Group 1 - Greystone Housing Impact Investors LP announced the issuance of 2,000,000 additional Series B Preferred Units, generating $20,000,000 in new proceeds [1][2] - The Series B Preferred Units are non-cumulative, non-convertible, and non-voting, with an option for redemption starting from March 2031 [2] - The CEO highlighted that this issuance provides non-dilutive, fixed-rate, low-cost capital, and the institutional investor has invested a total of $70 million through multiple series of preferred units [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 attractive financing structures available in the market [4]

Core Insights - Greystone Housing Impact Investors LP executed a Subscription Agreement to issue 2,000,000 additional Series B Preferred Units, raising $20 million in new capital [1][2] - The Series B Preferred Units are non-cumulative, non-convertible, and non-voting, with an option for redemption starting from March 2031 [2] - The CEO highlighted that this issuance provides non-dilutive, fixed-rate, low-cost capital, enhancing the Partnership's liquidity despite high interest rates [3] Company Overview - 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 attractive financing structures available in the market [4] - The interest earned on mortgage revenue bonds is expected to be excludable from gross income for federal tax purposes [4]

Core Viewpoint - Greystone Housing Impact Investors (GHI) has seen a 1.4% increase in share price over the past four weeks, closing at $13.08, with a potential upside of 28.1% based on Wall Street analysts' mean price target of $16.75 [1] Price Targets - The average price target consists of four estimates ranging from a low of $15 to a high of $17.50, with a standard deviation of $1.19, indicating a potential increase of 14.7% to 33.8% from the current price [2][4] - A low standard deviation suggests a high degree of agreement among analysts regarding the stock's price movement, which can serve as a starting point for further research [7] Analyst Sentiment - Analysts are optimistic about GHI's earnings prospects, as indicated by a positive trend in earnings estimate revisions, which historically correlates with stock price movements [9][10] - The Zacks Consensus Estimate for the current year has increased by 7.1% over the past month, reflecting a positive outlook [10] Zacks Rank - GHI holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, suggesting strong potential for upside in the near term [11] Caution on Price Targets - While price targets are a common metric for investors, relying solely on them may not be prudent due to concerns about analysts' biases and the accuracy of their estimates [3][5][6] - Price targets should be approached with skepticism, as they may not reliably indicate actual stock price movements [8][12]

Group 1 - The article discusses the policy agendas from the campaigns of President Trump and former Vice President Harris during an election forum [1] - It highlights the importance of dividend-paying portfolios for retirement, emphasizing a strategy that generates strong returns without the need for selling assets [2] - The company offers a Model Portfolio targeting a yield of 9-10%, promoting the benefits of dividends for investors [2]

Company Overview - Greystone Housing Impact Investors LP is a Delaware limited partnership formed in 1998, primarily focused on acquiring, holding, selling, and managing a portfolio of mortgage revenue bonds for affordable multifamily, seniors, and student housing properties [5] - The Partnership aims to grow its investments by acquiring additional mortgage revenue bonds and leveraging attractive financing structures available in the securities market [5] Financial Reporting - The Partnership filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with the SEC on February 20, 2025 [1] - Unitholders can request a hard copy of the Form 10-K free of charge from the Partnership's Investor Services department [1] Tax Information - Investors can access their Tax Year 2024 Schedule K-1 forms through the Tax Package Support website [2] - Paper copies of the Schedule K-1 forms will be mailed to investors unless they opted for paperless delivery [3] Investor Relations - Additional information regarding K-1 forms can be found on the Partnership's website [4] - The Partnership's Investor Services department can be contacted for assistance [4]

Financial Data and Key Metrics Changes - The company reported GAAP net income of $10.1 million and $0.39 per unit for Q4 2024, with cash available for distribution (CAD) of $4.2 million and $0.18 per unit [14] - For the year ended December 31, 2024, net income was $21.3 million and CAD was $21.9 million, benefiting from a hedging strategy that resulted in net swap payments of $12.3 million [17][18] - The book value per unit decreased to $13.15, down $1 from September 30, primarily due to a decrease in the fair value of the mortgage revenue bond portfolio [18][19] Business Line Data and Key Metrics Changes - The investment portfolio maintained a physical occupancy rate of 91.2% for the stabilized mortgage revenue bond portfolio as of December 31, 2024 [9] - The company advanced funds totaling $36.8 million for mortgage revenue bond investments and $32 million for governmental issuer loans and property loans during Q4 [28] - The joint venture equity investments portfolio consisted of 12 properties with a carrying value of approximately $179.4 million as of December 31 [33] Market Data and Key Metrics Changes - The 10-year MMD yield increased from 2.97% to 3.06% and the 30-year MMD yield increased from 3.83% to 3.90% from the previous quarter [39] - The Muni High Grade Index generated a total return of 1.1% and the Muni High Yield Index generated a total return of 6.3% for 2024 [43] Company Strategy and Development Direction - The company is focusing on a new construction lending joint venture with BlackRock, aiming to fill the gap left by commercial banks in affordable construction lending [45] - The management team is committed to maintaining a disciplined evaluation of cash available for distribution and other factors when making distribution decisions [89] Management's Comments on Operating Environment and Future Outlook - Management noted that the fourth quarter rally in the muni bond market did not materialize as expected, with yields higher than anticipated [39] - The company is monitoring potential impacts from changes in tax legislation and the administration's policies on the muni bond market [41][67] Other Important Information - The company reported unrestricted cash and cash equivalents of $14.7 million and approximately $31 million of availability on secured lines of credit as of December 31 [22] - The company has liquidity events in January 2025 that added approximately $31 million to available liquidity [23] Q&A Session Summary Question: Can you talk about the returns on the new JV investments compared to MRBs and government loans? - Management indicated that the strategy for the BlackRock JV is similar to past governmental issuer loan investments, with expected returns enhanced by a promotes structure [49][50] Question: What are the expectations for gains from JV equity investments? - Management noted that returns are highly localized and influenced by market conditions, with specific challenges faced by the Tomball asset due to increased insurance costs [56][57] Question: What is the timing for redemptions in 2025? - Management expects significant redemptions later in 2025, with approximately $120 million of governmental issuer loan balances anticipated [62] Question: How does the company view the unit price being below net book value? - Management acknowledged the low trading price relative to book value and indicated that they would evaluate potential actions if this trend continues [100]

Core Insights - Greystone Housing Impact Investors (GHI) reported quarterly earnings of $0.34 per share, significantly exceeding the Zacks Consensus Estimate of $0.12 per share, and a notable improvement from a loss of $0.12 per share a year ago [1][2] - The earnings surprise of 183.33% indicates a strong performance compared to previous expectations, where the company had a loss of $0.23 per share against an expected $0.21 [2] - Revenue for the quarter was $22.59 million, which fell short of the Zacks Consensus Estimate by 6.48% and decreased from $25.19 million year-over-year [3] Financial Performance - The company has surpassed consensus EPS estimates two times over the last four quarters, while it has only topped revenue estimates once [2][3] - The stock has appreciated approximately 22.9% since the beginning of the year, outperforming the S&P 500's gain of 4.5% [4] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.37, with expected revenues of $24.97 million, and for the current fiscal year, the estimates are $1.91 on revenues of $108.31 million [8] - The estimate revisions trend for Greystone Housing Impact is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [7] Industry Context - The Financial - Miscellaneous Services industry, to which Greystone Housing Impact belongs, is currently ranked in the top 20% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [9]

Distributions - The company completed a distribution of additional BUCs on October 31, 2023, at a ratio of 0.00418 BUCs for each BUC outstanding as of September 29, 2023[12] - The company reported a distribution completed on July 31, 2023, at a ratio of 0.00448 BUCs for each BUC outstanding as of June 30, 2023[12] - The company reported a distribution completed on January 31, 2024, at a ratio of 0.00415 BUCs for each BUC outstanding as of December 29, 2023[12] - The company has completed distributions of additional Beneficial Unit Certificates (BUCs) at ratios of 0.00448 and 0.00418 for the periods ending June 30, 2023, and September 29, 2023, respectively[12] Joint Ventures and Investments - The company has established a joint venture with BlackRock Impact Opportunities to invest in loans for the construction and rehabilitation of affordable multifamily housing properties across the U.S.[22] - The company is involved in a joint venture with BlackRock to finance the construction and rehabilitation of affordable multifamily housing properties across the U.S.[22] - The company is focused on investing in multifamily, student, and senior citizen residential properties, which are subject to market fluctuations[41] Financing and Leverage - The company has a maximum leverage ratio of 80% as established by its Board of Managers[27] - The company has a secured credit agreement executed in connection with its General LOC[32] - The company’s Shelf Registration Statement allows for the issuance of up to $300.0 million of BUCs, Preferred Units, or debt securities[32] - The company is actively managing its financing arrangements and is focused on renewing or refinancing these arrangements[41] - The company faces challenges in accessing debt and equity capital for financing assets[41] Risks and Economic Conditions - The company faces various risks including defaults on mortgage loans, competitive environment, and economic conditions influenced by interest rates and inflation[41] - Future performance may be impacted by geopolitical events such as the Russia-Ukraine war and the Israel-Hamas conflict[41] - The company is subject to changes in the U.S. corporate tax code and other government regulations that may affect its operations[41] - The company is monitoring the impact of elevated inflation levels on its financial conditions and market volatility[41] - Elevated inflation levels over the past years may lead to continued high interest rates and increased market volatility[41] - The company is subject to uncertainties in domestic and international macroeconomic environments, including monetary and fiscal policy impacts[41] - Geographic concentration of properties related to investments poses additional risks[41] Forward-Looking Statements - The report contains forward-looking statements regarding future operations and financial position, which are based on current expectations and projections[40] - The report emphasizes the importance of not giving undue weight to estimates and statistical data provided by independent parties[40] - The company does not guarantee the accuracy or completeness of the statistical and industry data included in the report[40] - Future performance projections are subject to a high degree of uncertainty and risk due to various factors[41]

Conference Call Information - The company will host a conference call for investors on February 20, 2025, at 4:30 p.m. Eastern Time to discuss its Fourth Quarter 2024 results[7] - The press release announcing the conference call was issued on February 6, 2025[7] Stock Information - The company is registered under the symbol GHI on the New York Stock Exchange[5]

Financial Performance - The Partnership reported net income of $10.1 million for the three months ended December 31, 2024, compared to $6.2 million for the same period in 2023, resulting in net income per Beneficial Unit Certificate (BUC) of $0.39 [17][21] - For the year ended December 31, 2024, total revenues were $91.3 million, a decrease from $104.9 million in 2023, with investment income contributing $81.0 million [17][21] - Cash Available for Distribution (CAD) for the three months ended December 31, 2024, was $4.2 million, translating to $0.18 per BUC, down from $0.27 in the same period of 2023 [21] Investment and Financing Activities - The Partnership received proceeds of $14.2 million from the sale of Vantage at Tomball in January 2025, with no recognized gain or loss upon sale [5] - Advanced funds on Mortgage Revenue Bonds (MRB) and Governmental Issuer Loans (GIL) totaled $36.8 million and $32.0 million, respectively, during the fourth quarter of 2024 [8] - The Partnership entered into a securitization transaction totaling $75.4 million, representing fixed-rate, matched-term, non-recourse debt financing [8] Management Insights - The CEO noted that 2024 was challenging due to higher interest rates and operating expenses affecting joint venture equity investments, but expressed optimism for opportunities in 2025 [4] - The Partnership's dedicated capital pool from a new BlackRock construction lending joint venture is seen as a significant tool for supporting affordable housing developers [4] Portfolio and Asset Management - Total assets of the Partnership were reported at $1.58 billion, with total MRB and GIL investments amounting to $1.25 billion [6] - All MRB and GIL investments were current on contractual principal and interest payments as of December 31, 2024, with no requests for forbearance from borrowers [14] - Six joint venture equity investment properties completed construction, with three achieving 90% occupancy [14]