# EDGAR Filing Document

**Accession Number:** 0001059142
**File Stem:** 0000950170-25-106594
**Filing Date:** 2025-8
**Character Count:** 59321
**Document Hash:** 544f43c77f9afec3bbedb212b1cb0593
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-106594.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0000950170-25-106594

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250811

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Greystone Housing Impact Investors LP
- **CENTRAL INDEX KEY:** 0001059142
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 470810385
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41564
- **FILM NUMBER:** 251202468

**BUSINESS ADDRESS:**
- **STREET 1:** 14301 FNB PARKWAY
- **STREET 2:** SUITE 211
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68154
- **BUSINESS PHONE:** (402) 952-1235

**MAIL ADDRESS:**
- **STREET 1:** 14301 FNB PARKWAY
- **STREET 2:** SUITE 211
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68154

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
- **DATE OF NAME CHANGE:** 20131113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICA FIRST TAX EXEMPT INVESTORS LP
- **DATE OF NAME CHANGE:** 19980403

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** August 11, 2025<br>

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Greystone Housing Impact Investors LP

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-41564 | 47-0810385 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 14301 FNB Parkway, Suite 211 |  |  |
| Omaha**,** Nebraska |  | 68154 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** 402 952-1235<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Beneficial Unit Certificates representing assignments of limited partnership interests in Greystone Housing Impact Investors LP | GHI | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 7.01. Regulation FD Disclosure.**

On August 11, 2025, Greystone Housing Impact Investors LP (the "Partnership") is providing the information which is included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) with respect to supplemental financial information for the Partnership on the Partnership's website, www.ghiinvestors.com. This information includes selected financial and operations information from the second quarter of 2025 and does not represent a complete set of financial statements and related notes prepared in conformity with generally accepted accounting principles ("GAAP"). Most, but not all, of the selected financial information furnished herein is derived from the Partnership's consolidated financial statements and related notes prepared in accordance with 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 information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 7.01 shall not be deemed to be "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any filing of the Partnership, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.

## **Item 9.01 Financial Statements and Exhibits.** 
(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | [<u>Supplemental information furnished August 11, 2025.</u>](ghi-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Greystone Housing Impact Investors LP |
| Date: | August 11, 2025 | By:  | /s/ Jesse A. Coury |
|  |  |  | Printed: Jesse A. Coury<br>Title: Chief Financial Officer |

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## Exhibit 99.1

**Exhibit 99.1**

![img132136125_0.jpg](img132136125_0.jpg)

Supplemental Financial Report for the

Quarter Ended June 30, 2025

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|:---|:---|
|©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.  | ![img132136125_1.jpg](img132136125_1.jpg) |

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|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Partnership Financial Information**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| Letter from the CEO | 3 |
| Quarterly Fact Sheet | 5 |
| Financial Performance Information | 6 |
| Appendices | 18 |
| Important Disclosure Notices | 22 |
| Other Partnership Information | 23 |

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|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**2** |

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|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**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.

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|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**3** |

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|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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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

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**4** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Second Quarter 2025 Fact Sheet**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**PARTNERSHIP DETAILS** | &nbsp;&nbsp;**PARTNERSHIP DETAILS** | &nbsp;&nbsp;**PARTNERSHIP DETAILS** | &nbsp;&nbsp;**PARTNERSHIP DETAILS** | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;(As of June 30, 2025) | &nbsp;&nbsp;(As of June 30, 2025) | &nbsp;&nbsp;(As of June 30, 2025) | &nbsp;&nbsp;(As of June 30, 2025) | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
|  |  |  |  | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;Symbol (NYSE) |  | &nbsp;&nbsp;GHI | &nbsp;&nbsp;GHI | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;Most Recent Quarterly Distribution per BUC <sup>(1)</sup> | &nbsp;&nbsp;Most Recent Quarterly Distribution per BUC <sup>(1)</sup> | $&nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
|  |  |  |  | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;BUC Price | &nbsp;&nbsp;BUC Price | $&nbsp;&nbsp;11.32 | &nbsp;&nbsp;11.32 | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;Year to Date Annualized Yield <sup>(2)</sup> | &nbsp;&nbsp;Year to Date Annualized Yield <sup>(2)</sup> | &nbsp;&nbsp;11.8% | &nbsp;&nbsp;11.8% | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
|  |  |  |  | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;BUCs Outstanding |  | &nbsp;&nbsp;23171226 | &nbsp;&nbsp;23171226 | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;Market Capitalization |  | &nbsp;&nbsp;$262298278 | &nbsp;&nbsp;$262298278 | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;52-week BUC price range |  | &nbsp;&nbsp;$10.12 to $15.27 | &nbsp;&nbsp;$10.12 to $15.27 | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
|  |  |  |  | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
|  |  |  |  | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;*Partnership Financial Information for Q2 2025*<br>*($'s in 000's, except per BUC amounts)* | &nbsp;&nbsp;*Partnership Financial Information for Q2 2025*<br>*($'s in 000's, except per BUC amounts)* | &nbsp;&nbsp;*Partnership Financial Information for Q2 2025*<br>*($'s in 000's, except per BUC amounts)* | &nbsp;&nbsp;*Partnership Financial Information for Q2 2025*<br>*($'s in 000's, except per BUC amounts)* | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
|  | &nbsp;&nbsp;<u>6/30/2025</u> |  | &nbsp;&nbsp;<u>12/31/2024</u> | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
|  |  |  |  | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;$1480636 |  | &nbsp;&nbsp;$1579700 | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;Leverage Ratio <sup>(3)</sup> | &nbsp;&nbsp;74% |  | &nbsp;&nbsp;75% | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
|  |  |  |  | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
|  | &nbsp;&nbsp;<u>Q2 2025</u> |  | &nbsp;&nbsp;<u>YTD 2025</u> | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
|  |  |  |  | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;Total Revenues | &nbsp;&nbsp;$23591 |  | &nbsp;&nbsp;$48716 | &nbsp;&nbsp;Greystone Housing Impact Investors LP was formed for the purpose of acquiring a portfolio of MRBs that are issued to provide construction and/or permanent financing of affordable multifamily residential and commercial properties. The Partnership has also invested in GILs, which, similar to MRBs, provide financing for affordable multifamily properties. We expect and believe the interest paid on the MRBs and GILs to be excludable from gross income for federal income tax purposes. In addition, we have invested in equity interests in multifamily, market rate properties throughout the U.S. We continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;Net Income (loss) | &nbsp;&nbsp;$(7071) |  | &nbsp;&nbsp;$(3745) | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;Cash Available for Distribution ("CAD") <sup>(4)</sup> | &nbsp;&nbsp;$5709 |  | &nbsp;&nbsp;$12848 | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;Cash Distributions declared, per BUC <sup>(1)</sup> | &nbsp;&nbsp;$0.30 |  | &nbsp;&nbsp;$0.67 | &nbsp;&nbsp;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 continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |

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(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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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**5** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Operating Results Summary**

**(Dollar amounts in thousands, except per BUC information)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** |
| Total revenues | $21969 | $24345 | $22586 | $25125 | $23591 |
| Total expenses | (17860) | (28279) | (12371) | (21573) | (29335) |
| Gain on sale of real estate assets | 64 | - | - | - | - |
| Gain on sale of mortgage revenue bonds | 1012 | - | 1208 | - | - |
| Gain on sale of investments in unconsolidated entities | 7 | - | 61 | 5 | 196 |
| Earnings (losses) from investments in unconsolidated entities | (15) | (704) | (1315) | (233) | (1526) |
| Income tax (expense) benefit | 1 | 2 | (36) | 3 | 3 |
| Net income (loss) | $5178 | $(4636) | $10133 | $3327 | $(7071) |
| Per BUC operating metrics: |  |  |  |  |  |
| Net income (loss) | $0.19 | $(0.23) | $0.39 | $0.11 | $(0.35) |
| Cash available for distribution | $0.27 | $0.27 | $0.18 | $0.31 | $0.25 |
| Per BUC distribution information: |  |  |  |  |  |
| Cash distributions declared | $0.37 | $0.37 | $0.37 | $0.37 | $0.30 |
| Weighted average BUCs outstanding | 23083387 | 23085261 | 23115162 | 23171226 | 23171226 |
| BUCs outstanding, end of period | 23085261 | 23085261 | 23171226 | 23171226 | 23171226 |

---

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**6** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Asset Profile**

**(Dollar amounts in thousands)**

![img132136125_4.jpg](img132136125_4.jpg)

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**7** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Mortgage Investments to Total Assets Profile**

**(Dollar amounts in thousands)**

![img132136125_5.jpg](img132136125_5.jpg)

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.

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**8** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Debt and Equity Profile**

**(Dollar amounts in thousands)**

![img132136125_6.jpg](img132136125_6.jpg)

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**9** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Debt Financing**

**(Dollar amounts in thousands)**

![img132136125_7.jpg](img132136125_7.jpg)

<sup>(1)</sup> 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.

<sup>(2)</sup> 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.

<sup>(3)</sup> A majority of the securitized assets in this category as of June 30, 2025 have maturity dates in 2025.

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**10** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Debt Investments Activity** <sup>(1)</sup>

**(Dollar amounts in thousands)**

![img132136125_8.jpg](img132136125_8.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Quarterly Activity** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** |
| Investment Purchases | $102905 | $58003 | $68810 | $60610 | $47376 |
| Sales and Redemptions | (10281) | (57339) | (13267) | (114760) | (72581) |
| Net Investment Activity | 92624 | 664 | 55543 | (54150) | (25205) |
| Net Debt (Proceeds) Repayment | (88657) | 1233 | (48134) | 47343 | 34181 |
| Net Capital Deployed | $3967 | $1897 | $7409 | $(6807) | $8976 |

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<sup>(1)</sup> The reported amounts include investment activity related to the Construction Lending JV.

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**11** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Market-Rate JV Equity Investments Activity**

**(Dollar amounts in thousands)**

![img132136125_9.jpg](img132136125_9.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Quarterly Activity** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** |
| JV Equity Contributions | $11669 | $10443 | $11156 | $7709 | $3095 |
| Return of JV Equity Contributions | - | - | - | (13488) | (12901) |
| Net Investment Activity | 11669 | 10443 | 11156 | (5779) | (9805) |
| Net Debt Proceeds | (10000) | (14000) | (9500) | - | 7000 |
| Net Capital Deployed | $1669 | $(3557) | $1656 | $(5779) | $(2805) |

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**12** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Net Book Value Waterfall**

![img132136125_10.jpg](img132136125_10.jpg)

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.

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**13** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **- 100 basis points** | **- 50 basis points** | **+ 50 basis points** | **+ 100 basis points** | **+ 200 basis points** |
| TOB Debt Financings | $3990411 | $1995206 | $(1995206) | $(3990411) | $(7980822) |
| Other Financings & Derivatives | (2492532) | (1246266) | 1246266 | 2492532 | 4985064 |
| Variable Rate Investments | (502050) | (251025) | 251025 | 502050 | 1004100 |
| Net Interest Income Impact | $995829 | $497915 | $(497915) | $(995829) | $(1991658) |
| Per BUC Impact <sup>(1)</sup> | $0.043 | $0.021 | $(0.021) | $(0.043) | $(0.086) |

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<sup>(1)</sup> The net interest income impact per BUC calculated based on 23,171,226 BUCs outstanding as of June 30, 2025.

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**14** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Total Revenue & Gain on Sale Trends**

**(Dollar amounts in thousands)**

![img132136125_11.jpg](img132136125_11.jpg)

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**15** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Operating Expense Trends**

**(Dollar amounts in thousands)**

![img132136125_12.jpg](img132136125_12.jpg)

<sup>(1)</sup> This Item includes unrealized gains and losses on the Partnership's interest rate derivative instruments that are non-cash income (expense) in the period reported. For Q2 2025, non-cash unrealized losses on derivatives totaled approximately $2.1 million.

Since June 1, 2023, the sum of "Salaries and benefits" and "General and administrative" expenses as a percentage of Total Assets has

averaged approximately 0.23% per quarter.

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**16** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Tax Income Information Related to Beneficial Unit Certificates**

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 2022 to 2024. 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.

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| | | | |
|:---|:---|:---|:---|
|  | **2024**<sup>(1)</sup> | **2023** | **2022** |
| Tax-exempt income | n/a | 40% | 25% |
| Taxable income | n/a | 60% | 75% |
|  | n/a | 100% | 100% |

---

(1)The Partnership generated a net taxable loss for BUC holders for tax year 2024 due to the allocation of net rental real estate losses on the Partnership's JV Equity Investments and the lack of JV Equity property gains on sale during the year. As a class, the BUC holders were allocated approximately $16.8 million of net tax-exempt interest income and approximately $21.4 million of net taxable losses for tax year 2024.

**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.

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**17** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Appendices**

---

| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**18** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Operating Results Detail**

**(Dollar amounts in thousands, except per BUC information)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** |
| Revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | $19827 | $21821 | $20056 | $21878 | $20825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest income | 2071 | 2235 | 2200 | 2288 | 2558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent interest income | - | - | - | - | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 71 | 289 | 330 | 959 | - |
| Total revenues | 21969 | 24345 | 22586 | 25125 | 23591 |
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 20 | (226) | (24) | (172) | 9053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 6 | 6 | 6 | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 14898 | 15489 | 15841 | 14135 | 14226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net result from derivative transactions | (1885) | 7897 | (8240) | 3036 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 4821 | 5113 | 4788 | 4570 | 4675 |
| Total expenses | 17860 | 28279 | 12371 | 21573 | 29335 |
| Other Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate assets | 64 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of mortgage revenue bonds | 1012 | - | 1208 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of investments in unconsolidated entities | 7 | - | 61 | 5 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings (losses) from investments in unconsolidated entities | (15) | (704) | (1315) | (233) | (1526) |
| Income (loss) before income taxes | 5177 | (4638) | 10169 | 3324 | (7074) |
| &nbsp;&nbsp;Income tax expense (benefit) | (1) | (2) | 36 | (3) | (3) |
| Net income (loss) | 5178 | (4636) | 10133 | 3327 | (7071) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable preferred unit distributions and accretion | (741) | (741) | (741) | (761) | (1030) |
| Net income (loss) available to partners | $4437 | $(5377) | $9392 | $2566 | $(8101) |
| Net income (loss) available to partners allocated to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General partner | $44 | $(54) | $391 | $25 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partners - BUCs | 4324 | (5399) | 8938 | 2484 | (8185) |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partners - Restricted units | 69 | 76 | 63 | 57 | 76 |
| Net income (loss) available to partners | $4437 | $(5377) | $9392 | $2566 | $(8101) |

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**19** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Cash Available for Distribution** <sup>(1)</sup>

**(Dollar amounts in thousands, except per BUC information)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** |
| Net income (loss) | $5178 | $(4636) | $10133 | $3327 | $(7071) |
| Unrealized (gains) losses on derivatives, net | (211) | 9695 | (6979) | 3883 | 2143 |
| Depreciation expense | 6 | 6 | 6 | 4 | 3 |
| Provision for credit losses | 189 | (226) | (24) | (172) | 9053 |
| Amortization of deferred financing costs | 460 | 360 | 466 | 382 | 387 |
| Restricted unit compensation expense | 558 | 565 | 436 | 234 | 505 |
| Deferred income taxes | (1) | (1) | 1 | 1 | (1) |
| Redeemable Preferred Unit distributions and accretion | (741) | (741) | (741) | (761) | (1030) |
| Tier 2 Income allocable to the General Partner | - | - | (310) | - | (93) |
| Recovery of prior credit loss | (17) | (17) | (17) | (17) | 79 |
| Bond premium, discount and amortization, net of cash received | 879 | 499 | (91) | 25 | 238 |
| (Earnings) losses from investments in unconsolidated entities | 15 | 704 | 1315 | 233 | 1496 |
| &nbsp;&nbsp;Total Cash Available for Distribution | $6315 | $6208 | $4195 | $7139 | $5709 |
| Weighted average number of BUCs outstanding, basic | 23083387 | 23085261 | 23115162 | 23171226 | 23171226 |
| Net income (loss) per BUC, basic | $0.19 | $(0.23) | $0.39 | $0.11 | $(0.35) |
| Total CAD per BUC, basic | $0.27 | $0.27 | $0.18 | $0.31 | $0.25 |
| Cash Distributions declared, per BUC | $0.37 | $0.37 | $0.37 | $0.37 | $0.30 |
|  |  | **Trailing five quarter totals:** | **Trailing five quarter totals:** | **Trailing five quarter totals:** | **Trailing five quarter totals:** |
|  |  | Net income per BUC, basic | Net income per BUC, basic | Net income per BUC, basic | $0.11 |
|  |  | Total CAD per BUC, basic | Total CAD per BUC, basic | Total CAD per BUC, basic | $1.28 |
|  |  | Cash Distributions declared, per BUC | Cash Distributions declared, per BUC | Cash Distributions declared, per BUC | $1.78 |

---

<sup>(1)</sup> See the Important Disclosure Notices in the Appendices for important information regarding non-GAAP measures.

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**20** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Balance Sheet Summary**

**(Dollar amounts in thousands, except per BUC information)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **6/30/2024** | **9/30/2024** | **12/31/2024** | **3/31/2025** | **6/30/2025** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;Cash | $34036 | $37374 | $14703 | $51389 | $47469 |
| &nbsp;&nbsp;Restricted cash | 16861 | 10446 | 16603 | 13066 | 11099 |
| &nbsp;&nbsp;Interest receivable | 7193 | 7104 | 7446 | 7127 | 7005 |
| &nbsp;&nbsp;Mortgage revenue bonds, at fair value | 1002052 | 1032891 | 1026484 | 1022564 | 1004463 |
| &nbsp;&nbsp;Governmental issuer loans, net | 213446 | 205639 | 225164 | 160467 | 121162 |
| &nbsp;&nbsp;Property loans, net | 61358 | 53835 | 55135 | 47409 | 52837 |
| &nbsp;&nbsp;Investments in unconsolidated entities | 157941 | 168743 | 179410 | 167989 | 153895 |
| &nbsp;&nbsp;Real estate assets, net | 4716 | 4716 | 4906 | 3552 | 3552 |
| &nbsp;&nbsp;Other assets | 31038 | 28501 | 49849 | 63920 | 79153 |
| Total assets | $1528641 | $1549249 | $1579700 | $1537483 | $1480635 |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | $21215 | $24724 | $23481 | $21562 | $22838 |
| &nbsp;&nbsp;Distribution payable | 8704 | 8704 | 8997 | 8744 | 7236 |
| &nbsp;&nbsp;Secured lines of credit | 41250 | 44400 | 68852 | 58500 | 44000 |
| &nbsp;&nbsp;Debt financing, net | 1052526 | 1062408 | 1093273 | 1056520 | 1030041 |
| &nbsp;&nbsp;Mortgages payable, net | 1690 | 1690 | 1664 | 310 | 310 |
| Total liabilities | 1125385 | 1141926 | 1196267 | 1145636 | 1104425 |
| Redeemable preferred units | 77395 | 77401 | 77406 | 97399 | 97402 |
| Partners' capital | 325861 | 329922 | 306027 | 294448 | 278808 |
| Total liabilities and partners' capital | $1528641 | $1549249 | $1579700 | $1537483 | $1480635 |
| Net book value per BUC<sup>(1)</sup> | $13.98 | $14.15 | $13.15 | $12.59 | $11.83 |

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<sup>(1)</sup> Based on total BUCs and unvested restricted unit awards outstanding as of each date presented.

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| | |
|:---|:---|
|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**21** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**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 2024 Annual Report on Form 10-K for the year ended December 31, 2024. 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 February 20, 2025.

***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 www.sec.gov.

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|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**22** |

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| Supplemental Financial Report for the Quarter Ended June 30, 2025 | ![img132136125_2.jpg](img132136125_2.jpg) |

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**Other Partnership Information**

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| **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 | HelpAST@equiniti.com |
| Investor & K-1 Services: | 855-428-2951 | Phone: 718-921-8124 |
| Web Site:  | www.ghiinvestors.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800-937-5449 |
| K-1 Services Email: | ghiK1s@greyco.com |  |
| Ticker Symbol (NYSE): | GHI |  |

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| **Corporate Counsel:** |  | **Independent Accountants:** |
| Barnes & Thornburg LLP |  | PwC |
| 11 S. Meridian Street  |  | 1 North Wacker Drive |
| Indianapolis, IN 46204 |  | Chicago, Illinois 60606 |
| **Board of Managers of Greystone AF Manager LLC:** | **Board of Managers of Greystone AF Manager LLC:** | **Board of Managers of Greystone AF Manager LLC:** |
| (acting as the directors of Greystone Housing Impact Investors LP) | (acting as the directors of Greystone Housing Impact Investors LP) | (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 |  |
| **Corporate Officers:** | **Corporate Officers:** | **Corporate Officers:** |
| Kenneth C. Rogozinski | Chief Executive Officer |  |
| Jesse A. Coury | Chief Financial Officer |  |

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|© 2025 Greystone & Co. II LLC | ![img132136125_3.jpg](img132136125_3.jpg)**23** |

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