Muddy Waters has taken a short bet on Hannon Armstrong Sustainable Infrastructure Capital, saying the company’s “complex and misleading” accounting render its financial statements “effectively meaningless.”

In a Tuesday short report, Muddy Waters said that Hannon Armstrong was inflating earnings through questionable accounting practices and alleged that most of Hannon’s income is both non-cash and unrealizable.

Carson Block’s firm pointed to related party transactions the activist believes were designed to create the appearance of cash flows and earnings by roundtripping money. The short seller believes real income was $16.5 million in fiscal 2020, five times lower than the official figure of $82.4 million.

Shares in Hannon Armstrong, which provides debt and equity financing to renewable energy companies, were down 8% as of 11 a.m. EDT Tuesday in New York.

The short seller also warned investors not to be fooled by what the company calls distributable earnings as its dividend is “almost entirely” financed through capital raises.