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  4. [Form 4] HA Sustainable Infrastructure Capital, Inc. Insider Trading Activity

Barry Welch of HA Sustainable Infrastructure (NYSE: HASI) granted 3,553 LTIP Units

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

HA Sustainable Infrastructure Capital director Barry Edward Welch received a grant of 3,553 LTIP Units. These long-term incentive plan units were awarded at a price of $0.00 per unit, bringing his total LTIP Units to 8,719 held directly.

According to the footnotes, once LTIP Units vest and reach parity with OP Units in Hannon Armstrong Sustainable Infrastructure, LP, they may convert into OP Units on a one-for-one basis, subject to conditions in the Partnership Agreement. The reporting person can then request redemption of OP Units for cash equal to the market value of an equivalent number of HASI common shares, or, at the issuer’s option, receive common stock on a one-for-one basis, subject to adjustments.

Positive

  • None.

Negative

  • None.
Insider Welch Barry Edward
Role null
Type Security Shares Price Value
Grant/Award LTIP Units 3,553 $0.00 --
Holdings After Transaction: LTIP Units — 8,719 shares (Direct, null)
Footnotes (1)
  1. 8,719 units of limited partner interest ("OP Units") in Hannon Armstrong Sustainable Infrastructure, LP (the "Partnership") are issuable upon vesting and the conversion of 8,719 long-term incentive plan units ("LTIP Units") in the Partnership. Vested LTIP Units, after achieving parity with OP Units (as described in the Partnership's Amended and Restated Agreement of Limited Partnership (the "Partnership Agreement")), are eligible to be converted into OP Units on a one-for-one basis upon the satisfaction of conditions set forth in the Partnership Agreement. Upon conversion of LTIP Units into OP Units, the Reporting Person will have the right to cause the Partnership to redeem a portion of the Reporting Person's OP Units for cash in an amount equal to the market value (as defined in the Partnership Agreement) of an equivalent number of shares of common stock, par value $0.01 per share, of HA Sustainable Infrastructure Capital, Inc. (the "Issuer"), or at the Issuer's option, shares of the Issuer's common stock on a one-for-one basis, subject to certain adjustments. N/A
LTIP Units granted 3,553 LTIP Units Grant on 2026-06-03, transaction code A
LTIP Units held after grant 8,719 LTIP Units Total LTIP Units following transaction
Grant price per LTIP Unit $0.00 per unit Awarded as compensation, no cash paid
Underlying common stock per LTIP Unit 3,553 shares Underlying common stock equal to LTIP Units granted
LTIP Units financial
"8,719 long-term incentive plan units ("LTIP Units") in the Partnership."
LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.
OP Units financial
"8,719 units of limited partner interest ("OP Units") in Hannon Armstrong Sustainable Infrastructure, LP"
OP units are ownership stakes in an operating partnership that sits beneath a public parent company, commonly used by real estate and energy firms to hold assets and distributions. Think of them like special shares in a subsidiary: they give economic rights to profits and cash payouts but are structured differently from the parent’s common stock, so investors watch OP unit issuance because it can change the effective ownership, future distributions, and potential dilution of the parent company’s equity.
limited partner interest financial
"8,719 units of limited partner interest ("OP Units") in Hannon Armstrong Sustainable Infrastructure, LP"
Partnership Agreement financial
"as described in the Partnership's Amended and Restated Agreement of Limited Partnership (the "Partnership Agreement")"
A partnership agreement is a written contract that lays out how two or more parties will work together, splitting responsibilities, profits, losses and decision-making. Think of it as a detailed roadmap or house rulebook for a joint project; it matters to investors because the terms determine how much revenue and risk a company will take on, how quickly it can act, and whether the partnership could dilute control or boost growth potential.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Welch Barry Edward
(Last)(First)(Middle)
1 PARK PLACE
SUITE 200
(Street)
ANNAPOLIS MARYLAND 21401
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
HA Sustainable Infrastructure Capital, Inc. [ HASI ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/03/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
LTIP Units(1)(2)06/03/2026A3,553 (1)(2) (3)Common stock, par value $0.01 per share3,553$08,719D
Explanation of Responses:
1. 8,719 units of limited partner interest ("OP Units") in Hannon Armstrong Sustainable Infrastructure, LP (the "Partnership") are issuable upon vesting and the conversion of 8,719 long-term incentive plan units ("LTIP Units") in the Partnership.
2. Vested LTIP Units, after achieving parity with OP Units (as described in the Partnership's Amended and Restated Agreement of Limited Partnership (the "Partnership Agreement")), are eligible to be converted into OP Units on a one-for-one basis upon the satisfaction of conditions set forth in the Partnership Agreement. Upon conversion of LTIP Units into OP Units, the Reporting Person will have the right to cause the Partnership to redeem a portion of the Reporting Person's OP Units for cash in an amount equal to the market value (as defined in the Partnership Agreement) of an equivalent number of shares of common stock, par value $0.01 per share, of HA Sustainable Infrastructure Capital, Inc. (the "Issuer"), or at the Issuer's option, shares of the Issuer's common stock on a one-for-one basis, subject to certain adjustments.
3. N/A
Remarks:
Exhibit No. 24.1 Power of Attorney dated April 30, 2026.
/s/ Michael Stephan, Attorney-in-Fact06/05/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did HASI director Barry Edward Welch report on this Form 4?

Barry Edward Welch reported receiving a grant of 3,553 LTIP Units. These derivative units are tied to HA Sustainable Infrastructure Capital, Inc. and were awarded at a price of $0.00 per unit as part of long-term incentive compensation.

How many LTIP Units does Barry Edward Welch hold in HASI after this transaction?

After the grant, Barry Edward Welch holds 8,719 LTIP Units directly. This figure represents his total long-term incentive plan units in the partnership as reported in the Form 4’s post-transaction holdings column.

What underlying security is associated with the HASI LTIP Units granted to Barry Edward Welch?

Each LTIP Unit is tied to common stock of HA Sustainable Infrastructure Capital, Inc. The filing states the underlying security is common stock with a par value of $0.01 per share, in an amount matching the 3,553 LTIP Units granted.

Can the HASI LTIP Units granted to Barry Edward Welch convert into common stock?

Yes, the LTIP Units may eventually lead to common stock. Once LTIP Units vest and achieve parity with OP Units, they can convert into OP Units, which the holder may redeem for cash equal to common stock value or, at the issuer’s option, common shares one-for-one.

What are OP Units in relation to HASI’s LTIP Units reported in this Form 4?

OP Units are units of limited partner interest in Hannon Armstrong Sustainable Infrastructure, LP. The footnotes explain that vested LTIP Units, once at parity, can convert into OP Units on a one-for-one basis, which may then be redeemed for cash or HA Sustainable Infrastructure Capital common stock.

Was there any open-market buying or selling of HASI common stock in this Form 4?

No open-market buying or selling is reported. The Form 4 shows a grant of LTIP Units classified under transaction code “A” for a grant, award, or other acquisition, with no transactions marked as purchases or sales of common stock.