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]

Core Points - Greystone Housing Impact Investors LP amended its $50 million secured revolving Line of Credit facility, extending the maturity date to June 2027 with two additional one-year extension options [1][2] - The amendment allows the Partnership to increase its maximum allowable seniors housing joint venture equity investments to 30% of eligible encumbered assets and enhances its maximum allowable limited guaranties of debt associated with these investments [2][3] - The deficiency guaranty for the facility is provided by an affiliate of the Partnership's general partner without charging a fee, which enhances liquidity and operational flexibility for additional investments in the seniors housing segment [3] 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 investments on a leveraged basis, with expectations that interest earned on these bonds is excludable from federal income tax [4] - The company aims to achieve investment growth through attractive financing structures and interest rate risk management instruments as outlined in its Second Amended and Restated Limited Partnership Agreement [4]

Core Insights - Greystone Housing Impact Investors LP announced a cash distribution of $0.30 per Beneficial Unit Certificate (BUC) to be paid on July 31, 2025, to BUC holders of record as of June 30, 2025 [1] - The CEO indicated that high interest rates and capitalization rates have led to a reduction in quarterly distributions, which now yield an annualized rate of 9.5% based on the net book value as of March 31, 2025 [2] - The Partnership's non-controlling investment in Vantage at Fair Oaks, a 288-unit multifamily property in Texas, has been publicly listed for sale, with the Partnership having contributed $12.0 million in equity [3] Distribution Details - The cash distribution of $0.30 per BUC will be effective for BUC holders recorded by the end of trading on June 30, 2025, with ex-distribution trading commencing on the same date [1] - The decision on distributions is based on a disciplined evaluation of the Partnership's operating results and financial condition [2] Investment Strategy - Greystone Housing Impact Investors LP focuses on acquiring mortgage revenue bonds to finance affordable housing properties, with a strategy to leverage investments and manage interest rate risks [4] - The Partnership aims to achieve growth by investing in additional mortgage revenue bonds and utilizing attractive financing structures available in the market [4]

Group 1 - Greystone Housing Impact Investors LP announced the availability of 2024 Schedule K-3 for unitholders, which contains information relevant to international tax [1][2] - The Schedule K-3 is particularly important for foreign unitholders and those calculating foreign tax credits for their tax returns [2] - Unitholders can obtain an electronic copy of their Schedule K-3 by contacting Tax Package Support [3] Group 2 - Greystone Housing Impact Investors LP was established in 1998 to manage a portfolio of mortgage revenue bonds aimed at financing affordable housing [4] - The Partnership's strategy includes acquiring additional mortgage revenue bonds and leveraging investments to enhance growth [4] - The interest earned on these mortgage revenue bonds is expected to be excludable from gross income for federal tax purposes [4]