HASIHIGH SIGNALFINANCIAL10-K

HASI demonstrated exceptional operational cash flow improvement (+2759%) and dramatically reduced credit losses (-95%), while substantially expanding its balance sheet through increased debt financing.

The massive surge in operating cash flow from $5.9M to $167.3M, combined with credit losses plummeting from $10.1M to just $496K, indicates either a significant improvement in portfolio quality or major asset monetization events. However, the 21% increase in interest expense and 18% growth in total liabilities suggests HASI is aggressively expanding through debt-financed investments, which increases financial leverage risk.

Comparing 2026-02-13 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

HASI's financial profile shows a company in rapid expansion mode, with total assets growing 16% to $8.2B while liabilities increased 18% to $5.5B, indicating debt-driven growth. The standout positive is the extraordinary improvement in cash generation (operating cash flow up 2759%) and credit quality (provision for losses down 95%), though this is offset by rising interest costs (+21%) and declining cash reserves (-15%). Overall, the metrics suggest strong operational momentum but increased financial leverage that warrants close monitoring of debt service capabilities.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+2759.1%
$5.9M→$167.3M

Operating cash flow surged 2759.1% — exceptional cash generation, highest quality earnings signal.

Provision for Credit Losses
P&L
-95.1%
$10.1M→$496K

Provisions reduced 95.1% — improving credit quality or reserve release boosting reported earnings.

Capital Expenditure
Cash Flow
-70%
$217K→$65K

Capex reduced 70% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Share Buybacks
Cash Flow
-44%
$366K→$205K

Buyback activity reduced 44% — capital being redeployed elsewhere or cash conservation underway.

Interest Expense
P&L
+20.6%
$242.4M→$292.4M

Interest costs rose 20.6% — monitor debt levels and coverage ratio in rising rate environment.

Total Liabilities
Balance Sheet
+18.3%
$4.7B→$5.5B

Liabilities increased 18.3% — monitor debt-to-equity ratio and interest coverage.

Total Assets
Balance Sheet
+15.6%
$7.1B→$8.2B

Asset base grew 15.6% — expansion through organic growth, acquisitions, or capital deployment.

Cash & Equivalents
Balance Sheet
-15.1%
$129.8M→$110.2M

Cash decreased 15.1% — monitor burn rate and upcoming capital needs.

Stockholders Equity
Balance Sheet
+10.5%
$2.4B→$2.7B

Equity base grew 10.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-14
ADDED
On February 9, 2026, the registrant had a total of 128,184,572 shares of common stock, $0.01 par value, outstanding (which includes 463,952 shares of unvested restricted common stock).
These risks include, but are not limited to, the following: Risks Related to Our Business and Our Industry If the market for various types of climate solutions projects or the investment techniques related to such projects do not develop as we anticipate, new business generation in this target area may be adversely impacted.
federal, state and local government laws, regulations and policies, and changes in such laws, regulations or policies, or a decline in the level of government support could adversely affect our business.
Our ability to utilize our NOLs and other carryforwards may be limited.
Risks Related to our Borrowings and Hedging We and our subsidiaries may be able to incur substantially more indebtedness, which may increase the risks to our financial condition and results of operations created by our indebtedness.
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REMOVED
On February 10, 2025, the registrant had a total of 119,278,694 shares of common stock, $0.01 par value, outstanding (which includes 317,032 shares of unvested restricted common stock).
These risks include, but are not limited to, the following: Risks Related to Our Business and Our Industry Our business depends in part on U.S.
federal, state and local government policies and a decline in the level of government support could harm our business.
Major public health issues and related disruptions in the U.S.
and global economy and financial markets could adversely impact or disrupt our financial condition and results of operations.
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