HASI grows managed assets 13% to $16.4B; Q1 loss driven by equity method timing issue

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

• high

  Q1 2026 net loss of $73.7M vs. $58.2M income in Q1 2025, driven by $167M decrease in equity method investment income from tax credit sale timing differences that do not affect underlying economics. Adjusted Earnings rose 30% to $101.7M.

  MD&A: Financial Results verify on EDGAR →
• high

  Managed Assets grew from $14.5B to $16.4B year-over-year. Pipeline expanded to $6.5B with strategic shift: grid-connected projects now 47% (up from 30%) while behind-the-meter declined to 34% (from 49%).

  MD&A: Business Overview verify on EDGAR →
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  Issued $600M junior subordinated notes (due 2056) and $400M senior notes (due 2036), using proceeds to redeem $450M of 2027 notes. Junior notes receive 50% equity treatment from rating agencies, improving leverage ratio to 1.6:1 from 1.9:1.

  MD&A: Capital Structure verify on EDGAR →