Greystone Housing cuts Q3 distribution to $0.14 per unit
The quarterly distribution was $0.14 per BUC, while capital from market-rate property exits is to be redeployed primarily into tax-exempt mortgage revenue bond investments.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Greystone Housing Impact Investors LP reported $3,185,032 in net income for the three months ended September 30, 2026, compared with $850,961 a year earlier. Net income per BUC was $0.09 versus a loss of $0.01. Revenue was $21,952,600, compared with $21,108,720. Cash Available for Distribution (CAD), a non-GAAP measure, was $3,843,714, or $0.17 per BUC, versus $4,139,914 and $0.18 per BUC.
Total assets were $1.35 billion, including $898.4 million in mortgage revenue bond and governmental issuer loan investments. The Partnership declared a $0.14-per-BUC quarterly distribution, paid October 30, 2026 to holders of record September 30, 2026; $0.30 per BUC was declared in Q3 2025. The Vantage at Loveland sale generated approximately $23.6 million in gross proceeds: $21.1 million of returned contributed equity and $2.5 million of preferred return income.
The Partnership is reducing capital allocated to market-rate multifamily joint venture equity investments and says capital from property exits is to be redeployed primarily into tax-exempt mortgage revenue bond investments. As of September 30, borrowers were current on contractual debt service except for five MRBs associated with one borrower. Payments had been received for four of the five, and management was in discussions regarding delayed payments.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQ3 net income rose to $3,185,032 from $850,961 a year earlier.
Negative
- Moderate pointQuarterly declared distributions fell to $0.14 per BUC from $0.30.
Filing Explained
At
8-K Event Classification
Key Figures
Key Terms
Cash Available for Distribution financial
Mortgage Revenue Bond financial
Governmental Issuer Loan financial
Beneficial Unit Certificate financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was GHI's net income in Q3 2026?
How much CAD did GHI report in Q3 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 9, 2026, Greystone Housing Impact Investors LP (the “Partnership”) issued a press release announcing its financial results for the third quarter ended September 30, 2026. A copy of the Partnership’s press release announcing these financial results is attached as Exhibit 99.1 hereto and is incorporated by reference into this report. The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Section 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any filing of the Partnership, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.
Item 7.01 Regulation FD Disclosure.
On November 9, 2026, Greystone Housing Impact Investors LP (the “Partnership”) is providing the information which is included in this Current Report on Form 8-K (including Exhibit 99.2 hereto) with respect to supplemental financial information for the Partnership on the Partnership’s website, www.ghiinvestors.com. This information includes selected financial and operations information from the third quarter of 2026 and does not represent a complete set of financial statements and related notes prepared in conformity with generally accepted accounting principles (“GAAP”). Most, but not all, of the selected financial information furnished herein is derived from the Partnership’s consolidated financial statements and related notes prepared in accordance with GAAP and management’s discussion and analysis of financial condition and results of operations included in the Partnership’s reports on Forms 10-K and 10-Q.
The information included in this Current Report on Form 8-K (including Exhibit 99.2 hereto) that is furnished pursuant to this Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item and in the accompanying Exhibit 99.2 shall not be incorporated by reference into any filing of the Partnership, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.
Item 9.01 Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits.
Exhibit Number |
|
Description |
99.1 |
|
Press Release dated November 9, 2026. |
99.2 |
|
Supplemental information furnished November 9, 2026. |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
Greystone Housing Impact Investors LP |
|
|
|
|
Date: |
November 9, 2026 |
By: |
/s/ Eric R. Nielsen |
|
|
|
Printed: Eric R. Nielsen |
Exhibit 99.1
PRESS RELEASE |
FOR IMMEDIATE RELEASE |
|
Omaha, Nebraska |
November 9, 2026
MEDIA CONTACT:
Fran Del Valle
Greystone
917-922-5653
fran@influencecentral.com
INVESTOR CONTACT:
Andy Grier
Investor Relations
402-952-1235
Greystone Housing Impact Investors Reports Third Quarter 2026 Financial Results
Omaha, Nebraska – On November 9, 2026, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced financial results for the three months ended September 30, 2026.
The Partnership also announced it will host a call on Tuesday, November 10th at 9:00 a.m. Eastern Time to discuss the results and its business outlook. Details for accessing the call can be found below under "Earnings Webcast & Conference Call."
Financial Highlights
The Partnership reported the following results as of and for the three months ended September 30, 2026:
A reconciliation of net income to CAD is included below under “Disclosure Regarding Non-GAAP Measures - Cash Available for Distribution.”
In September 2026, the Partnership announced that the Board of Managers of Greystone AF Manager LLC declared a regular quarterly distribution to the Partnership's BUC holders of $0.14 per BUC. The distribution was paid on October 30, 2026, to BUC holders of record as of the close of trading on September 30, 2026.
Operational Update
The Partnership continues to pursue its strategy of reducing the capital allocated to joint venture equity investments in market rate multifamily properties. The Partnership and the respective property managing members will manage the remaining portfolio of market rate multifamily investments to maximize sales prices and returns to the extent possible, with return of capital from the sale of these investments to be redeployed into primarily tax-exempt mortgage revenue bond investments.
The Partnership believes this change in investment strategy will provide many benefits to unitholders, including more stable investment earnings, an increase in the proportion of tax-advantage income allocated to unitholders in the long-term, and more capital allocated to a proven investment class that is core to our operations and leverages the strong relationships and knowledge base of Greystone’s other lending platforms.
The Partnership’s near-term results of operations will be impacted by the pace of sales of market rate multifamily investments and our ability to redeploy capital into new tax-exempt mortgage revenue bond investments. The Partnership and Board of Managers will continue assessing the potential impacts on the Partnership’s short-term and long-term earnings expectations and future unitholder distributions, with a focus on the long-term benefit to unitholders and the Partnership.
In August 2026, the Vantage at Loveland property located in Loveland, CO was sold at the direction of the entity’s managing member.
In October 2026, Valage Senior Living Carson Valley property located in Minden, NV was publicly listed for sale at the direction of the entity’s managing member.
Management Remarks
“The Partnership continues to work with the managing members of our market rate multifamily properties to position our remaining investments in this segment for sale” said Kenneth C. Rogozinski, Chief Executive Officer of the Partnership. “We are working with third-party brokers and property management firms to plan potential exit timelines based on current property level leasing activity and operating results. We are also working with our internal origination team and the broader Greystone affordable platform to identify traditional mortgage revenue bond investment opportunities where we can redeploy capital once the market rate multifamily exits occur”, said Rogozinski.
Recent Investment and Financing Activity
The Partnership reported the following updates for the third quarter of 2026:
Investment Portfolio Updates
The Partnership announced the following updates regarding its investment portfolio:
Earnings Webcast & Conference Call
The Partnership will host a conference call for investors on Tuesday, November 10, 2026 at 9:00 a.m. Eastern Time to discuss the Partnership’s third quarter 2026 results.
For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.
The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership's website under “News & Events” or via the following link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=fsqomqfb
It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).
A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.
About Greystone Housing Impact Investors LP
Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022 (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.
Safe Harbor Statement
Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and conflicts in the Middle East) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; any effects on our business resulting from U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by high mortgage interest rates, pressures in the commercial real estate sector, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; resurgent inflationary impacts resulting from macroeconomic conditions and policy initiatives; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; legislative changes to Low Income Housing Tax Credits issued in accordance with Section 42 of the Internal Revenue Code and certain tax credit recapture events; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; risks related to the development and use of artificial intelligence (AI); and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.
If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update
such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.
GREYSTONE HOUSING IMPACT INVESTORS LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment income |
|
$ |
16,928,702 |
|
|
$ |
17,732,521 |
|
|
$ |
48,078,892 |
|
|
$ |
58,846,141 |
|
Other interest income |
|
|
3,061,719 |
|
|
|
3,106,309 |
|
|
|
9,401,426 |
|
|
|
7,952,738 |
|
Property revenues |
|
|
1,951,179 |
|
|
|
- |
|
|
|
5,479,031 |
|
|
|
- |
|
Contingent interest income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
208,059 |
|
Other income |
|
|
11,000 |
|
|
|
269,890 |
|
|
|
1,964,634 |
|
|
|
1,228,715 |
|
Total revenues |
|
|
21,952,600 |
|
|
|
21,108,720 |
|
|
|
64,923,983 |
|
|
|
68,235,653 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Real estate operating |
|
|
1,218,367 |
|
|
|
- |
|
|
|
3,388,993 |
|
|
|
- |
|
Provision for credit losses |
|
|
(174,000 |
) |
|
|
534,084 |
|
|
|
(2,624,459 |
) |
|
|
9,414,818 |
|
Depreciation and amortization |
|
|
2,105,091 |
|
|
|
1,335 |
|
|
|
8,123,731 |
|
|
|
7,523 |
|
Interest expense |
|
|
12,811,881 |
|
|
|
13,076,836 |
|
|
|
39,367,151 |
|
|
|
40,475,321 |
|
Net result from derivative transactions |
|
|
(4,280,631 |
) |
|
|
(100,147 |
) |
|
|
(7,926,633 |
) |
|
|
4,315,206 |
|
General and administrative |
|
|
3,547,433 |
|
|
|
4,816,648 |
|
|
|
12,239,624 |
|
|
|
14,061,774 |
|
Total expenses |
|
|
15,228,141 |
|
|
|
18,328,756 |
|
|
|
52,568,407 |
|
|
|
68,274,642 |
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gain on deed in lieu of foreclosures |
|
|
- |
|
|
|
- |
|
|
|
2,241,813 |
|
|
|
- |
|
Gain on sale of investments in unconsolidated entities |
|
|
- |
|
|
|
- |
|
|
|
16,624 |
|
|
|
200,736 |
|
Earnings (losses) from investments in unconsolidated entities |
|
|
(3,542,306 |
) |
|
|
(1,931,053 |
) |
|
|
(11,633,668 |
) |
|
|
(5,170,388 |
) |
Income (loss) before income taxes |
|
|
3,182,153 |
|
|
|
848,911 |
|
|
|
2,980,345 |
|
|
|
(5,008,641 |
) |
Income tax benefit |
|
|
(2,879 |
) |
|
|
(2,050 |
) |
|
|
(8,338 |
) |
|
|
(7,545 |
) |
Net income (loss) |
|
|
3,185,032 |
|
|
|
850,961 |
|
|
|
2,988,683 |
|
|
|
(5,001,096 |
) |
Redeemable Preferred Unit distributions and accretion |
|
|
(1,101,684 |
) |
|
|
(1,029,641 |
) |
|
|
(3,305,053 |
) |
|
|
(2,819,969 |
) |
Net income (loss) available to Partners |
|
$ |
2,083,348 |
|
|
$ |
(178,680 |
) |
|
$ |
(316,370 |
) |
|
$ |
(7,821,065 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) available to Partners allocated to: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
General Partner |
|
$ |
20,834 |
|
|
$ |
(1,787 |
) |
|
$ |
826 |
|
|
$ |
10,554 |
|
Limited Partners - BUCs |
|
|
2,030,815 |
|
|
|
(305,416 |
) |
|
|
(431,744 |
) |
|
|
(8,093,084 |
) |
Limited Partners - Restricted units |
|
|
31,699 |
|
|
|
128,523 |
|
|
|
114,548 |
|
|
|
261,465 |
|
|
|
$ |
2,083,348 |
|
|
$ |
(178,680 |
) |
|
$ |
(316,370 |
) |
|
$ |
(7,821,065 |
) |
BUC holders' interest in net income (loss) per BUC, basic and diluted |
|
$ |
0.09 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.35 |
) |
Weighted average number of BUCs outstanding, basic |
|
|
23,266,619 |
|
|
|
23,171,226 |
|
|
|
23,266,619 |
|
|
|
23,171,226 |
|
Weighted average number of BUCs outstanding, diluted |
|
|
23,266,619 |
|
|
|
23,171,226 |
|
|
|
23,266,619 |
|
|
|
23,171,226 |
|
Disclosure Regarding Non-GAAP Measures - Cash Available for Distribution
The Partnership believes that CAD provides relevant information about the Partnership’s operations and is necessary, along with net income, for understanding its operating results. To calculate CAD, the Partnership begins with net income as computed in accordance with GAAP and adjusts for non-cash expenses or income consisting of depreciation expense, amortization expense related to deferred financing costs, amortization of premiums and discounts, fair value adjustments to derivative instruments, provisions for credit and loan losses, impairments on MRBs, GILs, real estate assets and property loans, deferred income tax expense (benefit), and restricted unit compensation expense. The Partnership also adjusts net income for the Partnership’s share of (earnings) losses of investments in unconsolidated entities related to the Market Rate Joint Venture Investments segment as such amounts are primarily depreciation expenses and development costs that are expected to be recovered upon an exit event. The Partnership also deducts Tier 2 income distributable to the General Partner as defined in the Partnership Agreement and distributions and accretion for the Preferred Units. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and the Partnership’s computation of CAD may not be comparable to CAD reported by other companies. Although the Partnership considers CAD to be a useful measure of the Partnership’s operating performance, CAD is a non-GAAP measure that should not be considered as an alternative to net income calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP.
The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income, as determined in accordance with GAAP, to CAD) for the three and nine months ended September 30, 2026 and 2025:
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net income (loss) |
|
$ |
3,185,032 |
|
|
$ |
850,961 |
|
|
$ |
2,988,683 |
|
|
$ |
(5,001,096 |
) |
Unrealized (gains) losses on derivatives, net |
|
|
(4,000,622 |
) |
|
|
714,077 |
|
|
|
(7,410,576 |
) |
|
|
6,740,050 |
|
Depreciation and amortization |
|
|
2,105,091 |
|
|
|
1,335 |
|
|
|
8,123,731 |
|
|
|
7,523 |
|
Provision for credit losses (1) |
|
|
(174,000 |
) |
|
|
534,084 |
|
|
|
(2,624,459 |
) |
|
|
9,414,818 |
|
Reversal of gain on deed in lieu of foreclosures (2) |
|
|
- |
|
|
|
- |
|
|
|
(2,241,813 |
) |
|
|
- |
|
Amortization of deferred financing costs |
|
|
437,235 |
|
|
|
345,384 |
|
|
|
1,357,180 |
|
|
|
1,114,080 |
|
Restricted unit compensation expense |
|
|
(166,887 |
) |
|
|
747,560 |
|
|
|
625,028 |
|
|
|
1,486,882 |
|
Deferred income taxes |
|
|
(1,039 |
) |
|
|
(1,023 |
) |
|
|
(1,196 |
) |
|
|
(785 |
) |
Redeemable Preferred Unit distributions and accretion |
|
|
(1,101,684 |
) |
|
|
(1,029,641 |
) |
|
|
(3,305,053 |
) |
|
|
(2,819,969 |
) |
Tier 2 income allocable to the General Partner (3) |
|
|
- |
|
|
|
- |
|
|
|
(4,156 |
) |
|
|
(92,852 |
) |
Recovery of prior credit loss (4) |
|
|
(11,684 |
) |
|
|
(11,060 |
) |
|
|
(34,327 |
) |
|
|
51,164 |
|
Bond premium, discount and acquisition fee amortization, net |
|
|
31,772 |
|
|
|
55,880 |
|
|
|
186,784 |
|
|
|
318,728 |
|
(Earnings) losses from investments in unconsolidated entities |
|
|
3,540,500 |
|
|
|
1,932,357 |
|
|
|
11,669,570 |
|
|
|
5,141,935 |
|
Total CAD |
|
$ |
3,843,714 |
|
|
$ |
4,139,914 |
|
|
$ |
9,329,396 |
|
|
$ |
16,360,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of BUCs outstanding, basic |
|
|
23,266,619 |
|
|
|
23,171,226 |
|
|
|
23,266,619 |
|
|
|
23,171,226 |
|
Net income (loss) per BUC, basic |
|
$ |
0.09 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.35 |
) |
Total CAD per BUC, basic |
|
$ |
0.17 |
|
|
$ |
0.18 |
|
|
$ |
0.40 |
|
|
$ |
0.71 |
|
Cash Distributions declared, per BUC |
|
$ |
0.14 |
|
|
$ |
0.30 |
|
|
$ |
0.42 |
|
|
$ |
0.97 |
|
The provision for credit loss includes asset-specific provisions for credit losses for affordable multifamily investments totaling approximately $596,000 and $9.9 million for the three and nine months ended September 30, 2025, respectively
Exhibit 99.2
Supplemental Financial Report for the
Quarter Ended September 30, 2026
©2026 Greystone & Co. II LLC. All rights reserved. References to the term “Greystone,” refer to Greystone & Co. II LLC and/or its affiliated companies, as applicable. |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Partnership Financial Information
TABLE OF CONTENTS
Letter from the CEO |
3 |
Quarterly Fact Sheet |
5 |
Financial Performance Information |
6 |
Appendices |
18 |
Important Disclosure Notices |
22 |
Other Partnership Information |
23 |
© 2026 Greystone & Co. II LLC |
|
2
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Letter from the CEO
I am pleased to report Greystone Housing Impact Investors LP’s operating results for the third quarter of 2026. We reported the following financial results as of and for the three months ended September 30, 2026:
We reported the following notable transactions during the third quarter of 2026:
Other highlights of our investment portfolio include the following:
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
We continue to pursue our strategy to reduce the capital allocated to joint venture equity investments in market rate multifamily properties. We and the respective property managing members will manage the remaining portfolio of market rate multifamily investments to maximize sales prices and returns to the extent possible, with return of capital from the sale of these investments to be redeployed into primarily new tax-exempt mortgage revenue bond investments.
We believe this change in investment strategy will provide many benefits to unitholders, including more stable investment earnings, an increase in the proportion of tax-advantage income allocated to unitholders in the long-term, and more capital allocated to a proven investment class that is core to our operations and leverages the strong relationships and knowledge base of Greystone’s other lending platforms.
The Partnership’s near-term results of operations will be impacted by the pace of sales of market rate multifamily investments and our ability to redeploy capital into new tax-exempt mortgage revenue bond investments. We and the Board of Managers will continue assessing the potential impacts on the Partnership’s short-term and long-term earnings expectations and future unitholder distributions, with a focus on the long-term benefit to unitholders and the Partnership.
Thank you for your continued support of Greystone Housing Impact Investors LP!
Kenneth C. Rogozinski
Chief Executive Officer
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Third Quarter 2026 Fact Sheet
PARTNERSHIP DETAILS |
|
Greystone Housing Impact Investors LP was formed for the purpose of acquiring a portfolio of MRBs that are issued to provide construction and/or permanent financing of affordable multifamily residential and commercial properties. The Partnership has also invested in GILs, which, similar to MRBs, provide financing for affordable multifamily properties. We expect and believe the interest paid on the MRBs and GILs to be excludable from gross income for federal income tax purposes. In addition, we have invested in equity interests in multifamily, market rate properties throughout the U.S. We also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. We continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments.
|
||||
(As of September 30, 2026) |
|
|||||
|
|
|||||
Symbol (NYSE) |
|
|
GHI |
|
||
BUC Price |
$ |
$5.70 |
|
|||
BUCs Outstanding (including Restricted Units) |
|
|
23,493,038 |
|
||
Market Capitalization |
|
$ |
$133,910,317 |
|
||
52-week BUC price range |
|
$4.71 to $10.53 |
|
|||
|
|
|
|
|
||
|
|
|
|
|
||
Partnership Financial Information for Q3 2026 ($’s in 000’s, except per BUC amounts) |
|
|||||
|
9/30/2026 |
|
12/31/2025 |
|
||
|
|
|
|
|
||
Total Assets |
$1,345,282 |
|
$1,502,887 |
|
||
Leverage Ratio (1) |
74% |
|
75% |
|
||
|
|
|
|
|
||
|
Q3 2026 |
|
YTD 2026 |
|
||
|
|
|
|
|
||
Total Revenues |
$21,953 |
|
$64,924 |
|
||
Net Income (loss) |
$3,185 |
|
$2,989 |
|
||
Cash Available for Distribution (“CAD”) (2) |
$3,844 |
|
$9,329 |
|
||
|
|
|
|
|
||
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Operating Results Summary
(Dollar amounts in thousands, except per BUC information)
|
|
Q3 2025 |
|
|
Q4 2025 |
|
|
Q1 2026 |
|
|
Q2 2026 |
|
|
Q3 2026 |
|
|||||
Total revenues |
|
$ |
21,109 |
|
|
$ |
17,154 |
|
|
$ |
21,785 |
|
|
$ |
21,185 |
|
|
$ |
21,953 |
|
Total expenses |
|
|
(18,329 |
) |
|
|
(14,557 |
) |
|
|
(17,751 |
) |
|
|
(19,590 |
) |
|
|
(15,228 |
) |
Gain on sale of real estate assets |
|
|
- |
|
|
|
3,017 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain on deed in lieu of foreclosures |
|
|
- |
|
|
|
- |
|
|
|
2,219 |
|
|
|
23 |
|
|
|
- |
|
Gain on sale of investments in unconsolidated entities |
|
|
- |
|
|
|
(15 |
) |
|
|
- |
|
|
|
17 |
|
|
|
- |
|
Earnings (losses) from investments in unconsolidated entities |
|
|
(1,931 |
) |
|
|
(7,377 |
) |
|
|
(4,930 |
) |
|
|
(3,161 |
) |
|
|
(3,542 |
) |
Income tax (expense) benefit |
|
|
2 |
|
|
|
(835 |
) |
|
|
3 |
|
|
|
3 |
|
|
|
2 |
|
Net income (loss) |
|
$ |
851 |
|
|
$ |
(2,613 |
) |
|
$ |
1,326 |
|
|
$ |
(1,523 |
) |
|
$ |
3,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Per BUC operating metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) |
|
$ |
(0.01 |
) |
|
$ |
(0.17 |
) |
|
$ |
0.01 |
|
|
$ |
(0.11 |
) |
|
$ |
0.09 |
|
Cash available for distribution |
|
$ |
0.18 |
|
|
$ |
0.12 |
|
|
$ |
0.13 |
|
|
$ |
0.10 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Per BUC distribution information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash distributions declared |
|
$ |
0.30 |
|
|
$ |
0.25 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average BUCs outstanding |
|
|
23,171,226 |
|
|
|
23,204,406 |
|
|
|
23,266,619 |
|
|
|
23,266,619 |
|
|
|
23,266,619 |
|
BUCs outstanding, end of period |
|
|
23,171,226 |
|
|
|
23,266,619 |
|
|
|
23,266,619 |
|
|
|
23,266,619 |
|
|
|
23,266,619 |
|
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Asset Profile
(Dollar amounts in thousands)
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Mortgage Investments to Total Assets Profile
(Dollar amounts in thousands)
Note: Mortgage Investments include the Partnership’s Mortgage Revenue Bonds, Governmental Issuer Loans, Taxable Mortgage Revenue
Bonds, Taxable Governmental Issuer Loans, and Property Loans that share a first mortgage with the Governmental Issuer Loans.
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Debt and Equity Profile
(Dollar amounts in thousands)
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Debt Financing
(Dollar amounts in thousands)
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Debt Investments Activity (1)
(Dollar amounts in thousands)
Quarterly Activity |
Q3 2025 |
|
Q4 2025 |
|
Q1 2026 |
|
Q2 2026 |
|
Q3 2026 |
|
|||||
Investment Purchases |
$ |
27,552 |
|
$ |
39,249 |
|
$ |
8,458 |
|
$ |
42,838 |
|
$ |
40,425 |
|
Sales and Redemptions |
|
(30,757 |
) |
|
(13,865 |
) |
|
(4,650 |
) |
|
(155,457 |
) |
|
(42,053 |
) |
Net Investment Activity |
|
(3,205 |
) |
|
25,384 |
|
|
3,808 |
|
|
(112,619 |
) |
|
(1,628 |
) |
Net Debt (Proceeds) Repayment |
|
9,454 |
|
|
(23,799 |
) |
|
(1,369 |
) |
|
95,561 |
|
|
5,180 |
|
Net Capital Deployed |
$ |
6,249 |
|
$ |
1,585 |
|
$ |
2,439 |
|
$ |
(17,058 |
) |
$ |
3,552 |
|
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Market-Rate JV Equity Investments Activity
(Dollar amounts in thousands)
Quarterly Activity |
Q3 2025 |
|
Q4 2025 |
|
Q1 2026 |
|
Q2 2026 |
|
Q3 2026 |
|
|||||
JV Equity Contributions |
$ |
331 |
|
$ |
7,577 |
|
$ |
12,555 |
|
$ |
4,221 |
|
$ |
3,981 |
|
Return of JV Equity Contributions |
|
- |
|
|
(4,445 |
) |
|
- |
|
|
- |
|
|
(21,099 |
) |
Net Investment Activity |
|
331 |
|
|
3,132 |
|
|
12,555 |
|
|
4,221 |
|
|
(17,118 |
) |
Net Debt (Proceeds) Repayment |
|
2,500 |
|
|
(9,500 |
) |
|
- |
|
|
- |
|
|
- |
|
Net Capital Deployed |
$ |
2,831 |
|
$ |
(6,368 |
) |
$ |
12,555 |
|
$ |
4,221 |
|
$ |
(17,118 |
) |
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Net Book Value Waterfall
Note: Per unit data derived from weighted average BUCs outstanding during the period, except for the Net Book Values, which are based on
shares outstanding on the stated date, including unvested restricted units. Numbers may not sum due to rounding.
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Interest Rate Sensitivity Analysis
The interest rate sensitivity table below represents the change in interest income from investments, net of interest on debt and settlement payments for interest rate derivatives over the next twelve months, assuming an immediate parallel shift in the SOFR yield curve and the resulting implied forward rates are realized as a component of this shift in the curve and assuming management does not adjust its strategy in response. The amounts in the table below do not consider any potential unrealized gains or losses from derivatives in determining the net interest income impact.
Description |
|
- 100 basis points |
|
|
- 50 basis points |
|
|
+ 50 basis points |
|
|
+ 100 basis points |
|
|
+ 200 basis points |
|
|||||
TOB Debt Financings |
|
$ |
2,182,694 |
|
|
$ |
1,091,347 |
|
|
$ |
(1,091,347 |
) |
|
$ |
(2,182,694 |
) |
|
$ |
(4,365,388 |
) |
Other Financings & Derivatives |
|
|
(616,271 |
) |
|
|
(308,136 |
) |
|
|
308,136 |
|
|
|
616,271 |
|
|
|
1,232,542 |
|
Variable Rate Investments |
|
|
(505,700 |
) |
|
|
(252,850 |
) |
|
|
252,850 |
|
|
|
505,700 |
|
|
|
1,011,400 |
|
Net Interest Income Impact |
|
$ |
1,060,723 |
|
|
$ |
530,361 |
|
|
$ |
(530,361 |
) |
|
$ |
(1,060,723 |
) |
|
$ |
(2,121,446 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Per BUC Impact (1) |
|
$ |
0.046 |
|
|
$ |
0.023 |
|
|
$ |
(0.023 |
) |
|
$ |
(0.046 |
) |
|
$ |
(0.091 |
) |
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Total Revenue & Gain on Sale Trends
(Dollar amounts in thousands)
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Operating Expense Trends
(Dollar amounts in thousands)
Since October 1, 2024, the sum of “Salaries and benefits” and “General and administrative” expenses as a percentage of Total Assets has
averaged approximately 0.23% per quarter.
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Tax Income Information Related to Beneficial Unit Certificates
(Dollar amounts in millions)
The following table summarizes tax-exempt and taxable income as percentages of total income allocated to the Partnership’s BUCs on Schedule K-1 for tax years 2023 to 2025. This disclosure relates only to income allocated to the Partnership’s BUCs and does not consider an individual unitholder’s basis in the BUCs or potential return of capital as such matters are dependent on the individual unitholders’ specific tax circumstances. The disclosure also assumes that the individual unitholder can utilize all allocated losses and deductions, even though such items may be limited depending on the unitholder’s specific tax circumstances. Such amounts are for all BUC holders in the aggregate during the year. Income is allocated to individual investors monthly and amounts allocated to individual investors may differ from these percentages due to, including, but not limited to, BUC purchases and sales activity and the timing of significant transactions during the year.
|
2025(1) |
|
2024(1) |
|
2023 |
|
|||||||||||||
|
Total |
|
|
Percent |
|
Total |
|
|
Percent |
|
Total |
|
|
Percent |
|
||||
Tax-exempt income |
$ |
14.7 |
|
|
n/a |
|
$ |
16.8 |
|
|
n/a |
|
$ |
15.4 |
|
|
|
40 |
% |
Taxable income |
|
(9.1 |
) |
|
n/a |
|
|
(21.4 |
) |
|
n/a |
|
|
23.4 |
|
|
|
60 |
% |
|
$ |
5.6 |
|
|
n/a |
|
$ |
(4.6 |
) |
|
n/a |
|
$ |
38.8 |
|
|
|
100 |
% |
Unrelated Business Taxable Income
Certain allocations of income and losses may be considered Unrelated Business Taxable Income (“UBTI”) for certain tax-exempt unitholders. UBTI-related items are reported in Box 20V and in the footnotes to each BUC holder’s Schedule K-1. The rules around UBTI are complex, so please consult your tax advisor.
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Appendices
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Operating Results Detail
(Dollar amounts in thousands, except per BUC information)
|
|
Q3 2025 |
|
|
Q4 2025 |
|
|
Q1 2026 |
|
|
Q2 2026 |
|
|
Q3 2026 |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment income |
|
$ |
17,733 |
|
|
$ |
12,583 |
|
|
$ |
16,439 |
|
|
$ |
14,711 |
|
|
$ |
16,929 |
|
Other interest income |
|
|
3,106 |
|
|
|
3,732 |
|
|
|
3,123 |
|
|
|
3,216 |
|
|
|
3,062 |
|
Property revenues |
|
|
- |
|
|
|
- |
|
|
|
1,449 |
|
|
|
2,079 |
|
|
|
1,951 |
|
Other income |
|
|
270 |
|
|
|
839 |
|
|
|
774 |
|
|
|
1,179 |
|
|
|
11 |
|
Total revenues |
|
|
21,109 |
|
|
|
17,154 |
|
|
|
21,785 |
|
|
|
21,185 |
|
|
|
21,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate operating (exclusive of items shown below) |
|
|
- |
|
|
|
- |
|
|
|
828 |
|
|
|
1,343 |
|
|
|
1,218 |
|
Provision for credit losses |
|
|
534 |
|
|
|
392 |
|
|
|
(2,078 |
) |
|
|
(373 |
) |
|
|
(174 |
) |
Depreciation and amortization |
|
|
1 |
|
|
|
1 |
|
|
|
2,746 |
|
|
|
3,272 |
|
|
|
2,105 |
|
Interest expense |
|
|
13,077 |
|
|
|
9,916 |
|
|
|
13,168 |
|
|
|
13,387 |
|
|
|
12,812 |
|
Net result from derivative transactions |
|
|
(100 |
) |
|
|
(669 |
) |
|
|
(1,564 |
) |
|
|
(2,081 |
) |
|
|
(4,280 |
) |
General and administrative |
|
|
4,817 |
|
|
|
4,917 |
|
|
|
4,651 |
|
|
|
4,042 |
|
|
|
3,547 |
|
Total expenses |
|
|
18,329 |
|
|
|
14,557 |
|
|
|
17,751 |
|
|
|
19,590 |
|
|
|
15,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gain on sale of real estate assets |
|
|
- |
|
|
|
3,017 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain on deed in lieu of foreclosures |
|
|
- |
|
|
|
- |
|
|
|
2,219 |
|
|
|
23 |
|
|
|
- |
|
Gain on sale of investments in unconsolidated entities |
|
|
- |
|
|
|
(15 |
) |
|
|
- |
|
|
|
17 |
|
|
|
- |
|
Earnings (losses) from investments in unconsolidated entities |
|
|
(1,931 |
) |
|
|
(7,377 |
) |
|
|
(4,930 |
) |
|
|
(3,161 |
) |
|
|
(3,542 |
) |
Income (loss) before income taxes |
|
|
849 |
|
|
|
(1,778 |
) |
|
|
1,323 |
|
|
|
(1,526 |
) |
|
|
3,183 |
|
Income tax expense (benefit) |
|
|
(2 |
) |
|
|
835 |
|
|
|
(3 |
) |
|
|
(3 |
) |
|
|
(2 |
) |
Net income (loss) |
|
|
851 |
|
|
|
(2,613 |
) |
|
|
1,326 |
|
|
|
(1,523 |
) |
|
|
3,185 |
|
Redeemable preferred unit distributions and accretion |
|
|
(1,030 |
) |
|
|
(1,096 |
) |
|
|
(1,102 |
) |
|
|
(1,101 |
) |
|
|
(1,102 |
) |
Net income (loss) available to partners |
|
$ |
(179 |
) |
|
$ |
(3,709 |
) |
|
$ |
224 |
|
|
$ |
(2,624 |
) |
|
$ |
2,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) available to partners allocated to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
General partner |
|
$ |
(2 |
) |
|
$ |
147 |
|
|
$ |
2 |
|
|
$ |
(22 |
) |
|
$ |
21 |
|
Limited partners - BUCs |
|
|
(305 |
) |
|
|
(3,954 |
) |
|
|
181 |
|
|
|
(2,644 |
) |
|
|
2,031 |
|
Limited partners - Restricted units |
|
|
128 |
|
|
|
98 |
|
|
|
41 |
|
|
|
42 |
|
|
|
31 |
|
Net income (loss) available to partners |
|
$ |
(179 |
) |
|
$ |
(3,709 |
) |
|
$ |
224 |
|
|
$ |
(2,624 |
) |
|
$ |
2,083 |
|
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Cash Available for Distribution (1)
(Dollar amounts in thousands, except per BUC information)
|
|
Q3 2025 |
|
|
Q4 2025 |
|
|
Q1 2026 |
|
|
Q2 2026 |
|
|
Q3 2026 |
|
|
|||||
Net income (loss) |
|
$ |
851 |
|
|
$ |
(2,613 |
) |
|
$ |
1,326 |
|
|
$ |
(1,523 |
) |
|
$ |
3,185 |
|
|
Unrealized (gains) losses on derivatives, net |
|
|
714 |
|
|
|
(130 |
) |
|
|
(1,543 |
) |
|
|
(1,866 |
) |
|
|
(4,000 |
) |
|
Depreciation expense |
|
|
1 |
|
|
|
1 |
|
|
|
2,746 |
|
|
|
3,273 |
|
|
|
2,105 |
|
|
Provision for credit losses |
|
|
534 |
|
|
|
392 |
|
|
|
(2,078 |
) |
|
|
(373 |
) |
|
|
(174 |
) |
|
Reversal of gain on deed in lieu of foreclosures |
|
|
- |
|
|
|
- |
|
|
|
(2,219 |
) |
|
|
(23 |
) |
|
|
- |
|
|
Reversal of gain on sale of real estate assets |
|
|
- |
|
|
|
(3,017 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Amortization of deferred financing costs |
|
|
345 |
|
|
|
347 |
|
|
|
489 |
|
|
|
431 |
|
|
|
437 |
|
|
Restricted unit compensation expense |
|
|
748 |
|
|
|
631 |
|
|
|
394 |
|
|
|
398 |
|
|
|
(167 |
) |
|
Deferred income taxes |
|
|
(1 |
) |
|
|
814 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
Redeemable Preferred Unit distributions and accretion |
|
|
(1,030 |
) |
|
|
(1,096 |
) |
|
|
(1,102 |
) |
|
|
(1,102 |
) |
|
|
(1,102 |
) |
|
Tier 2 Income allocable to the General Partner |
|
|
- |
|
|
|
4 |
|
|
|
- |
|
|
|
(4 |
) |
|
|
- |
|
|
Recovery of prior credit loss |
|
|
(11 |
) |
|
|
(11 |
) |
|
|
(11 |
) |
|
|
(12 |
) |
|
|
(12 |
) |
|
Bond premium, discount and amortization, net of cash received |
|
|
56 |
|
|
|
56 |
|
|
|
99 |
|
|
|
56 |
|
|
|
32 |
|
|
(Earnings) losses from investments in unconsolidated entities |
|
|
1,932 |
|
|
|
7,375 |
|
|
|
4,948 |
|
|
|
3,181 |
|
|
|
3,541 |
|
|
Total Cash Available for Distribution |
|
$ |
4,139 |
|
|
$ |
2,753 |
|
|
$ |
3,050 |
|
|
$ |
2,435 |
|
|
$ |
3,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average number of BUCs outstanding, basic |
|
|
23,171,226 |
|
|
|
23,204,406 |
|
|
|
23,266,619 |
|
|
|
23,266,619 |
|
|
|
23,266,619 |
|
|
Net income (loss) per BUC, basic |
|
$ |
(0.01 |
) |
|
$ |
(0.17 |
) |
|
$ |
0.01 |
|
|
$ |
(0.11 |
) |
|
$ |
0.09 |
|
|
Total CAD per BUC, basic |
|
$ |
0.18 |
|
|
$ |
0.12 |
|
|
$ |
0.13 |
|
|
$ |
0.10 |
|
|
$ |
0.17 |
|
|
Cash Distributions declared, per BUC |
|
$ |
0.30 |
|
|
$ |
0.25 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
Trailing five quarter totals: |
|
|
|
|
|
|||||||||||
|
|
|
|
|
Net income (loss) per BUC, basic |
|
|
$ |
(0.20 |
) |
|
||||||||||
|
|
|
|
|
Total CAD per BUC, basic |
|
|
$ |
0.70 |
|
|
||||||||||
|
|
|
|
|
Cash Distributions declared, per BUC |
|
|
$ |
0.97 |
|
|
||||||||||
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Balance Sheet Summary
(Dollar amounts in thousands, except per BUC information)
|
|
12/31/2024 |
|
|
12/31/2025 |
|
|
3/31/2026 |
|
|
6/30/2026 |
|
|
9/30/2026 |
|
|||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash |
|
$ |
14,703 |
|
|
$ |
39,502 |
|
|
$ |
20,628 |
|
|
$ |
30,913 |
|
|
$ |
32,395 |
|
Restricted cash |
|
|
16,603 |
|
|
|
15,384 |
|
|
|
11,781 |
|
|
|
10,595 |
|
|
|
22,019 |
|
Interest receivable |
|
|
7,446 |
|
|
|
7,277 |
|
|
|
7,024 |
|
|
|
6,530 |
|
|
|
7,020 |
|
Mortgage revenue bonds, at fair value |
|
|
1,026,484 |
|
|
|
1,007,904 |
|
|
|
889,693 |
|
|
|
890,981 |
|
|
|
867,407 |
|
Governmental issuer loans, net |
|
|
225,164 |
|
|
|
138,149 |
|
|
|
138,194 |
|
|
|
36,500 |
|
|
|
31,000 |
|
Property loans, net |
|
|
55,135 |
|
|
|
50,122 |
|
|
|
50,142 |
|
|
|
52,465 |
|
|
|
39,020 |
|
Investments in unconsolidated entities |
|
|
179,410 |
|
|
|
146,300 |
|
|
|
154,347 |
|
|
|
156,347 |
|
|
|
137,546 |
|
Real estate assets, net |
|
|
4,906 |
|
|
|
3,623 |
|
|
|
111,574 |
|
|
|
110,976 |
|
|
|
110,219 |
|
Other assets |
|
|
49,849 |
|
|
|
94,627 |
|
|
|
103,600 |
|
|
|
91,330 |
|
|
|
98,656 |
|
Total assets |
|
$ |
1,579,700 |
|
|
$ |
1,502,888 |
|
|
$ |
1,486,983 |
|
|
$ |
1,386,637 |
|
|
$ |
1,345,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Accounts payable, accrued expenses and other liabilities |
|
$ |
23,481 |
|
|
$ |
21,134 |
|
|
$ |
18,185 |
|
|
$ |
15,429 |
|
|
$ |
16,073 |
|
Distribution payable |
|
|
8,997 |
|
|
|
5,947 |
|
|
|
3,332 |
|
|
|
3,336 |
|
|
|
3,322 |
|
Secured lines of credit |
|
|
68,852 |
|
|
|
80,850 |
|
|
|
89,950 |
|
|
|
95,800 |
|
|
|
113,920 |
|
Debt financing, net |
|
|
1,093,273 |
|
|
|
1,015,095 |
|
|
|
923,705 |
|
|
|
822,458 |
|
|
|
799,386 |
|
Mortgages payable, net |
|
|
1,664 |
|
|
|
232 |
|
|
|
83,284 |
|
|
|
83,419 |
|
|
|
83,555 |
|
Total liabilities |
|
|
1,196,267 |
|
|
|
1,123,258 |
|
|
|
1,118,456 |
|
|
|
1,020,442 |
|
|
|
1,016,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Redeemable preferred units |
|
|
77,406 |
|
|
|
102,411 |
|
|
|
102,417 |
|
|
|
102,423 |
|
|
|
102,430 |
|
Partners' capital |
|
|
306,027 |
|
|
|
277,219 |
|
|
|
266,110 |
|
|
|
263,772 |
|
|
|
226,596 |
|
Total liabilities and partners' capital |
|
$ |
1,579,700 |
|
|
$ |
1,502,888 |
|
|
$ |
1,486,983 |
|
|
$ |
1,386,637 |
|
|
$ |
1,345,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net book value per BUC(1) |
|
$ |
13.15 |
|
|
$ |
11.77 |
|
|
$ |
11.30 |
|
|
$ |
11.20 |
|
|
$ |
9.67 |
|
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Important Disclosure Notices
Forward-Looking Statements
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,” “should,” “expect,” “believe,” “intend,” and similar expressions, are intended to identify forward-looking statements. We have based forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. This document may also contain estimates and other statistical data made by independent parties and by us relating to market size and growth and other industry data. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the statistical and other industry data generated by independent parties contained in this supplement and, accordingly, we cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of our future performance and the future performance of the industries in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described under the headings “Item 1A Risk Factors” in our 2025 Annual Report on Form 10-K for the year ended December 31, 2025. These forward-looking statements are subject to various risks and uncertainties and Greystone Housing Impact Investors LP (the “Partnership”) expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Most, but not all, of the selected financial information furnished herein is derived from the Greystone Housing Impact Investors LP’s consolidated financial statements and related notes prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and management’s discussion and analysis of financial condition and results of operations included in the Partnership’s reports on Forms 10-K and 10-Q. The Partnership’s annual consolidated financial statements were subject to an independent audit dated March 16, 2026.
Disclosure Regarding Non-GAAP Measures
This document refers to certain financial measures that are identified as non-GAAP. We believe these non-GAAP measures are helpful to investors because they are the key information used by management to analyze our operations. This supplemental information should not be considered in isolation or as a substitute for the related GAAP measures.
Please see the consolidated financial statements we filed with the Securities and Exchange Commission on Forms 10-K and 10-Q. Our GAAP consolidated financial statements can be located upon searching for the Partnership’s filings at www.sec.gov.
© 2026 Greystone & Co. II LLC |
|
Supplemental Financial Report for the Quarter Ended September 30, 2026 |
|
Other Partnership Information
Corporate Office: |
|
|
Transfer Agent:
|
|
14301 FNB Parkway |
|
|
Equiniti Trust Company, LLC |
|
Suite 211 |
|
|
28 Liberty Street, Floor 53 |
|
Omaha, NE 68154 |
|
|
New York, NY 10005 |
|
Phone: |
402-952-1235 |
|
HelpAST@equiniti.com |
|
Investor & K-1 Services: |
855-428-2951 |
|
Phone: 718-921-8124 |
|
Web Site: |
www.ghiinvestors.com |
|
800-937-5449 |
|
K-1 Services Email: |
ghiK1s@greyco.com |
|
|
|
Ticker Symbol (NYSE): |
GHI |
|
|
|
Corporate Counsel: |
|
Independent Accountants: |
Barnes & Thornburg LLP |
|
Grant Thornton |
11 S. Meridian Street |
|
2001 Market Street Suite 800 |
Indianapolis, IN 46204 |
|
Philadelphia, PA 19103 |
|
|
|
Board of Managers of Greystone AF Manager LLC: |
||
(acting as the directors of Greystone Housing Impact Investors LP) |
||
|
|
|
Stephen Rosenberg |
Chairman of the Board |
|
Jeffrey M. Baevsky |
Manager |
|
Drew C. Fletcher |
Manager |
|
Steven C. Lilly |
Manager |
|
Deborah A. Wilson |
Manager |
|
Robert K. Jacobsen |
Manager |
|
Alfonso Costa Jr. |
Manager |
|
|
|
|
Corporate Officers: |
||
Kenneth C. Rogozinski |
Chief Executive Officer |
|
Eric R. Nielsen |
Interim Chief Financial Officer |
|
© 2026 Greystone & Co. II LLC |
|