HASI Q3 net income jumps 75.9% to $146.5M on higher equity-method income, but $70M impairment and cash burn raise concerns

Filed November 6, 2026 · Period ending September 30, 2026 · Compared to 10-Q Nov 7, 2025 · ~2 min read

Key Changes

• high

  Q3 net income rose 75.9% to $146.5M, or $1.04 diluted EPS, driven by higher equity-method income and revenue; the year-ago quarter included a $24.9M gain on asset sales vs $7.5M this period.

  MD&A: Q3 net income verify on EDGAR →
• high

  A $70 million impairment on two equity method investments was recognized in Q2 2026, reflecting less effective sponsor remediation plans and substantial doubt about full recovery of $132M of consolidated project assets.

  Notes: Impairment verify on EDGAR →
• high

  Operating cash flow swung to positive $139.9M for the nine months from -$79.4M a year ago, but investing cash outflows surged to $1,287M from $511M, and unrestricted cash fell to $102M from $302M.

  MD&A: Cash flow verify on EDGAR →