HA Sustainable Infrastructure Capital, Inc.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
HASI$39.14+0.6%Stored close · as of Nov 9, 2026
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Consolidated Statements of Operations
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenue | |||
| Interest and rental income ($64 million, $81 million, and $68 million from equity method investees, respectively) | $286,363 | $265,887 | $229,045 |
| Gain on sale of assets | 65,089 | 80,341 | 68,637 |
| Management fees and retained interest income | 33,621 | 26,054 | 19,259 |
| Origination fee and other income | 15,429 | 11,313 | 2,930 |
| Total revenue | 400,502 | 383,595 | 319,871 |
| Expenses | |||
| Interest expense | 292,404 | 242,364 | 171,008 |
| Provision (benefit) for loss on receivables and retained interests in securitization trusts | 12,145 | 1,059 | 11,832 |
| Compensation and benefits | 92,460 | 81,319 | 64,344 |
| General and administrative | 30,677 | 32,905 | 31,283 |
| Total expenses | 427,686 | 357,647 | 278,467 |
| Income (loss) before equity method investments | (27,184) | 25,948 | 41,404 |
| Income (loss) from equity method investments | 300,667 | 247,878 | 140,974 |
| Income (loss) before income taxes | 273,483 | 273,826 | 182,378 |
| Income tax (expense) benefit | (85,247) | (70,198) | (31,621) |
| Net income (loss) | 188,236 | 203,628 | 150,757 |
| Net income (loss) attributable to non-controlling interest holders | 3,689 | 3,591 | 1,921 |
| Net income (loss) attributable to controlling stockholders | $184,547 | $200,037 | $148,836 |
| Basic earnings (loss) per common share | $1.49 | $1.72 | $1.45 |
| Diluted earnings (loss) per common share | $1.41 | $1.62 | $1.42 |
| Weighted average common shares outstanding—basic | 122,975,541 | 115,548,087 | 101,844,551 |
| Weighted average common shares outstanding—diluted | 138,183,870 | 130,501,006 | 109,467,554 |
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