Quarterly report pursuant to Section 13 or 15(d)

Derivatives (Tables)

v3.22.2.2
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative assets and income (loss) related to derivatives
Sunlight’s contract derivatives are recorded at fair value in the accompanying Unaudited Condensed Consolidated Balance Sheets as follows:

Successor
Balance Sheet Location September 30, 2022 December 31, 2021
Contract derivative 1 Other assets (Other liabilities) $ (1,298) $ 1,076 
Contract derivative 2 Other assets 462  335 
$ (836) $ 1,411 
The following table summarizes all income (loss) recorded in relation to derivatives:

Successor Predecessor Successor Predecessor
For the Three Months Ended September 30, 2022 For the Period July 10, 2021 to September 30, 2021 For the Period July 1, 2021 to July 9, 2021 For the Nine Months Ended September 30, 2022 For the Period January 1, 2021 to July 9, 2021
Change in fair value of contract derivatives, net
Contract derivative 1 $ (2,167) $ 509  $ 88  $ (2,374) $ (932)
Contract derivative 2 (173) (20) 37  127  270 
$ (2,340) $ 489  $ 125  $ (2,247) $ (662)
Realized gains/(losses) on contract derivatives, net
Contract derivative 1 $ (378) $ 1,299  $ 5  $ 3,429  $ 2,950 
Contract derivative 2 100  78  1  257  42 
$ (278) $ 1,377  $ 6  $ 3,686  $ 2,992 
Notional amounts of derivatives
The following table summarizes notional amounts related to derivatives:

Successor
September 30, 2022 December 31, 2021
Contract derivative 1(a)
$ 82,251  $ 38,879 
Contract derivative 2(b)
39,793  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 Loans.