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$38.99-0.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income (loss) | $188,236 | $203,628 | $150,757 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for loss on receivables and retained interests in securitization trusts | 12,145 | 1,059 | 11,832 |
| Depreciation and amortization | 780 | 1,003 | 3,127 |
| Amortization of financing costs | 15,329 | 17,039 | 12,958 |
| Equity-based expenses | 29,885 | 25,608 | 19,782 |
| Equity method investments | (81,875) | (179,747) | (108,025) |
| Non-cash gain on securitization | (40,043) | (70,685) | (43,542) |
| (Gain) loss on sale of receivables and debt securities | — | 7,299 | 1,305 |
| Loss on debt extinguishment | 10,850 | — | — |
| Changes in receivables held-for-sale | (23,759) | (29,273) | 51,538 |
| Changes in accounts payable, accrued expenses, and other | 104,456 | 101,410 | 48,485 |
| Change in accrued interest on receivables and debt securities | (68,471) | (78,639) | (44,105) |
| Cash received (paid) upon hedge settlement | 24,515 | 20,311 | — |
| Other | (4,731) | (13,161) | (4,423) |
| Net cash provided by operating activities | 167,317 | 5,852 | 99,689 |
| Cash flows from investing activities | |||
| Equity method investments | (447,938) | (396,613) | (869,412) |
| Equity method investment distributions received | 59,416 | 39,142 | 30,140 |
| Proceeds from sales of equity method investments | — | 9,472 | — |
| Purchases of and investments in receivables ($177 million, $246 million, and $324 million to equity method investees, respectively) | (1,043,493) | (667,140) | (1,338,860) |
| Principal collections from receivables ($346 million, $322 million, and $36 million from equity method investees, respectively) | 705,675 | 600,652 | 197,784 |
| Proceeds from sales of receivables | 8,344 | 171,991 | 7,634 |
| Proceeds from sale of real estate | — | 115,767 | — |
| Purchases of debt securities and retained interests in securitization trusts | (70,558) | (10,537) | (14,404) |
| Proceeds from sales of debt securities and retained interests in securitization trusts | — | 5,390 | — |
| Collateral provided to hedge counterparties | (10,300) | (27,090) | (93,550) |
| Collateral received from hedge counterparties | 8,360 | 27,570 | 84,950 |
| Other | (65,333) | 204 | 2,915 |
| Net cash provided by (used in) investing activities | (855,827) | (131,192) | (1,992,803) |
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| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from financing activities | |||
| Proceeds from credit facilities | 1,180,000 | 1,296,792 | 1,177,000 |
| Principal payments on credit facilities | (1,135,000) | (1,696,792) | (827,000) |
| Proceeds from (repayments of) commercial paper notes | 125,500 | 70,000 | 30,000 |
| Proceeds from issuance of term loan | — | 250,000 | 365,000 |
| Principal payments on term loan | (23,645) | (567,952) | (16,478) |
| Proceeds from issuance of non-recourse debt | — | 94,000 | — |
| Principal payments on non-recourse debt | (7,136) | (72,989) | (21,606) |
| Proceeds from issuance of senior notes | 996,174 | 1,199,956 | 550,000 |
| Principal payments on convertible notes | (200,000) | — | (143,748) |
| Redemption of senior notes | (700,000) | (400,000) | — |
| Proceeds from issuances of junior subordinated notes | 500,000 | — | — |
| Proceeds from issuance of convertible notes | — | — | 402,500 |
| Purchase of capped calls related to the issuance of convertible notes | — | — | (37,835) |
| Net proceeds of common stock issuances | 236,740 | 203,528 | 492,377 |
| Payments of dividends and distributions | (209,776) | (192,269) | (159,786) |
| Redemption premium and fees paid | (8,395) | — | — |
| Payment of financing costs | (19,061) | (30,331) | (22,894) |
| Collateral provided to hedge counterparties | (135,280) | (151,330) | (166,600) |
| Collateral received from hedge counterparties | 88,390 | 199,300 | 176,050 |
| Other | (4,935) | (1,498) | (4,756) |
| Net cash provided by (used in) financing activities | 683,576 | 200,415 | 1,792,224 |
| Increase (decrease) in cash, cash equivalents, and restricted cash | (4,934) | 75,075 | (100,890) |
| Cash, cash equivalents, and restricted cash at beginning of period | 150,157 | 75,082 | 175,972 |
| Cash, cash equivalents, and restricted cash at end of period | $145,223 | $150,157 | $75,082 |
| Interest paid | $252,382 | $192,960 | $138,418 |
| Supplemental disclosure of non-cash activity | |||
| Interest retained from securitization transactions | $41,109 | $43,329 | $35,483 |
| Equity method investments retained from securitization and deconsolidation transactions | — | 32,564 | 144,603 |
| Equity method investments retained from sale of assets to a co-investment structure | — | 115,249 | — |
| Deconsolidation of non-recourse debt | — | 51,233 | 257,746 |
| Deconsolidation of assets pledged for non-recourse debt | — | 51,761 | 374,608 |
| Assumption of deferred financing obligation | 50,882 | 32,910 | — |
| Removal of deferred financing obligation upon securitization | (29,051) | — | — |
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