Greystone Housing Impact Investors LP (GHI) investor relations material

Executive summary

• Net income for Q1 2026 was $1.32 million ($0.01 per BUC), with CAD of $3.05 million ($0.13 per BUC); total assets stood at $1.49 billion, with $1.03 billion invested in MRBs and GILs.

• Portfolio repositioning is underway, reducing capital in market-rate multifamily JV equity investments and redeploying into tax-exempt MRBs for more stable, tax-advantaged earnings.

• Four South Carolina multifamily properties were acquired via deed in lieu of foreclosure, resulting in a $2.2 million gain and $2.1 million recovery of prior credit losses; these assets are being actively managed.

• Market conditions for market-rate multifamily JV equity investments remain challenging due to oversupply, declining rents, and higher capitalization rates, impacting sales and valuations.

• Board declared a $0.14 per BUC quarterly distribution, paid April 30, 2026.

Financial highlights

• Q1 2026 total revenues were $21.8 million, down from $24.3 million in Q1 2025, primarily due to lower investment income and JV equity returns.

• Net income for Q1 2026 was $1.32 million, down from $2.40 million in Q1 2025; CAD was $3.05 million, down from $7.0 million in Q1 2025.

• Book value per BUC as of March 31 was $11.30 (diluted); closing unit price was $5.09, a 55% discount to book value.

• Quarterly cash distribution of $0.14 per BUC declared and paid.

• Unrestricted cash and cash equivalents were $20.6 million as of March 31; $18 million received in April from project sales.

Outlook and guidance

• Strategy is to continue reducing exposure to market-rate multifamily JV equity investments and redeploy capital into MRBs for more predictable, tax-advantaged income.

• Near-term results will depend on the pace of market-rate multifamily sales and redeployment into MRBs.

• Management expects more stable earnings and increased tax-advantaged income for unitholders over the long term.

• Monetization timeline for stabilized JV assets will be evaluated with JV partners during peak leasing season.

• Expect continued pressure on rental rates and occupancy in certain markets through 2026, with improvement anticipated as new supply is absorbed.