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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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  "notes": "The slide uses a combination of a financial reconciliation table and a historical dividend source breakdown to support a short-thesis argument.",
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      "text": "The fact that 91% of HASI's dividends are admittedly Returns of Capital (versus ordinary income) shows the stark difference between Distributable Earnings and cash receipts.",
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      "text": "Bullet points detailing the mechanism of cash flow inflation via non-cash HLBV income and misclassified returns of capital.",
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      "text": "Sources: HASI 2021 10-K, p. 107; 2019 10-K, p. 101; 2017 10-K, p. 114; 2015 10-K, p. 118",
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