HASI (NYSE: HASI) CLO reports 17,500 indirect LTIP unit award

Rhea-AI Filing Summary

HA Sustainable Infrastructure Capital, Inc. reported that an entity associated with its Chief Legal Officer Christy Ledet Freer-Greene received a grant of 17,500 LTIP Units in Hannon Armstrong Sustainable Infrastructure, LP under the 2022 Equity Incentive Plan.

The LTIP Units are held indirectly through HASI Management HoldCo LLC, where the officer is a member. The filing states that the reported amount reflects only the officer’s pecuniary interest in HoldCo LLC’s LTIP Units and disclaims beneficial ownership beyond that proportionate interest. Vested LTIP Units may later convert into OP Units and ultimately be redeemed for cash or HA Sustainable Infrastructure Capital common stock on a one-for-one basis, subject to partnership agreement conditions.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Freer-Greene Christy Ledet

Role Chief Legal Officer

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units	17,500	$0.00	--

Holdings After Transaction: LTIP Units — 17,500 shares (Indirect, By HASI Management HoldCo LLC)

Footnotes (1)

1. 17,500 units of limited partner interest ("OP Units") in Hannon Armstrong Sustainable Infrastructure, LP (the "Partnership") are issuable upon the vesting and conversion of 17,500 long-term incentive plan units ("LTIP Units") in the Partnership. The LTIP Units were granted to the Reporting Person under the Issuer's 2022 Equity Incentive Plan, as amended. 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 These LTIP Units are held by HASI Management HoldCo LLC ("HoldCo LLC"). The Reporting Person is a member of HoldCo LLC. The LTIP Units reported represent only the number of LTIP Units in which the Reporting Person has a pecuniary interest in accordance with their proportionate interest in HoldCo LLC. The Reporting Person is voluntarily reporting their proportionate interest in HoldCo LLC's ownership of LTIP Units. The Reporting Person disclaims beneficial ownership other than to the extent of their pecuniary interest.

Key Figures

LTIP Units granted: 17,500 LTIP Units Underlying common stock: 17,500 shares LTIP Units after transaction: 17,500 LTIP Units

3 metrics

LTIP Units granted 17,500 LTIP Units Grant to entity associated with CLO; Form 4 derivative transaction

Underlying common stock 17,500 shares Common stock, par value $0.01 per share, underlying LTIP Units

LTIP Units after transaction 17,500 LTIP Units Total LTIP Units reported as held indirectly following transaction

Key Terms

LTIP Units, OP Units, 2022 Equity Incentive Plan, pecuniary interest, +1 more

5 terms

LTIP Units financial

"17,500 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

"Vested LTIP Units, after achieving parity with OP Units ... are eligible"

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.

2022 Equity Incentive Plan financial

"The LTIP Units were granted ... under the Issuer's 2022 Equity Incentive Plan, as amended."

pecuniary interest financial

"represent only the number of LTIP Units in which the Reporting Person has a pecuniary interest"

beneficial ownership financial

"The Reporting Person disclaims beneficial ownership other than to the extent of their pecuniary interest."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED 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^*

Freer-Greene Christy Ledet

(Last) (First) (Middle)

ONE 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LTIP Units	(1)(2)	04/30/2026		A		17,500		(1)(2)	(3)	Common stock, par value $0.01 per share	17,500	$0	17,500	I	By HASI Management HoldCo LLC(4)

Explanation of Responses:

1. 17,500 units of limited partner interest ("OP Units") in Hannon Armstrong Sustainable Infrastructure, LP (the "Partnership") are issuable upon the vesting and conversion of 17,500 long-term incentive plan units ("LTIP Units") in the Partnership. The LTIP Units were granted to the Reporting Person under the Issuer's 2022 Equity Incentive Plan, as amended.

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

4. These LTIP Units are held by HASI Management HoldCo LLC ("HoldCo LLC"). The Reporting Person is a member of HoldCo LLC. The LTIP Units reported represent only the number of LTIP Units in which the Reporting Person has a pecuniary interest in accordance with their proportionate interest in HoldCo LLC. The Reporting Person is voluntarily reporting their proportionate interest in HoldCo LLC's ownership of LTIP Units. The Reporting Person disclaims beneficial ownership other than to the extent of their pecuniary interest.

Remarks:

	/s/ Christy L. Freer-Greene	05/01/2026
	** Signature of Reporting Person	Date
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)

FAQ

What did HASI’s Chief Legal Officer report on this Form 4 for HASI?

The Form 4 shows an entity linked to HASI’s Chief Legal Officer received a grant of 17,500 LTIP Units. These long-term incentive units were issued under HASI’s 2022 Equity Incentive Plan and are tied to partnership interests rather than immediate common stock ownership.

How are the 17,500 LTIP Units related to HASI common stock?

Each LTIP Unit corresponds to one underlying share of HASI common stock through a multi-step structure. After vesting and reaching parity, LTIP Units can convert into OP Units, which may then be redeemed for cash or, at HASI’s option, common stock on a one-for-one basis.

Who legally holds the LTIP Units reported in HASI’s Form 4 filing?

The LTIP Units are held by HASI Management HoldCo LLC, not directly by the officer. Christy Ledet Freer-Greene is a member of this LLC, and the filing reports only the portion of LTIP Units corresponding to her pecuniary interest in the entity.

Does the HASI Chief Legal Officer claim full beneficial ownership of these LTIP Units?

No. The officer specifically disclaims beneficial ownership of the LTIP Units beyond her pecuniary interest. The reported 17,500 units represent only the portion aligned with her economic stake in HASI Management HoldCo LLC, according to the disclosure language.

What plan governs the LTIP Unit grant reported for HASI’s officer?

The LTIP Unit grant was made under HA Sustainable Infrastructure Capital, Inc.’s 2022 Equity Incentive Plan, as amended. This plan provides for long-term incentive awards, with these particular LTIP Units tied to partnership interests that may later convert into OP Units and potentially common stock.