Rida Morwa is a former investment and commercial Banker, with over 35 years of experience. He has been advising individual and institutional clients on high-yield investment strategies since 1991. Rida Morwa leads the Investing Group High Dividend Opportunities where he teams up with some of Seeking Alpha's top income investing analysts. The service focuses on sustainable income through a variety of high yield investments with a targeted safe +9% yield. Features include: model portfolio with buy/sell alerts ...

Bashar is a contributing writer at Seeking Alpha, focusing on Long/Short investment ideas, with a geographic focus in North America. Before that, Bashar worked at an Investment Fund in the United Kingdom. He has a Master's degree in Finance from the Queen Mary University of London and a Bachelor's degree in Economics from Middlesex University.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within th ...

Group 1 - The article emphasizes the importance of creating a portfolio that generates income without the need for selling assets to fund retirement, promoting a less stressful investment approach [1] - It highlights common mistakes made by investors, such as assuming all companies operate similarly and neglecting thorough analysis [2] - The service offers features like model portfolios with buy/sell alerts, preferred and baby bond portfolios for conservative investors, and regular market updates, focusing on community and education [2] Group 2 - The article mentions that recommendations are closely monitored, with buy and sell alerts provided exclusively to members, indicating a proactive management approach [4] - It clarifies that past performance does not guarantee future results, and no specific investment advice is being given, which reflects a cautious stance on investment recommendations [5]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $7.1 million or $0.35 per unit basic and diluted for Q2 2025, significantly impacted by provisions for credit losses and non-cash unrealized losses on interest rate derivatives [11][12] - Cash available for distribution (CAD) was reported at $5.7 million or $0.25 per unit, with a provision for credit losses of $9.1 million during the quarter [11][12] - The book value per unit as of June 30 was $11.83, a decrease of $0.76 from March 31, primarily due to the reported net loss and distributions declared [13][14] Business Line Data and Key Metrics Changes - The physical occupancy for the stabilized mortgage revenue bond portfolio was 88.4% as of June 30, 2025, with no forbearance requests for multifamily mortgage revenue bonds [7][8] - The joint venture equity investments included five properties, four completed and one under evaluation, with good leasing activity observed in properties in the initial lease-up phase [8][9] - The Velage Senior Living Carson Valley property is currently 49% occupied and pre-leased to 55%, matching original underwriting expectations [10] Market Data and Key Metrics Changes - The U.S. Municipal bond market continued to underperform in 2025, with both investment grade and high yield tax-exempt bonds lagging behind other fixed income asset classes [24][25] - The ten-year MMD was at 3.32% and the thirty-year MMD at 4.67% as of August 6, indicating a steepening yield curve [25][26] - Year-to-date issuance through July was approximately $337 billion, with a forecasted increase in muni bond issuance by 10% to a total of $530 billion to $540 billion for 2025 [29] Company Strategy and Development Direction - The company is focusing on expanding its construction lending joint venture with BlackRock, capitalizing on the pullback in affordable construction lending by commercial banks [30] - The strategy for the joint venture aligns with historical practices, providing construction financing for low-income housing tax credit transactions [39] - The company is actively seeking to deepen relationships with existing sponsors and establish new ones to fill the void left by commercial banks [30] Management's Comments on Operating Environment and Future Outlook - Management noted that the elevated level of new supply in the municipal bond market is a significant factor in its underperformance [34] - The company expects continued activity in the multifamily investment space, albeit muted, with good demand and leasing velocity in its properties [52] - Management remains cautious about interest rate movements, maintaining a matched book strategy to mitigate risks associated with rate fluctuations [51] Other Important Information - The company amended its secured lines of credit to extend maturities and increase borrowing capacity, ensuring liquidity to fund investment commitments [15][16] - As of June 30, the company reported unrestricted cash and cash equivalents of $47.5 million and approximately $86 million of availability on secured lines of credit [15] Q&A Session Summary Question: Why is the muni bond market underperforming relative to other asset classes? - Management attributed the underperformance to elevated new supply and a gap between issuance and investment demand, leading to aggressive adjustments in interest rates on new deals [34][35] Question: What is the expected pace of placements into the BlackRock joint venture? - Management indicated that the pace of deployment typically picks up in the second half of the year as projects receive allocations of private activity volume cap [39][40] Question: How did the new investor get involved in the joint venture? - The involvement was a mutual discovery through discussions about expanding the joint venture, following the success with BlackRock [43] Question: What drove the additional capital needs for the Vantage properties? - Additional capital needs were primarily due to extended timelines for exiting investments and the necessity to cover property tax payments [45] Question: Will the company consider letting hedges go off as interest rates decline? - Management stated that they aim to maintain a matched book strategy and do not foresee changing this approach even if short-term rates decrease [51] Question: When is demand for multifamily housing expected to pick up? - Demand from institutional investors remains, with good leasing activity observed in properties, indicating a stable interest in multifamily investments [52]

[Filing Information](index=1&type=section&id=Filing%20Information) This section provides essential details about the registrant and the nature of the current report filing [Registrant Details](index=1&type=section&id=Registrant%20Details) This section details the registrant's identity, legal structure, and securities listed on the New York Stock Exchange - Registrant: **Greystone Housing Impact Investors LP**[2](index=2&type=chunk) Registered Securities | Title of each class | | :------------------ | | Beneficial Unit Certificates representing assignments of limited partnership interests in Greystone Housing Impact Investors LP | Trading Information | Trading Symbol(s) | Name of each exchange on which registered | | :---------------- | :---------------------------------------- | | GHI | New York Stock Exchange | [Filing Purpose and Status](index=1&type=section&id=Filing%20Purpose%20and%20Status) This section clarifies the Form 8-K filing type and the registrant's non-emerging growth company status - Form Type: **8-K Current Report**[1](index=1&type=chunk) - Earliest event reported: **July 23, 2025**[2](index=2&type=chunk) - The registrant is not an emerging growth company[5](index=5&type=chunk)[6](index=6&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=3&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This section announces the conference call for discussing Second Quarter 2025 financial results [Conference Call Announcement](index=3&type=section&id=Conference%20Call%20Announcement) The registrant announced a conference call to discuss Q2 2025 results, with the press release as an exhibit - Conference Call: **Thursday, August 7, 2025, at 4:30 p.m. Eastern Time**[7](index=7&type=chunk) - Purpose: To discuss **Second Quarter 2025 results**[7](index=7&type=chunk) - Press Release: Issued **July 23, 2025**, furnished as **Exhibit 99.1** to this Form 8-K[7](index=7&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=3&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits accompanying the Form 8-K, including the Q2 2025 press release and interactive data [Exhibits Filed](index=3&type=section&id=Exhibits%20Filed) This section lists the exhibits accompanying the Form 8-K, including the Q2 2025 press release and interactive data List of Exhibits | Exhibit Number | Description | | :------------- | :-------------------------------- | | 99.1 | Press Release dated July 23, 2025 | | 104 | Cover Page Interactive Data File | [SIGNATURES](index=4&type=section&id=SIGNATURES) This section contains the certification and signature details for the Form 8-K filing [Report Certification](index=4&type=section&id=Report%20Certification) The report is certified by Jesse A. Coury, CFO, on behalf of Greystone Housing Impact Investors LP - Signatory: **Jesse A. Coury, Chief Financial Officer**[12](index=12&type=chunk) - Date of Signature: **July 23, 2025**[12](index=12&type=chunk)

Financial Highlights - The Partnership reported a net loss of $7.1 million or $0.35 per Beneficial Unit Certificate (BUC) for the three months ended June 30, 2025 [5] - Cash Available for Distribution (CAD) was $5.7 million or $0.25 per BUC [5] - Total assets amounted to $1.48 billion, with total Mortgage Revenue Bond (MRB) and Governmental Issuer Loan (GIL) investments at $1.13 billion [5] Investment and Financing Activity - The Partnership extended the maturity date for its corporate credit lines and increased total borrowing capacity by $30 million [3] - An additional capital commitment of approximately $60 million was received for the BlackRock construction lending joint venture from a second institutional investor [3] - Advances and acquisitions of various investments totaled approximately $47.6 million, while redemptions and sales totaled approximately $70.6 million [6] Revenue and Expenses - Total revenues for the second quarter of 2025 were $23.6 million, compared to $22.0 million in the same period of 2024, reflecting an increase of approximately 7.4% [15] - Total expenses for the second quarter of 2025 were $29.3 million, compared to $17.9 million in the same period of 2024, indicating a significant increase [15] - The provision for credit losses was $9.1 million for the second quarter of 2025, compared to $19.7 thousand in the same period of 2024 [15] Distribution Information - A regular quarterly distribution of $0.30 per BUC was declared in June 2025 and paid on July 31, 2025 [2] - The distribution was made to BUC holders of record as of the close of trading on June 30, 2025 [2] Management Insights - The CEO emphasized a focus on lending associated with low-income housing tax credit projects [3] - The Partnership's investment strategy includes acquiring additional mortgage revenue bonds and leveraging attractive financing structures available in the securities market [10]

Core Viewpoint - Greystone Housing Impact Investors LP will host a conference call on August 7, 2025, to discuss its Second Quarter 2025 results [1] Group 1: Conference Call Details - The conference call is scheduled for 4:30 p.m. Eastern Time on August 7, 2025 [1] - Participants can join the call toll-free at (877) 407-8813 or internationally at +1 (201) 689-8521, with no pin required [2] - A live webcast will be available on the Partnership's website, and it is recommended to join 15 minutes early [2] Group 2: Company Overview - Greystone Housing Impact Investors LP was established in 1998 to manage a portfolio of mortgage revenue bonds for affordable housing [4] - The Partnership aims to acquire additional mortgage revenue bonds and other investments on a leveraged basis, benefiting from favorable financing structures [4] - The interest earned on these mortgage revenue bonds is expected to be excludable from gross income for federal tax purposes [4]

Core Insights - Greystone Housing Impact Investors LP has entered into a new Credit Agreement for a secured revolving line of credit totaling $80 million, replacing a previous agreement of $50 million [1][2][3] Group 1: Credit Agreement Details - The new Acquisition LOC provides temporary financing for investment purchases, with advances expected to be repaid from traditional debt financing sources [2] - The outstanding balances on the Acquisition LOC will incur interest at Term SOFR plus 2.50%, with a minimum interest rate of 2.60% [2] - The stated maturity of the Acquisition LOC is June 2027, with the possibility of extension to June 2029 under customary conditions [2] Group 2: Company Strategy and Operations - The increase in the Acquisition LOC by $30 million reflects strong relationships with bank lenders and enhances the Partnership's capacity for managing capital and liquidity [3] - Greystone Housing Impact Investors LP focuses on acquiring, holding, and managing a portfolio of mortgage revenue bonds aimed at financing affordable housing [4] - The Partnership aims to achieve investment growth through acquiring additional mortgage revenue bonds and leveraging attractive financing structures available in the market [4]

Group 1 - The article promotes a portfolio strategy that generates income without the need for selling assets, aiming to simplify retirement investing [1] - It highlights the popularity of "hot takes" in social media platforms like TikTok, Instagram, and YouTube, indicating a shift in how investment opinions are shared [2] - The service offers features such as model portfolios, buy/sell alerts, and community engagement, emphasizing education and collaboration among investors [2] Group 2 - The article mentions that the service closely monitors investment positions and provides exclusive buy and sell alerts to its members [4] - It clarifies that past performance does not guarantee future results and that the views expressed may not represent the entire organization [5]

Core Insights - The Conservative Income Portfolio aims to target value stocks with high margins of safety while reducing volatility through well-priced options [1][2] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - Greystone Housing Impact Investors LP (GHI) has been a focus for analysts, indicating potential investment interest [1] Investment Strategies - The Covered Calls Portfolio is structured to provide lower volatility income investing with an emphasis on capital preservation [1] - The fixed income portfolio is focused on acquiring securities that offer high income potential and are significantly undervalued compared to peers [1][2] - Trapping Value, with over 40 years of combined experience, emphasizes options income generation while prioritizing capital preservation [2]