Greystone Housing Impact Investors LP Segments Disclosure
25. Segments
As of December 31, 2025, the Partnership had four reportable segments: (1) Affordable Multifamily Investments, (2) Seniors and Skilled Nursing Investments, (3) Market-Rate Joint Venture Investments, and (4) MF Properties. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Partnership’s chief operating decision maker (the “CODM”) is the , who uses net income (loss) to monitor segment performance against budgeted results and to allocate resources. In this regard, the CODM uses net income (loss) to evaluate income generated from each segment’s assets and investments in deciding whether to reinvest income and available capital into such segment or into other investment classes of the Partnership. The CODM has considered recent underperformance in the Market-Rate Joint Venture Investments in conjunction with future market expectations in his decision to reduce the capital allocation to the Market-Rate Joint Venture Investments in the future.
Affordable Multifamily Investments Segment
The Affordable Multifamily Investments segment consists of the Partnership’s portfolio of MRBs, GILs and related taxable MRBs, taxable GILs, and property loans that have been issued to provide construction and/or permanent financing for multifamily residential and commercial properties in their market areas. Such MRBs and GILs are held as investments and the related taxable MRBs, taxable GILs, and property loans, net of loan loss allowances, are reported as such on the Partnership’s consolidated balance sheets. As of December 31, 2025, the Partnership reported 82 MRBs and four GILs in this segment. As of December 31, 2025, the multifamily residential properties securing the MRBs and GILs contain a total of 10,581 and 910 multifamily rental units, respectively. All “General and administrative expenses” on the Partnership’s consolidated statements of operations are reported within this segment.
Seniors and Skilled Nursing Investments Segment
The Seniors and Skilled Nursing Investments segment consists of two MRBs that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties and a property loan associated with a lease of essential healthcare support buildings. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of December 31, 2025, the two properties securing the MRBs contain a total of 284 beds.
Market-Rate Joint Venture Investments Segment
The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, ATAX Freestone Holdings, LLC, ATAX Senior Housing Holdings I, LLC, and ATAX Great Hill Holdings LLC, which make noncontrolling investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily and seniors housing properties (Note 7). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 3).
MF Properties Segment
The MF Properties segment consists primarily of student housing residential properties that were previously owned by the Partnership. As of December 31, 2025, the Partnership did not own any MF Properties. The Partnership previously owned the Suites on Paseo MF Property until the property was sold in December 2023 and there is no continuing involvement with the property. The Partnership previously sold The 50/50 MF Property to an unrelated non-profit organization in December 2022 in exchange for a seller financing property loan, which is included in the MF Properties Segment. Income tax expense for the Greens Hold Co is reported within this segment.
The following tables detail certain financial information for the Partnership’s reportable segments for the periods indicated:
|
|
For the Year Ended December 31, 2025 |
|
|||||||||||||||||
|
|
Affordable Multifamily Investments |
|
|
Seniors and Skilled Nursing Investments |
|
|
Market-Rate Joint Venture Investments |
|
|
MF Properties |
|
|
Partnership Total |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment income |
|
$ |
67,184,270 |
|
|
$ |
4,204,796 |
|
|
$ |
40,525 |
|
|
$ |
- |
|
|
$ |
71,429,591 |
|
Other interest income |
|
|
10,823,081 |
|
|
|
761,250 |
|
|
|
- |
|
|
|
100,000 |
|
|
|
11,684,331 |
|
Contingent interest income |
|
|
208,059 |
|
|
|
|
|
|
|
|
|
|
|
|
208,059 |
|
|||
Other income |
|
|
1,957,785 |
|
|
|
110,000 |
|
|
|
- |
|
|
|
- |
|
|
|
2,067,785 |
|
Total revenues |
|
|
80,173,195 |
|
|
|
5,076,046 |
|
|
|
40,525 |
|
|
|
100,000 |
|
|
|
85,389,766 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Provision for credit losses |
|
|
9,804,134 |
|
|
|
3,000 |
|
|
|
- |
|
|
|
- |
|
|
|
9,807,134 |
|
Depreciation and amortization |
|
|
8,965 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,965 |
|
Interest expense |
|
|
48,674,806 |
|
|
|
2,718,538 |
|
|
|
(1,001,971 |
) |
|
|
- |
|
|
|
50,391,373 |
|
Net result from derivative transactions |
|
|
2,986,197 |
|
|
|
660,251 |
|
|
|
- |
|
|
|
- |
|
|
|
3,646,448 |
|
General and administrative |
|
|
18,978,493 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
18,978,493 |
|
Total expenses |
|
|
80,452,595 |
|
|
|
3,381,789 |
|
|
|
(1,001,971 |
) |
|
|
- |
|
|
|
82,832,413 |
|
Other Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gain on sale of real estate assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,017,410 |
|
|
|
3,017,410 |
|
Gain on sale of investments in unconsolidated entities |
|
|
- |
|
|
|
- |
|
|
|
185,963 |
|
|
|
- |
|
|
|
185,963 |
|
Earnings (losses) from investments in unconsolidated entities |
|
|
(29,793 |
) |
|
|
- |
|
|
|
(12,517,130 |
) |
|
|
- |
|
|
|
(12,546,923 |
) |
Income before income taxes |
|
|
(309,193 |
) |
|
|
1,694,257 |
|
|
|
(11,288,671 |
) |
|
|
3,117,410 |
|
|
|
(6,786,197 |
) |
Income tax expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
827,548 |
|
|
|
827,548 |
|
Segment net income (loss) |
|
$ |
(309,193 |
) |
|
$ |
1,694,257 |
|
|
$ |
(11,288,671 |
) |
|
$ |
2,289,862 |
|
|
$ |
(7,613,745 |
) |
|
|
For the Year Ended December 31, 2024 |
|
|||||||||||||||||
|
|
Affordable Multifamily Investments |
|
|
Seniors and Skilled Nursing Investments |
|
|
Market-Rate Joint Venture Investments |
|
|
MF Properties |
|
|
Partnership Total |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment income |
|
$ |
72,865,558 |
|
|
$ |
3,442,560 |
|
|
$ |
4,668,588 |
|
|
$ |
- |
|
|
$ |
80,976,706 |
|
Other interest income |
|
|
8,941,994 |
|
|
|
393,313 |
|
|
|
- |
|
|
|
174,000 |
|
|
|
9,509,307 |
|
Other income |
|
|
785,386 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
785,386 |
|
Total revenues |
|
|
82,592,938 |
|
|
|
3,835,873 |
|
|
|
4,668,588 |
|
|
|
174,000 |
|
|
|
91,271,399 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Provision for credit losses |
|
|
(1,254,308 |
) |
|
|
218,000 |
|
|
|
- |
|
|
|
- |
|
|
|
(1,036,308 |
) |
Depreciation and amortization |
|
|
23,867 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
23,867 |
|
Interest expense |
|
|
54,566,925 |
|
|
|
2,464,899 |
|
|
|
3,000,183 |
|
|
|
- |
|
|
|
60,032,007 |
|
Net result from derivative transactions |
|
|
(7,202,354 |
) |
|
|
(1,293,072 |
) |
|
|
- |
|
|
|
- |
|
|
|
(8,495,426 |
) |
General and administrative |
|
|
19,652,622 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
19,652,622 |
|
Total expenses |
|
|
65,786,752 |
|
|
|
1,389,827 |
|
|
|
3,000,183 |
|
|
|
- |
|
|
|
70,176,762 |
|
Other Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gain on sale of real estate assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
63,739 |
|
|
|
63,739 |
|
Gain on sale of mortgage revenue bond |
|
|
2,220,254 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,220,254 |
|
Gain on sale of investments in unconsolidated entities |
|
|
- |
|
|
|
- |
|
|
|
117,844 |
|
|
|
- |
|
|
|
117,844 |
|
Earnings (losses) from investments in unconsolidated entities |
|
|
- |
|
|
|
- |
|
|
|
(2,140,694 |
) |
|
|
- |
|
|
|
(2,140,694 |
) |
Income before income taxes |
|
|
19,026,440 |
|
|
|
2,446,046 |
|
|
|
(354,445 |
) |
|
|
237,739 |
|
|
|
21,355,780 |
|
Income tax expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
32,447 |
|
|
|
32,447 |
|
Segment net income (loss) |
|
$ |
19,026,440 |
|
|
$ |
2,446,046 |
|
|
$ |
(354,445 |
) |
|
$ |
205,292 |
|
|
$ |
21,323,333 |
|
|
|
For the Year Ended December 31, 2023 |
|
|||||||||||||||||
|
|
Affordable Multifamily Investments |
|
|
Seniors and Skilled Nursing Investments |
|
|
Market-Rate Joint Venture Investments |
|
|
MF Properties |
|
|
Partnership Total |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment income |
|
$ |
70,393,234 |
|
|
$ |
1,710,657 |
|
|
$ |
10,162,307 |
|
|
$ |
- |
|
|
$ |
82,266,198 |
|
Other interest income |
|
|
17,756,044 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
17,756,044 |
|
Property revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,567,506 |
|
|
|
4,567,506 |
|
Other income |
|
|
310,916 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
310,916 |
|
Total revenues |
|
|
88,460,194 |
|
|
|
1,710,657 |
|
|
|
10,162,307 |
|
|
|
4,567,506 |
|
|
|
104,900,664 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate operating |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,663,868 |
|
|
|
2,663,868 |
|
Provision for credit losses |
|
|
(2,347,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,347,000 |
) |
Depreciation and amortization |
|
|
23,846 |
|
|
|
- |
|
|
|
- |
|
|
|
1,513,602 |
|
|
|
1,537,448 |
|
Interest expense |
|
|
66,112,891 |
|
|
|
998,618 |
|
|
|
1,337,402 |
|
|
|
617,852 |
|
|
|
69,066,763 |
|
Net result from derivative transactions |
|
|
(7,305,867 |
) |
|
|
(89,844 |
) |
|
|
- |
|
|
|
24,127 |
|
|
|
(7,371,584 |
) |
General and administrative |
|
|
20,399,489 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20,399,489 |
|
Total expenses |
|
|
76,883,359 |
|
|
|
908,774 |
|
|
|
1,337,402 |
|
|
|
4,819,449 |
|
|
|
83,948,984 |
|
Other Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gain on sale of real estate assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,363,363 |
|
|
|
10,363,363 |
|
Gain on sale of investments in unconsolidated entities |
|
|
- |
|
|
|
- |
|
|
|
22,725,398 |
|
|
|
- |
|
|
|
22,725,398 |
|
Earnings (losses) from investments in unconsolidated entities |
|
|
- |
|
|
|
- |
|
|
|
(17,879 |
) |
|
|
- |
|
|
|
(17,879 |
) |
Income before income taxes |
|
|
11,576,835 |
|
|
|
801,883 |
|
|
|
31,532,424 |
|
|
|
10,111,420 |
|
|
|
54,022,562 |
|
Income tax expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,866 |
|
|
|
10,866 |
|
Segment net income |
|
$ |
11,576,835 |
|
|
$ |
801,883 |
|
|
$ |
31,532,424 |
|
|
$ |
10,100,554 |
|
|
$ |
54,011,696 |
|
The following table details total assets for the Partnership’s reportable segments as of December 31, 2025 and 2024:
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
||
Total assets |
|
|
|
|
|
|
|
||
Affordable Multifamily Investments |
|
$ |
1,354,654,552 |
|
|
$ |
1,428,627,104 |
|
|
Seniors and Skilled Nursing Investments |
|
|
72,334,224 |
|
|
|
70,163,422 |
|
|
Market-Rate Joint Venture Investments |
|
|
148,919,228 |
|
|
|
183,508,429 |
|
|
MF Properties |
|
|
4,332,730 |
|
|
|
7,782,906 |
|
|
Consolidation/eliminations |
|
|
(77,353,456 |
) |
|
|
(110,381,701 |
) |
|
Total assets |
|
$ |
1,502,887,278 |
|
|
$ |
1,579,700,160 |
|
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Mar 3, 2017 | |
| 2015 | Mar 3, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.