Greystone Housing Impact Investors LP(GHI) - 2024 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2024 was $10.65 million, translating to $0.42 per Beneficial Unit Certificate (BUC), a decrease from $16.79 million or $0.59 per BUC in Q1 2023[3][13] - Total revenues for Q1 2024 were $22.37 million, down from $24.94 million in Q1 2023, primarily due to a decrease in other interest income[13] - Net income for Q1 2024 was $10,648,381, a decrease of 36% from $16,791,222 in Q1 2023[15] - Net income per BUC, basic, decreased to $0.42 in Q1 2024 from $0.59 in Q1 2023, representing a decline of 29%[15] - Total CAD for Q1 2024 was $5,228,844, down 71% from $18,215,895 in Q1 2023[15] - Total CAD per BUC, basic, fell to $0.23 in Q1 2024, down 71% from $0.79 in Q1 2023[15] - Cash distributions declared per BUC increased slightly to $0.368 in Q1 2024 from $0.364 in Q1 2023[15] - The Partnership declared a BUCs distribution of $0.07 per BUC for Q1 2024, payable in additional BUCs[15] Assets and Investments - Total assets of the Partnership stood at $1.45 billion as of March 31, 2024[3] - The Partnership advanced funds totaling $27.3 million on Mortgage Revenue Bond (MRB) and taxable MRB investments during Q1 2024[7] - The Partnership received redemption proceeds totaling $117.8 million, with $98.3 million used to pay down related debt financing[7] - The Partnership issued Series B Preferred Units with a stated value of $17.5 million and additional BUCs for gross proceeds of $1.1 million[7] - All affordable multifamily MRB and GIL investments are current on contractual principal and interest payments as of March 31, 2024[7] Operational Highlights - Two joint venture equity investment properties stabilized operations, while three additional properties began leasing activities as of March 31, 2024[7] - The Partnership executed its hedging strategy, receiving net payments of approximately $1.7 million under its interest rate swap portfolio during Q1 2024[7] Credit and Derivatives - Unrealized losses on derivatives for Q1 2024 were $(4,604,215), compared to unrealized gains of $3,435,967 in Q1 2023[15] - The provision for credit losses for Q1 2024 was $(806,000), compared to $(545,000) in Q1 2023[15] - The Partnership recognized a recovery of prior credit loss for the Live 929 Apartments Series 2022A MRB, contributing to current CAD adjustments[15] Shareholder Information - The weighted average number of BUCs outstanding increased to 23,000,754 in Q1 2024 from 22,924,081 in Q1 2023[15]