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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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  "presentationDate": "2022-07-12 00:00:00",
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      "text": "After estimating HASI's income inflation, we adjust HASI's 2021 GAAP income downward by $362.7 million to a net loss of ($235.4 million).",
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      "text": "HASI executives have cashed out $22.9 million of stock in the last two years, led by CEO Jeff Eckel.",
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      "text": "After estimating HASI's income inflation, we adjust HASI's 2021 GAAP income downward by $362.7 million to a net loss of ($235.4 million).",
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      "text": "We view HASI's misleading governance practices as obscuring the non-cash, circular nature of its business.",
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      "text": "We adjust HASI's 2020 GAAP income downward by $66.3 million to net income of $16.5 million.",
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      "text": "HASI's EMIs have experienced approximately ($449 million) in losses from hedges and other causes that remain poorly explained by the company.",
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      "text": "net income: $235.4 million",
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      "text": "HASI is a renewables-focused financial company that today operates three main income streams. The largest source of reported income is its Equity Method Investments (EMIs) in renewable energy projects...",
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      "text": "HASI illustrates the perverse market incentives that can warp a business once public. Before HASI became reliant on largely unrealizable, non-cash gains, it was a boring, cash-based business.",
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