Greenbacker Renewable Energy Company LLC (“Greenbacker,” “GREC,” or the “Company”), an independent power producer and a leading climate-focused investment manager, has announced financial results1 for the first quarter of 2024, including year-over-year increases in revenue, operating capacity,2 and clean energy generation.

Greenbacker converted 209 MW of pre-operational assets into revenue-generating, operational assets, a year-over-year increase of 15%

A key focus of Greenbacker’s recent new investment activity has been converting the pre-operational assets under the Company’s control to operational, revenue-generating assets, as well as the repowering of three operational wind projects.

The Company’s independent power producer (“IPP”) business segment placed into service 209 megawatts (“MW”) of clean energy-generating capacity, growing its operating fleet by 15% on a year-over-year basis. This expansion included bringing online the 99 MWdc / 80 MWac Fall River solar project—one of GREC’s largest assets to date.

As of March 31, 2024, GREC’s operating fleet had increased to 1,574 MW—nearly 1.6 gigawatts (“GW”)—of projects generating revenue through the sale of electricity.

$437 million financing for wind repower portfolio includes Greenbacker’s major first sale-leaseback financing and represents one of industry’s first deals to leverage domestic content adder

During the first quarter of 2024, Greenbacker completed construction and financing on the third and final wind asset in its first portfolio of repowers (after completing financing on the previous two repowers in late 2023), bringing total financing for the milestone portfolio to $437.2 million.

The portfolio represents a number of financing milestones for Greenbacker. The projects are among the clean energy industry’s first to utilize the 10% domestic content bonus newly created by the Inflation Reduction Act (“IRA”),3 in addition to qualifying for the 30% investment tax credit.

The repowers are also Greenbacker’s first sizable projects financed via sale-leaseback. This financing structure provided the Company with greater upfront proceeds and efficiently captured the benefits of both tax equity financing and back leverage lending in a single transaction.

By monetizing the portfolio’s 40% tax credit through the sale-leaseback financing, Greenbacker was able to realize the IRA’s benefits more quickly, both fully financing the repowers and utilizing additional proceeds for other corporate activity, such as converting the Company’s pre-operational pipeline into operational revenue-generating assets.

Company’s first-quarter total operating revenue topped $49 million, a year-over-year increase of 19%, driven by growth in both solar and wind power generation

GREC’s fleet of clean energy projects produced over 644,000 megawatt-hours (“MWh”) of total power, representing a year-over-year increase of 12%.

The production increase was largely driven by a 21% increase from Greenbacker’s operating solar fleet, which generated approximately 308,000 MWh of clean power. Greenbacker’s wind fleet experienced a 6% year-over-year uptick in power generation, producing more than 325,000 MWh of energy.

The Company’s wind energy production increase was realized despite the third and final asset in the repower portfolio being offline for a portion of the first quarter of 2024 while its repowering was being concluded. With all work now completed, the repowered assets are projected to significantly increase Greenbacker’s annual operating revenue in the long term, starting by contributing over $24 million of revenue in 2024.4

GREC Operating Fleet*	First Quarter 2024	First Quarter 2023	YoY Increase (total)	YoY increase (%)
Clean power produced by solar assets (MWh)	307,829	255,225	52,604	21%
PPA revenue generated by solar assets (millions)	$15.3	$12.8	$2.5	20%
Clean power produced by wind assets (MWh)	325,406	305,628	19,778	6%
PPA revenue generated by wind assets (millions)	$17.7	$16.2	$1.5	9%
Total clean power generated by wind and solar assets (MWh)	633,235	560,853	72,382	13%
Total PPA operating revenue generated by wind and solar assets (millions)	$33.0	$29.0	$4.0	14%

*Some figures may not add to stated totals, due to rounding.

Over the quarter, Greenbacker generated total operating revenue of $49.2 million, a year-over-year increase of 19% that amounted to an additional $7.9 million of operating revenue.

This increase was primarily driven by energy revenue within the IPP segment, which totaled $44.6 million and included $34.3 million from the Company’s long-term PPAs. Funds From Operations (“FFO”) was $(2.4) million for the period and represents the $9.2 million of Adjusted EBITDA less cash interest expense and distributions to our tax equity investors. The net loss attributable to Greenbacker was $8.5 million for the quarter, driven by items such as depreciation, amortization, and impairment charges recorded during the period.

For the three months ended March 31, 2024	In millions (unaudited)
Select Financial Information
Total Revenue	$46.6
Total operating revenue*	$49.2
Net loss attributable to Greenbacker	$(8.5)
Adjusted EBITDA†	$9.2
FFO†	$(2.4)

NOTE: See the Company’s quarterly 10-Q filed with the SEC for additional financial information and important related disclosures.*Total operating revenue excludes non-cash contract amortization, net.†See “Non-GAAP Financial Measures” for additional discussion. Adjusted EBITDA and FFO are unaudited.

Leadership team expanded as Company appointed new Chief Financial Officer and added newly created position Head of Capital Markets

In early 2024, Greenbacker announced the expansion of its leadership team. Christopher Smith, CFA joined the Company as Chief Financial Officer, bringing over 20 years of accounting and finance experience within the energy sector.

The Company also welcomed Carl Weatherley-White as Head of Capital Markets, following the late-2023 addition of Daniel De Boer as Head of Infrastructure. These newly created roles, essential to the firm’s continued growth, highlighted Greenbacker’s expanding strategy, capability, and commitment to investing in the energy transition.

“We’re excited to have the right team in place at the right time, and we look forward to capitalizing on the opportunities we see across the energy transition investment landscape,” said Charles Wheeler, CEO of GREC. “We remain focused on building value for our shareholders, while providing a differentiated and compelling value proposition through direct access to the investment opportunities arising from the massive capital need as the world transitions to a clean energy future.”

Over $44 million was raised in investment vehicles managed by GCM, increasing fee-earning AUM to approximately $728 million

Greenbacker Capital Management (“GCM”) raised $44.2 million for its managed funds during the first quarter, increasing fee-earning AUM5 to approximately $728 million, as of quarter end. Aggregate AUM,6 which includes the assets managed for Greenbacker Renewable Energy Company, for which GCM does not receive management fees, was approximately $3.7 billion.

Company plans to build out its revenue-generating operating fleet, topping 3.2 GW by end of 2027

Greenbacker plans to continue building out its pre-construction pipeline, converting development opportunities into risk mitigated pools of operational cash flows on a rolling basis in the coming years. By 2027, assuming the Company successfully carries out these construction plans, Greenbacker expects to double the capacity of its operating fleet, leading to strong growth in revenues, cashflows, and Adjusted EBITDA, as these additional assets become operational and begin producing and selling electricity.7

The table below illustrates Greenbacker’s estimated timeline for bringing into service its current pre-operational pipeline.

	Operating Fleet (MW)	Pre-Operating Fleet (MW)	Total (MW)
Q4 2024	1,756	1,489	3,245
Q4 2025	1,952	1,292	3,245
Q4 2026	2,723	521	3,245
Q4 2027	3,171	74	3,245

Capacity figures are rounded to nearest MW. Figures may not add to stated totals due to rounding. The figures in this table reflect the estimated timeline as of 3/31/24. Timelines may change or be adjusted based on market conditions.

Compared with the estimated timeline included in Greenbacker’s annual results press release, the table reflects an overall net decrease of approximately 39 MW in Greenbacker's fleet. These MW represent pre-operational assets for which development timelines and project dynamics evolved to no longer optimally align with the Company’s investment strategy, and their removal was negligible to GREC’s overall value.

Company’s investments continued to abate carbon emissions, conserve water, and support green jobs

Along with significant year-over-year revenue, production, and capacity increases, GREC also continued to deliver on its sustainability goals.

As of March 31, 2024, Greenbacker’s clean energy assets had cumulatively produced approximately 9.3 million MWh of clean power since January 2016, abating 6.6 million metric tons of carbon.8 The Company’s clean energy projects have saved nearly 6.4 billion gallons of water,9 compared to the amount of water needed to produce the same amount of power by burning coal. Greenbacker’s investment activities will sustain over 6,700 green jobs.10

Additional information regarding the Company’s impact can also be found in Greenbacker’s latest impact report.

Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.

Non-GAAP Financial MeasuresIn addition to evaluating the Company’s performance on a U.S. GAAP basis, the Company now utilizes certain non-GAAP financial measures to analyze the operating performance of our segments as well as our consolidated business. 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 non-GAAP financial measures to supplement its U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting its operations.

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 on the ongoing operating performance of the business.

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 calculation of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Funds From OperationsFFO 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 non-recurring 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 believes that the analysis and presentation of FFO will enhance our investor’s understanding of the ongoing performance of our operating business. The Company considers FFO, in addition to other GAAP and non-GAAP measures, in assessing operating performance and as a proxy for growth in distribution coverage over the long term.

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.

General DisclosureThis information has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, or to participate in any trading or investment strategy. The information presented herein may involve Greenbacker’s views, estimates, assumptions, facts, and information from other sources that are believed to be accurate and reliable and are, as of the date this information is presented, subject to change without notice.

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
		March 31, 2024				December 31, 2023
		(unaudited)
Assets
Current assets:
Cash and cash equivalents		$	91,094			$	96,872
Restricted cash, current			105,189				85,235
Accounts receivable, net			24,096				23,310
Derivative assets, current			25,697				24,062
Notes receivable, current			28,657				28,491
Other current assets			29,227				33,938
Total current assets			303,960				291,908
Noncurrent assets:
Restricted cash			7,052				5,568
Property, plant and equipment, net			2,162,748				2,133,877
Intangible assets, net			444,514				453,214
Goodwill			221,314				221,314
Investments, at fair value			94,357				94,878
Derivative assets			90,160				118,106
Other noncurrent assets			140,479				140,740
Total noncurrent assets			3,160,624				3,167,697
Total assets		$	3,464,584			$	3,459,605
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities:
Accounts payable and accrued expenses		$	62,681			$	79,288
Shareholder distributions payable			7,607				7,606
Contingent consideration, current			22,000				16,546
Current portion of long-term debt			107,824				82,855
Current portion of failed sale-leaseback financing and deferred ITC gain			106,472				69,436
Other current liabilities			8,633				7,997
Total current liabilities			315,217				263,728
Noncurrent liabilities:
Long-term debt, net of current portion			878,102				935,397
Failed sale-leaseback financing and deferred ITC gain, net of current portion			222,358				169,829
Contingent consideration			41,366				42,307
Deferred tax liabilities, net			66,482				58,696
Operating lease liabilities			108,495				108,406
Out-of-market contracts, net			191,083				194,785
Other noncurrent liabilities			49,600				53,492
Total noncurrent liabilities			1,557,486				1,562,912
Total liabilities		$	1,872,703			$	1,826,640
Redeemable noncontrolling interests		$	2,021			$	2,179
Redeemable common shares, par value, $0.001 per share, 879 and 873 outstanding as of 2024 and 2023, respectively			1				1
Redeemable common shares, additional paid-in capital			7,096				7,245
Equity:
Preferred stock, par value, $0.001 per share, 50,000 authorized; none issued and outstanding			—				—
Common shares, par value, $0.001 per share, 350,000 authorized, 198,455 and 197,749 outstanding as of 2024 and 2023, respectively			199				198
Additional paid-in capital			1,780,371				1,770,060
Accumulated deficit			(342,907	)			(306,525	)
Accumulated other comprehensive income			59,141				45,932
Noncontrolling interests			85,959				113,875
Total equity			1,582,763				1,623,540
Total liabilities, redeemable noncontrolling interests and equity		$	3,464,584			$	3,459,605

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
		Three months ended March 31,
			2024				2023
Revenue
Energy revenue		$	44,569			$	37,794
Investment Management revenue			3,931				1,926
Other revenue			668				1,500
Contract amortization, net			(2,615	)			(4,993	)
Total net revenue			46,553				36,227
Operating expenses
Direct operating costs			26,990				23,187
General and administrative			19,348				19,105
Depreciation, amortization and accretion			20,485				16,982
Impairment of long-lived assets			6,328				—
Total operating expenses			73,151				59,274
Operating loss			(26,598	)			(23,047	)
Interest expense, net			(15,604	)			(8,634	)
Gain on interest rate swaps, net			1,410				—
Change in fair value of interest rate swaps, net			9,944				2,230
Change in fair value of investments, net			(566	)			2,572
Other income, net			125				40
Loss before income taxes			(31,289	)			(26,839	)
Provision for income taxes			(3,064	)			(4,793	)
Net loss		$	(34,353	)		$	(31,632	)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests			(25,874	)			(14,631	)
Net loss attributable to Greenbacker Renewable Energy Company LLC		$	(8,479	)		$	(17,001	)
Earnings per share
Basic		$	(0.04	)		$	(0.09	)
Diluted		$	(0.04	)		$	(0.09	)
Weighted average shares outstanding
Basic			198,856				198,259
Diluted			198,856				198,259

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
		Three months ended March 31,
			2024				2023
Cash Flows from Operating Activities
Net loss		$	(34,353	)		$	(31,632	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, amortization and accretion			23,100				21,975
Impairment of long-lived assets			6,328				—
Share-based compensation expense			4,806				2,659
Changes in fair value of contingent consideration			493				2,300
Amortization of financing costs and debt discounts			1,661				1,190
Amortization of interest rate swap contracts			4				1,616
Change in fair value of interest rate swaps, net			(9,944	)			(2,230	)
Gain on interest rate swaps, net			(1,410	)			—
Change in fair value of investments			566				(2,572	)
Deferred income taxes			3,064				4,793
Interest expense on failed sale-leaseback financing and deferred ITC gain			4,269				—
Other			980				669
Changes in operating assets and liabilities:
Accounts receivable			(826	)			(349	)
Current and noncurrent derivative assets			51,269				9,496
Other current and noncurrent assets			2,988				821
Accounts payable and accrued expenses			(8,227	)			(4,317	)
Operating lease liabilities			(714	)			(987	)
Other current and noncurrent liabilities			(243	)			1,927
Net cash provided by operating activities			43,811				5,359
Cash Flows from Investing Activities
Purchases of property, plant and equipment			(55,294	)			(99,476	)
Net deposits returned (paid) for property, plant and equipment			1,314				(518	)
Purchases of investments			(45	)			(2,267	)
Receipts from notes receivable			—				8,491
Net cash used in investing activities			(54,025	)			(93,770	)
Cash Flows from Financing Activities
Shareholder distributions			(22,361	)			(29,188	)
Repurchases of common shares			(390	)			(32,198	)
Deferred sales commissions			(795	)			(884	)
Contributions from noncontrolling interests			1,005				10,006
Distributions to noncontrolling interests			(3,240	)			(3,818	)
Proceeds from borrowings			50,920				92,357
Payments on borrowings			(84,381	)			(18,898	)
Proceeds from failed sale-leaseback			111,453				—
Payments on failed sale-leaseback			(25,080	)			—
Payments for loan origination costs			(1,257	)			(2,573	)
Net cash provided by financing activities			25,874				14,804
Net increase (decrease) in Cash, cash equivalents and Restricted cash			15,660				(73,607	)
Cash, cash equivalents and Restricted cash at beginning of period			187,675				190,698
Cash, cash equivalents and Restricted cash at end of period		$	203,335			$	117,091

Non-GAAP Reconciliations

Adjusted EBITDA and FFO

The following table reconciles Net loss attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA and FFO:
		Three months ended March 31,
(in thousands)			2024				2023
Net loss attributable to Greenbacker Renewable Energy Company LLC		$	(8,479	)		$	(17,001	)
Add back or deduct the following:
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests			(25,874	)			(14,631	)
Provision for income taxes			3,064				4,793
Interest expense, net			15,604				8,634
Gain on interest rate swaps, net			(1,410	)			—
Change in fair value of interest rate swaps, net			(9,944	)			(2,230	)
Change in fair value of investments, net			566				(2,572	)
Other income, net			(125	)			(40	)
Depreciation, amortization and accretion(1)			23,235				22,117
EBITDA		$	(3,363	)		$	(930	)
Share-based compensation expense			4,806				2,760
Change in fair value of contingent consideration			493				2,300
Impairment of long-lived assets			6,328				—
Non-recurring professional services and legal fees			578				1,292
Non-recurring salaries and personnel related expenses			393				—
Adjusted EBITDA		$	9,235			$	5,422
Cash portion of interest expense			(8,349	)			(5,983	)
Distributions to tax equity investors			(3,277	)			(3,232	)
FFO		$	(2,391	)		$	(3,793	)
(1) Includes contract amortization, net in the amount of $2.6 million, and $5.0 million for the three months ended March 31, 2024 and 2023, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations.

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; (vi) impairment of long-lived assets; (vii) amounts attributable to our redeemable and non-redeemable noncontrolling interests; (viii) unrealized gains and losses on financial instruments; (ix) other income (loss); and (x) foreign currency gain (loss). Additionally, the Company further adjusts for the following items described below:

• 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.
• The change in fair value of contingent consideration, which is related to Greenbacker’s acquisition of GCM and certain other affiliated companies, is excluded from Adjusted EBITDA, if any such change occurs during the period. The non-cash, mark-to-market adjustments are based on the expected achievement of revenue targets that are difficult to forecast and can be variable, making comparisons across historical and future quarters difficult to evaluate.
• 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, some of which were incurred as part of the transition to non-investment company accounting, and other non-recurring costs unrelated to the ongoing operations of the Company.

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 uses Segment Adjusted EBITDA to evaluate the financial performance of and allocate resources among our operating segments. Segment Adjusted EBITDA is determined for our segments consistent with the adjustments noted above but further excludes unallocated corporate expenses as these items are centrally controlled and are not directly attributable to any reportable segment.

The following table reconciles total Segment Adjusted EBITDA to Net loss attributable to Greenbacker Renewable Energy Company LLC:
		Three months ended March 31,
(in thousands)			2024				2023
Segment Adjusted EBITDA:
IPP Adjusted EBITDA		$	17,291			$	15,590
IM Adjusted EBITDA			(1,160	)			(1,312	)
Total Segment Adjusted EBITDA		$	16,131			$	14,278
Reconciliation:
Total Segment Adjusted EBITDA		$	16,131			$	14,278
Unallocated corporate expenses			(6,896	)			(8,856	)
Total Adjusted EBITDA			9,235				5,422
Less:
Share-based compensation expense			4,806				2,760
Change in fair value of contingent consideration			493				2,300
Non-recurring professional services and legal fees			578				1,292
Non-recurring salaries and personnel related expenses			393				—
Depreciation, amortization and accretion(1)			23,235				22,117
Impairment of long-lived assets			6,328				—
Operating loss		$	(26,598	)		$	(23,047	)
Interest expense, net			(15,604	)			(8,634	)
Gain on interest rate swaps, net			1,410				—
Change in fair value of interest rate swaps, net			9,944				2,230
Change in fair value of investments, net			(566	)			2,572
Other income, net			125				40
Loss before income taxes		$	(31,289	)		$	(26,839	)
Provision for income taxes			(3,064	)			(4,793	)
Net loss		$	(34,353	)		$	(31,632	)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests			(25,874	)			(14,631	)
Net loss attributable to Greenbacker Renewable Energy Company LLC		$	(8,479	)		$	(17,001	)
(1) Includes contract amortization, net in the amount of $2.6 million, and $5.0 million for the three months ended March 31, 2024 and 2023, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations.

About Greenbacker Renewable Energy CompanyGreenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides investment management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its investment management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.

Greenbacker media contactChris LarsonMedia Communications646.569.9532c.larson@greenbackercapital.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b99ecb22-0107-45f5-9598-cf66981ec6bc

1 Past performance is not indicative of future results.2 Total assets and megawatts statistics include those projects where we have contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (“MIPA”). The financial and portfolio metrics set forth herein are unaudited and subject to change. Data as of March 31, 2024.3 SB Energy secures $2.4 billion for incentive-rich utility-scale solar projects, PV Magazine, Ryan Kennedy, November 30, 2023.4 Represents forward looking guidance. Please see our forward-looking statement disclosure at the end of this press release.5 Fee-earning AUM represents the asset base upon which management fee revenue is earned from GCM's managed funds.6 Aggregate AUM includes GREC and GCM’s managed funds. AUM represents the underlying fair value of investments, determined generally in accordance with ASC 820, cash and cash equivalents and project level debt. These figures are unaudited and subject to change.7 Represents forward looking guidance. Please see our forward-looking statement disclosure at the end of this press release, as well as Greenbacker's recent SEC filings and shareholder communication for more information regarding Key Factors Impacting Our Operating Results and Financial Condition, which include a number of factors that present significant opportunities for Greenbacker but also pose risks and challenges. 8 When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. Data is as of March 31, 2024. 9 Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature – IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802. Data is as of March 31, 2024.10 Green jobs are calculated from the International Renewable Energy Agency's measurement that one megawatt of renewable power supports approximately four jobs. Data is as of March 31, 2024.