Form 8-K

8-K — Greystone Housing Impact Investors LP

Accession: 0001193125-26-216870

Filed: 2026-05-11

Period: 2026-05-11

CIK: 0001059142

SIC: 6199 (FINANCE SERVICES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — ghi-20260511.htm (Primary)

EX-99.1 (ghi-ex99_1.htm)

EX-99.2 (ghi-ex99_2.htm)

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8-K

8-K (Primary)

Filename: ghi-20260511.htm · Sequence: 1

8-K

0001059142false00010591422026-05-112026-05-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 11, 2026

Greystone Housing Impact Investors LP

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-41564

47-0810385

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

14301 FNB Parkway, Suite 211

Omaha, Nebraska

68154

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 402 952-1235

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Beneficial Unit Certificates representing assignments of limited partnership interests in Greystone Housing Impact Investors LP

GHI

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 11, 2026, Greystone Housing Impact Investors LP (the “Partnership”) issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the Partnership’s press release announcing these financial results is attached as Exhibit 99.1 hereto and is incorporated by reference into this report. The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Section 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any filing of the Partnership, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.

Item 7.01. Regulation FD Disclosure.

On May 11, 2026, Greystone Housing Impact Investors LP (the “Partnership”) is providing the information which is included in this Current Report on Form 8-K (including Exhibit 99.2 hereto) with respect to supplemental financial information for the Partnership on the Partnership’s website, www.ghiinvestors.com. This information includes selected financial and operations information from the first quarter of 2026 and does not represent a complete set of financial statements and related notes prepared in conformity with generally accepted accounting principles (“GAAP”). Most, but not all, of the selected financial information furnished herein is derived from the Partnership’s consolidated financial statements and related notes prepared in accordance with 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 information included in this Current Report on Form 8-K (including Exhibit 99.2 hereto) that is furnished pursuant to this Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item and in the accompanying Exhibit 99.2 shall not be incorporated by reference into any filing of the Partnership, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(d) Exhibits.

Exhibit

Number

Description

99.1

Press Release dated May 11, 2026.

99.2

Supplemental information furnished May 11, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Greystone Housing Impact Investors LP

Date:

May 11, 2026

By:

/s/ Jesse A. Coury

Printed: Jesse A. Coury

Title: Chief Financial Officer

EX-99.1

Filename: ghi-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE

Omaha, Nebraska

May 11, 2026

MEDIA CONTACT:

Fran Del Valle

Greystone

917-922-5653

fran@influencecentral.com

INVESTOR CONTACT:

Andy Grier

Investor Relations

402-952-1235

Greystone Housing Impact Investors Reports First Quarter 2026 Financial Results

Omaha, Nebraska – On May 11, 2026, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced financial results for the three months ended March 31, 2026.

The Partnership also announced it will host a call on Tuesday, May 12th at 9:00 a.m. Eastern Time to discuss the results and its 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 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

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

In March 2026, 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 $0.14 per BUC. The distribution was paid on April 30, 2026, to BUC holders of record as of the close of trading on March 31, 2026.

Operational Update

The Partnership continues to pursue its strategy of reducing the capital allocated to joint venture equity investments in market rate multifamily properties. The Partnership 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 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 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. 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 continues to make 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 leasing activity and operating results. We are also working with our internal origination team and the broader Greystone affordable platform to identify traditional mortgage revenue bond investment opportunities”, said Rogozinski.

Recent Investment and Financing Activity

The Partnership reported the following updates for the first quarter of 2026:

•

Advances on taxable MRB investments totaled approximately $8.3 million.

•

Contributions to market-rate 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, the Partnership’s 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.

Investment Portfolio Updates

The Partnership announced the following updates regarding its investment portfolio:

•

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

•

The Partnership continues to execute its 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 joint venture equity investment properties have completed construction. Three properties are in the planning phase.

Earnings Webcast & Conference Call

The Partnership will host a conference call for investors on Tuesday, May 12, 2026 at 9:00 a.m. Eastern Time to discuss the Partnership’s first quarter 2026 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=6DUNvqLB

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.

Safe Harbor Statement

Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and conflicts in the Middle East) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; any effects on our business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the ability of the Partnership to remediate its material weakness in its internal control over financial reporting; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the potential for inflationary impacts resulting from macroeconomic conditions and policy initiatives; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; legislative changes to Low Income Housing Tax Credits issued in accordance with Section 42 of the Internal Revenue Code and certain tax credit recapture events; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; risks related to the development and use of artificial intelligence (AI); and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent

events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

GREYSTONE HOUSING IMPACT INVESTORS LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

For the Three Months Ended March 31,

2026

2025

Revenues:

Investment income

16,439,156

21,075,573

Other interest income

3,122,561

2,288,165

Property revenues

1,449,125

Other income

774,361

958,825

Total revenues

21,785,203

24,322,563

Expenses:

Real estate operating

827,635

Provision for credit losses (Note 10)

(2,077,877

)

(172,000

)

Depreciation and amortization

2,746,392

3,542

Interest expense

13,168,146

13,497,295

Net result from derivative transactions (Note 15)

(1,564,639

)

3,036,137

General and administrative

4,650,762

4,570,261

Total expenses

17,750,419

20,935,235

Other income:

Gain on deed in lieu of foreclosures

2,219,023

Gain on sale of investments in unconsolidated entities

5,220

Earnings (losses) from investments in unconsolidated entities

(4,930,100

)

(992,259

)

Income before income taxes

1,323,707

2,400,289

Income tax benefit

(2,673

)

(2,733

)

Net income

1,326,380

2,403,022

Redeemable Preferred Unit distributions and accretion

(1,101,684

)

(760,679

)

Net income available to Partners

224,696

1,642,343

Net income available to Partners allocated to:

General Partner

2,247

16,371

Limited Partners - BUCs

181,024

1,568,927

Limited Partners - Restricted units

41,425

57,045

224,696

1,642,343

Disclosure Regarding Non-GAAP Measures - Cash Available for Distribution

The Partnership believes that CAD provides relevant information about the Partnership’s operations and is necessary, along with net income, for understanding its operating results. To calculate CAD, the Partnership begins with net income as computed in accordance with GAAP and adjusts for non-cash expenses or income consisting of depreciation expense, amortization expense related to deferred financing costs, amortization of premiums and discounts, fair value adjustments to derivative instruments, provisions for credit and loan losses, impairments on MRBs, GILs, real estate assets and property loans, deferred income tax expense (benefit), and restricted unit compensation expense. The Partnership also adjusts net income for the Partnership’s share of (earnings) losses of investments in unconsolidated entities related to the Market Rate Joint Venture Investments segment as such amounts are primarily depreciation expenses and development costs that are expected to be recovered upon an exit event. The Partnership also deducts Tier 2 income distributable to the General Partner as defined in the Partnership Agreement and distributions and accretion for the Preferred Units. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and the Partnership’s computation of CAD may not be comparable to CAD reported by other companies. Although the Partnership considers CAD to be a useful measure of the Partnership’s operating performance, CAD is a non-GAAP measure that should not be considered as an alternative to net income calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP.

The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income, as determined in accordance with GAAP, to CAD) for the three months ended March 31, 2026 and 2025:

For the Three Months Ended March 31,

2026

2025

Net income

1,326,380

2,403,022

Unrealized (gains) losses on derivatives, net

(1,542,998

)

3,883,196

Depreciation and amortization

2,746,392

3,542

Provision for credit losses (1)

(2,077,877

)

(172,000

)

Reversal of gain on deed in lieu of foreclosures (2)

(2,219,023

)

Amortization of deferred financing costs

489,025

381,334

Restricted unit compensation expense

393,770

234,047

Deferred income taxes

881

1,227

Redeemable Preferred Unit distributions and accretion

(1,101,684

)

(760,679

)

Tier 2 income allocable to the General Partner (3)

Recovery of prior credit loss (4)

(11,120

)

(16,967

)

Bond premium, discount and acquisition fee amortization, net

of cash received

98,764

25,220

(Earnings) losses from investments in unconsolidated entities

4,948,352

992,259

Total CAD

3,050,862

6,974,201

Weighted average number of BUCs outstanding, basic

23,266,619

23,171,226

Net income (loss) 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)

The adjustments reflect the change in allowances for credit losses under the CECL standard which requires the Partnership to update estimates of expected credit losses for its investment portfolio at each reporting date. Credit losses are not reported within CAD until such losses are realized. The provision for credit loss for the three months ended March 31, 2026 includes an asset-specific provision for credit loss of approximately $93,000 offset by a recovery of approximately $2.1 million of our previously recognized allowance for credit losses related to The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, and Windsor Shores Apartments MRB.

(2)

The gain on deed in lieu of foreclosures for the three months ended March 31, 2026 was equal to the excess amount of the appraised value of the real estate assets acquired over our amortized cost basis of the Windsor Shores MRB and taxable MRB and The Ivy Apartments (a/k/a Century Plaza Apartments) MRB. We have excluded this gain in the calculation of CAD as it is non-cash and relates to fair value estimates of real estate assets.

(3)

Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed 75% to the limited partners and BUC holders, as a class, and 25% to the General Partner. This adjustment represents 25% of Tier 2 income due to the General Partner. There was no Tier 2 income for the three months ended March 31, 2026 and 2025.

(4)

The Partnership determined there was a recovery of previously recognized impairment recorded for the Live 929 Apartments Series 2022A MRB prior to the adoption of the CECL standard effective January 1, 2023. The Partnership is accreting the recovery of prior credit loss for this MRB into investment income over the term of the MRB consistent with applicable guidance. The accretion of recovery of value, net of adjustments, is presented as a reduction to current CAD as the original provision for credit loss was an addback for CAD calculation purposes in the period recognized.

EX-99.2

Filename: ghi-ex99_2.htm · Sequence: 3

EX-99.2

Exhibit 99.2

Supplemental Financial Report for the

Quarter Ended March 31, 2026

Supplemental Financial Report for the Quarter Ended March 31, 2026

Partnership Financial Information

TABLE OF CONTENTS

Letter from the CEO

Quarterly Fact Sheet

Financial Performance Information

Appendices

Important Disclosure Notices

Other Partnership Information

Supplemental Financial Report for the Quarter Ended March 31, 2026

Letter from the CEO

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

Supplemental Financial Report for the Quarter Ended March 31, 2026

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

Supplemental Financial Report for the Quarter Ended March 31, 2026

First Quarter 2026 Fact Sheet

PARTNERSHIP DETAILS

Greystone Housing Impact Investors LP was formed for the purpose 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 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.

(As of March 31, 2026)

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

Partnership Financial Information for Q1 2026

($’s in 000’s, except per BUC amounts)

3/31/2026

12/31/2025

Total Assets

$1,486,983

$1,502,887

Leverage Ratio (1)

75%

Q1 2026

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.

Supplemental Financial Report for the Quarter Ended March 31, 2026

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

Supplemental Financial Report for the Quarter Ended March 31, 2026

Asset Profile

(Dollar amounts in thousands)

Supplemental Financial Report for the Quarter Ended March 31, 2026

Mortgage Investments to Total Assets Profile

(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.

Supplemental Financial Report for the Quarter Ended March 31, 2026

Debt and Equity Profile

(Dollar amounts in thousands)

Supplemental Financial Report for the Quarter Ended March 31, 2026

Debt Financing

(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.

Supplemental Financial Report for the Quarter Ended March 31, 2026

Debt Investments Activity (1)

(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.

Supplemental Financial Report for the Quarter Ended March 31, 2026

Market-Rate JV Equity Investments Activity

(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

Supplemental Financial Report for the Quarter Ended March 31, 2026

Net Book Value Waterfall

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.

Supplemental Financial Report for the Quarter Ended March 31, 2026

Interest Rate Sensitivity Analysis

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.

Supplemental Financial Report for the Quarter Ended March 31, 2026

Tax Income Information Related to Beneficial Unit Certificates

(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.

2025(1)

2024(1)

2023

Total

Percent

Total

Percent

Total

Percent

Tax-exempt income

14.7

n/a

16.8

n/a

15.4

Taxable income

(9.1

)

n/a

(21.4

)

n/a

23.4

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.

Unrelated Business Taxable Income

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.

Supplemental Financial Report for the Quarter Ended March 31, 2026

Appendices

Supplemental Financial Report for the Quarter Ended March 31, 2026

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

)

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

Supplemental Financial Report for the Quarter Ended March 31, 2026

Cash Available for Distribution (1)

(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

(1,102

)

(761

)

Tier 2 Income allocable to the General Partner

Recovery of prior credit loss

(11

)

(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.

Supplemental Financial Report for the Quarter Ended March 31, 2026

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.

Supplemental Financial Report for the Quarter Ended March 31, 2026

Important Disclosure Notices

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 www.sec.gov.

Supplemental Financial Report for the Quarter Ended March 31, 2026

Other Partnership Information

Corporate Office:

Transfer Agent:

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

HelpAST@equiniti.com

Investor & K-1 Services:

855-428-2951

Phone: 718-921-8124

Web Site:

www.ghiinvestors.com

800-937-5449

K-1 Services Email:

ghiK1s@greyco.com

Ticker Symbol (NYSE):

GHI

Corporate Counsel:

Independent Accountants:

Barnes & Thornburg LLP

Grant Thornton

11 S. Meridian Street

2001 Market Street Suite 800

Indianapolis, IN 46204

Philadelphia, PA 19103

Board of Managers of Greystone AF Manager LLC:

(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

Corporate Officers:

Kenneth C. Rogozinski

Chief Executive Officer

Jesse A. Coury

Chief Financial Officer

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