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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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  "authorName": "Carson Block",
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      "text": "As a result, we adjust down HASI's reported interest income to between $80.5 million and $84.1 million in 2020 and between $86.8 million and $99.0 million in 2021.",
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      "text": "Non-Cash, Unrealizable PIK Interest: $20.1 million",
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      "text": "We estimate the low end of HASI's non-cash, unrealizable PIK interest income using the PIK interest payments that SunStrong discloses in its financial statements...",
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      "text": "As a result, we adjust down HASI's reported interest income to between $80.5 million and $84.1 million in 2020 and between $86.8 million and $99.0 million in 2021:",
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      "text": "To estimate the high end of unrealizable PIK interest income, we applied the example of SunStrong to all mezzanine loans issued by HASI...",
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      "text": "87 SunStrong Consolidated Financial Statements, p. 6; 88 We include a list of HASI's loans to SunStrong...",
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      "text": "Our Low End Estimate of Non-Cash, Unrealizable PIK Interest is Based Only on SunStrong's PIK Interest of $11.5 million and $7.9 million in 2020 and 2021",
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      "text": "Our High End Estimate of Non-Cash, Unrealizable PIK Interest is Extrapolated Across All Mezzanine Loans from SunStrong's PIK Interest Versus Cash Interest Ratio in 2020 and 2021",
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