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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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      "text": "We believe that HASI collects PIK interest to generate paper income when its EMIs are too stressed to pay cash.",
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      "text": "83 PIK interest should be reported in HASI's cash flow statement as non-cash financing activity. 84 MW midpoint estimate. 85 HASI 2021 10-K, p. 97; HASI 2020 10-K, p. 102 86 HASI stated that changes in commercial receivables come from accrued PIK interest",
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      "text": "PIK interest: $14.0 million",
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      "text": "HASI has never disclosed the amount of PIK income it books. We believe that HASI collects PIK interest to generate paper income when its EMIs are too stressed to pay cash.",
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      "text": "Sources: HASI 2021 10-K, pp. 60, 97; 2020 10-K, p. 102",
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