Carson Block of Muddy Waters Capital makes the case that Hannon Armstrong (HASI) is a value-destructive REIT in pursuit of the ESG wave. At the heart of its thesis, Muddy Waters sees HASI deploying numerous accounting gimmicks which serve to hide the reality that the vast majority of its income comes from non-cash sources. Behind the smoke screen, Muddy Waters believes HASI’s loan portfolio is in serious trouble and its lack of true cash flows will render its attractive dividend unserviceable.

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