SPRUCE POWER HOLDING CORP (SPRU)

NYSE · Common Stock · Electric Services

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

60 entities across 1 jurisdiction. Read directly from the company’s own 10-K EX-21 filed 2026-03-31 — see the exhibit.

Which other public companies file entities in the same places:

Subsidiaries of SPRUCE POWER HOLDING CORP as disclosed in its SEC filing
Entity	Jurisdiction	Note
Ampere Solar Manager IV, LLC	Delaware
Ampere Solar Owner 1, LLC	Delaware
Ampere Solar Owner IV, LLC	Delaware
Kilowatt OBS Owner 1, LLC	Delaware
KWS Solar Term Borrower 1, LLC	Delaware
KWS Solar Term Borrower 2, LLC	Delaware
KWS Solar Term Borrower 3, LLC	Delaware
KWS Solar Term Parent 1, LLC	Delaware
KWS Solar Term Parent 2, LLC	Delaware
KWS Solar Term Parent 3, LLC	Delaware
ORE F4 HoldCo, LLC	Delaware
ORE F4 ProjectCo, LLC	Delaware
ORE F5A Holdco, LLC	Delaware
ORE F5A ProjectCo, LLC	Delaware
ORE F6 HoldCo, LLC	Delaware
ORE F6 ProjectCo, LLC	Delaware
SET Borrower 2024, LLC ("Borrower")	Delaware
Solar Service Experts, LLC (dba Spruce Power)	Delaware
Spruce ABS, LLC	Delaware
Spruce Asset Management, LLC	Delaware
Spruce Capital & Trading, LLC	Delaware
Spruce Fleet, LLC	Delaware
Spruce Holding Company 1, LLC	Delaware
Spruce Holding Company 2, LLC	Delaware
Spruce Holding Company 3, LLC	Delaware
Spruce Home 2, LLC	Delaware
Spruce IP Properties, LLC	Delaware
Spruce Lending, Inc.	Delaware
Spruce Manager Holding 2 NYGB, LLC	Delaware
Spruce Manager, LLC	Delaware
Spruce Maple, LLC	Delaware
Spruce Market, LLC	Delaware
Spruce MH Owner 2 NYGB, LLC	Delaware
Spruce NYGB Borrower, LLC	Delaware
Spruce NYGB Pledgor, LLC	Delaware
Spruce Power 1, LLC	Delaware
Spruce Power 1 Borrower LLC	Delaware
Spruce Power 2, LLC	Delaware
Spruce Power 3 HoldCo, LLC	Delaware
Spruce Power 3, LLC	Delaware
Spruce Power 4 HoldCo, LLC	Delaware
Spruce Power 4, LLC	Delaware
Spruce Power 5 HoldCo, LLC	Delaware
Spruce Power 5, LLC	Delaware
Spruce Power 5 Borrower 2024 LLC	Delaware
Spruce Power Holdings, LLC	Delaware
Spruce Power Pledgor, LLC	Delaware
Spruce PV - OBS Systems, LLC	Delaware
Spruce Sequoia, LLC	Delaware
Spruce Servicing, LLC	Delaware
Spruce Storage, LLC	Delaware
SS Holdings 2017, LLC	Delaware
Sungevity Greenwich Lessor, LLC	Delaware
SunServe Residential Solar I, LLC	Delaware
SunStreet Energy Master Tenant Holdings, LLC ("SEMTH" or "FinCo")	Delaware
Sunstreet Energy Tenant, LLC ("SET" or "Tenant")	Delaware
Volta Manager Holding II, LLC	Delaware
Volta Solar Manager II, LLC	Delaware
Volta Solar Owner II, LLC	Delaware
XL Hybrids, Inc.	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

5 / 8

FAILReturn on assets positiveROA -3.1%
FAILOperating cash flow positiveOCF -4M
PASSReturn on assets improving-7.8% → -3.1%
PASSCash flow exceeds earningsOCF -4M vs NI -26M
PASSLong-term debt ratio falling75.4% → 55.3% of assets
FAILCurrent ratio improving2.29 → 0.49
PASSNo share dilution18M → 18M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.09× → 0.13×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$20.3M	−$25.6M	−$20.0M	13.5%	84,565,448
FY2021	$15.6M	$28.8M	−$52.1M	-4.5%	148,510,351
FY2022	$23.2M	−$93.9M	−$63.5M	—	142,692,003
FY2023	$79.9M	−$65.8M	−$34.2M	—	18,391,436
FY2024	$82.1M	−$70.5M	−$42.2M	—	18,470,926
FY2025	$111.8M	−$26.0M	−$3.8M	—	18,068,059

Ownership flow

9 institutions tracked — 3 added, 4 reduced. Index money added 6,407 shares while active managers cut 18,202.

Institutional holders of SPRUCE POWER HOLDING CORP and their share-count change
Manager	Kind	Shares	Change	Value
CITADEL ADVISORS LLC	Hedge fund	26,319	−29,373	$67,903
BlackRock, Inc.	Index	261,366	+13,724	$674,324
GEODE CAPITAL MANAGEMENT, LLC	Index	193,815	−7,317	$500,422
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	243,533	+7,300	$628,315
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	17,102	+3,972	$45,000
FMR LLC	Active fund	12	−58	$31
MORGAN STANLEY	Active fund	597	−43	$1,541

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Identity

CIK: 0001772720
FIGI: BBG00PP0KRL1
SIC: 4911 · Electric Services
Incorporated: DE
Headquarters: HOUSTON, TX

Ownership

Institutional: 33.8%
Institutions: 53
Insiders: 12.4%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other electric services companies

SPRUCE POWER HOLDING CORP files under SIC 4911 — all 11 electric services companies compared on assets and F-score.

SOUTHERN COSO DOMINION ENERGY, INCD AMERICAN ELECTRIC POWER CO INCAEP ENTERGY CORP /DE/ETR Constellation Energy CorpCEG Vistra Corp.VST

Questions about SPRUCE POWER HOLDING CORP

How many subsidiaries does SPRUCE POWER HOLDING CORP file with the SEC?: 60, listed in its most recent exhibit 21. All of them are incorporated in Delaware. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is SPRUCE POWER HOLDING CORP financially healthy?: SPRUCE POWER HOLDING CORP scores 5 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of SPRUCE POWER HOLDING CORP?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are JPMORGAN CHASE & CO (unchanged), BlackRock, Inc. (adding), RENAISSANCE TECHNOLOGIES LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

60 entities across 1 jurisdiction. Read directly from the company’s own 10-K EX-21 filed 2026-03-31 — see the exhibit.

Which other public companies file entities in the same places:

Delaware60

Entity

Jurisdiction

Note

Ampere Solar Manager IV, LLC

Delaware

Ampere Solar Owner 1, LLC

Delaware

Ampere Solar Owner IV, LLC

Delaware

Kilowatt OBS Owner 1, LLC

Delaware

KWS Solar Term Borrower 1, LLC

Delaware

KWS Solar Term Borrower 2, LLC

Delaware

KWS Solar Term Borrower 3, LLC

Delaware

KWS Solar Term Parent 1, LLC

Delaware

KWS Solar Term Parent 2, LLC

Delaware

KWS Solar Term Parent 3, LLC

Delaware

ORE F4 HoldCo, LLC

Delaware

ORE F4 ProjectCo, LLC

Delaware

ORE F5A Holdco, LLC

Delaware

ORE F5A ProjectCo, LLC

Delaware

ORE F6 HoldCo, LLC

Delaware

ORE F6 ProjectCo, LLC

Delaware

SET Borrower 2024, LLC ("Borrower")

Delaware

Solar Service Experts, LLC (dba Spruce Power)

Delaware

Spruce ABS, LLC

Delaware

Spruce Asset Management, LLC

Delaware

Spruce Capital & Trading, LLC

Delaware

Spruce Fleet, LLC

Delaware

Spruce Holding Company 1, LLC

Delaware

Spruce Holding Company 2, LLC

Delaware

Spruce Holding Company 3, LLC

Delaware

Spruce Home 2, LLC

Delaware

Spruce IP Properties, LLC

Delaware

Spruce Lending, Inc.

Delaware

Spruce Manager Holding 2 NYGB, LLC

Delaware

Spruce Manager, LLC

Delaware

Spruce Maple, LLC

Delaware

Spruce Market, LLC

Delaware

Spruce MH Owner 2 NYGB, LLC

Delaware

Spruce NYGB Borrower, LLC

Delaware

Spruce NYGB Pledgor, LLC

Delaware

Spruce Power 1, LLC

Delaware

Spruce Power 1 Borrower LLC

Delaware

Spruce Power 2, LLC

Delaware

Spruce Power 3 HoldCo, LLC

Delaware

Spruce Power 3, LLC

Delaware

Spruce Power 4 HoldCo, LLC

Delaware

Spruce Power 4, LLC

Delaware

Spruce Power 5 HoldCo, LLC

Delaware

Spruce Power 5, LLC

Delaware

Spruce Power 5 Borrower 2024 LLC

Delaware

Spruce Power Holdings, LLC

Delaware

Spruce Power Pledgor, LLC

Delaware

Spruce PV - OBS Systems, LLC

Delaware

Spruce Sequoia, LLC

Delaware

Spruce Servicing, LLC

Delaware

Spruce Storage, LLC

Delaware

SS Holdings 2017, LLC

Delaware

Sungevity Greenwich Lessor, LLC

Delaware

SunServe Residential Solar I, LLC

Delaware

SunStreet Energy Master Tenant Holdings, LLC ("SEMTH" or "FinCo")

Delaware

Sunstreet Energy Tenant, LLC ("SET" or "Tenant")

Delaware

Volta Manager Holding II, LLC

Delaware

Volta Solar Manager II, LLC

Delaware

Volta Solar Owner II, LLC

Delaware

XL Hybrids, Inc.

Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

5 / 8

FAILReturn on assets positiveROA -3.1%
FAILOperating cash flow positiveOCF -4M
PASSReturn on assets improving-7.8% → -3.1%
PASSCash flow exceeds earningsOCF -4M vs NI -26M
PASSLong-term debt ratio falling75.4% → 55.3% of assets
FAILCurrent ratio improving2.29 → 0.49
PASSNo share dilution18M → 18M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.09× → 0.13×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$20.3M	−$25.6M	−$20.0M	13.5%	84,565,448
FY2021	$15.6M	$28.8M	−$52.1M	-4.5%	148,510,351
FY2022	$23.2M	−$93.9M	−$63.5M	—	142,692,003
FY2023	$79.9M	−$65.8M	−$34.2M	—	18,391,436
FY2024	$82.1M	−$70.5M	−$42.2M	—	18,470,926
FY2025	$111.8M	−$26.0M	−$3.8M	—	18,068,059

Ownership flow

9 institutions tracked — 3 added, 4 reduced. Index money added 6,407 shares while active managers cut 18,202.

Institutional holders of SPRUCE POWER HOLDING CORP and their share-count change
Manager	Kind	Shares	Change	Value
CITADEL ADVISORS LLC	Hedge fund	26,319	−29,373	$67,903
BlackRock, Inc.	Index	261,366	+13,724	$674,324
GEODE CAPITAL MANAGEMENT, LLC	Index	193,815	−7,317	$500,422
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	243,533	+7,300	$628,315
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	17,102	+3,972	$45,000
FMR LLC	Active fund	12	−58	$31
MORGAN STANLEY	Active fund	597	−43	$1,541

Questions about SPRUCE POWER HOLDING CORP

How many subsidiaries does SPRUCE POWER HOLDING CORP file with the SEC?

60, listed in its most recent exhibit 21. All of them are incorporated in Delaware. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is SPRUCE POWER HOLDING CORP financially healthy?

SPRUCE POWER HOLDING CORP scores 5 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of SPRUCE POWER HOLDING CORP?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are JPMORGAN CHASE & CO (unchanged), BlackRock, Inc. (adding), RENAISSANCE TECHNOLOGIES LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.