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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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  "authorName": "Carson Block",
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  "notes": "This is a research note page focusing on forensic accounting analysis of HASI's financial statements.",
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      "text": "The vast majority of HASI's dividends have been financed by returns of capital, not returns on capital - in other words, HASI primarily pays its dividends through equity and debt raises.",
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      "text": "The vast majority of HASI's dividends have been financed by returns of capital, not returns on capital - in other words, HASI primarily pays its dividends through equity and debt raises.",
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      "text": "HASI's SunStrong EMI is a prime example of how HASI uses its EMIs to manipulate earnings and cash flows through multiple aggressive roundtripping mechanisms and without appropriate disclosures.",
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      "text": "We adjust HASI's 2019-2020 Operating Cash Flow (OCF) down by -39.3%. We believe this is conservative.",
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      "text": "Page 4 of 27",
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      "text": "We adjust 2021 Distributable Earnings down from $158.7 million to a loss of ($181.4 million) by removing income that is likely or entirely non-cash.",
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