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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-07-12 00:00:00",
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      "text": "From 2019 to 2021, HASI booked $238.6 million in profit from EMIs, largely due to ITC-related HLBV income. However, HASI's pro rata share of project losses during this time was approximately ($449 million), as shown below.",
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      "text": "Adjusted TCE / TMA: 29.4%",
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      "text": "Loss allocation assumes HASI's typical equity share of 49%. 2018-2021 EMI losses total to ($917 million). ($917 million) * 49% = ($449 million).",
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      "text": "HASI's Key Moody's Ratio Falls Below 30% Adjusted for Likely Inflated Equity",
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      "text": "HASI's Reported Income Masks EMIs' Significant Losses",
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