HASI director granted 3,553 LTIP Units

Reed Kimberly A. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Reed Kimberly A. reported acquisition or exercise transactions in this Form 4 filing.

HA Sustainable Infrastructure Capital director Kimberly A. Reed received a grant of 3,553 LTIP Units as equity-based compensation. Each LTIP Unit represents the right to receive one unit of limited partner interest (OP Unit) upon vesting and meeting conditions, which can then be redeemed for cash or, at the company’s option, an equivalent number of common shares. Following this grant, Reed holds 18,286 LTIP Units linked to potential future OP Units and common stock.

Insider Trade Summary

Grant/Award: 3,553 shares

Grant/Award 1 txn

Insider Reed Kimberly A.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units	3,553	$0.00	$0.00

Holdings After Transaction: LTIP Units — 18,286 contracts (Direct)

Footnotes (3)

1. F1. 18,286 units of limited partner interest ("OP Units") in Hannon Armstrong Sustainable Infrastructure, LP (the "Partnership") are issuable upon vesting and the conversion of 18,286 long-term incentive plan units ("LTIP Units") in the Partnership.
2. F2. 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. F3. N/A

Key Figures

LTIP Units granted: 3,553 units LTIP Units after grant: 18,286 units Underlying common stock per LTIP Unit: 1 share +2 more

5 metrics

LTIP Units granted 3,553 units Grant to director on 2026-06-03

LTIP Units after grant 18,286 units Total LTIP holdings following transaction

Underlying common stock per LTIP Unit 1 share Each LTIP Unit linked to one common share via OP Unit

Transaction price per LTIP Unit $0.00 Compensation grant, no cash paid by insider

Underlying shares for this grant 3,553 shares Common stock equivalent tied to granted LTIP Units

Key Terms

LTIP Units, OP Units, limited partner interest, Amended and Restated Agreement of Limited Partnership, +1 more

5 terms

LTIP Units financial

"18,286 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

"18,286 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

"18,286 units of limited partner interest ("OP Units") in Hannon Armstrong Sustainable Infrastructure, LP"

Amended and Restated Agreement of Limited Partnership financial

"as described in the Partnership's Amended and Restated Agreement of Limited Partnership (the "Partnership Agreement")"

redeem financial

"the right to cause the Partnership to redeem a portion of the Reporting Person's OP Units for cash"

To redeem means to exchange a financial instrument—like a bond, preferred share, voucher, or convertible security—for cash or its agreed value when the issuer or holder triggers repayment. Investors care because redemption changes who holds the investment, when they get paid, and how much cash a company must use, affecting yield, ownership stakes and short‑term liquidity much like cashing a coupon or getting a loan repaid.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Kimberly A. Reed report in the HASI Form 4 filing?

Kimberly A. Reed reported receiving 3,553 LTIP Units as equity compensation. These long-term incentive plan units can ultimately convert into partnership units and then potentially into HA Sustainable Infrastructure Capital common shares, subject to vesting and partnership agreement conditions.

How many LTIP Units does Kimberly A. Reed hold after this HASI grant?

After the reported grant, Kimberly A. Reed holds 18,286 LTIP Units. These units are tied to an equal number of potential OP Units, which may later be redeemable for cash or HA Sustainable Infrastructure Capital common stock if vesting and conversion conditions are satisfied.

Are the HASI LTIP Units granted to Kimberly A. Reed immediately exercisable?

The LTIP Units are not described as immediately exercisable. Footnotes explain they must vest and achieve parity with OP Units before converting into partnership units, after which they may be redeemable for cash or HA Sustainable Infrastructure Capital common shares under the partnership agreement.

Does the HASI Form 4 show an open-market stock purchase or sale by Kimberly A. Reed?

No, the Form 4 shows a grant of 3,553 LTIP Units at a price of $0.00 per unit. This is compensation-related, not an open-market stock purchase or sale, and reflects an award of derivative units that may convert into equity in the future.

How are Kimberly A. Reed’s HASI LTIP Units linked to common stock?

Each vested LTIP Unit can convert into one OP Unit under the partnership agreement. The holder may then ask the partnership to redeem OP Units for cash equal to the market value of equivalent common shares, or for HA Sustainable Infrastructure Capital common stock on a one-for-one basis, subject to adjustments.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/05/2026 - 04:12 PM Learn about SEC filing dates

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^*

Reed Kimberly A.

(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)

X	Director		10% 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)

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)	06/03/2026		A		3,553		(1)(2)	(3)	Common stock, par value $0.01 per share	3,553	$0	18,286	D

Explanation of Responses:

1. 18,286 units of limited partner interest ("OP Units") in Hannon Armstrong Sustainable Infrastructure, LP (the "Partnership") are issuable upon vesting and the conversion of 18,286 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-Fact	06/05/2026
	** 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)