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, 2023 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) (State or other jurisdiction of incorpor ...

Greystone Housing Impact Investors LP (NYSE:GHI) Q1 2023 Results Conference Call May 4, 2023 4:30 PM ET Company Participants Ken Rogozinski - CEO Jesse Coury - CFO Conference Call Participants Matthew Erdner - JonesTrading Chris Muller - JMP Securities Jade Rahmani - KBW Operator I would like to welcome everyone to the Greystone Housing Impact Investors LP, NYSE ticker symbol GHI, First Quarter of 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. During ...

☐ 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 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, 2023 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 47-08 ...

Greystone Housing Impact Investors LP (NYSE:GHI) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET Company Participants Ken Rogozinski – Chief Executive Officer Jesse Coury – Chief Financial Officer Conference Call Participants Jason Stewart – JonesTrading Stephen Laws – Raymond James Jade Rahmani – KBW Chris Muller – JMP Securities Ron Lane – ValueForum Operator I would like to welcome everyone to the Greystone Housing Impact Investors LP, NYSE ticker symbol GHI, Fourth Quarter of 2022 Earnings ...

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, 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: 001-41564 GREYSTONE HOUSING IMPACT INVESTORS LP (Exact name of registrant as specified in its charter) Delaware 47-0810385 (State or other jurisdic ...

Supplemental Financial Report for the Quarter Ended September 30, 2022 AMERICA FIRST MULTIFAMILY INVESTORS, L.P. All statements in this document other than statements of historical facts, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. When used, statements which are not historical in nature, including those containing words such as "anticipate," "estimate," ...

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]

PART I [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) This section presents the unaudited condensed consolidated financial statements for the quarter ended June 30, 2022, detailing financial position, performance, and cash flows, noting increased net income from asset sales offset by comprehensive losses from unrealized security losses [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2022, total assets increased to **$1.44 billion** while total liabilities rose to **$1.02 billion**, primarily due to debt financing, resulting in a decrease in total partners' capital to **$323.9 million** | Financial Metric | June 30, 2022 (Millions USD) | December 31, 2021 (Millions USD) | | :--- | :--- | :--- | | **Total Assets** | **$1,441.8** | **$1,385.9** | | Mortgage revenue bonds held in trust, at fair value | $708.8 | $750.9 | | Governmental issuer loans | $241.5 | $184.8 | | Property loans, net | $128.1 | $68.1 | | **Total Liabilities** | **$1,023.5** | **$919.0** | | Debt financing, net | $931.3 | $820.1 | | **Total Partners' Capital** | **$323.9** | **$372.4** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The Partnership reported a significant increase in net income for the six months ended June 30, 2022, reaching **$43.9 million**, primarily driven by a **$29.1 million** gain on the sale of investments | Metric | Three Months Ended June 30, 2022 (Millions USD) | Three Months Ended June 30, 2021 (Millions USD) | Six Months Ended June 30, 2022 (Millions USD) | Six Months Ended June 30, 2021 (Millions USD) | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $17.2 | $16.4 | $36.4 | $30.8 | | Gain on sale of investments | $12.6 | $5.5 | $29.1 | $8.3 | | **Net income** | **$17.6** | **$10.3** | **$43.9** | **$17.3** | | Net income per BUC, basic and diluted | $0.75 | $0.40 | $1.79 | $0.67 | - A one-for-three reverse unit split of outstanding BUCs was effected on April 1, 2022, with all per-BUC amounts retroactively adjusted to reflect this split[16](index=16&type=chunk)[42](index=42&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Despite strong net income, the Partnership recorded a comprehensive loss of **$24.7 million** for the first six months of 2022, primarily due to a **$67.6 million** unrealized loss on securities from rising interest rates | Metric | Six Months Ended June 30, 2022 (Millions USD) | Six Months Ended June 30, 2021 (Millions USD) | | :--- | :--- | :--- | | Net income | $43.9 | $17.3 | | Unrealized gain (loss) on securities | ($67.6) | ($14.4) | | **Comprehensive income (loss)** | **($24.7)** | **$2.9** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2022, the Partnership experienced a net decrease in cash of **$2.3 million**, with **$14.3 million** from operations, **$96.5 million** used in investing, and **$79.8 million** provided by financing activities | Cash Flow Activity | Six Months Ended June 30, 2022 (Millions USD) | Six Months Ended June 30, 2021 (Millions USD) | | :--- | :--- | :--- | | Net cash provided by operating activities | $14.3 | $15.6 | | Net cash used in investing activities | ($96.5) | ($56.3) | | Net cash provided by financing activities | $79.8 | $53.6 | | **Net increase (decrease) in cash** | **($2.3)** | **$12.9** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on the Partnership's accounting policies and financial positions, covering investment portfolio composition, asset sales, debt financing, derivative instruments, and outstanding investment commitments - The fair value of the Mortgage Revenue Bond (MRB) portfolio decreased to **$727.3 million** as of June 30, 2022, from **$793.5 million** at year-end 2021, with unrealized losses primarily attributed to rising market interest rates and not considered other-than-temporary[63](index=63&type=chunk)[64](index=64&type=chunk)[67](index=67&type=chunk) - During the first six months of 2022, the Partnership sold its investments in Vantage at Murfreesboro and Vantage at Westover Hills, generating gross proceeds of **$50.2 million** and a total gain on sale of **$29.1 million**[84](index=84&type=chunk) - As of June 30, 2022, the Partnership had total remaining investment commitments of **$286.1 million**, primarily for funding property loans (**$78.9 million**), MRBs (**$90.9 million**), and GILs (**$65.6 million**)[140](index=140&type=chunk) - The Partnership entered into two new interest rate swap agreements in Q1 2022 with a combined notional amount of over **$103 million** to mitigate interest rate risk on its variable-rate TOB trust financings[132](index=132&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=48&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the Partnership's financial performance across its four segments, highlighting increased net income driven by asset sales, strong liquidity with **$104.6 million** in cash and available credit, and a **70%** leverage ratio below target [Results of Operations](index=51&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2022, total revenues and other income increased by **67.7%** to **$65.5 million**, with net income surging to **$43.9 million**, primarily driven by gains on asset sales in the Market-Rate Joint Venture segment | Metric | Six Months Ended June 30, 2022 (Millions USD) | Six Months Ended June 30, 2021 (Millions USD) | | :--- | :--- | :--- | | Investment income | $28.2 | $26.7 | | Gain on sale of investments | $29.1 | $8.3 | | **Total Revenues and Other Income** | **$65.5** | **$39.1** | | Total Expenses | $21.6 | $21.7 | | **Net Income** | **$43.9** | **$17.3** | - The Market-Rate Joint Venture Investments segment's net income increased by **146.2%** to **$33.8 million** for H1 2022, primarily due to gains from the sales of the Vantage at Murfreesboro and Vantage at Westover Hills properties[224](index=224&type=chunk)[229](index=229&type=chunk) - The Affordable Multifamily MRB Investments segment's net income grew **153.2%** to **$9.7 million** in H1 2022, driven by higher interest income from new loans and a decrease in interest expense due to favorable derivative fair value adjustments[203](index=203&type=chunk)[209](index=209&type=chunk) [Cash Available for Distribution (CAD)](index=67&type=section&id=Cash%20Available%20for%20Distribution%20%28CAD%29) The Partnership's Cash Available for Distribution (CAD) significantly increased to **$38.4 million** (**$1.74 per BUC**) for the first half of 2022, more than double the prior year, driven by higher net income from asset sales | Metric (per BUC) | Six Months Ended June 30, 2022 (USD per BUC) | Six Months Ended June 30, 2021 (USD per BUC) | | :--- | :--- | :--- | | Net income per BUC, basic | $1.79 | $0.67 | | **Total CAD per BUC, basic** | **$1.74** | **$0.84** | | Distributions declared, per BUC | $0.90 | $0.60 | [Liquidity and Capital Resources](index=68&type=section&id=Liquidity%20and%20Capital%20Resources) The Partnership maintains a strong liquidity position with **$104.6 million** in unrestricted cash and **$50.5 million** in available credit lines, supporting investment commitments and debt service, while maintaining a **70%** leverage ratio below target - As of June 30, 2022, the Partnership had unrestricted cash of approximately **$104.6 million**[281](index=281&type=chunk) - The Partnership has two secured lines of credit: a **$40 million** General LOC with **$33.5 million** available and a **$50 million** Acquisition LOC with **$17.0 million** available as of June 30, 2022[285](index=285&type=chunk)[286](index=286&type=chunk) - The Partnership's overall Leverage Ratio was approximately **70%** as of June 30, 2022, below the Board-established maximum of **75%**[312](index=312&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=78&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The Partnership faces primary market risks from interest rate fluctuations and credit exposure, with a **100 basis point** rate increase potentially reducing net interest income by **$1.1 million** annually, and significant credit concentration in Texas, California, and South Carolina - A sensitivity analysis shows that a **100 basis point** parallel upward shift in interest rates would decrease the Partnership's net interest income by approximately **$1.1 million** over the next twelve months[324](index=324&type=chunk) - The Partnership is managing the transition from LIBOR to SOFR, as several of its loans and debt facilities are still tied to LIBOR, which is scheduled to be discontinued after June 30, 2023[328](index=328&type=chunk)[329](index=329&type=chunk) | State | Percentage of Total MRB Principal (%) | | :--- | :--- | | Texas | 41% | | California | 26% | | South Carolina | 10% | [Controls and Procedures](index=82&type=section&id=Item%204.%20Controls%20and%20Procedures.) The CEO and CFO concluded that the Partnership's disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting identified during the quarter - The CEO and CFO concluded that the Partnership's disclosure controls and procedures were effective as of the end of the period covered by the report[343](index=343&type=chunk) - No changes in the Partnership's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, such controls were identified during the most recent fiscal quarter[344](index=344&type=chunk) PART II – OTHER INFORMATION [Risk Factors](index=83&type=section&id=Item%201A.%20Risk%20Factors.) The Partnership reports no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021 - There have been no material changes from the previously disclosed risk factors for the six months ended June 30, 2022[347](index=347&type=chunk) [Exhibits](index=83&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the Form 10-Q report, including CEO and CFO certifications and interactive data files for financial statements - The report includes CEO and CFO certifications as required by the Sarbanes-Oxley Act of 2002 (Sections 302 and 906)[349](index=349&type=chunk) - Financial statements and notes are formatted in iXBRL (Inline Extensible Business Reporting Language) as part of Exhibit 101[348](index=348&type=chunk)