Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE:HASI) Q4 2023 Earnings Conference Call February 15, 2024 5:00 PM ET
Company Participants
Neha Gaddam - Senior Director of IR & Corporate Finance
Jeffrey Lipson - President & CEO
Marc Pangburn - CFO
Susan Nickey - Chief Client Officer
Conference Call Participants
Brian Lee - Goldman Sachs
Chris Souther - B. Riley Securities
Noah Kaye - Oppenheimer
Davis Sunderland - Baird
Operator
Greetings, and welcome to HASI's Fourth Quarter and Full Year 2023 Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Neha Gaddam, Senior Director, Investor Relations and Corporate Finance.
Neha Gaddam
Thank you, operator. Good afternoon, everyone, and welcome. Earlier this afternoon HASI distributed a press release detailing our fourth quarter and full year 2023 results, a copy of which is available on our website. This conference call is being webcast live on Investor Relations' page of the website, where a replay will be available later today.
Some of the comments made in this call are forward-looking statements, which are subject to risks and uncertainties described in the risk factors section of the company's Form 10-K and other filings with the SEC. Actual results may differ materially from those stated.
Today's discussions also include some non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is available on our posted earnings release and slide presentation.
Joining me on today's call are Jeff Lipson, the company's President and CEO; Marc Pangburn, CFO; and Susan Nickey, our Chief Client Officer. Susan will be available for the Q&A portion of our presentation.
Now, I'd like to turn the call over to Jeff, who will begin on Slide 3. Jeff?
Jeffrey Lipson
Thank you, Neha and good afternoon, everyone. Thank you for joining the call. 2023 was a record year for HASI, producing outstanding results as our non-cyclical and adaptable business model overcame the challenges presented by disruptive capital markets. We increased our distributable earnings by 7% to $2.23 and increased our net investment income by 21%. We were able to close a record volume of $2.3 billion of new investments at a yield greater than 9%. This volume facilitated a 44% increase in our portfolio, which creates a foundation for continued revenue growth.