America First Multifamily Investors, L.P. (ATAX) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET Company Participants Ken Rogozinski - Chief Executive Officer Jesse Coury - Chief Financial Officer Conference Call Participants Jason Stewart - JonesTrading Chris Muller - JMP Securities Operator I'd like to welcome everyone to America First Multifamily Investors L.P.'s NASDAQ ticker symbol ATAX Third Quarter of 2022 Earnings Conference Call. During the presentation, all participants will be in a l ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 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: 000-24843 AMERICA FIRST MULTIFAMILY INVESTORS, L.P. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Financial Data and Key Metrics Changes - For Q2 2022, the company reported net income of $0.75 per unit and cash available for distribution (CAD) of $0.76 per unit, marking a solid performance [7] - Year-to-date net income reached $1.79 per unit, surpassing the entire 2021 fiscal year net income of $1.56 per unit [7] - Year-to-date CAD of $1.74 per unit is approaching the reported $1.92 per unit for the entire 2021 fiscal year [7] - Book value per unit as of June 30, 2022, was $14.65, a decline of approximately $0.70 from $15.35 as of March 31, 2022, attributed to a decrease in the fair value of the mortgage revenue bond portfolio due to rising market interest rates [17] Business Line Data and Key Metrics Changes - The investment portfolio includes $1.08 billion in affordable multifamily investments, $108 million in joint venture equity investments, $59 million in direct real estate investments, and $14 million in seniors and skilled nursing mortgage revenue bonds [10] - No forbearance requests were reported for multifamily mortgage revenue bonds, with physical occupancy averaging 95% as of June 30, 2022 [11] - The company advanced funds totaling $22.3 million under mortgage revenue bond commitments during Q2 2022, with remaining commitments of approximately $121 million [24] Market Data and Key Metrics Changes - The year-to-date return on the Bloomberg Municipal Index was negative 9% as of June 30, 2022, correlating with an 8.4% decline in the book value of the mortgage revenue bonds [47] - Year-to-date muni mutual fund outflows totaled a cumulative negative $76 billion as of June 30, 2022 [48] - The 10-year MMD is currently at 2.14%, and the 30-year MMD is at 2.83%, both lower than the previous quarter [49] Company Strategy and Development Direction - The company aims to expand beyond its traditional investment footprint in Texas by seeking experienced joint venture partners and exploring other asset classes [53] - The management is focused on delivering cost-effective capital solutions to affordable housing developers, especially in light of rising construction costs [51] - The company is evaluating opportunities to enhance its joint venture equity investment segment while adhering to the limitation that 75% of its assets must be invested in mortgage investments [72] Management's Comments on Operating Environment and Future Outlook - The management noted challenges due to rising interest rates and construction costs, which have made affordable housing deals tighter in terms of margins [66] - The company expects that the lead time for project sponsors to close deals has lengthened due to the current macroeconomic environment [68] - Management remains optimistic about the demand for affordable housing units and the tools available to developers to bring new projects into the pipeline [65] Other Important Information - The company reported unrestricted cash and cash equivalents of $104.6 million and $50.5 million available on secured lines of credit as of June 30, 2022 [19] - The company plans to adopt the CECL standard effective January 1, 2023, which may result in higher credit loss reserves [27] Q&A Session Summary Question: Interest cost outlook and hedging details - Management discussed two interest rate swaps in place, with the company now receiving payments from counterparties due to rising short-term rates [60] Question: Leasing activity and rent increase visibility - Management expressed satisfaction with leasing activity and expects rent increases for 2022 to be consistent with the previous year's double-digit increases in key markets [62] Question: Impact of rate volatility on the pipeline - Management noted that rising rates and construction costs have slowed the pipeline, requiring project sponsors to work harder to make transactions financially feasible [68] Question: Distribution policy and commitment to shareholders - Management acknowledged the importance of distributions to shareholders and stated that the Board is mindful of tax implications while making distribution decisions [86]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 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: 000-24843 AMERICA FIRST MULTIFAMILY INVESTORS, L.P. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inco ...

America First Multifamily Investors, L.P. (ATAX) Q1 2022 Earnings Conference Call May 5, 2022 4:30 PM ET Company Participants Ken Rogozinski - CEO Jesse Coury - CFO Conference Call Participants Stephen Laws - Raymond James Jason Stewart - Jones Trading Chris Muller - JMP Securities Operator 00:04 I would like to welcome everyone to America First Multifamily Investors, L.P's NASDAQ ticker symbol ATAX First Quarter of 2022 Earnings Conference Call. During the presentation, all participants will be in a listen ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 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: 000-24843 AMERICA FIRST MULTIFAMILY INVESTORS, L.P. (Exact name of registrant as specified in its charter) Delaware 47-0810385 (State or other ...

America First Multifamily Investors, L.P. (ATAX) Q4 2021 Earnings Conference Call February 24, 2022 4:30 PM ET Company Participants Ken Rogozinski - CEO Jesse Coury - CFO Conference Call Participants Jason Stewart - JonesTrading Chris Muller - JMP Securities Ron Lane - ValueForum Operator I would like to welcome everyone to America First Multifamily Investors, L.P.'s, NASDAQ ticker symbol, ATAX, Fourth Quarter of 2021 Earnings Conference Call. During the presentation, all participants will be in a listen-on ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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: 000-24843 AMERICA FIRST MULTIFAMILY INVESTORS, L.P. (Exact name of registrant as specified in its charter) Delaware 47-0810385 (402) 952-1235 (Regi ...

America First Multifamily Investors, L.P. (ATAX) Q3 2021 Earnings Conference Call November 4, 2021 4:30 PM ET Company Participants Ken Rogozinski - Chief Executive Officer Jesse Coury - Chief Financial Officer Conference Call Participants Jason Stewart - JonesTrading Operator On behalf of ATAX and its management team, I'd like to welcome everyone to America First Multifamily Investors, L.P.'s, NASDAQ ticker symbol, ATAX, Third Quarter of 2021 Earnings Conference Call. During the presentation, all participa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 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: 000-24843 AMERICA FIRST MULTIFAMILY INVESTORS, L.P. (Exact name of registrant as specified in its charter) Delaware 47-0810385 (State or o ...