# EDGAR Filing Document

**Accession Number:** 0001059142
**File Stem:** 0001193125-26-216870
**Filing Date:** 2026-5
**Character Count:** 76787
**Document Hash:** e4c3e51fe3bd11c784cbc071baf0df0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-216870.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001193125-26-216870

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20260511

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**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:** 26963575

**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):** May 11, 2026<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 2.02 Results of Operations and Financial Condition.
On May 11, 2026, Greystone Housing Impact Investors LP (the "Partnership") issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the Partnership's press release announcing these financial results is attached as Exhibit 99.1 hereto and is incorporated by reference into this report. The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 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 Section 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 7.01. Regulation FD Disclosure.
On May 11, 2026, Greystone Housing Impact Investors LP (the "Partnership") is providing the information which is included in this Current Report on Form 8-K (including Exhibit 99.2 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 first quarter of 2026 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 99.2 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 99.2 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>Press Release dated May 11, 2026.</u>](ghi-ex99_1.htm) |
| 99.2 | [<u>Supplemental information furnished May 11, 2026.</u>](ghi-ex99_2.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: | May 11, 2026 | By:  | /s/ Jesse A. Coury |
|  |  |  | Printed: Jesse A. Coury<br>Title: Chief Financial Officer |

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## Exhibit 99.1

# Exhibit 99.1

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| | |
|:---|:---|
| **PRESS RELEASE** | **FOR IMMEDIATE RELEASE** |
|  | **Omaha, Nebraska** |

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**May 11, 2026**

**MEDIA CONTACT:**

**Fran Del Valle**

**Greystone**

**917-922-5653**

**fran@influencecentral.com**

**INVESTOR CONTACT:**

**Andy Grier**

**Investor Relations**

**402-952-1235**

**Greystone Housing Impact Investors Reports First Quarter 2026 Financial Results**

Omaha, Nebraska – On May 11, 2026, Greystone Housing Impact Investors LP (NYSE: GHI) (the "Partnership") announced financial results for the three months ended March 31, 2026.

The Partnership also announced it will host a call on Tuesday, May 12<sup>th</sup> at 9:00 a.m. Eastern Time to discuss the results and its business outlook. Details for accessing the call can be found below under "Earnings Webcast & Conference Call."

**<u>Financial Highlights</u>**

The Partnership reported the following results as of and for the three months ended March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income of $1.32 million or $0.01 per Beneficial Unit Certificate ("BUC"), basic and diluted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash Available for Distribution ("CAD") of $3.05 million or $0.13 per BUC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total assets of $1.49 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total Mortgage Revenue Bond ("MRB") and Governmental Issuer Loan ("GIL") investments of $1.03 billion

A reconciliation of net income to CAD is included below under "Disclosure Regarding Non-GAAP Measures - Cash Available for Distribution."

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In March 2026, the Partnership announced that the Board of Managers of Greystone AF Manager LLC declared a regular quarterly distribution to the Partnership's BUC holders of $0.14 per BUC. The distribution was paid on April 30, 2026, to BUC holders of record as of the close of trading on March 31, 2026.<br>

**<u>Operational Update</u>**

The Partnership continues to pursue its strategy of reducing the capital allocated to joint venture equity investments in market rate multifamily properties. The Partnership and the respective property 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.

The Partnership believes 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 our operations and leverages the strong relationships and knowledge base of Greystone's other lending platforms.

The Partnership's near-term results of operations will be impacted by the pace of sales of market rate multifamily investments and our ability to redeploy capital into new tax-exempt mortgage revenue bond investments. The Partnership and Board of Managers will continue assessing the potential impacts on the Partnership's short-term and long-term earnings expectations and future unitholder distributions, with a focus on the long-term benefit to unitholders and the Partnership.

**<u>Management Remarks</u>**

"The Partnership continues to make progress in the implementation of its capital reallocation strategy" said Kenneth C. Rogozinski, Chief Executive Officer of the Partnership. "We are working with brokers and property management firms to plan potential exit timelines based on current property level leasing activity and operating results. We are also working with our internal origination team and the broader Greystone affordable platform to identify traditional mortgage revenue bond investment opportunities", said Rogozinski.

**<u>Recent Investment and Financing Activity</u>**

The Partnership reported the following updates for the first quarter of 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Advances on taxable MRB investments totaled approximately $8.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contributions to market-rate joint venture equity investments totaled approximately $12.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Acquired four multifamily properties located in South Carolina via deed in lieu of foreclosure on existing Partnership MRB and taxable MRB investments with aggregate principal of $119.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Obtained an $84.0 million mortgage loan secured by the four acquired South Carolina properties.

<br> In April, the Partnership's GIL and taxable GIL investments for Poppy Grove I and Poppy Grove II were redeemed at par plus accrued interest with aggregate principal repaid of $90.0 million, of which proceeds of $72.0 million were used to repay the related debt financings.

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**<u>Investment Portfolio Updates</u>**

The Partnership announced the following updates regarding its investment portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All MRB and GIL investments were current on contractual principal and interest payments from borrowers as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 $246,000 for the three months ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Nine current market-rate joint venture equity investment properties have completed construction. Three properties are in the planning phase.

**<u>Earnings Webcast & Conference Call</u>**

The Partnership will host a conference call for investors on Tuesday, May 12, 2026 at 9:00 a.m. Eastern Time to discuss the Partnership's first quarter 2026 results.

For those interested in participating in the question-and-answer session, participants may dial-in toll free at **(877) 407-8813**. International participants may dial-in at +**1 (201) 689-8521**. No pin or code number is needed.

The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership's website under "News & Events" or via the following link:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=6DUNvqLB

It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).

A recorded replay of the webcast will be made available on the Partnership's Investor Relations website at http://www.ghiinvestors.com.

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**<u>About Greystone Housing Impact Investors LP</u>**

Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022 (the "Partnership Agreement"), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at <u>www.ghiinvestors.com</u>.

**<u>Safe Harbor Statement</u>**

Certain statements in this press release are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as "believe," "expect," "future," "anticipate," "intend," "plan," "foresee," "may," "should," "will," "estimates," "potential," "continue," or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and conflicts in the Middle East) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; any effects on our business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the ability of the Partnership to remediate its material weakness in its internal control over financial reporting; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the potential for inflationary impacts resulting from macroeconomic conditions and policy initiatives; the Partnership's ability to access debt and equity capital to finance its assets; current maturities of the Partnership's financing arrangements and the Partnership's ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; legislative changes to Low Income Housing Tax Credits issued in accordance with Section 42 of the Internal Revenue Code and certain tax credit recapture events; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership's business; risks related to the development and use of artificial intelligence (AI); and the other risks detailed in the Partnership's SEC filings (including but not limited to, the Partnership's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent

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events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

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**GREYSTONE HOUSING IMPACT INVESTORS LP**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

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| | | |
|:---|:---|:---|
|  | For the Three Months Ended March 31, | For the Three Months Ended March 31, |
|  | 2026 | 2025 |
| Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | $16439156 | $21075573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest income | 3122561 | 2288165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property revenues | 1449125 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 774361 | 958825 |
| Total revenues | 21785203 | 24322563 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate operating | 827635 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses (Note 10) | (2077877) | (172000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2746392 | 3542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 13168146 | 13497295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net result from derivative transactions (Note 15) | (1564639) | 3036137 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 4650762 | 4570261 |
| Total expenses | 17750419 | 20935235 |
| Other income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on deed in lieu of foreclosures | 2219023 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of investments in unconsolidated entities | - | 5220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings (losses) from investments in unconsolidated entities | (4930100) | (992259) |
| Income before income taxes | 1323707 | 2400289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit | (2673) | (2733) |
| Net income | 1326380 | 2403022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable Preferred Unit distributions and accretion | (1101684) | (760679) |
| Net income available to Partners | $224696 | $1642343 |
| Net income available to Partners allocated to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General Partner | $2247 | $16371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited Partners - BUCs | 181024 | 1568927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited Partners - Restricted units | 41425 | 57045 |
|  | $224696 | $1642343 |

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**Disclosure Regarding Non-GAAP Measures - Cash Available for Distribution**

The Partnership believes that CAD provides relevant information about the Partnership's operations and is necessary, along with net income, for understanding its operating results. To calculate CAD, the Partnership begins with net income as computed in accordance with GAAP and adjusts for non-cash expenses or income consisting of depreciation expense, amortization expense related to deferred financing costs, amortization of premiums and discounts, fair value adjustments to derivative instruments, provisions for credit and loan losses, impairments on MRBs, GILs, real estate assets and property loans, deferred income tax expense (benefit), and restricted unit compensation expense. The Partnership also adjusts net income for the Partnership's share of (earnings) losses of investments in unconsolidated entities related to the Market Rate Joint Venture Investments segment as such amounts are primarily depreciation expenses and development costs that are expected to be recovered upon an exit event. The Partnership also deducts Tier 2 income distributable to the General Partner as defined in the Partnership Agreement and distributions and accretion for the Preferred Units. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and the Partnership's computation of CAD may not be comparable to CAD reported by other companies. Although the Partnership considers CAD to be a useful measure of the Partnership's operating performance, CAD is a non-GAAP measure that should not be considered as an alternative to net income calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP.

The following table shows the calculation of CAD (and a reconciliation of the Partnership's net income, as determined in accordance with GAAP, to CAD) for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | For the Three Months Ended March 31, | For the Three Months Ended March 31, |
|  | 2026 | 2025 |
| Net income | $1326380 | $2403022 |
| Unrealized (gains) losses on derivatives, net | (1542998) | 3883196 |
| Depreciation and amortization | 2746392 | 3542 |
| Provision for credit losses <sup>(1)</sup> | (2077877) | (172000) |
| Reversal of gain on deed in lieu of foreclosures <sup>(2)</sup> | (2219023) | - |
| Amortization of deferred financing costs | 489025 | 381334 |
| Restricted unit compensation expense | 393770 | 234047 |
| Deferred income taxes | 881 | 1227 |
| Redeemable Preferred Unit distributions and accretion | (1101684) | (760679) |
| Tier 2 income allocable to the General Partner <sup>(3)</sup> | - | - |
| Recovery of prior credit loss <sup>(4)</sup> | (11120) | (16967) |
| Bond premium, discount and acquisition fee amortization, net<br> of cash received | 98764 | 25220 |
| (Earnings) losses from investments in unconsolidated entities | 4948352 | 992259 |
| Total CAD | $3050862 | $6974201 |
| Weighted average number of BUCs outstanding, basic | 23266619 | 23171226 |
| Net income (loss) per BUC, basic | $0.01 | $0.07 |
| Total CAD per BUC, basic | $0.13 | $0.30 |
| Cash Distributions declared, per BUC | $0.14 | $0.37 |

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<sup>(1)</sup> The adjustments reflect the change in allowances for credit losses under the CECL standard which requires the Partnership to update estimates of expected credit losses for its investment portfolio at each reporting date. Credit losses are not reported within CAD until such losses are realized. The provision for credit loss for the three months ended March 31, 2026 includes an asset-specific provision for credit loss of approximately $93,000 offset by a recovery of approximately $2.1 million of our previously recognized allowance for credit losses related to The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, and Windsor Shores Apartments MRB.

<sup>(2)</sup> The gain on deed in lieu of foreclosures for the three months ended March 31, 2026 was equal to the excess amount of the appraised value of the real estate assets acquired over our amortized cost basis of the Windsor Shores MRB and taxable MRB and The Ivy Apartments (a/k/a Century Plaza Apartments) MRB. We have excluded this gain in the calculation of CAD as it is non-cash and relates to fair value estimates of real estate assets.

<sup>(3)</sup> Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed 75% to the limited partners and BUC holders, as a class, and 25% to the General Partner. This adjustment represents 25% of Tier 2 income due to the General Partner. There was no Tier 2 income for the three months ended March 31, 2026 and 2025.

<sup>(4)</sup> The Partnership determined there was a recovery of previously recognized impairment recorded for the Live 929 Apartments Series 2022A MRB prior to the adoption of the CECL standard effective January 1, 2023. The Partnership is accreting the recovery of prior credit loss for this MRB into investment income over the term of the MRB consistent with applicable guidance. The accretion of recovery of value, net of adjustments, is presented as a reduction to current CAD as the original provision for credit loss was an addback for CAD calculation purposes in the period recognized.

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## Exhibit 99.2

**Exhibit 99.2**

![img133059646_0.jpg](img133059646_0.jpg)

Supplemental Financial Report for the

Quarter Ended March 31, 2026

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| | |
|:---|:---|
|©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.  | ![img133059646_1.gif](img133059646_1.gif) |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_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 | 16 |
| Important Disclosure Notices | 20 |
| Other Partnership Information | 21 |

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| | |
|:---|:---|
|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**2** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_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 first quarter of 2026. We reported the following financial results as of and for the three months ended March 31, 2026:

• Net income of $1.32 million or $0.01 per Beneficial Unit Certificate ("BUC"), basic and diluted

• Cash Available for Distribution ("CAD") of $3.05 million or $0.13 per BUC

• Total assets of $1.49 billion

• Total Mortgage Revenue Bond ("MRB") and Governmental Issuer Loan ("GIL") investments of $1.03 billion

We reported the following notable transactions during the first quarter of 2026:

• Advances on taxable MRB investments totaled approximately $8.3 million.

• Contributions to market-rate multifamily and seniors housing joint venture equity investments totaled approximately $12.6 million.

• Acquired four multifamily properties located in South Carolina via deed in lieu of foreclosure on existing Partnership MRB and taxable MRB investments with aggregate principal of $119.9 million.

• Obtained an $84.0 million mortgage loan secured by the four acquired South Carolina properties.

In April, our GIL and taxable GIL investments for Poppy Grove I and Poppy Grove II were redeemed at par plus accrued interest with aggregate principal repaid of $90.0 million, of which proceeds of $72.0 million were used to repay the related debt financings.

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 March 31, 2026.

• We continue to execute our hedging strategy, primarily through interest rate swaps, to reduce the impact of changing market interest rates with net receipts totaling approximately $246,000 for the three months ended March 31, 2026.

• Nine current market-rate multifamily and seniors housing joint venture equity investment properties have completed construction. Three properties are in the planning phase.

We continue to pursue our strategy to reduce the capital allocated to joint venture equity investments in market rate multifamily properties. We and the respective property managing members will manage the remaining portfolio of market rate multifamily investments to maximize sales prices

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| | |
|:---|:---|
|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**3** |

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| | |
|:---|:---|
| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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and returns to the extent possible, with return of capital from the sale of these investments to be redeployed into primarily new 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 our operations and leverages the strong relationships and knowledge base of Greystone's other lending platforms.

The Partnership's near-term results of operations will be impacted by the pace of sales of market rate multifamily investments and our 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 the Partnership's 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

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|:---|:---|
|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**4** |

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| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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**First Quarter 2026 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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. We continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;(As of March 31, 2026) | &nbsp;&nbsp;(As of March 31, 2026) | &nbsp;&nbsp;(As of March 31, 2026) | &nbsp;&nbsp;(As of March 31, 2026) | &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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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;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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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;$ | &nbsp;&nbsp;$4.92 | &nbsp;&nbsp;Greystone Housing Impact Investors LP was formed for the purpose of acquiring a portfolio of MRBs that are issued to provide construction and/or permanent financing of affordable multifamily residential and commercial properties. The Partnership has also invested in GILs, which, similar to MRBs, provide financing for affordable multifamily properties. We expect and believe the interest paid on the MRBs and GILs to be excludable from gross income for federal income tax purposes. In addition, we have invested in equity interests in multifamily, market rate properties throughout the U.S. We also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. We continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;BUCs Outstanding (including Restricted Units) |  |  | &nbsp;&nbsp;23562510 | &nbsp;&nbsp;Greystone Housing Impact Investors LP was formed for the purpose of acquiring a portfolio of MRBs that are issued to provide construction and/or permanent financing of affordable multifamily residential and commercial properties. The Partnership has also invested in GILs, which, similar to MRBs, provide financing for affordable multifamily properties. We expect and believe the interest paid on the MRBs and GILs to be excludable from gross income for federal income tax purposes. In addition, we have invested in equity interests in multifamily, market rate properties throughout the U.S. We also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. We continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
| &nbsp;&nbsp;Market Capitalization |  | &nbsp;&nbsp;$ | &nbsp;&nbsp;$115927549 | &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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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;$4.71 to $12.70 | &nbsp;&nbsp;$4.71 to $12.70 | &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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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 Q1 2026*<br>*($'s in 000's, except per BUC amounts)* | &nbsp;&nbsp;*Partnership Financial Information for Q1 2026*<br>*($'s in 000's, except per BUC amounts)* | &nbsp;&nbsp;*Partnership Financial Information for Q1 2026*<br>*($'s in 000's, except per BUC amounts)* | &nbsp;&nbsp;*Partnership Financial Information for Q1 2026*<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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. We continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
|  | &nbsp;&nbsp;<u>3/31/2026</u> | &nbsp;&nbsp;<u>3/31/2026</u> | &nbsp;&nbsp;<u>12/31/2025</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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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;$1486983 | &nbsp;&nbsp;$1486983 | &nbsp;&nbsp;$1502887 | &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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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>(1)</sup> | &nbsp;&nbsp;75% | &nbsp;&nbsp;75% | &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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. We continue to pursue a business strategy of acquiring additional MRBs and GILs on a leveraged basis, and other investments. |
|  | &nbsp;&nbsp;<u>Q1 2026</u> | &nbsp;&nbsp;<u>Q1 2026</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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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;$21785 | &nbsp;&nbsp;$21785 |  | &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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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;$1326 | &nbsp;&nbsp;$1326 |  | &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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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>(2)</sup> | &nbsp;&nbsp;$3051 | &nbsp;&nbsp;$3051 |  | &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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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 also own interests in multifamily properties ("MF Properties") until the highest and best use can be determined. 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)Our overall leverage ratio is calculated as total outstanding debt divided by total assets using cost adjusted for paydowns and allowances for MRBs, GILs, property loans, taxable MRBs and taxable GILs, and initial cost for deferred financing costs and real estate assets.

(2)Management utilizes a calculation of Cash Available for Distribution ("CAD") to assess the Partnership's operating performance. This is a non-GAAP financial measure. See the Important Disclosure Notices in the Appendices for important information regarding non-GAAP measures. A reconciliation of our GAAP net income (loss) to CAD is provided on page 18 of this report.

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|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**5** |

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| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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**Operating Results Summary**

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

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| | | |
|:---|:---|:---|
|  | **Q1 2026** | **Q1 2025** |
| Total revenues | $21785 | $24322 |
| Total expenses | (17751) | (20935) |
| Gain on deed in lieu of foreclosures | 2219 | - |
| Gain on sale of investments in unconsolidated entities | - | 5 |
| Earnings (losses) from investments in unconsolidated entities | (4930) | (992) |
| Income tax benefit | 3 | 3 |
| Net income | $1326 | $2403 |
| Per BUC operating metrics: |  |  |
| Net income | $0.01 | $0.07 |
| Cash available for distribution | $0.13 | $0.30 |
| Per BUC distribution information: |  |  |
| Cash distributions declared | $0.14 | $0.37 |
| Weighted average BUCs outstanding | 23266619 | 23171226 |
| BUCs outstanding, end of period | 23266619 | 23171226 |

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|:---|:---|
|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**6** |

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|:---|:---|
| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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**Asset Profile**

**(Dollar amounts in thousands)**

![img133059646_4.jpg](img133059646_4.jpg)

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|:---|:---|
|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**7** |

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|:---|:---|
| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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**Mortgage Investments to Total Assets Profile**

**(Dollar amounts in thousands)**

![img133059646_5.jpg](img133059646_5.jpg)

<sup>(1)</sup> The decline as of March 31, 2026 is due to the acquisition of four former MRB properties via deed in lieu of foreclosure in Q1 2026 that are now reported as MF Properties.

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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|:---|:---|
|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**8** |

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|:---|:---|
| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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**Debt and Equity Profile**

**(Dollar amounts in thousands)**

![img133059646_6.jpg](img133059646_6.jpg)

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|:---|:---|
|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**9** |

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|:---|:---|
| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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**Debt Financing**

**(Dollar amounts in thousands)**

![img133059646_7.jpg](img133059646_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 March 31, 2026 have maturity dates on or before December 2026, so long-term interest rate risk is minimal.

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|:---|:---|
|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**10** |

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|:---|:---|
| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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

**(Dollar amounts in thousands)**

![img133059646_8.jpg](img133059646_8.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Quarterly Activity** | **Q1 2025** | **Q2 2025** | **Q3 2025** | **Q4 2025** | **Q1 2026** |
| Investment Purchases | $60610 | $47376 | $27552 | $39249 | $8458 |
| Sales and Redemptions | (114760) | (72581) | (30757) | (13865) | (4650) |
| Net Investment Activity | (54150) | (25205) | (3205) | 25384 | 3808 |
| Net Debt (Proceeds) Repayment | 47343 | 34181 | 9454 | (23799) | (1369) |
| Net Capital Deployed | $(6807) | $8976 | $6249 | $1585 | $2439 |

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<sup>(1)</sup> The reported amounts include investment activity related to the Construction Lending JV and MF Properties acquired via deed in lieu of foreclosure of previous MRB investments.

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|:---|:---|
|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**11** |

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|:---|:---|
| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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**Market-Rate JV Equity Investments Activity**

**(Dollar amounts in thousands)**

![img133059646_9.jpg](img133059646_9.jpg)

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|:---|:---|:---|:---|:---|:---|
| **Quarterly Activity** | **Q1 2025** | **Q2 2025** | **Q3 2025** | **Q4 2025** | **Q1 2026** |
| JV Equity Contributions | $7709 | $3095 | $331 | $7577 | $12555 |
| Return of JV Equity Contributions | (13488) | (12901) | - | (4445) | - |
| Net Investment Activity | (5779) | (9805) | 331 | 3132 | 12555 |
| Net Debt (Proceeds) Repayment | - | 7000 | 2500 | (9500) | - |
| Net Capital Deployed | $(5779) | $(2805) | $2831 | $(6368) | $12555 |

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|:---|:---|
|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**12** |

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|:---|:---|
| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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**Net Book Value Waterfall**

![img133059646_10.jpg](img133059646_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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|:---|:---|
|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**13** |

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|:---|:---|
| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_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 | $2779201 | $1389600 | $(1389600) | $(2779201) | $(5558402) |
| Other Financings & Derivatives | (1617420) | (808710) | 808710 | 1617420 | 3234840 |
| Variable Rate Investments | (425508) | (212754) | 212754 | 425508 | 851017 |
| Net Interest Income Impact | $736273 | $368136 | $(368136) | $(736273) | $(1472545) |
| Per BUC Impact <sup>(1)</sup> | $0.032 | $0.016 | $(0.016) | $(0.032) | $(0.063) |

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<sup>(1)</sup> The net interest income impact per BUC calculated based on 23,266,619 BUCs outstanding as of March 31, 2026.

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|:---|:---|
|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**14** |

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|:---|:---|
| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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**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.

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|:---|:---|:---|:---|:---|:---|:---|
|  | **2025**<sup>(1)</sup> | **2025**<sup>(1)</sup> | **2024**<sup>(1)</sup> | **2024**<sup>(1)</sup> | **2023** | **2023** |
|  | **Total** | **Percent** | **Total** | **Percent** | **Total** | **Percent** |
| Tax-exempt income | $14.7 | n/a | $16.8 | n/a | $15.4 | 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% |

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(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.

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|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**15** |

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| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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**Appendices**

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|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**16** |

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| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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**Operating Results Detail**

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

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| | | |
|:---|:---|:---|
|  | **Q1 2026** | **Q1 2025** |
| Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | $16439 | $21075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest income | 3123 | $2288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property revenues | 1449 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 774 | 959 |
| Total revenues | 21785 | 24322 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate operating | 828 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | (2078) | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2746 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 13168 | 13497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net result from derivative transactions | (1564) | 3036 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 4651 | 4570 |
| Total expenses | 17751 | 20935 |
| Other Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on deed in lieu of foreclosures | 2219 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of investments in unconsolidated entities | - | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings (losses) from investments in unconsolidated entities | (4930) | (992) |
| Income before income taxes | 1323 | 2400 |
| &nbsp;&nbsp;Income tax benefit | (3) | (3) |
| Net income | 1326 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable preferred unit distributions and accretion | (1102) | (761) |
| Net income available to partners | $224 | $1642 |
| Net income available to partners allocated to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General partner | $2 | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partners - BUCs | 181 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partners - Restricted units | 41 | 57 |
| Net income available to partners | $224 | $1642 |

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|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**17** |

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| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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

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

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| | | |
|:---|:---|:---|
|  | **Q1 2026** | **Q1 2025** |
| Net income | $1326 | $2403 |
| Unrealized (gains) losses on derivatives, net | (1543) | 3883 |
| Depreciation and amortization | 2746 | 4 |
| Provision for credit losses | (2078) | (172) |
| Reversal of gain on deed in lieu of foreclosures | (2219) | - |
| Amortization of deferred financing costs | 489 | 381 |
| Restricted unit compensation expense | 394 | 234 |
| Deferred income taxes | 1 | 2 |
| Redeemable Preferred Unit distributions and accretion | (1102) | (761) |
| Tier 2 Income allocable to the General Partner | - | - |
| Recovery of prior credit loss | (11) | (17) |
| Bond premium, discount and amortization, net of cash received | 99 | 25 |
| (Earnings) losses from investments in unconsolidated entities | 4948 | 992 |
| &nbsp;&nbsp;Total Cash Available for Distribution | $3050 | $6974 |
| Weighted average number of BUCs outstanding, basic | 23266619 | 23171226 |
| Net income per BUC, basic | $0.01 | $0.07 |
| Total CAD per BUC, basic | $0.13 | $0.30 |
| Cash Distributions declared, per BUC | $0.14 | $0.37 |

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

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|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**18** |

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| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_2.jpg) |

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**Balance Sheet Summary**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **12/31/2022** | **12/31/2023** | **12/31/2024** | **12/31/2025** | **3/31/2026** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;Cash | $51188 | $37918 | $14703 | $39502 | $20628 |
| &nbsp;&nbsp;Restricted cash | 41449 | 9816 | 16603 | 15384 | 11781 |
| &nbsp;&nbsp;Interest receivable | 11628 | 8266 | 7446 | 7277 | 7024 |
| &nbsp;&nbsp;Mortgage revenue bonds, at fair value | 799409 | 930676 | 1026484 | 1007904 | 889693 |
| &nbsp;&nbsp;Governmental issuer loans, net | 300230 | 221653 | 225164 | 138149 | 138194 |
| &nbsp;&nbsp;Property loans, net | 175110 | 120508 | 55135 | 50122 | 50142 |
| &nbsp;&nbsp;Investments in unconsolidated entities | 115791 | 136653 | 179410 | 146300 | 154347 |
| &nbsp;&nbsp;Real estate assets, net | 36550 | 4716 | 4906 | 3623 | 111574 |
| &nbsp;&nbsp;Other assets | 35775 | 43195 | 49849 | 94627 | 103600 |
| Total assets | $1567130 | $1513401 | $1579700 | $1502888 | $1486983 |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | $21734 | $22958 | $23481 | $21134 | $18185 |
| &nbsp;&nbsp;Distribution payable | 10900 | 8584 | 8997 | 5947 | 3332 |
| &nbsp;&nbsp;Secured lines of credit | 55500 | 33400 | 68852 | 80850 | 89950 |
| &nbsp;&nbsp;Debt financing, net | 1058903 | 1015030 | 1093273 | 1015095 | 923705 |
| &nbsp;&nbsp;Mortgages payable, net | 1690 | 1690 | 1664 | 232 | 83284 |
| Total liabilities | 1148727 | 1081662 | 1196267 | 1123258 | 1118456 |
| Redeemable preferred units | 94447 | 82432 | 77406 | 102411 | 102417 |
| Partners' capital | 323956 | 349307 | 306027 | 277219 | 266110 |
| Total liabilities and partners' capital | $1567130 | $1513401 | $1579700 | $1502888 | $1486983 |
| Net book value per BUC<sup>(1)</sup> | $14.31 | $15.17 | $13.15 | $11.77 | $11.30 |

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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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|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**19** |

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| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_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 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 www.sec.gov.

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|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**20** |

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| Supplemental Financial Report for the Quarter Ended March 31, 2026 | ![img133059646_2.jpg](img133059646_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 |  | 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:** | **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 |  |
| Alfonso Costa Jr. | Manager |  |
| **Corporate Officers:** | **Corporate Officers:** | **Corporate Officers:** |
| Kenneth C. Rogozinski | Chief Executive Officer |  |
| Jesse A. Coury | Chief Financial Officer |  |

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|© 2026 Greystone & Co. II LLC | ![img133059646_3.jpg](img133059646_3.jpg)**21** |

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