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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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      "text": "HASI's preferred non-GAAP metric, “Distributable Earnings”, has almost no relationship with cash earnings.",
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      "text": "We estimate that HASI inflated 2020 income from EMIs by $40.4 million... We estimate that by manipulating the discount rate... We estimate that PIK interest income inflated HASI's reported interest income...",
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      "text": "HASI's preferred non-GAAP metric, “Distributable Earnings”, has almost no relationship with cash earnings. ... In 2021, non-cash income was $362.7 million, which was 2.3x HASI's reported Distributable Earnings of $158.7 million.",
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      "text": "We adjust GAAP earnings significantly downward because HASI misleadingly inflates GAAP earnings in three ways:",
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