Financial Performance - The Partnership reported net income of $10.1 million for the three months ended December 31, 2024, compared to $6.2 million for the same period in 2023, resulting in net income per Beneficial Unit Certificate (BUC) of $0.39 [17][21] - For the year ended December 31, 2024, total revenues were $91.3 million, a decrease from $104.9 million in 2023, with investment income contributing $81.0 million [17][21] - Cash Available for Distribution (CAD) for the three months ended December 31, 2024, was $4.2 million, translating to $0.18 per BUC, down from $0.27 in the same period of 2023 [21] Investment and Financing Activities - The Partnership received proceeds of $14.2 million from the sale of Vantage at Tomball in January 2025, with no recognized gain or loss upon sale [5] - Advanced funds on Mortgage Revenue Bonds (MRB) and Governmental Issuer Loans (GIL) totaled $36.8 million and $32.0 million, respectively, during the fourth quarter of 2024 [8] - The Partnership entered into a securitization transaction totaling $75.4 million, representing fixed-rate, matched-term, non-recourse debt financing [8] Management Insights - The CEO noted that 2024 was challenging due to higher interest rates and operating expenses affecting joint venture equity investments, but expressed optimism for opportunities in 2025 [4] - The Partnership's dedicated capital pool from a new BlackRock construction lending joint venture is seen as a significant tool for supporting affordable housing developers [4] Portfolio and Asset Management - Total assets of the Partnership were reported at $1.58 billion, with total MRB and GIL investments amounting to $1.25 billion [6] - All MRB and GIL investments were current on contractual principal and interest payments as of December 31, 2024, with no requests for forbearance from borrowers [14] - Six joint venture equity investment properties completed construction, with three achieving 90% occupancy [14]
Greystone Housing Impact Investors Reports Fourth Quarter 2024 and Annual 2024 Financial Results