HA可持續基礎設施資本公司提交10-Q 第二季收入增41% 淨利1.32億美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

 FORM 10-Q 

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2026 
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     
Commission file number 001-35877

 

HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. 
(Exact name of registrant as specified in its charter)

Delaware46-1347456
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

One Park Place, Suite 200
21401
Annapolis,Maryland
(Address of principal executive offices)(Zip code)

(410) 571-9860 
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareHASINew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒  Accelerated filer☐

Non-accelerated filer☐  Smaller reporting company☐

  Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: 128,495,790 shares of common stock, par value $0.01 per share, outstanding as of August 4, 2026 (which includes 550,737 shares of unvested restricted common stock).

FORWARD-LOOKING STATEMENTS
We make forward-looking statements in this Quarterly Report on Form 10-Q (“Form 10-Q”) within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, we intend to identify forward-looking statements. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements.
Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in Part I, Item 1A. Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025, as amended by Amendment No. 1 to our Annual Report on Form 10-K for the year ended December 31, 2025 (collectively, our “2025 Form 10-K”) (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on our operations and financial results, and could cause our actual results to differ materially from those contained or implied in forward-looking statements made by us or on our behalf in this Form 10-Q, in presentations, on our websites, in response to questions or otherwise.
Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.

- i -

TABLE OF CONTENTS
 

Page
PART I. FINANCIAL INFORMATION

Item 1.Financial Statements
1

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
40

Item 3.Quantitative and Qualitative Disclosures about Market Risk
58

Item 4.Controls and Procedures
60

PART II. OTHER INFORMATION
61

Item 1.Legal Proceedings
61

Item 1A.Risk Factors
61

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
61

Item 3.Defaults Upon Senior Securities
61

Item 4.Mine Safety Disclosures
61

Item 5.Other Information
61

Item 6.Exhibits
62

SIGNATURES
64

 

- ii -

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)

June 30, 2026 (unaudited)December 31, 2025
Assets
Cash and cash equivalents$249,921 $110,218 
Equity method investments4,782,318 4,115,909 
Receivables, net of allowance of $56 million and $62 million, respectively ($1.0 billion and $629 million from equity method investees, respectively)
3,145,473 3,280,046 

Receivables held-for-sale (includes $51 million under fair value option as of June 30, 2026)
72,804 113,938 
Real estate and available-for-sale debt securities
74,887 76,291 

Retained interests in securitization trusts, net of allowance of $3 million and $3 million, respectively
332,201 299,739 
Other assets283,389 191,824 
Total Assets$8,940,993 $8,187,965 
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other$390,304 $380,702 

Credit facilities1,320 46,184 
C