HA Sustainable Infrastructure Capital, Inc. (HASI) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

literally 100% of the loans in Resy are performing. So, again, it's well within our underwriting guidelines, and we're not seeing stress in that portfolio. Got it. Thanks. And then, you know, maybe as a follow-up here, you know, the tightness in the tax equity waiting for treasury clarity, is that translating to any sort of funding opportunity for you all where maybe there's a hole in the cap stack and you're able to kind of fill it here? Thanks. I'm going to ask Susan to answer that. I think on, or at least respond to the part about the tightness in the market in terms of refilling gaps in the capital stack, that's usually not the dynamic. You know, the tax equity obviously serves a specific purpose in terms of the tax attributes that it would be hard to substitute traditional HACI capital for that tranche. But the first part of the question around the tightness of tax equity, I'm going to let Susan answer. Yeah, thanks. A couple of comments on that. One is that Just in terms of tightness, it's important to note that the reports from last year is that the tax equity market actually grew significantly. Crux is one of the Crux platform tracks from that data. And the total market increased 26% to $63 billion. And very importantly, the tax transfer market, which is still in its third year, grew 50% to $42 billion. So as we move, at the end of the year, some of the corporates, and there's now nearly 25% of Fortune 1000 companies participating in the market, were dealing with their own understanding of where their corporate tax bill was going to settle with the change in the tax laws. But as we move into this year, I think some of that tightening that's been reported is what we're seeing and hearing from companies from some of the stakeholders, but also from Crux is start...