Slides
Page 1
Investor PresentationNovember 2025
Page 2
Forward Looking Statements 2 Some of the information contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used herein, words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," "target," or similar expressions, are intended to identify such 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. Factors that could cause actual results to differ materially from those described in the forward-looking statements are discussed under the caption "Risk Factors" included in our Form 10-K for the year ended December 31, 2024 (the “Form 10-K”) filed with the U.S. Securities and Exchange Commission (“SEC”), as well as in other reports that we file with the SEC. Other important factors that we think could cause our actual results to differ materially from expected results are summarized below, including the impact of the One Big Beautiful Bill Act on the U.S., regional and global economies, the U.S. climate solutions market and the broader financial markets. Other factors besides those listed could also adversely affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Except where otherwise noted, forward-looking statements are based on beliefs, assumptions and expectations as of September 30, 2025. The guidance discussed herein reflects our estimates of (i) yield on our existing portfolio; (ii) yield on incremental portfolio investments, inclusive of our existing pipeline; (iii) the volume and profitability of transactions; (iv) amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of our forecasted operations; (vi) disruptions to the renewable energy supply chain that may result from changes in the regulatory environment and other factors; (vii) the general interest rate and market environment; (viii) the impact of the One Big Beautiful Bill Act on our industry and our business; (ix) the impact of our revocation of our REIT election; (x) and our ability to expand into new markets. All guidance is based on current expectations regarding economic conditions, the regulatory environment, the dynamics of the markets in which we operate and the judgment of our management team, among other factors. In addition, actual dividend distributions are subject to approval by our Board of Directors on a quarterly basis. The Company has not provided GAAP (as defined below) guidance as forecasting a comparable GAAP financial measure, such as net income, would require that the Company apply the hypothetical liquidation at book value (“HLBV”) method to certain investments. In order to forecast under the HLBV method, the Company would be required to make various assumptions related to expected changes in the net asset value of the various entities and how such changes would be allocated under HLBV. GAAP HLBV earnings over a period of time are very sensitive to these assumptions especially in regard to when a partnership transaction flips and thus the liquidation scenarios change materially. The Company believes that these assumptions would require unreasonable efforts to complete and if completed, the wide variation in projected GAAP earnings based upon a range of scenarios would not be meaningful to investors. Accordingly, the Company has not included a GAAP reconciliation table related to any adjusted earnings guidance. The Company disclaims any obligation to update, or publicly release the results of any update or revisions to, these forward-looking statements, including to reflect new estimates, events or circumstances after the date of this presentation.This presentation refers to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Additional information concerning these non-GAAP financial measures as well as reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. Estimated carbon emission savings are calculated using the estimated kilowatt hours, gallons of fuel oil, million British thermal units of natural gas and gallons of water saved as appropriate, for each project. The energy savings are converted into an estimate of metric tons of carbon dioxide equivalent emissions based upon the project’s location and the corresponding emissions factor data from the U.S. Government and International Energy Agency. Portfolios of projects are represented on an aggregate basis. The carbon and water savings information included in this presentation is based on data from a third-party source that we believe to be reliable. We have not independently verified such data, which involves risks and uncertainties and is subject to change based on various factors. Past performance is not indicative nor a guarantee of future returns.
Page 3
Pioneer Public Investor in Sustainable Infrastructure Assets 3$15.0 billionManaged Assets21. Inclusive of dividends. Based on stock price as of 11/7/252. As of 9/30/25. For explanation of Managed Assets, please see Appendix. 3. As of 9/30/25. For explanation of Portfolio, please see Appendix. 4. For explanation of Adjusted Recurring Net Investment Income, please see Appendix. 5. Full-time employees as of 12/31/246. Adjusted EPS CAGR is calculated from the first full year of results 2014 through 2024. See Appendix for an explanation of Adjusted Earnings, including reconciliations to the relevant GAAP measures7. Through 9/30/25. For explanation of Adjusted ROE, please see Appendix. Stock Profile~$4bEquity Market Capitalization ($b)1~5%Dividend Yield1$1.62 / $2.45GAAP EPS / Adjusted EPS (2024)14%Annual Shareholder Return since 2013 IPO1We provide investors, stable, predictable earnings growth and dividend income$7.5 billionOn-Balance Sheet Portfolio3Adjusted ROE (2025 YTD)713.4%Employees5>150$289 millionAdjusted Recurring Net Investment Income (2024)4Adjusted EPS since 2014610% CAGR
Page 4
Why Invest in HASI 41. Aberdeen’s “Keeping the Lights on: Global Infrastructure Investment Must Jump by Two-thirds to $64 Trillion by 2050” (June 2025)2. See slide 48 for greater detail of guidance and long-term business model targets We earn superior risk-adjusted returns by investing in sustainable infrastructure assetsDiversified and differentiated exposure to the $4 trillion U.S. sustainable infrastructure investment forecast between 2025 and 205011Large Multi-DecadeOpportunity2Long-Term Investments with Recurring Cash Flow$15 billion of managed assets consisting largely of environmentally-positive operating infrastructure projects producing predictable, long-term cash flows3Differentiated Competitive PositioningProgrammatic client relationships, industry expertise, permanent capital, and capital structure positioning provide a unique value-added offering4Resilient Margins and EPS GrowthProven ability to generate healthy margins and consistent Adjusted EPS growth throughout economic, interest rate, and political cycles5Reliable, Steady Shareholder Returns Dependable total shareholder returns underpinned by long-term targets for Adjusted EPS CAGR of 10% and dividend payout ratio of ~50%2
Page 5
Investing in Real Assets Across Three Primary End Markets 51. As of 12/31/242. TWh refers to terawatt-hours>1,250Investments Closed1>100Client Relationships1Key Operating Metrics of our Managed Assets1: >1 GW battery storagecapacity>4 GW wind power capacity~8 GW solar power capacity3>20 TWh Annual solar & wind energy generation2 >375energy efficiency projects>1,000fleet vehicles8m CO2emissions avoided annually4 3. Includes both BTM and GC solar assets. Excludes land investments4. Based on estimated operations in the first year of each project Energy Efficiency Community and C&I Solar/StorageResidential Solar/StorageUtility-Scale Solar Power,Wind Power, andEnergy StorageClean Fuels (RNG)Fleet Decarbonization Ecological Restoration Behind-the-Meter“BTM”Grid-Connected“GC”Fuels, Transport & Nature“FTN” >40m RNG diesel gallonsequivalent capacity
Page 6
Our Investment Strategy is Focused on High-Quality, Cash-Generating Sustainable Infrastructure Assets 6 Every investment improves our climate futureMake climate positive investments with superior risk-adjusted returnsOur VisionOur PurposeHASI’s Core Investment CriteriaPositive environmental or emissions impactLong-lived infrastructure assetsPredictable, recurring cash flowsProgrammatic clientsEstablished technologies with demonstrable track recordStructures that minimize and manage risk
Page 7
7 Long-Term Programmatic Partnerships 1. “Repeat clients” defined as clients who have historically closed at least 3 transactions with HASI 2. As of 12/31/24 >80repeat clients1to date (including >15 for 5+ years)2>70%of closed transaction volumes in 2024 were with repeat clients19clients have partnered with HASI on 2 or more asset classes2
Page 8
Illustrative Investments 8 Grid-Connected$1.2 billionStructure equity investment in a 2.6 GW renewable project contracted with high-quality off-takers including utilities, energy majors, community electricity providers, and universitiesRenewable Energy >$80 millionStructured equity investment in a 300 MW portfolio of community and C&I solar projects under construction across 9 statesCommunity and C&I SolarBehind-the-Meter Behind-the-Meter>$200 millionInvestment in a portfolio of residential solar leases with high credit quality, totaling 335 MW across >45,000 separate homeownersResidential Solar>$140 millionInvestment with a sustainable transportation fleet provider to decarbonize the bus fleets and modernize fleet services through software for multiple major metropolitan school districtsFleet DecarbonizationFuels, Transport & NatureFuels, Transport & Nature>$125 millionSenior debt investment with an energy service company in a portfolio of operating Landfill Gas (LFG)-to-RNG and Wastewater Treatment Biogas (WWTPB)-to-RNG plantsRenewable Natural Gas>$100 millionAcquisition of 4,000 acres of land and associated leases with utilities and solar sponsors, supporting dozens of utility-scale solar projects with a capacity of nearly 700 MWSolar Land Grid-Connected>1.3 GWMinority investment in a portfolio of 17 solar projects and one wind project operating across six states Renewable Energy>$40 millionDebt investment with an environmental development firm in a tidal restoration project to restore wetland habitat and mitigate flood risk in the Sacramento River Delta Ecological RestorationFuels, Transport & NatureGrid-Connected
Page 9
Investment Opportunity 9
Page 10
$4 Trillion of Sustainable Infrastructure Investment by 2050 101. McKinsey & Company’s “How data centers and the energy sector can sate AI’s hunger for power” (Sept. 2024)2. ICF’s “Rising Current: America’s Growing Electricity Demand” (May 2025) ~$4TrillionU.S. Sustainable Infrastructure Investmentthrough 205053. Bloomberg. Based on wholesale forward power prices in ERCOT and PJM4. Federal Reserve Economic Data’s “Electricity per Kilowatt-Hour in U.S. City Average”5. Aberdeen’s “Keeping the Lights on: Global Infrastructure Investment Must Jump by Two-thirds to $64 Trillion by 2050” (June 2025) Renewable Energy Economics Higher Electricity Prices •U.S. wholesale prices up >85% since 20203•U.S. retail rates up 38% since 20204Following passage of the One Big Beautiful Bill Act (“OBBBA”), total investment in sustainable infrastructure is forecast to approach $1 trillion from 2026 to 2030 and $4 trillion through 2050 •Lowest cost•Fastest to market•Sustainability still matters Power Demand Growth •Accelerating demand from data centers, onshoring, and electrification•U.S. generation forecast to grow >65% to >7,000 TWh by 20401•>1 Terawatt of new U.S. generation capacity required by 20402
Page 11
02,0004,0006,0008,000 1960 1970 1980 1990 2000 2010 2020 2030 2040U.S. Electricity Generation (TWh)Increased use of air conditioning, refrigeration, electric heating, etc.Improved energy efficiency for lighting, appliances and heating and cooling A New Era of Growth for the U.S. Power Market 111. Historical data (1960-2023) from the U.S. Energy Industry Association’s “Electric Power Monthly”; growth rates represent the compound annual growth rate over each period2. Forecasts (2024-2040) from McKinsey & Company’s “How data centers and the energy sector can sate AI’s hunger for power” (Sept. 2024); growth rates represent the compound annual growth rate over each period3. Energy + Environmental Economics (E3)’s “U.S. Pathways” model from January 22, 2025 1960-20001+4.1%/yr2000-20231+0.4%/yr2024-2040E2+3.4%/yrBy 20353+~400 TWhData Centers+>300 TWhElectric Vehicles+>200 TWhBuilding Electrification+180 TWhIndustrial Electrification / Onshoring
Page 12
Power Prices Have Already Risen Substantially since 2020 12 Wholesale forward power prices have doubled over the last five years in ERCOT and PJM1 1. Historical data sourced from Bloomberg (data through 11/7/25)2. Federal Reserve Economic Data’s “Electricity per Kilowatt-Hour in U.S. City Average” (data through July 2025)3. Based on commentary from Next Era Energy’s Q4 2024 conference call (January 24, 2025)$0.10$0.12$0.14$0.16$0.18$0.202010 2012 2014 2016 2018 2020 2022 2024Avg. Electricity Price in U.S. Cities ($/kWh)Avg. retail electricity rates rose 38% from 2020 to 2025 across U.S. cities2 The cost of new natural gas generating capacity has reportedly more than doubled over the last five years due to gas turbine supply constraints and higher EPC costs3$20$30$40$50$60Jan-21 Jan-22 Jan-23 Jan-24 Jan-25Forward Power Price Curves ($/MWh)ERCOT 2027PJM 2027
Page 13
Solar and Wind Offer the Lowest Cost and Fastest-to-Market Solutions 13 $-$50$100$150$200$250$300OnshoreWindUtility-ScaleSolarNat Gas(CCGT)Utility-ScaleSolar +BatteryUtility-ScaleNuclearNat Gas(Peaking) Levelized Cost of Energy ($/MWh)$37-86$38-78$50-131$48-107$149-251$141-220WindBattery StorageSolarNuclear (Restart)Gas-FiredNuclear (New Build)5+ Yrs10+ Yrs4+ Yrs~1.5 Yrs~1 Year~1.25 Year Unsubsidized solar and wind providethe lowest levelized cost of electricity today1Solar, wind and battery storage are the only sourcesof new electric capacity that can be built in <2 years2 1. Lazard's "Levelized Cost of Energy" (June 2025)2. Nuclear (New Build) based on Vogtle; Nuclear (Restart) based on Three Mile Island projections; Gas-Fired, solar, battery storage, and wind based on commentary from Next Era Energy’s Q4 2024 conference call (January 24, 2025)
Page 14
The Growing Financial Cost of Higher Emissions 14The cumulative cost of $1 billion-plus climate-related disasters since 1980 now exceeds $3 trillion with >50% of the total cost attributable to events over the last 10 years Instances of climate-related disasters1have risen along with global temperatures2The cost of U.S. billion-dollarclimate-related disasters since 1980100.20.40.60.811.21.40510152025301990 1995 2000 2005 2010 2015 2020# of U.S. Billion-Dollar Environmental Disasters Temperature Anomaly (C)# of Billion-Dollar DisastersGlobal Temperature (C)$0$1,000$2,000$3,000$0$100$200$300$4001980 1985 1990 1995 2000 2005 2010 2015 2020 Cumulative Cost ($b) Annual Cost ($b) Annual Cost ($b)Cumulative Cost since 19802025YTD31. National Centers for Environmental Information's "Billion-Dollar Weather and Climate Disasters“ (January 10, 2025)2. Global Land-Ocean Temperature Index from NASA’s Goddard Institute for Space Studies3. Accuweather estimate of cost of 2025 L.A. wildfires (January 13, 2025)
Page 15
Renewables Poised to Play a Prominent Role in the “All-of-the-Above” Strategy Needed to Supply U.S. Power Demand 15Federal Energy Regulatory Commission’s “high probability” forecasts for new U.S. generating capacityinclude 92 GW of solar, 24 GW of wind, 15 GW of natural gas and zero nuclear from 2025 to 20275•The latest 5-year load forecast would require ~120 GW of new generation capacity3 and >$1 trillion of investment by 20304•New gas-fired generating capacity is not expected to be available at scale until 2030 and beyond.•Nuclear has re-emerged as a likely contributor but little capacity is scheduled to come online before 2030.1. U.S. Energy Information Administration, Short-Term Energy Outlook, October 20252. Interconnection.FYI (November 10, 2025)3. Grid Strategies’ “Strategic Industries Surging” (April 2025) •Renewables and battery storageaccount for >85% of the interconnection queue as of November 2025.2 4. Based on estimate of $500b for 50 GW of capacity from McKinsey & Company’s “How data centers and the energy sector can sate AI’s hunger for power” (Sept. 2024)5. Federal Energy Regulatory Commission’s “Office of Energy Projects Energy Infrastructure Update” from 4/22/2025”01002003004005006002015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026EU.S. Electric Generating Capacity1(Gigawatts)Renewables + Battery StorageNatural GasCoalNuclearPetroleum
Page 16
Grid-Connected (GC): >$500b of Investment in U.S. Utility-Scale Renewables/Storage Forecast through 2035 161. As of 12/31/24. 2. 2024 data and 2025-2035 forecast from BNEF’s “Trump Slams the Brakes on US Wind and Solar Growth” from July 17, 2025; base year 2023 data from American Clean Power Association’s “Annual Market Report,” and Energy Information Association’s “Short-Term Energy Outlook” (January 2024)Post-OBBBA, U.S. utility-scale renewable & energy storage capacity is forecast to grow >600 GW from 2026 to 20352, equating to estimated new investment of >$450 billion Utility-scale renewables/storage offer the lowest cost and fastest to market solution to supply the unprecedented demand for electricity over the next 10 yearsHASI’s strategic partnerships include leading developers of utility-scale renewable projects such as ENGIE, AES Clean Energy, Lightsource BP , and Invenergy Our portfolio includes investments of ~$3b in >8 GW of utility-scale solar, wind, and storage assets with managed assets including ~13 GW of securitized renewable energy land investments1 02004006008001,0002023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035Cumulative Installed U.S. CapacityGigawatts (GW)Battery StorageWindSolar
Page 17
Behind-the-Meter (BTM): >$200b of Investment in U.S. Distributed Renewables/Storage Forecast through 2035 171. As of 12/31/24. 2. Residential and C&I solar from BNEF’s “Trump Slams the Brakes on US Wind and Solar Growth” from July 17, 2025; community solar through 2029 from Wood Mackenzie’s “An Uncertain Future for U.S. Solar” from July 23, 2025. Post-OBBBA, U.S. behind-the-meter solar and energy storage capacity is forecast to grow >200 GW from 2026 to 2035, requiring estimated new investment of >$200b2 Rising retail electricity rates and the declining costs of battery and solar continue to improve the value proposition of distributed energy resourcesHASI’s strategic partnerships include distributed energy developers such as AES, Dimension Energy, ENGIE, ForeFront Power, IGS Solar, Pivot Energy, Summit Ridge, and SunRunOur portfolio includes ~$3b of mezzanine loans and structured equity investments in >4 GW of residential, community and C&I solar and storage assets.1 01002003004002023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035Cumulative Installed U.S. CapacityGigawatts (GW)Distributed StorageDistributed Solar
Page 18
Energy efficiency investments can reduce U.S. commercial buildings' energy usage of ~2,000 TWh1and costs of ~$190b2 The North American market for energy efficiency savings performance contractsore4Behind-the-Meter (BTM): of >$150b Investment Opportunity from Energy Efficiency through 2035 18 TWh1Breakdown of U.S. commercial buildings' energy usageSpace Heating32%Ventilation11%Lighting10%Cooling9%Cooking7%Refrigeration5%Water Heating5%Computing4%Office Equipment1%Other16% 1. TWh and pie chart from EIA’s “Commercial Buildings Energy Consumption Survey 2018”2. U.S. DOE’s Commercial Buildings Integration Program3. Guidehouse Research’s “ESCO Performance Contracting,” May 20254. As of 12/31/24 $-$5$10$15$20$252026 2027 2028 2029 2030 2031 2032 2033 2034$ Billions Since 1987, HASI has been investing in and securitizing energy efficiency loans backed by “energy savings performance contracts” that are repaid through energy cost savings. The North American “ESCO” market for energy efficiency savings performance contracts is forecast to grow from ~$12b in 2025 to >$20b in 2034.3 Our Managed Assets include ~$7b of investments in energy efficiency projects sponsored by leaders including Johnson Controls and Siemens that we have securitized off balance sheet.4
Page 19
Fuel, Transport & Nature (FTN) is Centered on RNG and the Decarbonization of Transportation 1. Production capacity growth from Wood Mackenzie’s “Trashing your way to a cleaner future: landfill gas as a feedstock for RNG in North America” (August 2024) and Argonne National Laboratory’s Renewable Natural Gas database (12/31/23); investment based on capex per MM BTU in 2022 from the Coalition of Renewable Natural Gas's "Economic Analysis of the US Renewable Natural Gas Industry" (Dec 2022)192. World Resources Institute3. Clean Freight Coalition’s “Paying the Bill: The Cost of Electrifying the Supply Chain” (Roland Berger study – March 2024)4. PLOS: "Estimating the Size and Impact of the Ecological Restoration Economy”5. EPA’s "National Rivers and Streams Assessment: The Third Collaborative Study” FuelsNatureTransport LandscapeClean fuels—renewable natural gas (“RNG”), biofuels, etc.—decarbonize major consumers of energy outside of electricity including transportation, heating and industrial production.Opportunity HASI has closed ~$650m of investments in 12 RNG facilities across eight states with a total capacity of >40m of diesel gallons-equivalent, mostly utilizing landfill gas technology, as of 2024YE.Forecasts for RNG production capacity to grow 8x from 2023 levels to >830m MMBTU by 2050 would require $40-50b investment,1 before including potential investment in other clean fuels. Transportation accounts for almost 30% of U.S. GHG emissions, and commercial trucks and buses represent ~4% of vehicles on the road but >25% of transportation emissions.2HASI’s initial investments in this end market have focused on modernizing school bus fleets through electric bus procurement, charging infrastructure, and fleet optimization software.Electrification of the U.S. commercial vehicle fleet is estimated to require ~$1 trillion in infrastructure investment alone (~$620b for charging equipment plus ~$370b for utility grid upgrades).3Climate change is also driving greater investment in ecological restoration projects across the United States, including stream and habitat restoration.HASI has closed >$100m of ecological restoration investments including 3k acres of habitat restoration in CA, a portfolio of wetland mitigation banks, and storm water remediation projects.The U.S. spends ~$10b per year on ecological restoration,4 and >40% of the nation's 3.5m of streams and rivers are in poor condition, according to the EPA.5
Page 20
The Next FrontierCHPBuilding ElectrificationFuel CellData CentersHydrogenNext-Gen GeothermalManufacturingHydropowerAdvanced NuclearNatural Gas w/CCUSResiliency & AdaptationOther Clean FuelsSustainable Aviation FuelSustainable AgricultureTransmissionSustainable MaterialsRNGFleet DecarbonizationEcological RestorationUtility-Scale StorageUtility-Scale SolarOnshore WindC&ICommunity SolarResidential SolarPublic Sector Energy Efficiency The Continuing Evolution of Our Investment Strategy 20HASI’s Business FoundationsPublic Sector Energy Efficiency HASI’s Business Today RNGFleet DecarbonizationEcological RestorationUtility-Scale StorageUtility-Scale SolarOnshore WindC&ICommunity SolarResidential SolarPublic Sector Energy Efficiency
Page 21
Insulated and Diversified Pipeline 21 BTM: Higher retail utility rates improve the value proposition for both rooftop solar and energy efficiency GC: Third-party forecasts project >60 GW of new renewable energy and battery storage capacity to be added to the U.S. grid in 20262 FTN: RNG production is forecast to more than double from 2024 to 2030 with >20 gas utilities actively procuring and injecting RNG into their pipelines31. As of 9/30/25. Excluding the $1.2b investment closed in October 2025 and announced on our November 6, 2025 conference call2. U.S. Energy Information Administration’s “Short-Term Energy Outlook” (October 2025)3. ING Think’s “Renewable Natural Gas: Growing Significance in a Niche Market” (April 30, 2025) Next Frontier: Starting to gain traction with our newer asset class targets Grid-Connected 29%Next Frontier9%Behind-the-Meter 43%Fuels, Transport, & Nature 19%BTM EnergyEfficiency25%BTM Solar18%>$6b 12-mo Pipeline1
Page 22
22 Our Positioning in the Project Lifecycle Minimizes Our Risk Range of Investment Timing for a Typical Utility-Scale ProjectRegulatory Permits & ApprovalsPartsProcurementStart of ConstructionCommercialOperationInterconnectionAgreementHASI typically funds new investments after the start of constructionPPASigning Commitment Funding Pipeline
Page 23
Investments, Assets, Returns& Funding 23
Page 24
2019 2020 2021 2022 2023 2024 Annual Investment Originations Have Grown >75% from 2019 to 2024 While Becoming More Diversified 24 $1.7b$1.8b$2.3b OtherFTNOnshore WindResi SolarPublic SectorC&IGC SolarCommunity Solar $2.3b$1.9b$1.3bGC Solar:25%FTN:21%FTN:30%Community Solar:18%ResiSolar:26%PublicSector:27%PublicSector:42%GC Solar:30%GC Solar:18%Onshore Wind:38%Resi Solar:21%PublicSector:45% Top two asset classes of new investments change each year
Page 25
“Managed Assets” represents our Portfolio of on-balance sheet investments, as well as our off-balance sheet investments held in securitization trusts and the co-investments made by our partner in CCH1“Portfolio” represents the book value of all investments consolidated on our balance sheet Our Managed Assets Have More than Doubled Since 2020 to $15 Billion at the end of Q3 2025 251. As of the end of each period. For explanation of Managed Assets, see Appendix. Figures in chart are as of the end of each periodManaged Assets1Portfolio1$2.9$3.6$4.3$6.2$6.6$7.52020 2021 2022 2023 2024 Q3 2025$15.0$12.3$9.8$8.8$7.2$13.7
Page 26
New Portfolio Asset Yields Have Risen to >10.5% 1. As of 9/30/25. For explanation of Portfolio, see Appendix2. FTN primarily consists of renewable natural gas (RNG)3. 2025 YTD through 9/30/25. Represents yields on portfolio assets only; excludes follow-on investments of previous transactions. For explanation of Portfolio Yield, see Appendix26 Diversification across asset classes Our portfolio provides high visibility of recurring earnings Yield on new investments3 2022 2023 2024 2025 YTD>10.5% >10.5%>9.0%>7.5%Portfolio:$7.5bPublic Sector 3%Community Solar 8%Other 1%C&I6%Resi Solar & Storage31%FTN14%Onshore Wind16%GC Solar & Storage21%
Page 27
Portfolio Growth Enabled by Diverse and Expanding Funding Platform 27Broadening access to multiple sources of capital optimizes HASI's flexibility, resilience, and cost of capital.Non-Recourse DebtCo-Investment Vehicles2EquityConvertible DebtUnsecured NotesTerm Loan FacilitiesRevolving Credit2Green CP2 1. Through 12/31/24. Amounts displayed are net of refinancing2. Co-investment vehicles, Green CP, and Revolving Credit reflect total committed capacity of facilities not amounts drawn down. Green CP excludes $1b stand-alone facility as it is back-stopped by our revolving credit facility$0$2$4$6$8$10 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Funding of New Balance Sheet Investments1($b)
Page 28
Ample Liquidity and Laddered Debt Maturities 1. As of 9/30/25 though includes $250m delayed-draw term loan facility executed in November 2025 and is available to draw between 3/16/26 and 6/15/22. As of 9/30/25. A small portion of RLOC capacity is used for letters of credit3. Reflects maturities of term debt only and excludes our commercial paper outstanding as of 6/30/25.4. As of 9/30/25. Includes fixed rate or hedged base rate debt. See Appendix slide 57 for details on our hedge portfolio28 Multiple Sources of LiquidityLong-term Debt maturities extend out to 20353>$1.4bliquidity sources1 •Investment Grade ratings from S&P (BBB-), Moody’s (Baa3) and Fitch (BBB-)•1.9x Debt-to-Equity ratio (within 1.5-2.0 target)1•88% of debt at fixed rates or hedged4•Longer-term debt issuances enabled by investment-grade rating, along with our hedging programs, allows us to optimize our asset-liability duration•HASI’s diversified funding strategy includes the use of our unsecured revolver and two CP programs to fund near-term investments before refinancing with long-term debt •Total capacity of $1.9b including CP , delayed-drawn term loan, and revolver (backed by 15 relationship banks with maturity of April 2028)$0$500$1,0002025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035Bank Term Loans`Convertible NotesSenior Unsecured Notes$2.2bGross Liquidity1($0.8)- RLOC borrowings (including amounts reserved for stand-alone CP facility)2$1.4bAvailable Liquidity1Unsecured RevolverCPCash DDTL
Page 29
CCH1 Co-Investment Vehicle Program Adds a New Dimension to Our Business 29 •Access to new pool of private capital•Lower reliance on capital markets•No change in origination strategy, investment criteria or risk profile•New income stream from fees•Higher ROE Investments AnnualManagement Fees(0.5-1.0%)Upfront OriginationFees(1%)50% of investment50% of returns50% of returns 50% of investment
Page 30
Investment Grade Status Lowers Debt Costs by ~100 Bps 1. Federal Reserve Economic Data: ICE BofA BBB US Corporate Index Option-Adjusted Spread vs. ICE BofA BB US High Yield Index Option-Adjusted Spread (not seasonally adjusted)30 200100400300 Fewermarket dislocationsLongermaturitiesSecond (of three) investment grade ratings achieved in May 2024 also triggeredan automatic 25 basis point reduction on our revolver and term loan facility Lower debt costs BB minus BBB Spreads: ~120 bps average since 20141 HASI’s Spreads Non-IG: 339 bps First IG: 225 bpsJul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25
Page 31
Resilient Margins in all Interest Rate Environments 311. Represents yields on new portfolio investments only; excludes follow-on investments of previous transactions2. Excludes revolver and commercial paper and includes impact of hedges0%1%2%3%4%5%Jan-20 Jan-21 Jan-22 Jan-23 Jan-24Annual Average:Adjusted EPS Y/Y GrowthAnnual AverageYield:0.9% 1.4% 3.0% 4.0% 4.2%Adjusted EPS Y/Y Growth11% 21% 11% 7% 10%10-Year Treasury YieldNew Asset Yields1New Debt Issued2Net Spread7.5%4.2%3.3%7.1%3.4%3.7%7.6%4.9%2.7%9.1%6.3%2.8%10.5%6.6%3.9%20202021202220232024
Page 32
ROE Continues to be Enhanced by Our Capital Efficiency 32Adjusted ROE1Incremental Adjusted ROE211.8%12.5%13.4%13.5%16.3%19.6%0%5%10%15%20%25% 2023 2024 2025 YTD1. See Appendix for an explanation of Adjusted ROE (p. 32) and reconciliation to the relevant GAAP measure (p. 27)2. Incremental Adjusted ROE is calculated as change in Adjusted Earnings divided by change in quarterly average of Shareholder Equity. 2025 YTD annualizes Adjusted Earnings from the first three quarters of the year
Page 33
Our Business Has Not Historically Been Impacted by Economic Cyclicality 33Adjusted EPS3has grown in every year since 2014—including during the Covid recession (2020) and two sharp slowdowns (2016 and 2022)—for a 10-year CAGR4of 10%.1. Data sourced from U.S. Energy Information Administration’s Form EIA-860 data2. U.S. Bureau of Economic Analysis3. See Appendix for an explanation of Adjusted Earnings per Share (EPS), including reconciliations to GAAP EPS4. Adjusted EPS CAGR calculated from 2014 to 2024U.S. Real GDP GrowthNew U.S. Electric Generation CapacityNew U.S. Solar/Wind Generation Capacity U.S Real GDP Growth2 (2%)(0%)2%4%6%($1.00)$0.00$1.00$2.00$3.002014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 U.S. Real GDP Growth2 HASI Adjusted EPS3 -%New U.S. generation capacity vs. GDP growthHASI Adjusted EPS vs. GDP growth U.S. Real GDP GrowthAdjusted EPS (20)-204060801998 2002 2006 2010 2014 2018 2022New U.S. Electric Generation Capacity (GW)12001-02“Tech” Recession2020“Covid” Recession2007-09“GFC” Recession6%4%2%-%(2%)
Page 34
DifferentiatedInvestment Platform 34
Page 35
Deep and Dedicated Team with Extensive Energy Finance Expertise and Experience 351. As of 12/31/24. Excludes executives (3)InvestmentTeamPortfolio ManagementFinance & AccountingInformationTechnology & OperationsLegalCorporate Affairs / Client EngagementHumanResources & Office Support Functional Teams1# of professionalsKey Executives39 30 19 35 16 5 6 Jeffrey A. LipsonPresident & Chief Executive Officer Charles W. MelkoEVP, Chief Financial Officer and TreasurerMarc T. PangburnEVP, Chief Revenue & Strategy Officer Amanuel Haile-MariamSenior MD –GC InvestmentsAnnmarie ReynoldsSenior MD –FTN InvestmentsDaniela ShapiroSenior MD –BTM Investments Susan D. NickeyEVP & Chief Client Officer Viral AminEVP Portfolio Management & Chief Risk OfficerNitya GopalakrishnanEVP & Chief Operating Officer
Page 36
Long-Term Thinking Underpins Long-Term Investments 36 Preferred Choice byProgrammatic ClientsVersatility across the Capital Structure and Transaction SizesFocused, Disciplined, & Efficient OriginationRobust, Active Risk Management
Page 37
The Preferred Choice for our Programmatic Clients 37 Expertise Decades of market, policy, technology, tax, and finance experience Extensive history with diverse structured transactions Active “above and beyond” support over the full life-cycle of a project Efficiency Programmatic relationships minimize friction costsExecution certaintyAccess to decision makers Flexibility Creativity in finding solutions to clients’ problemsAdaptability to unique project needsPermanent capital Trust Strategic value-add partner, not just a financial investorNever compete with clientsShared vision and values Preferred Choiceby Programmatic ClientsVersatility across the CapitalStructure and Transaction SizesFocused, Disciplined and Efficient OriginationRobus, ActiveRisk Management
Page 38
Versatility across the Capital Structure andTransaction Sizes 38 Common EquitySenior Debt$10M $100M $500M $1B+ Structured EquitySubordinated Debt Private CreditInfrastructure FundsBanks / Insurance Transaction sizeCapital Structure PositioningVersatility across the CapitalStructure and Transaction Sizes Focused, Disciplined and Efficient OriginationRobus, ActiveRisk ManagementPreferred Choiceby Programmatic Clients
Page 39
Focused, Disciplined, and Efficient Origination 39 Sourcing Well-known participant in the market as a “one stop shop” across multiple asset classes Typically the sole or lead provider of specific capital issuance Underwriting Thorough diligence spanning multiple teams, independent engineers, advisors and investment committee Extensive in-house, legal, engineering, finance, credit and resources Rigorous analysis of credit, operational, and liquidity risks underscored by only 7 bps of average annual realized losses on Managed Assets1 Structuring Flexibility within the capital structure enabled by use of permanent capital Informed by decades of data and experience Price discipline and prioritization of cash flow receiptsFocused, Disciplined and Efficient OriginationProgrammatic relationships drive repeat businessVersatility across the CapitalStructure and Transaction SizesRobus, ActiveRisk ManagementPreferred Choiceby Programmatic Clients1. Average Annual Recognized (GAAP)/ Realized (Non-GAAP) Loss on Managed Assets is the average rate of our annual recognized (GAAP)/ realized (Non-GAAP) losses, calculated as a percentage of recognized (GAAP)/ realized (Non-GAAP) losses incurred in each year relative to average Managed Assets. This metric includes the 10 year period ending September 30, 2025. These losses include both losses related to equity method investments and receivables and investments
Page 40
Robust and Active Risk Management 40 Focus on non-cyclical assets with long-term cash flows under contract with high-quality, incentivized off-takers Robus, ActiveRisk Management Credit Risk Operational RiskPortfolio RiskEnterprise RiskSubstantial investment in information systems provides for efficient data analysis on key portfolio asset performance metrics Strong track record of successful business decisions, strategic initiatives, and responsiveness to industry, policy, and technology changes through life of investmentsEstablished an enterprise risk management framework and best practices on internal controls procedures in consultation with PwC Versatility across the CapitalStructure and Transaction SizesFocused, Disciplined and Efficient OriginationPreferred Choiceby Programmatic Clients
Page 41
Our Clients Embrace our Expertise, Flexibility, Shared Values and Long-Term Relationships 41 “What sets HASI apart is that they have a team of professionals that get in there. When the times are challenging they bring the resources to bear , they bring the knowledge to bear in order to help the situation… .”“We find a common ground, a common trust. And that has allowed us to be much more open in our working relationship. They can be there with us through both the good and the bad, and they are there as solution providers.” “We choose HASI because we really believe in the partnership we have with them. Our partnership with HASI goes beyond the transactions that we are signing with them.” “HASI has fundamentally structured itself to maximize operating leverage, pursue new opportunities, and actually execute on behalf of its customers in ways that its competitors just simply can't do.” “As we have worked with HASI, they see virtues in the same things that we do. They value the types of environmental features that we seek… They value the social outcomes of the investments that we make. And they also do things right..”
Page 42
Financial Performance & Targets 42
Page 43
New Investments Lead to Multiple Revenue/Income Streams 43 Transaction ClosedManaged AssetNot SecuritizedCo-Investment VehiclesPortfolioReceivables(Debt)Equity Method Investments(Equity)Interest Income and Rental Income RevenueIncome from Equity Method InvestmentsLong-term recurring revenue earned from debt investmentsLong-term recurring adjusted earnings generated from equity investments$266m $239m $37m $80m2024Gain on Sale ofAssets RevenueSecuritizedManagement Fees and Retained Interest Income + Origination Fee RevenueEpisodic gains generated from the sale of assets through securitizationRevenue earned from co-investment vehicle fees and residual minority interest retained from securitizations Managed Asset
Page 44
Adjusted Recurring Net Investment Income of $269m YTD 1. Management Fees and Retained Interest Income Revenue is adjusted to eliminate HASI's proportionate share of fees from its co-investment structures2. Please see Appendix for an explanation of Adjusted Recurring Net Investment Income and reconciliation of GAAP-based Net Investment Income3. 2025 YTD through 9/30/2544 $95$144$198$237$289$211$269 2020 2021 2022 2023 2024 2024YTD2025YTD 2025 YTD3Our Adjusted Recurring Net Investment Income grew at a compoundedrate of 27% between 2019 and 2024 and is up 27% Y/Y to $269m 2025 YTD3 Adjusted NetInvestment Income$247m Interest Income + Adj. Income from Equity Method Investments less Interest ExpenseManagement Fees and Retained Interest Income1$22m Adjusted RecurringNet Investment Income2$269m+= CCH1 management fees + income from our retained securitization interests Recurring income from Managed Assets providing years of visibility33+32%CAGR
Page 45
Gain on Sale Revenue is Generated Predominantly from the Securitization of Assets not Retained on Balance Sheet 4515% 8% 10% 11%$50$68$57$69$802020 2021 2022 2023 2024$ in millionsProceeds from SecuritizationGain on Sale of Assets Revenue1Gain on Sale from securitizations can be lumpy from quarter to quarter, and are expected in 2025 to be within the 2021-2023 rangeGain on Sale Revenue as a % of Proceeds from Securitization$628m$557m$878m$342m$1,152m 7%Securitized assets primarily include our energy efficiency and real estate investmentsThese assets generally offer lower credit risk but also lower yieldsNew investments are typically identified for securitization at the time of origination 1. Gain on sale revenue is almost entirely generated from securitizations though a small portion is also generated from the sale of investments (including $1m in 2024)
Page 46
461. See Appendix for explanation of Adjusted Recurring Net Investment Income and Adjusted Earnings, including reconciliations to the relevant GAAP measures.2. Adjusted ROE is calculated using Adjusted Earnings for the period and the average of the ending quarterly Stockholders’ Equity balances for the period. Refer to reconciliation of GAAP Earnings to Adjusted Earnings. 20242023$1.62$1.42GAAP Diluted EPS$2.45$2.23Adjusted EPS1$24m$58mGAAP-Based Net Investment Income$289m$237mAdjusted Recurring Net Investment Income1$92m$72mGain on Sale, Origination Fees and Other Income 12.5%11.8%Adjusted ROE2 Adjusted RecurringNet Investment Income1Upfront Capital Light Income(Gain on Sale, Origination Fee & Other)Adjusted EPS1Steady, Consistent Growth in Adjusted EPS $95$144$198$237$2892020 2021 2022 2023 2024 $1.55$1.88$2.08$2.23$2.452020 2021 2022 2023 2024CAGR: 12%CAGR: 32%$59$71$61$72$922020 2021 2022 2023 2024CAGR: 12%
Page 47
Adjusted Cash Flow from Operations Plus Other Portfolio Collections1 47 202320243Q25 (TTM)$ millions2 $442$891$986Cash collected from our Portfolio$34$325$98Cash collected from sale of assets3 ($79)($86)($95)Cash used for compensation and benefits and G&A expenses($138)($173)($243)Interest paid4 $27$33$43Management Fees and retained interest income + Origination Fees and Other Income($22)($73)($7)Principal payments on non-recourse debt$2($8)($1)Other$266$910$781Adjusted Cash from operations plus other portfolio collections($160)($192)($206)(-) Dividend$106$718$576Cash Available for Reinvestment($2,225)($1,075)($1,406)(-) Investments Funded5 $1,969$419$1,261(+) Net Capital Raised$50$13($170)Other Sources/Uses of Cash($100)$75$261Change in Cash1. See explanatory notes for an explanation of Adjusted Cash Flow from Operations Plus Other Portfolio Collections and Cash Available for Reinvestment2. Amounts may not sum due to rounding3. Includes cash from the sale of assets on our balance sheet as well as securitization transactions4. For 2024, interest paid includes a $20 million benefit from the settlement of a derivative which was designated as a cash flow hedge. For 2025, interest paid includes a $18 million benefit from the settlement of a derivative which was designated as a cash flow hedge5. Does not include receivables held-for-sale
Page 48
2027 Guidance Bridge to Long-Term Business Model 481. See Appendix for an explanation of Adjusted Earnings, including reconciliations to the relevant GAAP measures2. Payout ratio is as a percentage of Adjusted EPS3. See Appendix for an explanation of our Guidance4. Using 2023 base year 2023 2024 2025 2026 2027$3.26$3.03DividendAdjusted EPS155-60% payout ratio28-10% CAGR42027 Guidance3 50% payout ratio210% CAGR (Realized 2014-2024 CAGR of 10%)Long-Term Business Model
Page 49
Sustainability & Impact Leadership 49
Page 50
Stellar Sustainability Results and RecognitionKey Sustainability Metrics for 20241 50 >35 hrs.average trainingper employee96%retention of ourfemale employees41%racial/ethnic minority workforce, up from 38% in 2023~$4mHASI Foundation grants to non-profits since 2021100%of energy consumption procured from renewable energy sources~400kquality jobs created by our investments across the U.S.Ratings & Scores Dark GreenAwards & Recognition 1. Data as of our most recently published 2024 Sustainability & Impact report
Page 51
Obtained “Dark Green” Second-Party Opinion (SPO) on Green Bond FrameworkPioneered Impact-Based Scope 2 Emissions Accounting and REC Procurement MethodRecognized as A List by Carbon Disclosure Project (“CDP”) for third consecutive year A Long Legacy of Sustainability Excellence 51 Joined Partnership for Carbon Accounting Financials (PCAF)Declared first annual Social Dividend to capitalize newly-launched company FoundationRecognized by Climate Bonds Initiative as a Green Bonds PioneerFormalized Board oversight of Sustainability &Impact strategies, activities, policies, and communicationsImplemented TCFD recommendationsAchieved 100% renewable energy procurement targetBecame a signatory to the U.N. Global CompactIssued inaugural $500m corporate unsecuredgreen bondPublished our first sustainability reportRaised >$1.5b in CarbonCount-based debtAmended bylaws to enhance shareholder rightsLaunched CarbonCount 2.0Scope 1 and 2 Targets validated by Science Based Targets initiativeEstablished multiple Business Resource GroupsPublished Sustainability and Impact Materiality AssessmentAdopted International Sustainability Standards Board Reporting FrameworkSet Net Zero Target for Scope 3 Financed EmissionsFirst U.S. public company solely-focused on climate investmentsLaunchedscoring toolPublished first Sustainability Report CardIssued first rated HASI Sustainable Yield Bond for real estate assetsOne of the first U.S. public companies to commit to Task Force on Climate-Related Financial Disclosures20132014201520162020201820192021202220232017 2035Scope 3 net zero by Net zero by2050TargetsCharters & PledgesUN Global Compact Alignment 2024
Page 52
CarbonCount: Our Proprietary Tool for Measuring the Climate Impact of Every Investment 52Indicative CarbonCount by Technology TypeImpact of capacity factor and cost per MWTransparent Comparable Accountable1.57Energy EfficiencyGrid-Connected SolarRNG0.450.17Indicative CarbonCount for an Identical Sample Solar Project in Different RegionsImpact of grid fuel mix 0.560.330.790.630.45 0.93Metric Tons of CO2e Avoided Annually per $1,000 Invested=Annual Energy Generation Avoided by Project (MWh)Locational Marginal Emissions Factor (Metric Tons of CO2e / MWh)1Total Capital Cost of the Project× 1. Where available; find more details in the HASI White Paper CarbonCount 2.0: Carbon Confidence in Climate Finance (April 2023)
Page 53
Avoidance of Material Carbon Emissions Through Both Our Investments and Operations 53 2024 Highlights10 MTdirect scope 1 CO2emissions2856kMT of incremental annualreductions in CO2emissions from 2024 investments0 MTindirect scope 2 CO2emissions2382mgallons of water saved from 2024 investments0.2k MTindirect scope 3 CO2emissions2 1. Data as of our most recently published 2024 Sustainability & Impact report2. 0 market-based Scope 2 emissions (143 MT location-based Scope 2 emissions). FY24 Scope 1, Scope 2, and Scope 3 emissions verification statement: hasi.com/sustainability 3. CarbonCount® is a proprietary scoring tool for evaluating real assets to determine the efficiency by which each dollar of invested capital avoids annual CO2e emissions.4. WaterCountTMis a scoring tool that evaluates investments in U.S.-based projects to estimate the expected water consumption reduction per $1,000 of investment.5. Cumulative metric tons of CO2e emissions avoided and water saved annually through HASI’s investments from 2013 through Q2 2025 Carbon Emissions3CarbonCount: 0.12 (3Q25)Water Savings4WaterCount: 90 (3Q25) (3.2)(5.2)(6.0)(6.6)(7.4)(8.2)(8.5)(9)(8)(7)(6)(5)(4)(3)(2)(1)02019 2020 2021 2022 2023 2024 2025 YTD (9)(8)(7)(6)(5)(4)(3)(2)(1)02019 2020 2021 2022 2023 2024 2025 YTDEfficiency Measures Avoided Grid MWhsCumulative Metric Tons of CO2Avoided Annually5(million tons)Cumulative Gallons of Water Saved Annually5(billion gallons) (3.4)(4.0)(4.2)(6.3)(7.0)(7.3)(7.5)
Page 54
Appendix 54
Page 55
051015202530Low P/E Multiple Relative to History and Peer Groups 55 28x27x22x17x14x11xClean PowerProducersAsset ManagersMidcapElectric UtilitiesMidcap ElectricMLPsIPPsNote: Based on stock prices and S&P CapIQ consensus 2026 estimates as of 11/07/25 Current 2026 P/E vs. Peer Groups HASI’s 2000-2024 P/E Multiple Note: Based on stock price through December 31, 2024.0x5x10x15x20x25x30x35x40xJan-20 Jan-21 Jan-22 Jan-23 Jan-24P/E Multiple5-Year Avg:17x18xClean Energy Manufacturers
Page 56
Summary of Total Debt and Hedge Portfolio 561. As of 9/30/20252. Interest rate includes hedge rate where applicable3. CP is renewed periodically on short term basis. Maturity of 2028 reflects that of our revolving line of credit, under which capacity is reserved for CP Maturity YearEffective Interest Rate2Debt Amount (millions)1Debt Facility20263.38%$600 Corporate Senior Unsecured Notes20277.75%$450 Corporate Senior Unsecured Notes20275.76%$238 Term Loan A20284.98%$577 Commercial Paper Notes3 20283.75%$403 Convertible Notes20285.73%$160 Revolving Line of Credit20286.76%$158 Rhea Debt Facility20303.87%$375 Corporate Senior Unsecured Notes20316.09%$600Corporate Senior Unsecured Notes20346.21%$1,000Corporate Senior Unsecured Notes20356.57%$400Corporate Senior Unsecured Notes20426.78%$90Harmony2026 to 20323.15%-7.23%$35Other Non-RecourseHedge Period EndHedge StructureFixed RateNotional ($ in millions)Hedged Instrument1 5/26/2026Collar3.70% (Floor) 4.00% (Cap)$250Short-term borrowings 3/27/2033Pay fixed / Receive 1-mo Term SOFR3.79%$200Term Loan A6/10/2033Pay fixed / Receive Daily SOFR4.41%$161Rhea Debt Facility6/15/2033Fwd-starting Pay Fixed / Receive SOFR3.09%$6002026 Sr. Notes4 6/15/20336Fwd-starting Pay Fixed / Receive SOFR2.98%$150Short-term borrowings-1 (refinancing to long-term)3/9/20316Fwd-starting Pay Fixed / Receive SOFR3.19%$250Short-term borrowings-2 (refinancing to long-term)6/15/2037Fwd-starting Pay Fixed / Receive SOFR3.72%$3752027 Sr. Notes5 Fixed Rate DebtFloating Rate Debt, Swapped to Fixed Where Noted Below 4. 2026 Sr. Note Hedges have a mandatory early termination provision by 9/15/20265. 2027 Sr. Note Hedges have a mandatory early termination provision by 6/15/20276. Mandatory early termination provisions for the ST borrowings-1 is 9/15/2026 and for ST borrowings-2 is 3/9/2026
Page 57
Strong Portfolio with Positive Credit Attributes 57 Recent Portfolio PerformanceObligor CreditStructural SeniorityPortfolio(%)5Asset Class> 420k consumers WAVG FICO: “Very Good” 6Subordinated Debt or Structured Equity31%ResidentialTypically IG corporates or utilitiesTypically Super Senior or Structured Equity21%GC SolarTypically IG corporates or utilitiesTypically Structured Equity16%WindVarious incentivized offtakersTypically Senior14%Fuels, Transport & NatureTypically creditworthy consumers and/or IG corporatesTypically Structured Equity8%CommunityTypically IG corporatesTypically Structured Equity6%C&IPredominantly IG govt or quasi-govt entitiesSenior or Structured Equity3%Public Sector Positive Credit AttributesPerformance MetricDescriptionRating~99%Performing11~1%Slightly below metrics22~0%Significantly below metrics330.07%Average annual realized loss on Managed Assets (Non-GAAP)40.12%Average annual recognized loss on Managed Assets (GAAP)4Outstanding Credit History1. This category includes our assets where, based on our credit criteria and performance to date, we believe that our risk of not receiving our invested capital remains low. | 2. This category includes our assets where, based on our credit criteria and performance to date, we believe there is a moderate level of risk to not receiving some or all of our invested capital | 3. This category includes our assets where, based on our credit criteria and performance to date, we believe there is substantial doubt regarding our ability to recover some or all of our invested capital | 4. Average Annual Recognized (GAAP)/ Realized (Non-GAAP) Loss on Managed Assets is the average rate of our annual recognized (GAAP)/ realized (Non-GAAP) losses, calculated as a percentage of recognized (GAAP)/ realized (Non-GAAP) losses incurred in each year relative to average Managed Assets. This metric includes the 10 year period ending September 30, 2025. These losses include both losses related to equity method investments and receivables and investments. | 5. Total may not sum due to rounding | 6. As of June 30, 2025; located across 21 states and the District of Columbia, Puerto Rico and Guam; qualitative FICO Rating corresponds to average FICO Score range for consumer obligors (as of lease origination dates)
Page 58
58 FinancialStatements
Page 59
Tobe Income Statement 59
Page 60
Balance Sheet 60
Page 61
Statement of Cashflows 61
Page 62
Cash Available for Reinvestment 62
Page 63
Reconciliation of GAAP Net Income to Adjusted Earnings 63(1) The per share data reflects the GAAP diluted earnings per share and is the most comparable GAAP measure to our adjusted earnings per share. (2) This is a non-GAAP adjustment to reflect the return on capital of our equity method investments as described in the Explanatory notes.(3) This adjustment is to eliminate the intercompany portion of fees received from co-investment structures that for GAAP net income is included in the Equity method income line item. Since we remove GAAP Equity method income for purposes of our Adjusted Earnings metric, we add back the elimination through this adjustment.(4) In addition to these provisions, in 2022 we wrote off two commercial receivables with a combined total carrying value of approximately $8 million which represented assignments of land lease payments from two wind projects that we had originated in 2014 as a part of an acquisition of a large land portfolio. In 2017, the operator of the projects terminated the lease, at which time we filed a legal claim and placed these assets on non-accrual status. In 2019, we received a court decision indicating that the owners of the projects were within their rights under the contract terms to terminate the lease which impacts the land lease assignments to us, at which time we reserved the receivables for their full carrying amount. In 2022, we received a court decision indicating that our appeal was not successful, and accordingly wrote off the full amount of the receivable. We have excluded the write-off from Adjusted earnings for the year ended December 31, 2022, due to the infrequent occurrence of credit losses as well as the unique nature of the receivables, as the assignment of land lease payments from wind projects represent a small portion of our total portfolio. In 2024, we concluded that an equity method investment, along with certain loans we had made to this investee, were not recoverable. The equity method investment and loans had a carrying value of $0 due to the losses already recognized through GAAP income from equity method investments as a result of operating losses sustained by the investee. We have excluded this write-off from Adjusted earnings, as this investment was an investment in a corporate entity which is not a part of our current investment strategy and is immaterial to our Portfolio. The loss associated with these investments is included in our Average Annual Realized Loss on Managed Assets metric disclosed below.(5) Shares used to calculated Adjusted earnings per share represents the weighted average number of shares outstanding including our issued unrestricted common shares, restricted stock awards, restricted stock units, long-term incentive plan units, and the non-controlling interest in our Operating Partnership. We include any potential common stock issuances related to share-based compensation units in the amount we believe is reasonably certain to vest. As it relates to Convertible Notes, we will assess the market characteristics around the instrument to determine if it is more akin to debt or equity based on the value of the underlying shares compared to the conversion price. If the instrument is more debt-like then we will include any related interest expense and exclude the underlying shares issuable upon conversion of the instrument. If the instrument is more equity-like and is more dilutive when treated as equity then we will exclude any related interest expense and include the weighted average shares underlying the instrument. We will consider the impact of any capped calls in assessing whether an instrument is equity-like or debt like.
Page 64
Additional GAAP to Non-GAAP Reconciliations 64 (1) GAAP-based net investment income (loss) as reported in previous periods was not defined to include Management fees and retained interest income. It has been included here in comparative periods to reflect the new definition. (2) This is a non-GAAP adjustment to reflect the return on capital of our equity method investments as described below in the “Explanatory Notes” section.(3) GAAP net income includes an elimination of the intercompany portion of management fees received from co-investment structures in the Equity method income line item. Since GAAP Equity method income is not a component of this metric, we include the elimination of the management fee through this adjustment.(1) Total assets held in co-investment structures are $1.2 billion as of September 30, 2025Reconciliation of GAAP-based Portfolio to Managed AssetsReconciliation of GAAP-based NII to Adjusted Recurring Net Investment Income
Page 65
Explanatory Notes 65 GuidanceThe Company expects Adjusted Earnings per Share to increase approximately 10% year-over-year in 2025. In addition, the Company expects that annual Adjusted Earnings per Share will increase at a compounded annual rate of 8% to 10% from 2024 to 2027, relative to the 2023 baseline of $2.23 per share, which is equivalent to a 2027 midpoint of $3.15 per share. The Company also expects the payout ratio of distributions of annual dividends per share as a percentage of annual Adjusted Earnings per Share to decline annually to 55%-60% by 2027. This guidance reflects the Company’s judgments and estimates of (i) yield on its existing portfolio; (ii) yield on incremental portfolio investments, inclusive of the Company’s existing pipeline; (iii) the volume and profitability of transactions; (iv) amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of the Company’s forecasted operations; and (vi) the general interest rate and market environment. In addition, distributions are subject to approval by the Company’s Board of Directors on a quarterly basis. The Company has not provided GAAP guidance as discussed in the Forward-Looking Statements. Adjusted Cash from Operations plus Other Portfolio Collections We operate our business in a manner that considers total cash collected from our portfolio reduced by necessary operating and debt service payments to assess the amount of cash we have available to fund dividends and investments. We believe that the aggregate of these items, which combine as a non-GAAP financial measure titled Adjusted Cash from Operations plus Other Portfolio Collections, is a useful measure of the liquidity we have available from our assets to fund both new investments and our regular quarterly dividends. This non-GAAP financial measure may not be comparable to similarly titled or other similar measures used by other companies. Although there is also not a directly comparable GAAP measure that demonstrates how we consider cash available for dividend payment, set forth further in the Appendix is a reconciliation of this measure to GAAP Net cash provided by operating activities.Also, Adjusted Cash from Operations plus Other Portfolio Collections differs from Net Cash Provided by (Used in) Investing Activities in that it excludes many of the uses of cash used in our investing activities such as Equity Method Investments, Purchases of and Investments in Receivables, Purchases of Debt Securities, and Collateral Provided to and Received from Hedge Counterparties. In addition, Adjusted Cash from Operations plus Other Portfolio Collections is not comparable to Net cash provided by (used in) financing activities in that it excludes many of our financing activities such as proceeds from common stock issuances and borrowings and repayments of unsecured debt.Cash Available for ReinvestmentCash Available for Reinvestment is a non-GAAP measure which is calculated as Adjusted Cash from Operations Plus Other Portfolio Collections less dividend and distribution payments made during the period. We believe Cash Available for Reinvestment is useful as a measure of our ability to make incremental investments from reinvested capital after factoring in all necessary cash outflows to operate the business. Management uses Cash Available for Reinvestment in this way, and we believe that our investors use it in a similar fashion.
Page 66
Explanatory Notes 66 Adjusted Earnings and Earnings on Equity Method InvestmentsWe calculate Adjusted Earnings as GAAP net income (loss) excluding non-cash equity expense, provisions for loss on receivables, amortization of intangibles, non-cash provision (benefit) for taxes, losses or (gains) from modification or extinguishment of debt facilities, non-cash tax charges and the earnings attributable to our non-controlling interest of our Operating Partnership. We also make an adjustment to eliminate our portion of fees we earn from related-party co-investment structures, and for our equity method investments in the renewable energy projects as described below. We will use judgment in determining when we will reflect the losses on receivables in our Adjusted Earnings, and will consider certain circumstances such as the time period in default, sufficiency of collateral as well as the outcomes of any related litigation. In the future, Adjusted Earnings may also exclude one-time events pursuant to changes in GAAP and certain other adjustments as approved by a majority of our independent directors.We believe a non-GAAP measure, such as Adjusted Earnings, that adjusts for the items discussed above is and has been a meaningful indicator of our economic performance in any one period and is useful to our investors as well as management in evaluating our performance including as it relates to expected dividend payments over time. Additionally, we believe that our investors also use Adjusted Earnings, or a comparable supplemental performance measure, to evaluate and compare our performance to that of our peers, and as such, we believe that the disclosure of Adjusted Earnings is useful to our investors. Certain of our equity method investments in renewable energy and energy efficiency projects are structured using typical partnership “flip” structures where the investors with cash distribution preferences receive a pre-negotiated return consisting of priority distributions from the project cash flows, in many cases, along with tax attributes. Tax equity investors typically realize a large portion of their return through an allocation of the majority of tax attributes, such as tax depreciation and tax credits, as such credits are realized by the project. Once this preferred return is achieved, the partnership “flips” and the common equity investor, often the operator or sponsor of the project, receives more of the cash flows through its equity interests while the previously preferred investors retain an ongoing residual interest. We have made investments in both the preferred and common equity of these structures. Given our equity method investments are in project companies, they typically have a finite expected life. We typically negotiate the purchase prices of our equity investments based on our underwritten project cash flows discounted back to a net present value, based on a target investment rate, with the cash flows to be received in the future reflecting both a return on the capital (at the investment rate) and a return of the capital we have committed to the project. We use a similar approach in the underwriting of our receivables.Under GAAP, we account for these equity method investments utilizing the HLBV method. Under this method, we recognize income or loss based on the change in the amount each partner would receive if the assets were liquidated at book value, after adjusting for any distributions or contributions made during such quarter. The amount received in a liquidation is typically based on the negotiated profit and loss allocation, which may differ from the allocation of distributable cash in any given period. The amount allocated to a tax equity investor during the hypothetical liquidation is typically reduced over time as tax attributes are allocated to them and they achieve portions of their preferred return. Accordingly, tax equity investors are allocated losses as they receive tax benefits, while the sponsors of the project and other investors subordinate to tax equity are allocated gains of a similar amount. Tax equity investors can generally elect either investment tax credits or production tax credits, which are each recognized over different time periods. This results in different HLBV income profiles despite the fact that cash allocations are typically not directly impacted by such a tax credit election. In addition, the agreed upon allocations of the project’s cash flows may differ materially from the profit and loss allocation used for the HLBV calculations in a given period. The application of the HLBV method described above, results in GAAP income or loss in any one period that is often significantly different from the economic returns achieved from the investment in any one period as a result of the impact of tax allocations, the high levels of depreciation and other non-cash expenses that are common to renewable energy projects and the differences between the agreed upon profit and loss and the cash flow allocations. Thus, in calculating Adjusted Earnings, we adjust GAAP net income (loss) for certain of our investments where there are characteristics as described above to take into account our calculation of the return on capital (based upon the underwritten investment rate), as adjusted to reflect the performance of the project and the cash distributed. In calculating the underwritten investment rate, we make certain assumptions, including the timing and amounts of cash flows generated by our investments, which may differ from actual results, and may update this yield to reflect our most current estimates of project performance. We believe this equity method investment adjustment to our GAAP net income (loss) in calculating our Adjusted Earnings measure is an important supplement to the income (loss) from equity method investments as determined under GAAP that helps investors understand the economic performance of these investments where HLBV income can differ substantially from the economic returns in any one period.Adjusted Earnings does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), or an indication of our cash flow from operating activities (determined in accordance with GAAP), or a measure of our liquidity, or an indication of funds available to fund our cash needs, including our ability to make cash distributions. In addition, our methodology for calculating Adjusted Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Adjusted Earnings may not be comparable to similar metrics reported by other companies.
Page 67
Supplemental Financial Data 67 Managed AssetsWe consolidate assets on our balance sheet, securitize assets off-balance sheet, and manage assets in which we co-invest with other parties via equity method investments. Therefore, certain receivables and other assets are not reflected on our balance sheet where we may have a residual interest in the performance of the investment, such as a retained interest in cash flows. Thus, we present our investments on a non-GAAP managed basis. We believe that our Managed Asset information is useful to investors because it portrays the amount of both on- and off-balance sheet receivables that we manage, which enables investors to understand and evaluate the credit performance associated with our portfolio of receivables, equity investments and residual assets in off-balance sheet assets. Our management also uses Managed Assets in this way. Our non-GAAP Managed Assets measure may not be comparable to similarly titled measures used by other companies.Adjusted Recurring Net Investment IncomeAdjusted Recurring Net Investment Income is calculated as GAAP-based Net Investment Income (Interest and Rental Income and Management Fees and Retained Interest Income, less Interest Expense), as reported within our financial statements prepared in accordance with US GAAP, plus Adjusted Income from Equity Method Investments plus loss on debt modification or extinguishment and amortization of real estate intangibles, less the elimination of our proportionate share of fees earned from co-investment structures. We utilize this measure in operating our business and believe it is useful information for our investors and management for the reasons discussed in our Adjusted Earnings measure. Our Adjusted Recurring Net Investment Income measure may not be comparable to similarly titled measures used by other companies.Portfolio YieldWe calculate Portfolio Yield as the weighted average underwritten yield of the investments in our Portfolio as of the end of the period. Underwritten yield is the rate at which we discount the expected cash flows from the assets in our Portfolio to determine our purchase price. In calculating underwritten yield, we make certain assumptions, including the timing and amounts of cash flows generated by our investments, which may differ from actual results, and may update this yield to reflect our most current estimates of project performance. We believe that Portfolio Yield provides an additional metric to understand certain characteristics of our Portfolio as of a point in time. Our management uses Portfolio Yield this way and we believe that our investors use it in a similar fashion to evaluate certain characteristics of our Portfolio compared to our peers, and as such, we believe that the disclosure of Portfolio Yield is useful to our investors. Our Portfolio Yield measure may not be comparable to similarly titled measures used by other companies.Adjusted ROEAdjusted ROE is not a financial measure calculated in accordance with GAAP. It is calculated as annual Adjusted Earnings as described in this Appendix divided by the quarterly average of our GAAP stockholders’ equity over the relevant period. GAAP stockholders’ equity at each date is located in the respective quarter’s Form 10-Q or that year’s Form 10-K.
Page 68
Visit our website at www.hasi.comOffered by HASI Securities, and a subsidiary of HA Sustainable Infrastructure Capital, Inc. Listen to the HASI Climate Positive podcast