Financial Data and Key Metrics Changes - The company reported net income of $2 million, or $0.03 per unit, and cash available for distribution (CAD) of $4.6 million, or $0.20 per unit for Q3 2025 [14] - Book value per unit increased to $12.36, up $0.53 from June 30, primarily due to an increase in unrealized gains on the mortgage revenue bond portfolio [15] - The closing unit price was $8.24, representing a 33% discount to the book value per unit as of September 30 [16] Business Line Data and Key Metrics Changes - Fiscal occupancy for the stabilized mortgage revenue bond portfolio was 87.8% as of September 30, down from 88.4% as of June 30, mainly due to higher vacancies in Texas [5][6] - The company has 11 current investments, with 7 completed and leasing, 2 nearly completed, and 2 in future development [6][8] - The joint venture equity investments portfolio had a carrying value of approximately $154 million as of September 30, with remaining funding commitments totaling $19.5 million [20] Market Data and Key Metrics Changes - The U.S. municipal bond market saw improvement, with 10-year MMD decreasing from 3.21% to 2.92% and 30-year MMD from 4.58% to 4.24% during Q3 2025 [25] - The trend of heavy municipal bond issuance continued, with high fund flows into the muni market [25] - The company noted that only 9% of its debt investments are secured by projects receiving Section 8 subsidies, which may be impacted by the federal government shutdown [26] Company Strategy and Development Direction - The company plans to reduce capital allocation to joint venture equity investments in market-rate multifamily properties and focus more on tax-exempt mortgage revenue bonds [10][11] - The strategy aims to provide more stable earnings and increase the proportion of tax-exempt income allocated to unit holders [12] - The company remains positive on the market-rate seniors' housing segment and will continue to evaluate investment opportunities in that area [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that higher interest rates and multifamily capitalization rates are negatively impacting asset values and returns on sales [9] - The company expects occupancy levels to recover as new supply deliveries decline and available units are absorbed [6] - Management is assessing the potential impact of the strategic shift on short-term and long-term earnings expectations and unit holder distributions [13] Other Important Information - The company reported no forbearance requests for mortgage revenue bonds and governmental issuer loans, with all borrowers current on payments as of September 30 [19] - The company issued Series B preferred units for gross proceeds of $5 million in October 2025 to support investment commitments and operations [16][24] Q&A Session Summary Question: Capital allocation targets for multifamily units - Management indicated that future capital allocation will depend on the timing of capital returns from existing joint venture equity exits and current opportunities, with no set percentage at this time [30] Question: Expected pace of asset sales and occupancy stabilization - Management noted that the timeline for sales may be extended due to slower leasing activity in Texas and the need to reach critical occupancy levels before listing properties for sale [32] Question: Strategic shift away from joint venture investments and expected earnings pickup - Management highlighted the benefits of reduced earnings volatility and increased tax-exempt income from new investments, but stated it is too early to provide specific guidance on earnings pickup [35] Question: Cap rates for senior housing investments - Management clarified that they did not purchase properties during low cap rate periods but invested in to-be-built properties, and they continue to evaluate opportunities based on risk-adjusted returns [41][42] Question: Provision for credit losses despite improving municipal bond market - Management explained that the provision for credit losses was related to specific underperforming properties, and the overall portfolio quality remained consistent [50][54]

Core Viewpoint - Greystone Housing Impact Investors LP will host a conference call on November 6, 2025, to discuss its Third Quarter 2025 results [1] Group 1: Conference Call Details - The conference call is scheduled for 4:30 p.m. Eastern Time on November 6, 2025 [1] - Participants can join the call toll-free at (877) 407-8813 or internationally at +1 (201) 689-8521, with no pin required [2] - A live webcast will be available on the Partnership's website, and it is recommended to join 15 minutes early [2] Group 2: Company Overview - Greystone Housing Impact Investors LP was established in 1998 to manage a portfolio of mortgage revenue bonds for affordable housing [4] - The Partnership aims to acquire additional mortgage revenue bonds and other investments on a leveraged basis [4] - It expects that interest earned on these bonds is excludable from gross income for federal tax purposes [4]

Core Points - Greystone Housing Impact Investors LP will host a conference call on November 6, 2025, at 4:30 p.m. Eastern Time to discuss its Third Quarter 2025 results [1] - The call will include a question-and-answer session, with participants able to join via toll-free number or international dial-in [2] - A recorded replay of the webcast will be available on the Partnership's Investor Relations website [3] Company Overview - Greystone Housing Impact Investors LP was established in 1998 to manage a portfolio of mortgage revenue bonds aimed at financing affordable multifamily, seniors, and student housing properties [4] - The Partnership's strategy includes acquiring additional mortgage revenue bonds and investments on a leveraged basis, with expectations that interest earned on these bonds is excludable from federal income tax [4] - The company aims to achieve investment growth by leveraging attractive financing structures and utilizing interest rate risk management instruments [4]

Core Viewpoint - Greystone Housing Impact Investors LP will host a conference call on August 7, 2025, to discuss its Second Quarter 2025 results [1] Group 1: Conference Call Details - The conference call is scheduled for 4:30 p.m. Eastern Time on August 7, 2025 [1] - Participants can join the call toll-free at (877) 407-8813 or internationally at +1 (201) 689-8521, with no pin required [2] - A live webcast will be available on the Partnership's website, and it is recommended to join 15 minutes early [2] Group 2: Company Overview - Greystone Housing Impact Investors LP was established in 1998 to manage a portfolio of mortgage revenue bonds for affordable housing [4] - The Partnership aims to acquire additional mortgage revenue bonds and other investments on a leveraged basis, benefiting from favorable financing structures [4] - The interest earned on these mortgage revenue bonds is expected to be excludable from gross income for federal tax purposes [4]

Financial Data and Key Metrics Changes - The company reported GAAP net income of $3.3 million, or $0.11 per unit, for Q1 2025, significantly impacted by $3.9 million of non-cash unrealized losses on interest rate derivatives [13] - Cash available for distribution (CAD) was reported at $7.1 million, or $0.31 per unit [13] - The book value per unit decreased to $12.59, down $0.56 from December 31 [15] - Unrestricted cash and cash equivalents increased significantly to $51.4 million from $14.7 million as of December 31 [16] Business Line Data and Key Metrics Changes - The investment portfolio had no forbearance requests for multifamily mortgage revenue bonds, with all borrowers current on payments as of March 31, 2025 [8] - Physical occupancy for the stabilized mortgage revenue bond portfolio was at 89.5% [8] - The company funded $60.6 million in mortgage revenue bonds and related investments during Q1 [20] Market Data and Key Metrics Changes - The U.S. Municipal bond market faced challenges, with investment-grade tax-exempt bonds being the worst-performing fixed income asset class in Q1 2025 [28] - The ten-year MMD was at 3.33% and the thirty-year MMD at 4.4% as of the latest close, reflecting an increase from previous months [29] - Total fund flows for Q1 2025 were positive at about $11 billion, but April saw $3.6 billion in outflows [32] Company Strategy and Development Direction - The company is focusing on deepening relationships with existing sponsors and establishing new ones, particularly in affordable housing construction lending [33] - The partnership with BlackRock is aimed at capitalizing on opportunities in the construction lending space due to a pullback from commercial banks [33] Management's Comments on Operating Environment and Future Outlook - Management noted that uncertainty in the municipal bond market continues, influenced by tariffs and potential changes in federal funding programs [30][31] - The company expects to monitor the impact of legislative changes on municipal credit ratings and valuations [36] Other Important Information - The company successfully issued $20 million of Series B preferred units in March 2025 [26] - The debt investment portfolio consists of mortgage revenue bonds, governmental issuer loans, and property loans totaling $1.29 billion, representing 84% of total assets [19] Q&A Session Summary Question: Will proposed shifts from federal to state/local governments affect muni credit ratings and valuations? - Management indicated it is still early in the process and that discussions are ongoing regarding potential changes in funding allocations [36][38] Question: Have tariffs impacted the BlackRock JV business? - Management stated that there have been no significant changes in pro formas from sponsors due to higher tariffs on construction materials [41][42] Question: Are gains from JV sales expected to be lower than in previous years? - Management acknowledged that insurance costs significantly impacted the sale of the Tomball asset, but the Halodis asset did not experience the same increase in expenses [45][46] Question: How is the partner Vantage holding up given lower profitability? - Management noted that Vantage's business model includes developer fees, which helps mitigate the impact of lower gains on sales [50][52] Question: Can you provide an update on gross ROEs in the MRB and GIL business? - Management indicated that the hedging program has stabilized funding costs, leading to relatively constant ROE expectations [54][56]