HA Sustainable Infrastructure Capital, Inc. (HASI) reported its first quarter 2025 results, closing approximately $706 million in new investments, marking a record for a first quarter. The weighted average yields on new portfolio investments remained strong at over 10.5% through the quarter.
While GAAP Net Income for Q1 2025 was $57 million, down from $123 million in Q1 2024, Adjusted Net Investment Income increased by 12.5% year-over-year to $72 million. Adjusted EPS for the quarter was $0.64, compared to $0.68 a year ago, primarily driven by lower gain on sale income.
HASI reaffirmed its guidance for Adjusted Earnings per Share to grow at a compound annual rate of 8% to 10% through 2027, targeting a midpoint of $3.15 per share. The company's managed assets grew 12% year-over-year to $14.5 billion, and its on-balance sheet portfolio increased 11% to $7.1 billion.
The company also strengthened its funding platform by increasing its revolver capacity by $200 million to $1.55 billion in March. The CarbonCount Holdings 1 (CCH1) co-investment vehicle's total assets grew to approximately $1 billion by the end of Q1, further enhancing HASI's capital access. A quarterly cash dividend of $0.42 per share was approved.
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