Core Insights - Greystone Housing Impact Investors LP announced the sale of Vantage at Tomball, a 288-unit multifamily property in Tomball, TX, for approximately $14.2 million, which includes the return of its contributed equity of $11.4 million and accrued preferred return [1][2] - The overall return on the Vantage at Tomball investment was lower than historical returns due to rising insurance costs in the Houston area and a higher interest rate environment since the last equity sale in June 2023 [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, senior, and student housing properties [4] - The company aims to grow its investment by acquiring additional mortgage revenue bonds and leveraging attractive financing structures available in the securities market [4]

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Financial Data and Key Metrics Changes - The company reported a net loss of $4.6 million or $0.23 per unit for Q3 2024, with cash available for distribution (CAD) of $6.2 million or $0.27 per unit [3][6] - A non-cash unrealized loss of $9.7 million from interest rate derivatives was recognized, impacting net income significantly [6][7] - The book value per unit increased to $14.15, up $0.17 from the previous quarter, primarily due to an increase in the fair value of the mortgage revenue bond portfolio [7][8] - The leverage ratio was reported at 74% as of September 30, 2024 [4] Business Line Data and Key Metrics Changes - The investment portfolio consists of $1.32 billion in affordable multifamily investments and $169 million in joint venture equity investments [5][9] - Physical occupancy for the stabilized mortgage revenue bond portfolio was 91.5% as of September 30, 2024 [5] - The company advanced $40.5 million for mortgage revenue bond investments and $17.5 million for governmental issuer loans during the quarter [10][11] Market Data and Key Metrics Changes - The 10-year MMD increased to 2.97% and the 30-year MMD to 3.83% as of November 2024, reflecting a rise in yields [13][14] - The municipal bond market saw record new issuance of $56 billion in October, contributing to a total of $431 billion year-to-date [13] Company Strategy and Development Direction - The company is focusing on a new construction lending joint venture with BlackRock to fill the gap left by commercial banks in affordable construction lending [14] - The strategy includes deploying capital into emerging build-to-rent joint venture equity strategies for market-rate multifamily development properties [14] Management's Comments on Operating Environment and Future Outlook - Management noted that interest rates have not significantly impacted demand for core lending products, with ongoing inquiries from sponsors [19] - The company remains optimistic about deploying new capital from the BlackRock joint venture despite market volatility [19][21] Other Important Information - The company terminated its variable rate M31 TEBS financing and closed a new fixed-rate securitization transaction, reducing exposure to interest rate fluctuations [9][12] - Unrestricted cash and cash equivalents were reported at $37.3 million, with an additional $55.6 million available on secured lines of credit [7] Q&A Session Summary Question: Potential issues with fiscal policy due to new administration - Management indicated it is too early to predict impacts but noted historical bipartisan support for the Low-Income Housing Tax Credit program [16] Question: Capital deployment timeline for the BlackRock partnership - Management explained that the capital will be deployed through fixed and floating rate construction loans, leveraging existing sponsor relationships [17] Question: Impact of recent rate volatility on loan demand - Management stated that demand for loans remains strong despite higher interest rates, with ongoing projects from sponsors [19] Question: Future investment portfolio trends - Management expects investment portfolios to trend higher, focusing on opportunities that meet their dividend yield criteria [23] Question: Share buybacks consideration - Management prefers to invest in new opportunities rather than buy back shares, as long as those investments are accretive [30][31] Question: Insider purchases of stock - Management noted that insider activity is currently restricted but may change post-10-Q filing [32]

Financial Performance - The company reported a significant increase in Cash Available for Distribution (CAD), reaching $X million, representing a Y% increase compared to the previous quarter[5]. - Total revenues decreased to $24,345,550 for the three months ended September 30, 2024, down from $26,474,136 in 2023, a decline of approximately 8.06%[16]. - Net income (loss) for the three months ended September 30, 2024, was $(4,635,707), compared to a net income of $9,729,378 in 2023, indicating a significant decrease[16]. - The net income (loss) available to partners for the three months ended September 30, 2024, was $(5,377,183), compared to $9,029,222 in 2023, reflecting a substantial decline[16]. - Comprehensive income (loss) for the three months ended September 30, 2024, was $12,942,251, compared to a loss of $(38,295,371) in 2023, showing a positive shift in performance[18]. - The net income (loss) for the nine months ended September 30, 2024, was $(7,192,418), compared to a net income of $53,132,243 for the same period in 2023[113]. Assets and Liabilities - The total assets of the company as of the reporting date were $X billion, reflecting a Z% growth year-over-year[5]. - Total assets increased to $1,549,249,185 as of September 30, 2024, up from $1,513,400,702 at December 31, 2023, representing a growth of approximately 2.37%[15]. - Total liabilities rose to $1,141,926,732 as of September 30, 2024, compared to $1,081,662,446 at December 31, 2023, marking an increase of approximately 5.58%[15]. - Total liabilities rose to $1,075,272,545 as of September 30, 2024, up from $1,028,660,379 as of December 31, 2023, indicating an increase of about 4.5%[56]. Investment and Financing Activities - Investment income for the three months ended September 30, 2024, was $21,820,973, compared to $20,537,399 for the same period in 2023, reflecting an increase of 6.25%[16]. - The partnership made advances on mortgage revenue bonds totaling $(141,175,652), compared to $(119,452,688) in the previous year, indicating an increase of about 18.2%[25]. - Proceeds from debt financing amounted to $186,595,000, down from $236,292,000 in the prior year, a decrease of about 21.0%[25]. - The Partnership's total cash and cash equivalents decreased from $58,917,793 to $37,374,268, a decline of approximately 36.6%[26]. - The Partnership's total debt financing, net, as of September 30, 2024, is approximately $1.06 billion[174]. Credit Losses and Risk Management - The allowance for credit losses for governmental issuer loans decreased from $(1,294,000) to $(1,063,000), a reduction of about 17.83%[15]. - The Partnership's allowance for credit losses at the end of September 30, 2024, totaled $3.254 million, down from $4.097 million at the beginning of the period[125]. - The current provision for credit losses for the three months ended September 30, 2024, was a recovery of $226,000, compared to a recovery of $562,000 for the same period in 2023[129]. - The decrease in the allowance for credit losses is attributed to GIL and property loan redemptions and updates of market data used in the estimation model[130]. Market and Economic Conditions - The company has noted the impact of elevated inflation levels on interest rates and market volatility, which may affect future performance[11]. - The Partnership's operating expenses may be adversely impacted by the recent inflationary environment, potentially reducing net operating results[39]. - The Federal Reserve reduced the federal funds rate by 50 basis points on September 18, 2024, in response to declining year-over-year inflation rates[38]. Strategic Initiatives - The company is actively pursuing a Construction Lending Joint Venture with BlackRock Impact Opportunities to finance affordable multifamily housing properties across the United States[5]. - The company anticipates a continued focus on market expansion, particularly in regions with high demand for affordable housing[10]. - The company has outlined a forward-looking strategy that includes potential acquisitions to enhance its portfolio and market presence[10]. - The company plans to continue its focus on diversity, equity, and inclusion initiatives as part of its corporate strategy[6]. Debt and Financing Agreements - The Partnership is required to maintain a minimum liquidity of not less than $6.3 million and a minimum consolidated tangible net worth of $200.0 million under the Secured Credit Agreement[146]. - The variable rate for the General LOC is equal to SOFR + 3.50%, subject to an all-in floor of 3.75%[142]. - The Partnership was in compliance with all covenants related to its financing agreements as of September 30, 2024[163]. Derivative Instruments - For the three months ended September 30, 2024, the net result from derivative transactions was $7,897,016, compared to a net loss of $(7,209,385) for the same period in 2023[177]. - The Partnership's interest rate swaps had a notional amount of $392,782,208 with a fair value asset of $2,704,180 and a liability of $(3,166,639) as of September 30, 2024[179]. - The total unrealized gains on derivatives for the nine months ended September 30, 2024, were $4,880,661, compared to $(6,820,894) for the same period in 2023[177]. Preferred Units and Equity Commitments - The Partnership redeemed $10.0 million of Series A Preferred Units in April 2024[190]. - As of September 30, 2024, there are 7,750,000 redeemable preferred units outstanding, totaling $77,500,000[192]. - The Series A-1 Preferred Units have a total purchase price of $55,000,000 with a distribution rate of 3.00%[191].

Conference Call Information - The company will host a conference call for investors on November 6, 2024, at 4:30 p.m. Eastern Time to discuss its Third Quarter 2024 results[2] - The press release announcing the conference call was issued on October 23, 2024[2] Company Registration and Classification - The company is registered under the Securities Exchange Act of 1934 and is not classified as an emerging growth company[2] Company Information - The address of the principal executive offices is 14301 FNB Parkway, Suite 211, Omaha, Nebraska 68154[1] - The trading symbol for the company is GHI, listed on the New York Stock Exchange[1] - The company has not indicated any changes to its former name or address since the last report[1] Financial Reporting - No financial statements or exhibits were applicable in this report[2] - The report was signed by Jesse A. Coury, Chief Financial Officer, on October 23, 2024[3] - The report includes an embedded interactive data file within the Inline XBRL document[2] - The company has not elected to use the extended transition period for complying with new financial accounting standards[2]

OMAHA, Neb., Nov. 06, 2024 (GLOBE NEWSWIRE) -- On November 6, 2024, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced financial results for the three and nine months ended September 30, 2024. Financial Highlights The Partnership reported the following results as of and for the three months ended September 30, 2024: Net loss of $0.23 per Beneficial Unit Certificate (“BUC”), basic and dilutedCash Available for Distribution (“CAD”) of $0.27 per BUCTotal assets of $1.55 billionTota ...

Core Viewpoint - The market anticipates a year-over-year decline in earnings for Greystone Housing Impact Investors (GHI) due to lower revenues, with a focus on how actual results compare to estimates [1][2]. Earnings Expectations - GHI is expected to report quarterly earnings of $0.21 per share, reflecting a year-over-year decrease of 46.2% [3]. - Revenues are projected to be $23.64 million, down 10.7% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 1.59% higher in the last 30 days, indicating a reassessment by analysts [4]. - A positive Earnings ESP of +21.95% suggests analysts have recently become more optimistic about GHI's earnings prospects [9]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict deviations from consensus estimates, with a strong predictive power for positive readings [7][8]. - GHI's current Zacks Rank is 4, which complicates the prediction of an earnings beat despite the positive Earnings ESP [10]. Historical Performance - In the last reported quarter, GHI was expected to post earnings of $0.34 per share but only achieved $0.19, resulting in a surprise of -44.12% [11]. - Over the past four quarters, GHI has beaten consensus EPS estimates two times [12]. Industry Context - Oportun Financial Corporation (OPRT), another player in the Zacks Financial - Miscellaneous Services industry, is expected to post earnings of $0.03 per share, indicating a year-over-year increase of 106.5% [16]. - Oportun's revenue is projected to be $248.77 million, down 7.2% from the previous year [16]. - The consensus EPS estimate for Oportun has been revised down by 4.4% in the last 30 days, with a negative Earnings ESP of -300.00% [17].

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OMAHA, Neb., Sept. 23, 2024 (GLOBE NEWSWIRE) -- Greystone Housing Impact Investors LP (NYSE: GHI) (the "Partnership") announced today that Vantage at Hutto, a 288-unit market rate multifamily property located in Hutto, TX (the "Property"), has been publicly listed for sale by Institutional Property Advisors Texas at the direction of the Property-owning entity's managing member. The Partnership's non-controlling investment in the Property was originated in November 2020 and the Partnership has contributed eq ...