Here are the 10-K annual reports from HA Sustainable Infrastructure Capital, Inc. (HASI) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow HASI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full HASI filings page.
HA Sustainable Infrastructure Capital, Inc. filed Amendment No. 1 to its Form 10-K for the year ended December 31, 2025 to comply with Regulation S-X Rule 3-09 by adding separate financial statements for significant equity method investees Palmetto HASI Holdings LLC and Daggett Renewable Holdco LLC and their subsidiaries.
The amendment primarily updates Item 15 to include new exhibits with these consolidated financial statements and related auditor consents, along with updated CEO and CFO certifications. As of June 30, 2025, common stock held by non-affiliates had an aggregate market value of $3.3 billion, and on March 23, 2026 there were 128,420,364 common shares outstanding, including 619,298 unvested restricted shares.
HASI reports on a growing sustainable infrastructure platform centered on clean energy and climate solutions. The company manages about $16.1 billion in assets, including a $7.6 billion on-balance-sheet portfolio across behind-the-meter, grid-connected, and fuels, transport, and nature markets.
In 2025, HASI closed roughly $4.3 billion of transactions and describes a more than $6.5 billion pipeline of new equity, debt, and real estate opportunities. It uses co-investments and securitizations, including the CarbonCount Holdings 1 LLC structure with up to $4.5 billion of capital, to scale while limiting equity issuance.
The firm issued $500 million of junior subordinated notes due 2056 and obtained a third investment-grade credit rating, supporting its target leverage range of 1.8–2.0 times debt to equity. As of June 30, 2025, non‑affiliate market value of common stock was about $3.3 billion, with 128,184,572 shares outstanding as of February 9, 2026.
HASI emphasizes climate impact and governance, tracking avoided emissions via its CarbonCount methodology, publishing detailed sustainability and human capital disclosures, and operating under robust board and governance structures. It revoked REIT status effective 2024 and is now taxed as a C corporation.