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  "documentTitle": "Sunrun Inc. (RUN)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2022-07-28 00:00:00",
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  "notes": "The slide argues that Kroll's rating analysis contradicts Sunrun's internal valuation, suggesting an overstatement of assets.",
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      "text": "It appears that Kroll, hired by RUN, does not find enough cash flows in the pool of collateral to meet the claimed FMV for ITC basis purposes.",
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      "text": "Unexplained Missing Value: 66.9",
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      "text": "Kroll seemingly disagrees with RUN's cashflows and will not rate bonds supported by cash flows that it does not believe will materialize. See table below.",
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      "text": "If Kroll is not able to find the underlying cash flows associated with the inflated FMV, and there are additional costs that Kroll did not consider in its valuation calculation as they are outside of the rating mandates, this would suggest further overstatement in the Net Earning Assets that RUN touts.",
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      "text": "It appears that Kroll, hired by RUN, does not find enough cash flows in the pool of collateral to meet the claimed FMV for ITC basis purposes.",
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      "text": "Source: Kroll Bond Rating Agency New Issue Report, Athena Issuer 2018-1 * Estimated Sunrun 2018 FMV of $4.13 / watt multiplied by Athena's 249.9 MW ** This represents either cash flows that Kroll did not find or dismissed as having no value for a securitization.",
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      "kind": "table",
      "text": "Sunrun Claimed FMV (MW Estimate, $millions)* 1,033.0 100% Less: Tax Equity (38.5%) (397.7) 38.5% Subtotal: Sponsor Equity 635.3 61.5% Athena Calculated Sponsor Equity 635.3 100% Less: Contracted Cash Flows (547.2) 86.1% Non-Contracted Cash Flows** 88.1 13.9% Kroll Reported ADSAB 445.4 70.1% Less: Rated Bond Issues (322.0) 50.7% Less: Non-Rated Bonds (56.5) 8.9% Unexplained Missing Value** 66.9 10.5%",
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      "kind": "title",
      "text": "Kroll Applies a Significant Haircut to Sunrun's Athena Cash Flows",
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