Leverage & Liquidity

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Leverage Metrics HASI Moody's Fitch S&P
Metric Debt-to-Equity¹ TCE/TMA Debt-to-TE Debt-to-ATE Maximum
Target 1.5 – 2.0x Minimum 30% Maximum 2.0x 2.75x
Current 1.7x 36.0% 1.6x 1.9x
Latest Report Date June 30, 2026 2026 2026 2025

1. As measured by credit rating agencies (assuming 50% equity credit to Jr. Subordinated Notes)

Liquidity and Capital Resources $2.2b

As of June 30, 2026

Maturity Schedule

Year Senior Unsecured Notes Convertible Notes Junior Subordinated Notes Credit facilities, TLA and CP Program
2025 -- -- -- --
2026 -- -- -- 6M
2027 -- -- -- 222M
2028 -- 403M -- --
2029 -- -- -- --
2030 375M -- -- --
2031 600M -- -- --
2032 -- -- -- --
2033 1B -- -- --
2034 1B -- -- --
2035 400M -- -- --
2036 400M -- -- --
... -- -- -- --
2056 -- -- 1.1B --

As of June 30, 2026, excludes the Delayed Draw Term Loan prepaid in July 2026

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Debt Category $ million (June 30, 2026)
Unsecured:
Senior Unsecured Notes $3,375
Exchangeable Notes $403
Junior Subordinated Notes $1,100
Credit Facilities $0
CarbonCount®-Based Term Loan Facilities $228
Green CarbonCount® Commercial Paper $0
Credit Enhanced Commercial Paper Note $0
Secured:
Secured Term Loan $0
Non-Recourse Debt $123
Total Debt Principal Outstanding $5,879
Debt Issuance Costs, Premiums/Discounts and Accrued Interest $21
Total Carrying Value of Debt Outstanding $5,901*

Footnote:

*Figures might not add up due to rounding.