Company’s Existing Lender to Assume Loan Servicing, Operating as Solar Servicing LLC, Subsidiary of Forbright Bank

Loan Servicing Plans to Continue as Usual Without Changes or Disruptions for Borrowers

Solar Mosaic (the “Company” or “Mosaic”), a fintech platform for U.S. residential solar and energy-efficient home improvements, announced that the United States Bankruptcy Court for the Southern District of Texas (the “Court”) has approved its Chapter 11 Plan of Reorganization (the “Plan”), which allows for the recapitalization of the loan servicing operation (the “Reorganization Transaction”) by Solar Servicing LLC (“Solar Servicing”), a wholly owned subsidiary of Forbright Bank, the Company’s prepetition lender.

The Reorganization Transaction is expected to close in the coming weeks, subject to customary closing conditions. Through the Plan and Reorganization Transaction, Mosaic’s loan servicing business will continue to operate as normal, with Solar Servicing providing loan servicing to Mosaic’s existing portfolio of loans. There are no changes to payment terms or schedules for borrowers.

“We look forward to bringing on the experienced team from Mosaic as we see tremendous opportunity to grow the business and deliver exceptional and innovative solutions to customers nationwide,” said Don Cole, Chief Executive Officer at Forbright Bank.

As the Company works to complete the Reorganization Transaction, Mosaic continues to maintain its loan servicing operations, ensuring borrowers can continue to pay their loans as planned and that collections are remitted to loan owners. Additionally, the Company continues to work through next steps on open installer pipeline processing.

Additional information regarding the Company’s Chapter 11 process is available at https://cases.ra.kroll.com/MOSAIC. Stakeholders with questions can contact the Company’s claims agent, Kroll by calling (833) 953-7040 (U.S./Canada) or +1 (646) 974-5614 (International) or emailing mosaicInfo@ra.kroll.com.

Advisors

Paul Hastings LLP is serving as legal counsel, BRG is serving as chief restructuring officer, Jefferies is serving as the investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Blank Rome LLP is serving as legal counsel and Huron Consulting Group is serving as financial advisor to Forbright Bank.

About Mosaic

Mosaic is an industry-leading fintech platform for sustainable home improvements. Founded in 2010, Mosaic is a pioneer in clean energy lending providing innovative solutions for financing solar, battery storage, and more. Mosaic has funded $15 billion in loans to date, helping more than 500,000 households make their homes more sustainable and efficient.

About Forbright Bank

Forbright is an FDIC-insured bank and commercial lender focused on helping to build a brighter future. Forbright is committed to exceptional client service by providing seamless, innovative personal banking services to depositors and creative financing solutions to middle market businesses and investors in healthcare, technology, financial services, real estate, and other industries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250904759018/en/