HA Sustainable Infrastructure Capital has recently released its 10-K report, revealing a comprehensive look at its financial performance and strategic direction. The company, formerly known as Hannon Armstrong Sustainable Infrastructure Capital, Inc., focuses on investing in energy efficiency, renewable energy, and other sustainable infrastructure markets in the United States. Its portfolio includes equity investments, receivables, and debt securities, with a significant emphasis on climate solutions such as energy projects, renewable energy, and infrastructure assets designed to reduce emissions and provide environmental benefits.
In the fiscal year ended December 31, 2025, HA Sustainable Infrastructure Capital completed approximately $4.3 billion in transactions, a notable increase from the $2.3 billion completed in 2024. The company's strategy involves holding a large portion of these transactions on its balance sheet, with the Portfolio totaling approximately $7.6 billion as of December 31, 2025, compared to $6.6 billion in the previous year.
The Portfolio breakdown as of December 31, 2025, revealed that approximately 52% consisted of equity investments in renewable energy-related projects, while approximately 39% comprised fixed-rate receivables and debt securities. The Portfolio, which included over 700 transactions with an average size of $10 million, had a weighted average remaining life of approximately 16 years as of December 31, 2025.
Interest and rental income from receivables, debt securities, and real estate totaled $286.4 million in 2025, reflecting an increase from $265.9 million in 2024. The company's average yield from receivables, debt securities, and real estate stood at 8.6% in 2025. On the expense side, interest expense amounted to $292.4 million in 2025, up from $242.4 million in 2024. The provision for loss on receivables and retained interests in securitization trusts increased significantly, reaching $12.1 million in 2025 compared to $1.1 million in 2024.
HA Sustainable Infrastructure Capital reported a net income of $188.2 million in 2025, representing a decrease of approximately $15 million from the previous year. The company attributed this decrease to higher total expenses, which rose by $70 million, and increased income tax expense, which grew by $15 million. Notably, income from equity method investments increased by $53 million in 2025.
The company also discussed non-GAAP financial measures, including Adjusted Earnings, which it considers a meaningful indicator of its economic performance. Adjusted Earnings is calculated as GAAP net income excluding certain items such as equity-based expenses, provisions for loss on receivables, and non-cash tax charges. HA Sustainable Infrastructure Capital believes that Adjusted Earnings provides a useful measure of its performance and economic returns achieved from investments.
Today the company's shares have moved 0.32% to a price of $34.47. For the full picture, make sure to review HA Sustainable Infrastructure Capital's 10-K report.
