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GREYSTONE HOUSING IMPACT INVESTORS LP Supplemental Financial Report for the Quarter Ended June 30 , 2026 © 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 . GHI LISTED NYSE
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 2 Partnership Financial Information TABLE OF CONTENTS 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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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 3 Letter from the CEO I am pleased to report Greystone Housing Impact Investors LP’soperating results for the second quarter of 2026. We reported the following financial results as of and for the three months ended June 30, 2026: • Net loss of $1.52 million or $0.11 per Beneficial Unit Certificate (“BUC”),basic and diluted • Cash Available for Distribution (“CAD”)of $2.43 million or $0.10 per BUC • Total assets of $1.39 billion • Total Mortgage Revenue Bond (“MRB”)and Governmental Issuer Loan (“GIL”)investments of $927.5 million We reported the following notable transactions during the second quarter of 2026: • Advances and acquisitions on taxable MRB, GIL, and property loan investments totaled approximately $42.5 million. • Redemptions of GIL and taxable GIL investments totaled approximately $153.6 million. • Contributions to market-rate joint multifamily and seniors housing venture equity investments totaled approximately $4.2 million. In July 2026, the Partnership sold the Everett Pointe Apartments GIL and the Sandoval Flats property loan to the Construction Lending JV for principal proceeds of approximately $13.2 million. Additionally, the Partnership acquired and subsequently sold the Chapanoke Village GIL to the Construction Lending JV with a principal balance of $6.5 million. 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 June 30, 2026. • 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 $214,000 for the three months ended June 30, 2026. • Eight current market-rate joint venture equity investment properties and one seniors housing joint venture equity investment property have completed construction and one seniors housing joint venture equity investment property has commenced construction. Two market-rate joint venture equity investment properties are in the planning phase. In July 2026, the three Vantage properties located in Texas, Vantage at Hutto, Vantage at Fair Oaks, and Vantage at McKinney Falls, secured a new debt facility to refinance their original construction and bridge loans. As a result of the refinancing, the Partnership was released from its limited guaranty agreements associated with the Vantage at McKinney and Vantage at Hutto bridge loans.
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 4 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 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’sother lending platforms. The Partnership’snear-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’sshort-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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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 5 Second Quarter 2026 Fact Sheet PARTNERSHIP DETAILS 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. (As of June 30, 2026) Symbol (NYSE) GHI BUC Price $ $5.80 BUCs Outstanding (including Restricted Units) 23,562,510 Market Capitalization $ $136,662,558 52-week BUC price range $4.71 to $12.00 Partnership Financial Information for Q2 2026 ($’sin 000’s,except per BUC amounts) 6/30/2026 12/31/2025 Total Assets $1,386,637 $1,502,887 Leverage Ratio (1) 74% 75% Q2 2026 YTD 2026 Total Revenues $21,186 $42,971 Net Income (loss) $(1,523) $(196) Cash Available for Distribution (“CAD”)(2) $2,435 $5,486 (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’soperating 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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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 6 Operating Results Summary (Dollar amounts in thousands, except per BUC information) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Total revenues $ 21,185 $ 22,804 $ 42,971 $ 47,127 Total expenses (19,590) (29,011) (37,340) (49,946) Gain on deed in lieu of foreclosures 23 - 2,242 - Gain on sale of investments in unconsolidated entities 17 196 17 201 Earnings (losses) from investments in unconsolidated entities (3,161) (2,247) (8,091) (3,240) Income tax benefit 3 3 5 6 Net loss $ (1,523) $ (8,255) $ (196) $ (5,852) Per BUC operating metrics: Net income $ (0.11) $ (0.40) $ (0.11) $ (0.34) Cash available for distribution $ 0.10 $ 0.23 $ 0.24 $ 0.53 Per BUC distribution information: Cash distributions declared $ 0.14 $ 0.30 $ 0.28 $ 0.67 Weighted average BUCs outstanding 23,266,619 23,171,226 23,266,619 23,171,226 BUCs outstanding, end of period 23,266,619 23,171,226 23,266,619 23,171,226
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 7 Asset Profile (Dollar amounts in thousands)
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 8 Mortgage Investments to Total Assets Profile (Dollar amounts in thousands) (1) 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’sMortgage 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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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 9 Debt and Equity Profile (Dollar amounts in thousands)
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 10 Debt Financing (Dollar amounts in thousands) (1) 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. (2) 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. (3) Approximately one-quarter of this amount relates to investment assets with maturity dates of December 2026, so long-term interest rate risk is minimal.
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 11 Debt Investments Activity (1) (Dollar amounts in thousands) Quarterly Activity Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Investment Purchases $ 47,376 $ 27,552 $ 39,249 $ 8,458 $ 42,838 Sales and Redemptions (72,581) (30,757) (13,865) (4,650) (155,457) Net Investment Activity (25,205) (3,205) 25,384 3,808 (112,619) Net Debt (Proceeds) Repayment 34,181 9,454 (23,799) (1,369) 95,561 Net Capital Deployed $ 8,976 $ 6,249 $ 1,585 $ 2,439 $ (17,058) (1) 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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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 12 Market-Rate JV Equity Investments Activity (Dollar amounts in thousands) Quarterly Activity Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 JV Equity Contributions $ 3,095 $ 331 $ 7,577 $ 12,555 $ 4,221 Return of JV Equity Contributions (12,901) - (4,445) - - Net Investment Activity (9,805) 331 3,132 12,555 4,221 Net Debt (Proceeds) Repayment 7,000 2,500 (9,500) - - Net Capital Deployed $ (2,805) $ 2,831 $ (6,368) $ 12,555 $ 4,221
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 13 Net Book Value Waterfall 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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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 14 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. Description - 100 basis points - 50 basis points + 50 basis points + 100 basis points + 200 basis points TOB Debt Financings $ 2,901,099 $ 1,450,550 $ (1,450,550) $ (2,901,099) $ (5,802,198) Other Financings & Derivatives (1,374,868) (687,434) 687,434 1,374,868 2,749,736 Variable Rate Investments (489,250) (244,625) 244,625 489,250 978,500 Net Interest Income Impact $ 1,036,981 $ 518,491 $ (518,491) $ (1,036,981) $ (2,073,962) Per BUC Impact (1) $ 0.045 $ 0.022 $ (0.022) $ (0.045) $ (0.089) (1) The net interest income impact per BUC calculated based on 23,266,619 BUCs outstanding as of June 30, 2026.
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 15 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’sBUCs on Schedule K-1 for tax years 2023 to 2025. This disclosure relates only to income allocated to the Partnership’sBUCs and does not consider an individual unitholder’sbasis 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’sspecific 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. 2025(1) 2024(1) 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% (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’sJV 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’sSchedule K-1. The rules around UBTI are complex, so please consult your tax advisor.
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 16 Appendices
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 17 Operating Results Detail (Dollar amounts in thousands, except per BUC information) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Revenues: Investment income 14,711 $ 20,038 $ 31,150 $ 41,114 Other interest income 3,216 2,558 6,339 4,846 Property revenues 2,079 - 3,528 - Contingent interest income - 208 - 208 Other income 1,179 - 1,954 959 Total revenues 21,185 22,804 42,971 47,127 Expenses: Real estate operating 1,343 - 2,171 - Provision for credit losses (373) 9,053 (2,450) 8,881 Depreciation and amortization 3,272 3 6,019 6 Interest expense 13,387 13,901 26,555 27,398 Net result from derivative transactions (2,081) 1,379 (3,646) 4,415 General and administrative 4,042 4,675 8,691 9,246 Total expenses 19,590 29,011 37,340 49,946 Other Income: Gain on deed in lieu of foreclosures 23 - 2,242 - Gain on sale of investments in unconsolidated entities 17 196 17 201 Earnings (losses) from investments in unconsolidated entities (3,161) (2,247) (8,091) (3,240) Loss before income taxes (1,526) (8,258) (201) (5,858) Income tax benefit (3) (3) (5) (6) Net loss (1,523) (8,255) (196) (5,852) Redeemable preferred unit distributions and accretion (1,101) (1,030) (2,204) (1,790) Net loss available to partners (2,624) $ (9,285) $ (2,400) $ (7,642) Net income (loss) available to partners allocated to: General partner (22) $ (4) $ (20) $ 12 Limited partners - BUCs (2,643) (9,357) (2,463) (7,788) Limited partners - Restricted units 41 76 83 134 Net loss available to partners (2,624) $ (9,285) $ (2,400) $ (7,642)
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 18 Cash Available for Distribution (1) (Dollar amounts in thousands, except per BUC information) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net loss $ (1,523) $ (8,255) $ (196) $ (5,852) Unrealized (gains) losses on derivatives, net (1,866) 2,143 (3,411) 6,026 Depreciation and amortization 3,273 3 6,019 6 Provision for credit losses (373) 9,053 (2,450) 8,881 Reversal of gain on deed in lieu of foreclosures (23) - (2,242) - Amortization of deferred financing costs 431 387 920 769 Restricted unit compensation expense 398 505 792 739 Deferred income taxes (1) (1) - - Redeemable Preferred Unit distributions and accretion (1,102) (1,030) (2,203) (1,790) Tier 2 Income allocable to the General Partner (4) (93) (4) (93) Recovery of prior credit loss (12) 79 (23) 62 Bond premium, discount and amortization, net of cash received 56 238 155 263 (Earnings) losses from investments in unconsolidated entities 3,181 2,217 8,129 3,210 Total Cash Available for Distribution $ 2,435 $ 5,246 $ 5,486 $ 12,221 Weighted average number of BUCs outstanding, basic 23,266,619 23,171,226 23,266,619 23,171,226 Net loss per BUC, basic $ (0.11) $ (0.40) $ (0.11) $ (0.34) Total CAD per BUC, basic $ 0.10 $ 0.23 $ 0.24 $ 0.53 Cash Distributions declared, per BUC $ 0.14 $ 0.30 $ 0.28 $ 0.67 (1) See the Important Disclosure Notices in the Appendices for important information regarding non-GAAP measures.
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 19 Balance Sheet Summary (Dollar amounts in thousands, except per BUC information) 12/31/2023 12/31/2024 12/31/2025 3/31/2026 6/30/2026 Assets: Cash $ 37,918 $ 14,703 $ 39,502 $ 20,628 $ 30,913 Restricted cash 9,816 16,603 15,384 11,781 10,595 Interest receivable 8,266 7,446 7,277 7,024 6,530 Mortgage revenue bonds, at fair value 930,676 1,026,484 1,007,904 889,693 890,981 Governmental issuer loans, net 221,653 225,164 138,149 138,194 36,500 Property loans, net 120,508 55,135 50,122 50,142 52,465 Investments in unconsolidated entities 136,653 179,410 146,300 154,347 156,347 Real estate assets, net 4,716 4,906 3,623 111,574 110,976 Other assets 43,195 49,849 94,627 103,600 91,330 Total assets $ 1,513,401 $ 1,579,700 $ 1,502,888 $ 1,486,983 $ 1,386,637 Liabilities Accounts payable, accrued expenses and other liabilities $ 22,958 $ 23,481 $ 21,134 $ 18,185 $ 15,429 Distribution payable 8,584 8,997 5,947 3,332 3,336 Secured lines of credit 33,400 68,852 80,850 89,950 95,800 Debt financing, net 1,015,030 1,093,273 1,015,095 923,705 822,458 Mortgages payable, net 1,690 1,664 232 83,284 83,419 Total liabilities 1,081,662 1,196,267 1,123,258 1,118,456 1,020,442 Redeemable preferred units 82,432 77,406 102,411 102,417 102,423 Partners' capital 349,307 306,027 277,219 266,110 263,772 Total liabilities and partners' capital $ 1,513,401 $ 1,579,700 $ 1,502,888 $ 1,486,983 $ 1,386,637 Net book value per BUC(1) $ 15.17 $ 13.15 $ 11.77 $ 11.30 $ 11.20 (1) Based on total BUCs and unvested restricted unit awards outstanding as of each date presented.
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 20 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 “Item1A 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’sconsolidated 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’sreports on Forms 10-K and 10-Q. The Partnership’sannual 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’sfilings at www.sec.gov.
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Supplemental Financial Report for the Quarter Ended June 30, 2026 © 2026 Greystone & Co. II LLC 21 Other Partnership Information 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 800-937-5449 K-1 Services Email: ghiK1s@greyco.com Ticker Symbol (NYSE): GHI 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: (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: Kenneth C. Rogozinski Chief Executive Officer Eric R. Nielsen Interim Chief Financial Officer