Exhibit No. 99.3
HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

The unaudited pro forma consolidated balance sheet as of September 30, 2020, is presented to reflect the adjustments to our historical consolidated balance sheet as of September 30, 2020, as if the acquisitions of the preferred equity interests described in this Form 8-K/A were completed on September 30, 2020. The unaudited pro forma combined consolidated statements of operations for the nine months ended September 30, 2020 and the year ended December 31, 2019, are presented to reflect adjustments to our historical statements of operations, as if the acquisitions of the preferred equity interests were completed on January 1, 2019. Further explanation and details concerning the pro forma adjustments are included in the notes accompanying the unaudited pro forma consolidated financial statements.

Exhibit No. 99.3


HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
PRO FORMA CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 2020
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)

Pro forma Preferred Equity Portfolio AcquisitionsAdjustment for Utility Scale Equity Acquired before September 30, 2020Pro forma
September 30, 2020Utility ScaleDistributed GenerationSeptember 30, 2020Notes
Assets(unaudited)(unaudited)
Cash and cash equivalents$881,487 $(540,000)$(93,000)$152,369 $400,856 A
Equity method investments718,793 540,000 93,000 (152,369)1,199,424 B
Government receivables250,914 250,914 
Commercial receivables, net of allowance of $31 million848,520 848,520 
Real estate359,948 359,948 
Investments51,638 51,638 
Securitization assets146,549 146,549 
Other assets86,649 86,649 
Total Assets$3,344,498 $— $— $— $3,344,498 
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other$56,843 $56,843 
Credit facilities22,565 22,565 
Non-recourse debt (secured by assets of $724 million)599,958 599,958 
Senior unsecured notes1,278,844 1,278,844 
Convertible notes288,551 288,551 
Total Liabilities2,246,761 — — — 2,246,761 
Stockholders’ Equity:
Preferred stock, par value $0.01 per share, 50,000,000 shares authorized, no shares issued and outstanding— — 
Common stock, par value $0.01 per share, 450,000,000 shares authorized, 74,252,973 shares issued and outstanding743 743 
Additional paid in capital1,282,744 1,282,744 
Accumulated deficit(202,914)(202,914)
Accumulated other comprehensive income (loss)11,474 11,474 
Non-controlling interest5,690 5,690 
Total Stockholders’ Equity1,097,737 — — — 1,097,737 
Total Liabilities and Stockholders’ Equity$3,344,498 $— $— $— $3,344,498 

See accompanying notes.

Exhibit No. 99.3



HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
PRO FORMA STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)

 For the nine months ended September 30, 2020Pro forma Preferred Equity Portfolio AcquisitionsAdjustment for Utility Scale Equity Acquired before September 30, 2020Pro forma
 Utility ScaleDistributed GenerationFor the nine months ended September 30, 2020Notes
Revenue(unaudited)(unaudited)
Interest income$71,046 $71,046 
Rental income19,408 19,408 
Gain on sale of receivables and investments34,449 34,449 
Fee income13,115 13,115 
Total revenue138,018 — — — 138,018 
Expenses
Interest expense65,884 17,874 83,758 C
Provision for loss on receivables5,629 5,629 
Compensation and benefits27,223 27,223 
General and administrative11,181 11,181 
Total expenses109,917 17,874 — — 127,791 
Income before equity method investments28,101 (17,874)— — 10,227 
Income (loss) from equity method investments32,505 (24,879)— 7,626 D
Income (loss) before income taxes60,606 (42,753)— — 17,853 
Income tax benefit (expense) (2,860)8,978 — 6,118 E
Net income (loss)57,746 (33,775)— — 23,971 
Net income (loss) attributable to non-controlling interest holders255 (149)— 106 F
Net income (loss) attributable to controlling stockholders$57,491 $(33,626)$— $— $23,865 
Basic earnings (loss) per common share$0.80 $(0.47)$— $— $0.33 G
Diluted earnings (loss) per common share$0.78 $(0.46)$— $— $0.32 G
Weighted average common shares outstanding—basic71,376,004 71,376,004 
Weighted average common shares outstanding—diluted72,644,626 72,644,626 


See accompanying notes.



Exhibit No. 99.3

HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2019
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)

 For the year ended
December 31, 2019		Pro forma Preferred Equity Portfolio AcquisitionsPro forma
 Utility ScaleDistributed GenerationFinancing of AcquisitionsFor the year ended
December 31, 2019		Notes
Revenue(unaudited)
Interest income$76,200 $76,200 
Rental income25,884 25,884 
Gain on sale of receivables and investments24,423 24,423 
Fee income15,074 15,074 
Total revenue141,581 — — — 141,581 
Expenses
Interest expense64,241 39,930 104,171 H
Provision for loss on receivables8,027 8,027 
Compensation and benefits28,777 28,777 
General and administrative14,693 14,693 
Total expenses115,738 — — 39,930 155,668 
Income before equity method investments25,843 — — (39,930)(14,087)
Income (loss) from equity method investments64,174 20,685 84,859 D
Income (loss) before income taxes90,017 20,685 — (39,930)70,772 
Income tax benefit (expense) (8,097)(4,344)8,385 (4,056)E
Net income (loss)81,920 16,341 — (31,545)66,716 
Net income (loss) attributable to non-controlling interest holders356 71 (137)290 I
Net income (loss) attributable to controlling stockholders$81,564 $16,270 $— $(31,408)$66,426 
Basic earnings (loss) per common share$1.25 $0.25 $— $(0.49)$1.01 G
Diluted earnings (loss) per common share$1.24 $0.25 $— $(0.48)$1.01 G
Weighted average common shares outstanding—basic63,916,440 63,916,440 
Weighted average common shares outstanding—diluted64,771,491 64,771,491 


See accompanying notes.

Exhibit No. 99.3
HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

A.Utilized funds available from operations and prior Senior unsecured notes issued to finance these acquisitions and other investments. Adjusted for $152 million of preferred equity acquisitions made prior to September 30, 2020.
B.Pro forma total acquisitions of preferred equity interest in the Utility Scale and Distributed Generation Portfolios. Adjusted for $152 million of preferred equity acquisitions made prior to September 30, 2020.
C.The financing of the Utility Scale and Distributed Generation preferred equity investments were financed in part through the issuance of the Senior unsecured notes. These notes were also used to partially finance other investments made by the Company. Pro forma interest expense was computed for the nine months ended September 30, 2020, as if the Senior unsecured notes were outstanding for the entire nine months ended September 30, 2020.
PrincipalEffective ratesPro forma Interest
($ in thousands)($ in thousands)
2025 Notes$400,000 6.28 %$18,840 
2030 Notes375,000 3.95 %11,107 
Total Borrowings$775,000 5.15 %29,947 
Less actual interest expense for these notes during 2020(12,073)
Incremental pro forma interest expense adjustment$17,874 

D.The Company's pro forma share of preferred equity earnings. The loss from the investments in 2020 and income in 2019 were due primarily to net unrealized losses and gains, respectively, from the mark-to-market of the project company customer power purchase agreements.
E.Income tax (expense) benefit accrual at federal statutory rate of 21%.
F.Non-controlling interest is approximately 0.44% of the Company’s earnings during the applicable period.
G.Represents the pro forma net income (loss) for controlling stockholders divided by the applicable basic or diluted weighted average common shares outstanding for the period.
H.Pro forma interest expense for the full year 2019 as if the Senior unsecured notes issuances used to partially finance these acquisitions among others occurred on January 1, 2019.
PrincipalEffective ratesPro forma Interest
($ in thousands)($ in thousands)
2025 Senior Unsecured Notes$400,000 6.28 %$25,120 
2030 Senior Unsecured Notes375,000 3.95 %14,810 
Total Borrowings$775,000 5.15 %$39,930 

I.Non-controlling interest is approximately 0.43% of the Company’s earnings during the applicable period.