HASI launches Green Junior Subordinated Notes offering; reports 2025 adjusted recurring NII of $362M, up 25% YoY

HA Sustainable Infrastructure Capital, Inc.

Managed Assets reached $16.1B as of Dec 31, 2025, up from $13.7B YoY.
Adjusted Recurring Net Investment Income: $362M (2025), $289M (2024), $237M (2023).
Completed $4.3B in transactions during 2025; 12-month pipeline exceeds $6.5B.
Notes expected to receive 50% equity credit; proceeds to repay credit facility/commercial paper or redeem 8% Senior Notes due 2027.
New asset yields averaged 10.8% in 2025; net spread on new debt was 4.0%.

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