GHI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-11

• We also make JV Equity Investments for the construction, stabilization, and ultimate sale of market-rate multifamily and seniors housing properties. We are entitled to distributions if, and when, cash is available for distribution either through operations, a refinance or sale of the property. In ad…

• We remain focused on implementing our strategy to reduce our capital allocation to market rate multifamily JV Equity Investments. We and the respective managing members are managing the remaining portfolio of market rate multifamily investments to maximize sales prices and returns to the extent poss…

• The borrowers of our MRBs and GILs were all current on contractual debt service payments as of March 31, 2026.

• We acquired the four SC MF Properties via deed in lieu of foreclosure on our original MRB investments in the first quarter of 2026 in order to manage the properties directly and maximize the value of our investments. We and the Greystone asset management team are actively managing property operation…

• Market dynamics related to our remaining market rate multifamily JV Equity Investments remain challenging. The San Antonio, TX, Austin, TX, and Huntsville, AL markets have experienced record new multifamily unit deliveries in recent years, peaking in 2024. Rental rates and occupancy have declined as…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• The macroeconomic environment remains challenging. The Federal Reserve approved 25-basis point reductions in the Federal Funds rate in September and October 2025, though it indicated that future rate setting decisions will continue to be dependent on relevant data and the balance of employment and i…

• The borrowers of our MRBs and GILs were all current on contractual debt service payments and we have received no requests for forbearance of contractual debt service payments as of September 30, 2025. However, we have recorded asset-specific provisions for credit losses for affordable multifamily in…

• Current market dynamics related to our market rate multifamily JV Equity Investments are challenging. The San Antonio, TX, Austin, TX, and Huntsville, AL markets experienced record new multifamily unit supply in recent years, peaking in 2024. Rental rates and occupancy have declined as these markets…

• The leasing market pressures noted above have made it more difficult for the respective managing members of our stabilized market rate multifamily JV Equity Investments to sell the properties, resulting in longer than expected investment holding periods and lower sales prices than in 2022 and 2023. …

• We remain positive on the market rate senior housing segment of the market. We believe market rate seniors housing industry trends, potential resident demographics, and expected returns remain encouraging, so we will continue to evaluate joint venture equity

Text added vs the prior filing · source: 10-Q · 2026-05-11

• The primary components of our market risk as of March 31, 2026 are related to interest rate risk and credit risk. We also have exposure to valuation and reinvestment risks. Our exposure to market risks relates primarily to our investments in MRBs, GILs, property loans, and our debt financing, and mo…

• The Federal Reserve has held the federal funds rate steady at a target range for the federal funds rate of 3.50-3.75% in recent quarters. Recent federal funds rate decisions have not been unanimous as there are differing views among board members with certain subsets wanting to hold rates steady or …

• Interest rates are highly sensitive to many factors, including governmental, tariff, monetary and tax policies, domestic and international economic and political considerations, and other factors beyond our control. The nature of our MRB, GIL, and property loan investments and the debt used to finan…

• We regularly hedge our exposure to changes in interest rates where we have financed fixed rate investment assets with variable rate debt financing by executing SOFR-denominated interest rate swaps. Though the variable rate indices of our debt financing and interest rate swaps may differ, the interes…

• The following table sets forth information regarding the impact on our net interest income assuming various changes in short-term interest rates as of March 31, 2026:

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• The following acronyms and defined terms are used in various sections of this Report, including the Notes to Condensed Consolidated Financial Statements in Item 1 and Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this report. All references to “we…

• 2024 PFA Securitization Transaction - A securitization transaction to finance credit-enhanced custodial receipts related to 12 MRBs through the Wisconsin Public Finance Authority.

• 2024 PFA Securitization Bonds - Twelve MRBs associated with the 2024 PFA Securitization Transaction. Senior and residual custodial receipts were created for each of the MRBs representing partial interests in the MRBs. The senior custodial receipts were sold to the Wisconsin Public Finance Authority …

• Acquisition LOC - A secured non-operating line of credit to finance the acquisition of Financed Assets with several financial institutions where Bankers Trust Company serves as the sole lead arranger and administrative agent.

• Affordable Housing Multifamily Certificates - Senior and/or residual interests in the 2024 PFA Securitization Transaction and the TEBS Residual Refinancing.

Text added vs the prior filing · source: 10-Q · 2026-05-11

• ASC - Accounting standards codification of the Financial Accounting Standards Board.

• FFIEC - The Federal Financial Institution Examination Council.

• GAHI - Greystone Affordable Housing Initiatives LLC, an affiliate of the Partnership

• OBBBA - The One Big Beautiful Bill Act signed into law on July 4, 2025.

• SC MF Properties - The Park at Sondrio, The Park at Vietti, the Windsor Shores Apartments, and the Century Plaza Apartments MF Properties, collectively.

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• Agent(s) - JonesTrading Institutional Services LLC and BTIG, LLC as named agents under the Sales Agreement.

• First Quarter 2024 BUCs Distribution - A distribution completed on April 30, 2024 in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024.

• Sales Agreement - The Amended and Restated Capital on DemandTM Sales Agreement with JonesTrading Institutional Services LLC and BTIG, LLC, as agents.

• Shelf Registration Statement - The Partnership’s Registration Statement on Form S-3 for the issuance of up to $300.0 million of BUCs, Preferred Units, or debt securities, which was declared effective by the SEC in December 2022 .In October 2025, the Partnership filed a new Form S-3 shelf registratio…

• This Report (including, but not limited to, the information contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”) contains forward-looking statements. All statements other than statements of historical facts contained in this Report, including statemen…

Text added vs the prior filing · source: 10-Q · 2026-05-11

• ASC - Accounting standards codification of the Financial Accounting Standards Board.

• FFIEC - The Federal Financial Institution Examination Council.

• GAHI - Greystone Affordable Housing Initiatives LLC, an affiliate of the Partnership

• OBBBA - The One Big Beautiful Bill Act signed into law on July 4, 2025.

• SC MF Properties - The Park at Sondrio, The Park at Vietti, the Windsor Shores Apartments, and the Century Plaza Apartments MF Properties, collectively.

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• Agent(s) - JonesTrading Institutional Services LLC and BTIG, LLC as named agents under the Sales Agreement.

• First Quarter 2024 BUCs Distribution - A distribution completed on April 30, 2024 in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024.

• Sales Agreement - The Amended and Restated Capital on DemandTM Sales Agreement with JonesTrading Institutional Services LLC and BTIG, LLC, as agents.

• Shelf Registration Statement - The Partnership’s Registration Statement on Form S-3 for the issuance of up to $300.0 million of BUCs, Preferred Units, or debt securities, which was declared effective by the SEC in December 2022 .In October 2025, the Partnership filed a new Form S-3 shelf registratio…

• This Report (including, but not limited to, the information contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”) contains forward-looking statements. All statements other than statements of historical facts contained in this Report, including statemen…

Text added vs the prior filing · source: 10-Q · 2026-05-11

• ASC - Accounting standards codification of the Financial Accounting Standards Board.

• FFIEC - The Federal Financial Institution Examination Council.

• GAHI - Greystone Affordable Housing Initiatives LLC, an affiliate of the Partnership

• OBBBA - The One Big Beautiful Bill Act signed into law on July 4, 2025.

• SC MF Properties - The Park at Sondrio, The Park at Vietti, the Windsor Shores Apartments, and the Century Plaza Apartments MF Properties, collectively.

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• Agent(s) - JonesTrading Institutional Services LLC and BTIG, LLC as named agents under the Sales Agreement.

• First Quarter 2024 BUCs Distribution - A distribution completed on April 30, 2024 in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024.

• Sales Agreement - The Amended and Restated Capital on DemandTM Sales Agreement with JonesTrading Institutional Services LLC and BTIG, LLC, as agents.

• Shelf Registration Statement - The Partnership’s Registration Statement on Form S-3 for the issuance of up to $300.0 million of BUCs, Preferred Units, or debt securities, which was declared effective by the SEC in December 2022 .In October 2025, the Partnership filed a new Form S-3 shelf registratio…

• This Report (including, but not limited to, the information contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”) contains forward-looking statements. All statements other than statements of historical facts contained in this Report, including statemen…