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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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  "notes": "The slide uses a critical tone to challenge the nature of HASI's financial reporting regarding its Vivint 3 investment.",
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      "text": "We believe that similar to our analysis of HASI's problematic EMI, SunStrong, in our initial report, HASI's interest in Vivint 3 comes primarily from a sizable loan rather than its insignificant equity investment of $10,000.",
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      "text": "We believe that similar to our analysis of HASI's problematic EMI, SunStrong, in our initial report, HASI's interest in Vivint 3 comes primarily from a sizable loan rather than its insignificant equity investment of $10,000. We previously showed that HASI appeared to use SunStrong to generate non-cash HLBV income and record PIK interest from effectively related party loans, even as income from SunStrong was negative or negligible. Similarly, we estimate that HASI recorded significant non-cash HLBV income from its miniscule dollar equity investment in Vivint 3, while the large quasi-equity loan allows HASI to accrue potential PIK interest. Based on the below Vivint 3 disclosure and conversations with HASI investor relations, we believe that HASI issued a subordinated 8.5% loan of $140 million:",
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      "text": "Further, HASI received no cash distributions from Vivint 3 in either 2020 or 2021:24",
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      "text": "In October 2020, the Company entered into the LLCA with the Managing Member and the Hannon Member pursuant to which the Company receives capital contributions for the purchase of projects from Vivint Solar Developer, LLC, a wholly owned subsidiary of Sunrun. In exchange for the contributions, the Hannon Member receives monthly distributions from the Company. For each month the Hannon Member will receive 50.00% of any distributable cash. For the year ended December 31, 2021 and for the period from October 9, 2020 (date of acquisition) to December 31, 2020, the Company paid no distributions to the Hannon Member.",
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      "text": "24 Vivint Solar Asset 3 HoldCo Parent, LLC audited financial statements, p. 18 https://www.sec.gov/Archives/edgar/data/0001561894/000156189422000036/vivintsolarasset3holdcop.htm",
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