Carson Block · research-note
Hannon Armstrong Sustainable Infrastructure Capital (HASI)
27 pages · 0 arc beats · 0 loops
Hannon Armstrong Sustainable Infrastructure Capital (HASI)
Carson Block · 2022-07 arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
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Deck intelligence map
1 coverage by narrative range · generated from this deck JSON
Narrative range 27 total
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Whole deck 27 slides 100% 27/27 slides 100% 27/27 slides · 209 hits — 0/27 slides
11.1% 3/27 slides 66.7% 18/27 slides — 0/27 slides
— 0/27 slides
Slide inventory
27 every slide · same image gating as the playbook
02
The slide uses a table to demonstrate the downward adjustment of reported net income to an adjusted net income estimate.expose_contradiction
03
This is a research note page detailing accounting manipulation allegations.expose_contradiction
04
This is a research note page focusing on forensic accounting analysis of HASI's financial statements.expose_contradiction
05
This slide functions as a short-seller research note, highlighting governance concerns and financial discrepancies.expose_contradiction
06
The text serves as a forensic accounting critique of HASI's relationship with SunStrong Capital Holdings, LLC.expose_contradiction
07
This page functions as a forensic accounting narrative, detailing specific loan amounts, impairments, and the mechanics of HLBV income recognition.expose_contradiction
08
This is a research note page detailing accounting concerns regarding HASI's relationship with SunStrong.expose_contradiction
09
This is a page from a research report (likely short-seller report) detailing specific financial transactions between HASI and SunStrong.expose_contradiction
10
The slide details specific financial transactions involving 'Replacement Loan' and 'HA Helix LLC' to argue that HASI engaged in circular debt recycling to inflaexpose_contradiction
11
The slide uses a forensic accounting approach to highlight potential misclassification of investment proceeds and interest payments.expose_contradiction
12
The slide includes a table detailing SunStrong's materiality to HASI's loan balance and commercial receivables.expose_contradiction
13
This slide provides a technical critique of HASI's accounting practices, specifically focusing on HLBV (Hypothetical Liquidation at Book Value) and its impact oexpose_contradiction
14
The slide uses a quote from an investor relations representative to support the claim that HLBV income is non-cash and eventually reverses.expose_contradiction
15
The slide provides a detailed breakdown of income adjustments and methodology for calculating non-cash income inflation.analyze_data
16
Includes detailed footnotes explaining the derivation of the 166.7% gross-up factor and the 59.8% ITC-related portion.analyze_data
17
This slide functions as a forensic accounting critique, highlighting potential aggressive revenue recognition.expose_contradiction
18
The slide uses a bar chart to compare HASI's discount rate against high yield and investment grade spreads in 2015 vs 2021.expose_contradiction
19
Includes two tables calculating non-cash gains and one table showing historical securitization margins.analyze_data
20
The slide uses a forensic accounting approach to challenge the quality of earnings.expose_contradiction
21
Includes two tables detailing the calculation logic for low-end and high-end estimates.analyze_data
22
The slide uses a critical tone to argue that HASI's non-GAAP metrics overstate real-life performance by including unrealizable income.expose_contradiction
23
The slide uses a forensic accounting approach to challenge the company's non-GAAP metric.expose_contradiction
24
The slide uses a combination of a financial reconciliation table and a historical dividend source breakdown to support a short-thesis argument.expose_contradiction
25
The slide uses a short-seller research note style to critique accounting practices and credit rating agency oversight.expose_contradiction
26
The slide uses a combination of a valuation adjustment table and a detailed financial breakdown to expose accounting discrepancies.expose_contradiction
27
The slide contains a balance sheet and income statement summary for specific entities, followed by a critical analysis of hedging losses and their impact on finanalyze_data