Hi Can someone explain the differences between the 3 HDR images created with Honeybee ‘RunDaylightSimulation’ 
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Hello @vinther.k, It appears that you’re missing an avatar! Please set it up in your profile! Thanks.
Assuming you are only using a single CPU to render the image:
The first image is for the overture calculation. See slide 62 here.
The second one is the output of Run Daylight Simulation component which is the real rendered image based on your inputs.
The third one is created if you converted the HDR image to Tiff file and set adjustExposure to True. Honeybee uses Radiance pcond command to set the exposure of the image.