The following is a summary of the Greystone Housing Impact Investors (GHI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Greystone Housing Impact Investors reported a net loss of $0.23 per unit in Q3 2024.

• Cash Available for Distribution (CAD) was $0.27 per unit.

• Book value as of Q3 end was $14.15 per unit, representing an increase from Q2, primarily due to the increase in the fair value of the mortgage revenue bond portfolio.

• An unrealized loss of $9.7 million from interest rate derivatives significantly impacted the reported net loss.

• Interest rate swap portfolio is expected to bring in approx. $2.8 million over the next six months, benefiting CAD by an additional $0.12 per unit.

Business Progress:

• The company holds $1.32 billion in affordable multifamily investments, with no forbearance requests and all payments current.

• Joint venture equity investments continue to perform well, with active construction and leasing, and projects nearing completion.

• New joint venture with BlackRock Impact Opportunities for construction lending, to fulfill market gap as commercial banks pull back.

• Replacement of variable rate debt with fixed rate debt to mitigate exposure to interest rate changes.

Opportunities:

• Prospects for accretive investments in construction loans via BlackRock JV and JV equity investments for market rate multifamily properties.

Risks:

• Net loss influenced by non-cash unrealized losses on interest rate derivatives.

• Exposure to interest rate volatility, despite measures to hedge against it.

• Market price of units significantly discounting from net book value, raising concerns on future investment attractiveness and liquidity.

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