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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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  "authorName": "Carson Block",
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  "presentationDate": "2022-07-12 00:00:00",
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  "notes": "Includes two tables calculating non-cash gains and one table showing historical securitization margins.",
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      "text": "We estimate that HASI inflated gains on securitizations by $12 million in 2020 and $15 million in 2021 through this method.",
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      "text": "Non-Cash Gains on Securitizations: $36 million",
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      "text": "To estimate the amount by which HASI has inflated gains on securitizations, we start with the low end of our inflation range.",
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      "text": "Applying the low and high ends of our inflation estimates to HASI's reported gains on securitizations yields 2020 adjusted gains on securitizations of between $37 million and $38 million and 2021 adjusted gains on securitizations of between $32 million and $53 million:",
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      "text": "81 We calculate the difference in present value assuming a 15-year cash collection period. Longer periods result in a larger differential. 82 HASI rounds securitization-related figures to the nearest million.",
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      "text": "HASI's Securitization Margin Has Increased Significantly As Discount Rates Have Dropped",
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