Hi Matthew,
Please see the Financial Parameters, Third Party Host / Developer topic in SAM's Help system. It describes the way the model works, which I think explains why the cash flows look as they do:
The Third Party Ownership - Host / Developer model calculates financial metrics a renewable energy system installed on a residential or commercial property. The property owner, or host, makes an agreement with a third party, or developer, who installs, operates, and owns the system. The system reduces the host's electricity bill, and the host makes payments to the developer for the power generated by the system at a fixed rate negotiated through a power purchase agreement or PPA.
Best regards,
Paul.