Greystone Housing Impact (GHI) Grants Director 5,376 Units in Equity Plan

Rhea-AI Filing Summary

Greystone Housing Impact Investors LP (GHI) – Form 4 insider filing

On 06/23/2025, director Deborah A. Wilson received 5,376 Beneficial Unit Certificates (restricted units) at a price of $0 under the Amended & Restated 2015 Equity Incentive Plan. No derivative securities were involved. Following the grant, Wilson’s total beneficial ownership rose to 19,701 units, all held directly. According to the footnote, half of the restricted units vest on 11/30/2026 and the remaining half on 11/30/2027.

The transaction was coded “A” (acquisition), indicating an equity award rather than an open-market purchase. The disclosure does not reference any 10b5-1 trading plan, sales, or dispositions, and no financial performance metrics were provided.

Positive

• Director acquired 5,376 restricted units, increasing beneficial ownership to 19,701, modestly strengthening insider alignment.
• Units vest over two years (2026–2027), promoting long-term commitment.

Negative

• None.

Insights

Financial Analyst

TL;DR: Small equity grant; minimal valuation impact, modest governance positive.

The grant represents roughly 0.03% of GHI’s ~59 million outstanding Beneficial Unit Certificates (based on last reported count) and therefore has no dilutive or valuation impact. However, it increases insider ownership and aligns the director’s incentives with unitholders by extending vesting over two years. Because the units were granted at no cost, cash flow is unaffected, and the associated non-cash expense will be spread over the vesting period and already anticipated under the equity plan. Overall, the filing is routine and signals continued board engagement but is not financially material.

Corporate Governance Specialist

TL;DR: Routine incentive award; aligns interests, governance-neutral.

GHI’s use of time-based vesting through 2027 incentivises director retention and long-term decision-making, consistent with common REIT-style partnership practices. The absence of a 10b5-1 check box marks this strictly as a grant, not a trading plan. There are no red-flags such as option repricing, accelerated vesting, or unusually large awards. Consequently, governance impact is modestly positive yet not materially significant to investors.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wilson Deborah A

(Last) (First) (Middle)

14301 FNB PARKWAY

SUITE 211

(Street)

OMAHA NE 68154

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Greystone Housing Impact Investors LP [ GHI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Beneficial Unit Certificates	06/23/2025		A(1)		5,376(1)	A	$0	19,701	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Restricted units granted pursuant to the Amended and Restated Greystone Housing Impact Investors LP 2015 Equity Incentive Plan. One-half of the aggregate number of restricted units vest on each November 30, 2026 and 2027.

	/s/ Deborah Wilson	06/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many GHI units did Director Deborah Wilson receive on 06/23/2025?

5,376 restricted Beneficial Unit Certificates were granted.

What is Director Wilson’s total ownership in GHI after the transaction?

She now beneficially owns 19,701 units, all held directly.

When will the newly granted GHI restricted units vest?

One-half vest on 11/30/2026; the remainder vest on 11/30/2027.

Was any cash exchanged for the GHI units granted to the director?

No. The units were issued at $0 cost as part of an equity incentive plan.

Does the filing indicate a 10b5-1 trading plan?

No. The Rule 10b5-1(c) box is unchecked, indicating no preset trading plan.