Spruce Power owns and operates a portfolio of roughly 84,000 residential rooftop solar systems across 18 U.S. states, with combined capacity of ~509 MWdc. Unlike solar installers, Spruce does not originate or install systems — it acquires already-installed portfolios in bulk from installers, utilities, and investment funds, then collects recurring payments from homeowners over the remaining contract lives. Homeowners are under long-term Customer Agreements structured either as solar lease agreements (fixed monthly payments) or power purchase agreements (per kilowatt-hour charges). Spruce owns the systems, collects the cash flows, and handles maintenance and repair throughout the contract term. Revenue comes from three sources: lease and PPA payments, Solar Renewable Energy Credits (SRECs) that Spruce sells to utilities meeting renewable mandates, and fees from Spruce Pro, a third-party servicing platform managing ~60,000 systems owned by other companies. Spruce Pro provides billing, homeowner support, asset monitoring, and SREC management on a fee-for-service basis and requires no additional debt capital to grow. Spruce finances portfolio acquisitions with non-recourse project finance debt secured by each portfolio's cash flows. Growth has been driven entirely by acquisitions — Spruce has completed 14 portfolio deals since founding. Going forward, Spruce is pursuing additional bulk acquisitions, programmatic offtake partnerships with installers, and expansion of Spruce Pro's third-party client base.