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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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  "notes": "The text serves as a forensic accounting critique of HASI's relationship with SunStrong Capital Holdings, LLC.",
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      "text": "To understand the lengths to which HASI goes to manipulate its financials, one need look no further than HASI’s relationship with its 49%-owned EMI, SunStrong Capital Holdings, LLC (“SunStrong”).",
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      "text": "To understand the lengths to which HASI goes to manipulate its financials, one need look no further than HASI's relationship with its 49%-owned EMI, SunStrong Capital Holdings, LLC (\"SunStrong\").",
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      "text": "Yet, HASI records significant income from the SunStrong joint venture – this income is substantially non-cash. HASI records non-cash HLBV income at a value roughly equal to its proportional share of a third party's tax credits...",
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      "text": "11 HASI Special Call Hosted by Morgan Stanley, July 2020\n12 HASI Form S-11A, pp. 6-9\n13 HASI 2021 10-K, p. 80\n14 SunStrong's financials show losses from 2018-2020, with a 2021 profit of $4.6 million on $1.75 billion in total assets.",
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