HA Sustainable Infrastructure Capital Inc (HASI) 2025 Q3 法說會逐字稿

(audio in progress) Earlier this afternoon, HASI distributed a press release reporting our third quarter 2025 results, a copy of which is available on our website, along with the slide presentation we will be referring to today. This conference call is being webcast live on the Investor Relations page of our website, where a replay will be available later today.

（音頻播放中）今天下午早些時候，HASI 發布了一份新聞稿，報告了我們 2025 年第三季度的業績，該新聞稿的副本以及我們今天將要提到的幻燈片演示文稿都可以在我們的網站上找到。本次電話會議正在我們網站的投資者關係頁面進行網路直播，稍後將提供回放。

Some of the comments made in this call are forward-looking statements, which are subject to risks and uncertainties described in the Risk Factors section of the company's Form 10-K and other filings with the SEC. Actual results may differ materially from those stated. Today's discussion also includes some non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is available in our earnings release and presentation.

本次電話會議中的一些評論屬於前瞻性陳述，這些陳述受到公司 10-K 表格「風險因素」部分以及向美國證券交易委員會提交的其他文件中所述的風險和不確定性的影響。實際結果可能與所述結果有重大差異。今天的討論也包括一些非GAAP財務指標。我們的獲利報告和簡報中提供了 GAAP 與非 GAAP 財務指標的調整表。

Joining us on the call today are Jeff Lipson, the company's President and CEO; as well as Chuck Melko, our Chief Financial Officer. And also available for Q&A are Susan Nickey, our Chief Client Officer; and Marc Pangburn, our Chief Revenue and Strategy Officer.

今天參加電話會議的有公司總裁兼執行長傑夫·利普森，以及財務長查克·梅爾科。此外，我們的首席客戶長 Susan Nickey 和首席營收和策略長 Marc Pangburn 也將出席問答環節。

To kick things off, I will turn it over to our President and CEO, Jeff Lipson. Jeff?

首先，我將把發言權交給我們的總裁兼執行長傑夫·利普森。傑夫？

Thank you, Aaron, and thank you, everyone, for joining the call. Welcome to the HASI Q3 2025 earnings call. Before we discuss the prepared slides, I'd like to start the call today by reiterating four aspects of our business model and how they interact with recent market developments.

謝謝亞倫，也謝謝各位參加這通通話。歡迎參加 HASI 2025 年第三季財報電話會議。在討論準備好的幻燈片之前，我想先重申我們商業模式的四個方面，以及它們如何與最近的市場發展相互作用。

One, the demand for energy continues to increase and virtually all forecasts expect this trend to continue. This demand will clearly result in greater supply, facilitating ongoing development by our clients, which in turn increases HASI's total addressable market. Therefore, the current underlying economic trends are a tailwind for our business. Additionally, if demand causes power curves to increase, our existing portfolio of investments will become increasingly more valuable.

第一，能源需求持續成長，幾乎所有預測都認為這個趨勢將會持續。這種需求顯然會帶來更大的供應，從而促進我們客戶的持續發展，進而增加 HASI 的潛在市場總量。因此，當前的潛在經濟趨勢對我們的業務來說是順風。此外，如果需求導致電力曲線上升，我們現有的投資組合將變得越來越有價值。

Two, the operating environment remains conducive to business-as-usual activities. Capital markets have experienced relatively low recent volatility, and our clients' pipelines continues to be active and growing. Therefore, the backdrop remains very supportive for expanding our investment volumes.

第二，經營環境仍有利於進行日常業務活動。近期資本市場波動性相對較低，我們客戶的業務管道持續活躍且持續成長。因此，目前的環境仍然非常有利於我們擴大投資規模。

Three, we continue to demonstrate that our business is able to achieve meaningful EPS growth in all interest rate environments. Since interest rates began to rise in 2022, we've been able to continue to grow our earnings with higher-yielding investments, prudent hedging strategies and opportunistic debt issuances.

第三，我們不斷證明，無論在何種利率環境下，我們的業務都能實現有意義的每股盈餘成長。自 2022 年利率開始上升以來，我們透過高收益投資、審慎的對沖策略和機會主義的債務發行，得以繼續提高獲利能力。

With three investment-grade ratings and our CCH1 co-investment vehicle, we have become even less exposed to changes in interest rates. If the yield curve steepens going forward, we do not expect any material impact on our profitability.

憑藉三個投資等級和我們的 CCH1 共同投資工具，我們受利率變化的影響更小了。如果殖利率曲線未來趨於陡峭，我們預計不會對我們的獲利能力產生任何實質影響。

And four, virtually all of our investment markets are currently providing attractive opportunities. Utility scale renewables and storage distributed solar and storage, energy efficiency, renewable natural gas and transportation have all been active markets for us in 2025 and continue to be well represented in the pipeline. And we remain excited with the emergence of our pipeline of Next Frontier opportunities.

第四，我們幾乎所有的投資市場目前都提供了一個有吸引力的機會。2025 年，公用事業規模的再生能源和儲能、分散式太陽能和儲能、能源效率、再生天然氣和交通運輸都是我們活躍的市場，並且在未來的專案中仍將佔據重要地位。我們對不斷湧現的「下一代前沿機會」計畫感到興奮不已。

In summary, these four items reinforce the framework of our successful business model, further evidenced by our outstanding results this quarter. We just completed the most profitable quarter in our history and closed the largest investment in our history as we continue to consistently achieve our goals and provide outstanding returns to our investors.

總而言之，這四點鞏固了我們成功的商業模式框架，本季我們所取得的優異業績也進一步證明了這一點。我們剛完成了公司歷史上獲利最高的一個季度，並完成了公司歷史上規模最大的投資，我們將繼續穩步實現我們的目標，並為我們的投資者帶來卓越的回報。

Now let's turn to the slides, beginning on slide 3 and highlight a few key metrics. Our adjusted earnings per share in Q3 was $0.80, the highest quarterly EPS we have ever reported. This result was driven by strong growth in all of our components of revenue, which Chuck will discuss in more detail. Adjusted recurring net investment income, the new financial measure we introduced last quarter is 27% higher year-to-date over last year.

現在讓我們來看投影片，從第 3 張投影片開始，重點介紹幾個關鍵指標。第三季調整後每股收益為 0.80 美元，這是我們有史以來公佈的最高季度每股收益。這一結果得益於我們所有收入組成部分的強勁增長，Chuck 將在後面詳細討論這一點。經調整的經常性淨投資收益（我們上個季度推出的新財務指標）今年迄今比去年同期成長了 27%。

And our managed assets, which includes our portfolio as well as our partners' assets in CCH1 and the assets we have securitized off balance sheet, were up 15% year-over-year to $15 billion. And our year-to-date adjusted ROE also has experienced significant year-over-year growth, rising to 13.4%.

我們的管理資產（包括我們的投資組合以及我們在 CCH1 的合作夥伴資產和我們已證券化的表外資產）年增 15%，達到 150 億美元。今年迄今的調整後淨資產收益率也實現了顯著的同比增長，升至 13.4%。

We are reaffirming our guidance for 8% to 10% compound annual EPS growth through 2027 and noting that we expect to achieve roughly 10% adjusted EPS growth in 2025. As detailed on slide 4, we continue to make progress in the key areas of value creation for our business, one, originating new investments; two, optimizing return on our existing assets; and three, managing our liabilities and lowering our cost of capital.

我們重申先前對 2027 年複合年均每股收益成長 8% 至 10% 的預期，並指出我們預計 2025 年調整後每股收益成長率將達到約 10%。如投影片 4 所述，我們在為業務創造價值的關鍵領域持續取得進展，一、開發新的投資；二、優化現有資產的回報；三、管理負債並降低資本成本。

First, in terms of new investments, as the box on the left indicates, both volumes and returns have been strong year-to-date. Not only did we close more than $650 million of new transactions in Q3 for a total of $1.5 billion through the first three quarters of 2025, but we closed on a $1.2 billion investment early in Q4 that has put us on a path to close more than $3 billion for the full year 2025, up more than 30% year-over-year.

首先，就新投資而言，如左側方框所示，今年迄今為止，投資量和回報都表現強勁。我們不僅在第三季完成了超過 6.5 億美元的新交易，使 2025 年前三個季度的總交易額達到 15 億美元，而且在第四季度初還完成了一筆 12 億美元的投資，這使我們預計在 2025 年全年完成超過 30 億美元的交易，同比增長超過 30%。

We will discuss this investment in greater detail later in the call. Importantly, it is not only volumes that have been elevated, but our returns as well, with new asset yield in Q3 greater than 10.5% for the sixth quarter in a row. Meanwhile, our pipeline remains above $6 billion, even after taking into account the large October transaction.

我們將在稍後的電話會議中更詳細地討論這項投資。重要的是，不僅交易量有所增長，我們的回報也有所提高，第三季的新資產收益率連續第六個季度超過 10.5%。同時，即使算上 10 月的大筆交易，我們的專案儲備仍超過 60 億美元。

Second, we do not simply create value originating investments, but also in how we optimize returns over the life of the investment. One example of this is the targeted asset rotation strategy we executed in 2024 through which we were able to monetize certain lower-yielding assets in our portfolio for a gain while generating cash that we were able to recycle into higher-yielding assets.

其次，我們創造價值的方式不僅限於發起投資，還包括如何在投資的整個生命週期中優化回報。例如，我們在 2024 年執行了有針對性的資產輪動策略，透過該策略，我們能夠將投資組合中某些收益率較低的資產變現以獲取收益，同時產生現金，並將這些現金再投資於收益率較高的資產。

In Q3 of this year, we refinanced the senior ABS debt within the SunStrong residential solar lease portfolio, resulting in significant paydown of our mezzanine debt investments and a meaningful cash distribution to the SunStrong equity owners, of which we are 50%. This distribution created significant earnings in the quarter as we began to monetize the increasingly valuable SunStrong platform.

今年第三季度，我們對 SunStrong 住宅太陽能租賃組合中的高級 ABS 債務進行了再融資，從而大幅償還了我們的夾層債務投資，並向 SunStrong 的股權所有者（我們持有 50% 的股份）進行了有意義的現金分配。此次分紅在本季創造了可觀的收益，因為我們開始將日益有價值的 SunStrong 平台貨幣化。

We have also maintained a strong risk return profile in our portfolio as evidenced by minimal annual realized loss rate of under 10 basis points. This low level of losses reinforces the predictability of our cash flow and our ability to effectively underwrite investment opportunities. And lastly, we maximize value in our business with our low-cost, diversified and efficient debt and capital platform.

我們的投資組合也維持了良好的風險回報特徵，年度實際虧損率低於 10 個基點，就證明了這一點。如此低的損失水準增強了我們現金流的可預測性以及我們有效承銷投資機會的能力。最後，我們透過低成本、多元化和高效的債務和資本平台，最大限度地提升業務價值。

It's notable to highlight that even after refinancing a portion of our low-cost debt due in 2026 at today's higher market rates, the increase in our cost of debt was only 10 basis points at 5.9% in Q3. In addition, we opportunistically added $250 million in hedges in September that reduced the base rate risk for our next debt issuance.

值得注意的是，即使在以當前較高的市場利率對 2026 年到期的部分低成本債務進行再融資後，第三季度我們的債務成本也僅增加了 10 個基點，達到 5.9%。此外，我們在 9 月抓住機會增加了 2.5 億美元的對沖，從而降低了我們下一筆債務發行的基準利率風險。

Turning to slide 5. As I briefly mentioned a moment ago, we are excited to announce a new investment that closed in October but is significant enough to mention on our Q3 call. It is a $1.2 billion structured equity investment in a major component of what will be the largest clean energy infrastructure project in North America once completed in Q2 of next year.

翻到第5張投影片。正如我剛才簡要提到的，我們很高興地宣布一項新的投資，該投資已於 10 月完成，但由於其重要性，我們決定在第三季電話會議上提及。這是一項價值 12 億美元的結構性股權投資，用於投資北美最大的清潔能源基礎設施項目的重要組成部分，該項目預計將於明年第二季完工。

HASI's involvement in providing capital to this project is truly a milestone event for our company and a reflection of the transaction size we can now accommodate given our access to capital. Developed and managed by one of the world's largest developers and owners of clean energy and transmission infrastructure, the project has several components.

HASI 參與為該專案提供資金，這對我們公司來說確實是一個里程碑事件，也反映了我們現在憑藉現有資金所能承擔的交易規模。該項目由全球最大的清潔能源和輸電基礎設施開發商和所有者之一開發和管理，包含多個組成部分。

Our specific investment is for 2.6 gigawatts of wind power supplied by the largest US turbine manufacturer and backed by PPAs with a weighted average life of almost 15 years, including counterparties spanning energy majors, utilities, community electricity providers and universities.

我們此次的具體投資是購買由美國最大的渦輪機製造商提供的 2.6 吉瓦風力發電，並有購電協議 (PPA) 的支持，加權平均期限接近 15 年，交易對手包括能源巨頭、公用事業公司、社區電力供應商和大學。

Consistent with our discussion last quarter, we are investing at a derisked stage as most of our funding will occur in the first half of 2026. The expected return on the investment is consistent with our typical return targets on recent utility scale investments.

與上個季度的討論一致，我們正在進行風險較低的投資，因為我們的大部分資金將在 2026 年上半年到位。預期投資回報與我們近期公用事業規模投資的典型回報目標一致。

The total investment commitment is $1.2 billion. However, the net impact to HASI's balance sheet will be much lower due to the investment closing in CCH1, resulting in an initial proportional commitment of approximately $600 million.

總投資承諾金額為12億美元。然而，由於 CCH1 的投資完成，對 HASI 資產負債表的淨影響將要小得多，從而導致初始比例承諾約為 6 億美元。

Subsequently, we may add back leverage to the investment, further reducing our long-term hold. As noted earlier, this is not included in our Q3 financials and will be considered a closed transaction in Q4 with the vast majority of funding expected in Q2 of 2026.

隨後，我們可能會重新增加對該投資的槓桿，進一步減少我們的長期持有期限。如前所述，這筆交易未計入我們的第三季財務報表，並將於第四季被視為已完成的交易，預計絕大部分資金將於 2026 年第二季到位。

Turning to slide 6. Our pipeline remains above $6 billion, including a pro forma adjustment to remove the $1.2 billion project just discussed as other investment opportunities have replaced this amount in the pipeline. Our pipeline of new investments remains highly diversified with strong undercurrents of demand in each of our key end markets.

翻到第6張投影片。我們的專案儲備仍超過 60 億美元，其中包括一項形式調整，剔除了剛才討論的 12 億美元項目，因為其他投資機會已經取代了儲備中的這部分金額。我們新的投資項目儲備仍然高度多元化，每個主要終端市場都有強勁的潛在需求。

Higher retail electricity rates are facilitating demand in our BTM asset classes, including not just rooftop solar, but importantly, energy efficiency as well. Meanwhile, residential solar leases are expected to gain market share from loans and cash sales following the expiration of the 25D ITC at year-end. And our business is largely focused on leases and serving this end market.

零售電價上漲促進​​了我們BTM資產類別的需求，不僅包括屋頂太陽能，更重要的是，還包括能源效率。同時，隨著 25D ITC 在年底到期，住宅太陽能租賃預計將從貸款和現金銷售中獲得市場份額。我們的業務主要集中在租賃領域，服務於這個終端市場。

In addition, the grid-connected end market is experiencing larger project sizes to accommodate the growth in US power demand, clearly driven by data centers, but also domestic manufacturing and the expanding use cases of electrification in general.

此外，併網終端市場正在經歷更大的專案規模，以適應美國電力需求的成長，這顯然是由資料中心、國內製造業以及電氣化應用場景的普遍擴展所驅動的。

Likewise, demand underpinning our fuels, transport and nature end market remains strong with RNG facilities in construction or in development expected to double the current installed base in North America. And finally, our Next Frontier asset classes remain an exciting new opportunity.

同樣，支撐我們燃料、運輸和自然終端市場的需求仍然強勁，在建或開發中的 RNG 設施預計將使北美目前的裝置容量翻倍。最後，我們的「下一代前沿資產類別」仍然蘊藏著令人興奮的新機會。

And with that, I will ask Chuck to discuss our financial results.

接下來，我將請查克談談我們的財務表現。

Thank you, Jeff. On slide 7, we highlight our Q3 profitability. And as you can see, we had meaningful growth in many of our key metrics. Jeff already highlighted our record quarterly adjusted EPS of $0.80, and our year-to-date adjusted EPS is at $2.04, up 11% year-over-year. This growth is driven largely by our primary source of revenue, adjusted recurring net investment income, which grew year-over-year by 42% in the quarter and 27% year-to-date.

謝謝你，傑夫。在第 7 張投影片中，我們重點介紹了第三季的獲利情況。正如你所看到的，我們的許多關鍵指標都實現了顯著成長。傑夫已經強調了我們創紀錄的季度調整後每股收益為 0.80 美元，而我們今年迄今為止的調整後每股收益為 2.04 美元，同比增長 11%。這一成長主要得益於我們的主要收入來源——調整後的經常性淨投資收益，該收益在本季度同比增長 42%，年初至今同比增長 27%。

We are growing the recurring earnings portion of our adjusted EPS, and our equity efficiency has also helped us increase our year-to-date adjusted ROE to 13.4% compared to 12.7% for the same period last year. This growth in our adjusted ROE is demonstrating the meaningful benefits from our CCH1 co-investment vehicle, which I will speak to in a few slides.

我們調整後每股盈餘中的經常性收益部分正在成長，而我們的權益效率也幫助我們將今年迄今的調整後淨資產收益率從去年同期的 12.7% 提高到 13.4%。我們調整後的 ROE 的這一增長表明了我們的 CCH1 共同投資工具帶來的顯著收益，我將在幾張幻燈片中對此進行詳細介紹。

One last point on our metrics. Our GAAP net investment income does not include the earnings from our equity investments. Therefore, the adjusted recurring NII will continue to be greater than our GAAP NII. Now that I have highlighted the key results for the quarter, some additional context is useful. Jeff mentioned our diversified business model earlier.

關於我們的指標，最後一點。根據美國通用會計準則，我們的淨投資收益不包括股權投資的收益。因此，調整後的經常性淨利息收入將繼續大於我們的 GAAP 淨利息收入。現在我已經重點介紹了本季度的主要成果，一些補充背景資訊會很有幫助。傑夫之前提到過我們多元化的商業模式。

And I will add that it is also versatile, where we can generate value in different ways, such as through recurring earnings from the underwritten returns on our investments and also optimization transactions where we capture additional value that is embedded in our portfolio, such as through project-level refinancing activities, which we saw this quarter. These optimization transactions may not occur every quarter, but we consistently identify these opportunities year after year.

我還要補充一點，它也具有多功能性，我們可以透過不同的方式創造價值，例如透過承銷投資回報的經常性收益，以及透過優化交易獲取投資組合中蘊含的額外價值，例如透過專案層面的再融資活動，正如我們本季所看到的。這些優化交易可能不會每季都發生，但我們年復一年地持續發現這些機會。

Now on to slide 8. Through the first three quarters of this year, we have closed $1.5 billion of transactions, which is greater than the same period last year. And when incorporating the transaction that Jeff spoke to earlier, we are on track to meaningfully exceed last year's total closed transactions. While transaction closings on their own are not an indicator of profitable growth, if you take into account our ability to generate new balance sheet transaction yields at an attractive level above 10.5%, we're also setting the stage for continued growth in adjusted EPS and ROE.

現在來看第8張投影片。今年前三個季度，我們完成了15億美元的交易，比去年同期有所成長。如果把傑夫之前提到的那筆交易也算進去，我們有望大幅超過去年的成交總額。雖然交易完成本身並不能表明盈利增長，但考慮到我們能夠以高於 10.5% 的吸引力水平產生新的資產負債表交易收益率，我們也為調整後每股收益和淨資產收益率的持續增長奠定了基礎。

Even as interest rates and our own cost of debt have risen over the last couple of years, it is important to note that we have been able to maintain our margins through the increase in our new asset yields and our hedging program. We expect we will continue to maintain attractive margins as well in a declining interest rate environment given our approach to investment, funding and managing interest rate risk.

儘管過去幾年利率和我們自身的債務成本有所上升，但值得注意的是，我們透過提高新資產收益率和實施對沖計劃，得以維持利潤率。鑑於我們在投資、融資和利率風險管理方面採取的方法，我們預計即使在利率下降的環境下，我們仍將繼續保持具有吸引力的利潤率。

Next on Slide 9, we are experiencing double-digit growth in our managed assets as well as our portfolio. They have grown 15% and 20%, respectively, from a year ago. This is the base of assets from which we generate our recurring income. As we have discussed previously, we are migrating to a business model that is less dependent on new equity issuance to generate earnings growth. And the factor in accomplishing this is our CCH1 co-investment vehicle.

接下來在第 9 張投影片中，我們將看到我們的管理資產和投資組合都實現了兩位數的成長。與一年前相比，它們分別增加了 15% 和 20%。這是我們產生經常性收入的基礎資產。正如我們之前討論過的，我們正在向一種減少對發行新股來產生獲利成長的依賴的商業模式轉型。實現這一目標的關鍵因素是我們的 CCH1 共同投資工具。

As of the end of Q3, CCH1 has completed funding of $1.2 billion of investments, leaving $1.4 billion of available capital for future investment with the potential to increase it to $1.8 billion with additional debt at the CCH1 level while keeping its leverage level below a debt-to-equity ratio of 0.5.

截至第三季末，CCH1 已完成 12 億美元的投資，剩餘 14 億美元可用資本可用於未來投資，並有可能透過在 CCH1 層級增加債務將其增加到 18 億美元，同時保持其槓桿水平低於 0.5 的債務權益比率。

Our portfolio yield is at 8.6%, up from 8.3% last quarter as we are starting to see the new asset investments with yields greater than 10.5% start to come through our portfolio. The portfolio yield is the largest contributor to the growth in our adjusted recurring net investment income that is illustrated on the next slide.

我們的投資組合收益率為 8.6%，高於上季度的 8.3%，因為我們開始看到收益率超過 10.5% 的新資產投資進入我們的投資組合。投資組合收益率是我們調整後經常性淨投資收益成長的最大貢獻者，如下一張投影片所示。

On to slide 10, we provide a buildup of our new financial measure that we introduced last quarter, adjusted recurring net investment income. We are now utilizing this metric in addition to our adjusted EPS to measure the profitability of our managed assets as a whole, inclusive of both the net investment income from our portfolio, as well as the recurring fee income from the other assets we manage that are not on our balance sheet. Our year-to-date adjusted recurring net investment income of $269 million has grown 27%. This component of revenue is a consistent source of earnings generated from our existing managed assets.

接下來是第 10 張投影片，我們將詳細介紹我們上個季度推出的新財務指標——調整後的經常性淨投資收益。我們現在除了調整後的每股盈餘外，還利用這項指標來衡量我們管理資產的整體獲利能力，其中包括我們投資組合的淨投資收益，以及我們管理的未列入資產負債表的其他資產的經常性費用收入。今年迄今為止，我們經調整後的經常性淨投資收益為 2.69 億美元，成長了 27%。這部分收入是我們現有管理資產所產生的穩定收益來源。

Turning to slide 11. We highlight a few items that will contribute to managing our liquidity and liability structure and further reduce our cost of capital. Over the past couple of years, we have significantly broadened our sources of capital and between our bank facilities, commercial paper program and our investment-grade ratings, we have a capital platform that is well-positioned to fund our growth needs at an attractive cost.

翻到第11張幻燈片。我們重點介紹一些有助於管理我們的流動性和負債結構並進一步降低我們的資本成本的項目。在過去的幾年裡，我們大幅拓寬了資金來源，憑藉銀行貸款、商業票據計劃和投資級信用評級，我們擁有一個資本平台，能夠以極具吸引力的成本滿足我們的成長需求。

First to mention is a $250 million term loan that closed after quarter end that will provide another source of potential liquidity for the refinancing of our senior bonds due next year. As we reported last quarter, we retired a large portion of the upcoming maturity through a tender offer. With our current liquidity at $1.1 billion at the end of the quarter, this term loan and our access to the investment-grade debt market, we are well-positioned to retire the remaining notes outstanding.

首先要提到的是，季度末後完成的一筆 2.5 億美元的定期貸款，這將為我們明年到期的高級債券的再融資提供另一個潛在的流動性來源。正如我們上個季度報告的那樣，我們透過要約收購償還了即將到期的大部分債務。截至本季末，我們目前的流動資金為 11 億美元，加上這筆定期貸款以及我們進入投資等級債務市場的管道，我們完全有能力償還剩餘的未償票據。

Next, in furtherance of our focus on managing our interest rate risk, we executed an additional $250 million of SOFR-based hedges related to anticipated debt issuances and now have hedged up to $1.4 billion of our future debt issuance.

接下來，為了進一步專注於管理利率風險，我們針對預期債務發行執行了額外的 2.5 億美元基於 SOFR 的對沖，目前已對沖了高達 14 億美元的未來債務發行。

On to slide 12. This slide is a good illustration of the changes we have made to the business over the past couple of years that is accelerating our growth and returns for shareholders. We have historically just provided the total adjusted ROE metric that is highlighted in the dark blue. And while it was steadily increasing over time, it is not painting the complete picture on where our business is headed.

接下來是第12張投影片。這張投影片很好地說明了我們在過去幾年中對業務所做的改變，這些改變正在加速我們的成長，並為股東帶來回報。我們歷來只提供以深藍色突出顯示的總調整後 ROE 指標。雖然這個數字隨著時間的推移而穩定成長，但這並不能全面反映我們業務的發展方向。

With the introduction of CCH1 last year and obtaining our investment-grade ratings, we have meaningfully changed the profile of our adjusted ROE for new transactions. It may take some time for the higher profitability from our incremental business to fully show up in our adjusted ROE given the previous transactions on our balance sheet. So we want to illustrate where our business is headed with the adjusted ROE from incremental business by period.

去年推出 CCH1 並獲得投資等級評級後，我們大幅改變了新交易的調整後 ROE 的狀況。考慮到資產負債表上先前的交易，新增業務帶來的更高獲利能力可能需要一段時間才能完全體現在調整後的淨資產收益率中。因此，我們希望透過按時期調整增量業務的 ROE 來說明我們業務的發展方向。

As you can see with our current business model since the start of CCH1 early in 2024, our newer transactions are generating a higher adjusted ROE with year-to-date being 19.6%. We expect this trend to continue and even increase as CCH1 investments are funded from debt at CCH1. Over time, you will see our adjusted ROE increase to the higher ROE that we are generating from our new business.

自 2024 年初 CCH1 啟動以來，您可以看到，我們目前的商業模式帶來了更高的調整後 ROE，年初至今已達到 19.6%。我們預計這一趨勢將會持續，甚至加劇，因為 CCH1 的投資資金來自 CCH1 的債務。隨著時間的推移，您將會看到我們調整後的淨值收益率 (ROE) 提高到我們新業務所產生的更高淨資產收益率。

I will now turn the call back to Jeff for closing remarks.

現在我將把電話轉回給傑夫，請他作總結發言。

Thanks, Chuck. Turning to slide 13, we display our sustainability and impact highlights, noting our cumulative carbon count and water count numbers reflect the significant impact of our investment strategy. We also remain very proud of our recognition, our targeted advocacy activities and the generosity of the HASI Foundation.

謝謝你，查克。翻到第 13 張投影片，我們展示了我們的永續發展和影響亮點，並指出我們的累積碳排放量和用水量反映了我們投資策略的重大影響。我們也為我們所獲得的認可、我們有針對性的宣傳活動以及 HASI 基金會的慷慨解囊感到非常自豪。

Concluding on page 14. To summarize the themes of this call, we just completed the most profitable quarter in the company's history, and we expect our investment volumes to exceed last year's by more than 30%. Economic trends remain favorable to our continued profitable growth. This success is the result of a resilient business model that focuses on asset level investing with long-term programmatic partners.

全文見第14頁。總結本次電話會議的主題，我們剛完成了公司歷史上獲利最高的一個季度，預計我們的投資額將比去年增長 30% 以上。經濟情勢依然有利於我們持續獲利成長。這項成功源自於其穩健的商業模式，專注於與長期程序化合作夥伴進行資產層面的投資。

Our approach also relies on disciplined underwriting and reasonable assumptions, and the model is further enhanced by a diversified and prudent approach to obtaining access to attractive sources of capital. Combining all of these elements with a talented and dedicated team results in consistent success despite periodic market volatility. Thank you, as always, to our talented team for this outstanding quarter.

我們的方法也依賴嚴謹的核保和合理的假設，並且透過多元化和審慎的方式來獲取有吸引力的資本來源，進一步增強了該模型。將所有這些要素與一支才華橫溢、兢兢業業的團隊結合起來，即使市場週期性波動，也能取得持續的成功。一如既往，感謝我們才華橫溢的團隊在本季度取得的卓越成績。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions) Jon Windham, UBS.

（操作說明）Jon Windham，瑞銀集團。

Okay, perfect. Great result, by the way. I'll be very specific. It sounds a lot like you're describing the SunZia project on Pattern Energy in New Mexico. Is there a reason you're not naming the project? That's sort of a quick question. And then any color you can talk about what sort of equity stake and the economics of it would be interesting. Thank you.

好的，完美。順便說一句，結果很棒。我會說得非常具體。聽起來你描述的很像新墨西哥州 Pattern Energy 公司的 SunZia 專案。為什麼不公佈專案名稱？這是一個比較簡單的問題。然後，你可以討論任何顏色對應的股權比例以及相關的經濟效益，這會很有趣。謝謝。

Thanks, Jon. I appreciate the question. It is the SunZia project and as you described. And -- in terms of returns, I think we talked about it being consistent with returns on recent other transactions we've had in our grid-connected portfolio. So, I think that's probably the best way we could describe the return. And it is a preferred equity investment. So, it has some structure to it. It's not a common equity investment.

謝謝你，喬恩。感謝您的提問。這是SunZia項目，正如你所描述的那樣。至於回報方面，我認為我們討論過，它與我們近期在併網投資組合中進行的其他交易的回報是一致的。所以，我認為這可能是描述回報的最佳方式。而且這是一項優先股權投資。所以，它有一定的結構。這不是普通的股權投資。

Right. This is similar to other wind investments you've made in the past; you sort of get paid first. That's on the equity stack.

正確的。這和您過去進行的其他風能投資類似；您基本上是先獲得收益。那屬於股權結構的一部分。

Christopher Dendrinos, RBC.

克里斯托弗·登德里諾斯，RBC。

Yeah, good afternoon, and echoing Jon's comments on the solid quarter. I wanted to ask about the pipeline. And I think you mentioned $6 billion, so flat quarter-on-quarter, but you've got -- I guess, if you adjust in the $1.2 billion transaction in October, it'd be up significantly. So can you just maybe talk about the pipeline here?

是的，下午好，我同意 Jon 對本季穩健表現的評價。我想問一下關於輸油管的情況。我想你提到過 60 億美元，所以與上一季持平，但是——我想，如果你把 10 月份的 12 億美元交易算進去，那就會大幅增長。那麼，您能否談談這裡的管道情況呢？

It looks like it's strengthened quite a bit quarter-on-quarter. And just curious what you're kind of seeing from that perspective, if there's any sort of demand pull forward going on as a result of?

看起來環比增長了不少。我很好奇從這個角度來看，你看到了什麼，是否有因此而產生的提前需求拉動現象？

Sure, Chris. I would say, as we discussed in the prepared remarks, we did replace the grid-connected pipeline, in particular, with enough new volume such that it didn't go down after this $1.2 billion transaction that we described.

當然可以，克里斯。正如我們在準備好的演講稿中所討論的那樣，我們確實更換了併網管道，特別是新增了足夠的輸氣量，以至於在我們描述的這筆 12 億美元的交易之後，輸氣量沒有下降。

Beyond that, our pipeline disclosure is, of course, not precise. We say greater than $6 billion. So I know it's hard from the outside looking in to tell if it actually went up or down in the quarter. But it's certainly at above $6 billion at a level that we're comfortable we'll have enough to invest in, in 2026 to achieve our goals.

除此之外，我們的管道資訊揭露當然並不精確。我們說超過60億美元。所以我知道，從旁觀者的角度來看，很難判斷它在本季究竟是上漲還是下跌。但可以肯定的是，到 2026 年，我們的投資額將超過 60 億美元，我們有足夠的資金進行投資，以實現我們的目標。

And we're not seeing too much in the way of pull forward. I would describe what we're seeing as ordinary course. And as we talked about last quarter, folks executing on their pipeline, meaning our clients, everything they're working on now is grandfathered or safe harbor, but I don't really think this is the result of any kind of pull-through.

我們並沒有看到太多向前推進的跡象。我會把我們現在看到的描述為正常現象。正如我們上個季度所討論的，那些正在執行其專案流程的人，也就是我們的客戶，他們現在所做的一切都受到豁免或安全港保護，但我真的不認為這是任何形式的推動的結果。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

Thanks for taking the questions, and hope everyone's well. I want to ask sort of a broader question around investments resulting from this announcement today, the $1.2 billion. We've historically thought about the business as making smaller investments spread across a large number of projects. This is a pretty big one.

感謝各位回答問題，希望大家一切都好。我想問一個更廣泛的問題，關於今天宣布的12億美元投資計畫所帶來的影響。我們歷來都將業務視為在眾多項目中進行小額投資。這是件大事。

But of course, as you said, energy projects are getting bigger. You've talked about data centers as the Next Frontier asset class and they're getting just on the energy infrastructure, this type of investment. So, I guess, how should we think about this investment and what it signals for your appetite to take on larger single projects going forward?

當然，正如你所說，能源專案的規模越來越大。您曾將資料中心視為下一個前沿資產類別，而這類投資正逐漸成為能源基礎設施的一部分。那麼，我想問的是，我們應該如何看待這項投資，以及它對您未來承接更大單項項目有何指示意義？

Well, it's a good question, Noah. We've built the business on some small and modest-sized transactions over time, but we've always, at least after -- since 2020, supplemented that with some larger transactions as well. I think this transaction is a reflection in many ways of our access to capital through both being investment grade and our CCH1 relationship.

嗯，諾亞，你問得好。我們一直以來都是透過一些小規模的交易逐步發展業務的，但至少從 2020 年起，我們也一直在透過一些規模較大的交易來補充業務。我認為這筆交易在許多方面都反映了我們透過投資等級信用評級和與 CCH1 的關係獲得資金的能力。

The amount of capital we can bring to the table is more significant. So, we've become a player in these larger transactions. And when it makes sense, we'll do that. We're, of course, going to manage our risk accordingly. I talked about half of this being in CCH1 and some other pathways to a lower long-term hold level.

我們能夠帶來的資金數量更為可觀。因此，我們也成為了這些大型交易的參與者。當情況合適時，我們會這樣做。我們當然會採取相應的風險管理措施。我談到其中一半在 CCH1 中，還有一些其他途徑可以降低長期持有水準。

So, we're certainly managing our risk. But in terms of your broader question of how we think about the business, I think you should think about the business as we're being active in both smaller transactions where we've historically found great value and continue to find opportunities but also supplemented by some periodic larger transactions where it makes sense for us.

所以，我們確實在控制風險。但就你提出的關於我們如何看待這項業務的更廣泛的問題而言，我認為你應該這樣理解：我們既積極參與規模較小的交易（我們過去在這些交易中發現了巨大的價值，並且仍在尋找機會），同時也會定期進行一些對我們來說有意義的大型交易。

And so, I think this is in many ways -- I use the word milestone, but it's we graduating into access to some of these larger transactions, which are going to be more frequent, as you mentioned, because of data centers and the grid-connected development focusing on larger projects.

因此，我認為這在很多方面都是一個里程碑——我使用了“里程碑”這個詞，但正如您所提到的，這是我們逐步過渡到可以進行一些更大規模的交易，這些交易將會更加頻繁，因為數據中心和電網連接的發展都集中在更大的項目上。

Yeah, thank you. It is a milestone, and we want to recognize that. A housekeeping item, just the ABS, the SunStrong ABS refinancing. Can you kind of quantify what the benefit was to the quarter in that because the ROE expansion this quarter was pretty noticeable?

是啊，謝謝。這是一個里程碑，我們想對此予以認可。一件家事，就是 ABS，SunStrong ABS 再融資。你能量化一下這對本季帶來的收益嗎？因為本季的淨資產收益率成長非常明顯。

Sure. And I'm going to ask Chuck to do that. But before I do that, Noah, I'm going to clarify a little bit a few items around SunStrong. I expected us to get a question on it, and I don't want there to be any confusion about what this distribution was.

當然。我會請查克去做這件事。但在此之前，諾亞，我想先澄清一下關於 SunStrong 的一些問題。我預料到會有人問到這個問題，我不希望大家對這個分佈是什麼有任何誤解。

So let me just answer that a little more broadly and say we often refer to SunStrong and folks talking about us refer to SunStrong in a singular capacity, but we actually own 50% of two separate entities. One of them is SunStrong Capital Holdings, which is an AssetCo, that primarily owns solar leases, most of which have been securitized.

那麼，讓我更廣泛地回答這個問題。我們經常提到 SunStrong，人們在談論我們時也常常把 SunStrong 當作一個整體來談論，但實際上我們擁有兩個獨立實體的 50% 股份。其中一家是 SunStrong Capital Holdings，這是一家資產公司，主要擁有太陽能租賃權，其中大部分已經證券化。

And the distribution we received this quarter was the result of refinancing the ABS debt, which due to de-levering and the very strong performance of the underlying leases resulted in essentially a cash out refi. So, there was meaningful cash distribution to the equity owners. And going forward, as an equity owner in SunStrong Capital Holdings, we'll just get the normal distributions from the waterfall of the securitized assets.

本季度我們收到的分配款項是資產支持證券 (ABS) 債務再融資的結果，由於去槓桿化和基礎租賃的強勁表現，這實際上導致了現金提取再融資。因此，股權所有者獲得了可觀的現金分配。展望未來，作為 SunStrong Capital Holdings 的股權所有者，我們將從證券化資產的分配中獲得正常的收益分配。

The [refi] was a bit of a onetime. Now separate from that, we own 50% of SunStrong Management or SSM, as we call it, which is truly an operating business that provides servicing to consumer and commercial loans and leases, including the legacy SunPower and Sunnova portfolios.

這次再融資算是一次性的。除此之外，我們還擁有 SunStrong Management（簡稱 SSM）50% 的股份，SSM 是一家真正的營運企業，為消費者和商業貸款及租賃提供服務，包括原有的 SunPower 和 Sunnova 投資組合。

Now SSM is an operating business. It has its own executive team. It's performing very well. It has a business plan, which includes ongoing growth in the platform and expansion ideas. And our accounting for our SSM investment is as an equity method investment that we hold at fair value. So to the extent the underlying value of SSM increases, that would positively impact HASI's earnings.

現在SSM已是一家營運中的企業。它有自己的管理團隊。它的性能非常好。它制定了商業計劃，其中包括平台的持續成長和擴張計劃。我們對 SSM 投資的會計處理採用權益法，並以公允價值持有。因此，SSM 的潛在價值增加，將對 HASI 的收益產生正面影響。

So I just wanted to create that clarification of when we say SunStrong, what we actually mean. This distribution that we're talking about in the third quarter was from SunStrong Capital Holdings. So sorry for the deviation to your actual question, I'm going to defer to Chuck.

所以我想澄清一下，當我們說「SunStrong」的時候，我們實際上指的是什麼。我們在第三季討論的這筆分紅來自 SunStrong Capital Holdings。非常抱歉偏離了您的問題，我還是請教 Chuck 吧。

Noah, so our investment in SunStrong consisted of both mezzanine level loans as well as a small amount of equity. The total proceeds from the ABS that we received was around $240 million. And the composition of that was roughly about $200 million of it went to pay off our mezzanine loans. of which we're redeploying back into additional accretive investments.

諾亞，因此我們對 SunStrong 的投資包括夾層貸款和少量股權。我們從資產支持證券化 (ABS) 中獲得的總收益約為 2.4 億美元。其中約 2 億美元用於償還我們的夾層貸款，而我們將這筆資金重新投入其他增值投資。

But then we also -- the other remaining $40 million was related to our equity, of which we did have some small investment, like I said. And of that $40 million that we received, roughly about $24 million of it was a gain in excess of our investment. So the impact to the quarter was $24 million.

但是，剩下的 4000 萬美元也與我們的股權有關，正如我所說，我們確實對股權進行了一些小額投資。在我們收到的 4000 萬美元中，大約有 2400 萬美元是超過了我們投資額的收益。因此，本季受到的影響為 2,400 萬美元。

Davis Sunderland, Baird.

戴維斯桑德蘭，貝爾德。

Good evening, guys. Thank you very much for the time and congrats on an awesome quarter. Just one for me. I wanted to ask just how much the tax credit changes from Big Beautiful Bill have maybe impacted the types of investments you're seeing by asset class?

晚上好，各位。非常感謝您抽出時間，並祝賀您度過了一個精彩的季度。我只留一個。我想請問一下，《大美好法案》帶來的稅收抵免變化對你們按資產類別劃分的投資類型產生了多大影響？

And I guess the root of my question is just wondering if you've seen any opportunities in the last couple of months in discussions to step into a potential hole in the cap stack or any other ways that there have been puts or takes.

我想問的根本問題是，在過去幾個月的討論中，您是否看到任何機會來填補資本結構中的潛在漏洞，或者是否有其他方式進行買賣操作。

Sure. Thanks, Davis. I'm going to ask Susan to answer that one.

當然。謝謝你，戴維斯。我打算請蘇珊來回答這個問題。

I think at this point, with the extension of the tax credits for wind and solar, by and large, for five years with safe harbor and started construction and storage and some of the other credits that extend longer, I think we're still seeing the traditional combination of tax equity structures and transfer structures to dominate the market. So, we still have this longer transition period before we expect to see a change in the capital stack to not include tax credits.

我認為，目前隨著風能和太陽能稅收抵免政策的延長（總體而言，延長五年，並設有安全港條款，以及開工建設和儲能等其他一些更長時間的抵免政策），我們仍然看到傳統的稅收權益結構和轉讓結構的組合將主導市場。因此，在我們預期資本結構發生變化，不再包含稅收抵免之前，我們仍然需要經歷一段較長的過渡期。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗銀行。

Hey guys, Jack on for Maheep here. Congrats on the quarter. A lot of third-party ownership have talked about prepaid leases. Is that a kind of product that would interest you guys? And would you see similar yields as traditional leases?

大家好，我是Jack，替Maheep上線。恭喜你本季取得佳績。許多第三方所有權機構都討論過預付租賃方案。你們對這類產品有興趣嗎？那麼，這種租賃方式的殖利率會和傳統租賃方式類似嗎？

Sure. Thanks, Jack. I'm going to ask Marc to answer that one.

當然。謝謝你，傑克。我打算請馬克來回答這個問題。

Jack, that's something that we could certainly take a look at but haven't been presented any opportunities yet. So we'll have to defer on that until the future.

傑克，這當然是我們可以考慮的事情，但目前還沒有機會。所以這件事只能推遲到以後再說了。

Vikram Bagri, Citibank.

Vikram Bagri，花旗銀行。

Hi, It's Ted on for Vik. Just looking at the principal collections, it looks like it was a larger quarter with about $382 million returns. Could you just give some insight into what the maturity profile and roll-off schedule of the existing portfolio looks like? Should we expect the pace of that to potentially increase as you approach the new wind investment?

大家好，我是Ted，替Vik上線。單從主要收款額來看，這似乎是一個規模較大的季度，收款額約為 3.82 億美元。能否簡單介紹一下現有投資組合的到期情況和到期計畫？隨著您即將進行新的風電投資，我們是否可以預期這種成長速度可能會加快？

Yeah, This is [Chuck]. So, the $300 million number that you're seeing there, the biggest driver of why that's a little bit higher has to do with the SunStrong refinancing that I just mentioned. When I said that roughly about $200 million of the proceeds went to pay down the mezz loans that came through that line. So that was a little bit of an acceleration of normal amort profile that you'll see from our portfolio.

是的，這是[查克]所以，你看到的 3 億美元這個數字，之所以略高一些，最大的原因是我剛才提到的 SunStrong 再融資。我當時說，大約有 2 億美元的收益用於償還透過該管道發放的夾層貸款。所以，您會從我們的投資組合中看到，正常的攤銷速度會略有加快。

But the way I generally think of it is that the lives of our assets, weighted average life is around 10 years or so. So you could expect looking at our portfolio that our amort in any given period will mirror that. Thank you.

但我通常認為，我們資產的壽命，加權平均壽命大約是 10 年左右。因此，從我們的投資組合來看，您可以預期我們在任何特定時期內的攤銷情況都會反映這一點。謝謝。

(Operator Instructions) Mark Strouse, JPMorgan.

（操作說明）Mark Strouse，摩根大通。

This is Michael Fairbanks on for Mark. Just wondering if you could talk about how this large transaction and the $3 billion of volumes this year might impact the EPS growth algorithm in '26 and beyond. I know you reaffirmed the 8% to 10% range, but should we be thinking about a possible step-up in '26 from these volumes?

這裡是麥可·費爾班克斯，他代替馬克發言。我想請您談談這筆巨額交易以及今年 30 億美元的交易量可能會對 2026 年及以後的 EPS 成長演算法產生怎樣的影響。我知道您重申了 8% 到 10% 的範圍，但是我們是否應該考慮 2026 年的產量可能會在此基礎上有所提高？

Thanks, Michael. Good question. Our cadence has consistently been to talk about guidance in February, and I think we're going to stick to that. So we're working diligently right now on our business plan with our Board. And I think we'll have more to say about '26 and '27 in February.

謝謝你，麥可。問得好。我們一直以來的節奏都是在二月討論指導意見，我認為我們會堅持這個節奏。所以，我們目前正和董事會一起努力製定商業計劃。我想我們會在二月對 2026 年和 2027 年的情況有更多討論。

Okay. Great. And then maybe just for a follow-up. It looks like SunZia was excluded from the greater than $6 billion pipeline, which makes sense. Just wondering if it was included in that number last quarter.

好的。偉大的。然後或許只是後續跟進。看來 SunZia 被排除在超過 60 億美元的項目儲備之外，這很合理。想知道上個季度的數據裡是否包含了這部分。

It was. It was in last quarter's pipeline. That's correct.

確實如此。它原本就在上個季度的計劃之中。沒錯。

Chris Dendrinos, RBC.

克里斯·丹德里諾斯，RBC。

Yeah, thanks. I just wanted to follow up here. And I think you mentioned during your prepared remarks, the really low rate of bad debt. I think [bp] Lightsource or subsidiary had reported a default with one of their suppliers. And I'm curious, I think you all have worked with them in the past. Is there anything related to that, that would impact you all? Thanks.

嗯，謝謝。我只是想在這裡跟進一下。我想您在事先準備好的發言稿中也提到了，壞帳率非常低。我認為 [bp] Lightsource 或其子公司曾報告其某供應商出現違約。我很好奇，我想你們以前都和他們合作過吧。這件事有沒有跟你們有關的事？謝謝。

Thanks, Chris. No, there wouldn't be. We do work with bp Lightsource. But again, we're monetizing project cash flows. And the challenge that you discussed has no impact on the project in which we're invested.

謝謝你，克里斯。不，不會有。我們與bp Lightsource有合作關係。但話說回來，我們正在將專案現金流貨幣化。你提到的挑戰對我們投資的專案沒有任何影響。

Thank you very much. There are no further questions at this time. Ladies and gentlemen, that does conclude today's conference for today. You may now disconnect your lines at this time and thank you very much for your participation.

非常感謝。目前沒有其他問題了。女士們、先生們，今天的會議到此結束。現在您可以斷開線路了，非常感謝您的參與。