Hannon Armstrong Files 2023 10-K

TL;DR

<b>Hannon Armstrong Sustainable Infrastructure Capital, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) filed a Annual Report (10-K) with the SEC on February 16, 2024. Hannon Armstrong Sustainable Infrastructure Capital, Inc. filed its 2023 10-K on February 16, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is One Park Place, Suite 200, Annapolis, MD 21401. Hannon Armstrong's IRS number is 461347456. The company is incorporated in Maryland.

Why It Matters

For investors and stakeholders tracking Hannon Armstrong Sustainable Infrastructure Capital, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Hannon Armstrong's financial performance, operations, and risk factors for the 2023 fiscal year, crucial for investors to assess the company's health and future prospects. Understanding the details within this filing is essential for stakeholders to evaluate the company's position in the sustainable infrastructure sector and its ability to generate returns.

Risk Assessment

Risk Level: low — Hannon Armstrong Sustainable Infrastructure Capital, Inc. shows low risk based on this filing. The risk level is assessed as low because the filing is a standard annual report (10-K) and does not contain immediate, significant negative disclosures, but rather a comprehensive review of the past fiscal year.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Hannon Armstrong's performance and strategic outlook for sustainable infrastructure investments.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-16 — Filing Date (Filed as of date)
• 001-35877 — SEC File Number (SEC file number)

Key Players & Entities

• Hannon Armstrong Sustainable Infrastructure Capital, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• February 16, 2024 (date) — Filing date
• One Park Place, Suite 200, Annapolis, MD 21401 (address) — Business address
• 461347456 (identifier) — IRS number
• MD (location) — State of incorporation

FAQ

Industry Context

Hannon Armstrong operates in the real estate investment trusts sector, focusing on sustainable infrastructure investments.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the company's financial statements for the fiscal year ended December 31, 2023.
2. Review the business description and risk factors to understand the company's operational landscape.
3. Note the filing date and the period covered to ensure timely information.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-16: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the 2023 annual report (10-K) filing, providing year-end financial and operational data.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share HASI New York Stock
• $12 billion — e the energy transition. With more than $12 billion in managed assets, our vision is that e
• $2.3 billion — offtakers. We completed approximately $2.3 billion of transactions during 2023, compared t
• $1.8 billion — during 2023, compared to approximately $1.8 billion during 2022. As of December 31, 2023, w
• $6.2 billion — ecember 31, 2023, we held approximately $6.2 billion of transactions on our balance sheet, w
• $6.1 billion — mber 31, 2023, we managed approximately $6.1 billion in these trusts or vehicles that are no
• $12.3 billion — ember 31, 2023, we manage approximately $12.3 billion of assets, which we refer to as our "Ma
• $5.0 billion — 23, our pipeline consisted of more than $5.0 billion in new equity, debt and real estate opp

Filing Documents

• hasi-20231231.htm (10-K) — 2520KB
• hasi-12312023exx42.htm (EX-4.2) — 76KB
• hasi-12312023ex101.htm (EX-10.1) — 691KB
• hasi-12312023exx1021.htm (EX-10.21) — 15KB
• hasi-12312023exx1022.htm (EX-10.22) — 17KB
• hasi12312023ex-211.htm (EX-21.1) — 99KB
• hasi12312023ex-231.htm (EX-23.1) — 7KB
• hasi12312023ex-311.htm (EX-31.1) — 10KB
• hasi12312023ex-312.htm (EX-31.2) — 10KB
• hasi12312023ex-321.htm (EX-32.1) — 5KB
• hasi12312023ex-322.htm (EX-32.2) — 6KB
• hasi-12312023exx971.htm (EX-97.1) — 47KB
• hasi-20231231_g1.jpg (GRAPHIC) — 171KB
• hasi-20231231_g10.jpg (GRAPHIC) — 39KB
• hasi-20231231_g11.jpg (GRAPHIC) — 51KB
• hasi-20231231_g12.jpg (GRAPHIC) — 111KB
• hasi-20231231_g2.jpg (GRAPHIC) — 36KB
• hasi-20231231_g3.jpg (GRAPHIC) — 37KB
• hasi-20231231_g4.jpg (GRAPHIC) — 37KB
• hasi-20231231_g5.jpg (GRAPHIC) — 38KB
• hasi-20231231_g6.jpg (GRAPHIC) — 50KB
• hasi-20231231_g7.jpg (GRAPHIC) — 50KB
• hasi-20231231_g8.jpg (GRAPHIC) — 42KB
• hasi-20231231_g9.jpg (GRAPHIC) — 41KB
• 0001561894-24-000009.txt (&nbsp;) — 15957KB
• hasi-20231231.xsd (EX-101.SCH) — 86KB
• hasi-20231231_cal.xml (EX-101.CAL) — 108KB
• hasi-20231231_def.xml (EX-101.DEF) — 599KB
• hasi-20231231_lab.xml (EX-101.LAB) — 1007KB
• hasi-20231231_pre.xml (EX-101.PRE) — 749KB
• hasi-20231231_htm.xml (XML) — 2093KB

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 39 Item 1C. C ybersecurity 39

Properties

Item 2. Properties 40

Legal Proceedings

Item 3. Legal Proceedings 40

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 40 PART II 41

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41

[Reserved.]

Item 6. [Reserved.] 43

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 43

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 71

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 74

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 117

Controls and Procedures

Item 9A. Controls and Procedures 117

Other Information

Item 9B. Other Information 117

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 118 PART III 119

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 119

Executive Compensation

Item 11. Executive Compensation 119

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 119

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 120

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 120 PART IV 121

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 121

Form 10-K Summary

Item 16. Form 10-K Summary 124 - 2 -

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS We make forward-looking statements in this Annual Report on Form 10-K ("Form 10-K") within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in Part I, Item 1A. Risk Factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on our operations and financial results, and could cause our actual results to differ materially from those contained or implied in forward-looking statements made by or on our behalf in this Form 10-K, in presentations, on our websites, in response to questions or otherwise. Any forward-looking sta

Business

Item 1. Business GENERAL HASI is a climate positive investment firm that actively partners with clients to deploy real assets that facilitate the energy transition. With more than $12 billion in managed assets, our vision is that every investment improves our climate future. We invest in a variety of asset classes across our three primary climate solutions markets: Behind the Meter Grid-Connected Fuels, Transport, and Nature Residential Solar & Storage Utility-scale Solar Renewable Natural Gas Community Solar and Commercial & Industrial Solar Onshore wind Fleet Decarbonization Energy Efficiency Battery Energy Storage Systems Ecological Restoration We are internally managed by a management team that has extensive relevant industry knowledge and experience, and a team of over 130 climate finance professionals. We have long-standing relationships with some of the leading clean energy project developers, owners and operators, utilities, and energy service companies ("ESCOs"), that provide recurring, programmatic investment and fee-generating opportunities. We measure and report the efficiency with which all HASI investments avoid carbon emissions using CarbonCount, producing a quantitative impact score of the avoided CO 2 equivalent . Our programmatic client partnership, flexible capital and aligned goals enable repeat business and operational efficiencies. Through our specialized platform, we offer stockholders access to attractive risk adjusted returns from direct asset investing in diverse energy transition end markets. Our investments take many forms, including equity, joint ventures, real estate, commercial and government receivables or securities, and other financing transactions. While we participate in diverse end markets, we generally intend for all our investments to share common attributes such as being climate-positive investments with top-tier clients in real assets using proven commercial technologies, and which benefit from contracte

View Full Filing

View this 10-K filing on SEC EDGAR