Greystone Housing Impact Investors LP

Listed Company

GHICIK 0001059142NYSEAcceleratedFinance ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$85.39M

Net Income

$-7.61M

Total Assets

$1.50B

Equity

—

Shares Out

Op. Cash Flow

$37.53M

Business

Greystone Housing Impact Investors LP invests primarily in mortgage revenue bonds and governmental issuer loans that finance construction, rehabilitation and permanent financing of affordable multifamily, seniors housing and skilled nursing properties, and it also makes property loans and non‑controlling JV equity investments. Its offerings include tax‑exempt MRBs and GILs (and taxable counterparts), property loans, JV equity positions, securitizations and related asset and financing services. The Partnership reports four segments: Affordable Multifamily Investments, Seniors and Skilled Nursing Investments, Market‑Rate Joint Venture Investments and MF Properties. It originates and acquires investments across the United States through syndications, joint ventures, trust structures and capital markets financing arrangements.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment income	71	81	82	61	58
Other interest income	12	10	18	12	2
Property revenues	—	—	5	8	7
Contingent interest income	208,059	—	—	—	2
Other income	2	785,386	310,916	—	—
Total revenues	85	91	105	81	68
Real estate operating	—	—	3	5	4
Provision for credit losses (Note 10)	10	−1	−2	—	—
Depreciation	8,965	23,867	2	—	—
Interest expense	50	60	69	44	22
Net result from derivative transactions (Note 15)	4	−8	−7	−13	—
General and administrative	19	20	20	17	15
Total expenses	83	70	84	55	46
Gain on sale of real estate assets	3	63,739	10	—	−14,800
Gain on sale of mortgage revenue bond	—	2	—	—	—
Gain on sale of investments in unconsolidated entities	185,963	117,844	23	40	16
Earnings (losses) from investments in unconsolidated entities	−13	−2	−17,879	—	—
Income (loss) before income taxes	−7	21	54	66	38
Income tax expense	827,548	32,447	10,866	−51,194	63,792
Net income (loss)	−8	21	54	66	38
Redeemable Preferred Unit distributions and accretion	−4	−3	−3	−3	−3
Net income (loss) available to Partners	−12	18	51	63	35
General Partner	157,970	479,602	4	3	3
Net income (loss) available to Partners and noncontrolling interest	−12	18	51	63	35
BUC holders' interest in net income (loss) per BUC, basic	−0.52	0.76	2.06	2.58	1.53
BUC holders' interest in net income (loss) per BUC, diluted	−0.52	0.76	2.06	2.58	1.53
Weighted average number of BUCs outstanding, basic	23	23	23	23	21
Weighted average number of BUCs outstanding, diluted	23	23	23	23	21

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	40	15	38	51	68
Restricted cash	15	17	10	41	84
Interest receivable, net	7	7	8	12	9
Mortgage revenue bonds, at fair value (Note 4)	1,008	1,026	931	36	43
Governmental issuer loans (Note 5)	139	226	223	300	185
Allowance for credit losses (Note 10)	−609,000	−1	−1	—	—
Governmental issuer loans, net	138	225	222	300	—
Property loans (Note 6)	54	57	123	176	—
Allowance for credit losses (Note 10)	−3	−2	−2	−495,000	—
Property loans, net	50	55	121	175	68
Investments in unconsolidated entities (Note 7)	146	179	137	116	108
Real estate assets (Note 8)	4	5	5	37	60
Other assets (Note 9)	95	50	43	36	11
Total Assets	1,503	1,580	1,513	1,567	1,386
Accounts payable, accrued expenses and other liabilities (Note 11)	21	23	23	22	14
Distribution payable	6	9	9	11	13
Secured lines of credit (Note 12)	81	69	33	56	46
Debt financing, net (Note 13)	1,015	1,093	1,015	1,059	820
Mortgages payable, net (Note 14)	231,679	2	2	2	—
Total Liabilities	1,123	1,196	1,082	1,149	919
Commitments and Contingencies (Note 16)	—	—	—	—	—
Redeemable Preferred Units, $102.5 million and $77.5 million redemption value, 10.3 million and 7.8 million issued and outstanding, respectively (Note 17)	102	77	82	94	94
General Partner (Note 1)	—	98,621	543,977	285,571	765,550
Beneficial Unit Certificates (Note 1)	277	306	349	324	372
Total Partners' Capital	277	306	349	324	372
Total Liabilities and Partners' Capital	1,503	1,580	1,513	1,567	1,386

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred financing costs	1	2	2	3	1
(Earnings) losses from investments in unconsolidated entities	13	2	17,879	—	—
Contingent interest realized on investing activities	−208,059	—	—	—	—
Adjustment of prior credit loss	40,073	−69,000	−68,812	—	—
(Gains) losses on derivative instruments, net of cash paid	7	−2	3	−7	−21,915
Restricted unit compensation expense	2	2	2	2	1
Bond premium, discount and acquisition fee amortization	218,557	−1	−212,071	−2	—
Debt premium amortization	−40,285	−40,456	−40,556	−40,591	−40,565
Deferred income tax expense & income tax payable/receivable	804,277	110,716	10,041	−120,923	−166,206
Change in preferred return receivable from unconsolidated entities, net	13	−5	−6	−2	5
(Increase) decrease in interest receivable	−164,273	819,594	2	−2	−1
(Increase) decrease in other assets	−263,018	492,341	777,209	−356,241	−349,949
Increase (decrease) in accounts payable, accrued expenses and other liabilities	2	805,522	887,758	4	3
Net cash provided by operating activities	38	18	25	21	34
Advances on mortgage revenue bonds	−58	−260	−141	−183	−70
Advances on taxable mortgage revenue bonds	−16	−18	−13	−14	−2
Advances on governmental issuer loans	−48	−51	−67	−115	−120
Advances on taxable governmental issuer loans	−44	−11	−6	−7	−1
Advances on property loans	−8	−16	−49	−131	−56
Contributions to unconsolidated entities	−19	−40	−35	−34	−38
Capitalized interest related to unconsolidated entities	−4	—	—	—	—
Proceeds from sale of land held for development	1	—	441,714	—	110,000
Capital expenditures	—	—	−798,141	−2	−156,765
Proceeds from sale of the Suites on Paseo MF Property	—	63,739	40	—	—
Proceeds from sale of mortgage revenue bonds	—	109	—	—	—
Proceeds from sale of investments in unconsolidated entities	24	117,844	44	67	—
Return of investments in unconsolidated entities	7	—	—	1	1
Principal payments received on mortgage revenue bonds and contingent interest	74	29	27	—	—
Principal payments received on governmental issuer loans	129	48	145	—	—
Proceeds from sale of governmental issuer loan to Construction Lending JV	7	—	—	—	—
Principal payments received on taxable mortgage revenue bonds	793,849	13	7	10,583	9,675
Principal payments received on taxable governmental issuer loans	13	11	—	—	—
Proceeds from sale of taxable governmental issuer loan to Construction Lending JV	1	—	—	—	—
Principal payments received on property loans	8	81	102	30	191,264
Net cash provided by (used in) investing activities	66	−105	54	−279	−187
Distributions paid	−36	−38	−42	−47	−29
Proceeds from the sale of BUCs	—	2	—	—	33
Payment of offering costs related to the sale of BUCs	—	−30,662	—	—	−2
Payment of tax withholding related to restricted unit awards	−140,798	−234,911	−483,255	−456,127	−301,562
Proceeds from debt financing	105	345	332	643	181
Principal payments on debt financing	−184	−264	−375	−405	−35
Principal borrowing on mortgages payable	—	—	25	—	—
Principal payments on mortgages payable	−1	−25,653	−25	−906,481	−850,674
Principal borrowing on secured lines of credit	57	139	136	138	71
Principal payments on secured lines of credit	−45	−103	−158	−128	−25
Proceeds upon issuance of redeemable Preferred Units	25	5	18	—	—
Decrease in security deposit liability related to restricted cash	—	—	−51,393	−148,851	89,854
Payment upon redemption of redeemable Preferred Units	—	−10	−30	—	—
Debt financing and other deferred costs paid	−873,733	−4	−3	−2	−2
Net cash provided by (used in) financing activities	−80	71	−123	198	182
Net increase (decrease) in cash, cash equivalents and restricted cash	24	−16	−45	−59	29
Cash paid during the period for interest	51	52	56	32	20
Cash paid during the period for income taxes	54,686	8,841	—	69,729	229,998
Distributions declared but not paid for BUCs and General Partner	6	9	9	11	13
Distributions declared but not paid for Preferred Units	1	735,938	618,750	708,750	708,750
Non-cash net adjustments related to 50/50 MF Property sale (Note 2)	6	—	—	—	—
Exchange of redeemable Preferred Units	—	18	7	10	—
Deferred financing costs financed through accounts payable	42,017	51,926	95,149	117,400	131,678
Capital expenditures financed through accounts payable	—	190,124	—	565,614	686,287
Non-cash contribution to unconsolidated entity	—	—	997,062	—	—

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