Greystone Housing Impact Investors LP (GHI) investor relations material

Executive summary

• Q3 2025 portfolio performance remained steady, with all borrowers current on principal and interest payments as of September 30, 2025.

• Net income for Q3 2025 was $2 million ($0.03 per unit), while the nine months ended September 30, 2025, saw a net loss of $1.8 million due to $9.9 million in credit loss provisions and $6.7 million in unrealized derivative losses.

• The Partnership is shifting capital allocation away from market-rate multifamily JV equity investments toward tax-exempt mortgage revenue bond (MRB) investments to stabilize earnings.

• Fiscal occupancy for stabilized mortgage revenue bond portfolio was 87.8%, down from 88.4% in June, mainly due to higher vacancies in Texas.

• No forbearance requests were received for mortgage revenue bonds or governmental issuer loans.

Financial highlights

• Q3 2025 net income was $2 million, or $0.03 per unit (basic and diluted); CAD was $4.6 million, or $0.20 per unit.

• Book value per unit as of September 30, 2025, was $12.36, up $0.53 from June 30.

• Total assets were $1.49 billion as of September 30, 2025.

• Unrestricted cash and equivalents totaled $36.2 million, with $88.6 million available on secured credit lines.

• Series B preferred units issued in October 2025 raised $5 million in gross proceeds.

Outlook and guidance

• Expectation of more stable earnings as capital is redeployed from JV equity investments to tax-exempt MRBs.

• Management anticipates continued pressure on rental rates and occupancy in key multifamily markets through 2025, with improvement expected in 2026.

• Anticipate a higher proportion of tax-exempt income for unit holders over the long term.

• Board and management are assessing the impact of the new strategy on short- and long-term earnings and distributions.

• Remains positive on senior housing and affordable multifamily MRB opportunities.