Quarterly report pursuant to Section 13 or 15(d)

Derivatives (Tables)

v3.22.2.2
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2022
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 Unaudited Condensed Consolidated Balance Sheets as follows:

Successor
Balance Sheet Location June 30, 2022 December 31, 2021
Contract derivative 1 Other assets $ 869  $ 1,076 
Contract derivative 2 Other assets 635  335 
$ 1,504  $ 1,411 
The following table summarizes all income (loss) recorded in relation to derivatives:

Successor Predecessor Successor Predecessor
For the Three Months Ended June 30, For the Three Months Ended June 30, For the Six Months Ended June 30, For the Six Months Ended June 30,
2022 2021 2022 2021
Change in fair value of contract derivatives, net
Contract derivative 1 $ 214  $ 28  $ (207) $ (1,020)
Contract derivative 2 106  41  300  233 
$ 320  $ 69  $ 93  $ (787)
Realized gains on contract derivatives, net
Contract derivative 1 $ 1,976  $ 678  $ 3,807  $ 2,945 
Contract derivative 2 79  41  157  41 
$ 2,055  $ 719  $ 3,964  $ 2,986 
Notional amounts of derivatives
The following table summarizes notional amounts related to derivatives:

Successor
June 30, 2022 December 31, 2021
Contract derivative 1(a)
$ 32,878  $ 38,879 
Contract derivative 2(b)
52,766  37,891 
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.