Greystone Housing Impact Investors LP focuses on financing affordable multifamily and seniors housing, primarily through tax-exempt mortgage revenue bonds (MRBs) and governmental issuer loans (GILs). As of December 31, 2025, MRB investments totaled $987,519,370 of principal across 84 bonds, while GIL investments totaled $138,757,835 across 4 loans.
The partnership also holds taxable MRBs and GILs, property loans, and joint venture equity stakes in market-rate and seniors housing developments, and began owning multifamily properties via deed in lieu of foreclosure in early 2026. It targets an overall leverage ratio up to 80%; the ratio was about 75% at year-end 2025.
Greystone uses lines of credit, Freddie Mac TEBS structures, tender option bond trusts, and securitizations to finance assets, and actively hedges interest-rate risk, including $294.5 million of interest rate swaps outstanding at year-end. A Form S-3 shelf allows issuance of up to $200.0 million of BUCs, preferred units, or debt securities, supplementing existing Series A-1 and Series B Preferred Units. The filing outlines detailed risk factors spanning interest rates, credit performance of underlying properties, leverage, regulatory status, and tax considerations.
Greystone Housing Impact Investors LP reported weaker results for 2025 and the fourth quarter while advancing a shift in strategy. For the three months ended December 31, 2025, it recorded a net loss of $2.6 million, or $(0.17) per Beneficial Unit Certificate (BUC), and Cash Available for Distribution (CAD) of $2.8 million, or $0.12 per BUC. Total assets were $1.5 billion, including $1.15 billion of mortgage revenue bond (MRB) and governmental issuer loan (GIL) investments. For the full year 2025, the Partnership reported a net loss of $7.6 million, or $(0.52) per BUC, with CAD of $19.1 million, or $0.82 per BUC. In December 2025 the Board declared a quarterly cash distribution of $0.25 per BUC, paid January 30, 2026. Management is reducing exposure to market-rate multifamily joint venture equity investments and plans to redeploy capital primarily into tax-exempt MRBs, aiming for more stable earnings and a higher share of tax-advantaged income over time. During the fourth quarter, advances and acquisitions of MRB, taxable MRB, taxable GIL and property loan investments totaled approximately $39.2 million, while redemptions and paydowns of GIL investments totaled approximately $12.1 million. In early 2026, the Partnership acquired four South Carolina multifamily properties via deeds in lieu of foreclosure on MRBs with original balances of $119.9 million, repaid related TOB trust financings of about $95.9 million, and obtained a new $84.0 million mortgage loan secured by the properties. All MRB and GIL investments were current on principal and interest as of December 31, 2025, and interest rate hedges generated net receipts of about $660,000 for the quarter and $3.2 million for the year.
Greystone Housing Impact Investors subsidiaries amended an existing loan agreement and confirmed total notes of $84,000,000 with BankUnited, N.A. and ServisFirst Bank. The amendment updates definitions, adds post-closing pledgors, adjusts extension terms, and tightens financial covenants, including required debt service coverage ratios of 1.00:1.00 and 1.05:1.00 as of February 15, 2027 and June 30, 2027.
The lenders advanced additional principal of $42,000,000, which financed the acquisition of Windsor Shores Apartments in Columbia, SC and Century Plaza Apartments in Greenville, SC, both affordable multifamily properties. These assets were taken via deed in lieu of foreclosure after prior mortgage revenue bond defaults. The notes bear interest at one‑month Term SOFR plus 2.75% and are hedged with swap agreements covering the full $84,000,000 principal.
Greystone Housing Impact Investors LP filed an amended current report to fix a missing hyperlink to a previously issued press release. The amendment does not change any other disclosures.
The filing reiterates that on January 14, 2026, GHI GP Holdings LLC, as sole member of Greystone AF Manager LLC, appointed Alfonso Costa Jr. to the Greystone AF Manager LLC Board of Managers, effective January 15, 2026. In this role, he will act in the capacity of a director of the Partnership.
Because of an existing advisory relationship with an affiliated entity, the board determined that Mr. Costa does not meet New York Stock Exchange and SEC independence standards. The filing states there is no arrangement or understanding behind his appointment and no related-party transactions requiring disclosure. It provides extensive biographical details on his real estate and government experience and notes that his appointment was announced in a January 20, 2026 press release.
Greystone Housing Impact Investors LP reported a leadership change related to its governance structure. On January 14, 2026, GHI GP Holdings LLC, as sole member of Greystone AF Manager LLC, appointed Alfonso Costa Jr. to the Board of Managers of Greystone AF Manager LLC, effective January 15, 2026. In this role, he will act in the capacity of a director of the Partnership.
The board determined that Mr. Costa does not meet the New York Stock Exchange and SEC independence standards because of a current advisory relationship with an affiliated entity of Greystone AF Manager LLC. The filing states there is no arrangement or understanding with any other person regarding his appointment and no related-party transactions requiring disclosure. The report includes Mr. Costa’s background in real estate development and prior leadership roles at the U.S. Department of Housing and Urban Development, as well as his board and industry affiliations. A press release announcing his appointment is filed as an exhibit.
Greystone Housing Impact Investors LP disclosed that several South Carolina subsidiaries entered into a new Loan Agreement of up to $84,000,000 with BankUnited, N.A. On closing, the borrower issued an initial Note for $42,000,000, and those proceeds were used to acquire two rehabilitated affordable multifamily properties in Greenville and Spartanburg, South Carolina that the partnership previously held as bond collateral and then obtained via deed in lieu of foreclosure.
The facility matures on December 31, 2027, carries a floating rate of one‑month Term SOFR plus 2.75%, and may be extended one year subject to fees and performance tests. It is secured by mortgages and related collateral on the acquired properties and any future post‑closing properties, and requires full interest‑rate hedging via swap agreements.
Greystone Housing Impact Investors LP provided an absolute and unconditional guaranty of the borrower’s obligations, with covenants to maintain at least $6,250,000 in liquid assets (or $7,500,000 if requested under an existing line of credit) and net worth of at least $200,000,000. Affiliate Greystone Select Incorporated added a separate guaranty of $8,400,000, subject to financial covenants on liquidity, net worth, and leverage.
Greystone Housing Impact Investors LP declared a regular quarterly cash distribution of $0.25 per Beneficial Unit Certificate (BUC) for its unitholders. The distribution was approved by the Board of Managers of Greystone AF Manager LLC, which is the general partner of the Partnership’s general partner.
The cash distribution will be paid on January 30, 2026 to BUC holders of record as of the close of trading on December 31, 2025, and the BUCs will trade ex-distribution as of that date. The Partnership also issued a press release with further details, included as Exhibit 99.1.
Greystone Housing Impact Investors LP reported that, effective December 11, 2025, it terminated its Amended and Restated Capital on DemandTM Sales Agreement with JonesTrading Institutional Services LLC and BTIG, LLC. This agreement had allowed the partnership to sell, from time to time, beneficial unit certificates representing limited partnership interests with an aggregate offering price of up to $50,000,000 through an at-the-market offering program. The partnership was not required to sell any units under this arrangement and paid the agents a 2.0% commission on any BUCs sold. The termination ends this specific at-the-market equity sales channel for the partnership.
Greystone Housing Impact Investors LP director reported a routine change in ownership of the company’s unit certificates. On 11/30/2025, the reporting person disposed of 1,335 unit certificates in a transaction coded "F" at a price of $7.06 per unit, which typically indicates units used to cover tax obligations related to equity awards. Following this transaction, the reporting person directly beneficially owned 18,468 unit certificates of Greystone Housing Impact Investors LP.
Greystone Housing Impact Investors LP (GHI) reported that its Audit Committee and senior management have changed the partnership’s independent registered public accounting firm, dismissing PricewaterhouseCoopers LLP (PwC) and engaging Grant Thornton LLP, effective November 17, 2025.
The change follows PwC’s non-audit team advising an affiliate, Greystone Select Incorporated, that certain additional non-audit services it requested would be impermissible under SEC independence rules. To avoid any potential impact on auditor independence and in appreciation of these rules, the partnership elected to switch to Grant Thornton.
The partnership states there were no disagreements with PwC on accounting principles, financial statement disclosure, or audit scope, and no reportable events for the fiscal years ended December 31, 2024 and 2023 and the subsequent interim period. PwC’s audit reports for those years were unmodified, and PwC had served as auditor since 2016. Grant Thornton has been engaged for the fiscal year ending December 31, 2025.