Greystone Housing Impact Investors Reports Fourth Quarter 2025 Financial Results (Form 8-K)

Greystone Housing Impact Investors Reports Fourth Quarter 2025 Financial Results

Omaha, Nebraska - On March 16, 2026, Greystone Housing Impact Investors LP (NYSE: GHI) (the "Partnership") announced financial results for the three months and year ended December 31, 2025.

The Partnership also announced it will host a call on Thursday, March 19th at 4:30 p.m. Eastern Time to discuss the results and 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 December 31, 2025:

The Partnership reported the following results for the year ended December 31, 2025:

A reconciliation of net income to CAD is included below under "Disclosure Regarding Non-GAAP Measures - Cash Available for Distribution."

In December 2025, 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 $0.25 per BUC. The distribution was paid on January 30, 2026, to BUC holders of record as of the close of trading on December 31, 2025.

Operational Update

As announced in November 2025, the Partnership is implementing a strategy to reduce its capital allocation to joint venture equity investments in market rate multifamily properties. The Partnership and the respective 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 operations and that 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 the 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.

Management Remarks

"The Partnership is making progress in the implementation of its capital reallocation strategy" said Kenneth C. Rogozinski, Chief Executive Officer of the Partnership. "We are working with brokers and property management firms to plan potential exit timelines based on current property level activity and results. We are also working with our origination team and the broader Greystone affordable origination team to identify traditional mortgage revenue bond investment opportunities", said Rogozinski.

Recent Investment and Financing Activity

The Partnership reported the following updates for the fourth quarter of 2025:

Additionally, in January and February 2026, the Partnership acquired four multifamily properties located in South Carolina via deed in lieu of foreclosure of the Partnership's MRB investments due to the inability of the borrowers to meet required stabilized operating results. The Partnership believes acquiring and managing the properties directly provides the best opportunity for recovery of the Partnership's investments. The Partnership's original MRB and taxable MRB investments across the four properties totaled $119.9 million. Upon acquisition, the Partnership repaid TOB trust financings associated with the MRB investments totaling approximately $95.9 million. The Partnership obtained a new $84.0 million mortgage loan secured by all four properties to partially finance the property acquisitions. A Greystone affiliate has provided a 10% guarantee of the mortgage loan. The four properties are being managed by an experienced, third-party property management firm to maximize operating cash flows and property values.

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 Thursday, March 19, 2026 at 4:30 p.m. Eastern Time to discuss the Partnership's fourth quarter 2025 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=r59D1gTE

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.