Greystone Housing Impact Investors LP : Financial Supplemental Report - Q2 2025

About this update from Greystone Housing Impact Investors Lp Beneficial

Supplemental Financial Report for the Quarter Ended June 30, 2025 ©2025 Greystone & Co. II LLC. All rights reserved. References to the term "Greystone," refer to Greystone & Co. II LLC and/or its affiliated companies, as applicable. Partnership Financial Information TABLE OF CONTENTS Letter from the CEO 3 Quarterly Fact Sheet 5 Financial Performance Information 6 Appendices 18 Important Disclosure Notices 22 Other Partnership Information 23 Letter from the CEO I am pleased to report Greystone Housing Impact Investors LP's operating results for the second quarter of 2025. We reported the following financial results as of and for the three months ended June 30, 2025: Total revenues of $23.6 million. Net loss of $7.1 million or $0.35 per Beneficial Unit Certificate ("BUC"), basic and diluted. Cash Available for Distribution ("CAD") of $5.7 million or $0.25 per BUC. Total assets of $1.48 billion. Total Mortgage Revenue Bond ("MRB") and Governmental Issuer Loan ("GIL") investments of $1.13 billion. The difference between reported net income and CAD is primarily due to the treatment of provisions for credit losses and unrealized losses on the Partnership's interest rate derivative positions. A reconciliation of net income to CAD is included on page 20 of this report. We reported the following notable transactions during the second quarter of 2025: Advances and acquisitions of MRB, taxable MRB, GIL, taxable GIL and property loan investments totaled approximately $47.6 million. Redemptions and sales of MRB, taxable MRB, GIL, taxable GIL and property loan investments totaled approximately $70.6 million. Advances to market-rate joint venture equity investments totaled approximately $3.1 million. Gross proceeds from the sale of Vantage at Helotes totaled approximately $17.1 million, inclusive of return of capital and accrued preferred return. Amended both secured lines of credit to extend maturities and increased overall borrowing capacity by $30.0 million. Other highlights of our investment portfolio include the following: We continue to execute our hedging strategy, primarily through interest rate swaps, to reduce the impact of changing market interest rates. Six current market-rate joint venture equity investment properties have completed construction, with two properties having previously achieved 90% occupancy. Three of our joint venture equity investments are currently under construction or in development, with none having experienced material supply chain disruptions for either construction materials or labor to date. During the second quarter we focused on extending the maturity date for both our corporate credit lines and increased our total borrowing capacity by $30.0 million. These changes demonstrate our strong relationships with bank lenders and provide us with additional capacity for effectively managing our capital and liquidity needs. We continue to focus our investing activity on lending associated with low income housing tax credit projects. We continue to see investment opportunities in this area, particularly from the broader Greystone Affordable business platform that has the ability to provide construction financing, permanent financing, and tax credit equity placement. In July, we received an additional capital commitment of approximately $60 million for the BlackRock construction lending joint venture from a second institutional investor. This dedicated pool of capital is a powerful new tool for us to serve the needs of our affordable housing developer relationships. We continue to monitor legislative activity and assess the potential impact to our operations. We believe the municipal bond market emerged relatively unscathed from the One Big Beautiful Bill Act with no significant changes enacted as part of that legislation. The act included some technical changes to the low income housing tax credit program which we believe may have a marginally positive impact on our lending business. We also continue to monitor the Congressional appropriations process, particularly in regard to funding of programs for the Department of Housing and Urban Development, which may impact property operations in the affordable housing space. Thank you for your continued support of Greystone Housing Impact Investors LP! Kenneth C. Rogozinski Chief Executive Officer Second Quarter 2025 Fact Sheet PARTNERSHIP DETAILS (As of June 30, 2025) Greystone Housing Impact Investors LP was formed for the purpose of acquiring a portfolio of MRBs that are issued to provide construction and/or permanent financing of affordable multifamily residential and commercial properties. The Partnership has also invested in GILs, which, similar to MRBs, provide financing for affordable multifamily properties. We expect and believe the interest paid on the MRBs and GILs to be excludable from gross income for federal income tax purposes. In addition, we have invested in equity interests in multifamily, market rate properties throughout the U.S. We Symbol (NYSE) Most Recent Quarterly Distribution per BUC (1) $ GHI 0.30 BUC Price $ 11.32 Year to Date Annualized Yield (2) 11.8% BUCs Outstanding 23,171,226 Market Capitalization 52-week BUC price range $ $262,298,278 $10.12 to $15.27 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. Partnership Financial Information for Q2 2025 ($'s in 000's, except per BUC amounts) 6/30/2025 12/31/2024 Total Assets $1,480,636 $1,579,700 Leverage Ratio (3) 74% 75% Q2 2025 YTD 2025 Total Revenues $23,591 $48,716 Net Income (loss) $(7,071) $(3,745) Cash Available for Distribution ("CAD") (4) $5,709 $12,848 Cash Distributions declared, per BUC (1) $0.30 $0.67 (1) The distribution was paid on July 31, 2025 for BUC holders of record as of June 30, 2025. The distribution is payable to BUC holders of record as of the last business day of the quarter and GHI trades ex-dividend one day prior to the record date, with a payable date of the last business day of the subsequent month. (2) The annualized yield calculation is based on year-to-date distributions declared of $0.67 per BUC. (3) Our overall leverage ratio is calculated as total outstanding debt divided by total assets using cost adjusted for paydowns and allowances for MRBs, GILs, property loans, taxable MRBs and taxable GILs, and initial cost for deferred financing costs and real estate assets. (4) Management utilizes a calculation of Cash Available for Distribution ("CAD") to assess the Partnership's operating performance. This is a non-GAAP financial measure. See the Important Disclosure Notices in the Appendices for important information regarding non-GAAP measures. A reconciliation of our GAAP net income (loss) to CAD is provided on page 20 of this report.

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