Amended 10-K Reveals Worsening Losses at Key Unconsolidated Subsidiaries
HASI sits 66% above its 52-week low of $21.982.
Summary
HA Sustainable Infrastructure Capital, Inc. filed an amended 10-K to include detailed financial statements for two significant unconsolidated subsidiaries, Palmetto HASI Holdings LLC and Daggett Renewable Holdco LLC, as required by SEC Rule 3-09. The financials reveal a significant decrease in net income for Palmetto and a substantially larger net loss for Daggett in 2025 compared to 2024.
Key Events · Earnings and Guidance · HASI
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Compliance Filing
HA Sustainable Infrastructure Capital, Inc. filed a 10-K/A to comply with SEC Regulation S-X, Rule 3-09, which requires separate financial statements for individually significant unconsolidated subsidiaries. This filing adds new financial details not present in the original 10-K filed on February 13, 2026.
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Palmetto HASI Holdings LLC Financials
Palmetto HASI Holdings LLC reported a decrease in net income attributable to members to $84.3 million in 2025 from $149.1 million in 2024. Its total assets grew significantly to $4.18 billion in 2025 from $1.37 billion in 2024.
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Daggett Renewable Holdco LLC Financials
Daggett Renewable Holdco LLC reported a net loss of $24.2 million in 2025, a substantial increase from a net loss of $2.1 million in 2024. The subsidiary also saw a significant increase in interest expense to $25.0 million in 2025 from $2.2 million in 2024.
Analysis · HASI · Real Estate & Construction
This amended 10-K provides crucial transparency into the financial performance of HA Sustainable Infrastructure Capital's significant unconsolidated equity method investments. While a compliance-driven filing, the detailed financials for Palmetto HASI Holdings LLC and Daggett Renewable Holdco LLC reveal notable trends. The significant decrease in Palmetto's net income and the substantial increase in Daggett's net loss, coupled with a sharp rise in Daggett's interest expense, could indicate challenges within these key investments. Investors should analyze these subsidiary results in conjunction with the parent company's previously reported financials to fully assess the overall financial health and risk profile of HA Sustainable Infrastructure Capital.
At the time of this filing, HASI was trading at $36.45 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $4.7B. The 52-week trading range was $21.98 to $40.01. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.