Quarterly report pursuant to Section 13 or 15(d)

Derivatives (Tables)

v3.21.2
Derivatives (Tables)
9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative assets and income (loss) related to derivatives
Sunlight’s derivative asset is recorded at fair value in the accompanying Condensed Consolidated Balance Sheets as follows:

Successor Predecessor
Balance Sheet Location September 30, 2021 December 31, 2020
Contract derivative 1 Other assets $ 1,012  $ 1,435 
Contract derivative 2 Other assets 250  — 
$ 1,262  $ 1,435 
The following table summarizes all income (loss) recorded in relation to derivatives:

Successor Predecessor
For the Period July 10, 2021 to September 30, 2021 For the Period July 1, 2021 to July 9, 2021 For the Three Months Ended September 30, 2020 For the Period January 1, 2021 to July 9, 2021 For the Nine Months Ended September 30, 2020
Change in fair value of contract derivatives, net
Contract derivative 1 $ 509  $ 88  $ 391  $ (932) $ 846 
Contract derivative 2 (20) 37   n.a. 270   n.a.
$ 489  $ 125  $ 391  $ (662) $ 846 
Realized gains on contract derivatives, net
Contract derivative 1 $ 1,299  $ $ 170  $ 2,950  $ 291 
Contract derivative 2 78   n.a. 42   n.a.
$ 1,377  $ $ 170  $ 2,992  $ 291 
Notional amounts of derivatives
The following table summarizes notional amounts related to derivatives:

Successor Predecessor
September 30, 2021 December 31, 2020
Contract derivative 1(a)
$ 34,933  $ 59,770 
Contract derivative 2(b)
28,546  n.a.
a.Represents the carrying value of Indirect Channel Loans for the purchase and installation of home improvements other than residential solar energy systems held by Sunlight’s Bank Partner.
b.Represents the unpaid principal balance of the Loans at time of sale to the Indirect Channel Loan Purchaser for which Sunlight is entitled to income in the event of prepayment of the Indirect Channel Loan.