\n\nEarnout SharesClass EO common shares issued as part of the Acquisition\n\nEBITDAA non-GAAP financial measure that adjusts income before income taxes to exclude interest, depreciation expense and amortization expense\n\nEPCEngineering, procurement, and construction\n\nExchange ActSecurities Exchange Act of 1934\n\nFASBFinancial Accounting Standards Board\n\nFFO\nA 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\n\nFifth Operating AgreementFifth Amended and Restated Limited Liability Company Operating Agreement of Greenbacker Renewable Energy Company LLC\n\nGCMGreenbacker Capital Management LLC\n\nGDEVGreenbacker Development Opportunities Fund I, LP\n\nGDEV BGreenbacker Development Opportunities Fund I (B), LP\n\nGDEV GPGreenbacker Development Opportunities Fund GP I, LLC\n\nGDEV GP IIGreenbacker Development Opportunities GP II, LLC\n\nGDEV IGreenbacker Development Opportunities Fund I, LP and Greenbacker Development Opportunities Fund I, LP (B)\n\nGDEV IIGreenbacker Development Opportunities Fund II, LP and Greenbacker Development Opportunities Fund II, LP (B)\n\nGRECGreenbacker Renewable Energy Corporation, a Maryland corporation\n\nGDEV OYA Lender\n\nGDEV OYA Lender LLC\n\nGREC HoldCo or GREC Entity HoldCoGREC Entity HoldCo LLC, a wholly owned subsidiary of GREC\n\nGREC IIGreenbacker Renewable Energy Company II, LLC\n\nGreenbacker Administration or Administrator\nGreenbacker Administration LLC, a wholly-owned subsidiary of GREC\n\nGroup LLCGreenbacker Group LLC\n\nGROZGreenbacker Renewable Opportunity Zone Fund LLC\n\nGROZ, GDEV I, GDEV II and GREC IIThe managed funds\n\nGWGigawatts\n\nHLBVHypothetical Liquidation at Book Value\n\nIMThe 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\n\nIPPThe Independent Power Producer segment represents the active management and operations of the Company's fleet of renewable energy projects\n\nIRAInflation Reduction Act of 2022\n\nIRSInternal Revenue Service\n\nITCInvestment Tax Credit\n\nii\n\n[Table of Contents](#i1d8c736565aa4902b8979dd178fbcf87_10)\n\nkWhKilowatt hours\n\nLPLimited partner\n\nLPULiquidation Performance Unit\n\nLPU HolderGB Liquidation Performance Unit Holder LLC\n\nMSVMonthly share value\n\nMWMegawatts: (DC) for all solar assets and (AC) for wind assets\n\nMWhMegawatt hours\n\nNAVNet asset value\n\nNCINoncontrolling interests\n\nOBBBAOne Big Beautiful Bill Act of 2025\n\nOYAOYA-Rosewood Holdings LLC, previously OYA Solar B1 Intermediate Holdco LLC\n\nPPAPower Purchase Agreement\n\nPTCProduction Tax Credit\n\nPTOPermission to Operate\n\nRECRenewable Energy Credit\n\nRNCIRedeemable noncontrolling interests\n\nROURight-of-use asset\n\nRPS\nRenewable Portfolio Standards\n\nSECSecurities and Exchange Commission\n\nSOFRSecured Overnight Financing Rate\n\nSRPShare Repurchase Program\n\nTax Equity InvestorsThird-party passive investors under tax equity financing facilities\n\nTCPATax Credit Purchase Agreement\n\nU.S. GAAPU.S. generally accepted accounting principles\n\nVIEVariable interest entities\n\nWe, us, our and the CompanyGreenbacker Renewable Energy Company LLC and its subsidiaries\n\niii\n\n[Table of Contents](#i1d8c736565aa4902b8979dd178fbcf87_10)\n\nForward-Looking Statements\n\nVarious 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: \n\n•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;\n\n•adverse impacts of inflationary pressures and other changes in the economy;\n\n•the ability to complete the under construction renewable energy projects that we acquire;\n\n•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”);\n\n•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;\n\n•fluctuations in supply, demand, prices and other conditions for electricity, other commodities and renewable energy credits (“RECs”);\n\n•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”);\n\n•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;\n\n•the outcome of our exploration of strategic alternatives and our ability to consummate any such transaction;\n\n•competition from other energy developers and asset managers;\n\n•the worldwide demand for electricity and the market for renewable energy;\n\niv\n\n[Table of Contents](#i1d8c736565aa4902b8979dd178fbcf87_10)\n\n•the ability or inability of conventional fossil fuel-based generation technologies to meet the worldwide demand for electricity;\n\n•our competitive position and our expectation regarding key competitive factors;\n\n•risks associated with changes in the fair value of our investments and the methods we use to estimate the fair value of our assets;\n\n•risks associated with our hedging strategies;\n\n•potential environmental liabilities and the cost of compliance with applicable environmental laws and regulations, which may be material;\n\n•our electrical production projections (including assumptions of curtailment and facility availability) for our renewable energy projects;\n\n•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;\n\n•availability of suitable renewable energy resources and other weather conditions that affect our electricity production;\n\n•the effects of litigation, including administrative and other proceedings or investigations relating to our renewable energy projects;\n\n•non-payment by customers and enforcement of certain contractual provisions;\n\n•the lack of a public trading market for our shares;\n\n•the ability to make and the amount and timing of anticipated future distributions;\n\n•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;\n\n•future changes in laws or regulations and conditions in our operating areas;\n\n•the loss of our exemption from the definition of an “investment company” under the Investment Company Act of 1940, as amended;\n\n•risks associated with litigation and investigation or enforcement actions by regulators;\n\n•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;\n\n•the ability to obtain financing or raise capital to achieve our business plans;\n\n•failure to attract and retain qualified personnel, increased labor costs, and the unavailability of skilled workers; and\n\n•risks associated with non-compliance with certain covenant requirements under our credit facilities.\n\nInvestors 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.\n\nv\n\n[Table of Contents](#i1d8c736565aa4902b8979dd178fbcf87_10)\n\nPART I. FINANCIAL INFORMATION"}