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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCommission File Number: 001-41564\n\n \n\nGREYSTONE HOUSING IMPACT INVESTORS LP\n\n(Exact name of registrant as specified in its charter)\n\n \n\nDelaware\n\n \n\n47-0810385\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n \n\n(I.R.S. Employer\n\nIdentification No.)\n\n \n\n \n\n \n\n14301 FNB Parkway, Suite 211, Omaha, Nebraska\n\n \n\n68154\n\n(Address of principal executive offices)\n\n \n\n(Zip Code)\n\n \n\n \n\n \n\n(402) 952-1235\n\n(Registrant’s telephone number, including area code)\n\n \n\nN/A\n\n(Former name, former address and former fiscal year, if changed since last report)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nBeneficial Unit Certificates representing assignments of limited partnership interests in Greystone Housing Impact Investors LP\n\nGHI\n\nThe New York Stock Exchange\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ NO ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☒\n\nNon-accelerated filer\n\n☐\n\n \n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☐\n\n \n\n \n\n \n\n \n\nIf 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. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒\n\nAs of March 31, 2026, the registrant had 23,562,510 Beneficial Unit Certificates representing assignments of limited partnership interests outstanding.\n\n \n\n \n\n \n\nINDEX\n\nPART I – FINANCIAL INFORMATION\n\n \n\n[Item 1](#item_1_financial_statements)\n\n \n\n[Financial Statements (Unaudited)](#item_1_financial_statements)\n\n \n\n8\n\n \n\n \n\n[Condensed Consolidated Balance Sheets](#condensed_consolidated_balance_sheets)\n\n \n\n8\n\n \n\n \n\n[Condensed Consolidated Statements of Operations](#condensed_consolidated_statements_operat)\n\n \n\n9\n\n \n\n \n\n[Condensed Consolidated Statements of Comprehensive Income (Loss)](#condensed_consolidated_statements_compre)\n\n \n\n10\n\n \n\n \n\n[Condensed Consolidated Statements of Partners’ Capital](#condensed_consolidated_statements_partne)\n\n \n\n11\n\n \n\n \n\n[Condensed Consolidated Statements of Cash Flows](#condensed_consolidated_statements_cash_f)\n\n \n\n12\n\n \n\n \n\n[Notes to Condensed Consolidated Financial Statements](#notes_to_condensed_consolidated_financia)\n\n \n\n14\n\n[Item 2](#item_2_managements_discussion_analysis_f)\n\n \n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_2_managements_discussion_analysis_f)\n\n \n\n59\n\n[Item 3](#item_3_quantitative_qualitative_disclosu)\n\n \n\n[Quantitative and Qualitative Disclosures About Market Risk](#item_3_quantitative_qualitative_disclosu)\n\n \n\n90\n\n[Item 4](#item_4_controls_procedures)\n\n \n\n[Controls and Procedures](#item_4_controls_procedures)\n\n \n\n94\n\n \n\n \n\n \n\n \n\n \n\nPART II – OTHER INFORMATION\n\n[Item 1A](#item_1a_risk_factors)\n\n \n\n[Risk Factors](#item_1a_risk_factors)\n\n \n\n95\n\n[Item 5](#item_5_other_information)\n\n \n\n[Other Information](#item_5_other_information)\n\n \n\n95\n\n[Item 6](#item_6_exhibits)\n\n \n\n[Exhibits](#item_6_exhibits)\n\n \n\n95\n\n \n\n \n\n \n\n[SIGNATURES](#signatures)\n\n \n\n96\n\n \n\n \n\n \n\nDefined Terms\n\nThe following acronyms and defined terms are used in various sections of this Report, including the Notes to Condensed Consolidated Financial Statements in Item 1 and Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this report. All references to “we,” “us,” “our” and the “Partnership” in this Report mean Greystone Housing Impact Investors LP, its wholly owned subsidiaries and our consolidated VIEs.\n\n2024 PFA Securitization Transaction - A securitization transaction to finance credit-enhanced custodial receipts related to 12 MRBs through the Wisconsin Public Finance Authority.\n\n2024 PFA Securitization Bonds - Twelve MRBs associated with the 2024 PFA Securitization Transaction. Senior and residual custodial receipts were created for each of the MRBs representing partial interests in the MRBs. The senior custodial receipts were sold to the Wisconsin Public Finance Authority and cash flows from the senior custodial receipts will be used to pay debt service on the Affordable Housing Multifamily Certificates associated with the 2024 PFA Securitization Transaction. The residual custodial receipts were sold to the Wisconsin Public Finance Authority and cash flows from the residual custodial receipts will be used to pay debt service on the Affordable Housing Multifamily Certificates associated with the TEBS Residual Financing.\n\nAcquisition LOC - A secured non-operating line of credit to finance the acquisition of Financed Assets with several financial institutions where Bankers Trust Company serves as the sole lead arranger and administrative agent.\n\nAffordable Housing Multifamily Certificates - Senior and/or residual interests in the 2024 PFA Securitization Transaction and the TEBS Residual Refinancing.\n\nAMI - Area median income, as calculated by the United States Department of Housing and Urban Development.\n\nASC - Accounting standards codification of the Financial Accounting Standards Board.\n\nASU - Accounting standards update issued by the Financial Accounting Standards Board.\n\nAudit Committee - The audit committee of the Board of Managers of Greystone Manager, which acts as the audit committee of the Partnership.\n\nBankUnited - BankUnited, N.A.\n\nBarclays - Barclays Bank PLC.\n\nBoard of Managers - The Board of Managers of Greystone Manager, which acts as the directors of the Partnership.\n\nBUC(s) - Beneficial Unit Certificate(s) representing assigned limited partnership interests of the Partnership.\n\nBUC Holder(s) - A beneficial owner of BUCs.\n\nCAD - Cash Available for Distribution, a non-GAAP measure reported by the Partnership.\n\nC-PACE - Commercial Property Assessed Clean Energy.\n\nCECL - Current expected credit losses as measured in accordance with the accounting standards codification of the Financial Accounting Standards Board – Topic 326.\n\nCRA - Community Reinvestment Act of 1977.\n\nConstruction Lending JV - A joint venture with BlackRock Impact Opportunities and other third-party investors to invest in loans which will finance the construction and/or rehabilitation of affordable multifamily housing properties across the United States. The Partnership is the managing member of the joint venture.\n\nEquity Incentive Plan - The Amended and Restated Greystone Housing Impact Investors LP 2015 Equity Incentive Plan, which expired in 2025.\n\nFannie Mae - The Federal National Mortgage Association.\n\nFASB - The Financial Accounting Standards Board.\n\nFFIEC - The Federal Financial Institution Examination Council.\n\nFinanced Assets - Purchased investments funded by advances from the Acquisition LOC.\n\nFreddie Mac - The Federal Home Loan Mortgage Corporation.\n\nGAAP - Accounting principles generally accepted in the United States of America.\n\nGAHI - Greystone Affordable Housing Initiatives LLC, an affiliate of the Partnership\n\n \n\n \n\nGeneral LOC - A general secured line of credit with three financial institutions where BankUnited serves as the sole lead arranger and administrative agent.\n\nGeneral Partner - America First Capital Associates Limited Partnership Two, which is the general partner of the Partnership.\n\nGIL(s) - Governmental issuer loan(s).\n\nGreens Hold Co - Greens of Pine Glen - AmFirst LP Holding Corporation, a wholly owned corporation of the Partnership.\n\nGreystone - Greystone & Co. II LLC, collectively with its affiliates.\n\nGreystone Manager - Greystone AF Manager LLC, which is the general partner of the General Partner.\n\nGreystone Select - Greystone Select Incorporated, an affiliate of the Partnership.\n\nGreystone Servicing - Greystone Servicing Company LLC, an affiliate of the Partnership.\n\nInitial Limited Partner - Greystone ILP, Inc., a Delaware corporation.\n\nInvestment Company Act - The Investment Company Act of 1940, as amended, that is administered and enforced by the SEC.\n\nIRC - Internal Revenue Code.\n\nISDA - International Swaps and Derivatives Association.\n\nJV Equity Investment(s) - A noncontrolling equity investment in an unconsolidated entity owned by the Partnership for the development of market rate multifamily properties, which excludes the Construction Lending JV.\n\nLeverage Ratio - An overall 80% maximum leverage level, as established by the Board of Managers of Greystone Manager.\n\nLIHTC(s) - Low income housing tax credit(s).\n\nLiquidation Proceeds - All cash receipts of the Partnership (other than operating income and sale proceeds) arising from the liquidation of the Partnership’s assets in the course of the dissolution of the Partnership, as defined in the Partnership Agreement.\n\nManagers - Members of the Board of Managers of Greystone Manager.\n\nMF Property(ies) - A multifamily, student, or senior citizen residential property owned by the Partnership.\n\nMizuho - Mizuho Capital Markets LLC.\n\nMRB(s) - Mortgage revenue bond(s).\n\nNet Interest Income - Income allocation as defined in the Partnership Agreement.\n\nNet Residual Proceeds - Residual proceeds as defined in the Partnership Agreement.\n\nNYSE - New York Stock Exchange.\n\nOBBBA - The One Big Beautiful Bill Act signed into law on July 4, 2025.\n\nPartnership - Greystone Housing Impact Investors LP, its consolidated subsidiaries and consolidated variable interest entities.\n\nPartnership Agreement - Greystone Housing Impact Investors LP Second Amended and Restated Agreement of Limited Partnership dated as of December 5, 2022, as further amended.\n\nPreferred Unit(s) - Collectively, the three series of non-cumulative, non-voting, non-convertible preferred units that represent limited partnership interests in the Partnership consisting of the Series A Preferred Units, the Series A-1 Preferred Units, and the Series B Preferred Units.\n\nQAP - Qualified allocation plan.\n\nReport - This Quarterly Report on Form 10-Q for the quarter ended March 31,2026, unless otherwise specified.\n\nRUA(s) - Restricted unit awards issued under the Equity Incentive Plan.\n\nSEC - Securities and Exchange Commission.\n\nSC MF Properties - The Park at Sondrio, The Park at Vietti, the Windsor Shores Apartments, and the Century Plaza Apartments MF Properties, collectively.\n\nSecured Credit Agreement - The secured credit agreement executed in connection with the General LOC.\n\nShelf Registration Statement - The Partnership’s Registration Statement on Form S-3 for the issuance of up to $200.0 million of BUCs, Preferred Units, or debt securities, which became effective in November 2025.\n\n \n\n \n\nSIFMA - The SIFMA Municipal Swap Index, which is an index that measures short-term tax-exempt interest rates, as calculated and reported by the Securities Industry and Financial Markets Association.\n\nSOFR - Secured Overnight Funding Rate as published by the Federal Reserve Bank of New York.\n\nTEBS - Tax Exempt Bond Securitization financing with Freddie Mac.\n\nTEBS Financing(s) - The M24 TEBS financing, the M31 TEBS financing, the M33 TEBS financing, and the M45 TEBS financing, individually or collectively.\n\nTEBS Residual Financing - A securitization transaction to finance the Partnership’s residual interests in the M33 and M45 TEBS financings and the residual custodial receipts associated with the 2024 PFA Securitization Bonds.\n\nTier 2 income - Net Interest Income and Net Residual Proceeds characterized as Net Interest Income (Tier 2) and Net Residual Income (Tier 2) allocated 75% to the BUCs and 25% to the General Partner in accordance with the terms of the Partnership Agreement.\n\nTOB - Tender option bond.\n\nTerm SOFR - The one-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited.\n\nUnitholder(s) - Holder(s) of BUCs and/or Preferred Units.\n\nVantage Properties - JV Equity Investments where the Vantage development group is the managing member.\n\nVIE(s) - Variable interest entity (entities).\n\nWARM - The Weighted Average Remaining Maturity method loss-rate model used by the Partnership to estimate the allowance for credit losses for certain investment assets and related unfunded commitments.\n \n\n \n\n \n\nForward-Looking Statements\n\nThis Report (including, but not limited to, the information contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”) contains forward-looking statements. All statements other than statements of historical facts contained in this Report, including 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 Report also contains 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 several 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 Report, 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 heading “Risk Factors” in Item 1A of Greystone Housing Impact Investors LP’s Annual Report on Form 10-K for the year ended December 31, 2025.\n\nThese forward-looking statements are subject, but not limited to, various risks and uncertainties, including those relating to:\n\n•\ndefaults on the mortgage loans securing our MRBs and GILs\n\n•\nthe competitive environment in which we operate;\n\n•\nrisks associated with investing in multifamily, student, senior citizen residential properties and commercial properties;\n\n•\ngeneral 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;\n\n•\nuncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets;\n\n•\nany 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;\n\n•\nadverse 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;\n\n•\nthe ability of the Partnership to remediate its material weakness in its internal control over financial reporting;\n\n•\nthe general condition of the real estate markets in the regions in which we operate, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors;\n\n•\nchanges in interest rates and credit spreads, as well as the success of any hedging strategies we may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on our investments and our cost of financing;\n\n•\nthe potential for inflationary impacts resulting from macroeconomic conditions and policy initiatives;\n\n•\nour ability to access debt and equity capital to finance our assets;\n\n•\ncurrent maturities of our financing arrangements and our ability to renew or refinance such financing arrangements;\n\n•\nlocal, regional, national, and international economic and credit market conditions;\n\n•\nlegislative changes to LIHTCs issued in accordance with Section 42 of the IRC and certain tax credit recapture events;\n\n•\ngeographic concentration of properties related to our investments;\n\n•\nchanges in the U.S. corporate tax code and other government regulations affecting our business.; and\n\n•\nrisks related to the development and use of artificial intelligence (AI).\n\n \n\n \n\nOther risks, uncertainties and factors could cause our actual results to differ materially from those projected in any forward-looking statements we make. We are not obligated to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.\n\nAll references to “we,” “us,” “our” and the “Partnership” in this Report mean Greystone Housing Impact Investors LP, its wholly owned subsidiaries and our consolidated VIEs. See Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of this Report for additional details.\n\n \n\n \n\nPART I - FINANCIAL INFORMATION"}