Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de l'investissement en infrastructures durables, Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) apparaît comme une force pionnière, transformant la façon dont nous conceptualisons le financement de l'énergie verte. En pontant stratégiquement des solutions de capital innovantes avec des investissements axés sur le climat, HASI a conçu un modèle commercial unique qui non seulement génère des rendements financiers convaincants mais accélère également la transition mondiale vers les infrastructures d'énergie renouvelable. Leur approche complète intègre de manière transparente l'expertise financière, la conscience de l'environnement et les méthodologies d'investissement stratégiques, les positionnant comme un acteur critique dans l'écosystème de développement durable.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Modèle d'entreprise: partenariats clés

Les institutions financières fournissent un soutien au capital et à l'investissement

Hannon Armstrong collabore avec plusieurs partenaires financiers pour soutenir les investissements durables des infrastructures:

Institution financière	Engagement d'investissement	Focus de partenariat
Wells Fargo	CONDITION DE CRÉDIT de 250 millions de dollars	Financement du projet d'énergie renouvelable
Banque d'Amérique	Ligne d'investissement d'infrastructure durable de 300 millions de dollars	Développement du portefeuille d'énergie verte

Développeurs de projets d'énergie renouvelable

Les partenariats stratégiques clés comprennent:

• Premiers partenariats technologiques solaires - Solar Panel
• NEXTERA Energy - Collaboration de projet d'énergie renouvelable à grande échelle
• Vestas Wind Systems - Investissements d'infrastructure d'énergie éolienne

Les agences gouvernementales offrant des incitations à l'énergie verte

Partenariats collaboratifs avec des entités gouvernementales:

Agence	Programme d'incitation	Valeur d'investissement annuelle
Département de l'énergie	Crédits d'impôt d'investissement en énergies renouvelables	75 millions de dollars
Agence de protection de l'environnement	Programmes de subventions à l'énergie propre	45 millions de dollars

Sociétés d'investissement axées sur le climat

Partenariats d'investissement stratégiques:

• Fonds d'investissement durable BlackRock - Contrat de co-investissement de 500 millions de dollars
• Breakthrough Energy Ventures - Climate Technology Investment Collaboration

Sociétés de technologie environnementale

Partenariats technologiques et d'innovation:

Entreprise	Focus technologique	Valeur de partenariat
Tesla	Solutions de stockage d'énergie	Coentreprise 125 millions de dollars
Point de charge	Infrastructure de charge de véhicule électrique	Engagement d'investissement de 75 millions de dollars

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Modèle d'entreprise: activités clés

Investissement et financement des infrastructures durables

En 2024, Hannon Armstrong a engagé 9,3 milliards de dollars à des investissements durables dans les infrastructures. La société se concentre sur le financement des projets avec des flux de trésorerie contractés à long terme.

Catégorie d'investissement	Montant total d'investissement	Pourcentage de portefeuille
Énergie renouvelable	5,6 milliards de dollars	60.2%
Efficacité énergétique	2,7 milliards de dollars	29.0%
Transport durable	1,0 milliard de dollars	10.8%

Financement du projet d'énergie solaire et éolienne

En 2023, Hannon Armstrong a financé:

• 127 projets d'énergie solaire
• 43 projets d'énergie éolienne
• Investissement total du projet d'énergie renouvelable: 1,8 milliard de dollars

Développement d'infrastructures d'efficacité énergétique

La société a investi 2,7 milliards de dollars dans l'infrastructure d'efficacité énergétique, avec des domaines de mise au point clés, notamment:

• Modifications commerciales des bâtiments
• Améliorations des processus industriels
• Mises à niveau des infrastructures municipales

Type d'infrastructure	Montant d'investissement	Économies d'énergie annuelles
Bâtiments commerciaux	1,2 milliard de dollars	387 000 MWh
Processus industriels	850 millions de dollars	276 000 MWH
Infrastructure municipale	650 millions de dollars	165 000 MWh

Gestion du portefeuille d'investissement axé sur le climat

Hannon Armstrong gère un 9,3 milliards de dollars portefeuille d'investissement d'infrastructure durable avec les caractéristiques suivantes:

• Durée du contrat de projet moyen: 15,7 ans
• Évaluation de crédit de contrepartie de qualité d'investissement pondérée pondérée
• Diversifié dans plusieurs secteurs d'infrastructures durables

Évaluation des risques et évaluation des infrastructures durables

Mesures de gestion des risques pour 2024:

• Taux par défaut du portefeuille: 0,3%
• Retour annuel projeté: 7,2%
• Émissions de carbone Évitées: 2,1 millions de tonnes métriques

Métrique d'évaluation des risques	Valeur
Score de risque de crédit	Aa-
Volatilité des investissements	4.2%
Corrélation de performance	0.65

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Modèle d'entreprise: Ressources clés

Capital financier étendu pour les investissements en énergie verte

Au quatrième trimestre 2023, Hannon Armstrong a déclaré un actif total de 3,3 milliards de dollars, avec 2,1 milliards de dollars d'investissements totaux dans des projets d'infrastructure durable.

Métrique financière	Montant (en millions)
Actif total	$3,300
Investissements totaux	$2,100
Capital engagé	$1,800

Expertise d'investissement en durabilité spécialisée

HASI maintient une équipe dédiée de professionnels de l'investissement en durabilité avec une expertise spécifique dans les secteurs des énergies renouvelables.

• Portfolio d'investissement en énergie solaire: 825 millions de dollars
• Portfolio d'investissement d'énergie éolienne: 612 millions de dollars
• Projets d'efficacité énergétique: 413 millions de dollars

Relations solides avec les développeurs d'énergies renouvelables

HASI a établi des partenariats avec plus de 75 développeurs d'énergies renouvelables à travers les États-Unis.

Catégorie de partenariat	Nombre de partenaires
Développeurs solaires	42
Développeurs de vent	22
Partenaires de l'efficacité énergétique	11

Capacités avancées d'analyse environnementale et financière

HASI utilise des outils analytiques sophistiqués pour l'évaluation des projets et l'évaluation des risques.

• Équipe d'analyse de la durabilité interne: 18 professionnels
• Volume annuel de dépistage des investissements: 350+ projets
• Système de mesure de l'impact environnemental propriétaire

Équipe de gestion expérimentée dans des infrastructures durables

L'équipe de direction apporte en moyenne 22 ans d'expérience dans les investissements durables des infrastructures.

Poste de direction	Années d'expérience
PDG	28
Directeur financier	24
Chef des investissements	19

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Modèle d'entreprise: propositions de valeur

Fournir des solutions de financement innovantes pour les infrastructures durables

Au quatrième trimestre 2023, Hannon Armstrong a déployé 9,3 milliards de dollars d'investissements en infrastructure durable dans divers secteurs.

Catégorie d'investissement	Investissement total ($ m)	Pourcentage de portefeuille
Énergie renouvelable	5,600	60.2%
Efficacité énergétique	2,300	24.7%
Transport durable	1,400	15.1%

Générer des rendements stables grâce à des investissements en énergie propre

En 2023, Hannon Armstrong a déclaré un chiffre d'affaires total de 319,5 millions de dollars avec un revenu net de 108,2 millions de dollars.

• Retour annuel moyen sur les investissements infrastructures durables: 12,3%
• Rendement des dividendes: 6,7%
• Total des actifs sous gestion: 7,8 milliards de dollars

Permettre une décarbonisation et une atténuation du changement climatique

Les investissements d'Hannon Armstrong ont contribué à une réduction importante du carbone:

Métrique d'impact du carbone	Performance de 2023
Émissions de CO2 Évitées (tonnes métriques)	3,2 millions
Énergie renouvelable générée (MWH)	4,6 millions

Offrir aux investisseurs des opportunités d'investissement respectueuses de l'environnement

La stratégie d'investissement axée sur l'ESG de la société a suscité un intérêt important des investisseurs institutionnels.

• Propriété des investisseurs institutionnels: 87,4%
• Évaluation ESG: A (MSCI)
• Nombre d'investisseurs institutionnels: 362

Soutenir la transition vers les infrastructures d'énergie renouvelable

Hannon Armstrong a établi des partenariats stratégiques dans plusieurs secteurs d'énergie renouvelable.

Secteur des énergies renouvelables	Engagement d'investissement ($ m)
Solaire	3,200
Vent	1,900
Stockage d'énergie	800

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Modèle d'entreprise: relations clients

Approche de partenariat à long terme avec les développeurs de projets

Hannon Armstrong maintient des partenariats stratégiques avec 87 développeurs de projets uniques au quatrième trimestre 2023. Le portefeuille d'investissement de la société s'étend sur de multiples secteurs d'infrastructure durable.

Secteur	Nombre de partenariats développeurs	Volume d'investissement
Énergie solaire	42	1,2 milliard de dollars
Énergie éolienne	23	850 millions de dollars
Efficacité énergétique	22	650 millions de dollars

Services de conseil en investissement personnalisés

Hannon Armstrong fournit des solutions d'investissement personnalisées avec une équipe dédiée de 45 professionnels de la finance du développement durable en 2024.

• Durée moyenne des relations avec le client: 7,3 ans
• Stratégies d'investissement personnalisées adaptées à des objectifs de durabilité spécifiques
• Évaluation complète des risques et soutien à l'atténuation

Reportage transparent et suivi des performances

La société fournit des rapports de performance trimestriels avec un taux de satisfaction des clients de 98,7% en 2023.

Métrique de rapport	Fréquence	Exhaustivité
Performance financière	Trimestriel	Complet
Impact sur le carbone	Annuellement	Détaillé
Métriques de la durabilité des investissements	Semi-annuellement	Complet

Communication et engagement des investisseurs réguliers

Les mesures d'engagement des investisseurs pour 2023 démontrent des stratégies de communication robustes.

• Conférences annuelles sur les investisseurs: 4
• Rendez-vous trimestriel: 4
• Points de contact des investisseurs par an: 18
• Engagement de la plate-forme d'investisseurs numériques: taux de participation à 92%

Équipes dédiées à la durabilité et à l'investissement

Hannon Armstrong maintient des infrastructures de soutien spécialisées pour les relations avec les investisseurs.

Équipe	Taille de l'équipe	Temps de réponse moyen
Relations avec les investisseurs	22 professionnels	6,2 heures
Analyse de durabilité	18 professionnels	12,4 heures
Support technique	15 professionnels	4,7 heures

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Modèle d'entreprise: canaux

Plateforme d'investissement direct

Hannon Armstrong exploite un plateforme d'investissement numérique Avec 9,2 milliards de dollars d'actifs totaux sous gestion au 3e rang 2023.

Fonctionnalité de plate-forme	Détails spécifiques
Accès aux investissements numériques	Plateforme 100% en ligne avec suivi des investissements en temps réel
Investissement minimum	25 000 $ pour les investisseurs institutionnels
Volume de transaction de plate-forme annuelle	1,3 milliard de dollars d'investissements d'infrastructure durables

Services de conseil financier

HASI fournit des services de conseil financier spécialisés axés sur les investissements durables des infrastructures.

• Équipe consultative directe de 87 professionnels financiers
• Couverture dans 50 États aux États-Unis
• Taille moyenne des accords consultatifs: 12,5 millions de dollars

Portail des relations avec les investisseurs en ligne

Plate-forme numérique complète avec Métriques de performance d'investissement en temps réel.

Capacité de portail	Métrique
Investisseurs enregistrés	3 200 investisseurs institutionnels et individuels
Interactions de portail annuelles	127 500 séances utilisateur uniques
Fréquence de rapport	Mises à jour de la performance financière trimestrielle

Conférences d'investissement professionnelles

HASI participe à des conférences d'investissement pour les infrastructures durables ciblées.

• Participation annuelle de la conférence: 12-15 événements
• Association moyenne de la conférence: 450-600 investisseurs institutionnels
• Réalisation de réseautage: plus de 2 500 contacts d'investissement potentiels chaque année

Événements de réseautage stratégique

Événements de réseautage ciblés pour les opportunités d'investissement en infrastructure durable.

Type d'événement	Métriques annuelles
Événements de réseautage régional	24 événements à travers les États-Unis
Total des participants	1 850 professionnels financiers
Promètres d'investissement potentiel	375 discussions sur les investissements directs

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Modèle d'entreprise: segments de clientèle

Développeurs de projets d'énergie renouvelable

Au quatrième trimestre 2023, Hannon Armstrong a investi 2,1 milliards de dollars dans des projets d'infrastructures d'énergie renouvelable.

Type de projet	Montant d'investissement	Nombre de projets
Solaire	845 millions de dollars	37 projets
Vent	612 millions de dollars	22 projets
Efficacité énergétique	643 millions de dollars	45 projets

Investisseurs institutionnels

Composition du portefeuille des investisseurs institutionnels à partir de 2023:

• Fonds de pension: 42% du total des investissements
• Compagnies d'assurance: 28% du total des investissements
• Dotations et fondations: 18% du total des investissements
• Autres investisseurs institutionnels: 12% du total des investissements

Fonds d'investissement axés sur le climat

Engagements totaux d'investissement axés sur le climat en 2023: 1,3 milliard de dollars

Type de fonds	Montant d'investissement	Pourcentage de portefeuille
Fonds ESG	520 millions de dollars	40%
Fonds de transition climatique	390 millions de dollars	30%
Fonds d'infrastructure durable	390 millions de dollars	30%

Agences gouvernementales

Partenariats d'investissement d'agence gouvernementale en 2023:

• Investissements d'agence fédérale: 275 millions de dollars
• Investissements du programme d'énergie propre au niveau de l'État: 186 millions de dollars
• Projets d'infrastructure municipale: 124 millions de dollars

Chefs d'entreprise en matière de durabilité

Répartition des investissements sur la durabilité des entreprises pour 2023:

Secteur de l'industrie	Montant d'investissement	Nombre de partenaires d'entreprise
Technologie	215 millions de dollars	18 entreprises
Fabrication	165 millions de dollars	12 entreprises
Vente au détail	95 millions de dollars	8 entreprises

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Modèle d'entreprise: Structure des coûts

Allocation de capital d'investissement

Au quatrième trimestre 2023, la répartition de l'allocation des capitaux d'investissement de Hannon Armstrong:

Catégorie d'investissement	Montant total d'investissement
Projets d'infrastructure durable	2,1 milliards de dollars
Énergie renouvelable	1,3 milliard de dollars
Efficacité énergétique	650 millions de dollars
Modernisation de la grille	250 millions de dollars

Diligence raisonnable et dépenses d'évaluation du projet

Dépenses annuelles pour l'évaluation du projet et la diligence raisonnable:

• Coût total de diligence raisonnable: 12,5 millions de dollars
• Frais d'évaluation technique: 4,2 millions de dollars
• Évaluation des risques financiers: 3,8 millions de dollars
• Examen de la conformité juridique: 2,5 millions de dollars

Coûts opérationnels et administratifs

Répartition des dépenses opérationnelles pour 2023:

Catégorie de coûts	Dépenses annuelles
Salaires des employés	45,6 millions de dollars
Entretien de bureau	3,2 millions de dollars
Voyage et communication	2,1 millions de dollars
Services professionnels	7,3 millions de dollars

Investissements technologiques et de recherche

Attribution des investissements technologiques pour 2023:

• Dépenses totales de R&D: 6,7 millions de dollars
• Infrastructure logicielle et numérique: 3,5 millions de dollars
• Recherche en technologie durable: 2,2 millions de dollars
• Investissements en cybersécurité: 1 million de dollars

Compliance et gestion réglementaire

Structure des coûts de conformité réglementaire:

Catégorie de conformité	Dépenses annuelles
Coûts de dépôt réglementaire	1,6 million de dollars
Personnel de conformité juridique	2,3 millions de dollars
Dépenses d'audit externe	1,1 million de dollars
Formation réglementaire	$450,000

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts provenant des investissements d'infrastructure

Au quatrième trimestre 2023, Hannon Armstrong a déclaré un revenu total d'intérêts de 95,4 millions de dollars, dérivé des investissements durables dans les infrastructures dans divers secteurs.

Catégorie d'investissement	Revenu des intérêts ($ m)
Énergie renouvelable	52.6
Efficacité énergétique	27.3
Transport durable	15.5

Frais de développement de projets

En 2023, les frais de développement de projets ont généré 18,2 millions de dollars de revenus pour Hannon Armstrong.

• Développement du projet solaire: 8,7 millions de dollars
• Frais du projet d'énergie éolienne: 6,5 millions de dollars
• Développement du stockage d'énergie: 3,0 millions de dollars

Appréciation du portefeuille d'investissement

Le portefeuille d'investissement de la société apprécié de 127,3 millions de dollars en 2023, avec un Valeur totale de portefeuille de 2,1 milliards de dollars.

Renvoie financier d'infrastructure durable

Les rendements du financement pour 2023 ont totalisé 76,5 millions de dollars, ventilés comme suit:

Segment de financement	Retour ($ m)
Financement commercial	42.3
Infrastructure gouvernementale	22.7
Projets durables résidentiels	11.5

Revenus de gestion des actifs à long terme

Les revenus de gestion des actifs à long terme ont atteint 43,6 millions de dollars en 2023, avec la distribution suivante:

• Gestion des actifs d'énergie renouvelable: 24,2 millions de dollars
• Gestion des actifs d'efficacité énergétique: 12,7 millions de dollars
• Gestion durable des infrastructures: 6,7 millions de dollars

Total des sources de revenus pour 2023: 233,5 millions de dollars

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) attracts capital and clients; it's all about the specialized financial engineering supporting climate assets.

Providing innovative, customized financing for sustainable infrastructure is central to the Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) value proposition. They actively partner with clients to deploy capital primarily into income-generating real assets that are supported by long-term recurring cash flows. This is evident in their deal flow, such as closing a new $\mathbf{\$1.2}$ billion investment in a $\mathbf{2.6}$ GW utility-scale renewable project in October 2025. They use intricate financial structures, including off-balance sheet co-investment vehicles like $\text{CCH1}$, to align capital with specific investor and project needs.

The firm delivers superior risk-adjusted returns with long-term contracted cash flows. This stability is reflected in the growth of their core recurring income. For instance, Adjusted Recurring Net Investment Income soared $\mathbf{42\%}$ year-over-year in the third quarter of 2025. The underlying portfolio yield stood at $\mathbf{8.6\%}$ as of Q3 2025, built upon assets secured by long-term contracts. The total Managed Assets base grew to $\mathbf{\$15.0}$ billion as of September 30, 2025, showing the scale backing these cash flows.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) is accelerating the energy transition through climate-positive investments. Their investment screen mandates that every project must either reduce carbon emissions or provide other tangible environmental benefits. This focus is what drives their entire asset base.

The measurable environmental impact is a key differentiator. As of Q3 2025, the cumulative annual $\text{CO}_2$ avoidance through their investments reached $\mathbf{8.5}$ million metric tons. That's a tangible result of their strategy. The company also tracks water savings, with cumulative annual water savings reaching $\mathbf{7.5}$ billion gallons as of the same period.

You see the direct financial benefit of this focus in the returns generated from new business. Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) has been offering new investment yields consistently above $\mathbf{10.5\%}$. This was true for new investments closed in Q1 2025 and for the average yield on the $\mathbf{\$1.5}$ billion in transactions closed through the first three quarters of 2025.

Here's a quick snapshot of the financial metrics underpinning these value propositions as of late 2025:

Metric	Value (as of Q3 2025 or latest reported)
Managed Assets	$\mathbf{\$15.0}$ billion (as of September 30, 2025)
New Asset Yields (Recent Closings)	$>\mathbf{10.5\%}$
Portfolio Yield	$\mathbf{8.6\%}$ (Q3 2025)
Adjusted Recurring Net Investment Income Growth (YoY Q3 2025)	$\mathbf{42\%}$
Adjusted Return on Equity (Year-to-Date Q3 2025)	$\mathbf{13.4\%}$
Cumulative Annual $\text{CO}_2$ Avoided	$\mathbf{8.5}$ million metric tons (Q3 2025)

The value proposition also rests on the operational strength that supports these numbers. You can see the diversification and scale in their asset management:

• Investments are diversified across utility-scale solar and wind, behind-the-meter assets, and public sector efficiency projects.
• The investment pipeline remains robust, exceeding $\mathbf{\$6}$ billion as of Q3 2025, giving clear visibility into future deployment.
• The firm maintains investment grade credit ratings from all three major agencies, which helps keep the cost of capital competitive.
• The cost of newly issued debt in 2024 was $\mathbf{6.6\%}$, while the portfolio yield was $\mathbf{8.3\%}$ in Q1 2025, showing healthy initial margins.

Finance: draft $\mathbf{13}$-week cash view by Friday.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Canvas Business Model: Customer Relationships

You're looking at how Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) manages the crucial connections that fuel its specialized finance model. The relationships are built on a foundation of long-term commitment to climate-positive assets.

Long-standing, programmatic client partnerships for repeat business

HASI explicitly states it combines its expertise with long-standing programmatic client partnerships to deliver superior risk-adjusted returns. This approach is validated by the consistent growth in assets under management, which serves as the engine for recurring revenue.

• Managed Assets reached $15.0 billion as of September 30, 2025, a 15% year-over-year increase.
• Managed Assets stood at $14.5 billion at the end of Q1 2025, showing 12% growth year-over-year.
• The company closed more than $700 million in transactions during Q1 2025, a Q1 record.
• HASI is on pace to close more than $3 billion in new transactions for the full year 2025.

Direct engagement and consultative approach with project sponsors

The direct engagement focuses on sourcing and underwriting high-quality, long-term contracted assets. This consultative role is key to maintaining the quality of the investment flow, which directly impacts profitability metrics.

• New asset yields on Portfolio investments have been consistently greater than 10.5% in 2025.
• The pipeline of opportunities available for investment exceeded $6 billion as of Q2 and Q3 2025.
• The portfolio yield, a measure of asset performance, climbed to 8.6% as of September 30, 2025.

High-touch relationship management for complex financing structures

Managing complex, large-scale deals requires deep, hands-on involvement with project sponsors, often through specialized vehicles. The milestone $1.2 billion investment in the SunZia project in October 2025 is a prime example of this capability, showing HASI can execute at a monumental scale.

The co-investment vehicle, CCH1, is central to managing these large structures while keeping leverage in check. As of the end of Q3 2025, CCH1 had completed funding of $1.2 billion of investments, with potential capacity to increase to $1.8 billion with additional debt, while maintaining a leverage level below a debt-to-equity ratio of 0.5 at the CCH1 level.

Investor relations for capital providers (debt and equity)

Investor relations is about demonstrating the stability and predictability of the recurring cash flows to attract and retain capital providers across the debt and equity spectrum. The focus is on the core engine: Adjusted Recurring Net Investment Income (ARNII).

The ARNII growth is a powerful signal to capital providers, showing the fundamental business is firing on all cylinders. For Q3 2025, ARNII totaled $105 million, a 42% surge year-over-year. This recurring income supports the reaffirmed guidance for 8% to 10% compound annual EPS growth through 2027.

Here's a look at the recent activity with debt providers, which is critical for a finance-focused entity like Hannon Armstrong Sustainable Infrastructure Capital, Inc.:

Metric	Date/Period	Amount/Value
Senior Unsecured Notes Issued	Q2 2025	$1 billion
Blended Effective Yield on New Notes	Q2 2025	6.3%
Bonds Repurchased (2026/2027 Maturity)	Q2 2025	$700 million
Convertible Notes Repaid	Q2 2025	$200 million
Total Debt Outstanding (Carrying Value)	Q3 2025	Approximately $5,189 million
Stockholders' Equity	Q3 2025	Approximately $2,686 million
Debt-to-Equity Ratio (Company Level)	Q3 2025	1.9x

The company actively manages its liability platform, for instance, by executing hedges in April 2025 to lock in a SOFR base rate of approximately 3.5%, giving debt providers more certainty on the cost of future funding.

Finance: draft 13-week cash view by Friday.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Canvas Business Model: Channels

You're looking at how Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) gets its deals financed and deployed, which is defintely more complex than a simple loan book. The channels they use show a sophisticated, multi-pronged approach to capital sourcing.

Direct origination team engaging project developers and sponsors

The direct origination channel feeds the entire machine, evidenced by the strong pipeline and recent closing volumes. This team is responsible for sourcing the assets that Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) then finances, either on-balance sheet or through its various funding channels.

• Investment pipeline stood at more than $6 billion as of September 30, 2025.
• For the first three quarters of 2025, Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) completed $1.5 billion in transactions.
• Q3 2025 saw closed transactions totaling approximately $649 million.
• New portfolio asset yields for the nine months ended September 30, 2025, averaged more than 10.5%.
• Management expects full-year 2025 transaction volumes to exceed $3 billion.

Co-investment vehicles, like CCH1, for joint capital deployment

The co-investment vehicle, CarbonCount Holdings 1 LLC (CCH1), is a key channel that allows Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) to scale deployment without solely relying on its own balance sheet or public capital markets. This vehicle is a partnership with KKR.

Metric	Date/Period End	Amount
Total CCH1 Investment Target	Launch (2024)	Up to $2 billion
CCH1 Completed Investment Funding	Q3 2025	$1.2 billion
CCH1 Funded Balance	Q1 2025	$1 billion
Partner's Share of Co-investment Vehicles (Assets Held by Partners)	September 30, 2025	$592 million
Partner's Share of Co-investment Vehicles (Assets Held by Partners)	June 30, 2025	$550 million
Total Assets in Co-investment Structures	June 30, 2025	$1.1 billion
CCH1 Share of Equity Method Investments	September 30, 2025	$576 million

The growth in this channel is clear; assets held by partners in co-investment vehicles grew from $57 million as of June 30, 2024, to $592 million as of September 30, 2025.

Capital markets for debt and equity issuance (e.g., Green Junior Subordinated Notes)

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) actively taps capital markets to secure long-term, diversified funding. The November 2025 issuance of Green Junior Subordinated Notes was a strategic move to diversify the capital stack away from just senior debt and common equity.

• Offering of Green Junior Subordinated Notes (November 2025): $500 million aggregate principal amount.
• Coupon on the 2056 Notes: 8.000%.
• Estimated Net Proceeds from the Notes Offering: Approximately $493.3 million.
• Total Debt Outstanding: $5.2 billion as of September 30, 2025.
• Revolver Capacity: Increased by $200 million to $1.55 billion in March 2025.
• Senior Unsecured Notes Issued (Prior to Q3 2025): $1 billion at a blended effective yield of 6.3%.
• Exchangeable Notes Outstanding: $402,500,000 as of September 30, 2025.

The company also executed hedges in April 2025 to lock in a SOFR base rate of approximately 3.5% on floating-rate debt.

Securitization markets for asset rotation and funding

Securitization is a crucial channel for asset rotation, allowing Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) to recycle capital from assets held off-balance sheet. This is a core component of their recurring income stream.

Securitization Metric	As of September 30, 2025	As of June 30, 2025
Assets Managed Through Securitization Vehicles (Not Consolidated)	Approximately $7.5 billion	N/A
Retained Interests in Securitization Trusts, Net of Allowance	$278 million	$272 million
Management Fees and Retained Interest Income Revenue (Q3 2025 vs Q3 2024)	$9 million (Q2 2025 vs Q2 2024)	N/A

A landmark transaction in this channel was the $900 million asset-backed securitization (ABS) of residential solar assets closed in October 2025, co-led by Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) and GoodFinch.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Canvas Business Model: Customer Segments

You're looking at Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) and trying to map out exactly who is paying for the sustainable infrastructure financing they provide. Honestly, the customer segments are best understood by looking at the asset classes they finance, as these directly correspond to the counterparties they work with.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) focuses its capital deployment across distinct areas that serve different types of clients, from large utilities to public sector entities. As of the third quarter of 2025, the firm's Managed Assets reached $15.0 billion, a 15% jump year-over-year, showing the scale of their client base and asset deployment.

The core customer base is served through the financing of assets categorized into Behind-the-Meter and Grid-Connected projects. For instance, as of the second quarter of 2025, the on-balance-sheet Portfolio stood at approximately $7.2 billion, split between these primary customer-facing asset types.

The customer segments Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) serves include:

• Renewable energy project developers financing distributed solar, community solar, and onshore wind projects.
• Energy Service Companies (ESCOs) and government entities involved in energy efficiency upgrades, often categorized under public sector projects.
• Institutional co-investors participating in large-scale joint ventures.

The focus on these segments is reflected in the asset composition and the pipeline Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) maintains. For example, the pipeline at the end of Q1 2025 showed a significant allocation to the asset classes that serve these customers.

Customer Segment Proxy (Asset Class)	Latest Portfolio Value (as of Q2 2025)	Pipeline Allocation (as of Q1 2025)	New Investment Yield (Q2 2025)
Renewable Energy Developers (Behind-the-Meter: Distributed Solar/Efficiency)	$3.5 billion	49%	>10.5%
Renewable Energy Developers (Grid-Connected: Utility-Scale Solar/Wind)	$2.7 billion	30%	>10.5%
Government/Municipal Entities (Public Sector Efficiency/Infrastructure)	Implied within Portfolio/Pipeline	Implied within Pipeline	Implied within New Investment Yield
Institutional Co-investors (Via CCH1 Vehicle)	Equity Method Investments: $4.1 billion (Q2 2025)	N/A	N/A

The relationship with institutional co-investors is a key part of the funding structure, allowing Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) to scale investments without solely relying on its own balance sheet or public capital markets. The partnership with KKR, for instance, through the CCH1 co-investment vehicle, had a funded balance of $1 billion as of July 2025, and the partnership was extended through 2026. This structure directly addresses the need for large capital deployment, such as the $1.2 billion structured equity investment closed in the SunZia wind project, contributing to over $3 billion in total 2025 investment volume.

The focus on government and municipal entities is evident through investments in public sector energy efficiency projects, which contributed to robust profitability in Q1 2025. Furthermore, Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) is recognized as a key organization in the broader Carbon-Smart Municipal Bond Market, which was valued at an expected $136.72 billion in 2025.

The weighted average yields on new Portfolio investments have remained strong, underwritten at >10.5% through the first quarter of 2025, which is significantly higher than the more than 9% yields seen on investments underwritten in 2023. This high yield on new assets is crucial for maintaining margins across all customer segments, especially as the weighted-average interest cost on debt was 5.7% through the first half of 2025.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Canvas Business Model: Cost Structure

You're looking at the Cost Structure for Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) and seeing the direct impact of their financing-heavy, asset-backed model. The costs are dominated by the price of capital itself, which is standard for a specialty finance company like this one.

The most significant recurring cost is the interest expense tied to their debt-fueled investment strategy. For the third quarter of 2025, the significant interest expense on debt totaled $71 million. This is a direct function of the capital they deploy to fund their growing portfolio of sustainable infrastructure assets.

Operating expenses, while smaller than interest costs, reflect the need for high-level expertise. The costs associated with the team-the specialized financial minds structuring deals and the technical experts vetting the assets-are bundled. For Q3 2025, the combined Compensation and benefits for specialized financial and technical staff and General and administrative expenses (excluding Equity-Based Compensation) were approximately $28 million. This figure is a key operational outlay you need to track.

The structure of the balance sheet itself generates a specific cost consideration related to risk management. Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) actively manages a high-leverage profile, which is intentional for return amplification in this sector. As of September 30, 2025, the company was managing a 1.9x debt-to-equity leverage ratio, which sits within their stated target range of 1.5x to 2.0x. This leverage requires constant management of debt covenants and maturity schedules, which is an embedded cost of their business model.

Here's a breakdown of the capital structure costs and key operational expenses as of late 2025 data points:

Cost Component	Financial Metric/Period	Amount (USD)
Interest Expense on Debt	Q3 2025	$71 million
Compensation & G&A (Excl. EBC)	Q3 2025	$28 million
Provision for Loss on Receivables	Q1 2025 (Latest Reported)	$4 million
Total Carrying Value of Debt Outstanding	Q3 2025	$5,189 million
Stockholders' Equity	Q3 2025	$2,686 million

The risk of credit loss is an ongoing, though currently low, cost factor. For the first quarter of 2025, Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) recorded a provision for loss on receivables and securitization assets of $4 million, primarily driven by macroeconomic assumption changes. While the realized loss rate remains minimal, under 10 basis points, this provision is a necessary accounting cost reflecting forward-looking credit risk assessment.

The management of this leverage involves continuous capital market activity, which carries its own costs:

• Costs associated with managing the 1.9x debt-to-equity leverage.
• Expenses related to debt issuance and refinancing activities, such as the June 2025 issuance of $1 billion in green senior unsecured notes.
• Costs to maintain investment-grade credit ratings across major agencies, which helps keep the cost of debt manageable.
• Potential costs from early debt repayment, like the approximately $900 million in nearer-term debt repurchased following the June 2025 issuance.

Finance: draft the 13-week cash flow view incorporating the Q4 2025 interest accrual by Friday.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI)'s earnings power as of late 2025, focusing on the streams that deliver predictable, long-term cash flow.

The most critical metric for understanding the recurring profitability is the Adjusted Recurring Net Investment Income, which hit $105 million in Q3 2025. This number reflects the core, predictable cash flow from the deployed asset base, showing a substantial 42% increase year-over-year from Q3 2024's $74 million.

The foundation of this recurring income comes from the assets on the balance sheet and equity method investments. Specifically, the Interest and Rental Income from debt and real estate investments component of revenue was $69 million in Q3 2025. This growth was supported by higher yields on the overall investment base.

To capture the full picture of the Q3 2025 performance, we look at the components that make up the Adjusted Earnings calculation, which includes both recurring and non-recurring optimization gains. The Gain on Sale of Assets from securitization and asset rotation contributed $25 million in Q3 2025. This type of income, often from optimizing existing assets like the SunStrong residential solar refinancing, is recognized but is distinct from the steady recurring income.

The fee-based revenue streams, which are tied to the scale of assets managed, are also key. For Q3 2025, the combined Management Fees and Retained Interest Income Revenue totaled $8 million. This figure reflects income derived from co-investment structures, such as CCH1, and retained interests in securitization trusts, though the reporting combines these two sources.

Here's a breakdown of the key financial metrics underpinning these revenue streams as of the end of Q3 2025:

Metric	Value as of Q3 2025 / For Q3 2025
Adjusted Recurring Net Investment Income	$105 million (Q3 2025)
Interest and Rental Income Revenue	$69 million (Q3 2025)
Gain on Sale of Assets	$25 million (Q3 2025)
Management Fees and Retained Interest Income Revenue	$8 million (Q3 2025)
Origination Fee and Other Income	$1 million (Q3 2025)
Total Managed Assets	$15.0 billion (As of September 30, 2025)
Portfolio Yield	8.6% (As of September 30, 2025)
New Portfolio Investment Yields	>10.5%

The growth in the asset base directly fuels the recurring income, as you can see from the scale of deployment:

• Managed Assets grew 15% year-over-year to $15.0 billion as of September 30, 2025.
• New asset yields on Portfolio investments are consistently underwritten at >10.5%.
• Total transactions closed through the first three quarters of 2025 reached approximately $1.5 billion.
• The company expects full-year 2025 transaction volumes to surpass $3 billion.

The Income from Retained Interests in Securitization Trusts is included within the $8 million figure for Management Fees and Retained Interest Income Revenue for Q3 2025. This structure allows Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) to earn fees and residual income from assets that have been sold into securitization trusts, keeping some of the upside.

Also, note that the GAAP-based Net Investment Income (Loss) was only $6 million in Q3 2025, which highlights why the non-GAAP Adjusted Recurring Net Investment Income of $105 million is the metric management focuses on to show the true operating earnings power.

Finance: draft 13-week cash view by Friday.