Greystone Housing Impact Investors LP : Q1 2026 Supplemental Report

Published: 2026-05-11 16:57:22 ET GHI

Published on 05/11/2026 at 04:57 pm EDT

Supplemental Financial Report for the Quarter Ended March 31, 2026

TABLE OF CONTENTS

Letter from the CEO

Quarterly Fact Sheet 5

Financial Performance Information 6

Appendices 16

Important Disclosure Notices 20

Other Partnership Information 21

I am pleased to report Greystone Housing Impact Investors LP's operating results for the first quarter of 2026. We reported the following financial results as of and for the three months ended March 31, 2026:

Net income of $1.32 million or $0.01 per Beneficial Unit Certificate ("BUC"), basic and diluted

Cash Available for Distribution ("CAD") of $3.05 million or $0.13 per BUC

Total assets of $1.49 billion

Total Mortgage Revenue Bond ("MRB") and Governmental Issuer Loan ("GIL") investments of $1.03 billion We reported the following notable transactions during the first quarter of 2026:

Advances on taxable MRB investments totaled approximately $8.3 million.

Contributions to market-rate multifamily and seniors housing joint venture equity investments totaled approximately $12.6 million.

Acquired four multifamily properties located in South Carolina via deed in lieu of foreclosure on existing Partnership MRB and taxable MRB investments with aggregate principal of $119.9 million.

Obtained an $84.0 million mortgage loan secured by the four acquired South Carolina properties.

In April, our GIL and taxable GIL investments for Poppy Grove I and Poppy Grove II were redeemed at par plus accrued interest with aggregate principal repaid of $90.0 million, of which proceeds of $72.0 million were used to repay the related debt financings.

Other highlights of our investment portfolio include the following:

All MRB and GIL investments were current on contractual principal and interest payments from borrowers as of March 31, 2026.

We continue to execute our hedging strategy, primarily through interest rate swaps, to reduce the impact of changing market interest rates with net receipts totaling approximately $246,000 for the three months ended March 31, 2026.

Nine current market-rate multifamily and seniors housing joint venture equity investment properties have completed construction. Three properties are in the planning phase.

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

PARTNERSHIP DETAILS Greystone Housing Impact Investors LP was formed for the purpose

Symbol (NYSE)

GHI

BUC Price

$4.92

BUCs Outstanding (including Restricted Units)

23,562,510

Market Capitalization

$115,927,549

52-week BUC price range

$4.71 to $12.70

(As of March 31, 2026)

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

3/31/2026

12/31/2025

Total Assets

$1,486,983

$1,502,887

Leverage Ratio (1)

75%

Partnership Financial Information for Q1 2026 ($'s in 000's, except per BUC amounts)

Q1 2026

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.

Total Revenues $21,785

Net Income (loss) $1,326

Cash Available for Distribution ("CAD") (2)$3,051

(1) Our overall leverage ratio is calculated as total outstanding debt divided by total assets using cost adjusted for paydowns and allowances for MRBs, GILs, property loans, taxable MRBs and taxable GILs, and initial cost for deferred financing costs and real estate assets.

(2) Management utilizes a calculation of Cash Available for Distribution ("CAD") to assess the Partnership's operating performance. This is a non-GAAP financial measure. See the Important Disclosure Notices in the Appendices for important information regarding non-GAAP measures. A reconciliation of our GAAP net income (loss) to CAD is provided on page 18 of this report.

Operating Results Summary

(Dollar amounts in thousands, except per BUC information)

Q1 2026

Q1 2025

Total revenues

$ 21,785

$ 24,322

Total expenses

(17,751)

(20,935)

Gain on deed in lieu of foreclosures

2,219

Gain on sale of investments in unconsolidated entities

Earnings (losses) from investments in unconsolidated entities

(4,930)

(992)

Income tax benefit

Net income

$ 1,326

$ 2,403

Per BUC operating metrics: Net income

$ 0.01

$ 0.07

Cash available for distribution

$ 0.13

$ 0.30

Per BUC distribution information: Cash distributions declared

$ 0.14

$ 0.37

Weighted average BUCs outstanding

23,266,619

23,171,226

BUCs outstanding, end of period

23,266,619

23,171,226

(Dollar amounts in thousands)

(1)The decline as of March 31, 2026 is due to the acquisition of four former MRB properties via deed in lieu of foreclosure in Q1 2026 that are now reported as MF Properties.

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.

(Dollar amounts in thousands)

(1)The variable-rate debt financing is hedged through our interest rate swap agreements. Though the variable rate indices may differ, these interest rate swaps have effectively synthetically fixed the interest rate of the related debt financing.

(2)The securitized assets and related debt financings each have variable interest rates. Though the variable rate indices may differ, the Partnership is largely hedged against rising interest rates.

(3)A majority of the securitized assets in this category as of March 31, 2026 have maturity dates on or before December 2026, so long-term interest rate risk is minimal.

(Dollar amounts in thousands)

Quarterly Activity

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Investment Purchases

60,610 $

47,376 $

27,552 $

39,249 $

8,458

Sales and Redemptions (114,760) (72,581) (30,757) (13,865) (4,650) Net Investment Activity (54,150) (25,205) (3,205) 25,384 3,808 Net Debt (Proceeds) Repayment 47,343 34,181 9,454 (23,799) (1,369) Net Capital Deployed $ (6,807) $ 8,976 $ 6,249 $ 1,585 $ 2,439

(1)The reported amounts include investment activity related to the Construction Lending JV and MF Properties acquired via deed in lieu of foreclosure of previous MRB investments.

(Dollar amounts in thousands)

Quarterly Activity

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

JV Equity Contributions

7,709 $

3,095 $

331

7,577 $

12,555

Return of JV Equity Contributions (13,488) (12,901) - (4,445) -Net Investment Activity (5,779) (9,805) 331 3,132 12,555 Net Debt (Proceeds) Repayment - 7,000 2,500 (9,500) -Net Capital Deployed $ (5,779) $ (2,805) $ 2,831 $ (6,368) $ 12,555

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.

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

$ 2,779,201

$ 1,389,600

$ (1,389,600)

$ (2,779,201)

$ (5,558,402)

Other Financings & Derivatives

(1,617,420)

(808,710)

808,710

1,617,420

3,234,840

Variable Rate Investments

(425,508)

(212,754)

212,754

425,508

851,017

Net Interest Income Impact

$ 736,273

$ 368,136

$ (368,136)

$ (736,273)

$ (1,472,545)

Per BUC Impact (1)

$ 0.032

$ 0.016

$ (0.016)

$ (0.032)

$ (0.063)

(1) The net interest income impact per BUC calculated based on 23,266,619 BUCs outstanding as of March 31, 2026.

(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.

Tax-exempt income

Total

14.7

Percent

n/a

Total

16.8

Percent

n/a

Total

15.4

Percent

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%

(1) The Partnership generated a net taxable loss for BUC holders for tax years 2025 and 2024 due to the allocation of net rental real estate losses on the Partnership's JV Equity Investments that exceeded JV Equity property gains on sale during the year.

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.

Operating Results Detail

(Dollar amounts in thousands, except per BUC information)

Q1 2026

Q1 2025

Revenues:

Investment income

16,439

21,075

Other interest income

3,123

2,288

Property revenues

1,449

Other income

774

959

Total revenues

21,785

24,322

Expenses:

Real estate operating

828

Provision for credit losses

(2,078)

(172)

Depreciation and amortization

2,746

Interest expense

13,168

13,497

Net result from derivative transactions

(1,564)

3,036

General and administrative

4,651

4,570

Total expenses

17,751

20,935

Other Income:

Gain on deed in lieu of foreclosures

2,219

Gain on sale of investments in unconsolidated entities

Earnings (losses) from investments in unconsolidated entities

(4,930)

(992)

Income before income taxes

1,323

2,400

Income tax benefit

(3)

Net income

1,326

2,403

Redeemable preferred unit distributions and accretion

(1,102)

(761)

Net income available to partners

224

1,642

Net income available to partners allocated to:

General partner

Limited partners - BUCs

181

1,569

Limited partners - Restricted units

Net income available to partners

224

1,642

(Dollar amounts in thousands, except per BUC information)

Q1 2026

Q1 2025

Net income

1,326

2,403

Unrealized (gains) losses on derivatives, net

(1,543)

3,883

Depreciation and amortization

2,746

Provision for credit losses

(2,078)

(172)

Reversal of gain on deed in lieu of foreclosures

(2,219)

Amortization of deferred financing costs

489

381

Restricted unit compensation expense

394

234

Deferred income taxes

Redeemable Preferred Unit distributions and accretion Tier 2 Income allocable to the General Partner

Recovery of prior credit loss

(1,102)

-(11)

(761)

-(17)

Bond premium, discount and amortization, net of cash received

(Earnings) losses from investments in unconsolidated entities

4,948

992

Total Cash Available for Distribution

$ 3,050

$ 6,974

Weighted average number of BUCs outstanding, basic

23,266,619

23,171,226

Net income per BUC, basic

$ 0.01

$ 0.07

Total CAD per BUC, basic

$ 0.13

$ 0.30

Cash Distributions declared, per BUC

$ 0.14

$ 0.37

(1)See the Important Disclosure Notices in the Appendices for important information regarding non-GAAP measures.

Balance Sheet Summary

(Dollar amounts in thousands, except per BUC information)

12/31/2022

12/31/2023

12/31/2024

12/31/2025

3/31/2026

Assets:

Cash

$ 51,188

$ 37,918

$ 14,703

$ 39,502

$ 20,628

Restricted cash

41,449

9,816

16,603

15,384

11,781

Interest receivable

11,628

8,266

7,446

7,277

7,024

Mortgage revenue bonds, at fair value

799,409

930,676

1,026,484

1,007,904

889,693

Governmental issuer loans, net

300,230

221,653

225,164

138,149

138,194

Property loans, net

175,110

120,508

55,135

50,122

50,142

Investments in unconsolidated entities

115,791

136,653

179,410

146,300

154,347

Real estate assets, net

36,550

4,716

4,906

3,623

111,574

Other assets

35,775

43,195

49,849

94,627

103,600

Total assets

$ 1,567,130

$ 1,513,401

$ 1,579,700

$ 1,502,888

$ 1,486,983

Liabilities

Accounts payable, accrued expenses and other liabilities

$ 21,734

$ 22,958

$ 23,481

$ 21,134

$ 18,185

Distribution payable

10,900

8,584

8,997

5,947

3,332

Secured lines of credit

55,500

33,400

68,852

80,850

89,950

Debt financing, net

1,058,903

1,015,030

1,093,273

1,015,095

923,705

Mortgages payable, net

1,690

1,664

232

83,284

Total liabilities

1,148,727

1,081,662

1,196,267

1,123,258

1,118,456

Redeemable preferred units

94,447

82,432

77,406

102,411

102,417

Partners' capital

323,956

349,307

306,027

277,219

266,110

Total liabilities and partners' capital

$ 1,567,130

$ 1,513,401

$ 1,579,700

$ 1,502,888

$ 1,486,983

Net book value per BUC(1)

$ 14.31

$ 15.17

$ 13.15

$ 11.77

$ 11.30

(1)Based on total BUCs and unvested restricted unit awards outstanding as of each date presented.

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 https://www.sec.gov.

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 [email protected]

Investor & K-1 Services: 855-428-2951 Phone: 718-921-8124 Web Site: https://www.ghiinvestors.com 800-937-5449

K-1 Services Email: [email protected]

Ticker Symbol (NYSE): GHI

Barnes & Thornburg LLP Grant Thornton

11 S. Meridian Street 2001 Market Street Suite 800

Indianapolis, IN 46204 Philadelphia, PA 19103

(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

W. Kimball Griffith Manager

Deborah A. Wilson Manager

Robert K. Jacobsen Manager

Alfonso Costa Jr. Manager

Kenneth C. Rogozinski Chief Executive Officer Jesse A. Coury Chief Financial Officer

Disclaimer

Greystone Housing Impact Investors LP published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 20:49 UTC.