Greystone Housing Impact Investors LP (NYSE: GHI) reported a net loss of $1.52 million, or $0.11 per Beneficial Unit Certificate (BUC), for the three months ended June 30, 2026. The Partnership’s Cash Available for Distribution (CAD) totaled $2.43 million, or $0.10 per BUC, falling short of the $0.14 per BUC regular quarterly distribution declared by the Board of Managers of Greystone AF Manager LLC in June 2026 and paid on July 31, 2026. Total assets remained stable at $1.39 billion, with Mortgage Revenue Bond (MRB) and Governmental Issuer Loan (GIL) investments comprising $927.5 million of the portfolio.

The net loss reflects a continuation of the Partnership’s strategic shift away from market-rate multifamily joint venture equity investments toward tax-exempt mortgage revenue bonds. Kenneth C. Rogozinski, Chief Executive Officer, stated that management is working with property managing members to position remaining market-rate investments for sale to maximize returns. Capital returned from these exits is intended to be redeployed into traditional MRB opportunities, which the Partnership views as providing more stable earnings and higher proportions of tax-advantaged income for unitholders in the long term.

Financial Performance

Total revenues for the quarter were $21.19 million, down from $22.80 million in the same period of 2025. Investment income declined to $14.71 million from $20.04 million year-over-year, while other interest income rose to $3.22 million from $2.56 million. Property revenues contributed $2.08 million, a new line item compared to zero in the prior year quarter. Total expenses amounted to $19.59 million, led by interest expense of $13.39 million and general and administrative costs of $4.04 million. A credit loss recovery of $372,582 provided a partial offset to expenses, reversing prior provisions related to specific MRB assets.

Portfolio Activity and Risk Management

The Partnership advanced approximately $42.5 million on taxable MRB, GIL, and property loan investments during the quarter, while redemptions of GIL and taxable GIL investments totaled $153.6 million. Contributions to market-rate joint venture equity investments were limited to $4.2 million. In July 2026, the Partnership sold the Everett Pointe Apartments GIL and Sandoval Flats property loan to its Construction Lending JV for principal proceeds of $13.2 million. Additionally, it acquired and subsequently sold the Chapanoke Village GIL to the same JV with a principal balance of $6.5 million.

All MRB and GIL investments were current on contractual principal and interest payments as of June 30, 2026. The Partnership utilized interest rate swaps to hedge against changing market rates, resulting in net receipts of approximately $214,000 for the quarter. Three Vantage properties in Texas secured new debt facilities to refinance original construction loans, releasing the Partnership from limited guaranty agreements associated with two of the projects.

What the Numbers Show

The divergence between GAAP net loss and positive Cash Available for Distribution highlights the impact of non-cash accounting items on the Partnership’s reported performance. While the net loss of $1.52 million includes significant losses from unconsolidated entities ($3.16 million) and depreciation ($3.27 million), the CAD metric adds back these non-cash charges along with unrealized derivative gains. This results in a distributable cash flow of $2.43 million, demonstrating that core lending operations continue to generate liquidity despite the drag from equity joint venture valuations and hedging activities. The decline in CAD per BUC from $0.23 in Q2 2025 to $0.10 in Q2 2026 underscores the transitional nature of the portfolio as it exits market-rate properties.

Greystone Housing Impact Investors LP has announced the release of its 2025 Schedule K-3, a document detailing items of international tax relevance for its investors. The Partnership made the information available online on June 18, 2026, to assist unitholders with specific federal income tax return filing needs. This move ensures transparency and compliance for those requiring detailed international tax data.

The Schedule K-3 is primarily relevant for a limited subset of unitholders, including foreign investors, those computing a foreign tax credit, and certain corporate or partnership unitholders. The Partnership encourages affected individuals to review the form and consult federal laws or a tax advisor to determine its applicability to their specific situations.

Unitholders can access their Schedules K-3 directly at www.taxpackagesupport.com/greystone . Alternatively, an electronic copy can be requested via email by contacting Tax Package Support toll free at (833) 608-3512.

Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act. Its primary purpose involves acquiring, holding, and selling a portfolio of mortgage revenue bonds that finance affordable multifamily, seniors, and student housing properties. The Partnership pursues a leveraged investment strategy, focusing on additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement dated December 5, 2022.

The Partnership operates with the expectation that interest earned on its mortgage revenue bonds is excludable from gross income for federal income tax purposes. It aims to achieve investment growth by leveraging attractive financing structures and utilizing interest rate risk management instruments. Further information and press releases are available at www.ghiinvestors.com .