Greystone Housing Impact Investors LP (NYSE: GHI)

Greystone Housing Impact Investors LP acquires mortgage revenue bonds and governmental issuer loans to finance affordable multifamily and seniors housing properties. The Partnership also invests in market-rate joint venture equity for multifamily and seniors housing developments and holds interests in multifamily properties. Its core business centers on providing capital for residential real estate that serves low- and moderate-income tenants across the United States.

Greystone Housing Impact Investors LP generates revenue primarily from interest income on its mortgage revenue bonds, governmental issuer loans, taxable mortgage revenue bonds, and property loans. Additional revenue comes from preferred returns on equity investments in unconsolidated entities, contingent interest from bond redemptions, and fees for extending maturity dates on investments. The Partnership also recognizes gains from the sale of investments in unconsolidated entities and real estate assets when such transactions occur.

The company operates through the following segments: Affordable Multifamily Investments, Seniors and Skilled Nursing Investments, Market-Rate Joint Venture Investments, and MF Properties.

• Affordable Multifamily Investments focuses on acquiring mortgage revenue bonds, governmental issuer loans, taxable mortgage revenue bonds, and property loans that finance affordable multifamily properties. This segment includes the Partnership’s share of earnings from the Construction Lending Joint Venture and reports all general and administrative expenses.

• Seniors and Skilled Nursing Investments provides financing for seniors housing and skilled nursing properties through mortgage revenue bonds and governmental issuer loans, along with a property loan supporting essential healthcare buildings. The segment holds bonds secured by properties in Traverse City, Michigan, and Monroe Township, New Jersey.

• Market-Rate Joint Venture Investments consists of noncontrolling equity interests in unconsolidated entities developing market-rate multifamily and seniors housing properties. The Partnership accounts for these investments using the equity method and recognizes preferred returns during the holding period, with additional income recognized upon property sales.

• MF Properties includes interests in multifamily residential properties, though as of September 30, 2025, the Partnership did not own any such properties, having previously sold its holdings in The 50/50 MF Property and the Suites on Paseo MF Property.

Greystone Housing Impact Investors LP operates within the affordable housing finance sector, competing with other specialty finance firms and investment funds that target tax-exempt bond opportunities and government-supported housing programs. Its competitive advantage lies in its long-standing relationships with housing authorities and developers, its expertise in structuring mortgage revenue bond investments, and its ability to deliver tax-advantaged income to unitholders through interest on qualifying bonds.

Greystone Housing Impact Investors LP serves state and local housing authorities, nonprofit developers, and for-profit sponsors of affordable multifamily and seniors housing properties. The Partnership’s investments support properties occupied by low-income students, seniors, healthcare workers, and other tenants earning up to 80% of area median income, including those at Live 929 Apartments in Maryland and properties financed by the Opportunity South Carolina loan.