Greystone Housing Impact Investors LP : Financial Supplemental Report - Q1 2026

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.

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.