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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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      "text": "As discussed supra, HASI reports three types of non-cash income: ITC-related HLBV income, gains on securitizations, and PIK interest. When other companies make adjustments to calculate Distributable Earnings, they only include cash components of income.",
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      "text": "HASI's Distributable Income addbacks begin with GAAP net income... The only adjustment HASI makes to unrealizable non-cash income is in income from EMIs.",
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      "text": "In fact, such a rate of return is based on a forecast under what we view as optimistic scenarios. We see underperformance in HASI's own projects that suggests its EMI income is grossly overstated.",
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