Ha Sustainable Infrastructure Capital, Inc. (HASI) 2025 Q4 法說會逐字稿

Greetings, and welcome to HASI's fourth-quarter and full year 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 HASI 2025 年第四季及全年業績電話會議和網路直播。（操作說明）提醒各位，本次會議正在錄音。

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

現在，我榮幸地向大家介紹主持人，投資者關係資深副總裁 Aaron Chew。

Thank you, operator, and good afternoon to everyone joining us today for HASI fourth-quarter 2025 conference call.

謝謝接線員，也祝今天參加 HASI 2025 年第四季電話會議的各位下午好。

Earlier this afternoon, HASI distributed the press release reporting our fourth quarter 2025 results, a copy of which is available on our website, along with the slide presentation we will be referring to today.

今天下午早些時候，HASI 發布了新聞稿，公佈了我們 2025 年第四季度的業績，您可以在我們的網站上找到新聞稿的副本，以及我們今天將要提到的幻燈片簡報。

This conference call is being webcast live on the Investor Relations page of our website, where a replay will be available later today.

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 on 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.

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。

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.

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. 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 welcome to our fourth quarter and full year 2025 call. We are very pleased and proud to report that 2025 was an outstanding year for HASI with meaningful progress in all aspects of our business and a particularly strong finish in the fourth quarter, with a higher volume of transactions closed than in any previous full year. The level of client development activity remains elevated and the demand for project-level capital is extremely strong, creating continued tailwinds for our business, as evidenced by both our 2025 results and our outlook for the next several years.

謝謝 Aaron，歡迎參加我們 2025 年第四季及全年電話會議。我們非常高興和自豪地宣布，2025 年對於 HASI 來說是傑出的一年，我們在業務的各個方面都取得了有意義的進展，尤其是在第四季度取得了強勁的成績，成交量超過了以往任何一個完整年度。客戶開發活動水準依然很高，對專案級資本的需求也非常強勁，這為我們的業務帶來了持續的順風，這一點從我們 2025 年的業績和未來幾年的展望中都可見一斑。

Our climate clients asset strategy continues to thrive. As we execute on closing attractive climate positive investments, with programmatic clients supported by project cash flows from high-quality offtakers.

我們的氣候客戶資產策略持續蓬勃發展。我們正在推動具有吸引力的氣候友善投資項目，項目現金流來自優質承購商，為專案客戶提供支援。

Turning to slide 3. Not only was 2025 the strongest year of results we have ever recorded on virtually every metric used to monitor and assess our performance, but the underlying fundamentals of the business have been enhanced in establishing pathways to future continued success. Notably, nearly every facet of our business is operating at a high level right now, including new investment volumes, returns, profitability and capital efficiency.

翻到第三張幻燈片。2025 年不僅是我們有史以來業績最好的一年，幾乎在所有用於監測和評估我們業績的指標上都取得了優異成績，而且業務的基本面也得到了加強，為未來的持續成功奠定了基礎。值得注意的是，我們業務的幾乎每個方面目前都處於高水準運作狀態，包括新的投資金額、回報、獲利能力和資本效率。

These higher volumes are supported by a new paradigm of load growth in the United States, rising demand for third-party providers of permanent capital and HASI competitive advantage. We closed $4.3 billion in new transactions in 2025, 87% more than 2024. And our pipeline has continued to grow from more than $5.5 billion at the end of Q1 to more than $6.5 billion at the end of 2025. Not only have our investment volumes scaled meaningfully larger, we are also increasing returns on these investments.

這些更高的交易量得益於美國新的負載成長模式、對第三方永久資本提供者日益增長的需求以及HASI的競爭優勢。2025 年，我們完成了 43 億美元的新交易，比 2024 年成長了 87%。我們的專案儲備持續成長，從第一季末的 55 億美元以上成長到 2025 年底的 65 億美元以上。我們的投資規模不僅顯著擴大，而且這些投資的報酬率也不斷提高。

For the second year in a row, yield on new investments has exceeded 10.5%, meanwhile, our bond spreads continue to narrow, and our senior unsecured term bonds are trading with a yield below 6.25% today. These attractive margins have been a key factor in driving adjusted EPS growth, which was 10.2% in 2025. We have also made significant strides enhancing our business model and capital efficiency.

新投資殖利率連續第二年超過 10.5%，同時，我們的債券利差持續收窄，目前我們的優先無擔保定期債券殖利率低於 6.25%。這些誘人的利潤率是推動調整後每股盈餘成長的關鍵因素，預計到 2025 年將達到 10.2%。我們在提升商業模式和資本效率方面也取得了顯著進展。

In 2025, we issued our inaugural junior subordinated hybrid notes. With access to this new segment of the bond market, along with our investment-grade ratings and our CCH1 co-investment vehicle with KKR, we have become significantly more profitable with each new share and are issuing fewer shares to grow our business. And it's also noteworthy that we upsized CCH1's equity commitments by $1 billion in the fourth quarter.

2025年，我們發行了首批級混合債券。憑藉進入債券市場這一新領域的機會，以及我們的投資級評級和與 KKR 的 CCH1 共同投資工具，我們每發行一股新股的盈利能力都顯著提高，因此我們發行的股票數量減少，業務也隨之增長。值得注意的是，我們在第四季將 CCH1 的股權投資承諾增加了 10 億美元。

This combination of one, large volumes; two, increasing profitability; and three, improved capital efficiency have combined to push our 2025 ROE above 13%. And their incremental ROE above 19%. On the next few pages, I will further expand the discussion of these three items.

第一，銷量大；第二，獲利能力提高；第三，資本效率提高，這三者的結合使我們 2025 年的 ROE 超過 13%。它們的增量淨資產收益率超過 19%。在接下來的幾頁中，我將進一步展開對這三點的討論。

Turning to slide 4. I want to particularly highlight the enormous year we had in closing new investments in 2025. Of course, the $1.2 billion investment in the SunZia project we announced on our last quarterly call was a big contributor. But even without that investment, we closed more than $3 billion of new investments last year. This is a testament to not only how strong the underlying demand is in the US, but also the important role HASI is playing in the market and the strength of our business model.

翻到第4張投影片。我特別想強調的是，我們在 2025 年完成了大量新的投資項目。當然，我們在上一次季度電話會議上宣布的對 SunZia 項目的 12 億美元投資也是一個重要因素。即使沒有這項投資，我們去年也完成了超過 30 億美元的新投資。這不僅證明了美國市場潛在需求的強勁，也證明了 HASI 在市場中發揮的重要作用以及我們商業模式的優勢。

Importantly, we have accomplished this with no change in our risk appetite or the general range of returns on the investments. Our asset level investment strategy continues to be well received by our clients, and is driving attractive risk-adjusted returns. Of note, historically, we have reported on figure covering the total transactions closed volume, including both the securitized and on balance sheet.

重要的是，我們在風險承受能力和投資回報範圍沒有改變的情況下實現了這一目標。我們的資產層面投資策略持續受到客戶的好評，並帶來了可觀的風險調整後收益。值得注意的是，從歷史上看，我們報告的數據涵蓋了已完成交易的總量，包括證券化交易和資產負債表內交易。

However, going forward, we're going to break this out separately. In the dark blue bars, you can see our investment volume retained on our balance sheet and included in CCH1 totaled $3.6 billion in 2025, up approximately 140% year over year from $1.5 billion in 2024.

但是，今後我們將單獨討論這個問題。從深藍色長條圖中可以看出，我們保留在資產負債表上併計入 CCH1 的投資額在 2025 年總計為 36 億美元，比 2024 年的 15 億美元同比增長約 140%。

On slide 5, we display our diverse pipeline, which remains in excess of $6.5 billion. Virtually all of our markets remain active and opportunities to invest continue to grow. Ultimately, our business is driven by fundamental economics, which outweigh policy changes as it relates to development activity. The underlying demand for power and the cost effectiveness and shorter development cycles in our asset classes combined to create an attractive investing environment.

在第 5 張投影片中，我們展示了我們多元化的專案儲備，其價值仍然超過 65 億美元。幾乎所有市場都保持活躍，投資機會持續成長。歸根究底，我們的業務是由基本經濟因素所驅動的，而與發展活動相關的政策變化則更為重要。電力市場的潛在需求，以及我們各類資產的成本效益和較短的開發週期，共同創造了一個極具吸引力的投資環境。

The economics of this development continues to improve, as PPA rates have increased more than 40% over the past three years.

該開發案的經濟效益持續改善，因為過去三年購電協議 (PPA) 費率已上漲超過 40%。

In our behind-the-meter business, the trend towards more third-party ownership and leases, results in more opportunity, as we have always focused on providing capital to lease portfolios. The increase in battery attachment has allowed for an increase in customer payments and a corresponding increase in our investment opportunity.

在我們的表後業務中，第三方所有權和租賃的趨勢帶來了更多機會，因為我們一直專注於為租賃組合提供資金。電池附加量的增加使得客戶付款增加，也相應地增加了我們的投資機會。

Our grid connected business is benefiting from the significant growth in the renewables pipeline, primarily driven by solar and storage, which now exceeds $230 billion. Renewables now comprise 99% of the projected capacity additions in 2026. And our FTN business remains a growth engine as RNG production is forecasted to more than double by 2030, and will benefit from the trend of increasing gas production and the existing infrastructure.

我們的併網業務受益於再生能源專案的顯著成長，主要得益於太陽能和儲能的推動，目前再生能源專案規模已超過 2,300 億美元。預計到 2026 年，再生能源將佔新增發電容量的 99%。我們的 FTN 業務仍然是成長引擎，因為預計到 2030 年 RNG 產量將翻一番以上，並將受益於天然氣產量不斷增長的趨勢和現有基礎設施。

Turning to slide 6. We emphasize the diversity of our platform, which is an underlying strength of the business model. The chart depicts different asset classes achieving the highest volume in various years. Notably, after several years of minimal volume, onshore wind investments were 33% of the volume in 2025. Our ability to pivot as opportunities arise among a diverse set of asset classes from a large pipeline is a key factor in the consistency of our financial results.

翻到第6張投影片。我們強調平台的多元化，這是我們商業模式的根本優勢。此圖表顯示了不同資產類別在不同年份的交易量最高。值得注意的是，在經歷了數年的低迷期後，陸域風電投資在 2025 年佔總投資量的 33%。我們能夠根據來自眾多資產類別的大量投資項目所出現的機會靈活調整策略，這是我們財務表現保持穩定的關鍵因素。

Turning to slide 7. We recapped the last five years of adjusted earnings per share. Again, I note the resilience of our business model and the outstanding execution of our team. This five-year period included a pandemic supply chain challenges, elevated inflation, a rapid rise in interest rates, policy disruption, permitting and transmission difficulties, client bankruptcies and many other challenges.

翻到第7張投影片。我們回顧了過去五年的調整後每股收益。我再次強調，我們的商業模式具有很強的韌性，我們的團隊執行力非常出色。這五年期間，我們經歷了疫情帶來的供應鏈挑戰、通貨膨脹加劇、利率快速上漲、政策混亂、許可和傳輸困難、客戶破產以及許多其他挑戰。

Despite these obstacles, our team remained focused on sourcing, closing and effectively managing large and diverse volumes of high-quality climate positive investments, producing these consistently outstanding results. In fact, our 10-year compound average growth rate and adjusted earnings per share is also 10%.

儘管面臨這些障礙，我們的團隊仍專注於尋找、完成和有效管理大量且多樣化的高品質氣候友善投資，從而取得了持續優異的成果。事實上，我們 10 年複合平均成長率和調整後每股盈餘也為 10%。

Turning to slide 8. We emphasize that each dollar we invest has become increasingly more profitable as measured by incremental ROE, which is a metric that Chuck introduced last quarter. This metric is measured by the change in adjusted earnings divided by the change in shareholders' equity. On this basis, incremental returns in 2025 exceeded 19% as the combination of higher yields, lower debt costs and balance sheet efficiency continue to enhance our profitability.

翻到第8張幻燈片。我們強調，我們投資的每一美元都變得越來越有利可圖，這可以從增量 ROE 來衡量，這是 Chuck 上個季度引入的指標。此指標的衡量方法是用調整後收益的變化除以股東權益的變化。在此基礎上，隨著殖利率上升、債務成本下降和資產負債表效率提高，我們的獲利能力持續增強，到 2025 年，增量收益將超過 19%。

On slide 9, we provide an illustration of our tremendous progress achieving improved equity efficiency. Prior to CCH1, $100 of proceeds from new equity issuance resulted in $300 of new investments. The additions of CCH1, modest debt on the CCH1 vehicle and our hybrid offering have collectively produced an outcome such that $100 of proceeds from new shares now results in $1.35 billion of new investments. This represents an improvement of more than 400% as measured by the earning assets that can be originated from each dollar of equity.

在第 9 張投影片中，我們展示了我們在提高公平效率方面取得的巨大進步。在 CCH1 之前，透過新股權發行獲得的 100 美元收益產生了 300 美元的新投資。CCH1 的加入、CCH1 工具的適度債務以及我們的混合發行，共同促成了這樣的結果：每發行 100 美元的新股，就能帶來 13.5 億美元的新投資。以每一美元權益所能產生的獲利資產來衡量，這代表著超過 400% 的改善。

Turning to page 10. We emphasized two large investments we closed in the fourth quarter. On the left, a joint venture with our longtime partner, Sunrun, totaling $500 million. Residential solar and storage continues to benefit from increasing utility rates and consumers' desire for affordability and resiliency. The unique structure of this joint venture enables ITC transferability in a programmatic and efficient way, allowing Sunrun to scale its business while providing an attractive risk-adjusted return to HASI.

翻到第10頁。我們重點介紹了第四季度完成的兩項大型投資項目。左側是與我們長期合作夥伴 Sunrun 成立的合資企業，總投資額為 5 億美元。住宅太陽能和儲能係統持續受益於不斷上漲的公用事業費率以及消費者對經濟性和可靠性的需求。該合資企業的獨特結構使得 ITC 能夠以程序化和高效的方式進行轉讓，從而使 Sunrun 能夠擴大其業務規模，同時為 HASI 提供有吸引力的風險調整後回報。

And on the right, we reemphasized the SunZia project with pattern that we discussed on the third quarter call. Our largest investment ever, this is the largest onshore wind project in North America and remains on schedule to fund in the second quarter of this year.

在右側，我們再次強調了我們在第三季電話會議上討論過的 SunZia 專案模式。這是我們迄今為止最大的投資項目，也是北美最大的陸上風電項目，目前仍按計劃將於今年第二季完成融資。

On page 11, we reflect and update an extension of our guidance. Our consistent results allow us to once again extend our guidance out three years until 2028. In that year, we expect adjusted earnings per share to be in the range of $3.50 to $3.60. We are shifting to a nominal EPS guidance range from an EPS growth rate so that we may provide more precise updates in the future.

第 11 頁，我們對指南進行了反思和更新。我們持續穩定的業績使我們能夠再次將業績指引延長三年至 2028 年。我們預計當年的調整後每股盈餘將在3.50美元至3.60美元之間。我們將從每股盈餘成長率轉向名目每股盈餘預期範圍，以便將來能夠提供更精確的更新資訊。

Additionally, we expect our adjusted ROE to exceed 17% by 2028, driven by the profitability and efficiency discussed a few moments ago. Regarding our payout ratio, we discussed at our Investor Day in 2023, a trend of utilizing slower dividend growth and correspondingly more recycled retained earnings to reduce the payout ratio to 50% by 2030.

此外，我們預計到 2028 年，在剛才討論的獲利能力和效率的推動下，我們的調整後淨資產收益率將超過 17%。關於我們的派息率，我們在 2023 年的投資者日上討論過，到 2030 年，我們將透過放緩股息增長速度，並相應地更多地利用留存收益進行再利用，將派息率降低到 50%。

We are now ahead of schedule on that trend and expect the payout ratio to be below 50% by 2028 and below 40% by 2030, as capital recycling also adds to the equity efficiency of our business model.

我們目前在這一趨勢上進展順利，預計到 2028 年派息率將低於 50%，到 2030 年將低於 40%，因為資本循環也提高了我們商業模式的股權效率。

To summarize, our three-year plan underscores our confidence in our ongoing ability to achieve our profitability objectives.

總而言之，我們的三年計畫凸顯了我們對持續實現獲利目標的信心。

Now I'd like to ask Chuck to discuss our financial results and funding activity in greater detail. Chuck?

現在我想請 Chuck 更詳細地談談我們的財務表現和融資活動。查克？

Thank you, Jeff. Turning to slide 12. As previously highlighted, we have experienced meaningful growth in our transaction closings, and our results in 2025 are a good indication of our ability to convert incremental closings to attractive returns. Our business model continued to deliver a 10% adjusted EPS growth rate up to $2.70 per share in 2025.

謝謝你，傑夫。翻到第12張投影片。如前所述，我們的交易完成量實現了顯著成長，2025 年的業績很好地表明了我們有能力將新增交易量轉化為可觀的回報。我們的商業模式持續維持10%的調整後每股盈餘成長率，到2025年達到每股2.70美元。

We have been successful at building our recurring earnings that serve as a solid foundation for our future earnings growth, with adjusted recurring net investment income of $362 million, an increase of 25% from the prior year. Our fees and income earned for managing assets in CCH1 and securitization trusts increased to $49 million in 2025, growth of 32% from the prior year.

我們已成功建立起持續獲利，為我們未來的獲利成長奠定了堅實的基礎。調整後的經常性淨投資收益為 3.62 億美元，比前一年增長了 25%。2025 年，我們管理 CCH1 和證券化信託資產所獲得的費用和收入增加到 4,900 萬美元，比前一年增長 32%。

In addition, our securitization business continued to deliver with gain on sale contributing $65 million to our adjusted earnings. Our adjusted ROE is beginning to reflect the growth achieved in our profitability, as we have been able to maintain the recent increase in yields while also growing fees from CCH1. As a result, our adjusted ROE rose 70 basis points from 2024 to 13.4% in 2025.

此外，我們的證券化業務持續取得良好業績，出售所得收益為我們的調整後收益貢獻了 6,500 萬美元。我們調整後的 ROE 開始反映出我們獲利能力的成長，因為我們在維持近期收益率成長的同時，也提高了 CCH1 的費用。因此，我們調整後的 ROE 從 2024 年上升 70 個基點，到 2025 年達到 13.4%。

With our recent junior subordinated note offering, we expect to further increase our profitability on each share of equity issued and to meaningfully reduce the reliance on new equity issuance to achieve our growth targets. Our GAAP results were impacted by volatility that can typically occur in calculations of HLBV relative to our true economic returns in any given period.

透過我們最近發行的次級債券，我們預計將進一步提高每股已發行股票的獲利能力，並大幅減少對發行新股以實現成長目標的依賴。我們的 GAAP 業績受到波動的影響，這種波動通常會在計算 HLBV 相對於我們在任何給定時期的真實經濟回報時出現。

And also, as a reminder, the GAAP-based net investment income does not include the earnings from our equity method investments, which are a growing portion of our portfolio.

另外，提醒一下，根據 GAAP 計算的淨投資收益不包括我們權益法投資的收益，而這些收益在我們投資組合中所佔的比例越來越大。

On to slide 13. The foundation of our recurring earnings and growth in adjusted EPS and ROE is our managed assets, which grew 18% to $16.1 billion at the end of 2025. Our portfolio has grown to $7.6 billion and improved its earnings power with an increase in the portfolio yield to 8.8%. A key strength to the overall quality of our portfolio is its diversification and our investment strategy.

接下來是第13張投影片。我們經常性收益和調整後每股收益及淨資產收益率增長的基礎是我們管理的資產，到 2025 年底，該資產增長了 18%，達到 161 億美元。我們的投資組合已成長至 76 億美元，並透過投資組合收益率提高至 8.8%，提高了其獲利能力。我們投資組合整體品質的關鍵優勢在於其多元化和我們的投資策略。

As you can see, our portfolio continues to not be concentrated in any particular asset class. And additionally, our investment strategy has contributed to our minimal level of losses with an average annual realized loss rate of less than 10 basis points.

如您所見，我們的投資組合仍然沒有集中於任何特定的資產類別。此外，我們的投資策略使我們的損失水準降至最低，平均年度實際損失率低於 10 個基點。

Specific to CCH1, we recently expanded the total equity commitments by $500 million each between HASI and KKR, bringing the total to $3 billion. We expect that the remaining capacity after considering CCH1 level debt and reinvestment of cash collections will get us through 2026, and we fully expect that we will either extend the existing vehicle or create a new one that will continue as a source of funding additional investments while earning asset management fees.

就 CCH1 而言，我們最近將 HASI 和 KKR 之間的股權承諾總額分別增加了 5 億美元，使總額達到 30 億美元。我們預計，在考慮 CCH1 級債務和現金回收再投資後，剩餘的資金將足以支撐我們到 2026 年，我們完全預期我們將延長現有基金的期限，或者創建一個新的基金，該基金將繼續作為額外投資的資金來源，同時賺取資產管理費。

On slide 14, the growth in our managed assets is helping increase the ongoing reliable earnings from our adjusted recurring net investment income. It provides a stable level of income that we can expect into the future and produce a steady growth in our earnings from year to year. Adjusted recurring net investment income is the largest component of our earnings.

第 14 頁顯示，我們管理的資產成長有助於提高我們調整後的經常性淨投資收益的持續可靠收益。它為我們提供了未來可以預期的穩定收入水平，並使我們的收入逐年穩定成長。經調整的經常性淨投資收益是我們收益中最大的組成部分。

And as you can see by this graph, the largest driver of our earnings growth. However, gain on sale is also a meaningful component but its contribution to adjusted EPS has been changing over time. If it were not for the impact of gain on sale per share, the growth in our adjusted recurring net investment income would have translated into even faster EPS growth over the last few years.

從這張圖表中可以看出，這是我們獲利成長的最大驅動因素。然而，出售收益也是一個重要的組成部分，但它對調整後每股盈餘的貢獻一直在變化。如果不是因為每股出售收益的影響，過去幾年我們調整後的經常性淨投資收益的成長本來可以轉化為更快的每股盈餘成長。

As a result, we are focused on building our recurring income streams to provide a base level of earnings year after year. And despite the impact of the changing contribution of gain on sale, we can rely on it every year and has a great source of additional returns with minimal capital investment needed.

因此，我們專注於建立經常性收入來源，以提供年復一年的基本收益。儘管出售收益的貢獻會發生變化，但這仍然會影響我們每年的收益，而且它還能以最小的資本投入帶來巨大的額外回報。

On slide 15, our liquidity and capital platform has been a key strength to the resilience of our growth as well as our ability to optimize returns after considering our cost of capital. Our liquidity has grown to $1.8 billion, and is scaling with the growth in our business. We have grown the diversity of sources of capital over the years and continue to do so in 2025.

在第 15 張投影片中，我們的流動性和資本平台是我們成長韌性的關鍵優勢，也是我們在考慮資本成本後優化回報的能力的關鍵優勢。我們的流動資金已成長至 18 億美元，並隨著業務的成長而不斷擴大。多年來，我們不斷拓展資金來源的多樣性，並將繼續在2025年進行。

We have increased the commitments in CCH1, expanded our bank facilities, obtained our third investment grade rating and issued our first junior subordinated notes. Enhancing our options has allowed us to lower our overall cost of capital, effectively manage liquidity and refinancing risk and reducing the need for equity to grow the business.

我們增加了對 CCH1 的承諾，擴大了我們的銀行授信額度，獲得了第三個投資等級評級，並發行了我們的第一批次級債券。增強我們的選擇能力，使我們能夠降低整體資本成本，有效管理流動性和再融資風險，並減少業務成長所需的股權融資。

Specific to our recent $500 million junior subordinated note offering, the rating agencies provide 50% or more equity credit in their leverage ratios for this instrument, which allows us to reduce equity issuances to fund our growth while remaining within the rating agency leverage targets for our investment-grade ratings.

就我們最近發行的 5 億美元次級債券而言，評級機構在該債券的槓桿率中給予 50% 或以上的股權信用，這使我們能夠在保持投資級評級所需的槓桿率目標範圍內的同時，減少股權發行來為我們的增長提供資金。

Starting this quarter and going forward, when we report our debt-to-equity ratio, it will include an adjustment consistent with rating agency treatment. We intend to continue issuances in this market, especially given our focus on reducing the need for equity issuance to grow the business and accelerate our ROE.

從本季開始，今後我們在報告負債權益比率時，將包含與評等機構處理方式一致的調整。我們打算繼續在這個市場發行股票，尤其考慮到我們專注於減少透過發行股票來發展業務和提高淨資產收益率的需求。

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

現在我將把電話轉回給傑夫，請他做些總結發言。

Thanks, Chuck. Turning to slide 16. We display our sustainability and impact highlights, noting our cumulative carbon count and water count numbers reflect the significant impact of our investment strategy.

謝謝你，查克。翻到第16張幻燈片。我們展示了我們在永續發展和影響力方面的亮點，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。

In particular, I want to highlight that 2025 was not only the first year that the avoided annual CO2 emissions estimated from our new investments exceeded 1 million metric tons, but that it rose to a record 1.7 million metric tons in 2025, increasing the total annual CO2 emissions avoided from all of our investments to date to 10 million.

尤其值得一提的是，2025 年不僅是我們新投資預計避免的年度二氧化碳排放量首次超過 100 萬噸的一年，而且在 2025 年達到了創紀錄的 170 萬噸，使我們迄今為止所有投資避免的年度二氧化碳排放總量增加到 1000 萬噸。

Now let's conclude on slide 17. 2025 was in many regards, the strongest year of operational and financial results in our history. Investment volumes nearly doubled, return on equity increased significantly and is well positioned for future growth. Our diverse capital platform is working as designed for maximum efficiency and minimal cost and our three-year guidance reflects an expectation of future meaningful growth and profitability.

現在讓我們來看第 17 張投影片。 2025 年在許多方面都是我們歷史上營運和財務表現最好的一年。投資額幾乎翻了一番，股本回報率顯著提高，為未來的成長奠定了良好的基礎。我們多元化的資本平台正按設計運行，以實現最高效率和最低成本，我們三年的業績指引反映了我們對未來實現顯著成長和獲利的預期。

I would also note we have made significant investments in our own platform, particularly in talent and technology that have positioned the business for further scale as we now exceed $16 billion in managed assets. These platform investments in our own infrastructure have created the foundation for additional expected growth.

我還想指出，我們已對自身平台進行了大量投資，尤其是在人才和技術方面，這使得公司能夠進一步擴大規模，因為我們現在管理的資產已超過 160 億美元。這些對自身基礎設施的平台投資為預期中的進一步成長奠定了基礎。

In closing, I would like to thank our talented team. And in particular, I would like to recognize and thank Steve Chuslo for his outstanding 18-year tenure as our Chief Legal Officer, during which time he made an outsized contribution to HASI's success and our culture. As previously disclosed, Steve will be transitioning to a strategic adviser role in April.

最後，我要感謝我們才華洋溢的團隊。尤其要感謝 Steve Chuslo 先生，感謝他擔任首席法律官的 18 年傑出貢獻，在此期間，他為 HASI 的成功和我們的文化做出了巨大的貢獻。正如之前披露的那樣，史蒂夫將於四月轉任戰略顧問一職。

Thank you. Operator, please open the line for questions.

謝謝。接線員，請開通提問線。

(Operator Instructions) Chris Dendrinos, RBC.

（操作員說明）克里斯·丹德里諾斯，RBC。

Congratulations on the strong quarter and a strong year. I guess maybe starting out here on the 2028 outlook, and you've highlighted that basically, you all are outperforming historical levels basically on all the metrics here. So what gets you to grow above a 10% CAGR?

恭喜貴公司本季及全年業績均表現優異。我想或許可以從 2028 年的展望開始，您已經強調，基本上，你們在所有指標上都超過了歷史水準。那麼，有什麼因素能讓你達到超過 10% 的複合年增長率呢？

And it seems like maybe you're on pace to do that. So just kind of walk us through the guidepost here that we should be measuring you against to maybe outperform that over time?

看起來你或許正朝著這個方向努力。那麼，請您大致介紹一下我們應該用什麼標準來衡量您，以便我們能夠隨著時間的推移超越這個標準呢？

Sure. Chris, thanks for the questions. And again, this business, we're very proud of the fact that over a 10-year period, we've had a 10% CAGR in our adjusted EPS. And I think the resiliency and the consistency of the business is quite admirable.

當然。克里斯，謝謝你的提問。再次強調，我們非常自豪的是，在過去的 10 年裡，我們調整後的每股盈餘實現了 10% 的複合年增長率。我認為這家企業的韌性和穩定性非常令人欽佩。

The other thing we've really focused on is management credibility as it relates to guidance. So I think -- I don't think I know we've hit guidance -- every guidance that we've put out. So that's very important to us as well, so we maintain that credibility. So the $350 million to $360 million is our guidance. As with any guidance, there are pathways to beat it.

我們重點關注的另一件事是管理層在提供指導方面的信譽。所以我覺得——我不認為我們已經達到了預期目標——我們發布的每一項預期目標。所以這對我們來說也非常重要，這樣我們才能保持信譽。因此，3.5億美元至3.6億美元是我們的預期。任何指導都有克服它的方法。

And in our case, there would be things like more volume better yield on the investments, lower debt costs than we've otherwise modeled would be the primary ones. There are also maybe discrete events like some strong monetization at some point, and other scenarios in which we'd beat guidance.

就我們而言，主要優勢在於：更大的交易量、更高的投資報酬率、比我們之前預測的更低的債務成本。也可能出現一些特殊情況，例如在某個時間點實現強勁的盈利，以及其他一些我們可以超出預期的情況。

But again, we're very focused on being intellectually honest with the Street and our management credibility. And so $350 million to $360 million is our guidance at this point.

但是，我們始終非常注重對華爾街保持誠實，並維護我們的管理信譽。因此，我們目前的預期是 3.5 億美元至 3.6 億美元。

Got it. And then maybe just on the media kind of near term. I noticed it didn't look like you all provided any kind of outlook for 2026 specifically. Could you provide any kind of color how should we be thinking about this year?

知道了。然後或許只是在短期內，媒體方面會有一些變化。我注意到你們似乎都沒有對 2026 年做出任何具體的展望。您能否提供一些關於今年我們該如何看待色彩的建議？

Sure. So I think we have been consistent over the last several years in putting out three-year guidance and not necessarily speaking to the first two years. The primary reason for that is the lumpiness of the gain on sale business, it makes forecasting shorter periods, a little bit more difficult.

當然。所以我認為，過去幾年我們一直堅持發布三年期業績指引，而不一定要關注前兩年。主要原因是銷售收益業務的波動性，這使得對較短期間進行預測變得更加困難。

But what I would say is there's nothing about 2026 that we call out either negatively or positively as related to the trend. And I would ask Chuck to see if he wants to add anything to that. .

但我想說的是，就 2026 年而言，我們沒有任何跡象表明這一趨勢會帶來任何負面影響或正面影響。我會問查克是否還有什麼要補充的。。

I think, Chris, the one thing that I think we did put in a slide, just looking forward to 2026, given the success that we've had in our volume closings and specifically with SunZia driving us up to $4.3 billion of transaction closings while we are expecting meaningful growth and are seeing it come through in our pipeline, raising our pipeline of $6.5 billion from $6 billion that we reported last quarter. given the SunZia transaction and the size of that, we wouldn't, at this time, necessarily expect to be at $4.3 billion transactions again will be higher than historical closings, but don't expect a $4.3 billion number necessarily.

克里斯，我認為我們在幻燈片中提到的一點是，展望2026年，鑑於我們在交易量方面取得的成功，特別是SunZia的加入，使我們的交易總額達到了43億美元。我們預計未來將實現顯著成長，目前也看到了這一點，我們的在建項目規模從上季報告的60億美元增加到65億美元。考慮到SunZia交易的規模，我們目前並不一定會再次達到43億美元的交易額。雖然交易金額會高於歷史平均水平，但不一定能達到43億美元。

Davis Sunderland, Baird.

戴維斯桑德蘭，貝爾德。

Can you hear me okay?

你聽得清楚我說話嗎？

Yes. Thanks, Davis.

是的。謝謝你，戴維斯。

I apologize for any background noise. First of all, let me congratulate you and say thank you for the time and outstanding results in Q4 and 2025. My questions are actually somewhat of an extension from Chris' I wanted to go back to just the change in the guidance strategy and the messaging here.

如有背景噪音，請諒解。首先，請容許我祝賀您，並感謝您在第四季和 2025 年所付出的時間和取得的傑出成果。我的問題其實在某種程度上是克里斯問題的延伸，我想回到指導策略和訊息傳遞方式的改變。

And I wondered if the switch to a point guide or a range of point guidance for '28, is it all related to you guys having maybe increased confidence or increased visibility or maybe tied to deal sizes getting larger? Or just any other thoughts you could provide on the why now as to guiding in that particular way?

我想知道，2028 年轉向點數指導或點數範圍指導，是否與你們信心增強、可見性提高，或與交易規模擴大有關？或者，您對於為什麼現在要採用這種特定的指導方式還有其他想法嗎？

Sure. Thank you for your kind words, Davis. And I would say the primary reason that we switched to nominal EPS guidance from EPS growth rate. Even though everyone can do the math is very simply, it allows us in subsequent quarters to perhaps be a little more precise in adjusting that guidance. So what you've seen from us over the last several years just to have a guidance number out there, and then to affirm it quarter after quarter because we were generally still in that range.

當然。謝謝你的好意，戴維斯。而我認為，我們從每股盈餘成長率轉向名目每股盈餘預期的主要原因是…雖然每個人都能算出來，計算也很簡單，但這可以讓我們在隨後的幾季中更精確地調整指導方針。所以，過去幾年你們看到的是我們不斷給出業績指引，然後一個季度又一個季度地確認這個數字，因為我們通常都在這個範圍內。

And then, of course, we did meet that expectation. Here, we may have a little more flexibility to adjust those pennies a little bit here or there, to allow disclosure of a little more precision as to where we're headed. So that's the primary objective here.

當然，我們也達到了預期目標。在這裡，我們或許可以更靈活地對這些細節進行一些調整，以便更精確地揭露我們的發展方向。所以，這就是我們此行的主要目標。

And maybe just a second question about investments and any other large deals that may be in the pipeline such as SunZia that may blur the average, if you will, just how we think about the normalized run rate for a full year going forward? If there's been a structural change in the business closer to $3 billion or certainly not run rate in Q4 and in all the future quarters. But any thoughts on just how we contextualize that into your pipeline.

或許還有第二個問題，關於投資以及其他可能正在進行的大型交易，例如 SunZia，這些交易可能會模糊平均值，或者說，模糊我們對未來一整年正常運作率的看法？如果業務結構發生了變化，接近 30 億美元，或至少在第四季度以及未來所有季度中，營運速度不會達到 30 億美元。但對於如何將其融入你們的流程中，你們有什麼想法嗎？

Sure. I'm going to -- I'll say there's no structural change in the business, larger investment opportunities to materialize from time to time. And I'll let Marc perhaps talk a little bit more about our pipeline.

當然。我想說的是──公司業務結構沒有變化，只是會不時出現更大的投資機會。接下來，我請馬克再多談談我們的管道狀況。

Sure. I think Jeff covered the primary point that when we look at our pipeline, it is highly consistent with the transactions that we have been closing recently, both in terms of risk profile and yield. There's no SunZia type project to call out in the pipeline. But that being said, even if there was, we likely wouldn't tell you until after it closed.

當然。我認為傑夫已經指出了最重要的一點，那就是當我們審視我們的專案儲備時，無論從風險狀況還是收益方面來看，它都與我們最近完成的交易高度一致。目前還沒有任何類似SunZia的項目正在籌備中。但即便如此，即使有這樣的機會，我們可能也要等到它關閉後才會告訴你。

And then the only -- you brought up project sizes. We are seeing project sizes increase. And that is, I'd say, due to two primary items. One is, of course, just these larger grid-connected complexes that are getting built. But then also whether it's reconnected or behind the meter the storage attachment rate going up quite significantly and the focus on storage driving more capital deployment opportunities as well.

然後唯一的問題是──你提到了專案規模。我們發現專案規模正在增加。我認為，這主要歸因於兩件事。當然，其中之一就是正在興建中的這些大型併網綜合體。但無論儲能係統是重新連接還是位於用戶側，儲能係統的接取率都在顯著上升，對儲能的關注也推動了更多資本部署機會。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

All right. And good afternoon, everyone. Maybe to get at this from a slightly different angle, so the pipeline was $5.5 billion or greater than that this time last year, now $6.5 billion, so a little under 20% growth. I guess -- do you feel like that is proportional to the growth in the TAM in the different sort of sandboxes that the company is going to participate in.

好的。大家下午好。或許可以從一個稍微不同的角度來看，去年這個時候，管道建設規模為 55 億美元或更大，現在是 65 億美元，成長了近 20%。我想——你覺得這與公司將要參與的不同類型沙盒中的 TAM 增長成正比嗎？

Really, the spirit of this is -- have you been able to take some share? Or do you see some ability through platform investments and partnerships to take a greater share of the pie?

實際上，這件事的重點是──你是否能夠從中分一杯羹？或者，您認為可以透過平台投資和合作來獲得更大的市場份額？

Thanks, Noah, for the question. I would say that's a difficult question to answer with precision in our markets. There's not necessarily great data on things like market share. But in general, I think directionally, the answer is yes. We do feel like we have increased our market share. We do feel like there's been some pullback from certain players who have been capital providers.

謝謝諾亞的提問。我認為在我們的市場中，這是一個很難精確回答的問題。市佔率等方面的數據未必很完善。但總的來說，我認為從方向來看，答案是肯定的。我們確實感覺我們的市場佔有率有所提高。我們確實感覺到某些資金提供者有撤資。

And we've been able to absorb a little bit more. We feel our penetration with our own clients has improved. And therefore, we probably have increased market share, although there's not a strong way to prove it. And I would also make that comment without necessarily precision.

而且我們還能吸收更多東西。我們感覺我們在客戶群中的滲透率有所提高。因此，我們的市場份額可能有所增加，儘管沒有強有力的證據來證明這一點。而且，我也會發表類似的評論，但不一定要給出確切的答案。

So when you see our pipeline go up 20%, I wouldn't claim our market share has improved by necessarily 20%. But I would say directionally, we have increased our market share.

所以，即使我們的管道建設量增加了 20%，我也不會斷言我們的市佔率一定提高了 20%。但從趨勢來看，我們的市佔率有所成長。

Yes. And the related question is really about leverage. As was alluded to earlier, you do have some increase in individual project sizes. You also spoke before about ongoing investments and kind of capacity within the organization. Just wondering how the capital efficiency versus individual project size versus just pure operating leverage plays into driving the incremental ROE going higher and the ROE targets for fiscal '28?

是的。而相關的問題其實是關於槓桿作用的。如前面所提到的，單一項目的規模確實有所增加。您之前也談到持續的投資以及組織內部的能力。我想知道資本效率、單一專案規模以及純粹的經營槓桿作用，是如何影響增量 ROE 的提高以及 2028 財年 ROE 目標的？

If the question makes sense. Basically trying to do some attribution here on what drives the inflection.

如果這個問題有意義的話。基本上，我試圖分析是什麼因素導致了這種轉折。

So maybe I'll start and if Chuck wants to add anything. I would say the building blocks are on slide 9 in our deck. And you can see that it's not -- our equity efficiency is not entirely taking on more leverage. A big chunk of that equity efficiency is KKR's equity capital. So it's not entirely a play on leverage.

那或許我可以先開始，看看 Chuck 有沒有補充。我認為這些基礎知識都在我們的講義第 9 頁。你可以看到，事實並非如此——我們的股權效率並沒有完全透過增加槓桿來實現。KKR的股權效率很大程度上歸功於其股權資本。所以這並非完全是利用槓桿效應。

But I think the proportional improvement of the dollars of investments we can close with each dollar of equity is displayed there. So hopefully, that somewhat answers your question. Those are really the building blocks of how we get there.

但我認為，這反映了我們每投入一美元股權所能完成的投資金額的比例改善。希望這能部分解答你的疑問。這些確實是我們實現目標的基石。

Yes. I'm sorry, [clear]. I was talking about like debt leverage. I was talking about like operating leverage in terms of -- you grow your headcount, you grow your organizational capacity but are you growing revenues and profit on those revenues faster than you're growing the organization, that's the question.

是的。對不起，[清除]。我指的是債務槓桿之類的東西。我當時說的是營運槓桿，也就是──你增加了員工人數，提高了組織能力，但你的收入和利潤成長速度是否超過了組織的成長速度，這才是問題所在。

Yes. Okay. I'm sorry. I answered a different question. So the answer to that question. I appreciate also, yes. We have been growing our revenues faster than we've been growing our expenses, and we are highly focused on improving our operating leverage. I did talk about towards the end of the call, making significant investments in talent and technology, and we're doing that.

是的。好的。對不起。我回答的是另一個問題。所以，這個問題的答案是…是的，我也很感激。我們的營收成長速度超過了支出成長速度，我們高度重視提高營運槓桿。在通話的最後，我談到了對人才和技術的重大投資，而我們正在這樣做。

And we think they certainly will pay long-term dividends to the company, and we've made some of those investments already. We'll continue to make those investments in 2026. But on a trend basis, we are -- we are and have been and will continue to grow revenues faster than expenses.

我們認為這些投資肯定會為公司帶來長期的回報，而且我們已經進行了一些這樣的投資。我們將在2026年繼續進行這些投資。但從趨勢來看，我們——過去是、現在是、未來也必將繼續維持收入成長速度超過支出成長速度。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

A couple of big picture ones. If I look at the slides, you've consistently had a really good presence in the residential solar market. It looks like it's expected to grow here into '26. So first question would just be around you alluded to the traditional PPA lease product and you guys having good exposure there. Does this prepaid lease product that seems to be trying to make its way into the market to maybe offset some of the volume loss from the cash loan customer market over the past few years.

幾個著眼於大局的問題。從幻燈片來看，你們在住宅太陽能市場一直保持著非常好的地位。看起來這裡預計會一直發展到 2026 年。所以第一個問題是關於您提到的傳統PPA租賃產品，以及您在該領域擁有良好的口碑。這種預付租賃產品似乎正在努力進入市場，以彌補過去幾年現金貸款客戶市場的部分銷售損失。

What does that do for you guys in terms of financing opportunity or returns? Or are you going to be involved there? Just maybe give us a sense of what that has in terms of implications for your resi solar business model?

這對你們的融資機會或回報有什麼影響？或者你會參與其中嗎？能否請您簡單說明一下，這對您的住宅太陽能商業模式有何影響？

Sure. Thanks, Brian. And I'm going to ask Marc to answer that specific question. But as a preamble, I would reinforce what a success story resi solar has been for us as a long-term meet provider with several partners over many years.

當然。謝謝你，布萊恩。我將請馬克回答這個問題。但首先，我想強調一下，多年來，住宅太陽能對我們這個長期供應商來說是多麼成功的案例，我們與多家合作夥伴攜手共進。

Our SunStrong joint venture that's worked out very well. in our most recent transaction that I talked about in the prepared remarks, with Sunrun, I think it's been a real success story in resi solar, and we expect it to continue to be an important component of our business.

我們與 SunStrong 的合資企業運作得非常好。在我事先準備好的演講稿中提到的最近與 Sunrun 的交易中，我認為這在住宅太陽能領域是一個真正的成功案例，我們預計它將繼續成為我們業務的重要組成部分。

To answer your specific question around the prepaid lease product, I'm going to ask Marc to answer that.

關於您提出的預付費租賃產品的具體問題，我將請馬克回答。

Brian, we've seen over the past 10 years or so that we've been in resi, some prepaid leases. But as it relates to your current -- the comment on the current trend, we haven't seen any transactions using the prepaid lease structure to evaluate right now. But we'd certainly look at it to... likely the more traditional lease and TPO products.

布萊恩，在過去的 10 年左右的時間裡，我們看到我們一直在從事住宅業務，其中一些是預付租金的租賃。但就您目前的評論—關於當前趨勢的評論，我們目前還沒有看到任何使用預付租賃結構進行評估的交易。但我們肯定會考慮…很可能是更傳統的租賃和第三方購買產品。

Okay. Fair enough. I appreciate that color. And then maybe just one kind of related, I guess, there was some recent news that maybe there is some tightness in tax equity markets. I mean, I guess, we've been kind of hearing that over the course of the past few quarters. But I guess, the recent attribution was around renewables financing, having maybe a little bit of tightness tied to policy uncertainty, whether that's for an entity of concern or other issues that haven't been finalized in terms of guidance, in this case, treasury guidance.

好的。很公平。我喜歡這個顏色。然後，或許還有一點相關的，我想，最近有一些消息稱，稅收股權市場可能出現了一些緊張。我的意思是，我想，在過去的幾個季度裡，我們已經聽過類似的說法了。但我認為，最近的歸因是圍繞再生能源融資展開的，可能與政策不確定性有關，導致融資略顯緊張，無論是針對受關注實體還是其他尚未最終確定的指導意見，例如財政部的指導意見。

Does that have any implications for you guys? Are you seeing that? Is that actually an opportunity maybe, but just wondering if that's something that is impacting the marketplace as you see it and what it means for HASI?

這對你們有什麼影響嗎？你看到了嗎？這或許是一個機會，但我想知道這是否對您看來會對市場產生影響，以及這對 HASI 意味著什麼？

Sure. So what we've seen is the deployment of transferability structures to be more frequently used. And I think that's in part due to some simplicity but also could be driven by of the tax equity items, which I think you've attributed it correctly to FAC and some of the desire for clarity. I don't think it's more than that, though. It's really just the market looking for clarity.

當然。因此，我們看到的是可轉移性結構的部署將更頻繁地被使用。我認為這部分是由於其簡單性，但也可能是由於稅收權益項目所致，我認為您已正確地將其歸因於 FAC 和對清晰度的某種渴望。我覺得應該不會超過這個數字。這其實只是市場在尋求明確的方向。

And in the interim, the transferability structures have been deployed quite frequently. And I think a good example of that is actually the transactions that we highlighted with Sunrun and pattern were used the transferability structure.

在此期間，可轉移性結構得到了相當頻繁的部署。我認為一個很好的例子就是我們重點提到的 Sunrun 交易，以及所使用的可轉讓結構模式。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗銀行。

Thanks just on the treasury guidance, I think you probably gave more rigor here. But there's another question on that, but just like high level as you think through 2028. Any thoughts on how fee kind of impacts your portfolio here or the projects will be building over the next three years?

謝謝。關於財政部的指導意見，我認為你在這方面可能更加嚴謹。但關於這一點還有另一個問題，不過就像你從宏觀層面思考 2028 年一樣。您認為費用會對您目前的投資組合或未來三年內即將建造的項目產生哪些影響？

Sure. Thanks, Maheep. We are aware, guidance was issued literally while we're sitting in this room. So clearly, we haven't read it. But to answer that question a little more generally on FEAC, I'll ask Susan to speak to that.

當然。謝謝，Maheep。我們知道，就在我們坐在這個房間裡的時候，相關指引就已經發布了。顯然，我們還沒讀過。但要更普遍地回答關於 FEAC 的這個問題，我將請 Susan 來談談。

Yes. Thanks. The good news is that getting -- starting to get guidance out on Fiat in any of the guidance that continues to remain is important and helpful to give clarity around the rules. I think in the interim, as we think we've talked about over the last few quarters, our clients have generally safe harbored under the prior guidance before that was effective through December of last year for several years ahead of their pipeline of projects.

是的。謝謝。好消息是，開始發布有關菲亞特的指導意見，以及任何繼續有效的指導意見，對於澄清規則都非常重要和有幫助。我認為，正如我們在過去幾個季度裡討論的那樣，在此期間，我們的客戶通常都能在去年 12 月之前生效的先前指導意見的保護下，安全地推進他們未來幾年的專案計劃。

So the current guidance is really more -- is obviously focused on 2026, incremental safe harboring or started construction, but isn't really impactful for our current pipeline and most of what our clients had already planned for.

因此，目前的指導意見實際上更側重於 2026 年，逐步實現安全港或開始建設，但對我們目前的管道和我們大多數客戶已經計劃的項目並沒有真正的影響。

Got it. I appreciate that. And maybe a different question on some of these older vintage renewal projects which you might have under the portfolio, keep hearing from some of the developers that they see -- or some of these projects are up for the negotiations.

知道了。我很感激。或許還有另一個問題，關於您投資組合中的一些老舊翻新項目，您不斷聽到一些開發商說他們看到——或者其中一些項目正在進行談判。

As that happens, how does that can impact your earnings power? Or how should we think about that its impact to you that the cap income with the adjusted net income are cash for you guys?

這種情況發生時，會對你的收入能力產生怎樣的影響？或者我們該如何看待調整後淨收入中的現金對你們的影響？

Sure. So I'm going to let one or more of my colleagues jump in on that. But I would start out by saying that we have seen a fair amount of PPA renegotiation and several of our projects recently, and we work closely with our sponsors on those renegotiations and given where PPA prices are now, those have been positive renegotiations as it relates to the long-term cash flows we expect from those projects.

當然。所以我會讓我的一位或幾位同事參與其中。但首先我想說的是，我們最近看到了相當多的購電協議 (PPA) 重新談判，我們的幾個項目也進行了重新談判。我們與發起人密切合作進行這些重新談判，鑑於目前的購電協議價格，就我們預期這些項目的長期現金流而言，這些重新談判都是正面的。

And where that shows up for us on a non-GAAP basis is in portfolio yield, which is the summation of all the individual yields and all the individual projects. And so when there's a new PPA, that's a new fact, and we would rerun the yield on a project. Let me ask if anyone -- okay, I'm getting a lot of head nodding that, that was a sufficient answer.

而這在非GAAP準則下體現在投資組合收益率中，它是所有單一項目和單一收益率的總和。因此，當有新的購電協議 (PPA) 時，這是一個新的事實，我們將重新計算專案的收益率。我想問大家——好吧，看來很多人都在點頭，這個回答已經足夠了。

So hopefully, that answers your question. No one has anything to add to that.

希望這能解答你的疑問。沒有人對此補充什麼。

And just trying to understand it, it feels like the capital needs for renegotiations were pretty low, right? So is that -- and just anything like does that accelerate your EPS growth beyond '28 or the think about this 10% CAGR here, especially with more of your negotiations happening.

我試著理解了一下，感覺重新談判所需的資金似乎很低，對吧？所以，這——以及任何類似的事情，是否會加速你2028年以後的每股收益成長，或者想想這裡10%的複合年增長率，尤其是在你進行更多談判的情況下。

We lost the beginning of that question, but I think you asked to these PPA renegotiations potentially result in higher EPS than our guidance in '28. Was that really the question?

我們錯過了問題的開頭，但我認為你問的是，這些購電協議重新談判可能會導致 2028 年的每股收益高於我們的預期。這就是問題所在嗎？

Yes, yes. And then it seems like these are really get capital intensive, right the higher yield from these renegotiations. So just curious how that actually relates to the EPS here?

是的，是的。然後，這些似乎真的需要大量的資本投入，對吧？因為重新談判能帶來更高的利益。所以，我很好奇這和這裡的每股盈餘（EPS）到底有什麼關係？

Well, sure. So I think our EPS guidance includes our best information at the moment and our best forecast as it relates to future energy prices and future PPA renewals. And so as part of our forecasting process and is included in these guidance numbers -- to the extent things trend better than that, that is an upside to the guidance.

當然可以。所以我認為，我們的每股盈餘預期包含了我們目前掌握的最佳資訊以及我們對未來能源價格和未來購電協議續約的最佳預測。因此，作為我們預測過程的一部分，並且也包含在這些指導數字中——如果情況比這更好，那將是對指導的肯定。

And I talked earlier to Chris' question around upside to guidance. But yes, that's another one if on many of the underlying projects PPAs are negotiated at a higher level than we've already put in our forecast.

我之前已經回答過克里斯關於業績指引上行空間的問題了。但是，如果許多基礎項目的購電協議談判水平高於我們預測的水平，那又是另一個問題了。

Got it. Appreciate that.

知道了。謝謝。

(Operator Instructions) Praneeth Satish, Wells Fargo.

（操作說明）Praneeth Satish，富國銀行。

So clearly, there's a lot of capital flowing into data center development power infrastructure with your investments starting to become larger -- just wondering if you have any updated views on how you're approaching or would consider approaching data center financing I guess, what's your appetite to invest there?

顯然，大量資金正流入資料中心開發電力基礎設施領域，而您的投資也開始不斷擴大——我只是想知道您對資料中心融資方式或考慮方式是否有任何最新的看法，以及您對該領域的投資意願如何？

And to the extent that you've looked at, I guess, how do the opportunities in that segment compare to your other investment opportunities on a risk-adjusted basis?

就您目前所了解的情況來看，從風險調整後的角度來看，該領域的投資機會與您其他的投資機會相比如何？

So I would say a couple of things. One is we are indirectly obviously very involved in data centers in that -- it is the data center is driving so much of this demand that we keep talking about that in turn is driving development. So many of our projects are derivative of that demand, and therefore, we're already indirectly in the data center business.

所以我想說幾點。一方面，我們顯然間接地非常積極地參與資料中心領域——正是資料中心推動了我們不斷談論的這種需求，而這種需求反過來又推動了發展。我們的許多專案都是由這種需求衍生出來的，因此，我們已經間接地涉足資料中心業務。

In terms of being more directly in the data center business, what I would say is really not too much different than we said last quarter, which is we've had conversations around the data center ecosystem with developers and other power providers to data centers.

至於更直接地涉足資料中心業務，我想說的其實和我們上個季度說的並沒有太大不同，那就是我們已經與開發商和其他資料中心電力供應商就資料中心生態系統進行了對話。

We're determining if there's a role for us, if there's a piece of business there that makes sense, and we don't really have anything to report just yet on that, but it's an area that we continue to evaluate what our role may be.

我們正在確定我們是否能在這個領域發揮作用，是否有適合我們的業務，目前我們還沒有什麼可以報告的，但我們會繼續評估我們在這個領域可能扮演的角色。

Got it. And just going to your payout ratio and kind of the long-term guidance here. So payout ratio moves below 50% by 2028. And potentially 40% by 2030. I guess in the context of that, how should we think about your long-term dividend framework? Does that kind of create some flexibility for potentially a faster pace of growth, dividend growth in the outer years? Or is there kind of a preference to take the payout ratio even lower over time?

知道了。接下來我們來看看您的派息率以及這裡的長期指導。因此，到 2028 年，派息率將降至 50% 以下。到 2030 年，這一比例可能達到 40%。我想，在這種背景下，我們該如何看待您的長期股利框架？這是否為未來幾年更快的成長速度和股息成長創造了一定的靈活性？或者說，是否有一種傾向，就是隨著時間的推移，將賠付率進一步降低？

I think it's more the latter. We're not going to comment past 2030 where the dividend may go. That's already, I think, several years into the future. But I think the long-term trend of starting out as a REIT and with 100% payout ratio. And by, call it, 17 years later, having that payout ratio down to 4% or less is a reflection of the evolution of our business and the notion that we believe the business is more valuable and can grow faster if we recycle more capital.

我認為更可能是後者。對於2030年以後的股利走向，我們不會發表評論。我認為，那已經是好幾年以後的事了。但我認為，從長遠來看，以 REIT 的形式起步並實現 100% 的派息率是一個不錯的趨勢。大約 17 年後，股息支付率降至 4% 或更低，這反映了我們業務的發展，也體現了我們認為如果循環利用更多資本，業務更有價值，增長速度更快。

And we're doing that in a way where we're still increasing the dividend every year, which you've seen us do, but we can increase it a little bit each year and reduce the payout ratio because we do have such strong earnings growth. So I'm not going to comment past 2030, but I think this trend is very clear, as to how we think about the dividend and why we think this is the optimal way to run the business. .

我們正在以一種方式來實現這一點：我們仍然每年都在提高股息，你們也看到了，但我們每年可以稍微提高一點股息，降低派息率，因為我們的盈利增長非常強勁。所以，我不會對 2030 年以後的事情發表評論，但我認為這種趨勢非常明確，它說明了我們如何看待股息，以及為什麼我們認為這是經營企業的最佳方式。。

Jeff Osborne, TD Cowen.

Jeff Osborne，TD Cowen。

A couple of questions on my side. I was wondering more financial oriented but the -- I think you had a step-up in receivables outside of CCH1 mark, I was wondering if you could just touch on what drove the higher investment income. And this is a level we expect to continue from here?

我這邊有幾個問題。我更想了解一些財務方面的問題，但是——我認為你們在 CCH1 標記之外的應收賬款有所增長，我想知道你們能否談談是什麼因素推動了更高的投資收益。我們預計這一水平會一直持續下去嗎？

Actually, I'm going to ask Chuck to respond to that. Thanks, Jeff.

實際上，我會請查克來回答這個問題。謝謝你，傑夫。

Jeff, yes, so as you likely know and understand many of investments that we make are now going through CCH1, but there are various assets that we may close that are directly onto our balance sheet that could show up as receivables.

傑夫，是的，正如你可能知道和理解的那樣，我們現在進行的許多投資都透過 CCH1 進行，但我們可能會關閉一些直接列入資產負債表的資產，這些資產可能會顯示為應收帳款。

If they're in through CCH1, they come through as equity method investment of course. But we did have an investment that we put directly on our balance sheet and the yield that we're earning on that is consistent with our new asset yields.

如果他們透過 CCH1 進入市場，當然會以權益法投資的方式進行投資。但我們確實有一項投資，我們將其直接計入資產負債表，並且我們從中獲得的收益率與我們新的資產收益率一致。

And just as a follow-up, is this like a level you expect to continue with the expansion of CCH1 in '26 of the recent expansion? Like how should we think about the mix between CCH1 and the legacy HASI?

另外，我想問一下，您是否希望在最近一次擴展的 '26 年 CCH1 擴展中繼續保持這種水平？我們該如何看待 CCH1 和傳統 HASI 之間的融合？

I think you'll see more growth in the CCH1 and equity method investments than you will on the receivables.

我認為 CCH1 和權益法投資的成長幅度會比應收帳款的成長幅度更大。

Got it. Okay. And then along that line, I think you had a cash flow benefit from EMI equity method investments this quarter? Is that along the same lines that you were just answering or is there something else that drove that from a timing perspective?

知道了。好的。然後，我認為您本季從EMI權益法投資中獲得了現金流收益？這和你剛才回答的內容一致嗎？還是說從時間安排的角度來看，還有其他因素促使你這麼做？

Yes, it's a couple of things. It is along those lines that we are getting cash distributions out of CCH1. But overall, with our portfolio, we are seeing an uptick in operating cash distributions that we're receiving. But we are also within our equity investments, we do from time to time have certain activities that occur where we get distributions such as refinancings that might occur within the portfolios.

是的，有兩件事。正是按照這種方式，我們從 CCH1 獲得了現金分配。但總體而言，就我們的投資組合而言，我們看到收到的經營現金分配增加。但是，在我們的股權投資中，我們也會不時進行一些活動，例如投資組合內的再融資，從而獲得收益分配。

So yes, we are seeing growth in our equity method cash collections. That is a combination of an uptick in operating cash, but also CCH1-related.

是的，我們看到權益法現金收款金額增加。這既與經營現金增加有關，也與 CCH1 相關。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。感謝您的參與。您可以在此時斷開線路。