HASI - Earnings call transcript Q2 2024 | Hannon Armstrong Sustainable Infrastructure Capital, Inc.

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Operator

Greetings, and welcome to HASI's Second Quarter 2024 Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Aaron Chew, Senior Vice President of Investor Relations.

Aaron Chew

Thank you, operator, and good afternoon to everyone joining us today for HASI's second quarter conference call. Earlier this afternoon, HASI distributed a press release reporting our second quarter 2024 results, a copy of which is available on our website, along with the slide presentation we will be referring to today. being website on be where today. is page Investor available call the of a conference webcast our live Relations later This replay will

of and in differ stated. the are Factors section results this subject Some may company's materially risks with Risk made Form the the which Actual XX-K to described those statements, filings are call uncertainties and of comments the other from forward-looking on SEC.

to non-GAAP today's A GAAP And also reconciliation our in non-GAAP include presentation. measures measures. financial financial earnings discussions some and available is of release

today's company's for Client available on CFO; Officer. Mark me and call and the be will the Joining are Q&A Jeff the Pangburn, Chief Susan President portion Lipson, Susan of our Nickey, presentation. CEO, our

turn CEO, call President the our to Jeff Jeff? to and over I'd Now Lipson. like

Jeffrey Lipson

Aaron, X. the welcome for begin second Thanks, quarter joining going for conference to on our everyone, to us call. I'm today XXXX Page and Thanks, team.

a second as was The procuring for X vehicle investment-grade co-investment on a of achieved goals and second HASI rating. we quarter of a closing XXXX terrific quarter long-standing

continue invest We able to year-over-year increase to earnings to also $X.XX. and at higher our were adjusted returns XX%

a will results to to guidance positive other these our that shortly, for dividend a of ratio catalysts and our XXXX Considering payout are payout we that XX% XX% period. goals affirming long-term ratio for EPS I growth and XX% EPS reminder XXXX adjusted discuss X% of between a are from and XX% growth and same XX% in by And the annual XXXX. in

Page X. to Turning

we as think on we highlight but worthwhile level the of on the having scale impact We our not energy our have such impact to in a is whole. markets now that financials, business a it are only the reached

terawatt is XX our assets, that and city of Washington, solar that hours electricity comprised more capacity. approximately of wind gigawatts portfolio Xx that first electricity entire capacity managed alone which X is in about capacity annual power renewable solar the of our To investments homes, perspective, put is enough to of annually, D.C. and the million energy wind the XXXX XX half generating in Excluding than of consumption

And aggregate, projects methodology. renewable That the X assets, with million energy year in more BTUs tons about have in equivalent MM invested projects our required annually Altogether, managed approximately has our we COX natural million than in are X capacity. is to almost including carbon annual our X of in homes. that, invested of portfolio projects of avoiding on count XXX,XXX the also based metric the heat gas calculation

significant scale In impact summary, higher. step the business our change and both to poised already it's has a and but scale impact, take

X. In several that industry emerged years. Page over to Turning the the well second next milestones and several particularly has company position quarter, dynamics the specific

more that consensus than result corresponding And increasing be much to previously will sources. demand continues energy supply there energy increase will elevated this forecasted. First, of rapidly in energy from U.S. clean it demand increases, for

generated the centers rather than corporate world, emissions to megawatt that partnership to growth are of drivers AI-driven have largest the become HASI clean ensuring measured. centers, we XXXX. which the climate And X% of with by a fundamentally the remains transparency in of credibly era load largest with data demand prefer fact, expected the U.S. buyers drive one power. In of from by determined new power and In are simply coming new consumption data these electricity some of hours of majority impact entered

electricity growth uptick this it a of to This period base Together, growth to approximately X% the U.S. per are which of continued is than lower electricity from hours demand approximately of account In from growth hours market last for of terawatt we year. have X,XXX increase new source and Clean prioritization In addition, will of particularly terawatt occur the of expected expected manufacturing, modest in XX and experience an domestic adoption XXX comes years, renewables Therefore, growth. years after relatively in to oil demand heightened is vehicles, an expected period growth. semiconductors. became Energy rapid the there higher result other this electric the low-carbon shift enter when and to over more the overwhelming a markets. Furthermore, as in of growing to XX share even solutions of be these will growth, of generation. is significant trend more another sources markets

the energy lowest of represents Solar cost levelized source. any of electricity

of electricity municipal to continue be represent natural and the continue allow to vast to waste. produced to to energy is gas utilized grid. added animal And being gas more adoption And efficiently the Likewise, natural continue increased renewable meet forecasted will to new to technology from occur solar energy demand. capacity will gas be this wind as majority and of

the It development. continues of impact is There and be public XXXX by for changes the important election discussion and trends regarding be active note to results. corresponding that the outlook Energy to Clean policy are to speculation impacted these on unlikely all

by hundreds of from supply it of transition aforementioned of power meet surging demand, in the megatrends continued This others However, deployment capital clean increase energy investment. result of energy considerable will shared the meaningful disruption dollars require clean public and will view many that billions itself forecasted to our is policy without in resulting demand, energy of changes. the

exclusively X investment particularly positioned HASI on second well the As trend, quarter. capitalize company only this transition, developments in of is focused light to public the the in transformative on energy pure-play

of fee been KKR, to months. scale the is functioning vehicle also the strategy capital, provides primary The replicate. the our global has generally was investments First with firm, revenue we to diversifies partnership reflection sustainable with of CCHX our vehicle us next affirmation for and differentiation our positions $X income our expect business. our the our CCHX launch be investments the committed partnership XX to incremental and of partnership The portfolio investments sheet as enhanced access X an difficult of strategic a and financing over is underlying and billion CCHX that ceded to is designed, this balance with investment

ratings quarter was The Marc development provided costs investment S&P stats. our upgraded placed by Moody's. by to investment-grade provides go tenure existing watch us grade access positive among were lower in articulate. by bond longer Fitch second fully and have These along of We investment-grade to stability, that and the with on retainment rating market, positive other the which attributes our more will

and the CCHX single a investment-grade into Summarizing ratings sentence.

we raise pivotal just moment our assess capital reduced the of reduced significantly several Therefore, at as as have the XX% positive for and needs industry are holistically position capital a We to the XX% and HASI's we access, ourselves. we by cost catalysts. trends

complex said business. we last Investor on I but model, year, As business simple a Day have a

can maintain to encapsulated the our long-term assets, Our deep establish be but business markets requires as clients' relationships. a ability business understanding and of climate model finance and structured energy

team profitable to differentiated experienced these strong to energy growth. sources meet investment talented the to enhanced continue and diversified of qualified strategy of increasing operate needs and and Our and capital uniquely the combination of access on scale industry and capital with capitalize positions is perfectly margins to trends stable a transition. This HASI

Marc to greater And the detail. that, call quarterly with pass discuss financials to along I'll the in

Marc T. Pangburn

I'll X. Jeff. on start Slide Thank you,

basis business. the the highlighted, this and our will to see our business how results, to second I'd just cover Before which impactful between our I Jeff like shows chart X time on points. has XX in differential investment-grade over for be First, XXX We benefiting primary left emphasize The on and take BBB point averaged the cost. rating years, bonds ways: the spread last some change BB the quarterly X

more compression Compare approximately the within XXX inaugural spread a this a To XXX to at specific $X credit issuance XXX of in cost. of our previous be than points. basis our to weighted high-yield platform, XXX corporate we greater HASI, billion investment-grade of basis debt basis spread of points point average raised

reliably maturity Second, for bonds better now liability duration access we aligning longer asset and our need and our activities. more minimizing hedging can

the evidenced the graph Third, meaningfully as by resilient is IG more dislocations occur, when the market on left. market

XXX now will example, substantially than cost-effective dislocation, best increased basis largest the invest market dislocations source Generally, initial during costs. our COVID points market be the times high-yield For more more these investment-grade times. by during these and during funding costs to the

intangible margins over attractive are profile the combination of as investments. affirmation term. the general to the long believe continue such credit We of there drive that will the our benefits of Finally, these factors

note, Turning about $XX the year-over-year. XX% gain $X.XX and to income of cover to sale on quarterly $XX million, was XX% million Slide X to results. EPS $XX year-over-year fees investment income Adjusted up securitization and Also year-over-year, million. to net grew rose adjusted

of expansion bit Slide to and a guidance we be sale X. gain on As expect our back XXXX. and fairly managed the 'XX. Stepping during to moving a highlights window This assets since consistent the with 'XX reminder,

have X.X%, more the in during consistent than portfolio, our approximately consistent portfolio reminder, today, include to of half which by we than our assets investments managed yield includes risk the yields whereas QX. is managed investing asset of $XXX first 'XX new with half, XXXX, a a securitized first we're greater Since and or our As This more Perhaps during investments our during than the with new million XXXX. XX.X% greater was grown assets million CCHX. through closings $XXX have the QX end billion of $XX XX% important, half the for profile. first

Slide to X. on Moving

we And at our of QX, billion on continue across Our asset maintaining portfolio the stood our focus items $X.X classes. XX% year-over-year. at diversification up of note. Two end

higher note not one driven size CCHX reinvest we been The out million transaction syndicating have have rotations transaction. of on it the it of CCHX, we solar $XXX currently broken the resi yet approximately at our comprised lower-yielding decreased asset to C&I Given is or yields. that portfolio our and investments also where focus solar one of separately, but by ceding selling and

Slide quarter. our prior remain the XX. around and The Next, consistent on ROE margins with narrative

ROE primarily sale. elevated 'XX on is half Our by first gain driven

as are new portfolio continues funded. yield to transactions Our increase

is debt cost down in of but QX actually X.X% increased has X.X% 'XX. to from to XX%, of Our relative

recent of forward to with -- risk, was starting the we $XXX actually like million rate I'd for a the swap to bond lock expected X%. managed refinanced the rate The coupon bond. also our into base refinancing. we 'XX The interest bond XXXX refinancing a on entered touch a

'XX factoring coupon with the X of years unwound the impact the the additional X%, tenure. itself the an the refinancing to was identical X% cost on swap. also After of of in swap, We effective

Finally, on Slide XX.

the few terms balance a sheet, important updates. of In

$X.X our we are ratio the half declined paying X.Xx to after leverage revolver, with Our second of and down liquidity. XXXX billion of entering

right, Additionally, we maturities. the on have near-term minimal

We to profile. manage our continue a maturity ladder liability to platform

and see today. opportunity to pipeline and liquidity maturities near-term environment our position investment minimal attractive us on capitalize Our provide we the

Jeff remarks. With I'll for that, pass back closing it to

Jeffrey Lipson

Marc. you, Thank

award notable detail XX. sustainability a We sustainability rating from and from green items, regarding highest impact Page our the Reuters framework to bond receiving Turning various culture. including S&P's and

Let's energy us pure Page with HASI a differentiated to XX. remains model, transition. conclude business play uniquely the capital preeminent positioned on remain the enabling to provider

capital, years. and Our us look thank to paired improved next and with of I forward attractive our for margin XXXX. existing our positions we a to an return, outstanding second half for like successful growth to ideally capital our quarter talented access the as over investment success would liquidity several another to team

Operator, please open the line for questions.

Operator

question have The Company. Kaye first of from Instructions] we [Operator Oppenheimer & Noah is

Noah Kaye

A in housekeeping positive Maybe quick one. just a developments of lot first remarks. your noted

we that? would a Looking collections not color through bit And give on just financing be drove the treat from information really any assume statement, was that what you there it like little but principal Can in typical, I more big cash that a as number helpful. us receivables. should flow looked

Marc T. Pangburn

large to to And and to rotation the in that. today. that -- at run our So the course been One seeing but loans that our it to I some was were primarily identifying about loans talking higher fits looking some yields is a amortization program. a of this have lower on parties would into at we we're reinvest yield bring ordinary regular say, that rate other We've quarter, being to general do a of that of asset take able were it. piece X there due us components larger cash just

Noah Kaye

follow-up. Okay. And then a

an have looks the primarily it like skews It on You the pipeline appendix. and FTN. behind update meter the in

of of So think fact, we the that? would favorable north or continuing, imply for trends about in on those on confirmation, spreads, likely cost the given yields is debt. increasing Which should also XX.X%

Jeffrey Lipson

for the thanks So questionNoah.

as think the closings. yield pipeline recent you being of think consistent I the with should

levels same I been pipeline most So what's at that of the think at in closing in XXXX. we've which is transactions

Noah Kaye

in assets, the early did I And maybe in vehicle life believe, the CCH of last actual just size appreciate one. not the release. Great. one I breaking vehicle, in out the the kind disclose but roughly of clarify of to you would out? And revenue would should equity mean say. rather, to have about income for I or what get you it separate or breaking in just it terms would to us before contribution, that think a line what

Marc T. Pangburn

Sure.

So to just in terms it'd itself out, in our it create that. likely pros. I think in high is we the become One pie how X various a of chart either break of as we a would slice and pie charts or deck the new a components

down the we're of to the will and we In items the terms financial management in asset revenue financial break for small streams time too the right the how statement. in from consider to the of just up example, it recurring to those certainly upfront statements, future. CCHX, on show fees, the fee continue out the will line break But

Operator

Lee from Sachs. of next Brian Goldman we The have question is

Unknown Analyst

Tyler [ ] is Brian. for This on Bisset

from no the leases commitments you in a year. implications longer providing earlier SunPower involved fund any PPAs announced strong financing there million of Additionally, and portion of are SunPower funding this existing were First, project on $XXX

So is get there these any underutilized redistributed? returned to able funds existing or may that capacity be on

Jeffrey Lipson

less originations of small to of ask SunStrong you other understand of Number questions And I it's a sort XXXX. thanks, turn things existing may since would X% little it, broader one, than to is, SunStrong. assume very very So to the be it's appendix. small and answer a the Page the for X just portfolio. even in a related HASI think question. X, number the portion portion, to And been Tyler, than to about there'll asked I XX that I folks

So it's impact incremental an point not business from likely to view. us of

collateralized the well. changed homeowners servicer to loans the all on from by the continue unimpacted flows leases obviously any and Third, are SunPower. underlying themselves underlying our And as fully X, of [ all of mezz can as that Number little loans are be cash ] X, by leases of documents. bit part a disruption SunStrong perform the are from number based

is there so servicer. And some there'll successor a be chance

that we to the challenges when So together, embedded servicer. things that or investments And funding don't specific facility. X have. at you at We're given answers facility under in risk feel to elevated are the SunStrong take we their with hopefully, your those related at point the risk the not like in questions this

Unknown Analyst

power data it as remarks. lot happening Super opening in of discussed then demand, in there's helpful. you a which And been your investment the world center relates to

opportunities there you So you you? capture where we you specifically Additionally, expect can this Any allow can bit on this thoughts with see appreciated. more call a trend up can to show would to most can for how Have seen agreement KKR you discuss any out? better growth. specific your be

Jeffrey Lipson

allows around less the last and of that which benefit Nickey part, answer markets. capital, some part scale The us to question. the capital first then and me let of really I'll KKR is more Let rely Susan on business to answer the committed access

asset scale generally to us allow just the classes. will business vehicle that So in all

center to I'm As to ask we going where answer business that. elevated data from Susan to might development. relates it see specifically

Susan Nickey

data like we're really Thanks, And it Yes, energy. the continuing escalate. every which another forecast, growth, we'll Jeff. the seeing get center driving increased forecast Yes. is week, demand to for seems

energy, And So how us, as seeing that that into a energy projects that the referred the the only Googles, data our want to demand. pipeline. translates of sponsors clean Amazons finance offtakers who translate to are but developer in the the largest satisfy energy. centers not We're who beginning, building we again, lot too are corporate looking certainly for the the companies, big are they names that other to and are Jeff that

in our sectors way parts a other driving different pipeline continuing to positively. overall also and also impact the in of that's things growth So

Operator

we [ ] question is Demilanmith next from of The Julien have Jefferies.

Unknown Analyst

for on Hannah is This Julien.

and So should just pace KKR the pace how that over the think transfers of that distributions few question about now? growing a the XX% we been given How quick think growth? for year-over-year growth about we from should around assets. a also they've partnership managed of impacting quarters And

Marc T. Pangburn

actually to one take I'll take happy the Sure, first. that. second

a onetime basis, of that would CCHX assets new the closed be just had I the On balance and use the we partnership. a assets those CCHX. into to investments terms where dynamic directly on entity, seed In our expect some as go-forward sheet transfers would to

of or securitized, about think showing would in that closed all prongs be being about whether up a of to think I So X to transaction in those -- in they how CCHX closed dynamic. would transfer the in But there there of on be managed that and our can terms managed assets, end assets side. not portfolio also tie up the in growth annual our you would transactions

Unknown Analyst

then just strategy thinking going search you have are about given new especially the new Got out And months. past bit follow-up, a go few recovered in is it. and shares how partnerships? to generally, forward, still your a the as partnerships that for

Jeffrey Lipson

Well, it's price. unimpacted by the share

investment very on the business has business Our client-centric. of side been our

So joint that's clients, that with other element and an of partnerships ventures unchanged often our involves strategy. and our

obviously -- we've exclusive done more side, next liability is less billion of the the or transaction for KKR. months. this $X in XX as recent That On with that think

And focus we just the so yet be on operationalizing any liability we We're have partnerships won't with going seeking what to KKR. on just side.

Operator

we of Baird. Ben question have is Next Kallo from

Ben Kallo

terms I size of Jeff, any talk KKR said capital. you change the you that seen -- But Could or deal providing deals flow it's know know in deals? I have just maybe around you or the new.

question. So my first that's

Jeffrey Lipson

of in in deals having seen not related or we've as to terms any deal program specifically Well, place. changes sizes CCHX the

the invisible to side client just business. to it capital a really investment of our to is that's our So relationships, really our business element

the we've side how on impacted business. not of the And so operated it's no, investment

Ben Kallo

houses, hearing what guys just in day change? anything know but day, And it you know a you maybe but potentially the changes of under us expand IRA have D.C. you could you operated color are kind on guys can I you then give different could White I and by upon

Jeffrey Lipson

Ben, shared I'm Sure. by anything different to substantial changes than it the view, the in said given others creation, hearing, how tax that to remarks are question. code. we're prepared in others as I our related job for unlikely, energy And public hearing the given general the but clean just is economics, thanks, it's not sure difficult given policy somewhat are change my

things but be may sweep, impact it's So instance, view and for significantly things would that nothing a that that, credits if our to business. were, like our there EV there changes some tax Republican like

and deem energy, as said, the really addressable We that market overwhelming public are demand very unlikely just too transition, that impair energy clean the therefore, the and is HASI. the going of deployment the for I growth, not such to economics policy

Operator

The next Mandloi question we from have Mizuho. of Maheep is

Maheep Mandloi

background here. noise Apologies for

-- how Just first billion joint we your much for just one details or of that the is on is [ But to part from PPS?] gave -- just that impacted on you venture. of residential to and Thanks to by think do it the And this? stop the refinancing exposed also is SunStrong understand of curious question the their trying leases if that. SunPower pipeline solar impacts pipeline is the ABS how $X.X does

Jeffrey Lipson

Marc part. take and part Maybe second can first I'll the the take

related in less how very, much X% that was is the pipeline have continues decent we XX. large, showed XXXX. is originations the impact, pie in it very being your our meter so relatively question, to of than on perform when class that relates to invest portfolios continue that been that again, percentage asset show resi as solar partners slice since you well. SunStrong The resi class to continue see As we of an to It's our total us. pipeline, minimal of originations and the of portion they still there asset will have solar. And a behind Page

strategy So our there remains overall intact.

it As specifically of ABS Marc to answer SunStrong the ask I'll portion to relates the that. question,

Marc T. Pangburn

Sure.

ensure level the And are as at is, services ultimately, to support as asset and with So perform can years various and replaced I -- we've extremely are done asset And since -- level SunPower providers the performance. on through issuance performance. would continued we've that providing service that as ABS the perform ABS that has to contracts, X investors the necessary. asset focused is be well. service all identified this note other that that the providers portfolio they point, service previously, and

So assets. I'd to performance continue investors on expect the to the focus ABS the of

Maheep Mandloi

the the Appreciate on building And the maybe it. you question the which -- kind for billion way think any that. of are think elections? just these impact about $X.X or taxes, if other pipeline Ben's on [indiscernible] to Got of elections EV

Jeffrey Lipson

So all. a repeat EV And again, at I pipeline affect not something tax the again, would bit. credit like think it's our to

our think our are likely I any that clients' that be ones changes impact or correspondingly we impact would not feel development would pipeline.

Operator

The of have Osborne next from question is we Jeff Cowen.

Jeffrey Osborne

side. on I step driving ones Just half, that? was guidance second I right, couple on if a you down sale comments you my following Could discuss heard think the I in of quick If would gain just right. mentioned the what's the you

Marc T. Pangburn

Sure.

securitize the are And is of But that gain to we've and the these half generally term and time a in performed, continue that on relative the terms there's, back gain identifying year relatively the in we comes at and plenty our forecasting end first a day, to has the be in these what bit. So And somewhat imply that we've been to think within 'XX. I use of we to lumpy down second of of pretty strong 'XX would sale originate identified 'XX you're course, used half half which both -- on of are the before. the sale, 'XX of just flat forecast can transactions. half

success, but And it. so have we've in continue forecasting hopefully, not not the of half we're year. been been the we successful pretty -- that we'll first And

Jeffrey Osborne

success at follow-up the related. was in the of all the half in REIT no, first quick the or a driver change that on a Just status not

Marc T. Pangburn

No, that impact. no had has

Jeffrey Osborne

should we you the just pipeline think I then think have? yields here the with second And that half sequentially. about for it. have Got the portfolio been How that flattish

Jeffrey Lipson

will more effect to vintage recent as positive Jeff, have these a we So be trend will closings think on yield. that fund the continue portfolio I

we the the yield, those So transactions reported so dynamic half at funded closing far yet. haven't as many in first of but have higher that

So you haven't in yet. yield seen show really portfolio it up

So portfolio billion you'll Again, up. show now. see it $X it's gradually a

So up the start much. to But portfolio new second in push ones impact only here closings half. as will these so yield it new fund,

Jeffrey Osborne

Board it. the Got last whole level, would which you one or at lower approach consider The using in And to more get investment is rates. debt now for at on and But as your maximum it had longer approach debt leverage duration it I the a that capability, of and be broader does will a longer-duration total just you obvious just terms change a to lower just great rating. debt? can ratio cost grade your the

Jeffrey Lipson

no there. No, change

fact, leverage. the agencies very on rating are focused In

we investment-grade to is. where maintain to so the leverage have rating, keep And it

view no Marc increasing lower change, The there's longer cost only towards leverage. duration. So as real said, the and is

Operator

Riley Securities. we of B. The ] Ryan from is [ question Tink next have

Unknown Analyst

X half just quarters could If on Just think the looking on the one. up was the in upside to understanding high. sale first strong guidance X first first guide? you gain after and about Could the if strong performance imply Jeff's at next the help to follow us quarters in we're year full pretty half,

Jeffrey Lipson

the that's premature, speaks XXXX. think I to guidance Ryan. And obviously

guidance guidance yet. changes just our guidance good has XX-quarter and I don't period, that think X And to first up quarters a the in address guidance causes of in start. our I think off to But been a to us So we're call. February cadence bump the

we'll we'll do something in but So more to may call, November usually then, that's more if have July may it's something the adjust. or -- say it the not likely say we we and have say, we to to what do say, not

Unknown Analyst

And you all? what them there. affected change has coming then more little talk just the We've enough. up cadences there's maybe administration. if can election in the that of Fair your November one talked But about you expect at customers' the understanding. ahead in And election about happen impact Yes. if on might a

Susan Nickey

to community in demand clients an the opening those up continuing but and number are the the meter by also and sometimes Again, behind corporates with global They the being only connected demand provide clients able solar. corporate not growth grid and and really follow to markets procurement. of insatiable and side, leaders PPAs are our power, and in develop also in the other in a

have again, great and So markets. in the are for states. community they're been some in demand meet an trends We capture growth macro opening their also, always that solar we policies see adopting up to see the this important we driver opportunity pervasive states that economic the of other and and

Operator

The of Strouse from Mark JPMorgan. next we have question is

Mark W. Strouse

I of the credit your towards medium-term here, there Or until of this Yes. question, of kind I of you guidance -- previous apologize you your just cadence joined kind signaling I there's that the updating the XQ end that still it that is late, calls. with addressed. if get kind of about rain? so potentially thinking really not investment-grade could are already on kind it Is just out kind was existing lower looking think, of that rating. the debt something going the But back, just of and at targets to impact of cost

Jeffrey Lipson

may guidance the -- through versus I think It's anything. we've and X% We're so hidden as we out upside, and business, little there's gain coincidental now. how it that it's half There's transactions securitized down the that question had a in have a there's dip of second first there's we good we're out constantly there, particularly sale, It's answer but anything. an comfortable more second strong the more we know real always, And really half on many thematic just don't we're don't right we'll put closed just I either. again with there. half guidance half. assessing in first reforecasting XXXX, feel look the we nothing out in a than comfortable Mark bit and our of there. the Again, downside that with them at year already coincidental about. any in that agenda to or February. identified to there is XX% And

Mark W. Strouse

Is about credit it feel though the rating? say since to fair investment-grade range better that you

Jeffrey Lipson

better We investment Yes. financial having margins affirm the I the that. business, achieved feel about about will grade. about do performance

So yes. is the answer that to

Operator

end we and Q&A your call. for the now you reached you gentlemen, conference disconnect may Thank and of session. Ladies lines. the us, that, it joining have And concludes with today's

Hannon Armstrong Sustainable Infrastructure Capital (HASI) 1 Aug 242024 Q2 Earnings call transcript