Hannon Armstrong Sustainable Infrastructure Capital (HASI) 10-Q8 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-35877
Entity Registrant Name	HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1347456
Entity Address, Address Line One	One Park Place
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Annapolis,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21401
City Area Code	410
Local Phone Number	571-9860
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	HASI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		118,792,128
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001561894
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 44,053	$ 62,632
Equity method investments	3,353,224	2,966,305
Receivables, net of allowance of $49 million and $50 million, respectively	2,899,707	3,073,855
Receivables held-for-sale	22,183	35,299
Real estate	2,987	111,036
Investments	17,576	7,165
Securitization assets, net of allowance of $3 million and $3 million, respectively	257,537	218,946
Other assets	75,257	77,112
Total Assets	6,672,524	6,552,350
Liabilities:
Accounts payable, accrued expenses and other	218,844	163,305
Credit facilities	116,388	400,861
Commercial paper notes	18,265	30,196
Term loans payable	412,309	727,458
Senior unsecured notes	2,840,077	2,318,841
Convertible notes	613,195	609,608
Total Liabilities	4,349,425	4,410,725
Stockholders’ Equity:
Preferred stock, par value $0.01 per share, 50,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, par value $0.01 per share, 450,000,000 shares authorized, 118,194,568 and 112,174,279 shares issued and outstanding, respectively	1,182	1,122
Additional paid-in capital	2,567,654	2,381,510
Accumulated deficit	(318,084)	(303,536)
Accumulated other comprehensive income (loss)	7,537	13,165
Non-controlling interest	64,810	49,364
Total Stockholders’ Equity	2,323,099	2,141,625
Total Liabilities and Stockholders’ Equity	6,672,524	6,552,350
Non-recourse debt
Liabilities:
Non-recourse debt (secured by assets of $302 million and $239 million, respectively)	130,347	160,456
Collateral pledged \| Non-recourse debt
Assets
Total Assets	$ 302,000	$ 239,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance on receivables	$ 49,000	$ 50,000
Securitization assets allowance	3,000	3,000
Total assets	$ 6,672,524	$ 6,552,350
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	118,194,568	112,174,279
Common stock, shares outstanding (in shares)	118,194,568	112,174,279
Non-recourse debt \| Collateral pledged
Total assets	$ 302,000	$ 239,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Interest income	$ 64,068	$ 54,295	$ 195,539	$ 145,624
Rental income	83	6,039	2,012	19,013
Gain on sale of assets	7,678	22,405	62,084	52,915
Securitization asset income	9,082	5,620	19,197	13,381
Other income	1,054	1,492	3,466	2,353
Total revenue	81,965	89,851	282,298	233,286
Expenses
Interest expense	59,401	43,295	180,804	120,413
Provision (benefit) for loss on receivables and securitization assets	1,233	9,792	(944)	12,481
Compensation and benefits	17,221	16,296	58,711	48,527
General and administrative	6,993	6,708	24,001	24,826
Total expenses	84,848	76,091	262,572	206,247
Income (loss) before equity method investments	(2,883)	13,760	19,726	27,039
Income (loss) from equity method investments	(23,405)	2,759	162,019	27,429
Income (loss) before income taxes	(26,288)	16,519	181,745	54,468
Income tax (expense) benefit	7,112	5,128	(49,429)	5,299
Net income (loss)	(19,176)	21,647	132,316	59,767
Net income (loss) attributable to non-controlling interest holders	440	201	2,367	692
Net income (loss) attributable to controlling stockholders	$ (19,616)	$ 21,446	$ 129,949	$ 59,075
Basic earnings (loss) per common share (in usd per share)	$ (0.17)	$ 0.20	$ 1.12	$ 0.59
Diluted earnings (loss) per common share (in usd per share)	$ (0.17)	$ 0.20	$ 1.09	$ 0.59
Weighted average common shares outstanding—basic (in shares)	116,584,392	107,715,057	114,518,199	98,665,598
Weighted average common shares outstanding—diluted (in shares)	116,584,392	109,145,088	129,562,463	101,142,782

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (19,176)	$ 21,647	$ 132,316	$ 59,767
Unrealized gain (loss) on available-for-sale securities and securitization assets, net of tax benefit (provision) of $(4.5) million and $(1.3) million for the three and nine months ended September 30, 2024 and $0.6 million and $0.6 million for the three and nine months ended September 30, 2023	13,547	(20,614)	3,897	(17,046)
Unrealized gain (loss) on interest rate swaps, net of tax benefit (provision) of $16.1 million and $3.1 million for the three and nine months ended September 30, 2024 and $(26.4) million and $(24.9) million for the three and nine months ended September 30, 2023	(47,520)	76,597	(9,624)	75,481
Comprehensive income (loss)	(53,149)	77,630	126,589	118,202
Less: Comprehensive income (loss) attributable to non-controlling interest holders	(18)	917	2,267	1,465
Comprehensive income (loss) attributable to controlling stockholders	$ (53,131)	$ 76,713	$ 124,322	$ 116,737

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on available-for-sale securities tax benefit (provision)	$ (4.5)	$ 0.6	$ (1.3)	$ 0.6
Unrealized gain (loss) on interest rate swaps tax benefit (provision)	$ 16.1	$ (26.4)	$ 3.1	$ (24.9)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2022		90,837,000
Beginning balance at Dec. 31, 2022	$ 1,664,746	$ 908	$ 1,924,200	$ (285,474)	$ (10,397)	$ 35,509
Ending balance (in shares) at Jun. 30, 2023		106,769,000
Ending balance at Jun. 30, 2023	1,993,908	$ 1,068	2,283,257	(326,413)	(8,002)	43,998
Beginning balance (in shares) at Dec. 31, 2022		90,837,000
Beginning balance at Dec. 31, 2022	1,664,746	$ 908	1,924,200	(285,474)	(10,397)	35,509
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	59,767			59,075		692
Unrealized gain (loss) on available-for-sale securities and securitization assets	(17,046)				(16,841)	(205)
Unrealized gain (loss) on interest rate swaps	75,481				74,502	979
Issued shares of common stock (in shares)		20,261,000
Issued shares of common stock	466,393	$ 203	466,190
Equity-based compensation	14,977		2,363			12,614
Issuance (repurchase) of vested equity-based compensation shares (in shares)		68,000
Issuance (repurchase) of vested equity-based compensation shares	(1,466)	$ 1	(1,467)
Conversion of Convertible Notes	2		2
Purchase of capped calls	(37,835)		(37,835)
Dividends and distributions	(125,125)			(122,530)		(2,595)
Ending balance (in shares) at Sep. 30, 2023		111,166,000
Ending balance at Sep. 30, 2023	2,099,894	$ 1,112	2,353,453	(348,929)	47,264	46,994
Beginning balance (in shares) at Jun. 30, 2023		106,769,000
Beginning balance at Jun. 30, 2023	1,993,908	$ 1,068	2,283,257	(326,413)	(8,002)	43,998
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	21,647			21,446		201
Unrealized gain (loss) on available-for-sale securities and securitization assets	(20,614)				(20,363)	(251)
Unrealized gain (loss) on interest rate swaps	76,597				75,629	968
Issued shares of common stock (in shares)		4,394,000
Issued shares of common stock	107,420	$ 44	107,376
Equity-based compensation	3,499		688			2,811
Issuance (repurchase) of vested equity-based compensation shares (in shares)		3,000
Issuance (repurchase) of vested equity-based compensation shares	(33)		(33)
Purchase of capped calls	(37,835)		(37,835)
Dividends and distributions	(44,695)			(43,962)		(733)
Ending balance (in shares) at Sep. 30, 2023		111,166,000
Ending balance at Sep. 30, 2023	$ 2,099,894	$ 1,112	2,353,453	(348,929)	47,264	46,994
Ending balance (in shares) at Dec. 31, 2023	112,174,279	112,174,000
Ending balance at Dec. 31, 2023	$ 2,141,625	$ 1,122	2,381,510	(303,536)	13,165	49,364
Ending balance (in shares) at Jun. 30, 2024		115,152,000
Ending balance at Jun. 30, 2024	$ 2,323,167	$ 1,152	2,467,512	(249,277)	41,052	62,728
Beginning balance (in shares) at Dec. 31, 2023	112,174,279	112,174,000
Beginning balance at Dec. 31, 2023	$ 2,141,625	$ 1,122	2,381,510	(303,536)	13,165	49,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	132,316			129,949		2,367
Unrealized gain (loss) on available-for-sale securities and securitization assets	3,897				3,830	67
Unrealized gain (loss) on interest rate swaps	(9,624)				(9,458)	(166)
Issued shares of common stock (in shares)		5,997,000
Issued shares of common stock	182,179	$ 60	182,119
Equity-based compensation	19,002		3,145			15,857
Issuance (repurchase) of vested equity-based compensation shares (in shares)		24,000
Issuance (repurchase) of vested equity-based compensation shares	(502)		(502)
Other	1,382		1,382
Dividends and distributions	$ (147,176)			(144,497)		(2,679)
Ending balance (in shares) at Sep. 30, 2024	118,194,568	118,195,000
Ending balance at Sep. 30, 2024	$ 2,323,099	$ 1,182	2,567,654	(318,084)	7,537	64,810
Beginning balance (in shares) at Jun. 30, 2024		115,152,000
Beginning balance at Jun. 30, 2024	2,323,167	$ 1,152	2,467,512	(249,277)	41,052	62,728
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(19,176)			(19,616)		440
Unrealized gain (loss) on available-for-sale securities and securitization assets	13,547				13,357	190
Unrealized gain (loss) on interest rate swaps	(47,520)				(46,872)	(648)
Issued shares of common stock (in shares)		3,041,000
Issued shares of common stock	97,708	$ 30	97,678
Equity-based compensation	4,119		1,118			3,001
Issuance (repurchase) of vested equity-based compensation shares (in shares)		2,000
Issuance (repurchase) of vested equity-based compensation shares	(36)		(36)
Other	1,382		1,382
Dividends and distributions	$ (50,092)			(49,191)		(901)
Ending balance (in shares) at Sep. 30, 2024	118,194,568	118,195,000
Ending balance at Sep. 30, 2024	$ 2,323,099	$ 1,182	$ 2,567,654	$ (318,084)	$ 7,537	$ 64,810

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 132,316	$ 59,767
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for loss on receivables	(944)	12,481
Depreciation and amortization	690	2,746
Amortization of financing costs	12,994	9,347
Equity-based compensation	19,002	14,977
Equity method investments	(122,042)	(937)
Non-cash gain on securitization	(58,978)	(34,080)
(Gain) loss on sale of receivables and investments	7,717	1,305
Changes in receivables held-for-sale	(16,763)	40,183
Changes in accounts payable and accrued expenses	69,357	8,952
Change in accrued interest on receivables and investments	(52,244)	(26,087)
Cash received (paid) upon hedge settlement	19,261	0
Other	7,689	3,686
Net cash provided by (used in) operating activities	18,055	92,340
Cash flows from investing activities
Equity method investments	(200,202)	(583,323)
Equity method investment distributions received	26,705	20,259
Proceeds from sales of equity method investments	2,107	0
Purchases of and investments in receivables	(501,548)	(1,016,467)
Principal collections from receivables	508,704	167,406
Proceeds from sales of receivables	124,150	7,634
Proceeds from sale of real estate	115,767	0
Purchases of investments and securitization assets	(10,537)	(14,404)
Posting of hedge collateral	(26,380)	0
Receipt of hedge collateral	16,150	0
Other	(845)	(285)
Net cash provided by (used in) investing activities	54,071	(1,419,180)
Cash flows from financing activities
Proceeds from credit facilities	831,792	777,000
Principal payments on credit facilities	(1,116,792)	(342,000)
Proceeds from issuance of term loan	250,000	200,000
Principal payments on term loan	(563,148)	(9,575)
Proceeds from issuance of commercial paper notes	0	49,775
Principal payments on commercial paper notes	(12,000)	0
Proceeds from issuance of senior unsecured notes	900,355	0
Proceeds from issuance of convertible notes	0	402,500
Principal payments on convertible notes	0	(143,748)
Purchase of capped calls related to the issuance of convertible notes	0	(37,835)
Redemption of senior unsecured notes	(400,000)	0
Net proceeds of common stock issuances	179,722	465,015
Payments of dividends and distributions	(142,178)	(115,087)
Withholdings on employee share vesting	(502)	(1,466)
Payment of financing costs	(27,100)	(13,302)
Posting of hedge collateral	(134,150)	0
Receipt of hedge collateral	124,700	106,330
Other	(969)	(2,493)
Net cash provided by (used in) financing activities	(88,572)	1,320,400
Increase (decrease) in cash, cash equivalents, and restricted cash	(16,446)	(6,440)
Cash, cash equivalents, and restricted cash at beginning of period	75,082	175,972
Cash, cash equivalents, and restricted cash at end of period	58,636	169,532
Supplemental disclosure of non-cash activity
Interest paid	142,808	91,988
Residual assets retained from securitization transactions	31,662	26,020
Equity method investments retained from securitization and deconsolidation transactions	32,564	144,603
Equity method investments retained from sale of assets upon establishment of co-investment structure	54,655	0
Deconsolidation of non-recourse debt	51,233	257,746
Deconsolidation of assets pledged for non-recourse debt	51,761	374,608
Non-recourse debt
Cash flows from financing activities
Proceeds from issuance of non-recourse debt	94,000	0
Principal payments on non-recourse debt	$ (72,302)	$ (14,714)

The Company

The Company	9 Months Ended
The Company	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	The Company HA Sustainable Infrastructure Capital, Inc., formerly known as Hannon Armstrong Sustainable Infrastructure Capital, Inc. prior to July 2, 2024 (the “Company”), actively partners with clients to deploy real assets that facilitate the energy transition, which we refer to as “climate solutions”. Our investments take various forms, including equity, joint ventures, land ownership, lending, and other financing transactions. We generate net investment income from our portfolio, and fees through gain-on-sale securitization transactions, asset management and servicing, broker/dealer and other services. We also generate recurring income through our residual ownership in securitization and syndication structures. The Company and its subsidiaries are hereafter referred to as “we,” “us” or “our.” We refer to the income producing assets that we hold on our balance sheet as our “Portfolio.” Our Portfolio includes equity investments in either preferred or common structures in unconsolidated entities and receivables and debt securities. We finance our business through cash on hand, recourse and non-recourse debt, convertible securities, or equity issuances and may also decide to finance such transactions through the use of off-balance sheet securitization or syndication structures. Our common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “HASI.” We intend to continue to operate our business in a manner that will maintain our exemption from registration as an investment company under the Investment Company Act of 1940 (the “1940 Act”), as amended. We operate our business through, and along with two of our wholly owned subsidiaries serve as the general partners of, our operating partnership subsidiary, Hannon Armstrong Sustainable Infrastructure, L.P., (the “Operating Partnership”), which was formed to acquire and directly or indirectly own our assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences could be material. These financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023, as filed with the SEC. In the opinion of management, all adjustments necessary to present fairly our financial position, results of operations and cash flows have been included. Our results of operations for the three- and nine-month periods ended September 30, 2024 and 2023, are not necessarily indicative of the results to be expected for the full year or any other future period. Certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Certain amounts in the prior years have been reclassified to conform to the current year presentation. The consolidated financial statements include our accounts and controlled subsidiaries, including the Operating Partnership. All material intercompany transactions and balances have been eliminated in consolidation. Following the guidance for non-controlling interests in Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), references in this report to our earnings per share and our net income and stockholders’ equity attributable to common stockholders do not include amounts attributable to non-controlling interests. Consolidation We account for our investments in entities that are considered voting interest entities or variable interest entities (“VIEs”) under ASC 810 and assess on an ongoing basis whether we should consolidate these entities. We have established various special purpose entities or securitization trusts for the purpose of securitizing certain assets that are not consolidated in our financial statements as described below in Securitization of Financial Assets. Since we have assessed that we have power over and receive the benefits from those special purpose entities that are formed for the purpose of holding our assets on our balance sheet, we have concluded we are the primary beneficiary and should consolidate these entities under the provisions of ASC 810. We also have certain subsidiaries we deem to be voting interest entities that we control through our ownership of voting interests and accordingly consolidate. Certain of our equity method investments were determined to be interests in VIEs in which we are not the primary beneficiary, as we do not direct the significant activities of these entities, and thus we account for those investments as Equity Method Investments as discussed below. Our maximum exposure to loss through these investments is typically limited to their recorded values. However, we may provide financial commitments to these VIEs or guarantee certain of their obligations. Certain other entities in which we have equity investments have been assessed to be voting interest entities and as we exert significant influence rather than control through our ownership of voting interests, we do not consolidate them and thus account for them as equity method investments described below. Equity Method Investments We have made equity investments, typically in structures where we have a preferred return position. These investments are typically owned in holding companies (using limited liability companies (“LLCs”) taxed as partnerships) where we partner with either the operator of the project or other institutional investors. We share in the cash flows, income and tax attributes according to a negotiated schedule which typically does not correspond with our ownership percentages. Investors in a preferred return position, if any, typically receive a priority distribution of all or a portion of the project’s cash flows, and in some cases, tax attributes. Once the preferred return, if applicable, is achieved, the partnership “flips” and common equity investors, often the operator of the project, receive a larger portion of the cash flows, with the previously preferred investors retaining an on-going residual interest. Our equity investments in climate solutions projects are accounted for under the equity method of accounting. Under the equity method of accounting, the carrying value of these equity method investments is determined based on amounts we invested, adjusted for the earnings or losses of the investee allocated to us based on the LLC agreement, less distributions received. We generally conclude that investments where the LLC agreements contain preferences with regard to cash flows from operations, capital events and liquidation contain substantive profit sharing arrangements, so we accordingly reflect our share of profits and losses by determining the difference between our claim on the investee’s reported book value at the beginning and the end of the period, which is adjusted for distributions received and contributions made during the period. This claim is calculated as the amount we would receive if the investee were to liquidate all of its assets at the recorded amounts determined in accordance with GAAP and distribute the resulting cash to creditors and investors in accordance with their respective priorities. This method is referred to as the hypothetical liquidation at book value method (“HLBV”). Our exposure to loss in these investments is limited to the amount of our equity investment, as well as receivables from or guarantees made to the same investee. Any difference between the amount of our investment and the amount of underlying equity in net assets at the time of our investment is generally amortized over the life of the assets and liabilities to which the difference relates. Cash distributions received from each equity method investment are classified as operating activities to the extent of cumulative earnings for each investment in our consolidated statements of cash flows. Our initial investment and additional cash distributions beyond the amounts that are classified as operating activities are classified as investing activities in our consolidated statements of cash flows. We typically recognize earnings one quarter in arrears for these investments to allow for the receipt of financial information. Our proportionate share of any revenue earned from equity method investees is eliminated through the income (loss) from equity method investment line of our income statement. We evaluate quarterly whether the current carrying value of our investments accounted for using the equity method have an other than temporary impairment (“OTTI”). An OTTI occurs when the estimated fair value of an investment is below the carrying value and the difference is determined to not be recoverable in the near term. First, we consider both qualitative and quantitative evidence in determining whether there is an indicator of a loss in investment value below carrying value. After considering the weight of available evidence, if it is determined that there is an indication of loss in investment value, we will perform a fair value analysis. If the resulting fair value is less than the carrying value, we will determine if this loss in value is OTTI, and we will recognize any OTTI in the income statement as an impairment. This evaluation requires significant judgment regarding, but not limited to, the severity and duration of the impairment; the ability and intent to hold the securities until recovery; financial condition, liquidity, and near-term prospects of the issuer; specific events; and other factors. Receivables Receivables include project loans and receivables, and are separately presented in our balance sheet to illustrate the differing nature of the credit risk related to these assets. Unless otherwise noted, we generally have the ability and intent to hold our receivables for the foreseeable future and accordingly we classify them as held for investment. Our ability and intent to hold certain receivables may change from time to time depending on a number of factors including economic, liquidity and capital market conditions. At inception of the arrangement, the carrying value of receivables held for investment represents the present value of the note, lease or other payments, net of any unearned fee income, which is recognized as income over the term of the note or lease using the effective interest method. Receivables that are held for investment are carried at amortized cost, net of any unamortized acquisition premiums or discounts and include origination and acquisition costs, as applicable. Our initial investment and principal repayments of these receivables are classified as investing activities and the interest collected is classified as operating activities in our consolidated statements of cash flows. Receivables that we intend to sell in the short-term are classified as held-for-sale and are carried at the lower of amortized cost or fair value on our balance sheet, which is assessed on an individual asset basis. The purchases and proceeds from receivables that we intend to sell at origination are classified as operating activities in our consolidated statements of cash flows. Interest collected is classified as an operating activity in our consolidated statements of cash flows. Receivables from certain projects are subordinate to preferred investors in a project who are allocated the majority of such project’s cash in the early years of the investment. Accordingly, such receivables may include the ability to defer scheduled interest payments in exchange for increasing our receivable balance. We generally accrue this paid-in-kind (“PIK”) interest when collection is expected, and cease accruing PIK interest if there is insufficient value to support the accrual or we expect that any portion of the principal or interest due is not collectible. The change in PIK in any period is included in Change in accrued interest on receivables and investments in the operating section of our statement of cash flows. We evaluate our receivables for an allowance as determined under ASC Topic 326 Financial Instruments- Credit Losses (“Topic 326”) and for our internally derived asset performance categories included in Note 6 to our financial statements in this Form 10-Q on at least a quarterly basis and more frequently when economic or other conditions warrant such an evaluation. When a receivable becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service all of its debt or other obligations, we will generally consider the receivable delinquent or impaired and place the receivable on non-accrual status and cease recognizing income from that receivable until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a receivable’s status significantly improves regarding the debtor’s ability to service the debt or other obligations, we will remove it from non-accrual status. We determine our allowance based on the current expectation of credit losses over the contractual life of our receivables as required by Topic 326. We use a variety of methods in developing our allowance, including discounted cash flow analysis and probability-of-default/loss given default (“PD/LGD”) methods. In developing our estimates, we consider our historical experience with our and similar assets in addition to our view of both current conditions and what we expect to occur within a period of time for which we can develop reasonable and supportable forecasts, typically two years. For periods following the reasonable and supportable forecast period, we revert to historical information when developing assumptions used in our estimates. In developing our forecasts, we consider a number of qualitative and quantitative factors in our assessment, which may include a project’s operating results, loan-to-value ratio, any cash reserves held by the project, the ability of expected cash from operations to cover the cash flow requirements currently and into the future, key terms of the transaction, the ability of the borrower to refinance the transaction, other credit support from the sponsor or guarantor and the project’s collateral value. In addition, we consider the overall economic environment, the climate solutions sector, the effect of local, industry, and broader economic factors, such as unemployment rates and power prices, the impact of any variation in weather and the historical and anticipated trends in interest rates, defaults and loss severities for similar transactions. For assets where the obligor is a publicly rated entity, we consider the published historical performance of entities with similar ratings in developing our estimate of an allowance, making adjustments determined by management to be appropriate during the reasonable and supportable forecast period. We have made certain loan commitments that are within the scope of Topic 326. When estimating an allowance for these loan commitments we consider the probability of certain amounts to be funded and apply either a discounted cash flow or PD/LGD methodology as described above. We charge off receivables against the allowance, if any, when we determine the unpaid principal balance is uncollectible, net of recovered amounts. For those assets where we record our allowance using a discounted cash flow method, we have elected to record the change in allowance due solely to the passage of time through the provision for loss on receivables in our income statement. Any provision we record for an allowance is a non-cash reconciling item to cash from operating activities in our consolidated statements of cash flows. Real Estate Real estate consists of land or other real property and its related lease intangibles, net of accumulated amortization. Our real estate is generally leased to tenants on a triple net lease basis, whereby the tenant is responsible for all operating expenses relating to the property, generally including property taxes, insurance, maintenance, repairs and capital expenditures. Certain real estate transactions may be characterized as “failed sale-leaseback” transactions as defined under ASC Topic 842, Leases , and thus are accounted for as financing transactions similarly to our receivables as described above in Receivables. For our real estate lease transactions that are classified as operating leases, the scheduled rental revenue typically varies during the lease term and thus rental income is recognized on a straight-line basis, unless there is considerable risk as to collectability, so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents that vary during the lease term and the income recognized on a straight-line basis and is recorded in other assets. Expenses, if any, related to the ongoing operation of leases where we are the lessor, are charged to operations as incurred. Our initial investment is classified as investing activities and income collected for rental income is classified as operating activities in our consolidated statements of cash flows. When our real estate transactions are treated as an asset acquisition with an operating lease, we typically record our real estate purchases at cost, including acquisition and closing costs, which is allocated to each tangible and intangible asset acquired on a relative fair value basis. Securitization of Assets We have established various special purpose entities or securitization trusts for the purpose of securitizing certain financial assets. We determined that the trusts used in securitizations are VIEs, as defined in ASC 810. When we conclude that we are not the primary beneficiary of certain trusts because we do not have power over those trusts’ significant activities, we do not consolidate the trust. We typically serve as primary or master servicer of these trusts; however, as the servicer, we do not have the power to make significant decisions impacting the performance of the trusts. We account for transfers of financial assets to these securitization trusts as sales pursuant to ASC 860, Transfers and Servicing (“ASC 860”), when we have concluded the transferred assets have been isolated from the transferor (i.e., put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership) and we have surrendered control over the transferred assets. When we are unable to conclude that we have been sufficiently isolated from the securitized financial assets, we treat such trusts as secured borrowings, retaining the assets on our balance sheet and recording the amounts due to the trust investor as non-recourse debt. Transfers of non-financial assets are accounted for under ASC 610-20, Gains and Losses from the Derecognition of Non-financial Assets , and those transfers are accounted for as sales when we have concluded that we have transferred control of the non-financial asset. For transfers treated as sales under ASC 860, we have received true-sale-at-law and non-consolidation legal opinions to support our conclusion regarding the transferred financial assets. When we sell financial assets in securitizations, we generally retain interests in the form of servicing rights and residual assets, which we refer to as securitization assets. Gain or loss on the sale of assets is calculated based on the excess of the proceeds received from the securitization (net of any transaction costs) plus any retained interests obtained over the cost basis of the assets sold. For retained interests, we generally estimate fair value based on the present value of future expected cash flows using our best estimates of the key assumptions of anticipated losses, prepayment rates, and current market discount rates commensurate with the risks involved. Cash flows related to our securitizations at origination are classified as operating activities in our consolidated statements of cash flows. We initially account for all separately recognized servicing assets and servicing liabilities at fair value and subsequently measure such servicing assets and liabilities using the amortization method. Servicing assets and liabilities are amortized in proportion to, and over the period of, estimated net servicing income with servicing income recognized as earned. We assess servicing assets for impairment at each reporting date. If the amortized cost of servicing assets is greater than the estimated fair value, we will recognize an impairment in net income. We account for our other retained interests in securitized financial assets, the residual assets, similar to available-for-sale debt securities and carry them at fair value, with changes in fair value recorded in accumulated other comprehensive income (“AOCI”) pursuant to ASC 325-40, Beneficial Interests in Securitized Financial Assets . Income related to the residual assets is recognized using the effective interest rate method and included in securitization income in our income statement. Our residual assets are evaluated for impairment on a quarterly basis under Topic 326. A residual asset is impaired if its fair value is less than its carrying value. The credit component of impairments, if any, are recognized by recording an allowance against the amortized cost of the asset. For changes in expected cash flows, we will calculate a new yield based on the current amortized cost of the residual assets and the revised expected cash flows. This yield is used prospectively to recognize our income related to these assets. Residual interests in securitized non-financial assets are accounted for as equity method investments, and subject to those accounting policies described above. Cash and Cash Equivalents Cash and cash equivalents include short-term government securities, certificates of deposit and money market funds, all of which had an original maturity of three months or less at the date of purchase. These securities are carried at their purchase price, which approximates fair value. Restricted Cash Restricted cash includes cash and cash equivalents set aside with certain lenders primarily to support obligations outstanding as of the balance sheet dates. Restricted cash is reported as part of other assets in our consolidated balance sheets. Refer to Note 3 to our financial statements in this Form 10-Q for disclosure of the balances of restricted cash included in other assets. Convertible Notes We have issued convertible and exchangeable senior unsecured notes (together, “Convertible Notes”) that are accounted for in accordance with ASC 470-20, Debt with Conversion and Other Options , and ASC 815, Derivatives and Hedging (“ASC 815”) . Under ASC 815, issuers of certain convertible or exchangeable debt instruments are generally required to separately account for the conversion or exchange option of the debt instrument as either a derivative or equity, unless it meets the scope exemption for contracts indexed to, and settled in, an issuer’s own equity. Since our conversion or exchange options are both indexed to our equity and can be settled in our common stock at our option, we have met the scope exemption, and therefore, we do not separately account for the embedded conversion or exchange options. The initial issuance and any principal repayments are classified as financing activities and interest payments are classified as operating activities in our consolidated statements of cash flows. If converted or exchanged, the carrying value of each Convertible Note is reclassified into stockholders’ equity. Derivative Financial Instruments We use derivative financial instruments, including interest rate swaps and collars, to manage, or hedge, our interest rate risk exposures associated with new debt issuances and anticipated refinancings of existing debt, to manage our exposure to fluctuations in interest rates on floating-rate debt, and to optimize the mix of our fixed and floating-rate debt. Our objective is to reduce the impact of changes in interest rates on our results of operations and cash flows. The fair values of our interest rate derivatives designated and qualifying as effective cash flow hedges are reflected in our consolidated balance sheets as a component of other assets (if in an unrealized asset position) or accounts payable, accrued expenses and other (if in an unrealized liability position) and in net unrealized gains and losses in AOCI as described below. The cash settlements of our interest rate swaps, if any, are classified as operating activities in our consolidated statements of cash flows. The interest rate derivatives we use are intended to be designated as cash flow hedges and are considered highly effective in reducing our exposure to the interest rate risk that they are designated to hedge. This effectiveness is required in order to qualify for hedge accounting. Instruments that meet the required hedging criteria are formally designated as hedging instruments at the inception of the derivative contract. Derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge and meets the highly effective threshold, the change in the fair value of the derivative is recorded in AOCI, net of associated deferred income tax effects and is recognized in earnings along with the income tax effect at the same time as the hedged item, which is when interest expense is recognized. For any derivative instruments not designated as hedging instruments, changes in fair value would be recognized in earnings in the period that the change occurs. We assess, both at the inception of the hedge and on an ongoing basis, whether the derivatives designated as cash flow hedges are highly effective in offsetting the changes in cash flows of the hedged items. We also assess on an ongoing basis whether the forecasted transactions remain probable, and discontinue hedge accounting if we conclude that they do not. We do not hold derivatives for trading purposes. Any collateral posted or received as credit support against derivative positions are netted against those derivatives in our balance sheets. When our collateral account with any particular counterparty is in a liability position, we include inflows and outflows related to those collateral postings within financing activities in our statement of cash flows. When our collateral account with any particular counterparty is in an asset position, we include inflows and outflows related to those collateral postings within investing activities in our statement of cash flows. The inflows and outflows related to instruments designated as cash flow hedges are included within our statement of cash flows in the same section as the hedged item, which is typically operating activities for our instruments which hedge interest rate risk exposures. Interest rate derivative contracts contain a credit risk that counterparties may be unable to fulfill the terms of the agreement. We attempt to minimize that risk by evaluating the creditworthiness of our counterparties, who are limited to major banks and financial institutions, and do not anticipate nonperformance by the counterparties due to their requirement to post collateral. We have entered into certain capped call transactions to mitigate the economic dilution that may result from the conversion or exchange of certain of our Convertible Notes. These transactions are freestanding equity-linked derivative instruments that qualify for the exemption for contracts indexed to, and settled in, an issuer’s own equity found in ASC 815, and accordingly the payment of the option premium was recorded as a reduction of Additional Paid-in-Capital within our Statement of Stockholders’ Equity. Income Taxes We elected and qualified to be taxed as a REIT for U.S. federal income tax purposes, commencing with our taxable year ended December 31, 2013, through our taxable year ended December 31, 2023. We have revoked our REIT election effective January 1, 2024 and beginning in taxable year 2024 are taxed as a taxable C Corporation. For tax years 2023 and prior, we had taxable REIT subsidiaries (“TRS”) that were taxed separately, and that were generally subject to U.S. federal, state and local income taxes. To qualify as a REIT, we were required to meet on an ongoing basis several organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT’s net taxable income before dividends paid, excluding capital gains, to our stockholders each year. As a REIT, for tax years ended December 31, 2023 and earlier, we were not subject to U.S. federal corporate income tax on that portion of net income that was distributed to our owners in accordance with the REIT rules. Subsequent to our REIT status revocation, all of our net taxable income is subject to U.S. federal and state income tax at the applicable corporate tax rate, and dividends paid to stockholders are no longer tax deductible. We account for income taxes under ASC 740, Income Taxes (“ASC 740”) using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. We evaluate any deferred tax assets for valuation allowances based on an assessment of available evidence including sources of taxable income, prior years taxable income, any existing taxable temporary differences and our future investment and business plans that may give rise to taxable income. We treat any tax credits we receive from our equity investments in renewable energy projects as reductions of federal income taxes of the year in which the credit arises. We apply ASC 740 with respect to how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. This guidance requires the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. We are required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes U.S. federal and certain states. Equity-Based Compensation We have adopted equity incentive plans which provide for grants of stock options, stock appreciation rights, restricted stock units, shares of restricted common stock, phantom shares, dividend equivalent rights, long-term incentive-plan units (“LTIP Units”) and other restricted limited partnership units issued by our Operating Partnership and other equity-based awards. From time to time, we may grant equity or equity-based awards as compensation to our senior management team, independent directors, employees, advisors, consultants and other personnel. Certain awards earned under each plan are based on achieving various performance or market targets, which are generally earned between 0% and 200% of the initial target, depending on the extent to which the performance or market target is met. In addition to performance or market targets, income or gain must be allocated by our Operating Partnership to certain LTIP Units issued by our Operating Partnership so that the capital accounts of such units are equalized with the capital accounts of other holders of OP units before parity is reached and LTIP Units can be converted to limited partnership units. We record compensation expense for grants made in accordance with ASC 718, Compensation-Stock Compensation . We record compensation expense for unvested grants that vest solely based on service conditions on a straight-line basis over the vesting period of the entire award based upon the fair market value of the grant on the date of grant. Fair market value for restricted common stock is based on our share price on the date of grant. For awards where the vesting is contingent upon achievement of certain performance targets, compensation expense is measured based on the fair market value on the grant date and is recorded over the requisite service period (which includes the performance period). Actual performance results at the end of the performance period determines the number of shares that will ultimately be awarded. We have also issued awards where the vesting is contingent upon service being provided for a defined period and certain market conditions being met. The fair value of these awards, as measured at the grant date, is recognized over the requisite service period, even if the market conditions are not met. The grant date fair value of these awards was developed by an independent appraiser using a Monte Carlo simulation. Forfeitures of unvested awards are recognized as they occur. We have a retirement policy that provides for full vesting at retirement of any time-based awards that were granted prior to the date of retirement and permits the vesting of performance-based awards that were granted prior to the date of retirement according to the original vesting schedule of the award, subject to the achievement of the applicable performance measures and without the requirement for continued employment. Employees are eligible for the retirement policy upon meeting age and years of service criteria. We record compensation expense for unvested grants through the date in which an employee meets the retirement criteria. Earnings Per Share We compute earnings per share of common stock in accordance with ASC 260, Earnings Per Share . Basic earnings per share is calculated by dividing net income attributable to controlling stockholders (after consideration of the earnings allocated to unvested grants, if applicable) by the weighted-average number of shares of

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value accounting guidance provides a three-level hierarchy for classifying financial instruments. The levels of inputs used to determine the fair value of our financial assets and liabilities carried on the balance sheet at fair value and for those which only disclosure of fair value is required are characterized in accordance with the fair value hierarchy established by ASC 820, Fair Value Measurements. Where inputs for a financial asset or liability fall in more than one level in the fair value hierarchy, the financial asset or liability is classified in its entirety based on the lowest level input that is significant to the fair value measurement of that financial asset or liability. We use our judgment and consider factors specific to the financial assets and liabilities in determining the significance of an input to the fair value measurements. As of September 30, 2024 and December 31, 2023, only our residual assets related to our securitization trusts, our derivatives, and our investments were carried at fair value on the consolidated balance sheets on a recurring basis. The three levels of the fair value hierarchy are described below: • Level 1 — Quoted prices (unadjusted) in active markets that are accessible at the measurement date. • Level 2 — Observable prices that are based on inputs not quoted on active markets but corroborated by market data. • Level 3 — Unobservable inputs are used when little or no market data is available. The tables below illustrate the estimated fair value of our financial instruments on our balance sheet. Unless otherwise discussed below, fair values for our Level 2 and Level 3 measurements are measured using a discounted cash flow model, contractual terms and inputs which consist of base interest rates and spreads over base rates which are based upon market observation and recent comparable transactions. An increase in these inputs would result in a lower fair value and a decline would result in a higher fair value. Our Senior Unsecured Notes (as defined below) and Convertible Notes are valued using a market-based approach and observable prices. The receivables held-for-sale, if any, are carried at the lower of cost or fair value, as determined on an individual asset basis. As of September 30, 2024 Fair Value Carrying Level (in millions) Assets Receivables $ 2,648 $ 2,900 Level 3 Receivables held-for-sale 24 22 Level 3 Investments (1) 18 18 Level 3 Securitization residual assets (2) 258 258 Level 3 Derivative assets 10 10 Level 2 Liabilities (3) Credit facilities $ 116 $ 116 Level 3 Commercial paper notes 18 18 Level 3 Term loans payable 420 420 Level 3 Non-recourse debt 137 135 Level 3 Senior unsecured notes 2,858 2,862 Level 2 Convertible Notes: 2025 Exchangeable Senior Notes 213 217 Level 2 2028 Exchangeable Senior Notes 550 404 Level 2 Total Convertible Notes 763 621 Derivative liabilities 37 37 Level 2 (1) The amortized cost of our investments as of September 30, 2024, was $19 million. (2) Included in securitization assets on the consolidated balance sheet. The amortized cost of our securitization residual assets net of allowance for credit losses as of September 30, 2024 was $289 million. (3) Fair value and carrying value exclude unamortized financing costs. As of December 31, 2023 Fair Value Carrying Level (in millions) Assets Receivables $ 2,733 $ 3,074 Level 3 Receivables held-for-sale 36 35 Level 3 Investments (1) 7 7 Level 3 Securitization residual assets (2) 219 219 Level 3 Derivative assets 10 10 Level 2 Liabilities (3) Credit facilities $ 401 $ 401 Level 3 Commercial paper notes 30 30 Level 3 Term loan facilities 736 736 Level 3 Non-recourse debt 158 162 Level 3 Senior unsecured notes 2,251 2,337 Level 2 Convertible Notes: 2025 Exchangeable Senior Notes 202 211 Level 2 2028 Exchangeable Senior Notes 481 408 Level 2 Total Convertible Notes 683 619 Derivative liabilities 9 9 Level 2 (1) The amortized cost of our investments as of December 31, 2023, was $8 million. (2) Included in securitization assets on the consolidated balance sheet. The amortized cost of our securitization residual assets as of December 31, 2023, was $258 million. (3) Fair value and carrying value exclude unamortized financing costs. Securitization residual assets The following table reconciles the beginning and ending balances for our Level 3 securitization residual assets that are carried at fair value on a recurring basis, with changes in fair value recorded through AOCI: For the three months ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 (in millions) Balance, beginning of period $ 238 $ 204 $ 219 $ 177 Accretion of securitization residual assets 5 4 13 11 Additions to securitization residual assets 3 1 32 27 Collections of securitization residual assets (6) (3) (11) (13) Unrealized gains (losses) on securitization residual assets recorded in OCI 18 (20) 5 (16) Provision for loss on securitization residual assets — (3) — (3) Balance, end of period $ 258 $ 183 $ 258 $ 183 The following table illustrates our securitization residual assets in an unrealized loss position: Estimated Fair Value Unrealized Losses (1) Count of Assets Assets with a loss shorter than 12 months Assets with a loss longer than 12 months Assets with a loss shorter than 12 months Assets with a loss longer than 12 months Assets with a loss shorter than 12 months Assets with a loss longer than 12 months (in millions) September 30, 2024 $ 7 $ 161 $ 0.3 $ 39 10 66 December 31, 2023 24 164 0.3 41 11 66 (1) Other than the assets for which there is a reserve as discussed in Note 5, loss positions are due to interest rates movements and is not indicative of credit deterioration. We have the intent and ability to hold these investments until a recovery of fair value. In determining the fair value of our securitization residual assets, we used a market-based risk-free rate and added a range of interest rate spreads of approximately 1% to 6% based upon transactions involving similar assets as of September 30, 2024 and December 31, 2023. The weighted average discount rates used to determine the fair value of our securitization residual assets as of September 30, 2024 and December 31, 2023 were 6.6% and 6.6%, respectively. Non-recurring Fair Value Measurements Our financial statements may include non-recurring fair value measurements related to acquisitions and non-monetary transactions, if any. Assets acquired in a business combination, if any, are recorded at their fair value. We may use third-party valuation firms to assist us with developing our estimates of fair value. Concentration of Credit Risk Receivables, real estate leases and debt investments consist primarily of receivables from various projects, U.S. federal government-backed receivables, and investment grade state and local government receivables and do not, in our view, represent a significant concentration of credit risk given the large number of diverse offtakers and other obligors of the projects. Additionally, certain of our investments are collateralized by projects concentrated in certain geographic regions throughout the United States. These investments typically have structural credit protections to mitigate our risk exposure and, in most cases, the projects are insured for estimated physical loss, which helps to mitigate the possible risk from these concentrations. We had cash deposits that are subject to credit risk as shown below: September 30, 2024 December 31, 2023 (in millions) Cash deposits $ 44 $ 63 Restricted cash deposits (included in other assets) 15 12 Total cash deposits $ 59 $ 75 Amount of cash deposits in excess of amounts federally insured $ 57 $ 63

Non-Controlling Interest

Non-Controlling Interest	9 Months Ended
Non-Controlling Interest	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Non-Controlling Interest	Non-Controlling Interest Units of limited partnership interests in the Operating Partnership (“OP units”) that are owned by limited partners other than us are included in non-controlling interest on our consolidated balance sheets. The non-controlling interest holders are generally allocated their pro rata share of income, other comprehensive income and equity transactions. The outstanding OP units not held by us represent approximately 1% of our outstanding OP units and are redeemable by the limited partners for cash, or at our option, for a like number of shares of our common stock. No OP units were redeemed by non-controlling interest holders during the nine months ended September 30, 2024 or September 30, 2023.

Securitization of Financial Ass

Securitization of Financial Assets	9 Months Ended
Securitization of Financial Assets	Sep. 30, 2024
Transfers and Servicing [Abstract]
Securitization of Financial Assets	Securitization of Financial Assets The following summarizes certain transactions with securitization trusts: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 (in millions) Gains on securitizations $ 8 $ 22 $ 63 $ 53 Cost of financial assets securitized 106 23 864 424 Proceeds from securitizations 114 45 927 477 Cash received from residual and servicing assets 7 4 13 15 In connection with securitization transactions, we typically retain servicing responsibilities and residual assets. We generally receive annual servicing fees that are typically up to 0.25% of the outstanding balance. We may periodically make servicer advances that are subject to credit risk. Included in securitization assets in our consolidated balance sheets are our servicing assets at amortized cost and our residual assets at fair value. Our residual assets are subordinate to investors’ interests, and their values are subject to credit, prepayment and interest rate risks on the transferred financial assets. Other than our securitization assets representing these residual interests in the trusts’ assets, the investors and the securitization trusts have no recourse to our other assets for failure of debtors to pay when due. In computing gains and losses on securitizations, we use discount rates based on a review of comparable market transactions including Level 3 unobservable inputs, which consist of base interest rates and spreads over these base rates. Depending on the nature of the transaction risks, the all-in discount rate ranged from 5% to 9% for the nine months ended September 30, 2024. As of September 30, 2024 and December 31, 2023, our managed assets totaled $13.1 billion and $12.3 billion, respectively, of which $6.8 billion and $6.1 billion, respectively, were securitized assets held in unconsolidated securitization trusts or other investors’ portions of assets held in co-investment structures. As of September 30, 2024 and December 31, 2023, trusts holding transferred financial assets held $6.2 billion and $5.6 billion, respectively, of notes due to investors. We have an allowance for losses on securitization residual assets related to assets secured by property assessed clean energy liens, as a result of our estimates of cash flows due to prepayments on certain of these assets. There has been no change in the underlying credit quality of the securitized assets since origination. The following table reconciles our beginning and ending allowance for loss on securitization residual assets: Three months ended September 30, 2024 Three months ended September 30, 2023 Government Commercial Government Commercial (in millions) Beginning balance $ — $ 3 $ — $ — Provision for loss on securitization assets — — — 3 Ending balance $ — $ 3 $ — $ 3 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Government Commercial Government Commercial (in millions) Beginning balance $ — $ 3 $ — $ — Provision for loss on securitization assets — — — 3 Ending balance $ — $ 3 $ — $ 3 As of September 30, 2024, there were no material payments from debtors to the securitization trusts that were greater than 90 days past due. Receivables from contracts for the installation of energy efficiency and other technologies are the source of cash flows of $122 million of our securitization residual assets. These technologies are installed in facilities owned by, or operated for or by, federal, state or local government entities where the ultimate obligor for the receivable is a governmental entity. The contracts may have guarantees of energy savings from third-party service providers, which typically are entities rated investment grade by an independent rating agency. The remainder of our securitization residual assets are related to c

Our Portfolio

Our Portfolio	9 Months Ended
Our Portfolio	Sep. 30, 2024
Investments [Abstract]
Our Portfolio	Our Portfolio As of September 30, 2024, our Portfolio included approximately $6.3 billion of equity method investments, receivables, real estate and investments on our balance sheet. The equity method investments represent our non-controlling equity investments in climate solutions projects. The receivables and investments are typically collateralized by contractually committed debt obligations of government entities or private high credit quality obligors and are often supported by additional forms of credit enhancement, including security interests and supplier guaranties. The real estate is typically land and related lease intangibles for long-term leases to wind and solar projects. In developing and evaluating performance against our credit criteria, we consider a number of qualitative and quantitative criteria which may include a project’s operating results, loan-to-value ratio, any cash reserves, the ability of expected cash from operations to cover the cash flow requirements currently and into the future, key terms of the transaction, the ability of the borrower to refinance the transaction, the financial and operating capability of the borrower, its sponsors or the obligor as well as any guarantors and the project’s collateral value. In addition, we consider the overall economic environment, the climate solutions sector, the effect of local, industry and broader economic factors, the impact of any variation in weather and the historical and anticipated trends in interest rates, defaults and loss severities for similar transactions. The following is an analysis of the Performance Ratings of our Portfolio as of September 30, 2024, which is assessed quarterly: Portfolio Performance 1 (1) 2 (2) 3 (3) Total Commercial Government Commercial Commercial Receivable vintage (4) (dollars in millions) 2024 $ 20 $ — $ — $ — $ 20 2023 854 — — — 854 2022 1,008 — — — 1,008 2021 294 — — — 294 2020 173 — — — 173 2019 242 — — — 242 Prior to 2019 323 35 — — 358 Total receivables held-for-investment 2,914 35 — — 2,949 Less: Allowance for loss on receivables (49) — — — (49) Net receivables held-for-investment 2,865 35 — — 2,900 Receivables held-for-sale 19 3 — — 22 Investments 16 2 — — 18 Real estate 3 — — — 3 Equity method investments (5) 3,320 — 33 — 3,353 Total $ 6,223 $ 40 $ 33 $ — $ 6,296 Percent of Portfolio 98 % 1 % 1 % — % 100 % (1) 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. Loans in this category are placed on non-accrual status. (4) Receivable vintage refers to the period in which the relevant loan agreement is signed, and a given vintage may contain loan advances made in periods subsequent to the period in which the loan agreement was signed. (5) Some of the individual projects included in portfolios that make up our equity method investments have government off-takers. As they are part of large portfolios, they are not classified separately. Receivables As of September 30, 2024, our allowance for losses on receivables was $49 million based on our expectation of credit losses over the lives of the receivables in our portfolio. During the three months ended September 30, 2024, we increased our reserve by approximately $1 million, driven primarily by loans and loan commitments made during the period. Below is a summary of the carrying value, loan funding commitments, and allowance by type of receivable or “Portfolio Segment”, as defined by Topic 326, as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Gross Carrying Value Loan Funding Commitments Allowance Gross Carrying Value Loan Funding Commitments Allowance (in millions) Commercial (1) 2,914 455 49 3,033 423 50 Government (2) $ 35 $ — $ — $ 91 $ — $ — Total $ 2,949 $ 455 $ 49 $ 3,124 $ 423 $ 50 (1) As of September 30, 2024, this category of assets includes $1.5 billion of mezzanine loans made on a non-recourse basis to bankruptcy-remote special purpose subsidiaries of residential solar companies which hold residential solar assets where we rely on certain limited indemnities, warranties, and other obligations of the residential solar companies or their other subsidiaries. These residential solar assets typically contain back-up servicer provisions to allow for continuity of operations in the event the project sponsor is unable to fulfill its duties in that capacity. See “Related Party Transactions” below for discussion of loans in this category made to special purpose entities sponsored by the SunPower Corporation. Risk characteristics of our commercial receivables include a project’s operating risks, which include the impact of the overall economic environment, the climate solutions sector, the effect of local, industry, and broader economic factors, the impact of any variation in weather and trends in interest rates. We use assumptions related to these risks to estimate an allowance using a discounted cash flow analysis or the PD/LGD method as discussed in Note 2 to our financial statements in this Form 10-Q. All of our commercial receivables are included in Performance Rating 1 in the Portfolio Performance table above. For those assets in Performance Rating 1, the credit worthiness of the obligor combined with the various structural protections of our assets cause us to believe we have a low risk we will not receive our invested capital, however we recorded a $49 million allowance on these $2.9 billion in assets as a result of lower probability assumptions utilized in our allowance methodology. (2) As of September 30, 2024, our government receivables include $7 million of U.S. federal government transactions and $28 million of transactions where the ultimate obligors are state or local governments. Risk characteristics of our government receivables include the energy savings or the power output of the projects and the ability of the government obligor to generate revenue for debt service, via taxation or other means. Transactions may have guarantees of energy savings or other performance support from third-party service providers, which typically are entities, directly or whose ultimate parent entity is, rated investment grade by an independent rating agency. All of our government receivables are included in Performance Rating 1 in the Portfolio Performance table above. Our allowance for government receivables is primarily calculated by using PD/LGD methods as discussed in Note 2 to our financial statements in this Form 10-Q. Our expectation of credit losses for these receivables is immaterial given the high credit-quality of the obligors. The following table reconciles our beginning and ending allowance for loss on receivables by Portfolio Segment: Three months ended September 30, 2024 Three months ended September 30, 2023 Government Commercial Government Commercial (in millions) Beginning balance $ — $ 48 $ — $ 44 Provision for loss on receivables — 1 — 7 Ending balance $ — $ 49 $ — $ 51 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Government Commercial Government Commercial (in millions) Beginning balance $ — $ 50 $ — $ 41 Provision for loss on receivables — (1) — 10 Ending balance $ — $ 49 $ — $ 51 We have no receivables on non-accrual status. The following table provides a summary of our anticipated maturity dates of our receivables and the weighted average yield for each range of maturities as of September 30, 2024: Total Less than 1 1-5 years 5-10 years More than 10 (dollars in millions) Maturities by period (excluding allowance) $ 2,949 $ 15 $ 908 $ 903 $ 1,123 Weighted average yield by period 8.6 % 8.3 % 8.4 % 9.2 % 8.2 % Real Estate Our real estate is leased to renewable energy projects, typically under long-term triple net leases. In the first quarter of 2024, we sold $100 million carrying value of land and related intangibles, and we retain a residual interest in those assets in the form of an equity method investment. The components of our real estate portfolio that we own directly as of September 30, 2024 and December 31, 2023, were as follows: September 30, 2024 December 31, 2023 (in millions) Real estate Land $ 3 $ 97 Lease intangibles — 22 Accumulated amortization of lease intangibles — (8) Real estate $ 3 $ 111 Equity Method Investments We have made non-controlling equity investments in a number of climate solutions projects that we account for as equity method investments. As of September 30, 2024, we held the following equity method investments: Investee Carrying Value (in millions) Jupiter Equity Holdings LLC $ 579 Daggett Renewable HoldCo LLC 445 Lighthouse Renewable HoldCo 2 LLC 350 CarbonCount Holdings 1 LLC 84 Other equity method investments 1,895 Total equity method investments $ 3,353 Jupiter Equity Holdings LLC We have a preferred equity interest in Jupiter Equity Holdings LLC (“Jupiter”) that owns nine operating onshore wind projects and four operating utility-scale solar projects with an aggregate capacity of approximately 2.3 gigawatts. As of September 30, 2024, we have made capital contributions to Jupiter of approximately $562 million related to these projects reflecting final funding true-ups after all projects reached substantial completion. Alongside the project sponsor and under terms outlined in the partnership agreement, we have made $91 million in loans to Jupiter for both payments related to winter storm Uri as well as for payments to allow for the restructuring of certain power purchase agreements and tax equity arrangements, which we expect to increase both near-term cash flows and expected lifetime return. Those loans are included in our Related Party Transactions disclosures below. The projects typically feature cash flows from fixed-price power purchase agreements and financial hedges contracted with highly creditworthy off-takers and counterparties. Jupiter is governed by an amended and restated limited liability company agreement, dated July 1, 2020, by and among the members, one of our subsidiaries and a subsidiary of the project sponsor, which contains customary terms and conditions. We own 100% of the Class A Units in Jupiter corresponding to 49% of the distributions from Jupiter subject to the preferences discussed below. Most major decisions that may impact Jupiter, its subsidiaries or its assets, require the majority vote of a four person committee on which we and the project sponsor each have two representatives. Through Jupiter, we will be entitled to preferred distributions until certain return targets are achieved. Once these return targets are achieved, distributions will be allocated approximately 33% to us and approximately 67% to the sponsor. We and the sponsor each have a right of first offer if the other party desires to transfer any of its equity ownership to a third party. We use the equity method of accounting to account for our preferred equity interest in Jupiter, and have elected to recognize earnings from this investment one quarter in arrears to allow for the receipt of financial information. Daggett Renewable HoldCo LLC We have preferred equity interests in Daggett Renewable HoldCo LLC (“Daggett”) which owns two utility-scale solar projects developed and managed by the project sponsor. We have made investments in the preferred cash equity interests of Daggett of approximately $232 million through September 30, 2024, reflecting final funding true-ups after all projects reached substantial completion.. The Daggett projects feature contracted cash flows with a diversified group of predominately investment grade utility offtakers. Daggett is governed by a limited liability company agreement between us and the sponsor serving as managing member and contain customary terms and conditions. Most major decisions that may impact Daggett, its subsidiaries or its assets, require a unanimous vote of the representatives present at a meeting of a review committee in which a quorum is present. The review committee is a four person committee, which includes two of our representatives and two sponsor representatives. Commencing on a certain date following the effective date of the applicable limited liability company agreement, we will be entitled to preferred distributions until certain return targets of each investment are achieved. Subject to customary exceptions, no member can transfer any of its equity ownership in Daggett to a third party without approval of the review committee of Daggett. We use the equity method of accounting to account for our preferred equity interests in Daggett, and have elected to recognize earnings from this investment one quarter in arrears to allow for the receipt of financial information. Lighthouse Renewables HoldCo 2 LLC We have preferred equity interests in Lighthouse Renewables HoldCo 2 LLC (“Lighthouse 2”) which owns three onshore wind and utility-scale solar and solar-plus-storage projects, all developed and managed by the project sponsor. We have made investments in the preferred cash equity interests of the Lighthouse 2 of approximately $420 million through September 30, 2024. Alongside the project sponsor and under terms outlined in the partnership agreement, we have made $18 million in working capital loans to Lighthouse 2 primarily for payments related to winter storm Uri. Those working capital loans are included in our Related Party Transactions disclosures below. The Lighthouse 2 projects feature contracted cash flows with a diversified group of predominately investment grade corporate and university offtakers. Lighthouse 2 is governed by a limited liability company agreement between us and the sponsor serving as managing member and contain customary terms and conditions. Most major decisions that may impact Lighthouse 2, its subsidiaries or its assets, require a unanimous vote of the representatives present at a meeting of a review committee in which a quorum is present. The review committee is a four person committee, which includes two of our representatives and two sponsor representatives. Commencing on a certain date following the effective date of the applicable limited liability company agreement, we will be entitled to preferred distributions until certain return targets of each investment are achieved. Subject to customary exceptions, no member of Lighthouse 2 can transfer any of its equity ownership in Lighthouse 2 to a third party without approval of the review committee of Lighthouse 2. We use the equity method of accounting to account for our preferred equity interests in Lighthouse 2, and have elected to recognize earnings from this investment one quarter in arrears to allow for the receipt of financial information. Related Party Transactions CarbonCount Holdings 1 LLC On May 4, 2024, we, through our indirect subsidiary, HASI CarbonCount Holdings 1, LLC (“HASI CarbonCount”), a Delaware limited liability company, and Hoops Midco, LLC (“KKR Hoops”), an investment vehicle established as a Delaware limited liability company and managed by an affiliate of Kohlberg Kravis Roberts & Co. L.P. (“KKR”), entered into agreements to acquire interests in CarbonCount Holdings 1 LLC (“CCH1”), established to invest in certain eligible climate positive projects across the United States, as further described below. CCH1 has been formed as a Delaware limited liability company. HASI CarbonCount and KKR Hoops have each committed $1 billion to CCH1 to be invested in clean energy assets during an 18 month investment period. In addition, HASI, through its indirect subsidiaries, Hannon Armstrong Securities, LLC (the “Broker-Dealer”) and CarbonCount Holdings Manager LLC (the “Asset Manager”, and, together with the Broker-Dealer, the “Service Providers”), is engaged by CCH1 pursuant to a services agreement (the “Services Agreement’) to provide certain services to CCH1. CCH1 is governed by a board of directors (“the Board”) which will initially be composed of four directors, two of whom will be appointed by us and two of whom will be appointed by KKR Hoops. Actions of the Board generally require the affirmative vote of at least three out of four directors. Pursuant to the service agreement, the Board has delegated to the Service Providers certain rights and powers to manage the day-to-day business and affairs of CCH1, while retaining control over the significant decision making of CCH1. We account for our investment in CCH1 as an equity method investment. The Broker-Dealer sources investment opportunities for CCH1 pursuant to the terms of the Services Agreement. Through the Broker-Dealer, HASI is obligated to present all of the investment opportunities it identifies that fit within certain predetermined criteria to the Board until either joint venture party’s commitment has been fully invested or upon the date that the 18-month investment period described above expires or is earlier terminated. The investment criteria under the Services Agreement includes investment opportunities that we would typically have originated on our balance sheet. CCH1 pays the Broker-Dealer, for provision of the services provided, an upfront fee on each funding of investments generally equal to 1% of the total cash consideration funded by CCH1 to the applicable investment counterparty. CCH1 also pays the Asset Manager, for provision of the services provided by it, ongoing fees in respect of asset management and administering the management and operation of CCH1, payable when deducted from CCH1’s cash available for distribution. The fee payable to the Asset Manager is calculated on the basis of certain performance thresholds and will generally not be less than 0.5% of invested capital per annum, subject to certain limited exceptions, nor more than 1.00%. At inception, and prior to KKR’s acquisition of its interest in CCH1, we seeded CCH1 with equity method investments and receivables which were previously on our balance sheet with a combined book value of $108 million, and which are expected to have a total invested amount of $191 million once fully funded. We received approximately $55 million from KKR for the purchase of their share of the net assets of CCH1, resulting in the deconsolidation of CCH1 by us. There were no material differences between the amounts paid by KKR and the carrying values of the contributed assets, resulting in no material gain or loss upon deconsolidation and no material basis differences established. CCH1 will recognize income from its equity method investees one quarter in arrears to allow for its receipt of financial information. Other Related Party Transactions Of our receivables, approximately $899 million are loans made to entities in which we also have non-controlling equity investments of approximately $832 million. Typically, these equity method investments are LLCs taxed as partnerships that we have entered into with various renewable energy project sponsors, including SunPower Corporation further described below. We negotiate the commercial terms of these loans with the other partner, and the assets against which the project sponsors are borrowing are contributed into the LLCs upon the execution of the loans. Our equity investments allow us to participate in the residual economics of those contributed assets alongside the other partner, and our rights under the project operating agreements do not allow us to make any significant unilateral decisions regarding the terms of the arrangement. These assets are bankruptcy remote from the project sponsor, and residential solar assets typically contain back-up servicer provisions to allow for continuity of operations in the event the project sponsor is unable to fulfill its duties in that capacity. We are not obligated to contribute capital to support these entities beyond agreements to make contributions to allow for the entities to purchase additional renewable energy assets. Because the loans made to these entities are typically subordinate to senior debt and tax equity investors in the projects, these loans, which have maturities of over ten years, may accrue PIK interest in the early years of the project until sufficient cash flow is available for our interest payments. Any change in PIK interest is included in Change in accrued interest on receivables and investments in the operating section of our statement of cash flows. On a quarterly basis, we assess these loans for any impairment inclusive of any PIK interest accrued under CECL as discussed above under Receivables. The following table provides additional detail on our transactions with related party equity method investments: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (in millions) Interest income from related party loans $ 21 $ 18 $ 60 $ 49 Additional investments made in related party loans 79 95 172 187 Principal collected from related party loans 17 12 260 27 Interest collected from related party loans 15 15 49 45 Investments related to SunPower Corporation On August 5, 2024, SunPower Corporation (“SunPower”), a project sponsor for certain of the residential solar projects in which we invest, declared Chapter 11 bankruptcy. As of September 30, 2024, we have commercial receivables with a gross carrying value of $327 million due from special purpose entities which own individual residential solar assets (“SunStrong SPEs”) for which SunPower performed certain services including billing and collections, operations and maintenance, and accounting, tax filings, and financial reporting. These SunStrong SPEs are bankruptcy remote from SunPower, and were jointly owned by SunPower and us. The cash flows supporting our loans are from each individual residential customer rather than SunPower and are not expected to be materially impacted by this event. We evaluate these loans quarterly during our assessment of allowance for loan losses, and have determined that our allowance for loan losses related to these loans has not been materially impacted by these events. As of September 30, 2024, we had equity method investments of $31 million in the SunStrong SPEs. We have not identified any OTTI with regards to these assets, and we do not expect our equity method investments in these entities to be materially impacted by this ownership change. In October of 2024, SunPower’s interests in such entities were purchased by a third party, who have retained SunPower’s governance rights within those structures and who intend to be a long-term co-owner of the SunStrong SPEs, and accordingly we have continued and will continue to account for our interest in these entities as equity method investments. We are taking steps to ensure continuation of the services currently provided by SunPower, including the engagement of replacement service providers. As of the date of filing of these financial statements, we do not believe the bankruptcy of SunPower will have a material impact on our consolidated financial statements.

Credit facility and commercial

Credit facility and commercial paper notes	9 Months Ended
Credit facility and commercial paper notes	Sep. 30, 2024
Debt Disclosure [Abstract]
Credit facility and commercial paper notes	Credit facility and commercial paper notes Unsecured revolving credit facility We have an unsecured revolving credit facility pursuant to a revolving credit agreement with a syndicate of lenders. In the second quarter of 2024, we increased the maximum outstanding borrowing amount of this facility to $1.25 billion, and extended the maturity to April 2028. In October of 2024, we added a new lender to the existing syndicate and increased the capacity of the facility by an additional $100 million. As of September 30, 2024, the outstanding balance on this facility was $116 million, and it currently bears interest at a weighted average rate of 6.83%. As of September 30, 2024, we have approximately $9 million of remaining unamortized financing costs associated with the unsecured revolving credit facility that have been capitalized and included in other assets on our balance sheet and are being amortized on a straight-line basis over the term of the unsecured revolving credit facility. The unsecured revolving credit facility has a commitment fee based on our current credit rating and bears interest at a rate of SOFR or prime rate plus applicable margins based on our current credit rating, which may also be adjusted downward up to 0.10% to the extent our Portfolio achieves certain targeted levels of carbon emissions avoidance, as measured by our CarbonCount © metric. The current applicable margins are 1.625% for SOFR-based loans and 0.625% for prime rate-based loans, plus an additional 0.10%. The unsecured revolving credit facility has a commitment fee based on our current credit rating. The unsecured revolving credit facility contains terms, conditions, covenants, and representations and warranties that are customary and typical for transactions of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds, stock repurchases, and dividends we can declare. The unsecured revolving credit facility also includes customary events of default and remedies. At our option, upon maturity of the unsecured revolving credit facility, we have the ability to convert amounts borrowed into term loans for a fee equal to 1.625% of the term loan amounts. CarbonCount Green Commercial Paper Note Program As of September 30, 2024, we have a CarbonCount Green Commercial Paper Note Program (the “commercial paper program”) that allows us to issue commercial paper notes at any time. In the second quarter of 2024, we increased the capacity of the program to allow for up to $125 million outstanding at any time, and extended the maturity of the program to April 2026. We obtained an irrevocable direct-pay letter of credit in an amount not to exceed $125 million from Bank of America, N.A, to support these obligations which expires in April 2026. Bank of America provides a direct-pay letter of credit to the noteholders in the same amount of each commercial paper note. The letter of credit is automatically drawn upon at maturity of a commercial paper note and the noteholders are repaid in full. We have a five five Commercial paper notes will be issued at a discount based on market pricing, subject to broker fees of 0.10%. For issuance of the letter of credit, we will pay 1.325% on any drawn letter of credit amounts to Bank of America, N.A., and 0.35% on any unused letter of credit capacity. Any loans converted from drawn letter of credit amounts bear interest at a rate of Term SOFR plus 1.875%, plus an additional 0.10%. Fees paid on the drawn letters of credit may be reduced by up to 0.1% to the extent our Portfolio achieves certain targeted levels of carbon emissions avoidance as measured by our CarbonCount metric. As of September 30, 2024, we have no remaining unamortized financing costs associated with the commercial paper program and associated letter of credit. The associated letter of credit contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds, stock repurchases and dividends we declare. The letter of credit also includes customary events of default and remedies. Senior secured revolving credit agreement In the second quarter of 2024, we entered into a senior secured revolving credit agreement with a maximum outstanding principal amount of $100 million which matures in 2029. Under the terms of the senior secured revolving credit agreement, we will pledge collateral to the facility in the form of certain qualifying land assets or assets secured by land and will be allowed to borrow up to 80% of our cash amount invested in the collateral pledged. Any loans under the agreement bear interest at a rate of Term SOFR plus 1.90%, and interest is due quarterly. The rate of interest can be reduced by up to 0.10% to the extent our Portfolio achieves certain targeted levels of carbon emissions avoidance as measured by our CarbonCount metric. There is a commitment fee of 0.20% of the used capacity of the agreement, which is paid quarterly. The senior secured revolving credit agreement contains terms, conditions, covenants, and representations and warranties that are customary and typical for transactions of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds, stock repurchases, and dividends we can declare. The senior secured revolving credit agreement also includes customary events of default and remedies. As of September 30, 2024, we had no balance outstanding on the senior secured revolving credit agreement, and we had availability under the revolving credit agreement of $22 million based on the pledged collateral. We had approximately $1 million in unamortized financing costs associated with the senior secured revolving credit agreement, which are included in other assets.

Long-term Debt

Long-term Debt	9 Months Ended
Long-term Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Non-recourse debt We have outstanding the following asset-backed non-recourse debt: Outstanding Balance Anticipated Carrying Value of Assets Pledged as of September 30, 2024 December 31, 2023 Interest Maturity Date September 30, 2024 December 31, 2023 Description (dollars in millions) HASI Sustainable Yield Bond 2015-1A (1) $ — $ 68 4.28% October 2034 $ — $ — $ 136 Receivables, real estate, real estate intangibles, and restricted cash HASI SYB Trust 2016-2 (2) — 51 4.35% April 2037 — — 57 Receivables and restricted cash HASI Harmony Issuer 95 — 6.78% July 2043 — 261 — Equity method investments Other non-recourse debt (3) 40 43 3.15% - 7.23% 2024 to 2032 17 41 46 Receivables Unamortized financing costs (4) (2) Non-recourse debt (4) $ 131 $ 160 (1) We prepaid this obligation in the first quarter of 2024. (2) In the first quarter of 2024, contractual terms of this agreement were modified, which caused us to deconsolidate the entities holding such debt and its related pledged collateral. (3) Other non-recourse debt consists of various debt agreements used to finance certain of our receivables. Scheduled debt service payment requirements are equal to or less than the cash flows received from the underlying receivables. (4) The total collateral pledged against our non-recourse debt was $302 million and $239 million as of September 30, 2024 and December 31, 2023, respectively. These amounts include $13 million and $11 million of restricted cash pledged for debt service payments as of September 30, 2024 and December 31, 2023, respectively. We have pledged the financed assets, and typically our interests in one or more parents or subsidiaries of the borrower that are legally separate bankruptcy remote special purpose entities as security for the non-recourse debt. There is no recourse for repayment of these obligations other than to the applicable borrower and any collateral pledged as security for the obligations. Generally, the assets and credit of these entities are not available to satisfy any of our other debts and obligations. The creditors can only look to the borrower, the cash flows of the pledged assets and any other collateral pledged, to satisfy the debt and we are not otherwise liable for nonpayment of such cash flows. The debt agreements contain terms, conditions, covenants and representations and warranties that are customary and typical for transactions of this nature, including limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds and stock repurchases. The agreements also include customary events of default, the occurrence of which may result in termination of the agreements, acceleration of amounts due and accrual of default interest. We typically act as servicer for the debt transactions. We were in compliance with all covenants as of September 30, 2024 and December 31, 2023. We have guaranteed the accuracy of certain of the representations and warranties and other obligations of certain of our subsidiaries under certain of the debt agreements and provided an indemnity against certain losses from “bad acts” of such subsidiaries including fraud, failure to disclose a material fact, theft, misappropriation, voluntary bankruptcy or unauthorized transfers. The stated minimum maturities of non-recourse debt as of September 30, 2024, were as follows: Future minimum maturities (in millions) October 1, 2024 to December 31, 2024 $ 3 2025 11 2026 7 2027 14 2028 6 2029 10 Thereafter 84 Total minimum maturities $ 135 Unamortized financing costs (4) Total non-recourse debt $ 131 The stated minimum maturities of non-recourse debt above include only the mandatory minimum principal payments. To the extent there are additional cash flows received from our investments serving as collateral for certain of our non-recourse debt facilities, these additional cash flows may be required to be used to make additional principal payments against the respective debt. Any additional principal payments made due to these provisions may impact the anticipated balance at maturity of these financings. To the extent there are not sufficient cash flows received from those investments pledged as collateral, the investor has no recourse against other corporate assets to recover any shortfalls. Senior Unsecured Notes We have outstanding senior unsecured notes issued by us or jointly by certain of our subsidiaries which are guaranteed by the Company and certain other subsidiaries (the “Senior Unsecured Notes”). The Senior Unsecured Notes were subject to covenants that limited our ability to incur additional indebtedness and required us to maintain unencumbered assets of not less than 120% of our unsecured debt. These covenants terminated during the second quarter of 2024 as a result of us being rated an investment grade issuer by two of the three major credit rating agencies and no event of default having occurred. We are in compliance with all of our remaining covenants as of September 30, 2024 and December 31, 2023. The Senior Unsecured Notes impose certain requirements in the event that we merge with or sell substantially all of our assets to another entity. We allocate an amount equal to the net proceeds of our Senior Unsecured Notes to the acquisition or refinance of, in whole or in part, eligible green projects, including assets that are neutral to negative on incremental carbon emissions. The following are summarized terms of the Senior Unsecured Notes as of September 30, 2024: Outstanding Principal Amount Maturity Date Stated Interest Rate Interest Payment Dates Redemption Terms Modification Date (in millions) 2025 Notes $ — (1) April 15, 2025 6.00 % April 15 and N/A 2026 Notes 1,000 June 15, 2026 3.38 % June 15 and December 15 March 15, 2026 (2) 2027 Notes 750 (4) June 15, 2027 8.00 % June 15 and December 15 March 15, 2027 (3) 2030 Notes 375 (5) September 15, 2030 3.75 % February 15th and August 15th N/A 2034 Notes 700 (1) July 1, 2034 6.38 % July 1st and January 1st N/A (1) In the third quarter of 2024, we issued $700 million principal amount of Senior Unsecured Notes due in July 2034 (“2034 Notes”), which bear interest at a rate of 6.375%. The notes were issued for gross proceeds of $695 million, resulting in a yield to maturity of 6.476%. We used a portion of the proceeds from this issuance to redeem the outstanding principal amount of the 2025 notes. There was no premium paid upon redemption. (2) Prior to this date, we may redeem, at our option, some or all of the 2026 Notes for the outstanding principal amount plus the applicable “make-whole” premium as defined in the indenture governing the 2026 Notes plus accrued and unpaid interest through the redemption date. In addition, prior to this date, we may redeem up to 40% of the Senior Unsecured Notes using the proceeds of certain equity offerings at a price equal to par plus the coupon percentage of the principal amount thereof, plus accrued but unpaid interest, if any, to, but excluding, the applicable redemption date. On, or subsequent to, this date we may redeem the 2026 Notes in whole or in part at redemption prices defined in the indenture governing the 2026 Notes, plus accrued and unpaid interest though the redemption date. (3) Prior to this date, we may redeem, at our option, some or all of the 2027 Notes for the outstanding principal amount plus the applicable “make-whole” premium as defined in the indenture governing the 2027 Notes plus accrued and unpaid interest through the redemption date. In addition, prior to this date, we may redeem up to 40% of the Senior Unsecured Notes using the proceeds of certain equity offerings at a price equal to par plus the coupon percentage of the principal amount thereof, plus accrued but unpaid interest, if any, to, but excluding, the applicable redemption date. On, or subsequent to, this date we may redeem the 2027 Notes in whole or in part at a price equal to 100% of the principal amount, plus accrued and unpaid interest though the redemption date. (4) In January 2024 in a follow-on offering we issued $200 million principal amount of 2027 Notes for net proceeds of $204 million, equivalent to a yield to maturity of 7.08% for the new issuance. (5) We issued the $375 million aggregate principal amount of the 2030 Notes for total proceeds of $371 million ($367 million net of issuance costs) at an effective interest rate of 3.87%. We may redeem the 2030 Notes in whole or in part at redemption prices defined in the indenture governing the 2030 Notes plus accrued and unpaid interest though the redemption date. The following table presents a summary of the components of the Senior Unsecured Notes: September 30, 2024 December 31, 2023 (in millions) Principal $ 2,825 $ 2,325 Accrued interest 40 15 Unamortized premium (discount) (3) (3) Less: Unamortized financing costs (22) (18) Carrying value of Senior Unsecured Notes $ 2,840 $ 2,319 We recorded approximately $40 million and $108 million in interest expense related to the Senior Unsecured Notes in the three and nine months ended September 30, 2024, respectively, compared to approximately $19 million and $57 million in the three and nine months ended September 30, 2023, respectively. Convertible Notes We have outstanding exchangeable senior notes, and have previously issued convertible senior notes, together “Convertible Notes”. Holders may convert or exchange any of their Convertible Notes into shares of our common stock at the applicable conversion or exchange ratio at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date, unless the Convertible Notes have been previously redeemed or repurchased by us. The following are summarized terms of the Convertible Notes as of September 30, 2024: Outstanding Principal Amount Maturity Date Stated Interest Rate Interest Payment Dates Conversion/Exchange Ratio Conversion/Exchange Price Issuable Shares Dividend Threshold Amount (1) (in millions) (in millions) 2025 Exchangeable Senior Notes 200 (2) May 1, 0.000 % N/A 17.7969 $56.19 3.6 $0.375 2028 Exchangeable Senior Notes 403 August 15, 3.750 % February 15 and August 15 36.9028 $27.10 14.9 $0.395 (1) The conversion or exchange ratio is subject to adjustment for dividends declared above these amounts per share per quarter and certain other events that may be dilutive to the holder. (2) The 2025 Exchangeable Senior Notes accrete to a premium at maturity equal to 3.25% per annum. The current balance including accreted premium is $217 million. For the exchangeable senior notes, following the occurrence of a make-whole fundamental change, we will, in certain circumstances, increase the exchange rate for a holder that converts its exchangeable notes in connection with such make-whole fundamental change. There are no cash settlement provisions for the 2025 Exchangeable Senior Notes and the exchange option can only be settled through physical delivery of our common stock. Upon exchange of the 2028 Exchangeable Senior Notes, exchange may be settled through cash, shares of our common stock or a combination of cash and shares of our common stock, at our election (as described in the indenture related to the 2028 Exchangeable Senior Notes). Additionally, upon the occurrence of certain fundamental changes involving us, holders of the 2025 Exchangeable Senior Notes or the 2028 Exchangeable Senior Notes may require us to redeem all or a portion of their notes for cash at a price of 100% of the principal amount outstanding, plus accrued and unpaid interest. We may redeem the 2028 Exchangeable Senior Notes in whole or in part, at our option, on or after August 20, 2026 and prior to the 62nd scheduled trading day immediately preceding the maturity date for such notes, if certain conditions are met including our common stock trading above 130% of the exchange price for at least 20 trading days, as set forth in the indenture relating to the 2028 Exchangeable Senior Notes. Any shares of our common stock issuable upon exchange of the 2025 Exchangeable Senior Notes or 2028 Exchangeable Senior Notes will have certain registration rights. We have issued $200 million of 0.00% Exchangeable Senior Notes due 2025 which are guaranteed by us and certain of our subsidiaries and may, under certain conditions, be exchangeable for our common stock. The notes accrete to a premium at maturity at an effective rate of 3.25% annually. Upon any exchange of these Notes, holders will receive a number of shares of our common stock equal to the product of (i) the aggregate initial principal amount of the notes to be exchanged, divided by $1,000 and (ii) the applicable exchange rate, plus cash in lieu of fractional shares. We have allocated or intend to allocate an amount equal to the net proceeds of this offering to the acquisition or refinancing of, in whole or in part, new and/or existing eligible green projects, which include assets that are neutral to negative on incremental carbon emissions. The following table presents a summary of the components of our Convertible Notes: September 30, 2024 December 31, 2023 (in millions) Principal $ 603 $ 603 Accrued interest 2 6 Premium 16 11 Less: Unamortized financing costs (8) (10) Carrying value of Convertible Notes $ 613 $ 610 We recorded approximately $6 million and $19 million in interest expense related to our Convertible Notes in the three and nine months ended September 30, 2024 compared to $5 million and $9 million for the three and nine months ended September 30, 2023, respectively. In order to mitigate the potential dilution to our common stock upon exchange of the 2028 Exchangeable Senior Notes, we entered into privately-negotiated capped call transactions (“Capped Calls”) with certain counterparties. The Capped Calls are separate transactions and are not part of the terms of the 2028 Exchangeable Senior Notes. The total premium for the Capped Calls was recorded as a reduction of additional paid-in capital. The Company used a portion of the proceeds from the 2028 Exchangeable Senior Notes to pay for the cost of the Capped Call premium. The material terms of the Capped Calls are as follows: (in millions except per share data) Aggregate cost of capped calls $ 38 Initial strike price per share $ 27.14 Initial cap price per share $ 43.42 Shares of our common stock covered by the capped calls 14.8 Expiration date August 15, 2028 CarbonCount Term Loan Facility We have entered into a CarbonCount Term Loan Facility (“the unsecured term loan facility”) with a syndicate of banks which has an outstanding principal and accrued interest amount of $251 million. Principal amounts under the term loan facility will bear interest at a rate of Term SOFR plus applicable margins based on our current credit rating, which may be adjusted downward up to 0.10% to the extent our Portfolio achieves certain targeted levels of carbon emissions avoidance, as measured by our CarbonCount © metric. As of September 30, 2024, the applicable margin is 1.875% plus 0.10%, and the current interest rate is 7.02%. The coupon on any drawn amounts will be reset at monthly, quarterly, or semi-annual intervals at our election. Interest is due and payable quarterly. Payments of 1.25% of the outstanding principal balance are due quarterly. We intend to allocate an amount equal to the net proceeds of this offering to the acquisition or refinancing of, in whole or in part, new and/or existing eligible green projects, which include assets that are neutral to negative on incremental carbon emissions. Loans under the unsecured term loan facility can be prepaid without penalty. In the second quarter of 2024, we extended the maturity date to 2027, with no changes to the pricing terms, and used proceeds from our unsecured revolving credit facility to make a partial prepayment of $275 million on the unsecured term loan facility to reduce the outstanding principal balance. Amounts which were due under the term loan facility as of September 30, 2024 are as follows: Future maturities (in millions) October 1, 2024 to December 31, 2024 $ 7 2025 12 2026 11 2027 221 Total 251 Less: Unamortized Financing Costs (5) Carrying Value $ 246 The unsecured term loan facility contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds, stock repurchases and dividends we declare. The term loan facility also includes customary events of default and remedies. Secured Term Loan We have a term loan (“Secured Term Loan”) with a maturity date of January 2028, under which principal amounts bear interest at a rate of Daily Term SOFR plus a credit spread of 2.25%, plus 0.10%. We are required to hold interest rate swaps with notional values equal to 85% of the outstanding principal amount of the loan. The facility is subject to mandatory principal amortization of 5% per annum, with principal and interest payments due quarterly. The secured term loan contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature, including various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds, stock repurchases and dividends we declare. The secured term loan also includes customary events of default and remedies. As of September 30, 2024, the outstanding principal and accrued interest balance is $169 million, the interest rate is 7.68%, and we have financing receivables pledged with a carrying value of $409 million. In the first quarter of 2024, we removed $45 million of pledged assets as collateral, and made a principal payment of $28 million. We have $3 million of remaining unamortized financing costs associated with the Secured Term Loan that have been netted against the loan on our balance sheet and are being amortized on a straight-line basis over the term of the Secured Term Loan Facility. Amounts which were due under the Secured Term Loan Facility as of September 30, 2024 are as follows: Future maturities (in millions) October 1, 2024 to December 31, 2024 $ 2 2025 10 2026 12 2027 11 2028 134 Total 169 Less: Unamortized Financing Costs (3) Carrying Value $ 166 Interest Rate Swaps In connection with several of our long-term borrowings, including floating-rate loans from our Term Loan Facility, unsecured revolving credit facility, Secured Term Loan and the anticipated refinancings of certain of our Senior Unsecured Notes we have entered into the following derivative transactions that are designated as cash flow hedges as of September 30, 2024: Instrument type Hedged Rate Notional Value Fair Value as of Index September 30, 2024 December 31, 2023 Term of derivative and forecasted transactions $ in millions Interest rate swap 1 month SOFR 3.79% $ 400 $ (16) $ (12) March 2023 to March 2033 Interest rate swap Overnight SOFR 2.98% 400 6 7 June 2026 to June 2033 Interest rate swap Overnight SOFR 3.09% 600 5 7 June 2026 to June 2033 Interest rate swap Overnight SOFR 3.08% 400 — (1) 8 April 2025 to April 2035 Interest rate collar 1 month SOFR 3.70% - 4.00% (2) 250 (1) — May 2023 to May 2026 Interest rate swaps Overnight SOFR 4.39% to 4.42% (3) 170 (9) (8) September 2023 to June 2033 Interest rate swap Overnight SOFR 3.72 % 375 (10) — June 2027 to June 2037 $ 2,595 $ (25) 2 (1) This swap was financially settled in June 2024, for a benefit of $19 million. The $19 million is in AOCI as of September 30, 2024 and will be amortized into interest expense over the term of the 2034 Notes. (2) Interest rate collar consists of a purchased interest rate cap of 4.00% and a written interest rate floor of 3.70%. (3) Consists of three interest rate swaps with identical maturities and effective dates. The fair values of our interest rate derivatives designated and qualifying as effective cash flow hedges are reflected in our consolidated balance sheets as a component of other assets (if in an unrealized gain position) or accounts payable, accrued expenses and other (if in an unrealized loss position) and in net unrealized gains and losses in AOCI. As of September 30, 2024, all of our derivatives were designated as hedging instruments which were deemed to be effective. As of September 30, 2024, we have posted $19 million of collateral. We have netted $17 million of our posted collateral against the derivative liability which is included in accounts payable, accrued expenses, and other on our balance sheet. The remaining $2 million of our collateral is included in other assets. The below table shows the changes in our AOCI balance related to our interest rate derivatives designated and qualifying as effective cash flow hedges: (Amounts in millions) Beginning Balance - January 1, 2023 $ — Changes in fair value 7 Amounts released into interest expense (6) Ending Balance - December 31, 2023 $ 1 Changes in fair value (18) Amounts released into interest expense 8 Ending Balance - September 30, 2024 $ (9) The below table shows the benefit (expense) included in interest expense as a result of our hedging activities for the three and nine months ended September 30, 2024 and 2023, respectively. We expect an expense of $2 million to be released out of AOCI into interest expense over the 12 months following September 30, 2024. Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Interest expense $ 59,401 $ 43,295 $ 180,804 $ 120,413 Benefit (expense) included in interest expense due to hedging activities 2,817 2,278 8,432 3,725 Certain of the projects in which we have equity method investments also have interest rate swaps which are designated as cash flow hedges, and we recognize the portion of the gain or loss allocated to us related to those instruments through other comprehensive income.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The nature of our operations exposes us to the risk of claims and litigation in the normal course of our business. We are not currently subject to any legal proceedings that are probable of having a material adverse effect on our financial position, results of operations or cash flows. Guarantees and other commitments In connection with some of our transactions, we have provided certain limited representations, warranties, covenants and/or provided an indemnity against certain losses resulting from our own actions, including related to certain investment tax credits. As of September 30, 2024, there have been no such actions resulting in claims against the Company. As a part of broader project restructuring in order to increase our expected cash flows from the investment, we alongside the project sponsor, made guarantees to support the working capital needs of two of the project companies owned by Jupiter, an equity method investee. The guarantees are in effect until the tax equity investors in those project companies achieve their target preferred returns, and our contractual maximum under these guarantees is $53 million, and is limited to $20 million in any particular calendar year. As of September 30, 2024, we have no liability recorded as a result of these guarantees as we believe it is not probable we will be required to perform under them. As of September 30, 2024, we have not been asked to perform under them.

Income Tax

Income Tax	9 Months Ended
Income Tax	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Tax	Income Tax We recorded an income tax (expense) benefit of approximately $7 million and $(49) million for the three and nine months ended September 30, 2024, compared to a $5 million and $5 million income tax (expense) benefit in the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2024 and 2023, our income tax (expense) benefit was determined using the federal tax rate of 21%, and combined state tax rates, net of federal benefit, of approximately 4% for 2024 and 3% for 2023.

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2024
Equity [Abstract]
Equity	Equity Dividends and Distributions Our board of directors declared the following dividends in 2023 and 2024: Announced Date Record Date Pay Date Amount per 2/16/2023 4/3/2023 4/10/2023 $ 0.395 5/4/2023 7/5/2023 7/12/2023 $ 0.395 8/3/2023 10/4/2023 10/11/2023 $ 0.395 11/2/2023 12/29/2023 (1) 01/12/2024 $ 0.395 2/15/2024 4/5/2024 04/19/2024 $ 0.415 5/7/2024 7/3/2024 7/12/2024 $ 0.415 8/1/2024 10/4/2024 10/18/2024 $ 0.415 11/7/2024 12/30/2024 01/10/2025 $ 0.415 (1) This dividend is treated as a distribution in the year following the record date for tax purposes. Equity Offerings We have an effective universal shelf registration statement registering the potential offer and sale, from time to time and in one or more offerings, of any combination of our common stock, preferred stock, depositary shares, debt securities, warrants and rights (collectively referred to as the “securities”). We may offer the securities directly, through agents, or to or through underwriters by means of ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale or at negotiated prices and may include “at the market” (“ATM”) offerings to or through a market maker or into an existing trading market on an exchange or otherwise. We have a dividend reinvestment and stock purchase plan, allowing stockholders and holders of OP Units (including LTIP Units) to purchase shares of our common stock by reinvesting cash dividends or distributions received. We completed the following public offerings (including ATM issuances) of our common stock during 2024 and 2023: Date/Period Common Stock Offerings Shares Issued (2) Price Per Share Net Proceeds (1) (amounts in millions, except per share amounts) Q1 2023 ATM 0.763 $ 31.31 (3) $ 24 5/30/2023 Public Offering 15.000 22.23 (4) 333 Q2 2023 ATM 0.053 26.07 (3) 1 Q3 2023 ATM 4.394 24.71 (3) 107 Q4 2023 ATM 1.006 28.81 (3) 29 Q1 2024 ATM 1.193 25.89 (3) 31 Q2 2024 ATM 1.662 31.42 (3) 52 Q3 2024 ATM 3.040 32.55 (3) 98 (1) Net proceeds from the offerings are shown after deducting underwriting discounts and commissions. (2) Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares. (3) Represents the average price per share at which investors in our ATM offerings purchased our shares. (4) Represents the price per share at which the underwriters in our public offering purchased our shares. Equity-based Compensation Awards We have issued equity awards that vest from 2024 to 2028 subject to service, performance and market conditions. During the nine months ended September 30, 2024, our board of directors awarded employees and directors 798,160 shares of restricted stock, restricted stock units and LTIP Units that vest from 2025 to 2028. Refer to Note 4 to our financial statements in this Form 10-Q for background on the LTIP Units. For the three and nine months ended September 30, 2024 we recorded $4 million and $19 million of stock based compensation, respectively, compared to $3 million and $15 million during the three and nine months ended September 30, 2023, respectively. We have a retirement policy which provides for full vesting at retirement of any time-based awards that were granted prior to the date of retirement and permits the vesting of market-based or performance-based awards that were granted prior to the date of retirement according to the original vesting schedule of the award, subject to the achievement of the applicable market or performance measures. Employees are eligible for the retirement policy upon meeting age and years of service criteria. The total unrecognized compensation expense related to awards of shares of restricted stock and restricted stock units was approximately $24 million as of September 30, 2024. We expect to recognize compensation expense related to our equity awards over a weighted-average term of approximately 2 years. A summary of the unvested shares of restricted common stock that have been issued is as follows: Restricted Shares of Common Stock Weighted Average Grant Date Fair Value Value (per share) (in millions) Ending Balance — December 31, 2022 168,452 $ 33.59 $ 5.7 Granted 77,938 30.03 2.3 Vested (98,367) 29.18 (2.9) Forfeited (12,356) 42.74 (0.5) Ending Balance — December 31, 2023 135,667 $ 33.90 $ 4.6 Granted 222,049 26.94 6.0 Vested (41,165) 38.16 (1.6) Forfeited (3,399) 27.55 (0.1) Ending Balance — September 30, 2024 313,152 $ 28.48 $ 8.9 A summary of the unvested shares of restricted stock units that have market-based vesting conditions that have been issued is as follows: Restricted Stock Units (1) Weighted Average Grant Date Fair Value Value (per share) (in millions) Ending Balance — December 31, 2022 58,404 $ 51.03 $ 3.0 Granted 63,446 39.29 2.4 Incremental performance shares granted 7,305 34.63 0.3 Vested (18,041) 35.17 (0.6) Forfeited (16,460) 30.90 (0.5) Ending Balance — December 31, 2023 94,654 $ 48.42 $ 4.6 Granted — — — Incremental performance shares granted — — — Vested — — — Forfeited (15,480) 68.81 (1.1) Ending Balance — September 30, 2024 79,174 $ 44.43 $ 3.5 (1) As discussed in Note 2, restricted stock units with market-based vesting conditions can vest between 0% and 200% subject to both the absolute performance of the Company's common stock as well as relative performance compared to a group of peers. The incremental performance shares granted relate to the vesting of awards at the achieved performance level. A summary of the unvested LTIP Units that have time-based vesting conditions that have been issued is as follows: LTIP Units (1) Weighted Average Grant Date Fair Value Value (per share) (in millions) Ending Balance — December 31, 2022 276,766 $ 42.21 $ 11.7 Granted 342,349 30.08 10.3 Vested (142,041) 39.21 (5.5) Forfeited — — — Ending Balance — December 31, 2023 477,074 $ 34.4 $ 16.5 Granted 320,063 26.96 8.6 Vested (236,166) 34.79 (8.2) Forfeited — — — Ending Balance — September 30, 2024 560,971 $ 29.99 $ 16.9 (1) See Note 4 for information on the vesting of LTIP Units. A summary of the unvested LTIP Units that have market-based vesting conditions that have been issued is as follows: LTIP Units (1) Weighted Average Grant Date Fair Value Value (per share) (in millions) Ending Balance — December 31, 2022 324,028 $ 42.84 $ 13.9 Granted 282,034 39.29 11.1 Incremental performance shares granted 40,394 19.94 0.8 Vested (96,496) 19.94 (1.9) Forfeited (56,102) 4.56 (0.3) Ending Balance — December 31, 2023 493,858 $ 47.76 $ 23.6 Granted 128,024 39.11 5.0 Incremental performance shares granted — — — Vested — — — Forfeited (86,274) 65.28 (5.6) Ending Balance — September 30, 2024 535,608 $ 42.87 $ 23.0 (1) See Note 4 for information on the vesting of LTIP Units. LTIP Units with market-based vesting conditions can vest between 0% and 200% subject to both the absolute performance of our common stock as well as relative performance compared to a group of peers. The incremental performance shares granted relate to the vesting of awards at the achieved performance level. A summary of the unvested LTIP Units that have performance-based vesting conditions that have been issued is as follows: LTIP Units (1) Weighted Average Grant Date Fair Value Value (per share) (in millions) Ending Balance — December 31, 2023 — $ — $ — Granted 128,024 25.96 3.3 Incremental performance shares granted — — — Vested — — — Forfeited — — — Ending Balance — September 30, 2024 128,024 $ 25.96 $ 3.3 (1) See Note 4 for information on the vesting of LTIP Units. LTIP Units with performance-based vesting conditions can vest between 0% and 200% subject to the achievement of certain adjusted earnings per share. The incremental performance shares granted relate to the vesting of awards at the achieved performance level. NOL Stockholder Rights Plan In 2023, we established a Tax Benefits Preservation Plan (“the Plan”), which was designed to protect our tax benefits in connection with any “ownership change” within the meaning of Section 382 of the Internal Revenue Code of 1986. Under the Plan, we declared a dividend distribution of one right (a “Right”) for each outstanding share of our common stock to be paid to all record holders of our common stock at the close of business on November 21, 2023. The Plan was intended to reduce the risk that our ability to use net operating losses (“NOLs”) and certain other Tax Benefits would have become substantially limited as the result of an “ownership change”. As of December 31, 2023, we had approximately $666 million of NOLs and $31 million of tax credits available that may be used to offset future taxable income. On July 1, 2024, we entered into an amendment which caused the Rights under the Plan to expire on July 1, 2024, effectively terminating the Plan at that time in anticipation of the effectiveness of the Company’s reincorporation as a Delaware corporation on July 2, 2024. The Company’s Delaware Certificate of Incorporation includes Charter Tax Benefit Provisions which are intended to replace the Tax Benefits Preservation Plan. Pursuant to the Plan, during the period in which it existed, if a stockholder (or group) became a 5% stockholder without meeting certain exceptions, the Rights became exercisable upon board approval and entitled stockholders (other than the 5% stockholder or group causing the Rights to become exercisable) to purchase additional of our common shares at a significant discount, resulting in significant dilution in the economic interest and voting power of the 5% stockholder or group causing the Rights to become exercisable. Stockholders owning 5% or more of our outstanding shares at the time the Plan was adopted were grandfathered and would have only caused the Rights to distribute and become exercisable if they acquire any additional HASI shares. Under the Plan, the Board had the ability to determine in its sole discretion that any person shall not be deemed an acquiring person and therefore that the Rights shall not become exercisable if such person becomes a 5% stockholder. The adoption and termination of the Plan and the dividend distribution did not have an impact on our consolidated financial statements.

Earnings per Share of Common St

Earnings per Share of Common Stock	9 Months Ended
Earnings per Share of Common Stock	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share of Common Stock	Earnings per Share of Common Stock The net income or loss attributable to the non-controlling OP units have been excluded from the basic earnings per share and the diluted earnings per share calculations attributable to common stockholders. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are excluded from net income available to common stockholders in the computation of earnings per share pursuant to the two-class method. Certain share-based awards are included in the diluted share count to the extent they are dilutive as discussed in Note 2. To the extent our Convertible Notes are dilutive under the if-converted method, we add back the interest expense to the numerator and include the weighted average shares of potential common stock over the period issuable upon conversion or exchange of the note in the denominator in calculating dilutive EPS as described in Note 2. The computation of basic and diluted earnings per common share of our common stock is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: (in millions, except share and per share data) Net income (loss) attributable to controlling stockholders and participating securities $ (19.6) $ 21.4 $ 129.9 $ 59.1 Less: Dividends and distributions on participating securities (0.4) (0.2) (1.1) (0.8) Less: Undistributed earnings attributable to participating securities — — — — Net income (loss) attributable to controlling stockholders — basic (20.0) 21.2 128.8 58.3 Add: Interest expense related to Convertible Notes under the if-converted method — 0.2 12.6 0.9 Add: Undistributed earnings attributable to participating securities — — — — Net income (loss) attributable to controlling stockholders — dilutive $ (20.0) $ 21.4 $ 141.4 $ 59.2 Denominator: Weighted-average number of common shares — basic 116,584,392 107,715,057 114,518,199 98,665,598 Weighted-average number of common shares — diluted 116,584,392 109,145,088 129,562,463 101,142,782 Basic earnings per common share $ (0.17) $ 0.20 $ 1.12 $ 0.59 Diluted earnings per common share $ (0.17) $ 0.20 $ 1.09 $ 0.59 Securities being allocated a portion of earnings: Weighted-average number of OP units 1,608,735 1,365,040 1,510,634 1,294,511 As of September 30, 2024 As of September 30, 2023 Participating securities: Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions outstanding at period end 874,124 613,373 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Potentially dilutive securities as of period end that were not dilutive for the presented periods: Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions 874,124 613,373 874,124 613,373 Restricted stock units 79,174 97,890 — 97,890 LTIP Units with market-based vesting conditions 663,632 493,858 128,024 493,858 Potential shares of common stock related to Convertible Notes 18,412,761 18,374,760 3,559,376 18,374,760

Equity Method Investments

Equity Method Investments	9 Months Ended
Equity Method Investments	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments We recognized income from our equity method investments of approximately $(23) million and $162 million during the three and nine months ended September 30, 2024, respectively, compared to $3 million and $27 million during the three and nine months ended September 30, 2023, respectively. We describe our accounting for non-controlling equity investments in Note 2. As of September 30, 2024 and December 31, 2023, we had 47 and 46 investments, respectively, which we accounted for under the equity method. The majority of these investees are limited liability companies taxed as partnerships wherein we participate in cash distributions and tax attributes according to pre-negotiated profit-sharing arrangements. The limited liability company agreements do not define a fixed percentage of our ownership of these entities, and our claims on the net assets of each investment changes over time as preferred investors achieve their pre-negotiated preferred returns. The following is a summary of the consolidated balance sheets and income statements of the entities in which we have a significant equity method investment. These amounts are presented on the underlying investees’ accounting basis. In certain instances, adjustment to these equity values may be necessary in order to reflect our basis in these investments. As described in Note 2, any difference between the amount of our investment and the amount of our share of underlying equity is generally amortized over the life of the assets and liabilities to which the differences relate. Certain of our equity method investments have the unrealized mark-to-market losses on energy hedges at the project level that do not qualify for hedge accounting. These unrealized mark-to-market losses, which resulted from rising energy prices, are recorded in the revenue line of the projects’ statements of operations. As these swaps are settled, the projects will sell power at the higher market price, offsetting the loss recognized on the energy hedges. Jupiter Equity Holdings LLC Daggett Renewable Holdco LLC Other Investments (1) Total (in millions) Balance Sheet As of June 30, 2024 Current assets $ 59 $ 68 $ 1,036 $ 1,163 Total assets 2,906 1,141 16,540 20,587 Current liabilities 316 13 907 1,236 Total liabilities 546 454 8,718 9,718 Members' equity 2,360 687 7,822 10,869 As of December 31, 2023 Current assets 52 35 898 985 Total assets 2,950 677 14,965 18,592 Current liabilities 205 10 715 930 Total liabilities 500 262 7,898 8,660 Members' equity 2,450 415 7,067 9,932 Income Statement For the six months ended June 30, 2024 Revenue 6 31 489 526 Income (loss) from continuing operations (95) 1 (102) (196) Net income (loss) (95) 1 (102) (196) For the six months ended June 30, 2023 Revenue 59 2 386 447 Income (loss) from continuing operations (27) 2 (61) (86) Net income (loss) (27) 2 (61) (86) (1) Represents aggregated financial statement information for investments not separately presented.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences could be material. These financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023, as filed with the SEC. In the opinion of management, all adjustments necessary to present fairly our financial position, results of operations and cash flows have been included. Our results of operations for the three- and nine-month periods ended September 30, 2024 and 2023, are not necessarily indicative of the results to be expected for the full year or any other future period. Certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Certain amounts in the prior years have been reclassified to conform to the current year presentation. The consolidated financial statements include our accounts and controlled subsidiaries, including the Operating Partnership. All material intercompany transactions and balances have been eliminated in consolidation. Following the guidance for non-controlling interests in Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), references in this report to our earnings per share and our net income and stockholders’ equity attributable to common stockholders do not include amounts attributable to non-controlling interests.
Consolidation	Consolidation We account for our investments in entities that are considered voting interest entities or variable interest entities (“VIEs”) under ASC 810 and assess on an ongoing basis whether we should consolidate these entities. We have established various special purpose entities or securitization trusts for the purpose of securitizing certain assets that are not consolidated in our financial statements as described below in Securitization of Financial Assets. Since we have assessed that we have power over and receive the benefits from those special purpose entities that are formed for the purpose of holding our assets on our balance sheet, we have concluded we are the primary beneficiary and should consolidate these entities under the provisions of ASC 810. We also have certain subsidiaries we deem to be voting interest entities that we control through our ownership of voting interests and accordingly consolidate. Certain of our equity method investments were determined to be interests in VIEs in which we are not the primary beneficiary, as we do not direct the significant activities of these entities, and thus we account for those investments as Equity Method Investments as discussed below. Our maximum exposure to loss through these investments is typically limited to their recorded values. However, we may provide financial commitments to these VIEs or guarantee certain of their obligations. Certain other entities in which we have equity investments have been assessed to be voting interest entities and as we exert significant influence rather than control through our ownership of voting interests, we do not consolidate them and thus account for them as equity method investments described below.
Equity Method Investments	Equity Method Investments We have made equity investments, typically in structures where we have a preferred return position. These investments are typically owned in holding companies (using limited liability companies (“LLCs”) taxed as partnerships) where we partner with either the operator of the project or other institutional investors. We share in the cash flows, income and tax attributes according to a negotiated schedule which typically does not correspond with our ownership percentages. Investors in a preferred return position, if any, typically receive a priority distribution of all or a portion of the project’s cash flows, and in some cases, tax attributes. Once the preferred return, if applicable, is achieved, the partnership “flips” and common equity investors, often the operator of the project, receive a larger portion of the cash flows, with the previously preferred investors retaining an on-going residual interest. Our equity investments in climate solutions projects are accounted for under the equity method of accounting. Under the equity method of accounting, the carrying value of these equity method investments is determined based on amounts we invested, adjusted for the earnings or losses of the investee allocated to us based on the LLC agreement, less distributions received. We generally conclude that investments where the LLC agreements contain preferences with regard to cash flows from operations, capital events and liquidation contain substantive profit sharing arrangements, so we accordingly reflect our share of profits and losses by determining the difference between our claim on the investee’s reported book value at the beginning and the end of the period, which is adjusted for distributions received and contributions made during the period. This claim is calculated as the amount we would receive if the investee were to liquidate all of its assets at the recorded amounts determined in accordance with GAAP and distribute the resulting cash to creditors and investors in accordance with their respective priorities. This method is referred to as the hypothetical liquidation at book value method (“HLBV”). Our exposure to loss in these investments is limited to the amount of our equity investment, as well as receivables from or guarantees made to the same investee. Any difference between the amount of our investment and the amount of underlying equity in net assets at the time of our investment is generally amortized over the life of the assets and liabilities to which the difference relates. Cash distributions received from each equity method investment are classified as operating activities to the extent of cumulative earnings for each investment in our consolidated statements of cash flows. Our initial investment and additional cash distributions beyond the amounts that are classified as operating activities are classified as investing activities in our consolidated statements of cash flows. We typically recognize earnings one quarter in arrears for these investments to allow for the receipt of financial information. Our proportionate share of any revenue earned from equity method investees is eliminated through the income (loss) from equity method investment line of our income statement.
Receivables	Receivables Receivables include project loans and receivables, and are separately presented in our balance sheet to illustrate the differing nature of the credit risk related to these assets. Unless otherwise noted, we generally have the ability and intent to hold our receivables for the foreseeable future and accordingly we classify them as held for investment. Our ability and intent to hold certain receivables may change from time to time depending on a number of factors including economic, liquidity and capital market conditions. At inception of the arrangement, the carrying value of receivables held for investment represents the present value of the note, lease or other payments, net of any unearned fee income, which is recognized as income over the term of the note or lease using the effective interest method. Receivables that are held for investment are carried at amortized cost, net of any unamortized acquisition premiums or discounts and include origination and acquisition costs, as applicable. Our initial investment and principal repayments of these receivables are classified as investing activities and the interest collected is classified as operating activities in our consolidated statements of cash flows. Receivables that we intend to sell in the short-term are classified as held-for-sale and are carried at the lower of amortized cost or fair value on our balance sheet, which is assessed on an individual asset basis. The purchases and proceeds from receivables that we intend to sell at origination are classified as operating activities in our consolidated statements of cash flows. Interest collected is classified as an operating activity in our consolidated statements of cash flows. Receivables from certain projects are subordinate to preferred investors in a project who are allocated the majority of such project’s cash in the early years of the investment. Accordingly, such receivables may include the ability to defer scheduled interest payments in exchange for increasing our receivable balance. We generally accrue this paid-in-kind (“PIK”) interest when collection is expected, and cease accruing PIK interest if there is insufficient value to support the accrual or we expect that any portion of the principal or interest due is not collectible. The change in PIK in any period is included in Change in accrued interest on receivables and investments in the operating section of our statement of cash flows. We evaluate our receivables for an allowance as determined under ASC Topic 326 Financial Instruments- Credit Losses (“Topic 326”) and for our internally derived asset performance categories included in Note 6 to our financial statements in this Form 10-Q on at least a quarterly basis and more frequently when economic or other conditions warrant such an evaluation. When a receivable becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service all of its debt or other obligations, we will generally consider the receivable delinquent or impaired and place the receivable on non-accrual status and cease recognizing income from that receivable until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a receivable’s status significantly improves regarding the debtor’s ability to service the debt or other obligations, we will remove it from non-accrual status. We determine our allowance based on the current expectation of credit losses over the contractual life of our receivables as required by Topic 326. We use a variety of methods in developing our allowance, including discounted cash flow analysis and probability-of-default/loss given default (“PD/LGD”) methods. In developing our estimates, we consider our historical experience with our and similar assets in addition to our view of both current conditions and what we expect to occur within a period of time for which we can develop reasonable and supportable forecasts, typically two years. For periods following the reasonable and supportable forecast period, we revert to historical information when developing assumptions used in our estimates. In developing our forecasts, we consider a number of qualitative and quantitative factors in our assessment, which may include a project’s operating results, loan-to-value ratio, any cash reserves held by the project, the ability of expected cash from operations to cover the cash flow requirements currently and into the future, key terms of the transaction, the ability of the borrower to refinance the transaction, other credit support from the sponsor or guarantor and the project’s collateral value. In addition, we consider the overall economic environment, the climate solutions sector, the effect of local, industry, and broader economic factors, such as unemployment rates and power prices, the impact of any variation in weather and the historical and anticipated trends in interest rates, defaults and loss severities for similar transactions. For assets where the obligor is a publicly rated entity, we consider the published historical performance of entities with similar ratings in developing our estimate of an allowance, making adjustments determined by management to be appropriate during the reasonable and supportable forecast period.
Real Estate	Real Estate Real estate consists of land or other real property and its related lease intangibles, net of accumulated amortization. Our real estate is generally leased to tenants on a triple net lease basis, whereby the tenant is responsible for all operating expenses relating to the property, generally including property taxes, insurance, maintenance, repairs and capital expenditures. Certain real estate transactions may be characterized as “failed sale-leaseback” transactions as defined under ASC Topic 842, Leases , and thus are accounted for as financing transactions similarly to our receivables as described above in Receivables. For our real estate lease transactions that are classified as operating leases, the scheduled rental revenue typically varies during the lease term and thus rental income is recognized on a straight-line basis, unless there is considerable risk as to collectability, so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents that vary during the lease term and the income recognized on a straight-line basis and is recorded in other assets. Expenses, if any, related to the ongoing operation of leases where we are the lessor, are charged to operations as incurred. Our initial investment is classified as investing activities and income collected for rental income is classified as operating activities in our consolidated statements of cash flows.
Securitization of Assets	Securitization of Assets We have established various special purpose entities or securitization trusts for the purpose of securitizing certain financial assets. We determined that the trusts used in securitizations are VIEs, as defined in ASC 810. When we conclude that we are not the primary beneficiary of certain trusts because we do not have power over those trusts’ significant activities, we do not consolidate the trust. We typically serve as primary or master servicer of these trusts; however, as the servicer, we do not have the power to make significant decisions impacting the performance of the trusts. We account for transfers of financial assets to these securitization trusts as sales pursuant to ASC 860, Transfers and Servicing (“ASC 860”), when we have concluded the transferred assets have been isolated from the transferor (i.e., put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership) and we have surrendered control over the transferred assets. When we are unable to conclude that we have been sufficiently isolated from the securitized financial assets, we treat such trusts as secured borrowings, retaining the assets on our balance sheet and recording the amounts due to the trust investor as non-recourse debt. Transfers of non-financial assets are accounted for under ASC 610-20, Gains and Losses from the Derecognition of Non-financial Assets , and those transfers are accounted for as sales when we have concluded that we have transferred control of the non-financial asset. For transfers treated as sales under ASC 860, we have received true-sale-at-law and non-consolidation legal opinions to support our conclusion regarding the transferred financial assets. When we sell financial assets in securitizations, we generally retain interests in the form of servicing rights and residual assets, which we refer to as securitization assets. Gain or loss on the sale of assets is calculated based on the excess of the proceeds received from the securitization (net of any transaction costs) plus any retained interests obtained over the cost basis of the assets sold. For retained interests, we generally estimate fair value based on the present value of future expected cash flows using our best estimates of the key assumptions of anticipated losses, prepayment rates, and current market discount rates commensurate with the risks involved. Cash flows related to our securitizations at origination are classified as operating activities in our consolidated statements of cash flows. We initially account for all separately recognized servicing assets and servicing liabilities at fair value and subsequently measure such servicing assets and liabilities using the amortization method. Servicing assets and liabilities are amortized in proportion to, and over the period of, estimated net servicing income with servicing income recognized as earned. We assess servicing assets for impairment at each reporting date. If the amortized cost of servicing assets is greater than the estimated fair value, we will recognize an impairment in net income. We account for our other retained interests in securitized financial assets, the residual assets, similar to available-for-sale debt securities and carry them at fair value, with changes in fair value recorded in accumulated other comprehensive income (“AOCI”) pursuant to ASC 325-40, Beneficial Interests in Securitized Financial Assets . Income related to the residual assets is recognized using the effective interest rate method and included in securitization income in our income statement. Our residual assets are evaluated for impairment on a quarterly basis under Topic 326. A residual asset is impaired if its fair value is less than its carrying value. The credit component of impairments, if any, are recognized by recording an allowance against the amortized cost of the asset. For changes in expected cash flows, we will calculate a new yield based on the current amortized cost of the residual assets and the revised expected cash flows. This yield is used prospectively to recognize our income related to these assets. Residual interests in securitized non-financial assets are accounted for as equity method investments, and subject to those accounting policies described above.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include short-term government securities, certificates of deposit and money market funds, all of which had an original maturity of three months or less at the date of purchase. These securities are carried at their purchase price, which approximates fair value.
Restricted Cash	Restricted Cash Restricted cash includes cash and cash equivalents set aside with certain lenders primarily to support obligations outstanding as of the balance sheet dates. Restricted cash is reported as part of other assets in our consolidated balance sheets. Refer to Note 3 to our financial statements in this Form 10-Q for disclosure of the balances of restricted cash included in other assets.
Convertible Notes	Convertible Notes We have issued convertible and exchangeable senior unsecured notes (together, “Convertible Notes”) that are accounted for in accordance with ASC 470-20, Debt with Conversion and Other Options , and ASC 815, Derivatives and Hedging (“ASC 815”) . Under ASC 815, issuers of certain convertible or exchangeable debt instruments are generally required to separately account for the conversion or exchange option of the debt instrument as either a derivative or equity, unless it meets the scope exemption for contracts indexed to, and settled in, an issuer’s own equity. Since our conversion or exchange options are both indexed to our equity and can be settled in our common stock at our option, we have met the scope exemption, and therefore, we do not separately account for the embedded conversion or exchange options. The initial issuance and any principal repayments are classified as financing activities and interest payments are classified as operating activities in our consolidated statements of cash flows. If converted or exchanged, the carrying value of each Convertible Note is reclassified into stockholders’ equity.
Derivative Financial Instruments	Derivative Financial Instruments We use derivative financial instruments, including interest rate swaps and collars, to manage, or hedge, our interest rate risk exposures associated with new debt issuances and anticipated refinancings of existing debt, to manage our exposure to fluctuations in interest rates on floating-rate debt, and to optimize the mix of our fixed and floating-rate debt. Our objective is to reduce the impact of changes in interest rates on our results of operations and cash flows. The fair values of our interest rate derivatives designated and qualifying as effective cash flow hedges are reflected in our consolidated balance sheets as a component of other assets (if in an unrealized asset position) or accounts payable, accrued expenses and other (if in an unrealized liability position) and in net unrealized gains and losses in AOCI as described below. The cash settlements of our interest rate swaps, if any, are classified as operating activities in our consolidated statements of cash flows. The interest rate derivatives we use are intended to be designated as cash flow hedges and are considered highly effective in reducing our exposure to the interest rate risk that they are designated to hedge. This effectiveness is required in order to qualify for hedge accounting. Instruments that meet the required hedging criteria are formally designated as hedging instruments at the inception of the derivative contract. Derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge and meets the highly effective threshold, the change in the fair value of the derivative is recorded in AOCI, net of associated deferred income tax effects and is recognized in earnings along with the income tax effect at the same time as the hedged item, which is when interest expense is recognized. For any derivative instruments not designated as hedging instruments, changes in fair value would be recognized in earnings in the period that the change occurs. We assess, both at the inception of the hedge and on an ongoing basis, whether the derivatives designated as cash flow hedges are highly effective in offsetting the changes in cash flows of the hedged items. We also assess on an ongoing basis whether the forecasted transactions remain probable, and discontinue hedge accounting if we conclude that they do not. We do not hold derivatives for trading purposes. Any collateral posted or received as credit support against derivative positions are netted against those derivatives in our balance sheets. When our collateral account with any particular counterparty is in a liability position, we include inflows and outflows related to those collateral postings within financing activities in our statement of cash flows. When our collateral account with any particular counterparty is in an asset position, we include inflows and outflows related to those collateral postings within investing activities in our statement of cash flows. The inflows and outflows related to instruments designated as cash flow hedges are included within our statement of cash flows in the same section as the hedged item, which is typically operating activities for our instruments which hedge interest rate risk exposures. Interest rate derivative contracts contain a credit risk that counterparties may be unable to fulfill the terms of the agreement. We attempt to minimize that risk by evaluating the creditworthiness of our counterparties, who are limited to major banks and financial institutions, and do not anticipate nonperformance by the counterparties due to their requirement to post collateral.
Income Taxes	Income Taxes We elected and qualified to be taxed as a REIT for U.S. federal income tax purposes, commencing with our taxable year ended December 31, 2013, through our taxable year ended December 31, 2023. We have revoked our REIT election effective January 1, 2024 and beginning in taxable year 2024 are taxed as a taxable C Corporation. For tax years 2023 and prior, we had taxable REIT subsidiaries (“TRS”) that were taxed separately, and that were generally subject to U.S. federal, state and local income taxes. To qualify as a REIT, we were required to meet on an ongoing basis several organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT’s net taxable income before dividends paid, excluding capital gains, to our stockholders each year. As a REIT, for tax years ended December 31, 2023 and earlier, we were not subject to U.S. federal corporate income tax on that portion of net income that was distributed to our owners in accordance with the REIT rules. Subsequent to our REIT status revocation, all of our net taxable income is subject to U.S. federal and state income tax at the applicable corporate tax rate, and dividends paid to stockholders are no longer tax deductible. We account for income taxes under ASC 740, Income Taxes (“ASC 740”) using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. We evaluate any deferred tax assets for valuation allowances based on an assessment of available evidence including sources of taxable income, prior years taxable income, any existing taxable temporary differences and our future investment and business plans that may give rise to taxable income. We treat any tax credits we receive from our equity investments in renewable energy projects as reductions of federal income taxes of the year in which the credit arises.
Equity-Based Compensation	Equity-Based Compensation We have adopted equity incentive plans which provide for grants of stock options, stock appreciation rights, restricted stock units, shares of restricted common stock, phantom shares, dividend equivalent rights, long-term incentive-plan units (“LTIP Units”) and other restricted limited partnership units issued by our Operating Partnership and other equity-based awards. From time to time, we may grant equity or equity-based awards as compensation to our senior management team, independent directors, employees, advisors, consultants and other personnel. Certain awards earned under each plan are based on achieving various performance or market targets, which are generally earned between 0% and 200% of the initial target, depending on the extent to which the performance or market target is met. In addition to performance or market targets, income or gain must be allocated by our Operating Partnership to certain LTIP Units issued by our Operating Partnership so that the capital accounts of such units are equalized with the capital accounts of other holders of OP units before parity is reached and LTIP Units can be converted to limited partnership units. We record compensation expense for grants made in accordance with ASC 718, Compensation-Stock Compensation . We record compensation expense for unvested grants that vest solely based on service conditions on a straight-line basis over the vesting period of the entire award based upon the fair market value of the grant on the date of grant. Fair market value for restricted common stock is based on our share price on the date of grant. For awards where the vesting is contingent upon achievement of certain performance targets, compensation expense is measured based on the fair market value on the grant date and is recorded over the requisite service period (which includes the performance period). Actual performance results at the end of the performance period determines the number of shares that will ultimately be awarded. We have also issued awards where the vesting is contingent upon service being provided for a defined period and certain market conditions being met. The fair value of these awards, as measured at the grant date, is recognized over the requisite service period, even if the market conditions are not met. The grant date fair value of these awards was developed by an independent appraiser using a Monte Carlo simulation. Forfeitures of unvested awards are recognized as they occur.
Earnings Per Share	Earnings Per Share We compute earnings per share of common stock in accordance with ASC 260, Earnings Per Share . Basic earnings per share is calculated by dividing net income attributable to controlling stockholders (after consideration of the earnings allocated to unvested grants, if applicable) by the weighted-average number of shares of common stock outstanding during the period excluding the weighted average number of unvested grants, if applicable (“participating securities” as defined in Note 12 to our financial statements in this Form 10-Q). Diluted earnings per share is calculated by dividing net income attributable to controlling stockholders (after consideration of the earnings allocated to unvested grants, if applicable) by the weighted-average number of shares of common stock outstanding during the period plus other potential common stock instruments if they are dilutive. Other potentially dilutive common stock instruments include our unvested restricted stock, other equity-based awards, and Convertible Notes. The restricted stock and other equity-based awards are included if they are dilutive using the treasury stock method. The treasury stock method assumes that theoretical proceeds received for future service provided is used to purchase shares of treasury stock at the average market price per share of common stock, which is deducted from the total shares of potential common stock included in the calculation. When unvested grants are dilutive, the earnings allocated to these dilutive unvested grants are not deducted from the net income attributable to controlling stockholders when calculating diluted earnings per share.
Segment Reporting	Segment Reporting We manage our business as a single portfolio, and report all of our activities as one business segment.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU No. 2023-07 amended the existing segment reporting requirements by requiring disclosure of the significant segment expenses based on how management internally views segment information and by allowing the disclosure of more than one measure of segment profit or loss, as well as by expanding the interim period segment requirements. The ASU also requires single-reportable segment entities to report the disclosures required under ASC Topic 280, Segment Reporting . ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Upon adoption of ASU No. 2023-07, we will provide the disclosures required by ASC Topic 280, Segment Reporting. Other accounting standards updates issued before November 8, 2024, and effective after September 30, 2024, are not expected to have a material effect on our consolidated financial statements and related disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value and Carrying Value of Financial Assets and Liabilities	The tables below illustrate the estimated fair value of our financial instruments on our balance sheet. Unless otherwise discussed below, fair values for our Level 2 and Level 3 measurements are measured using a discounted cash flow model, contractual terms and inputs which consist of base interest rates and spreads over base rates which are based upon market observation and recent comparable transactions. An increase in these inputs would result in a lower fair value and a decline would result in a higher fair value. Our Senior Unsecured Notes (as defined below) and Convertible Notes are valued using a market-based approach and observable prices. The receivables held-for-sale, if any, are carried at the lower of cost or fair value, as determined on an individual asset basis. As of September 30, 2024 Fair Value Carrying Level (in millions) Assets Receivables $ 2,648 $ 2,900 Level 3 Receivables held-for-sale 24 22 Level 3 Investments (1) 18 18 Level 3 Securitization residual assets (2) 258 258 Level 3 Derivative assets 10 10 Level 2 Liabilities (3) Credit facilities $ 116 $ 116 Level 3 Commercial paper notes 18 18 Level 3 Term loans payable 420 420 Level 3 Non-recourse debt 137 135 Level 3 Senior unsecured notes 2,858 2,862 Level 2 Convertible Notes: 2025 Exchangeable Senior Notes 213 217 Level 2 2028 Exchangeable Senior Notes 550 404 Level 2 Total Convertible Notes 763 621 Derivative liabilities 37 37 Level 2 (1) The amortized cost of our investments as of September 30, 2024, was $19 million. (2) Included in securitization assets on the consolidated balance sheet. The amortized cost of our securitization residual assets net of allowance for credit losses as of September 30, 2024 was $289 million. (3) Fair value and carrying value exclude unamortized financing costs. As of December 31, 2023 Fair Value Carrying Level (in millions) Assets Receivables $ 2,733 $ 3,074 Level 3 Receivables held-for-sale 36 35 Level 3 Investments (1) 7 7 Level 3 Securitization residual assets (2) 219 219 Level 3 Derivative assets 10 10 Level 2 Liabilities (3) Credit facilities $ 401 $ 401 Level 3 Commercial paper notes 30 30 Level 3 Term loan facilities 736 736 Level 3 Non-recourse debt 158 162 Level 3 Senior unsecured notes 2,251 2,337 Level 2 Convertible Notes: 2025 Exchangeable Senior Notes 202 211 Level 2 2028 Exchangeable Senior Notes 481 408 Level 2 Total Convertible Notes 683 619 Derivative liabilities 9 9 Level 2 (1) The amortized cost of our investments as of December 31, 2023, was $8 million. (2) Included in securitization assets on the consolidated balance sheet. The amortized cost of our securitization residual assets as of December 31, 2023, was $258 million. (3) Fair value and carrying value exclude unamortized financing costs.
Schedule of Securitization Residual Assets	The following table reconciles the beginning and ending balances for our Level 3 securitization residual assets that are carried at fair value on a recurring basis, with changes in fair value recorded through AOCI: For the three months ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 (in millions) Balance, beginning of period $ 238 $ 204 $ 219 $ 177 Accretion of securitization residual assets 5 4 13 11 Additions to securitization residual assets 3 1 32 27 Collections of securitization residual assets (6) (3) (11) (13) Unrealized gains (losses) on securitization residual assets recorded in OCI 18 (20) 5 (16) Provision for loss on securitization residual assets — (3) — (3) Balance, end of period $ 258 $ 183 $ 258 $ 183
Schedule of Investments in Unrealized Loss Position	The following table illustrates our securitization residual assets in an unrealized loss position: Estimated Fair Value Unrealized Losses (1) Count of Assets Assets with a loss shorter than 12 months Assets with a loss longer than 12 months Assets with a loss shorter than 12 months Assets with a loss longer than 12 months Assets with a loss shorter than 12 months Assets with a loss longer than 12 months (in millions) September 30, 2024 $ 7 $ 161 $ 0.3 $ 39 10 66 December 31, 2023 24 164 0.3 41 11 66 (1) Other than the assets for which there is a reserve as discussed in Note 5, loss positions are due to interest rates movements and is not indicative of credit deterioration. We have the intent and ability to hold these investments until a recovery of fair value.
Schedule of Cash Deposits Subject to Credit Risk	We had cash deposits that are subject to credit risk as shown below: September 30, 2024 December 31, 2023 (in millions) Cash deposits $ 44 $ 63 Restricted cash deposits (included in other assets) 15 12 Total cash deposits $ 59 $ 75 Amount of cash deposits in excess of amounts federally insured $ 57 $ 63

Securitization of Financial A_2

Securitization of Financial Assets (Tables)	9 Months Ended
Securitization of Financial Assets (Tables)	Sep. 30, 2024
Transfers and Servicing [Abstract]
Schedule of Certain Transactions with Securitization Trusts	The following summarizes certain transactions with securitization trusts: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 (in millions) Gains on securitizations $ 8 $ 22 $ 63 $ 53 Cost of financial assets securitized 106 23 864 424 Proceeds from securitizations 114 45 927 477 Cash received from residual and servicing assets 7 4 13 15
Schedule of Allowance for Loss on Securitization Residual Assets	The following table reconciles our beginning and ending allowance for loss on securitization residual assets: Three months ended September 30, 2024 Three months ended September 30, 2023 Government Commercial Government Commercial (in millions) Beginning balance $ — $ 3 $ — $ — Provision for loss on securitization assets — — — 3 Ending balance $ — $ 3 $ — $ 3 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Government Commercial Government Commercial (in millions) Beginning balance $ — $ 3 $ — $ — Provision for loss on securitization assets — — — 3 Ending balance $ — $ 3 $ — $ 3

Our Portfolio (Tables)

Our Portfolio (Tables)	9 Months Ended
Our Portfolio (Tables)	Sep. 30, 2024
Investments [Abstract]
Schedule of Analysis of Portfolio Performance Ratings	The following is an analysis of the Performance Ratings of our Portfolio as of September 30, 2024, which is assessed quarterly: Portfolio Performance 1 (1) 2 (2) 3 (3) Total Commercial Government Commercial Commercial Receivable vintage (4) (dollars in millions) 2024 $ 20 $ — $ — $ — $ 20 2023 854 — — — 854 2022 1,008 — — — 1,008 2021 294 — — — 294 2020 173 — — — 173 2019 242 — — — 242 Prior to 2019 323 35 — — 358 Total receivables held-for-investment 2,914 35 — — 2,949 Less: Allowance for loss on receivables (49) — — — (49) Net receivables held-for-investment 2,865 35 — — 2,900 Receivables held-for-sale 19 3 — — 22 Investments 16 2 — — 18 Real estate 3 — — — 3 Equity method investments (5) 3,320 — 33 — 3,353 Total $ 6,223 $ 40 $ 33 $ — $ 6,296 Percent of Portfolio 98 % 1 % 1 % — % 100 % (1) 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. Loans in this category are placed on non-accrual status. (4) Receivable vintage refers to the period in which the relevant loan agreement is signed, and a given vintage may contain loan advances made in periods subsequent to the period in which the loan agreement was signed. (5)
Schedule of Carrying Value, Expected Loan Funding Commitments, and Allowance by Type of Receivable	Below is a summary of the carrying value, loan funding commitments, and allowance by type of receivable or “Portfolio Segment”, as defined by Topic 326, as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Gross Carrying Value Loan Funding Commitments Allowance Gross Carrying Value Loan Funding Commitments Allowance (in millions) Commercial (1) 2,914 455 49 3,033 423 50 Government (2) $ 35 $ — $ — $ 91 $ — $ — Total $ 2,949 $ 455 $ 49 $ 3,124 $ 423 $ 50 (1) As of September 30, 2024, this category of assets includes $1.5 billion of mezzanine loans made on a non-recourse basis to bankruptcy-remote special purpose subsidiaries of residential solar companies which hold residential solar assets where we rely on certain limited indemnities, warranties, and other obligations of the residential solar companies or their other subsidiaries. These residential solar assets typically contain back-up servicer provisions to allow for continuity of operations in the event the project sponsor is unable to fulfill its duties in that capacity. See “Related Party Transactions” below for discussion of loans in this category made to special purpose entities sponsored by the SunPower Corporation. Risk characteristics of our commercial receivables include a project’s operating risks, which include the impact of the overall economic environment, the climate solutions sector, the effect of local, industry, and broader economic factors, the impact of any variation in weather and trends in interest rates. We use assumptions related to these risks to estimate an allowance using a discounted cash flow analysis or the PD/LGD method as discussed in Note 2 to our financial statements in this Form 10-Q. All of our commercial receivables are included in Performance Rating 1 in the Portfolio Performance table above. For those assets in Performance Rating 1, the credit worthiness of the obligor combined with the various structural protections of our assets cause us to believe we have a low risk we will not receive our invested capital, however we recorded a $49 million allowance on these $2.9 billion in assets as a result of lower probability assumptions utilized in our allowance methodology. (2) As of September 30, 2024, our government receivables include $7 million of U.S. federal government transactions and $28 million of transactions where the ultimate obligors are state or local governments. Risk characteristics of our government receivables include the energy savings or the power output of the projects and the ability of the government obligor to generate revenue for debt service, via taxation or other means. Transactions may have guarantees of energy savings or other performance support from third-party service providers, which typically are entities, directly or whose ultimate parent entity is, rated investment grade by an independent rating agency. All of our government receivables are included in Performance Rating 1 in the Portfolio Performance table above. Our allowance for government receivables is primarily calculated by using PD/LGD methods as discussed in Note 2 to our financial statements in this Form 10-Q. Our expectation of credit losses for these receivables is immaterial given the high credit-quality of the obligors. The following table reconciles our beginning and ending allowance for loss on receivables by Portfolio Segment: Three months ended September 30, 2024 Three months ended September 30, 2023 Government Commercial Government Commercial (in millions) Beginning balance $ — $ 48 $ — $ 44 Provision for loss on receivables — 1 — 7 Ending balance $ — $ 49 $ — $ 51 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Government Commercial Government Commercial (in millions) Beginning balance $ — $ 50 $ — $ 41 Provision for loss on receivables — (1) — 10 Ending balance $ — $ 49 $ — $ 51
Schedule of Anticipated Maturity Dates of Receivables and Investments and Weighted Average Yield	The following table provides a summary of our anticipated maturity dates of our receivables and the weighted average yield for each range of maturities as of September 30, 2024: Total Less than 1 1-5 years 5-10 years More than 10 (dollars in millions) Maturities by period (excluding allowance) $ 2,949 $ 15 $ 908 $ 903 $ 1,123 Weighted average yield by period 8.6 % 8.3 % 8.4 % 9.2 % 8.2 %
Schedule of Components of Real Estate Portfolio	The components of our real estate portfolio that we own directly as of September 30, 2024 and December 31, 2023, were as follows: September 30, 2024 December 31, 2023 (in millions) Real estate Land $ 3 $ 97 Lease intangibles — 22 Accumulated amortization of lease intangibles — (8) Real estate $ 3 $ 111
Schedule of Equity Method Investments	As of September 30, 2024, we held the following equity method investments: Investee Carrying Value (in millions) Jupiter Equity Holdings LLC $ 579 Daggett Renewable HoldCo LLC 445 Lighthouse Renewable HoldCo 2 LLC 350 CarbonCount Holdings 1 LLC 84 Other equity method investments 1,895 Total equity method investments $ 3,353 The following is a summary of the consolidated balance sheets and income statements of the entities in which we have a significant equity method investment. These amounts are presented on the underlying investees’ accounting basis. In certain instances, adjustment to these equity values may be necessary in order to reflect our basis in these investments. As described in Note 2, any difference between the amount of our investment and the amount of our share of underlying equity is generally amortized over the life of the assets and liabilities to which the differences relate. Certain of our equity method investments have the unrealized mark-to-market losses on energy hedges at the project level that do not qualify for hedge accounting. These unrealized mark-to-market losses, which resulted from rising energy prices, are recorded in the revenue line of the projects’ statements of operations. As these swaps are settled, the projects will sell power at the higher market price, offsetting the loss recognized on the energy hedges. Jupiter Equity Holdings LLC Daggett Renewable Holdco LLC Other Investments (1) Total (in millions) Balance Sheet As of June 30, 2024 Current assets $ 59 $ 68 $ 1,036 $ 1,163 Total assets 2,906 1,141 16,540 20,587 Current liabilities 316 13 907 1,236 Total liabilities 546 454 8,718 9,718 Members' equity 2,360 687 7,822 10,869 As of December 31, 2023 Current assets 52 35 898 985 Total assets 2,950 677 14,965 18,592 Current liabilities 205 10 715 930 Total liabilities 500 262 7,898 8,660 Members' equity 2,450 415 7,067 9,932 Income Statement For the six months ended June 30, 2024 Revenue 6 31 489 526 Income (loss) from continuing operations (95) 1 (102) (196) Net income (loss) (95) 1 (102) (196) For the six months ended June 30, 2023 Revenue 59 2 386 447 Income (loss) from continuing operations (27) 2 (61) (86) Net income (loss) (27) 2 (61) (86) (1) Represents aggregated financial statement information for investments not separately presented.
Schedule of Related Party Transactions	The following table provides additional detail on our transactions with related party equity method investments: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (in millions) Interest income from related party loans $ 21 $ 18 $ 60 $ 49 Additional investments made in related party loans 79 95 172 187 Principal collected from related party loans 17 12 260 27 Interest collected from related party loans 15 15 49 45

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
Long-term Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Non-Recourse Asset-Backed Debt	We have outstanding the following asset-backed non-recourse debt: Outstanding Balance Anticipated Carrying Value of Assets Pledged as of September 30, 2024 December 31, 2023 Interest Maturity Date September 30, 2024 December 31, 2023 Description (dollars in millions) HASI Sustainable Yield Bond 2015-1A (1) $ — $ 68 4.28% October 2034 $ — $ — $ 136 Receivables, real estate, real estate intangibles, and restricted cash HASI SYB Trust 2016-2 (2) — 51 4.35% April 2037 — — 57 Receivables and restricted cash HASI Harmony Issuer 95 — 6.78% July 2043 — 261 — Equity method investments Other non-recourse debt (3) 40 43 3.15% - 7.23% 2024 to 2032 17 41 46 Receivables Unamortized financing costs (4) (2) Non-recourse debt (4) $ 131 $ 160 (1) We prepaid this obligation in the first quarter of 2024. (2) In the first quarter of 2024, contractual terms of this agreement were modified, which caused us to deconsolidate the entities holding such debt and its related pledged collateral. (3) Other non-recourse debt consists of various debt agreements used to finance certain of our receivables. Scheduled debt service payment requirements are equal to or less than the cash flows received from the underlying receivables. (4) The total collateral pledged against our non-recourse debt was $302 million and $239 million as of September 30, 2024 and December 31, 2023, respectively. These amounts include $13 million and $11 million of restricted cash pledged for debt service payments as of September 30, 2024 and December 31, 2023, respectively.
Schedule of Minimum Maturities of Debt	The stated minimum maturities of non-recourse debt as of September 30, 2024, were as follows: Future minimum maturities (in millions) October 1, 2024 to December 31, 2024 $ 3 2025 11 2026 7 2027 14 2028 6 2029 10 Thereafter 84 Total minimum maturities $ 135 Unamortized financing costs (4) Total non-recourse debt $ 131 Amounts which were due under the term loan facility as of September 30, 2024 are as follows: Future maturities (in millions) October 1, 2024 to December 31, 2024 $ 7 2025 12 2026 11 2027 221 Total 251 Less: Unamortized Financing Costs (5) Carrying Value $ 246 Future maturities (in millions) October 1, 2024 to December 31, 2024 $ 2 2025 10 2026 12 2027 11 2028 134 Total 169 Less: Unamortized Financing Costs (3) Carrying Value $ 166
Schedule of Long-term Debt Instruments	The following are summarized terms of the Senior Unsecured Notes as of September 30, 2024: Outstanding Principal Amount Maturity Date Stated Interest Rate Interest Payment Dates Redemption Terms Modification Date (in millions) 2025 Notes $ — (1) April 15, 2025 6.00 % April 15 and N/A 2026 Notes 1,000 June 15, 2026 3.38 % June 15 and December 15 March 15, 2026 (2) 2027 Notes 750 (4) June 15, 2027 8.00 % June 15 and December 15 March 15, 2027 (3) 2030 Notes 375 (5) September 15, 2030 3.75 % February 15th and August 15th N/A 2034 Notes 700 (1) July 1, 2034 6.38 % July 1st and January 1st N/A (1) In the third quarter of 2024, we issued $700 million principal amount of Senior Unsecured Notes due in July 2034 (“2034 Notes”), which bear interest at a rate of 6.375%. The notes were issued for gross proceeds of $695 million, resulting in a yield to maturity of 6.476%. We used a portion of the proceeds from this issuance to redeem the outstanding principal amount of the 2025 notes. There was no premium paid upon redemption. (2) Prior to this date, we may redeem, at our option, some or all of the 2026 Notes for the outstanding principal amount plus the applicable “make-whole” premium as defined in the indenture governing the 2026 Notes plus accrued and unpaid interest through the redemption date. In addition, prior to this date, we may redeem up to 40% of the Senior Unsecured Notes using the proceeds of certain equity offerings at a price equal to par plus the coupon percentage of the principal amount thereof, plus accrued but unpaid interest, if any, to, but excluding, the applicable redemption date. On, or subsequent to, this date we may redeem the 2026 Notes in whole or in part at redemption prices defined in the indenture governing the 2026 Notes, plus accrued and unpaid interest though the redemption date. (3) Prior to this date, we may redeem, at our option, some or all of the 2027 Notes for the outstanding principal amount plus the applicable “make-whole” premium as defined in the indenture governing the 2027 Notes plus accrued and unpaid interest through the redemption date. In addition, prior to this date, we may redeem up to 40% of the Senior Unsecured Notes using the proceeds of certain equity offerings at a price equal to par plus the coupon percentage of the principal amount thereof, plus accrued but unpaid interest, if any, to, but excluding, the applicable redemption date. On, or subsequent to, this date we may redeem the 2027 Notes in whole or in part at a price equal to 100% of the principal amount, plus accrued and unpaid interest though the redemption date. (4) In January 2024 in a follow-on offering we issued $200 million principal amount of 2027 Notes for net proceeds of $204 million, equivalent to a yield to maturity of 7.08% for the new issuance. (5) We issued the $375 million aggregate principal amount of the 2030 Notes for total proceeds of $371 million ($367 million net of issuance costs) at an effective interest rate of 3.87%. We may redeem the 2030 Notes in whole or in part at redemption prices defined in the indenture governing the 2030 Notes plus accrued and unpaid interest though the redemption date. The following table presents a summary of the components of the Senior Unsecured Notes: September 30, 2024 December 31, 2023 (in millions) Principal $ 2,825 $ 2,325 Accrued interest 40 15 Unamortized premium (discount) (3) (3) Less: Unamortized financing costs (22) (18) Carrying value of Senior Unsecured Notes $ 2,840 $ 2,319 The following are summarized terms of the Convertible Notes as of September 30, 2024: Outstanding Principal Amount Maturity Date Stated Interest Rate Interest Payment Dates Conversion/Exchange Ratio Conversion/Exchange Price Issuable Shares Dividend Threshold Amount (1) (in millions) (in millions) 2025 Exchangeable Senior Notes 200 (2) May 1, 0.000 % N/A 17.7969 $56.19 3.6 $0.375 2028 Exchangeable Senior Notes 403 August 15, 3.750 % February 15 and August 15 36.9028 $27.10 14.9 $0.395 (1) The conversion or exchange ratio is subject to adjustment for dividends declared above these amounts per share per quarter and certain other events that may be dilutive to the holder. (2)
Schedule of Components of Convertible Notes	The following table presents a summary of the components of our Convertible Notes: September 30, 2024 December 31, 2023 (in millions) Principal $ 603 $ 603 Accrued interest 2 6 Premium 16 11 Less: Unamortized financing costs (8) (10) Carrying value of Convertible Notes $ 613 $ 610
Schedule of Material Terms for Capped Calls	The material terms of the Capped Calls are as follows: (in millions except per share data) Aggregate cost of capped calls $ 38 Initial strike price per share $ 27.14 Initial cap price per share $ 43.42 Shares of our common stock covered by the capped calls 14.8 Expiration date August 15, 2028
Schedule of Interest Rate Swaps	In connection with several of our long-term borrowings, including floating-rate loans from our Term Loan Facility, unsecured revolving credit facility, Secured Term Loan and the anticipated refinancings of certain of our Senior Unsecured Notes we have entered into the following derivative transactions that are designated as cash flow hedges as of September 30, 2024: Instrument type Hedged Rate Notional Value Fair Value as of Index September 30, 2024 December 31, 2023 Term of derivative and forecasted transactions $ in millions Interest rate swap 1 month SOFR 3.79% $ 400 $ (16) $ (12) March 2023 to March 2033 Interest rate swap Overnight SOFR 2.98% 400 6 7 June 2026 to June 2033 Interest rate swap Overnight SOFR 3.09% 600 5 7 June 2026 to June 2033 Interest rate swap Overnight SOFR 3.08% 400 — (1) 8 April 2025 to April 2035 Interest rate collar 1 month SOFR 3.70% - 4.00% (2) 250 (1) — May 2023 to May 2026 Interest rate swaps Overnight SOFR 4.39% to 4.42% (3) 170 (9) (8) September 2023 to June 2033 Interest rate swap Overnight SOFR 3.72 % 375 (10) — June 2027 to June 2037 $ 2,595 $ (25) 2 (1) This swap was financially settled in June 2024, for a benefit of $19 million. The $19 million is in AOCI as of September 30, 2024 and will be amortized into interest expense over the term of the 2034 Notes. (2) Interest rate collar consists of a purchased interest rate cap of 4.00% and a written interest rate floor of 3.70%. (3) Consists of three interest rate swaps with identical maturities and effective dates.
Schedule of Changes in AOCI	The below table shows the changes in our AOCI balance related to our interest rate derivatives designated and qualifying as effective cash flow hedges: (Amounts in millions) Beginning Balance - January 1, 2023 $ — Changes in fair value 7 Amounts released into interest expense (6) Ending Balance - December 31, 2023 $ 1 Changes in fair value (18) Amounts released into interest expense 8 Ending Balance - September 30, 2024 $ (9)
Schedule of Benefit (Expense) Included in Interest Expense	The below table shows the benefit (expense) included in interest expense as a result of our hedging activities for the three and nine months ended September 30, 2024 and 2023, respectively. We expect an expense of $2 million to be released out of AOCI into interest expense over the 12 months following September 30, 2024. Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Interest expense $ 59,401 $ 43,295 $ 180,804 $ 120,413 Benefit (expense) included in interest expense due to hedging activities 2,817 2,278 8,432 3,725

Equity (Tables)

Equity (Tables)	9 Months Ended
Equity (Tables)	Sep. 30, 2024
Equity [Abstract]
Schedule of Dividends Declared by Board of Directors	Our board of directors declared the following dividends in 2023 and 2024: Announced Date Record Date Pay Date Amount per 2/16/2023 4/3/2023 4/10/2023 $ 0.395 5/4/2023 7/5/2023 7/12/2023 $ 0.395 8/3/2023 10/4/2023 10/11/2023 $ 0.395 11/2/2023 12/29/2023 (1) 01/12/2024 $ 0.395 2/15/2024 4/5/2024 04/19/2024 $ 0.415 5/7/2024 7/3/2024 7/12/2024 $ 0.415 8/1/2024 10/4/2024 10/18/2024 $ 0.415 11/7/2024 12/30/2024 01/10/2025 $ 0.415 (1) This dividend is treated as a distribution in the year following the record date for tax purposes.
Schedule of Common Stock Public Offerings and ATM	We completed the following public offerings (including ATM issuances) of our common stock during 2024 and 2023: Date/Period Common Stock Offerings Shares Issued (2) Price Per Share Net Proceeds (1) (amounts in millions, except per share amounts) Q1 2023 ATM 0.763 $ 31.31 (3) $ 24 5/30/2023 Public Offering 15.000 22.23 (4) 333 Q2 2023 ATM 0.053 26.07 (3) 1 Q3 2023 ATM 4.394 24.71 (3) 107 Q4 2023 ATM 1.006 28.81 (3) 29 Q1 2024 ATM 1.193 25.89 (3) 31 Q2 2024 ATM 1.662 31.42 (3) 52 Q3 2024 ATM 3.040 32.55 (3) 98 (1) Net proceeds from the offerings are shown after deducting underwriting discounts and commissions. (2) Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares. (3) Represents the average price per share at which investors in our ATM offerings purchased our shares. (4)
Schedule of Unvested Shares of Restricted Common Stock	A summary of the unvested shares of restricted common stock that have been issued is as follows: Restricted Shares of Common Stock Weighted Average Grant Date Fair Value Value (per share) (in millions) Ending Balance — December 31, 2022 168,452 $ 33.59 $ 5.7 Granted 77,938 30.03 2.3 Vested (98,367) 29.18 (2.9) Forfeited (12,356) 42.74 (0.5) Ending Balance — December 31, 2023 135,667 $ 33.90 $ 4.6 Granted 222,049 26.94 6.0 Vested (41,165) 38.16 (1.6) Forfeited (3,399) 27.55 (0.1) Ending Balance — September 30, 2024 313,152 $ 28.48 $ 8.9 A summary of the unvested shares of restricted stock units that have market-based vesting conditions that have been issued is as follows: Restricted Stock Units (1) Weighted Average Grant Date Fair Value Value (per share) (in millions) Ending Balance — December 31, 2022 58,404 $ 51.03 $ 3.0 Granted 63,446 39.29 2.4 Incremental performance shares granted 7,305 34.63 0.3 Vested (18,041) 35.17 (0.6) Forfeited (16,460) 30.90 (0.5) Ending Balance — December 31, 2023 94,654 $ 48.42 $ 4.6 Granted — — — Incremental performance shares granted — — — Vested — — — Forfeited (15,480) 68.81 (1.1) Ending Balance — September 30, 2024 79,174 $ 44.43 $ 3.5 (1) As discussed in Note 2, restricted stock units with market-based vesting conditions can vest between 0% and 200% subject to both the absolute performance of the Company's common stock as well as relative performance compared to a group of peers. The incremental performance shares granted relate to the vesting of awards at the achieved performance level.
Schedule of Equity-based Compensation Expense and Fair Value of Shares Vested on Vesting Date	A summary of the unvested LTIP Units that have time-based vesting conditions that have been issued is as follows: LTIP Units (1) Weighted Average Grant Date Fair Value Value (per share) (in millions) Ending Balance — December 31, 2022 276,766 $ 42.21 $ 11.7 Granted 342,349 30.08 10.3 Vested (142,041) 39.21 (5.5) Forfeited — — — Ending Balance — December 31, 2023 477,074 $ 34.4 $ 16.5 Granted 320,063 26.96 8.6 Vested (236,166) 34.79 (8.2) Forfeited — — — Ending Balance — September 30, 2024 560,971 $ 29.99 $ 16.9 (1) See Note 4 for information on the vesting of LTIP Units. A summary of the unvested LTIP Units that have market-based vesting conditions that have been issued is as follows: LTIP Units (1) Weighted Average Grant Date Fair Value Value (per share) (in millions) Ending Balance — December 31, 2022 324,028 $ 42.84 $ 13.9 Granted 282,034 39.29 11.1 Incremental performance shares granted 40,394 19.94 0.8 Vested (96,496) 19.94 (1.9) Forfeited (56,102) 4.56 (0.3) Ending Balance — December 31, 2023 493,858 $ 47.76 $ 23.6 Granted 128,024 39.11 5.0 Incremental performance shares granted — — — Vested — — — Forfeited (86,274) 65.28 (5.6) Ending Balance — September 30, 2024 535,608 $ 42.87 $ 23.0 (1) See Note 4 for information on the vesting of LTIP Units. LTIP Units with market-based vesting conditions can vest between 0% and 200% subject to both the absolute performance of our common stock as well as relative performance compared to a group of peers. The incremental performance shares granted relate to the vesting of awards at the achieved performance level. A summary of the unvested LTIP Units that have performance-based vesting conditions that have been issued is as follows: LTIP Units (1) Weighted Average Grant Date Fair Value Value (per share) (in millions) Ending Balance — December 31, 2023 — $ — $ — Granted 128,024 25.96 3.3 Incremental performance shares granted — — — Vested — — — Forfeited — — — Ending Balance — September 30, 2024 128,024 $ 25.96 $ 3.3 (1) See Note 4 for information on the vesting of LTIP Units. LTIP Units with performance-based vesting conditions can vest between 0% and 200% subject to the achievement of certain adjusted earnings per share. The incremental performance shares granted relate to the vesting of awards at the achieved performance level.

Earnings per Share of Common _2

Earnings per Share of Common Stock (Tables)	9 Months Ended
Earnings per Share of Common Stock (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Common Share of Common Stock	The computation of basic and diluted earnings per common share of our common stock is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: (in millions, except share and per share data) Net income (loss) attributable to controlling stockholders and participating securities $ (19.6) $ 21.4 $ 129.9 $ 59.1 Less: Dividends and distributions on participating securities (0.4) (0.2) (1.1) (0.8) Less: Undistributed earnings attributable to participating securities — — — — Net income (loss) attributable to controlling stockholders — basic (20.0) 21.2 128.8 58.3 Add: Interest expense related to Convertible Notes under the if-converted method — 0.2 12.6 0.9 Add: Undistributed earnings attributable to participating securities — — — — Net income (loss) attributable to controlling stockholders — dilutive $ (20.0) $ 21.4 $ 141.4 $ 59.2 Denominator: Weighted-average number of common shares — basic 116,584,392 107,715,057 114,518,199 98,665,598 Weighted-average number of common shares — diluted 116,584,392 109,145,088 129,562,463 101,142,782 Basic earnings per common share $ (0.17) $ 0.20 $ 1.12 $ 0.59 Diluted earnings per common share $ (0.17) $ 0.20 $ 1.09 $ 0.59 Securities being allocated a portion of earnings: Weighted-average number of OP units 1,608,735 1,365,040 1,510,634 1,294,511 As of September 30, 2024 As of September 30, 2023 Participating securities: Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions outstanding at period end 874,124 613,373 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Potentially dilutive securities as of period end that were not dilutive for the presented periods: Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions 874,124 613,373 874,124 613,373 Restricted stock units 79,174 97,890 — 97,890 LTIP Units with market-based vesting conditions 663,632 493,858 128,024 493,858 Potential shares of common stock related to Convertible Notes 18,412,761 18,374,760 3,559,376 18,374,760

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
Equity Method Investments (Tables)	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	As of September 30, 2024, we held the following equity method investments: Investee Carrying Value (in millions) Jupiter Equity Holdings LLC $ 579 Daggett Renewable HoldCo LLC 445 Lighthouse Renewable HoldCo 2 LLC 350 CarbonCount Holdings 1 LLC 84 Other equity method investments 1,895 Total equity method investments $ 3,353 The following is a summary of the consolidated balance sheets and income statements of the entities in which we have a significant equity method investment. These amounts are presented on the underlying investees’ accounting basis. In certain instances, adjustment to these equity values may be necessary in order to reflect our basis in these investments. As described in Note 2, any difference between the amount of our investment and the amount of our share of underlying equity is generally amortized over the life of the assets and liabilities to which the differences relate. Certain of our equity method investments have the unrealized mark-to-market losses on energy hedges at the project level that do not qualify for hedge accounting. These unrealized mark-to-market losses, which resulted from rising energy prices, are recorded in the revenue line of the projects’ statements of operations. As these swaps are settled, the projects will sell power at the higher market price, offsetting the loss recognized on the energy hedges. Jupiter Equity Holdings LLC Daggett Renewable Holdco LLC Other Investments (1) Total (in millions) Balance Sheet As of June 30, 2024 Current assets $ 59 $ 68 $ 1,036 $ 1,163 Total assets 2,906 1,141 16,540 20,587 Current liabilities 316 13 907 1,236 Total liabilities 546 454 8,718 9,718 Members' equity 2,360 687 7,822 10,869 As of December 31, 2023 Current assets 52 35 898 985 Total assets 2,950 677 14,965 18,592 Current liabilities 205 10 715 930 Total liabilities 500 262 7,898 8,660 Members' equity 2,450 415 7,067 9,932 Income Statement For the six months ended June 30, 2024 Revenue 6 31 489 526 Income (loss) from continuing operations (95) 1 (102) (196) Net income (loss) (95) 1 (102) (196) For the six months ended June 30, 2023 Revenue 59 2 386 447 Income (loss) from continuing operations (27) 2 (61) (86) Net income (loss) (27) 2 (61) (86) (1) Represents aggregated financial statement information for investments not separately presented.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Government and Commercial Receivables (Details)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Financing receivable, non-accrual period (in day)	90 days
Reasonable forecast period (in years)	2 years

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Equity-Based Compensation (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2024
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance target rate (as a percent)	0%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance target rate (as a percent)	200%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Segment Reporting (Details)	9 Months Ended
	Sep. 30, 2024 segment
Accounting Policies [Abstract]
Number of segment reported	1

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value and Carrying Value of Financial Assets and Liabilities (Details - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Investments	$ 17,576	$ 7,165
Liabilities
Commercial paper notes	18,265	30,196
Level 3
Liabilities
Amortized cost of investments	19,000	8,000
Amortized cost of securitization assets	289,000	258,000
Fair Value \| Convertible Notes
Liabilities
Convertible Notes:	763,000	683,000
Fair Value \| Level 3
Assets
Receivables	2,648,000	2,733,000
Receivables held-for-sale	24,000	36,000
Investments	18,000	7,000
Securitization residual assets	258,000	219,000
Liabilities
Credit facilities	116,000	401,000
Commercial paper notes	18,000	30,000
Term loans payable and non-recourse debt	420,000	736,000
Fair Value \| Level 3 \| Non-recourse debt
Liabilities
Term loans payable and non-recourse debt	137,000	158,000
Fair Value \| Level 2
Assets
Derivative assets	10,000	10,000
Liabilities
Senior unsecured notes	2,858,000	2,251,000
Derivative liabilities	37,000	9,000
Fair Value \| Level 2 \| 2025 Exchangeable Senior Notes
Liabilities
Convertible Notes:	213,000	202,000
Fair Value \| Level 2 \| 2028 Exchangeable Senior Notes
Liabilities
Convertible Notes:	550,000	481,000
Carrying Value \| Convertible Notes
Liabilities
Convertible Notes:	621,000	619,000
Carrying Value \| Level 3
Assets
Receivables	2,900,000	3,074,000
Receivables held-for-sale	22,000	35,000
Investments	18,000	7,000
Securitization residual assets	258,000	219,000
Liabilities
Credit facilities	116,000	401,000
Commercial paper notes	18,000	30,000
Term loans payable and non-recourse debt	420,000	736,000
Carrying Value \| Level 3 \| Non-recourse debt
Liabilities
Term loans payable and non-recourse debt	135,000	162,000
Carrying Value \| Level 2
Assets
Derivative assets	10,000	10,000
Liabilities
Senior unsecured notes	2,862,000	2,337,000
Derivative liabilities	37,000	9,000
Carrying Value \| Level 2 \| 2025 Exchangeable Senior Notes
Liabilities
Convertible Notes:	217,000	211,000
Carrying Value \| Level 2 \| 2028 Exchangeable Senior Notes
Liabilities
Convertible Notes:	$ 404,000	$ 408,000

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Securitization Residual Assets (Details) - Securitization residual assets - Level 3 - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 238	$ 204	$ 219	$ 177
Accretion of securitization residual assets	5	4	13	11
Additions to securitization residual assets	3	1	32	27
Collections of securitization residual assets	(6)	(3)	(11)	(13)
Unrealized gains (losses) on securitization residual assets recorded in OCI	18	(20)	5	(16)
Provision for loss on securitization residual assets	0	(3)	0	(3)
Balance, end of period	$ 258	$ 183	$ 258	$ 183

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Investments in Unrealized Loss Position (Details) - Securitization residual assets $ in Millions	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Estimated Fair Value
Assets with a loss shorter than 12 months	$ 7	$ 24
Assets with a loss longer than 12 months	161	164
Unrealized Losses
Assets with a loss shorter than 12 months	0.3	0.3
Assets with a loss longer than 12 months	$ 39	$ 41
Count of Assets
Assets with a loss shorter than 12 months \| security	10	11
Assets with a loss longer than 12 months \| security	66	66

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - Level 3 - Securitization residual assets	Sep. 30, 2024	Dec. 31, 2023
Risk free interest rate \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, measurement input	0.01	0.01
Risk free interest rate \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, measurement input	0.06	0.06
Weighted average discount rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, measurement input	0.066	0.066

Fair Value Measurements - Sch_4

Fair Value Measurements - Schedule of Cash Deposits Subject to Credit Risk (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Cash deposits	$ 44,053	$ 62,632
Restricted cash deposits (included in other assets)	15,000	12,000
Total cash deposits	59,000	75,000
Amount of cash deposits in excess of amounts federally insured	$ 57,000	$ 63,000

Non-Controlling Interest (Detai

Non-Controlling Interest (Details) - USD ($)	9 Months Ended
Non-Controlling Interest (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Outstanding OP units held by outside limited partners (as a percent, less than)	1%
Exchange of operating partnership units to common stock (in shares)	0	0
Capital account balance	$ 0

Securitization of Financial A_3

Securitization of Financial Assets - Schedule of Certain Transactions with Securitization Trusts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Gains on securitizations			$ 58,978	$ 34,080
Securitized assets
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Gains on securitizations	$ 8,000	$ 22,000	63,000	53,000
Cost of financial assets securitized	106,000	23,000	864,000	424,000
Proceeds from securitizations	114,000	45,000	927,000	477,000
Cash received from residual and servicing assets	$ 7,000	$ 4,000	$ 13,000	$ 15,000

Securitization of Financial A_4

Securitization of Financial Assets - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Payment from debtors to securitization trust	$ 257,537,000	$ 218,946,000
Greater than 90 days past due
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Payment from debtors to securitization trust	$ 0
Securitized assets
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Annual servicing fees (up to)	0.25%
Managed assets	$ 13,100,000,000	12,300,000,000
Receivable from contracts	122,000,000
Securitized assets \| Unconsolidated Securitization Trusts
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Managed assets	6,800,000,000	6,100,000,000
Securitized assets \| Unconsolidated Securitization Trusts \| Asset Management Arrangement \| Investor
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Managed assets	$ 6,200,000,000	$ 5,600,000,000
Securitized assets \| Discount rate \| Minimum
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Discount rates to determine fair market value of underlying assets	0.05
Securitized assets \| Discount rate \| Maximum
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Discount rates to determine fair market value of underlying assets	0.09

Securitization of Financial A_5

Securitization of Financial Assets - Schedule of Allowance for Loss on Securitization Residual Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable Securitization, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 3,000
Provision for loss on securitization assets	$ 1,233	$ 9,792	(944)	$ 12,481
Ending balance	3,000		3,000
Securitized assets \| Government receivables
Accounts Receivable Securitization, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0	0	0
Provision for loss on securitization assets	0	0	0	0
Ending balance	0	0	0	0
Securitized assets \| Receivables
Accounts Receivable Securitization, Allowance for Credit Loss [Roll Forward]
Beginning balance	3,000	0	3,000	0
Provision for loss on securitization assets	0	3,000	0	3,000
Ending balance	$ 3,000	$ 3,000	$ 3,000	$ 3,000

Our Portfolio - Additional Info

Our Portfolio - Additional Information (Details) $ in Thousands			3 Months Ended		9 Months Ended
	May 04, 2024 USD ($) director vote	Jul. 01, 2020 committee_member	Sep. 30, 2024 USD ($) committee_member	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) project committee_member GW	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investments, receivables, real estate and investments			$ 6,296,000		$ 6,296,000
Allowance on receivables			49,000		49,000			$ 50,000
Land and related intangibles sold			100,000		100,000
Loans			2,899,707		2,899,707			3,073,855
Carrying Value			3,353,224		3,353,224			2,966,305
Joint Venture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment	$ 108,000
Services agreement	1%
Joint Venture \| Expected
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment	$ 191,000
Joint Venture \| CarbonCount Holdings 1 LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment period	18 months
Directors \| director	4
Affirmative director vote \| vote	3
Joint Venture \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Management services	1%
Joint Venture \| Maximum \| CarbonCount Holdings 1 LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment	$ 1,000,000
Joint Venture \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Management services	0.50%
Equity method investee
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Carrying Value			832,000		$ 832,000
Debt term					10 years
Hannon Armstrong Sustainable Infrastructure Inc. \| Joint Venture \| CarbonCount Holdings 1 LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Directors \| director	2
KKR Entity \| Joint Venture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expected reimbursement	$ 55,000
KKR Entity \| Joint Venture \| CarbonCount Holdings 1 LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Directors \| director	2
Jupiter Equity Holdings LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Portfolio of renewable energy projects, power (gigawatts) \| GW					2.3
Capital contribution			562,000		$ 562,000
Working capital loan			91,000		91,000
Distribution percent (as a percent)		49%
Review committee \| committee_member		4
Distribution from partnership, upon achievement of certain targets (as a percent)		33%
Carrying Value			$ 579,000		$ 579,000
Jupiter Equity Holdings LLC \| Sponsor
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Distribution from partnership, upon achievement of certain targets (as a percent)		67%
Jupiter Equity Holdings LLC \| Company
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Review committee \| committee_member		2
Jupiter Equity Holdings LLC \| Sponsor
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Review committee \| committee_member		2
Jupiter Equity Holdings LLC \| Jupiter Equity Holdings LLC \| Class A units
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percent (as a percent)		100%
Jupiter Equity Holdings LLC \| Onshore wind projects
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Projects owned \| project					9
Jupiter Equity Holdings LLC \| Solar projects
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Projects owned \| project					4
Daggett Renewable Holdco LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Projects owned \| project					2
Review committee \| committee_member			4		4
Preferred cash equity interest investment			$ 232,000		$ 232,000
Carrying Value			$ 445,000		$ 445,000
Daggett Renewable Holdco LLC \| Company
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Review committee \| committee_member			2		2
Daggett Renewable Holdco LLC \| Sponsor
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Review committee \| committee_member			2		2
The Lighthouse Partnerships
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Projects owned \| project					3
Working capital loan			$ 18,000		$ 18,000
Review committee \| committee_member			4		4
Preferred cash equity interest investment			$ 420,000		$ 420,000
The Lighthouse Partnerships \| Company
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Review committee \| committee_member			2		2
The Lighthouse Partnerships \| Sponsor
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Review committee \| committee_member			2		2
SunPower Corporation \| Joint Venture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Carrying Value			$ 31,000		$ 31,000
Receivables
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance on receivables			49,000	$ 51,000	49,000	$ 51,000	$ 48,000	$ 50,000	$ 44,000	$ 41,000
Decrease in reserve			1,000	$ 7,000	(1,000)	$ 10,000
Receivables \| Equity method investee
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loans			899,000		899,000
Receivables \| SunPower Corporation \| Joint Venture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loans			327,000		327,000
Receivables \| Performance Rating 3
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investments, receivables, real estate and investments			0		0
Allowance on receivables			0		0
Decrease in reserve			1,000
Loans			0		0
Carrying Value			$ 0		$ 0

Our Portfolio - Schedule of Ana

Our Portfolio - Schedule of Analysis of Portfolio Performance Ratings (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]
2024	$ 20,000
2023	854,000
2022	1,008,000
2021	294,000
2020	173,000
2019	242,000
Prior to 2019	358,000
Total receivables held-for-investment	2,949,000		$ 3,124,000
Less: Allowance for loss on receivables	(49,000)		(50,000)
Net receivables held-for-investment	2,899,707		3,073,855
Receivables held-for-sale	22,183		35,299
Investments	18,000
Real estate	3,000
Equity method investments	3,353,224		2,966,305
Total	$ 6,296,000
Percent of Portfolio \| Credit concentration risk
Financing Receivable, Nonaccrual [Line Items]
Percent of Portfolio	100%
Commercial
Financing Receivable, Nonaccrual [Line Items]
Total receivables held-for-investment	$ 2,914,000		3,033,000
Less: Allowance for loss on receivables	(49,000)	$ (48,000)	(50,000)	$ (51,000)	$ (44,000)	$ (41,000)
Commercial \| 1
Financing Receivable, Nonaccrual [Line Items]
2024	20,000
2023	854,000
2022	1,008,000
2021	294,000
2020	173,000
2019	242,000
Prior to 2019	323,000
Total receivables held-for-investment	2,914,000
Less: Allowance for loss on receivables	(49,000)
Net receivables held-for-investment	2,865,000
Receivables held-for-sale	19,000
Investments	16,000
Real estate	3,000
Equity method investments	3,320,000
Total	$ 6,223,000
Commercial \| 1 \| Percent of Portfolio \| Credit concentration risk
Financing Receivable, Nonaccrual [Line Items]
Percent of Portfolio	98%
Commercial \| 2
Financing Receivable, Nonaccrual [Line Items]
2024	$ 0
2023	0
2022	0
2021	0
2020	0
2019	0
Prior to 2019	0
Total receivables held-for-investment	0
Less: Allowance for loss on receivables	0
Net receivables held-for-investment	0
Receivables held-for-sale	0
Investments	0
Real estate	0
Equity method investments	33,000
Total	$ 33,000
Commercial \| 2 \| Percent of Portfolio \| Credit concentration risk
Financing Receivable, Nonaccrual [Line Items]
Percent of Portfolio	1%
Commercial \| 3
Financing Receivable, Nonaccrual [Line Items]
2024	$ 0
2023	0
2022	0
2021	0
2020	0
2019	0
Prior to 2019	0
Total receivables held-for-investment	0
Less: Allowance for loss on receivables	0
Net receivables held-for-investment	0
Receivables held-for-sale	0
Investments	0
Real estate	0
Equity method investments	0
Total	$ 0
Commercial \| 3 \| Percent of Portfolio \| Credit concentration risk
Financing Receivable, Nonaccrual [Line Items]
Percent of Portfolio	0%
Government
Financing Receivable, Nonaccrual [Line Items]
Total receivables held-for-investment	$ 35,000		91,000
Less: Allowance for loss on receivables	0	$ 0	$ 0	$ 0	$ 0	$ 0
Government \| 1
Financing Receivable, Nonaccrual [Line Items]
2024	0
2023	0
2022	0
2021	0
2020	0
2019	0
Prior to 2019	35,000
Total receivables held-for-investment	35,000
Less: Allowance for loss on receivables	0
Net receivables held-for-investment	35,000
Receivables held-for-sale	3,000
Investments	2,000
Real estate	0
Equity method investments	0
Total	$ 40,000
Government \| 1 \| Percent of Portfolio \| Credit concentration risk
Financing Receivable, Nonaccrual [Line Items]
Percent of Portfolio	1%

Our Portfolio - Schedule of the

Our Portfolio - Schedule of the Carrying Value and Allowance by Type of Receivable or "Portfolio Segment" (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Gross Carrying Value	$ 2,949,000		$ 2,949,000		$ 3,124,000
Loan Funding Commitments	455,000		455,000		423,000
Allowance	49,000		49,000		50,000
Loans	2,899,707		2,899,707		3,073,855
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			50,000
Ending balance	49,000		49,000
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Gross Carrying Value	2,914,000		2,914,000		3,033,000
Loan Funding Commitments	455,000		455,000		423,000
Allowance	49,000	$ 51,000	49,000	$ 51,000	50,000
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	48,000	44,000	50,000	41,000
Provision for loss on receivables	1,000	7,000	(1,000)	10,000
Ending balance	49,000	51,000	49,000	51,000
Commercial \| 1
Financing Receivable, Credit Quality Indicator [Line Items]
Gross Carrying Value	2,914,000		2,914,000
Allowance	49,000		49,000
Loans	2,865,000		2,865,000
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Ending balance	49,000		49,000
Government
Financing Receivable, Credit Quality Indicator [Line Items]
Gross Carrying Value	35,000		35,000		91,000
Loan Funding Commitments	0		0		0
Allowance	0	0	0	0	$ 0
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0	0	0
Provision for loss on receivables	0	0	0	0
Ending balance	0	$ 0	0	$ 0
Government \| 1
Financing Receivable, Credit Quality Indicator [Line Items]
Gross Carrying Value	35,000		35,000
Allowance	0		0
Loans	35,000		35,000
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Ending balance	0		0
Residential Solar Loan
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	1,500,000		1,500,000
U.S. federal government
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	7,000		7,000
State or local governments
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	$ 28,000		$ 28,000

Our Portfolio - Schedule of Ant

Our Portfolio - Schedule of Anticipated Maturity Dates of Receivables and Investments and Weighted Average Yield (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Maturities by period (excluding allowance)
Total	$ 2,949
Less than 1 year	15
1-5 years	908
5-10 years	903
More than 10 years	$ 1,123
Weighted average yield by period
Total	8.60%
Less than 1 year	8.30%
1-5 years	8.40%
5-10 years	9.20%
More than 10 years	8.20%

Our Portfolio - Schedule of Com

Our Portfolio - Schedule of Components of Real Estate Portfolio (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Accumulated amortization of lease intangibles	$ 0	$ (8)
Real estate	3	111
Land
Real Estate Properties [Line Items]
Real estate	3	97
Lease intangibles
Real Estate Properties [Line Items]
Real estate	$ 0	$ 22

Our Portfolio - Schedule of Equ

Our Portfolio - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 3,353,224	$ 2,966,305
Jupiter Equity Holdings LLC
Schedule of Equity Method Investments [Line Items]
Carrying Value	579,000
Daggett Renewable HoldCo LLC
Schedule of Equity Method Investments [Line Items]
Carrying Value	445,000
Lighthouse Renewable HoldCo 2 LLC
Schedule of Equity Method Investments [Line Items]
Carrying Value	350,000
CarbonCount Holdings 1 LLC
Schedule of Equity Method Investments [Line Items]
Carrying Value	84,000
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 1,895,000

Our Portfolio - Schedule of Rel

Our Portfolio - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Interest income from related party loans	$ 64,068	$ 54,295	$ 195,539	$ 145,624
Related Party Commercial Receivables, Loans \| Equity method investee
Financing Receivable, Credit Quality Indicator [Line Items]
Interest income from related party loans	21,000	18,000	60,000	49,000
Additional investments made in related party loans	79,000	95,000	172,000	187,000
Principal collected from related party loans	17,000	12,000	260,000	27,000
Interest collected from related party loans	$ 15,000	$ 15,000	$ 49,000	$ 45,000

Credit facility and commercia_2

Credit facility and commercial paper notes (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Credit facilities		$ 116,388,000	$ 400,861,000
Credit facilities \| Unsecured Revolving Credit Facility, Maturing February 2025
Line of Credit Facility [Line Items]
Principal amount		1,250,000,000
Increased capacity		100,000,000
Outstanding credit facility		$ 116,000,000
Effective interest rate (as a percent)		6.83%
Unamortized debt issuance costs		$ 9,000,000
Term loan fee (as a percent)		1.625%
Credit facilities \| Unsecured Revolving Credit Facility, Maturing February 2025 \| SOFR
Line of Credit Facility [Line Items]
Variable rate		1.625%
Credit facilities \| Unsecured Revolving Credit Facility, Maturing February 2025 \| Prime Rate
Line of Credit Facility [Line Items]
Variable rate		0.625%
Credit facilities \| New Revolving Credit Facility \| Additional Variable Rate
Line of Credit Facility [Line Items]
Variable rate		0.10%
Credit facilities \| Senior Secured Revolving Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Principal amount	$ 100,000,000
Unamortized debt issuance costs		$ 1,000,000
Credit facilities		0
Unused letter of credit capacity (as a percent)	0.20%
Pledged collateral	80%
Targeted rate reduction	0.10%
Available amount		$ 22,000,000
Credit facilities \| Senior Secured Revolving Credit Agreement \| Line of Credit \| SOFR
Line of Credit Facility [Line Items]
Variable rate	1.90%
Line of Credit \| Unsecured Revolving Credit Facility, Maturing February 2025 \| Term Loan Facility \| SOFR
Line of Credit Facility [Line Items]
Variable rate, maximum downward adjustment (in percent)		0.10%
Commercial Paper \| CarbonCount Green Commercial Paper Note Program
Line of Credit Facility [Line Items]
Principal amount		$ 125,000,000
Effective interest rate (as a percent)		6.25%
Grace period (in days)		5 days
Credit facility remaining no of days (in days)		397 days
Credit facilities		$ 18,000,000
Broker fee percent (as a percent)		0.0010
Unamortized financing costs		$ 0
Letter of Credit \| CarbonCount Green Commercial Paper Note Program
Line of Credit Facility [Line Items]
Principal amount		$ 125,000,000
Percentage of drawn letter of credit (as a percent)		0.01325
Unused letter of credit capacity (as a percent)		0.35%
Reduced percentage of letter of credit fee (as a percent)		0.001
Letter of Credit \| CarbonCount Green Commercial Paper Note Program \| SOFR \| Rate component one
Line of Credit Facility [Line Items]
Variable rate		1.875%
Letter of Credit \| CarbonCount Green Commercial Paper Note Program \| SOFR \| Rate component two
Line of Credit Facility [Line Items]
Variable rate		0.10%

Long-term Debt - Schedule of Ou

Long-term Debt - Schedule of Outstanding Non-Recourse Asset-Backed Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]
Carrying Value of Assets Pledged as of	$ 2,949,000	$ 3,124,000
Total assets	6,672,524	6,552,350
Collateral Pledged
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	13,000	11,000
Asset-backed non-recourse debt \| Collateral pledged \| Collateral Pledged
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total assets	302,000	239,000
Non-recourse debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Unamortized financing costs	(4,000)	(2,000)
Total non-recourse debt	131,000	160,000
Non-recourse debt \| Collateral pledged
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total assets	302,000	239,000
Non-recourse debt \| Asset-backed non-recourse debt \| HASI Sustainable Yield Bond 2015-1A
Financial Instruments Owned and Pledged as Collateral [Line Items]
Carrying value of Convertible Notes	$ 0	68,000
Interest rate (as a percent)	4.28%
Anticipated Balance at Maturity	$ 0
Non-recourse debt \| Asset-backed non-recourse debt \| HASI Sustainable Yield Bond 2015-1A \| Collateral pledged
Financial Instruments Owned and Pledged as Collateral [Line Items]
Carrying Value of Assets Pledged as of	0	136,000
Non-recourse debt \| Asset-backed non-recourse debt \| HASI SYB Trust 2016-2
Financial Instruments Owned and Pledged as Collateral [Line Items]
Carrying value of Convertible Notes	$ 0	51,000
Interest rate (as a percent)	4.35%
Anticipated Balance at Maturity	$ 0
Non-recourse debt \| Asset-backed non-recourse debt \| HASI SYB Trust 2016-2 \| Collateral pledged
Financial Instruments Owned and Pledged as Collateral [Line Items]
Carrying Value of Assets Pledged as of	0	57,000
Non-recourse debt \| Asset-backed non-recourse debt \| HASI Harmony Issuer
Financial Instruments Owned and Pledged as Collateral [Line Items]
Carrying value of Convertible Notes	$ 95,000	0
Interest rate (as a percent)	6.78%
Anticipated Balance at Maturity	$ 0
Non-recourse debt \| Asset-backed non-recourse debt \| HASI Harmony Issuer \| Collateral pledged
Financial Instruments Owned and Pledged as Collateral [Line Items]
Carrying Value of Assets Pledged as of	261,000	0
Non-recourse debt \| Other non-recourse debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Other non-recourse debt	40,000	43,000
Anticipated Balance at Maturity	$ 17,000
Non-recourse debt \| Other non-recourse debt \| Minimum
Financial Instruments Owned and Pledged as Collateral [Line Items]
Interest rate (as a percent)	3.15%
Non-recourse debt \| Other non-recourse debt \| Maximum
Financial Instruments Owned and Pledged as Collateral [Line Items]
Interest rate (as a percent)	7.23%
Non-recourse debt \| Other non-recourse debt \| Collateral pledged
Financial Instruments Owned and Pledged as Collateral [Line Items]
Carrying Value of Assets Pledged as of	$ 41,000	$ 46,000

Long-term Debt - Schedule of Mi

Long-term Debt - Schedule of Minimum Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Term Loan Facility \| Line of Credit \| CarbonCount Delayed Draw Term Loan Facility
Future minimum maturities
October 1, 2024 to December 31, 2024	$ 7
2025	12
2026	11
2027	221
Total minimum maturities	251
Unamortized financing costs	(5)
Total non-recourse debt	246
Secured Debt \| Line of Credit \| Approval-Based Facility
Future minimum maturities
October 1, 2024 to December 31, 2024	2
2025	10
2026	12
2027	11
2028	134
Total minimum maturities	169
Unamortized financing costs	(3)
Total non-recourse debt	166
Non-recourse debt
Future minimum maturities
Unamortized financing costs	(4)	$ (2)
Total non-recourse debt	131	$ 160
Non-recourse debt \| Non-recourse debt
Future minimum maturities
October 1, 2024 to December 31, 2024	3
2025	11
2026	7
2027	14
2028	6
2029	10
Thereafter	84
Total minimum maturities	135
Unamortized financing costs	(4)
Total non-recourse debt	$ 131

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details)	3 Months Ended				9 Months Ended
Long-term Debt - Additional Information (Details)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) d	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Outstanding principal balance					$ 1,116,792,000	$ 342,000,000
Loans	$ 2,899,707,000				2,899,707,000		$ 3,073,855,000
Collateral posted	19,000,000				19,000,000
Net liability associated with collateral	17,000,000				17,000,000
Derivative on other assets	2,000,000				$ 2,000,000
Cash flow hedge gain (loss) to be reclassified within 12 months	$ 2,000,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Maximum unencumbered assets percentage of unsecured debt (as a percent)	120%				120%
Interest expense	$ 40,000,000			$ 19,000,000	$ 108,000,000	57,000,000
Principal	2,825,000,000				2,825,000,000		2,325,000,000
Unamortized debt issuance costs	22,000,000				22,000,000		$ 18,000,000
Convertible Notes
Debt Instrument [Line Items]
Interest expense	6,000,000			$ 5,000,000	$ 19,000,000	$ 9,000,000
Convertible Notes \| 2028 Exchangeable Senior Notes
Debt Instrument [Line Items]
Redemption price (as a percent)					100%
Threshold percentage of stock price trigger					130%
Threshold trading days \| d					20
Principal	$ 403,000,000				$ 403,000,000
Stated Interest Rate	3.75%				3.75%
Convertible Notes \| 2025 Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	$ 200,000,000				$ 200,000,000
Stated Interest Rate	0%				0%
Effective interest rate (as a percent)	3.25%				3.25%
Term Loan Facility \| CarbonCount Delayed Draw Term Loan Facility \| Line of Credit
Debt Instrument [Line Items]
Carrying value of Convertible Notes	$ 251,000,000				$ 251,000,000
Current interest rate					7.02%
Periodic outstanding principal payment	1.25%				1.25%
Outstanding principal balance		$ 275,000,000
Unamortized debt issuance costs	$ 5,000,000				$ 5,000,000
Term Loan Facility \| CarbonCount Delayed Draw Term Loan Facility \| Line of Credit \| SOFR
Debt Instrument [Line Items]
Variable rate					1.875%
Term Loan Facility \| CarbonCount Delayed Draw Term Loan Facility \| Line of Credit \| Additional Variable Rate
Debt Instrument [Line Items]
Variable rate					0.10%
Term Loan Facility \| Unsecured Revolving Credit Facility, Maturing February 2025 \| Line of Credit \| SOFR
Debt Instrument [Line Items]
Variable rate, maximum downward adjustment (in percent)					0.10%
Secured Debt \| Approval-Based Facility \| Line of Credit
Debt Instrument [Line Items]
Carrying value of Convertible Notes	$ 169,000,000				$ 169,000,000
Current interest rate					7.68%
Outstanding principal balance			$ 28,000,000
Required hedging percentage	85%				85%
Mandatory principal amortization	5%				5%
Received as collateral			$ 45,000,000
Unamortized debt issuance costs	$ 3,000,000				$ 3,000,000
Secured Debt \| Approval-Based Facility \| Line of Credit \| Collateral pledged
Debt Instrument [Line Items]
Loans	$ 409,000,000				$ 409,000,000
Secured Debt \| Approval-Based Facility \| Line of Credit \| SOFR
Debt Instrument [Line Items]
Variable rate					2.25%
Secured Debt \| Approval-Based Facility \| Line of Credit \| Additional Variable Rate
Debt Instrument [Line Items]
Variable rate					0.10%

Long-term Debt - Schedule of Te

Long-term Debt - Schedule of Terms of the Senior Unsecured Notes (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Proceeds from issuance of senior unsecured notes			$ 900,355,000	$ 0
Senior Unsecured Notes
Debt Instrument [Line Items]
Outstanding Principal Amount		$ 2,825,000,000	2,825,000,000		$ 2,325,000,000
Senior Unsecured Notes \| 2025 Notes
Debt Instrument [Line Items]
Outstanding Principal Amount		$ 0	$ 0
Stated Interest Rate		6%	6%
Redemption price (as a percent)			40%
Senior Unsecured Notes \| 2026 Notes
Debt Instrument [Line Items]
Outstanding Principal Amount		$ 1,000,000,000	$ 1,000,000,000
Stated Interest Rate		3.38%	3.38%
Redemption price (as a percent)			40%
Senior Unsecured Notes \| 2027 Notes
Debt Instrument [Line Items]
Outstanding Principal Amount	$ 200,000,000	$ 750,000,000	$ 750,000,000
Stated Interest Rate		8%	8%
Proceeds from issuance of term loan	$ 204,000,000
Effective interest rate (as a percent)	7.08%
Senior Unsecured Notes \| 2027 Notes \| Redemption offering price
Debt Instrument [Line Items]
Redemption price (as a percent)			100%
Redemption offering price			40%
Senior Unsecured Notes \| 2030 Notes
Debt Instrument [Line Items]
Outstanding Principal Amount		$ 375,000,000	$ 375,000,000
Stated Interest Rate		3.75%	3.75%
Proceeds from issuance of term loan			$ 371,000,000
Effective interest rate (as a percent)		3.87%	3.87%
Proceeds from issuance of debt net of issuance cost			$ 367,000,000
Senior Unsecured Notes \| 2034 Notes
Debt Instrument [Line Items]
Outstanding Principal Amount		$ 700,000,000	$ 700,000,000
Stated Interest Rate		6.375%	6.375%
Effective interest rate (as a percent)		6.476%	6.476%
Proceeds from issuance of senior unsecured notes		$ 695,000,000

Long-term Debt - Schedule of Co

Long-term Debt - Schedule of Components of Senior Notes (Details) - Senior Unsecured Notes - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal	$ 2,825	$ 2,325
Accrued interest	40	15
Unamortized premium (discount)	(3)	(3)
Unamortized financing costs	(22)	(18)
Total non-recourse debt	$ 2,840	$ 2,319

Long-term Debt - Schedule of th

Long-term Debt - Schedule of the Convertible Notes (Details) - Convertible Notes $ / shares in Units, shares in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) shares $ / shares
2025 Exchangeable Senior Notes
Debt Instrument [Line Items]
Outstanding Principal Amount \| $	$ 200,000,000
Stated Interest Rate	0%
Conversion/Exchange Ratio	17.7969
Conversion Price (in usd per share)	$ 56.19
Issuable Shares (in shares) \| shares	3.6
Dividend Threshold Amount (in usd per share)	$ 0.375
Effective interest rate (as a percent)	3.25%
Total non-recourse debt \| $	$ 217,000,000
2028 Exchangeable Senior Notes
Debt Instrument [Line Items]
Outstanding Principal Amount \| $	$ 403,000,000
Stated Interest Rate	3.75%
Conversion/Exchange Ratio	36.9028
Conversion Price (in usd per share)	$ 27.10
Issuable Shares (in shares) \| shares	14.9
Dividend Threshold Amount (in usd per share)	$ 0.395

Long-term Debt - Schedule of _2

Long-term Debt - Schedule of Components of Convertible Notes (Details) - Convertible Notes - Convertible Senior Notes - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal	$ 603	$ 603
Accrued interest	2	6
Premium	16	11
Less: Unamortized financing costs	(8)	(10)
Total non-recourse debt	$ 613	$ 610

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Material Terms For Capped Calls (Details) - Call Option $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Debt Instrument [Line Items]
Aggregate cost of capped calls \| $	$ 38
Initial strike price per share (in usd per share)	$ 27.14
Initial cap price per share (in usd per share)	$ 43.42
Shares of our common stock covered by the capped calls (in shares) \| shares	14.8

Long-term Debt - Schedule of In

Long-term Debt - Schedule of Interest Rate Swaps (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) derivative	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Notional Value	$ 2,595
Fair Value as of	$ (25)	$ 2
1 month SOFR \| 3.79 Percent Interest Rate Swaps
Debt Instrument [Line Items]
Hedged Rate	3.79%
Notional Value	$ 400
Fair Value as of	(16)	(12)
1 month SOFR \| 3.70 - 4.00 Percent Interest Rate Collar
Debt Instrument [Line Items]
Notional Value	250
Fair Value as of	$ (1)	0
1 month SOFR \| 3.70 - 4.00 Percent Interest Rate Collar \| Minimum
Debt Instrument [Line Items]
Hedged Rate	3.70%
1 month SOFR \| 3.70 - 4.00 Percent Interest Rate Collar \| Maximum
Debt Instrument [Line Items]
Hedged Rate	4%
Overnight SOFR \| 2.98 Percent Interest Rate Swaps
Debt Instrument [Line Items]
Hedged Rate	2.98%
Notional Value	$ 400
Fair Value as of	$ 6	7
Overnight SOFR \| 3.09 Percent Interest Rate Swaps
Debt Instrument [Line Items]
Hedged Rate	3.09%
Notional Value	$ 600
Fair Value as of	$ 5	7
Overnight SOFR \| 3.08 Percent Interest Rate Swaps
Debt Instrument [Line Items]
Hedged Rate	3.08%
Notional Value	$ 400
Fair Value as of	0	8
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification and tax	$ 19
Overnight SOFR \| 3.70 - 4.00 Percent Interest Rate Collar \| Minimum
Debt Instrument [Line Items]
Interest rate floor	3.70%
Overnight SOFR \| 3.70 - 4.00 Percent Interest Rate Collar \| Maximum
Debt Instrument [Line Items]
Interest rate cap	4%
Overnight SOFR \| 4.39 - 4.42 Percent Interest Rate Swaps
Debt Instrument [Line Items]
Notional Value	$ 170
Fair Value as of	$ (9)	(8)
Number of interest rate swaps \| derivative	3
Overnight SOFR \| 4.39 - 4.42 Percent Interest Rate Swaps \| Minimum
Debt Instrument [Line Items]
Hedged Rate	4.39%
Overnight SOFR \| 4.39 - 4.42 Percent Interest Rate Swaps \| Maximum
Debt Instrument [Line Items]
Hedged Rate	4.42%
Overnight SOFR \| 3.72 Percent Interest Rate Swaps
Debt Instrument [Line Items]
Hedged Rate	3.72%
Notional Value	$ 375
Fair Value as of	$ (10)	$ 0

Long-term Debt - Schedule of Ch

Long-term Debt - Schedule of Changes in AOCI (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 2,141,625	$ 1,664,746
Ending balance	2,323,099	2,141,625
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1,000	0
Changes in fair value	(18,000)	7,000
Amounts released into interest expense	8,000	(6,000)
Ending balance	$ (9,000)	$ 1,000

Long-term Debt - Schedule of Be

Long-term Debt - Schedule of Benefit (Expense) Included in Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Interest expense	$ 59,401	$ 43,295	$ 180,804	$ 120,413
Benefit (expense) included in interest expense due to hedging activities	$ 2,817	$ 2,278	$ 8,432	$ 3,725

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($) project joint_venture
Guarantor Obligations [Line Items]
Proceeds received	$ 73
Joint Venture
Guarantor Obligations [Line Items]
Maximum exposure	$ 87
Number of entities \| joint_venture	4
Reimbursement percent	15%
Joint Venture \| Jupiter Equity Holdings LLC
Guarantor Obligations [Line Items]
Projects owned \| project	2
Maximum exposure	$ 53
Maximum guarantees	$ 20

Income Tax (Details)

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Tax (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ 7,112	$ 5,128	$ (49,429)	$ 5,299
Federal benefit (as a percent)			4%	3%

Equity - Schedule of Dividends

Equity - Schedule of Dividends Declared by Board of Directors (Details) - $ / shares		3 Months Ended
	Nov. 07, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Dividends Payable [Line Items]
Amount per share, declared (in usd per share)		$ 0.415	$ 0.415	$ 0.415	$ 0.395	$ 0.395	$ 0.395	$ 0.395
Subsequent Event
Dividends Payable [Line Items]
Amount per share, declared (in usd per share)	$ 0.415

Equity - Schedule of Common Sto

Equity - Schedule of Common Stock Public Offerings and ATM (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended							9 Months Ended
	May 30, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net Proceeds									$ 179,722	$ 465,015
ATM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Issued (in shares)		3,040	1,662	1,193	1,006	4,394	53	763
Price Per Share (in usd per share)		$ 32.55	$ 31.42	$ 25.89	$ 28.81	$ 24.71	$ 26.07	$ 31.31	$ 32.55	$ 24.71
Net Proceeds		$ 98,000	$ 52,000	$ 31,000	$ 29,000	$ 107,000	$ 1,000	$ 24,000
Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Issued (in shares)	15,000
Price Per Share (in usd per share)	$ 22.23
Net Proceeds	$ 333,000

Equity - Additional Information

Equity - Additional Information (Details) $ in Millions		3 Months Ended		9 Months Ended
Equity - Additional Information (Details) $ in Millions	Nov. 21, 2023	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Right per share	1
NOLs						$ 666
Tax credits available						$ 31
Stockholder rights trigger		5%		5%
Existing ownership percentage		5%		5%
2013 Plan \| Restricted stock, restricted stock units, and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares awarded (in shares) \| shares				798,160
Equity-based compensation expense		$ 4	$ 3	$ 19	$ 15
Unrecognized compensation expense		$ 24		$ 24
Weighted-average term in which unrecognized compensation expense is expected to be recognized (in years)				2 years

Equity - Schedule of Unvested S

Equity - Schedule of Unvested Shares (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Restricted Shares of Common Stock
Shares
Beginning Balance (in shares)	135,667	168,452
Granted (in shares)	222,049	77,938
Vested (in shares)	(41,165)	(98,367)
Forfeited (in shares)	(3,399)	(12,356)
Ending Balance (in shares)	313,152	135,667
Weighted Average Grant Date Fair Value
Beginning Balance (in usd per share)	$ 33.90	$ 33.59
Granted (in usd per share)	26.94	30.03
Vested (in usd per share)	38.16	29.18
Forfeited (in usd per share)	27.55	42.74
Ending Balance (in usd per share)	$ 28.48	$ 33.90
Value
Beginning Balance	$ 4.6	$ 5.7
Granted	6	2.3
Vested	(1.6)	(2.9)
Forfeited	(0.1)	(0.5)
Ending Balance	$ 8.9	$ 4.6
Restricted stock units
Shares
Beginning Balance (in shares)	94,654	58,404
Granted (in shares)	0	63,446
Vested (in shares)	0	(18,041)
Forfeited (in shares)	(15,480)	(16,460)
Ending Balance (in shares)	79,174	94,654
Weighted Average Grant Date Fair Value
Beginning Balance (in usd per share)	$ 48.42	$ 51.03
Granted (in usd per share)	0	39.29
Vested (in usd per share)	0	35.17
Forfeited (in usd per share)	68.81	30.90
Ending Balance (in usd per share)	$ 44.43	$ 48.42
Value
Beginning Balance	$ 4.6	$ 3
Granted	0	2.4
Vested	0	(0.6)
Forfeited	(1.1)	(0.5)
Ending Balance	$ 3.5	$ 4.6
Restricted stock units \| Minimum
Value
Award vesting percentage (as a percent)	0%
Restricted stock units \| Maximum
Value
Award vesting percentage (as a percent)	200%
Incremental performance shares granted
Shares
Granted (in shares)	0	7,305
Weighted Average Grant Date Fair Value
Granted (in usd per share)	$ 0	$ 34.63
Value
Granted	$ 0	$ 0.3
LTIP time-based vesting units
Shares
Beginning Balance (in shares)	477,074	276,766
Granted (in shares)	320,063	342,349
Vested (in shares)	(236,166)	(142,041)
Forfeited (in shares)	0	0
Ending Balance (in shares)	560,971	477,074
Weighted Average Grant Date Fair Value
Beginning Balance (in usd per share)	$ 34.4	$ 42.21
Granted (in usd per share)	26.96	30.08
Vested (in usd per share)	34.79	39.21
Forfeited (in usd per share)	0	0
Ending Balance (in usd per share)	$ 29.99	$ 34.4
Value
Beginning Balance	$ 16.5	$ 11.7
Granted	8.6	10.3
Vested	(8.2)	(5.5)
Forfeited	0	0
Ending Balance	$ 16.9	$ 16.5
LTIP market-based vesting units
Shares
Beginning Balance (in shares)	493,858	324,028
Granted (in shares)	128,024	282,034
Vested (in shares)	0	(96,496)
Forfeited (in shares)	(86,274)	(56,102)
Ending Balance (in shares)	535,608	493,858
Weighted Average Grant Date Fair Value
Beginning Balance (in usd per share)	$ 47.76	$ 42.84
Granted (in usd per share)	39.11	39.29
Vested (in usd per share)	0	19.94
Forfeited (in usd per share)	65.28	4.56
Ending Balance (in usd per share)	$ 42.87	$ 47.76
Value
Beginning Balance	$ 23.6	$ 13.9
Granted	5	11.1
Vested	0	(1.9)
Forfeited	(5.6)	(0.3)
Ending Balance	$ 23	$ 23.6
LTIP market-based vesting units \| Minimum
Value
Award vesting percentage (as a percent)	0%
LTIP market-based vesting units \| Maximum
Value
Award vesting percentage (as a percent)	200%
Incremental performance shares granted
Shares
Granted (in shares)	0	40,394
Weighted Average Grant Date Fair Value
Granted (in usd per share)	$ 0	$ 19.94
Value
Granted	$ 0	$ 0.8
LTIP preformance-based vesting units
Shares
Beginning Balance (in shares)	0
Granted (in shares)	128,024
Vested (in shares)	0
Forfeited (in shares)	0
Ending Balance (in shares)	128,024	0
Weighted Average Grant Date Fair Value
Beginning Balance (in usd per share)	$ 0
Granted (in usd per share)	25.96
Vested (in usd per share)	0
Forfeited (in usd per share)	0
Ending Balance (in usd per share)	$ 25.96	$ 0
Value
Beginning Balance	$ 0
Granted	3.3
Vested	0
Forfeited	0
Ending Balance	$ 3.3	$ 0
Incremental performance shares granted
Shares
Granted (in shares)	0
Weighted Average Grant Date Fair Value
Granted (in usd per share)	$ 0
Value
Granted	$ 0

Earnings per Share of Common _3

Earnings per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss) attributable to controlling stockholders and participating securities	$ (19,616)	$ 21,446	$ 129,949	$ 59,075
Less: Dividends and distributions on participating securities	(400)	(200)	(1,100)	(800)
Less: Undistributed earnings attributable to participating securities	0	0	0	0
Net income (loss) attributable to controlling stockholders — basic	(20,000)	21,200	128,800	58,300
Add: Interest expense related to Convertible Notes under the if-converted method	0	200	12,600	900
Add: Undistributed earnings attributable to participating securities	0	0	0	0
Net income (loss) attributable to controlling stockholders — dilutive	$ (20,000)	$ 21,400	$ 141,400	$ 59,200
Denominator:
Weighted-average number of common shares — basic (in shares)	116,584,392	107,715,057	114,518,199	98,665,598
Weighted-average number of common shares — diluted (in shares)	116,584,392	109,145,088	129,562,463	101,142,782
Basic earnings per common share (in usd per share)	$ (0.17)	$ 0.20	$ 1.12	$ 0.59
Diluted earnings per common share (in usd per share)	$ (0.17)	$ 0.20	$ 1.09	$ 0.59
Securities being allocated a portion of earnings:
Weighted-average number of OP units (in shares)	1,608,735	1,365,040	1,510,634	1,294,511
Participating securities:
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions outstanding at period end (in shares)			874,124	613,373
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions
Potentially dilutive securities as of period end that were not dilutive for the presented periods:
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions (in shares)	874,124	613,373	874,124	613,373
Restricted stock units
Potentially dilutive securities as of period end that were not dilutive for the presented periods:
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions (in shares)	79,174	97,890	0	97,890
LTIP Units with market-based vesting conditions
Potentially dilutive securities as of period end that were not dilutive for the presented periods:
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions (in shares)	663,632	493,858	128,024	493,858
Potential shares of common stock related to Convertible Notes
Potentially dilutive securities as of period end that were not dilutive for the presented periods:
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions (in shares)	18,412,761	18,374,760	3,559,376	18,374,760

Equity Method Investments - Add

Equity Method Investments - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) investment	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) investment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 investment
Equity Method Investments and Joint Ventures [Abstract]
Income from equity method investments \| $	$ (23,405)	$ 2,759	$ 162,019	$ 27,429
Number of equity method investment \| investment	47		47		46

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet
Total assets	$ 6,672,524				$ 6,672,524		$ 6,552,350
Total liabilities	4,349,425				4,349,425		4,410,725
Members' equity	2,323,099	$ 2,099,894	$ 2,323,167	$ 1,993,908	2,323,099	$ 2,099,894	2,141,625	$ 1,664,746
Income Statement
Revenue	81,965	89,851			282,298	233,286
Income (loss) from continuing operations	(26,288)	16,519			181,745	54,468
Net income (loss)	$ (19,176)	$ 21,647			$ 132,316	$ 59,767
Jupiter Equity Holdings LLC
Balance Sheet
Current assets			59,000				52,000
Total assets			2,906,000				2,950,000
Current liabilities			316,000				205,000
Total liabilities			546,000				500,000
Members' equity			2,360,000				2,450,000
Income Statement
Revenue			6,000	59,000
Income (loss) from continuing operations			(95,000)	(27,000)
Net income (loss)			(95,000)	(27,000)
Daggett Renewable HoldCo LLC
Balance Sheet
Current assets			68,000				35,000
Total assets			1,141,000				677,000
Current liabilities			13,000				10,000
Total liabilities			454,000				262,000
Members' equity			687,000				415,000
Income Statement
Revenue			31,000	2,000
Income (loss) from continuing operations			1,000	2,000
Net income (loss)			1,000	2,000
Other Investments
Balance Sheet
Current assets			1,036,000				898,000
Total assets			16,540,000				14,965,000
Current liabilities			907,000				715,000
Total liabilities			8,718,000				7,898,000
Members' equity			7,822,000				7,067,000
Income Statement
Revenue			489,000	386,000
Income (loss) from continuing operations			(102,000)	(61,000)
Net income (loss)			(102,000)	(61,000)
Total
Balance Sheet
Current assets			1,163,000				985,000
Total assets			20,587,000				18,592,000
Current liabilities			1,236,000				930,000
Total liabilities			9,718,000				8,660,000
Members' equity			10,869,000				$ 9,932,000
Income Statement
Revenue			526,000	447,000
Income (loss) from continuing operations			(196,000)	(86,000)
Net income (loss)			$ (196,000)	$ (86,000)

Uncategorized Items - hasi-2024

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 75,082,000