Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE:HASI) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET

Company Participants

Neha Gaddam - Senior Director, Investor Relations & Corporate Finance
Jeffrey Lipson - President, CEO & Director
Marc Pangburn - CFO

Conference Call Participants

Noah Kaye - Oppenheimer
Christopher Souther - B. Riley
Jack Hurley - Mizuho Securities
Michael Fairbanks - JPMorgan Chase & Co.
David Sutherland - Robert W. Baird & Co.

Operator

Greetings and welcome to HASI's First Quarter 2024 Earnings Conference Call and Webcast. [Operator Instructions].

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 first quarter 2024 results, a copy of which is available on our website. This conference call is being webcast live on our 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.

And 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. Today is truly a milestone moment in the evolution of HASI. Since our Investor Day in 2023 roughly one year ago, we have consistently talked about a strategic emphasis on a more efficient and scalable capital structure.

Today, we announced a $2 billion strategic partnership with KKR that provides a very meaningful step towards accomplishing this goal. The partnership is an ideal pairing of HASI's ability to source, underwrite, and manage a diverse portfolio of climate-positive investments and KKR's market leadership in raising and managing sustainable core infrastructure funds.

This arrangement creates an efficient platform to hold most of our balance sheet investments going forward. We are thrilled with this partnership and the opportunities that we'll facilitate. We have named the partnership Carbon Count -- CarbonCount Holdings 1, and we'll refer to it as CCH1 going forward.