Greystone Housing Impact Investors LP : FY 2025 Supplemental Report

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. Operating Results Summary (Dollar amounts in thousands, except per BUC information) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Total revenues $ 17,154 $ 22,586 $ 85,390 $ 91,271 Total expenses (14,557) (12,371) (82,832) (70,177) Gain on sale of real estate assets 3,017 - 3,017 64 Gain on sale of mortgage revenue bonds - 1,208 - 2,220 Gain on sale of investments in unconsolidated entities (15) 61 186 118 Earnings (losses) from investments in unconsolidated entities (7,377) (1,315) (12,547) (2,141) Income tax expense (835 ) (36 ) (828 ) (32 ) Net income (loss) $ (2,613) $ 10,133 $ (7,614) $ 21,323 Per BUC operating metrics: Net income (loss) $ (0.17) $ 0.39 $ (0.52) $ 0.76 Cash available for distribution $ 0.12 $ 0.18 $ 0.82 $ 0.95 Per BUC distribution information: Cash distributions declared $ 0.25 $ 0.37 $ 1.22 $ 1.478 Weighted average BUCs outstanding 23,204,406 23,115,162 23,179,521 23,071,141 BUCs outstanding, end of period 23,266,619 23,171,226 23,266,619 23,171,226 Asset Profile (Dollar amounts in thousands) Mortgage Investments to Total Assets Profile (Dollar amounts in thousands) Note: Mortgage Investments include the Partnership's Mortgage Revenue Bonds, Governmental Issuer Loans, Taxable Mortgage Revenue Bonds, Taxable Governmental Issuer Loans, and Property Loans that share a first mortgage with the Governmental Issuer Loans. Debt and Equity Profile (Dollar amounts in thousands) Debt Financing (Dollar amounts in thousands) (1) The variable-rate debt financing is hedged through our interest rate swap agreements. Though the variable rate indices may differ, these interest rate swaps have effectively synthetically fixed the interest rate of the related debt financing. (2) The securitized assets and related debt financings each have variable interest rates. Though the variable rate indices may differ, the Partnership is largely hedged against rising interest rates. (3) A majority of the securitized assets in this category as of December 31, 2025 have maturity dates on or before May 2026, so long-term interest rate risk is minimal. Debt Investments Activity (1) (Dollar amounts in thousands) Quarterly Activity Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Investment Purchases $ 68,810 $ 60,610 $ 47,376 $ 27,552 $ 39,249 Sales and Redemptions (13,267 ) (114,760 ) (72,581 ) (30,757 ) (13,865 ) Net Investment Activity 55,543 (54,150) (25,205) (3,205) 25,384 Net Debt (Proceeds) Repayment (48,134 ) 47,343 34,181 9,454 (23,799 ) Net Capital Deployed $ 7,409 $ (6,807 ) $ 8,976 $ 6,249 $ 1,585 (1) The reported amounts include investment activity related to the Construction Lending JV. Market-Rate JV Equity Investments Activity (Dollar amounts in thousands) Quarterly Activity Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 JV Equity Contributions $ 11,156 $ 7,709 $ 3,095 $ 331 $ 7,577 Return of JV Equity Contributions - (13,488 ) (12,901 ) - (4,445 ) Net Investment Activity 11,156 (5,779) (9,805) 331 3,132 Net Debt (Proceeds) Repayment (9,500 ) - 7,000 2,500 (9,500 ) Net Capital Deployed $ 1,656 $ (5,779 ) $ (2,805 ) $ 2,831 $ (6,368 ) Net Book Value Waterfall Note: Per unit data derived from weighted average BUCs outstanding during the period, except for the Net Book Values, which are based on shares outstanding on the stated date, including unvested restricted units. Numbers may not sum due to rounding. Interest Rate Sensitivity Analysis The interest rate sensitivity table below represents the change in interest income from investments, net of interest on debt and settlement payments for interest rate derivatives over the next twelve months, assuming an immediate parallel shift in the SOFR yield curve and the resulting implied forward rates are realized as a component of this shift in the curve and assuming management does not adjust its strategy in response. The amounts in the table below do not consider any potential unrealized gains or losses from derivatives in determining the net interest income impact. Description - 100 basis points - 50 basis points + 50 basis points + 100 basis points + 200 basis points TOB Debt Financings $ 3,788,144 $ 1,894,072 $ (1,894,072) $ (3,788,144) $ (7,576,287) Other Financings & Derivatives (2,244,174) (1,122,087) 1,122,087 2,244,174 4,488,347 Variable Rate Investments (412,210 ) (206,105 ) 206,105 412,210 824,419 Net Interest Income Impact $ 1,131,760 $ 565,880 $ (565,880 ) $ (1,131,760 ) $ (2,263,521 ) Per BUC Impact (1) $ 0.049 $ 0.024 $ (0.024 ) $ (0.049 ) $ (0.097 ) (1) The net interest income impact per BUC calculated based on 23,266,619 BUCs outstanding as of December 31, 2025. Tax Income Information Related to Beneficial Unit Certificates (Dollar amounts in millions) The following table summarizes tax-exempt and taxable income as percentages of total income allocated to the Partnership's BUCs on Schedule K-1 for tax years 2023 to 2025. This disclosure relates only to income allocated to the Partnership's BUCs and does not consider an individual unitholder's basis in the BUCs or potential return of capital as such matters are dependent on the individual unitholders' specific tax circumstances. The disclosure also assumes that the individual unitholder can utilize all allocated losses and deductions, even though such items may be limited depending on the unitholder's specific tax circumstances. Such amounts are for all BUC holders in the aggregate during the year. Income is allocated to individual investors monthly and amounts allocated to individual investors may differ from these percentages due to, including, but not limited to, BUC purchases and sales activity and the timing of significant transactions during the year. 2025 (1) 2024 (1) 2023 Tax-exempt income $ Total 14.7 Percent n/a $ Total 16.8 Percent n/a $ Total 15.4 Percent 40% Taxable income (9.1 ) n/a (21.4 ) n/a 23.4 60 % $ 5.6 n/a $ (4.6 ) n/a $ 38.8 100 % (1) The Partnership generated a net taxable loss for BUC holders for tax years 2025 and 2024 due to the allocation of net rental real estate losses on the Partnership's JV Equity Investments that exceeded JV Equity property gains on sale during the year. Unrelated Business Taxable Income Certain allocations of income and losses may be considered Unrelated Business Taxable Income ("UBTI") for certain tax-exempt unitholders. UBTI-related items are reported in Box 20V and in the footnotes to each BUC holder's Schedule K-1. The rules around UBTI are complex, so please consult your tax advisor. Appendices Operating Results Detail (Dollar amounts in thousands, except per BUC information) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Revenues: Investment income $ 12,583 $ 20,056 $ 71,430 $ 80,977 Other interest income 3,732 $ 2,200 11,684 9,509 Contingent interest income - - 208 - Other income 839 330 2,068 785 Total revenues 17,154 22,586 85,390 91,271 Expenses: Provision for credit losses 392 (24) 9,807 (1,036) Depreciation and amortization 1 6 9 24 Interest expense 9,916 15,841 50,391 60,032 Net result from derivative transactions (669) (8,240) 3,646 (8,495) General and administrative 4,917 4,788 18,979 19,652 Total expenses 14,557 12,371 82,832 70,177 Other Income: Gain on sale of real estate assets 3,017 - 3,017 64 Gain on sale of mortgage revenue bonds - 1,208 - 2,220 Gain on sale of investments in unconsolidated entities (15) 61 186 118 Earnings (losses) from investments in unconsolidated entities (7,377) (1,315) (12,547) (2,141) Income (loss) before income taxes (1,778) 10,169 (6,786) 21,355 Income tax expense 835 36 828 32 Net income (loss) (2,613) 10,133 (7,614) 21,323 Redeemable preferred unit distributions and accretion (1,096) (741) (3,916) (2,992) Net income (loss) available to partners $ (3,709) $ 9,392 $ (11,530) $ 18,331 Net income (loss) available to partners allocated to: General partner $ 147 $ 391 158 $ 479 Limited partners - BUCs (3,954) 8,938 (12,048) 17,587 Limited partners - Restricted units 98 63 360 265 Net income (loss) available to partners $ (3,709) $ 9,392 $ (11,530) $ 18,331 Cash Available for Distribution (1) (Dollar amounts in thousands, except per BUC information) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Net income (loss) $ (2,613) $ 10,133 $ (7,614) $ 21,323 Unrealized (gains) losses on derivatives, net (130) (6,979) 6,609 (2,098) Depreciation expense 1 6 9 24 Provision for credit losses 392 (24) 9,807 (867) Reversal of gain on sale of real estate assets (3,017) - (3,017) - Amortization of deferred financing costs 347 466 1,461 1,654 Restricted unit compensation expense 631 436 2,118 1,892 Deferred income taxes 814 1 813 2 Redeemable Preferred Unit distributions and accretion (1,096) (741) (3,916) (2,992) Tier 2 Income allocable to the General Partner 4 (310) (89) (310) Recovery of prior credit loss (11) (17) 40 (69) Bond premium, discount and amortization, net of cash received 56 (91) 375 1,247 (Earnings) losses from investments in unconsolidated entities 7,375 1,315 12,517 2,141 Total Cash Available for Distribution $ 2,753 $ 4,195 $ 19,113 $ 21,947 Weighted average number of BUCs outstanding, basic 23,204,406 23,115,162 23,179,521 23,071,141 Net income (loss) per BUC, basic $ (0.17 ) $ 0.39 $ (0.52 ) $ 0.76 Total CAD per BUC, basic $ 0.12 $ 0.18 $ 0.82 $ 0.95 Cash Distributions declared, per BUC $ 0.25 $ 0.37 $ 1.22 $ 1.48 (1) See the Important Disclosure Notices in the Appendices for important information regarding non-GAAP measures. Balance Sheet Summary (Dollar amounts in thousands, except per BUC information) 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Assets: Cash $ 51,188 $ 37,918 $ 14,703 $ 39,502 Restricted cash 41,449 9,816 16,603 15,384 Interest receivable 11,628 8,266 7,446 7,277 Mortgage revenue bonds, at fair value 799,409 930,676 1,026,484 1,007,904 Governmental issuer loans, net 300,230 221,653 225,164 138,149 Property loans, net 175,110 120,508 55,135 50,122 Investments in unconsolidated entities 115,791 136,653 179,410 146,300 Real estate assets, net 36,550 4,716 4,906 3,623 Other assets 35,775 43,195 49,849 94,627 Total assets $ 1,567,130 $ 1,513,401 $ 1,579,700 $ 1,502,888 Liabilities Accounts payable, accrued expenses and other liabilities $ 21,734 $ 22,958 $ 23,481 $ 21,134 Distribution payable 10,900 8,584 8,997 5,947 Secured lines of credit 55,500 33,400 68,852 80,850 Debt financing, net 1,058,903 1,015,030 1,093,273 1,015,095 Mortgages payable, net 1,690 1,690 1,664 232 Total liabilities 1,148,727 1,081,662 1,196,267 1,123,258 Redeemable preferred units 94,447 82,432 77,406 102,411 Partners' capital 323,956 349,307 306,027 277,219 Total liabilities and partners' capital $ 1,567,130 $ 1,513,401 $ 1,579,700 $ 1,502,888 Net book value per BUC (1) $ 14.31 $ 15.17 $ 13.15 $ 11.77 (1) Based on total BUCs and unvested restricted unit awards outstanding as of each date presented. Important Disclosure Notices Forward-Looking Statements All statements in this document other than statements of historical facts, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. When used, statements which are not historical in nature, including those containing words such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions, are intended to identify forward-looking statements. We have based forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. This document may also contain estimates and other statistical data made by independent parties and by us relating to market size and growth and other industry data. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the statistical and other industry data generated by independent parties contained in this supplement and, accordingly, we cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of our future performance and the future performance of the industries in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described under the headings "Item 1A Risk Factors" in our 2025 Annual Report on Form 10-K for the year ended December 31, 2025. These forward-looking statements are subject to various risks and uncertainties and Greystone Housing Impact Investors LP (the "Partnership") expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Most, but not all, of the selected financial information furnished herein is derived from the Greystone Housing Impact Investors LP's consolidated financial statements and related notes prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP") and management's discussion and analysis of financial condition and results of operations included in the Partnership's reports on Forms 10-K and 10-Q. The Partnership's annual consolidated financial statements were subject to an independent audit dated March 16, 2026. Disclosure Regarding Non-GAAP Measures This document refers to certain financial measures that are identified as non-GAAP. We believe these non-GAAP measures are helpful to investors because they are the key information used by management to analyze our operations. This supplemental information should not be considered in isolation or as a substitute for the related GAAP measures. Please see the consolidated financial statements we filed with the Securities and Exchange Commission on Forms 10-K and 10-Q. Our GAAP consolidated financial statements can be located upon searching for the Partnership's filings at https://www.sec.gov . Other Partnership Information Corporate Office: Transfer Agent: 14301 FNB Parkway Equiniti Trust Company, LLC Suite 211 28 Liberty Street, Floor 53 Omaha, NE 68154 New York, NY 10005 Phone: 402-952-1235 [email protected] Investor & K-1 Services: 855-428-2951 Phone: 718-921-8124 Web Site: https://www.ghiinvestors.com 800-937-5449 K-1 Services Email: [email protected] Ticker Symbol (NYSE): GHI Corporate Counsel: Independent Accountants: Barnes & Thornburg LLP Grant Thornton 11 S. Meridian Street 2001 Market Street Suite 800 Indianapolis, IN 46204 Philadelphia, PA 19103 Board of Managers of Greystone AF Manager LLC: (acting as the directors of Greystone Housing Impact Investors LP) Stephen Rosenberg Chairman of the Board Jeffrey M. Baevsky Manager Drew C. Fletcher Manager Steven C. Lilly Manager W. Kimball Griffith Manager Deborah A. Wilson Manager Robert K. Jacobsen Manager Alfonso Costa Jr. Manager Corporate Officers: Kenneth C. Rogozinski Chief Executive Officer Jesse A. Coury Chief Financial Officer

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