Foss & Company Q2 2026 Report: Market Conditions and Capital Deployment

Q2 2026 was a busy one for Foss & Company and for the tax credit market as a whole. We kicked things off in April by convening an investor roundtable in Atlanta, where we dug into market dynamics, regulatory developments and capital deployment strategies across energy, infrastructure and historic tax credit investments. From there, the quarter kept moving: our team crisscrossed the country for conferences, met with current and prospective investors, and hosted social events to keep those relationships warm. Meanwhile, our Investments, Historic Tax Credit and Energy & Infrastructure teams stayed close to every piece of new industry guidance, sharing their perspective through blog posts, Insights papers, panel discussions and media commentary.

A year out from the One Big Beautiful Bill (OB3), we’re still finding value-added investment solutions for our clients across markets that continue to adapt to evolving guidance. As we move into Q3, our focus stays where it’s always been: underwriting, due diligence and compliance.

Market guidance and thought leadership

We published two white papers this quarter. Practical Application Guide: Transferable Tax Credit Carrybacks walks through the mechanics of carrying back transferred clean energy tax credits under Section 6418, covering filing procedures, NOL interaction and Section 38(c) limitations. Partner and Managing Director Eric Brubaker also authored Historic Tax Credits in 2026: Durable Incentives, Institutional Discipline and a Market That Scales, an in-depth look at the federal and state HTC landscape.

Kevin Haley added two blog posts to the mix this quarter, tackling six big questions facing energy and infrastructure investors and breaking down what corporate directors need to know about carrybacks on transferred tax credits. We also published a piece on how tax equity is helping fund the rehabilitation of historic landmarks in Cleveland, Ohio.

Capital deployment across clean fuel, distributed generation and historic tax credits

It was a productive quarter on the deal front. Foss & Company closed 2 energy and infrastructure projects and 12 historic preservation projects across the country in Q2.

On the historic tax credit and redevelopment side, our closed deals included:

  • Elanco Animal Health HQ 2.0 (Indianapolis, IN) — Foss served as the Indiana Redevelopment Tax Credit investor
  • Central Park Phase II (Heath, OH) — Foss served as the Ohio Transformational Mixed-Use Development (TMUD) Tax Credit investor
  • DalPark (Dallas, TX) — Foss arranged the purchaser for Texas Historic Preservation Tax Credits
  • 1401 Cary St (Richmond, VA) — Foss served as the Virginia State Historic Tax Credit investor
  • Harry Hake (Richmond, VA) — Foss served as the Virginia State Historic Preservation Tax Credit investor

We also closed additional historic tax credit investments in Syracuse, NY; Cincinnati, OH; Buffalo, NY; Newport News, VA; and Fort Wayne, IN. Altogether, our energy & infrastructure and historic tax credit teams closed approximately $160 million in projects this quarter.

Industry participation

Our team stayed active on the conference circuit this quarter, attending 13 industry conferences and speaking on panels at 7 of them, covering topics like FEOC regulations, tax credit structuring and energy storage financing.

Highlights included Bryen Alperin’s panel on FEOC regulations at the Infocast Tax Credits & Transferability Conference in Houston, where Foss also sponsored a downtown dinner with Novogradac. In San Diego, Sophie Brkovic and Harry Hegeman each spoke at the Novogradac Spring RETC Conference, and Trent Douglass led a sunrise beach walk for 107 attendees on Day 2. In May, Kevin Haley and Adam Rutherford represented our Investments team at Regional TEI Conferences in Sandusky, OH and Monterey, CA, respectively.

This level of engagement reflects our commitment to helping the market navigate policy uncertainty through a full-service approach across legal, origination, underwriting, compliance and asset management.

Looking ahead

The tax credit market continues to evolve, and we’re built to move with it. Foss & Company has raised more than $11 billion in project equity since our founding and currently manages nearly $3 billion in active assets. As a vertically integrated firm, we’re a one-stop shop for tax credit solutions at both the federal and state level, ready to support investors from early-stage education all the way through to comprehensive investment management across the full deal cycle.

Questions about tax credit acquisition, FEOC regulations or market positioning? Contact Foss & Company today.