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]

Group 1 - The article emphasizes the importance of creating a portfolio that generates income, allowing investors to fund their retirement without the need to sell assets [3] - It highlights a specific investment strategy, referred to as the "Income Method," which aims to deliver strong returns with a target yield of 9-10% [3] - The company offers a month-long paid trial for $49, including a bonus discount of 5%, to attract potential investors to their Model Portfolio [3] Group 2 - The article suggests that many individuals may feel frustrated with traditional financial advisors and encourages joining a community that focuses on dividend investing [3] - It promotes the idea that a well-structured portfolio can alleviate the stress associated with retirement investing [3] - The message conveys that investors can save significant amounts of money by adopting a dividend-focused investment approach [3]

Financial Data and Key Metrics Changes - The company reported GAAP net income of $3.3 million, or $0.11 per unit, for Q1 2025, significantly impacted by $3.9 million of non-cash unrealized losses on interest rate derivatives [13] - Cash available for distribution (CAD) was reported at $7.1 million, or $0.31 per unit [13] - The book value per unit decreased to $12.59, down $0.56 from December 31 [15] - Unrestricted cash and cash equivalents increased significantly to $51.4 million from $14.7 million as of December 31 [16] Business Line Data and Key Metrics Changes - The investment portfolio had no forbearance requests for multifamily mortgage revenue bonds, with all borrowers current on payments as of March 31, 2025 [8] - Physical occupancy for the stabilized mortgage revenue bond portfolio was at 89.5% [8] - The company funded $60.6 million in mortgage revenue bonds and related investments during Q1 [20] Market Data and Key Metrics Changes - The U.S. Municipal bond market faced challenges, with investment-grade tax-exempt bonds being the worst-performing fixed income asset class in Q1 2025 [28] - The ten-year MMD was at 3.33% and the thirty-year MMD at 4.4% as of the latest close, reflecting an increase from previous months [29] - Total fund flows for Q1 2025 were positive at about $11 billion, but April saw $3.6 billion in outflows [32] Company Strategy and Development Direction - The company is focusing on deepening relationships with existing sponsors and establishing new ones, particularly in affordable housing construction lending [33] - The partnership with BlackRock is aimed at capitalizing on opportunities in the construction lending space due to a pullback from commercial banks [33] Management's Comments on Operating Environment and Future Outlook - Management noted that uncertainty in the municipal bond market continues, influenced by tariffs and potential changes in federal funding programs [30][31] - The company expects to monitor the impact of legislative changes on municipal credit ratings and valuations [36] Other Important Information - The company successfully issued $20 million of Series B preferred units in March 2025 [26] - The debt investment portfolio consists of mortgage revenue bonds, governmental issuer loans, and property loans totaling $1.29 billion, representing 84% of total assets [19] Q&A Session Summary Question: Will proposed shifts from federal to state/local governments affect muni credit ratings and valuations? - Management indicated it is still early in the process and that discussions are ongoing regarding potential changes in funding allocations [36][38] Question: Have tariffs impacted the BlackRock JV business? - Management stated that there have been no significant changes in pro formas from sponsors due to higher tariffs on construction materials [41][42] Question: Are gains from JV sales expected to be lower than in previous years? - Management acknowledged that insurance costs significantly impacted the sale of the Tomball asset, but the Halodis asset did not experience the same increase in expenses [45][46] Question: How is the partner Vantage holding up given lower profitability? - Management noted that Vantage's business model includes developer fees, which helps mitigate the impact of lower gains on sales [50][52] Question: Can you provide an update on gross ROEs in the MRB and GIL business? - Management indicated that the hedging program has stabilized funding costs, leading to relatively constant ROE expectations [54][56]

Financial Data and Key Metrics Changes - The company reported GAAP net income of $3.3 million, or $0.11 per unit, for Q1 2025, significantly impacted by $3.9 million of non-cash unrealized losses on interest rate derivatives [11] - Cash available for distribution (CAD) was reported at $7.1 million, or $0.31 per unit [11] - The book value per unit decreased to $12.59, down $0.56 from December 31 [12] Business Line Data and Key Metrics Changes - The investment portfolio had no forbearance requests for multifamily mortgage revenue bonds, with all borrowers current on payments as of March 31, 2025 [7] - Physical occupancy for the stabilized mortgage revenue bond portfolio was at 89.5% [7] - The Vantage joint venture equity investments included five properties, with four completed and one under evaluation [8] Market Data and Key Metrics Changes - The U.S. Municipal bond market faced challenges, with investment-grade tax-exempt bonds being the worst-performing fixed income asset class in Q1 2025 [24] - The ten-year MMD was at 3.33% and the thirty-year MMD at 4.4% as of May 6, 2025, reflecting an increase from previous months [25] - The market ended Q1 2025 with the muni high-grade index generating a total return of negative 0.2% [28] Company Strategy and Development Direction - The company is focusing on new construction lending joint ventures, particularly with BlackRock, to fill the void left by commercial banks in affordable housing construction lending [29] - The company aims to deploy approximately $450 million of lending capacity within the next 12 to 18 months [40] Management's Comments on Operating Environment and Future Outlook - Management noted that uncertainty in the municipal bond market continues, influenced by tariffs and potential changes in federal funding programs [26][27] - The company has not observed significant impacts on its investments from recent legislative and regulatory changes [27] Other Important Information - The company reported unrestricted cash and cash equivalents of $51.4 million as of March 31, significantly up from $14.7 million at the end of the previous year [14] - The company successfully issued $20 million of Series B preferred units in March 2025 [22] Q&A Session Summary Question: Will proposed shifts from federal to state/local governments affect muni credit ratings and valuations? - Management indicated it is still early in the process and that discussions are ongoing regarding potential changes in funding allocations [33][35] Question: Have tariffs changed the outlook for the BlackRock JV? - Management stated that there have not been significant changes in pro formas from sponsors due to tariffs as of now [38][39] Question: Will gains on JV sales be more muted going forward? - Management noted that specific increases in insurance costs impacted the sale of the Tomball asset, but the Halodis asset did not experience the same issue [41][42] Question: How is the partner Vantage holding up given lower profitability? - Management emphasized that Vantage's business model includes developer fees, not solely reliant on capital gains, ensuring alignment of interests [46][47] Question: Can you provide a real-time update on gross ROEs in the MRB and GIL business? - Management indicated that the hedging program has stabilized floating rate funding costs, leading to consistent ROE expectations [50][52]

Core Insights - Greystone Housing Impact Investors (GHI) reported quarterly earnings of $0.31 per share, exceeding the Zacks Consensus Estimate of $0.21 per share, but down from $0.42 per share a year ago [1] - The earnings surprise for the quarter was 47.62%, and the company has surpassed consensus EPS estimates two times over the last four quarters [2] Financial Performance - GHI posted revenues of $25.13 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.80%, compared to $22.37 million in the same quarter last year [3] - The company has also topped consensus revenue estimates two times over the last four quarters [3] Stock Performance - GHI shares have increased approximately 13.5% since the beginning of the year, contrasting with a -4.7% decline in the S&P 500 [4] - The stock's immediate price movement will depend on management's commentary during the earnings call [4] Future Outlook - Current consensus EPS estimate for the upcoming quarter is $0.19 on revenues of $24.45 million, and for the current fiscal year, it is $1.17 on revenues of $107.72 million [8] - The estimate revisions trend for GHI is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell), indicating expected underperformance in the near future [7] Industry Context - The Financial - Miscellaneous Services industry, to which GHI belongs, is currently ranked in the bottom 43% of over 250 Zacks industries, suggesting potential challenges ahead [9]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41564 GREYSTONE HOUSING IMPACT INVESTORS LP (Exact name of registrant as specified in its charter) Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or other jurisdiction of incorpo ...

Conference Call Information - The company will host a conference call for investors on May 7, 2025, at 4:30 p.m. Eastern Time to discuss its First Quarter 2025 results[7] - The press release announcing the conference call was issued on April 23, 2025[7] Company Registration and Classification - The company is registered under the Securities Exchange Act of 1934 and is listed on the New York Stock Exchange with the symbol GHI[5] - The company is incorporated in Delaware and has a principal office located in Omaha, Nebraska[2] - The company is classified as an emerging growth company under the relevant regulations[6] Financial Reporting Details - The Chief Financial Officer, Jesse A. Coury, signed the report on April 23, 2025[12] - The company has not indicated any election to use the extended transition period for new financial accounting standards[6] - There are no financial statements or exhibits applicable to this report[8] - The report does not include any results of operations or financial condition as of the date of the filing[8] - The document does not provide specific performance metrics or future guidance[8]

Core Insights - Greystone Housing Impact Investors LP reported financial results for the first quarter of 2025, highlighting a net income of $3.3 million and Cash Available for Distribution (CAD) of $7.1 million [2][6][19]. Financial Highlights - The Partnership's net income per Beneficial Unit Certificate (BUC) was $0.11, while CAD per BUC was $0.31 [6][19]. - Total assets reached $1.54 billion, with total Mortgage Revenue Bond (MRB) and Governmental Issuer Loan (GIL) investments amounting to $1.18 billion [6][19]. - Unrealized losses on interest rate derivatives were approximately $3.9 million, impacting net income but not cash earnings [2][6]. Distribution Information - A quarterly distribution of $0.37 per BUC was declared and paid on April 30, 2025, to BUC holders of record as of March 31, 2025 [3][19]. Management Commentary - The CEO emphasized ongoing evaluation of investment opportunities despite market volatility and highlighted the successful issuance of Series B Preferred Units as a source of low-cost capital [4][19]. Recent Investment and Financing Activity - The Partnership sold a property for gross proceeds of approximately $17.1 million, expecting to recognize investment income of about $1.8 million in the second quarter of 2025 [5][19]. - Advanced funds on MRB and GIL investments totaled $60.6 million, with redemptions and paydowns amounting to approximately $102.7 million [7][19]. Investment Portfolio Updates - All MRB and GIL investments are current on contractual principal and interest payments, with no requests for forbearance as of March 31, 2025 [13][19]. - Six joint venture equity investment properties completed construction, with three achieving 90% occupancy [13][19].