Upgrades - Oppenheimer upgraded Freshpet (FRPT) to Outperform from Perform with a price target of $80, citing a more attractive risk/reward after a 10% pullback due to competition concerns from Costco's Kirkland Signature brand [2] - HSBC upgraded Chevron (CVX) to Buy from Hold with a price target of $215, increased from $180, due to raised estimates for global integrated oil companies following the macro shock from the Middle East conflict [2] - Mizuho upgraded Chipotle (CMG) to Outperform from Neutral with a price target of $40, up from $37, based on potential positive catalysts from the company's Q1 earnings report and Q2 commentary [3] - Jefferies upgraded SolarEdge (SEDG) to Hold from Underperform with a price target of $49, increased from $30, as the Middle East conflict drives volatility in European energy prices [3] - HSBC double upgraded Arm (ARM) to Buy from Reduce with a price target of $205, up from $90, arguing that the market undervalues the company's transition to a major AI server CPU beneficiary [4] Downgrades - Freedom Capital downgraded Mosaic (MOS) to Sell from Hold with a price target of $24, down from $30, citing a "bifurcated shock" in the fertilizer market due to the Middle East conflict, which is expected to compress margins [4] - BofA downgraded Mosaic to Neutral from Buy with a price target of $30, down from $33, reflecting similar concerns regarding the impact of the conflict on profitability [4] - Citizens downgraded Greystone Housing (GHI) to Market Perform from Outperform, citing headwinds from higher interest rates [4] - Wells Fargo downgraded Amcor (AMCR) to Equal Weight from Overweight with a price target of $43, down from $48, noting a disproportionate share price reaction related to the Iran conflict across the packaging sector [4] - Wells Fargo downgraded Magnera (MAGN) to Equal Weight from Overweight with a price target of $12, down from $19, preferring companies with low leverage and high U.S. concentration [4] - Wells Fargo downgraded O-I Glass (OI) to Equal Weight from Overweight with a price target of $13, down from $18, adjusting ratings based on new macro conditions affecting stock risk/reward profiles [4]

A higher proportion of income that is expected to be tax-exempt for federal income tax purposes over the long term, though management noted that near-term gains from sales of remaining JV equity investments could continue to generate taxable income.Chief Executive Officer Ken Rogozinski said the partnership is pursuing a strategy to “reposition” its investment portfolio by exiting its remaining market-rate multifamily JV equity investments and reinvesting returned capital into “additional high-quality tax-e ...

Greystone Housing Impact Investors LP (NYSE:GHI) Q4 2025 Earnings call March 19, 2026 04:30 PM ET Company ParticipantsJeffrey Neal - Investment AdviserJesse Coury - CFOJonathan Baum - ShareholderKen Rogozinski - Chief Executive OfficerLarry Linden - ShareholderNathaniel Beam - Investment AdviserConference Call ParticipantsChris Muller - Research AnalystMatthew Erdner - Equity Research AnalystOperatorThe Greystone Housing Impact Investors LP conference call. At this time, all participants are in a listen-onl ...

Financial Data and Key Metrics Changes - The company reported a net loss of $2.6 million or $0.17 per unit for Q4 2025, with cash available for distribution (CAD) at $2.8 million or $0.12 per unit [11] - The book value per unit as of December 31 was $11.70, with the closing unit price on March 18 at $5.87, reflecting a 50% discount to net book value [14][15] Business Line Data and Key Metrics Changes - The company is focused on exiting market rate multifamily joint venture (JV) equity investments while reallocating capital into tax-exempt Mortgage Revenue Bonds, which are expected to provide stable, tax-advantaged earnings [6][9] - The company currently has eight market rate multifamily JV equity investments that are either in lease-up or stabilized, with increasing occupancy noted [7][8] Market Data and Key Metrics Changes - The U.S. municipal bond market saw a recovery in Q4 2025, with the high-grade index showing a 4.3% return for the year [25] - The 10-year MMD was at 2.76% and the 30-year MMD at 4.24% at year-end, with slight increases noted due to inflation uncertainty [26] Company Strategy and Development Direction - The company is repositioning its investment portfolio to focus on tax-exempt Mortgage Revenue Bonds, which are expected to yield stable returns compared to the uneven returns from JV equity investments [5][6] - The strategy aims to increase the proportion of tax-exempt income allocated to unitholders over the long term [7] Management Comments on Operating Environment and Future Outlook - Management acknowledged that it will take time to transition capital from JV equity investments to Mortgage Revenue Bonds, but expects this will enhance recurring earnings in the long run [9][10] - The company is optimistic about the leasing trends as the spring leasing season approaches, indicating a potential recovery in occupancy rates [33][34] Other Important Information - The company reported unrestricted cash and cash equivalents of $39.5 million and approximately $49.2 million available on secured lines of credit as of December 31 [15] - The company has a significant amount of investments maturing in the first half of 2026, which will provide additional liquidity [15] Q&A Session Summary Question: Can you provide specifics on the $7 million losses and how they will be recovered? - The losses were primarily due to four properties completing construction, leading to depreciation and non-capitalized interest expenses. As occupancy increases, these losses are expected to narrow [30][31] Question: What are the leasing trends expected as spring approaches? - Management noted that the March to June period is traditionally strong for leasing, and they are monitoring trends closely with property management firms [33][34] Question: Will the foreclosure of properties result in a loss in Q1? - Initial basis in the foreclosed properties is estimated at $112-$150 million, and management aims to recover the original basis through effective management [39][40] Question: What is the status of the $4.5 million return of capital? - The return of capital relates to refinancing opportunities that allowed for the return of capital to the company, minimizing capital in the deals [44][45] Question: Why has there been little insider buying despite the stock price decline? - Management explained that trading restrictions limit when insiders can buy shares, and there has been no sale activity, indicating confidence in the company [82][85]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $2.6 million or $0.17 per unit, with cash available for distribution (CAD) at $2.8 million or $0.12 per unit [12][14] - The book value per unit as of December 31 was $11.70, with the closing unit price on March 18 at $5.87, reflecting a 50% discount to net book value [14][15] Business Line Data and Key Metrics Changes - The company is focused on exiting market rate multifamily joint venture equity investments while reallocating capital into tax-exempt Mortgage Revenue Bonds, which are expected to provide stable, tax-advantaged earnings [5][6] - The company currently has eight market rate multifamily JV equity investments that are either in lease-up or stabilized, with occupancy increasing for those in lease-up [8][10] Market Data and Key Metrics Changes - The fourth quarter of 2025 saw a recovery in the U.S. municipal bond market, with the high-grade index showing a 4.3% return for the year [26] - The 10-year MMD was at 2.76% and the 30-year MMD at 4.24% at year-end, with slight increases noted due to inflation uncertainty [27] Company Strategy and Development Direction - The company is repositioning its investment portfolio to focus on tax-exempt Mortgage Revenue Bonds, which are expected to yield stable returns compared to the uneven returns from joint venture equity investments [6][10] - The strategy aims to increase the proportion of tax-exempt income allocated to unitholders over the long term [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that it will take time to cycle capital out of market rate JV equity investments and into tax-exempt mortgage revenue bonds, but expects this transition to enhance recurring earnings in the long run [10][12] - The company is optimistic about the leasing trends as the spring leasing season approaches, indicating a potential recovery in occupancy rates [34][35] Other Important Information - The company reported unrestricted cash and cash equivalents of $39.5 million and approximately $49.2 million available on secured lines of credit as of December 31 [15][16] - The company has a significant amount of investments scheduled to mature in the first half of 2026, which will provide additional liquidity [15] Q&A Session Summary Question: Details on the $7 million losses and future expectations - Management explained that the losses were primarily due to four properties completing construction, leading to depreciation charges and low occupancy [31][32] Question: Insights on leasing trends for the upcoming season - Management noted that March to June is traditionally a strong leasing period and they are monitoring trends closely with property management firms [34][35] Question: Impact of foreclosures on financials - Management indicated that the initial basis in foreclosed properties would be around $112-$150 million, and they aim to recover the original basis through effective management [40][41] Question: Clarification on capital returns and contributions - The $4.5 million return of capital was related to refinancing two projects, and future contributions will depend on property tax payment timelines [44][47] Question: Confidence in management and investment strategy - Management addressed concerns about past investment strategies and emphasized their commitment to exiting JV investments and returning to core operations [52][53] Question: Valuation and market perception of book value - Management confirmed that they conduct quarterly impairment assessments on joint venture investments and are confident in the reported book value [58][59] Question: Future distribution rates and insider buying - Management stated that distribution rates will depend on the speed of capital recycling into more stable investments, and insider buying is subject to trading restrictions [78][81]

PRESS RELEASE FOR IMMEDIATE RELEASE Omaha, Nebraska March 16, 2026 MEDIA CONTACT: Fran Del Valle Greystone 917-922-5653 fran@influencecentral.com INVESTOR CONTACT: Andy Grier Investor Relations 402-952-1235 Greystone Housing Impact Investors Reports Fourth Quarter 2025 Financial Results Omaha, Nebraska – On March 16, 2026, Greystone Housing Impact Investors LP (NYSE: GHI) (the "Partnership") announced financial results for the three months and year ended December 31, 2025. The Partnership also announced it ...

Core Viewpoint - Greystone Housing Impact Investors LP will host a conference call on March 19, 2026, to discuss its Fourth Quarter 2025 results, and has made its Tax Year 2025 Schedule K-1 forms available for investors [1][2]. Group 1: Conference Call and Earnings Report - The conference call for investors is scheduled for March 19, 2026, at 4:30 p.m. Eastern Time to discuss the Partnership's Fourth Quarter 2025 results [1]. - A recorded replay of the webcast will be available on the Partnership's Investor Relations website [5]. - Participants can join the call by dialing toll-free at (877) 407-8813 or accessing the live webcast through the Partnership's website [4]. Group 2: Tax Information - Investors can access their Tax Year 2025 Schedule K-1 forms via the Tax Package Support website, with paper copies mailed unless paperless delivery is chosen [2]. - Tax Package Support representatives are available to assist users from Monday to Friday, 8 a.m. to 5 p.m. CST [2]. Group 3: Annual Report Filing - The Partnership filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, with the SEC on March 16, 2026 [3]. - Unitholders can request a hard copy of the Form 10-K free of charge from the Partnership's Investor Services department [3]. Group 4: Company Overview - Greystone Housing Impact Investors LP was formed in 1998 to manage a portfolio of mortgage revenue bonds for affordable housing financing [6]. - The Partnership aims to grow its investments by acquiring additional mortgage revenue bonds and utilizing attractive financing structures [6].

Core Viewpoint - Greystone Housing Impact Investors LP announced its financial results for the year ended December 31, 2025, highlighting a strategic shift in capital allocation towards tax-exempt mortgage revenue bond investments and a quarterly distribution of $0.25 per Beneficial Unit Certificate (BUC) [1][6][24]. Financial Highlights - For the three months ended December 31, 2025, the Partnership reported a net loss of $2.6 million or $0.17 per BUC, with Cash Available for Distribution (CAD) of $2.8 million or $0.12 per BUC [6][17]. - For the year ended December 31, 2025, the Partnership reported a net loss of $7.6 million or $0.52 per BUC, with CAD of $19.1 million or $0.82 per BUC [6][17]. - Total assets were reported at $1.5 billion, with total Mortgage Revenue Bond (MRB) and Governmental Issuer Loan (GIL) investments amounting to $1.15 billion [6][17]. Operational Update - The Partnership is reducing its capital allocation to joint venture equity investments in market-rate multifamily properties, focusing on maximizing sales prices and returns from the remaining portfolio [2]. - The strategy aims to redeploy capital into primarily tax-exempt mortgage revenue bond investments, which are expected to provide more stable earnings and tax-advantaged income for unitholders [3][4]. Management Remarks - The CEO, Kenneth C. Rogozinski, indicated progress in implementing the capital reallocation strategy, collaborating with brokers and property management firms to plan exit timelines based on property-level activity [5]. Recent Investment and Financing Activity - In January and February 2026, the Partnership acquired four multifamily properties in South Carolina through deed in lieu of foreclosure, with original MRB investments totaling $119.9 million [7]. - The Partnership repaid approximately $95.9 million in TOB trust financings associated with the MRB investments and secured a new $84.0 million mortgage loan for the acquisitions [7]. Investment Portfolio Updates - The Partnership continues to execute its hedging strategy, primarily through interest rate swaps, with net receipts of approximately $660,000 for the three months ended December 31, 2025 [13]. - All MRB and GIL investments were current on contractual principal and interest payments as of December 31, 2025 [12].

Group 1 - The individual mentioned has extensive experience in accounting and finance, including roles as a CFO, Government Auditor, and Public Accountant, and has authored numerous publications [1] - The individual has a background in teaching at multiple universities and has been involved in significant legal cases related to major corporations [1] - The individual has faced serious health challenges, including stage 3 pancreatic cancer, but has achieved a positive prognosis after treatment [1] Group 2 - The individual has relocated to Southeast Asia, specifically the Philippines and Cambodia, indicating a preference for the latter [1] - The individual maintains a US address despite living abroad, suggesting ongoing ties to the US [1]

Core Viewpoint - Greystone Housing Impact Investors LP has appointed Alfonso Costa Jr. to its Board of Managers, which is expected to enhance the Partnership's focus on affordable housing investments [1][2]. Company Overview - Greystone Housing Impact Investors LP was established in 1998 to manage a portfolio of mortgage revenue bonds aimed at financing affordable multifamily, seniors, and student housing properties [4]. - The Partnership's strategy includes acquiring additional mortgage revenue bonds and leveraging investments to achieve growth, while also managing interest rate risks [4]. Appointment Details - Alfonso Costa Jr. will serve as a director of Greystone AF Manager LLC, effective January 15, 2026 [1]. - Costa has a strong background in residential real estate, previously serving as COO of the Falcone Group and holding a significant role in the U.S. Department of Housing and Urban Development [2][3]. - His experience includes overseeing a $70 billion budget for housing and community development programs and leading the bi-partisan Opportunity Zones program [2]. Educational Background - Costa holds a law degree from Harvard University, a master's degree from the University of Oxford, and a bachelor's degree from Yale University [3]. Board Independence - Due to a current advisory relationship with an affiliated entity of Greystone Manager, Costa does not meet the independence standards set by the New York Stock Exchange and the Securities and Exchange Commission [3].