Greystone Housing Impact Investors LP : Financial Supplemental Report - Q4 2025

About this update from Greystone Housing Impact Investors Lp Beneficial

Supplemental Financial Report for the Quarter Ended December 31, 2025 ©2026 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 16 Important Disclosure Notices 20 Other Partnership Information 21 Letter from the CEO I am pleased to report Greystone Housing Impact Investors LP's operating results for the fourth quarter of 2025. We reported the following financial results as of and for the three months ended December 31, 2025: Net loss of $2.6 million or $0.17 per Beneficial Unit Certificate ("BUC"), basic and diluted. Cash Available for Distribution ("CAD") of $2.8 million or $0.12 per BUC. Total assets of $1.5 billion. Total Mortgage Revenue Bond ("MRB") and Governmental Issuer Loan ("GIL") investments of $1.15 billion. We reported the following notable transactions during the fourth quarter of 2025: Advances and acquisitions of MRB, taxable MRB, taxable GIL and property loan investments totaled approximately $39.2 million. Redemptions and paydowns of GIL investments totaled approximately $12.1 million. Advances to market-rate joint venture equity investments totaled approximately $6.6 million. Additionally, in January and February 2026, the Partnership acquired four multifamily properties located in South Carolina via deed in lieu of foreclosure of the Partnership's MRB investments due to the inability of the borrowers to meet required stabilized operating results. The Partnership believes acquiring and managing the properties directly provides the best opportunity for recovery of the Partnership's investments. The Partnership's original MRB and taxable MRB investments across the four properties totaled $119.9 million. Upon acquisition, the Partnership repaid TOB trust financings associated with the MRB investments totaling approximately $95.9 million. The Partnership obtained a new $84.0 million mortgage loan secured by all four properties to partially finance the property acquisitions. A Greystone affiliate has provided a 10% guarantee of the mortgage loan. The four properties are being managed by an experienced, third-party property management firm to maximize operating cash flows and property values. Other highlights of our investment portfolio include the following: All MRB and GIL investments were current on contractual principal and interest payments from borrowers as of December 31, 2025. The Partnership continues to execute its hedging strategy, primarily through interest rate swaps, to reduce the impact of changing market interest rates with net receipts totaling approximately $660,000 for the fourth quarter of 2025. Nine current market-rate joint venture equity investment properties have completed construction. Three properties have previously achieved 90% occupancy. As we announced in November 2025, we are implementing a strategy to reduce our capital allocation to joint venture equity investments in market rate multifamily properties. We and the respective managing members will manage the remaining portfolio of market rate multifamily investments to maximize sales prices and returns to the extent possible, with return of capital from the sale of these investments to be redeployed into primarily tax-exempt mortgage revenue bond investments. We believe this change in investment strategy will provide many benefits to unitholders, including more stable investment earnings, an increase in the proportion of tax-advantage income allocated to unitholders in the long-term, and more capital allocated to a proven investment class that is core to operations and that leverages the strong relationships and knowledge base of Greystone's other lending platforms. Our near-term results of operations will be impacted by the pace of sales of market rate multifamily investments and the ability to redeploy capital into new tax-exempt mortgage revenue bond investments. We and the Board of Managers will continue assessing the potential impacts on our short-term and long-term earnings expectations and future unitholder distributions, with a focus on the long-term benefit to unitholders and the Partnership. Thank you for your continued support of Greystone Housing Impact Investors LP! Kenneth C. Rogozinski Chief Executive Officer Fourth Quarter 2025 Fact Sheet PARTNERSHIP DETAILS Greystone Housing Impact Investors LP was formed for the purpose Symbol (NYSE) GHI BUC Price $ $6.89 BUCs Outstanding (including Restricted Units) 23,562,510 Market Capitalization 52-week BUC price range $ $162,345,694 $6.01 to $13.29 (As of December 31, 2025) of acquiring a portfolio of MRBs that are issued to provide construction and/or permanent financing of affordable multifamily residential and commercial properties. The Partnership has also invested in GILs, which, similar to MRBs, provide financing for affordable multifamily properties. We expect and believe the interest paid on the MRBs and GILs to be excludable from gross income for federal income tax purposes. In addition, we have invested in equity interests in multifamily, market rate properties throughout the U.S. We continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. Partnership Financial Information for Q4 2025 ($'s in 000's, except per BUC amounts) 12/31/2025 12/31/2024 Total Assets $1,502,887 $1,579,700 Leverage Ratio (1) 75% 75% Q4 2025 YTD 2025 Total Revenues $17,154 $85,390 Net Income (loss) $(2,613) $(7,614) Cash Available for Distribution ("CAD") (2) $2,753 $19,113 (1) 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. (2) 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 18 of this report.

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