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- **Strategic Shift**: Transitioning from volatile market rate multifamily JV investments to stable tax-exempt mortgage revenue bonds, reducing capital allocation to JVs by ~75%.
- **Financial Health**: Book value $12.36/unit (33% discount to share price), CAD $0.20/unit, and $36M+ liquidity support resilience.
- **Market Challenges**: Lower returns on multifamily sales (2025 realized returns < historical), with seniors housing as the only growth segment.
- **Risk Management**: 79% of debt hedged against rate fluctuations; credit provisions reflect isolated asset underperformance.
- **Liquidity Boost**: $5M Series B preferred units issuance to fund new investments and operations.

**【Management Opening Remarks】**
- CFO Jesse Coury emphasized forward-looking statements and reminded investors of the risks associated with future projections. The call highlighted the partnership's focus on stable investments and prudent capital allocation.

**【CEO Portfolio Overview】**
- **Steady Portfolio Performance**: No forbearance requests for mortgage revenue bonds; 87.8% physical occupancy (down from 88.4% due to Texas market supply). 7 of 11 joint venture properties are leasing, with Vantage at Loveland listed for sale.
- **JV Equity Challenges**: 2025 sales resulted in lower returns despite capital return; 2024 had no sales. Market rate multifamily profitability is expected to remain challenging, with a strategic shift to seniors housing (lower volume than historical multifamily allocation).
- **Strategic Shift**: Reducing capital allocation to market rate multifamily JVs; redeploying proceeds into tax-exempt mortgage revenue bonds for stable, tax-advantaged returns.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Net income $2M ($0.03/unit), CAD $4.6M ($0.20/unit), book value $12.36/unit (33% discount to share price). Unrealized gains on bonds drove book value increase.
- **Interest Rate Sensitivity**: 100bp rate change impacts CAD by ~$1M. 79% of debt is hedged; 21% exposed to short-term rates (scheduled repayments mitigate risk).
- **Credit Quality**: $596K provision for credit losses (support loan for underperforming South Carolina properties). All borrowers current on payments.
- **Liquidity**: $36.2M cash, $88.6M credit availability. Issued $5M Series B preferred units in October.

**【CEO Market Update】**
- **Muni Bond Market**: Q3 rally reduced 10-year MMD to 2.92%, 30-year to 4.24%. Unrealized gains in bond portfolio reflect broader market trends.
- **Section 8 Impact**: 9% of investments reliant on subsidies; federal shutdown has no immediate impact on operations.

**【Q&A Highlights】**
- **Capital Allocation**: No set percentage target for seniors housing; allocation driven by JV exit timing and market opportunities. Expect slower sales timelines due to market conditions.
- **Earnings Stability**: Shift to bonds reduces lumpiness but early-stage; benefits include tax-exempt income and stable spreads. No guidance on earnings pickup.
- **Seniors Housing Outlook**: Strong demand despite lower cap rates; focus on selective, risk-adjusted opportunities. Cap rates generally higher than multifamily but still subject to market cycles.
- **Credit Losses**: Q3 provision ($596K) relates to South Carolina properties; no further provisions expected unless asset performance deteriorates.


Greystone Housing Impact Investors LP (GHI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GHI

GHI fundamentals

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