Sunrun Inc. Fair Value Disclosure
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||
| Recourse debt | $ | 717,529 | $ | 919,709 | $ | 863,646 | $ | 807,801 | ||||||||||||||||||
| Senior debt | 4,759,238 | 4,739,577 | 4,738,594 | 4,681,858 | ||||||||||||||||||||||
| Subordinated debt | 3,279,002 | 3,220,986 | 2,667,010 | 2,539,930 | ||||||||||||||||||||||
| Securitization debt | 5,939,802 | 5,861,033 | 4,632,242 | 4,363,326 | ||||||||||||||||||||||
Total | $ | 14,695,571 | $ | 14,741,305 | $ | 12,901,492 | $ | 12,392,915 | ||||||||||||||||||
| December 31, 2025 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 102,346 | $ | — | $ | 102,346 | ||||||||||||||||||
Total | $ | — | $ | 102,346 | $ | — | $ | 102,346 | ||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||
| Interest rate swaps | $ | — | $ | 14,860 | $ | — | $ | 14,860 | ||||||||||||||||||
Total | $ | — | $ | 14,860 | $ | — | $ | 14,860 | ||||||||||||||||||
| December 31, 2024 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
| Derivative assets: | ||||||||||||||||||||||||||
| Interest rate swaps | $ | — | $ | 171,758 | $ | — | $ | 171,758 | ||||||||||||||||||
| Total | $ | — | $ | 171,758 | $ | — | $ | 171,758 | ||||||||||||||||||
| Derivative liabilities: | ||||||||||||||||||||||||||
| Interest rate swaps | $ | — | $ | 7,385 | $ | — | $ | 7,385 | ||||||||||||||||||
| Total | $ | — | $ | 7,385 | $ | — | $ | 7,385 | ||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 6, 2018 | |
| 2016 | Mar 8, 2017 | |
| 2015 | Mar 11, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.