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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "presentationDate": "2022-07-12 00:00:00",
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  "notes": "The slide uses a quote from an investor relations representative to support the claim that HLBV income is non-cash and eventually reverses.",
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      "text": "Tellingly, HASI chooses to paint a misleadingly positive financial picture. HASI is permitted two tools that would clarify its reported financials: EMI balance impairments and adjustments to the liquidation basis. HASI chooses not to use them.",
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      "text": "HLBV income inflation: $513.2 million",
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      "text": "Based on a loan for which there is disclosure of the associated non-cash HLBV income, we estimate that the cumulative impact of HASI's HLBV-related income inflation is 29%, or $513.2 million.",
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      "text": "Tellingly, HASI chooses to paint a misleadingly positive financial picture. HASI is permitted two tools that would clarify its reported financials: EMI balance impairments and adjustments to the liquidation basis. HASI chooses not to use them.",
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      "text": "MW: 'Does all the non-cash HLBV income related to the ITC get reversed later, and how long does it take to be reversed?' HASI: 'So I think hypothetically if you were to kind of hold everything about a project constant, yeah you would see that amount reverse over time.'",
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      "text": "MW: “Does all the non-cash HLBV income related to the ITC get reversed later, and how long does it take to be reversed?” HASI: “So I think hypothetically if you were to kind of hold everything about a project constant, yeah you would see that amount reverse over time.” — Conversation with HASI investor relations, May 2022",
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      "text": "60-65 Footnotes detailing sources for HASI financial data and accounting standards.",
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