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  "documentTitle": "Sunrun Inc. (RUN)",
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  "notes": "The text performs a critical analysis of the valuation gap between RUN's reported FMV and Kroll's rated bond issuance, suggesting overvaluation by the company.",
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      "text": "Kroll is looking at the underlying cashflows of these assets and they fall short of RUN’s representations to the IRS and the investors.",
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      "text": "One of the ways RUN finances its business is by using securitization to borrow against future cash flows in respect of their PPAs. RUN contributes its sponsor equity from the partnership flips described supra into trusts and then issues ABS...",
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      "text": "52 This is the average of RUN's 2018 quarterly Project Value (later renamed to Subscriber Value), $4.36 / watt, and the estimated 2018 Cost Approach valuation of $3.91 / watt.",
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      "kind": "title",
      "text": "Appendix B: Athena 2018-1 Transaction",
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