Supplemental Financial Report for the

Quarter Ended December 31, 2023

©2024 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.

Supplemental Financial Report for the Quarter Ended December 31, 2023

Partnership Financial Information

TABLE OF CONTENTS

Letter from the CEO

3

Quarterly Fact Sheet

5

Financial Performance Information

6

Appendices

18

Important Disclosure Notices

22

Other Partnership Information

24

© 2024 Greystone & Co. II LLC

2

Supplemental Financial Report for the Quarter Ended December 31, 2023

Letter from the CEO

I am pleased to report Greystone Housing Impact Investors LP's operating results for the fourth quarter of 2023. We reported the following financial results as of and for the three months ended December 31, 2023:

•
Total revenues of $25.2 million
•
Net income of $0.24 per Beneficial Unit Certificate ("BUC"), basic and diluted
•
Cash Available for Distribution ("CAD") of $0.27 per BUC
•
Total assets of $1.51 billion
•
Total Mortgage Revenue Bond ("MRB") and Governmental Issuer Loan ("GIL") investments of $1.2 billion

We reported the following notable transactions during the fourth quarter of 2023:

•
Advanced funds on MRB and taxable MRB investments totaling $24.6 million.
•
Advanced funds on GIL and property loan investments totaling $25.3 million.
•
Advanced funds to joint venture equity investments totaling $16.1 million, which includes funds advanced to two new joint venture equity investments, Freestone Greenville and Freestone Ladera.
•
Sold the Suites on Paseo MF Property for gross proceeds of $40.7 million and a reported gain on sale of $10.4 million.
•
Freddie Mac executed the forward purchase of one GIL investment during the quarter. Our GIL and property loan investments totaling $53.4 million associated with construction financing of an affordable multifamily project were settled in full at par plus accrued interest.
•
Completed a new secured financing transaction (the "TEBS Residual Financing") secured by our residual interests in three Freddie Mac Tax Exempt Bond Securitization financings ("TEBS Financings") for gross proceeds of $61.5 million with most of the funds used to pay down existing variable-rate corporate debt with a higher interest rate and a shorter maturity.
•
Received TOB trust financing proceeds totaling $34.0 million as leverage on various investment fundings.

We continue to strategically invest in the affordable multifamily MRB and GIL asset classes where we believe we can earn attractive leveraged returns. We also continue to see consistent operating results from the properties underlying our affordable multifamily MRBs and GILs, with all such investments being current on contractual principal and interest payments as of December 31, 2023.

© 2024 Greystone & Co. II LLC

3

Supplemental Financial Report for the Quarter Ended December 31, 2023

Other highlights of our investment portfolio include the following:

•
We continue to execute on our hedging strategy, primarily through interest rate swaps, to reduce the impact of recently volatile market interest rates. We received net payments under our interest rate swap portfolio of approximately $1.9 million and $6.0 million during the three months and year ended December 31, 2023, respectively.
•
Two joint venture equity investment properties have stabilized operations and two additional properties have begun leasing activities as of December 31, 2023. In addition, two properties began leasing activities in February 2024. Seven of our joint venture equity investments are currently under construction or in development, with none having experienced material supply chain disruptions for either construction materials or labor to date.

In addition, we issued 2,250,000 Series B Preferred Units to date in 2024. We issued 1,750,000 Series B Preferred Units, with a stated value of $17.5 million, to a financial institution in exchange for 1,750,000 previously outstanding Series A Preferred Units. We also issued 500,000 Series B Preferred Units to a new institutional investor for gross proceeds of $5.0 million. The Series B Preferred Units are non-cumulative, non-convertible, and non-voting units of limited partnership interests in the Partnership with an annual distribution rate of 5.75%, which is an attractive cost of capital for the Partnership. The earliest potential redemption date for the newly issued Series B Preferred Units is early 2030, with certain exceptions.

We have noticed traditional bank lenders are offering less credit or imposing more restrictive terms on borrowers, creating new opportunities for us to pursue beyond our traditional pipeline. We will continue to strategically work with strong sponsors on new investment opportunities where traditional sources of capital may not currently be available. We will also continue to seek to develop new relationships, particularly with those sponsors that are existing clients of Greystone and its affiliates.

Thank you for your continued support of Greystone Housing Impact Investors LP!

Kenneth C. Rogozinski

Chief Executive Officer

© 2024 Greystone & Co. II LLC

4

Supplemental Financial Report for the Quarter Ended December 31, 2023

Fourth Quarter 2023 Fact Sheet

PARTNERSHIP DETAILS

Greystone Housing Impact Investors LP was formed for the primary purpose of acquiring a portfolio of MRBs that are issued to provide construction and/or permanent financing of affordable multifamily residential and commercial properties. We also invest in GILs, which are similar to MRBs, to provide construction 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 may 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 December 31, 2023)

Symbol (NYSE)

GHI

Most Recent Quarterly Distribution per BUC (1)

$

0.44

BUC Price

$

16.79

Year to Date Annualized Yield (2)

10.1%

BUCs Outstanding

22,897,187

Market Capitalization

$

$384,443,770

52-week BUC price range

$14.56 to $19.28

Partnership Financial Information for Q4 2023

($'s in 000's, except per BUC amounts)

12/31/2023

12/31/2022

Total Assets

$1,513,401

$1,567,130

Leverage Ratio (3)

72%

73%

Q4 2023

YTD 2023

Total Revenue

$25,185

$104,901

Net Income

$6,204

$54,012

Cash Available for Distribution ("CAD") (4)

$6,184

$44,137

Cash Distributions declared, per BUC (1)

$0.368

$1.466

BUCs Distributions declared, per BUC (1)

$0.070

$0.208

(1)
The distribution was paid on January 31, 2024 for BUC holders of record as of December 29, 2023. The distribution is payable to BUC holders of record as of the last business day of the quarter and GHI trades ex-dividend one day prior to the record date, with a payable date of the last business day of the subsequent month. The distribution includes the regular quarterly cash distribution of $0.37 per outstanding BUC and a supplemental distribution payable in the form of additional BUCs equal to $0.07 per BUC. The supplemental BUCs Distribution was paid at a ratio of 0.00415 BUCs for each issued and outstanding BUC as of the record date. The amounts above have been retroactively adjusted to reflect the BUCs distribution as of the beginning of the periods presented.
(2)
The annualized yield calculation is based on year-to-date distributions declared of $1.69 per BUC.
(3)
Our overall leverage ratio is calculated as total outstanding debt divided by total assets using cost adjusted for paydowns and allowances for MRBs, Governmental Issuer Loans, property loans, taxable MRBs and taxable GILs, and initial cost for deferred financing costs and real estate assets.
(4)
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 20 of this report.

© 2024 Greystone & Co. II LLC

5

Supplemental Financial Report for the Quarter Ended December 31, 2023

Operating Results Summary

(Dollar amounts in thousands, except per BUC information)

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Total revenues

$

22,030

$

24,938

$

28,303

$

26,474

$

25,185

Total expenses

(19,001

)

(23,506

)

(14,343

)

(16,771

)

(29,327

)

Gain on sale of real estate assets

-

-

-

-

10,363

Gain on sale of investments in unconsolidated entities

141

15,367

7,326

32

-

Earnings (losses) from investments in unconsolidated entities

-

-

-

-

(18

)

Income tax (expense) benefit

5

(7

)

1

(6

)

1

Net income

$

3,175

$

16,792

$

21,287

$

9,729

$

6,204

Per BUC operating metrics(1):

Net income

$

0.09

$

0.60

$

0.85

$

0.39

$

0.24

Cash available for distribution

$

0.15

$

0.81

$

0.62

$

0.25

$

0.27

Per BUC distribution information(1):

Cash distributions declared

$

0.47

$

0.37

$

0.37

$

0.37

$

0.37

BUC distributions declared

0.20

-

0.07

0.07

0.07

Total distributions declared

$

0.67

$

0.37

$

0.44

$

0.44

$

0.44

Weighted average BUCs outstanding

22,501,386

22,538,928

22,639,852

22,734,412

22,852,500

BUCs outstanding, end of period

22,539,029

22,538,878

22,639,852

22,734,375

22,897,187

(1)
Per BUC metrics are presented as initially reported and have not been retrospectively adjusted for subsequent distributions payable in the form of additional BUCs.

© 2024 Greystone & Co. II LLC

6

Supplemental Financial Report for the Quarter Ended December 31, 2023

Asset Profile

(Dollar amounts in thousands)

© 2024 Greystone & Co. II LLC

7

Supplemental Financial Report for the Quarter Ended December 31, 2023

Mortgage Investments to Total Assets Profile

(Dollar amounts in thousands)

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 lien with the Governmental Issuer Loans.

© 2024 Greystone & Co. II LLC

8

Supplemental Financial Report for the Quarter Ended December 31, 2023

Debt and Equity Profile

(Dollar amounts in thousands)

© 2024 Greystone & Co. II LLC

9

Supplemental Financial Report for the Quarter Ended December 31, 2023

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.

© 2024 Greystone & Co. II LLC

10

Supplemental Financial Report for the Quarter Ended December 31, 2023

Debt Investments Activity

(Dollar amounts in thousands)

Quarterly Activity

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Investment Purchases

$

163,546

$

90,747

$

88,552

$

46,525

$

50,121

Sales and Redemptions

(7,779

)

(31,622

)

(65,511

)

(126,121

)

(57,293

)

Net Investment Activity

155,767

59,125

23,041

(79,596

)

(7,172

)

Net Debt (Proceeds) Repayment

(120,394

)

(35,595

)

(16,330

)

68,749

18,007

Net Capital Deployed

$

35,373

$

23,530

$

6,711

$

(10,847

)

$

10,835

© 2024 Greystone & Co. II LLC

11

Supplemental Financial Report for the Quarter Ended December 31, 2023

JV Equity Investments Activity

(Dollar amounts in thousands)

Quarterly Activity

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

JV Equity Contributions

$

10,912

$

5,698

$

3,744

$

10,194

$

16,104

Return of JV Equity Contributions

(95

)

(12,283

)

(9,024

)

-

-

Net JV Equity Activity

$

10,817

$

(6,585

)

$

(5,280

)

$

10,194

$

16,104

© 2024 Greystone & Co. II LLC

12

Supplemental Financial Report for the Quarter Ended December 31, 2023

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. Numbers may not sum due to rounding.

© 2024 Greystone & Co. II LLC

13

Supplemental Financial Report for the Quarter Ended December 31, 2023

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 non-cash derivative fair value adjustments in determining the net interest income impact.

Description

- 25 basis points

+ 50 basis points

+ 100 basis points

+ 150 basis points

+ 200 basis points

TOB Debt Financings

$

1,121,527

$

(2,243,054

)

$

(4,486,107

)

$

(6,729,161

)

$

(8,972,215

)

TEBS Debt Financings

67,673

(135,347

)

(270,693

)

(406,040

)

(541,386

)

Other Financings & Derivatives

(697,003

)

1,394,006

2,788,011

4,182,017

5,576,022

Variable Rate Investments

(383,427

)

766,854

1,533,708

2,300,562

3,067,416

Net Interest Income Impact

$

108,770

$

(217,541

)

$

(435,081

)

$

(652,622

)

$

(870,163

)

Per BUC Impact (1)

$

0.005

$

(0.010

)

$

(0.019

)

$

(0.029

)

$

(0.038

)

(1)
The net interest income impact per BUC calculated based on 22,897,187 BUCs outstanding as of December 31, 2023.

© 2024 Greystone & Co. II LLC

14

Supplemental Financial Report for the Quarter Ended December 31, 2023

Total Revenue & Gain on Sale Trends

(Dollar amounts in thousands)

© 2024 Greystone & Co. II LLC

15

Supplemental Financial Report for the Quarter Ended December 31, 2023

Operating Expense Trends

(Dollar amounts in thousands)

(1)
This Item includes fair value adjustments to the Partnership's interest rate derivative instruments that are non-cash income (expense) in the period reported.

Since January 1, 2022, the sum of "Salaries and benefits" and "General and administrative" expenses as a percentage of Total Assets has

averaged approximately 0.28% per quarter.

© 2024 Greystone & Co. II LLC

16

Supplemental Financial Report for the Quarter Ended December 31, 2023

Tax Income Information Related to Beneficial Unit Certificates

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 2021 to 2023. 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.

2023

2022

2021

Tax-exempt income

40

%

25

%

32

%

Taxable income

60

%

75

%

68

%

100

%

100

%

100

%

Unrelated Business Taxable Income

In recent years, the Partnership has generated little to no Unrelated Business Taxable Income ("UBTI") for BUC unitholders. For tax years 2021 to 2023, the Partnership generated a net loss from activities considered to be UBTI as reported on investor Schedule K-1s. The rules around UBTI are complex, so please consult your tax advisor.

© 2024 Greystone & Co. II LLC

17

Supplemental Financial Report for the Quarter Ended December 31, 2023

Appendices

© 2024 Greystone & Co. II LLC

18

Supplemental Financial Report for the Quarter Ended December 31, 2023

Operating Results Detail

(Dollar amounts in thousands, except per BUC information)

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Revenues:

Investment income

$

16,550

$

19,303

$

22,416

$

20,537

$

20,010

Property revenues

2,070

1,226

1,108

1,199

1,035

Other interest income

3,410

4,409

4,646

4,621

4,079

Other income

-

-

133

117

61

Total revenues

22,030

24,938

28,303

26,474

25,185

Expenses:

Real estate operating (exclusive of items shown below)

1,174

602

615

874

573

Provision for credit losses

-

(545

)

(774

)

(562

)

(466

)

Depreciation and amortization

661

405

405

413

314

Interest expense

14,119

16,688

17,602

17,926

16,849

Net result from derivative transactions

(2,405

)

1,283

(8,614

)

(7,209

)

7,168

General and administrative

5,452

5,073

5,109

5,329

4,889

Total expenses

19,001

23,506

14,343

16,771

29,327

Other Income:

Gain on sale of real estate assets

-

-

-

-

10,363

Gain on sale of investments in unconsolidated entities

141

15,367

7,326

32

-

Earnings (losses) from investments in unconsolidated entities

-

-

-

-

(18

)

Income before income taxes

3,170

16,799

21,286

9,735

6,203

Income tax expense (benefit)

(5

)

7

(1

)

6

(1

)

Net income

3,175

16,792

21,287

9,729

6,204

Redeemable preferred unit distributions and accretion

(716

)

(747

)

(799

)

(700

)

(623

)

Net income available to partners

$

2,459

$

16,045

$

20,488

$

9,029

$

5,581

Net income available to partners allocated to:

General partner

$

360

$

2,479

$

1,010

$

25

$

75

Limited partners - BUCs

2,063

13,491

19,324

8,922

5,472

Limited partners - Restricted units

36

75

154

82

34

Net income available to partners

$

2,459

$

16,045

$

20,488

$

9,029

$

5,581

© 2024 Greystone & Co. II LLC

19

Supplemental Financial Report for the Quarter Ended December 31, 2023

Cash Available for Distribution(1)

(Dollar amounts in thousands, except per BUC information)

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Net income

$

3,175

$

16,792

$

21,287

$

9,729

$

6,204

Unrealized (gains) losses on derivatives, net

(660

)

3,436

(6,020

)

(4,237

)

9,994

Depreciation and amortization expense

661

405

405

413

314

Provision for credit losses

-

(545

)

(774

)

(562

)

(466

)

Reversal of gain on sale of real estate assets

-

-

-

-

(10,363

)

Amortization of deferred financing costs

611

1,006

392

353

710

Restricted unit compensation expense

612

350

587

603

473

Deferred income taxes

4

(1

)

(1

)

(1

)

3

Redeemable Preferred Unit distributions and accretion

(716

)

(747

)

(799

)

(700

)

(623

)

Tier 2 Income allocable to the General Partner

(337

)

(2,415

)

(878

)

65

(19

)

Recovery of prior credit loss

(17

)

(17

)

(17

)

(17

)

(17

)

Bond premium, discount and amortization, net of cash received

(51

)

(47

)

(47

)

(45

)

(43

)

(Earnings) losses from investments in unconsolidated entities

-

-

-

-

18

Total Cash Available for Distribution

$

3,282

$

18,217

$

14,135

$

5,601

$

6,185

Weighted average number of BUCs outstanding, basic

22,501,386

22,538,928

22,639,852

22,734,412

22,852,500

Net income per BUC, basic

$

0.09

$

0.60

$

0.85

$

0.39

$

0.24

Total CAD per BUC, basic

$

0.15

$

0.81

$

0.62

$

0.25

$

0.27

Cash Distributions declared, per BUC

$

0.47

$

0.37

$

0.37

$

0.37

$

0.37

BUCs Distributions declared, per BUC (2)

$

0.20

$

-

$

0.07

$

0.07

$

0.07

Trailing five quarter totals:

Net income per BUC, basic

$

2.18

Total CAD per BUC, basic

$

2.10

Cash Distributions declared, per BUC

$

1.94

BUCs Distributions declared, per BUC

$

0.41

(1)
See the Important Disclosure Notices in the Appendices for important information regarding non-GAAP measures. Per BUC metrics are presented as initially reported and have not been retrospectively adjusted for future distributions payable in the form of additional BUCs.
(2)
See the Important Disclosure Notices in the Appendices for information regarding the BUCs distributions declared.

© 2024 Greystone & Co. II LLC

20

Supplemental Financial Report for the Quarter Ended December 31, 2023

Balance Sheet Summary

(Dollar amounts in thousands, except per BUC information)

12/31/2022

3/31/2023

6/30/2023

9/30/2023

12/31/2023

Assets:

Cash

$

51,188

$

52,105

$

59,246

$

58,918

$

37,918

Restricted cash

41,449

36,213

45,765

47,908

9,816

Interest receivable

11,628

14,615

10,315

8,712

8,266

Mortgage revenue bonds, at fair value

799,409

867,384

905,964

859,046

930,676

Governmental issuer loans, net

300,230

315,528

302,173

254,378

221,653

Property loans, net

175,110

162,781

142,903

115,432

120,508

Investments in unconsolidated entities

115,791

111,135

106,296

118,525

136,653

Real estate assets, net

36,550

35,673

35,563

35,272

4,716

Other assets

35,775

37,236

48,458

48,140

43,195

Total assets

$

1,567,130

$

1,632,670

$

1,656,683

$

1,546,331

$

1,513,401

Liabilities

Accounts payable, accrued expenses and other liabilities

$

21,734

$

23,408

$

22,468

$

23,622

$

22,958

Distribution payable

10,900

10,835

9,322

8,481

8,584

Secured lines of credit

55,500

6,500

12,500

16,500

33,400

Debt financing, net

1,058,903

1,143,735

1,154,030

1,081,410

1,015,030

Mortgages payable, net

1,690

1,690

1,690

26,513

1,690

Total liabilities

1,148,727

1,186,168

1,200,010

1,156,526

1,081,662

Redeemable preferred units

94,447

102,430

112,421

92,428

82,432

Partners' capital

323,956

344,072

344,252

297,377

349,307

Total liabilities and partners' capital

$

1,567,130

$

1,632,670

$

1,656,683

$

1,546,331

$

1,513,401

Net book value per BUC

$

14.31

$

15.12

$

15.06

$

12.97

$

15.17

© 2024 Greystone & Co. II LLC

21

Supplemental Financial Report for the Quarter Ended December 31, 2023

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 2023 Annual Report on Form 10-K for the year ended December 31, 2023. 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 February 22, 2024.

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.

Other Information

On September 14, 2022, the Partnership declared a supplemental distribution payable in the form of additional BUCs equal to $0.20 per BUC (the "Third Quarter 2022 BUCs Distribution"). The Third Quarter 2022 BUCs Distribution was paid at a ratio of 0.01044 BUCs for each issued and outstanding BUC as of the record date of September 30, 2022, which represents an amount per BUC based on the closing price of the BUCs on the Nasdaq Stock Market LLC on September 13, 2022. The Third Quarter 2022 BUCs Distribution was completed on October 31, 2022.

© 2024 Greystone & Co. II LLC

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Supplemental Financial Report for the Quarter Ended December 31, 2023

On December 19, 2022, the Partnership declared a supplemental distribution payable in the form of additional BUCs equal to $0.20 per BUC (the "Fourth Quarter 2022 BUCs Distribution"). The Fourth Quarter 2022 BUCs Distribution was paid at a ratio of 0.0105 BUCs for each issued and outstanding BUC as of the record date of December 30, 2022, which represents an amount per BUC based on the closing price of the BUCs on the New York Stock Exchange ("NYSE") on December 16, 2022. The Fourth Quarter 2022 BUCs Distribution was completed on January 31, 2023.

On June 14, 2023, the Partnership declared a supplemental distribution payable in the form of additional BUCs equal to $0.07 per BUC (the "Second Quarter 2023 BUCs Distribution"). The Second Quarter 2023 BUCs Distribution was paid at a ratio of 0.00448 BUCs for each issued and outstanding BUC as of the record date of June 30, 2023, which represents an amount per BUC based on the closing price of the BUCs on the NYSE on June 13, 2023. The Second Quarter 2023 BUCs Distribution was completed on July 31, 2023.

On September 13, 2023, the Partnership declared a supplemental distribution payable in the form of additional BUCs equal to $0.07 per BUC (the "Third Quarter 2023 BUCs Distribution"). The Third Quarter 2023 BUCs Distribution was paid at a ratio of 0.00418 BUCs for each issued and outstanding BUC as of the record date of September 29, 2023, which represents an amount per BUC based on the closing price of the BUCs on the NYSE on September 12, 2023. The Third Quarter 2023 BUCs Distribution was completed on October 31, 2023.

On December 13, 2023, the Partnership declared a supplemental distribution payable in the form of additional BUCs equal to $0.07 per BUC (the "Fourth Quarter 2023 BUCs Distribution", collectively with the Third Quarter 2022 BUCs Distribution, the Fourth Quarter 2022 BUCs Distribution, the Second Quarter 2023 BUCs Distribution, and the Third Quarter 2023 BUCs Distribution, the "BUCs Distributions"). The Fourth Quarter 2023 BUCs Distribution was paid at a ratio of 0.00415 BUCs for each issued and outstanding BUC as of the record date of December 29, 2023, which represents an amount per BUC based on the closing price of the BUCs on the NYSE on December 12, 2023. The Fourth Quarter 2023 BUCs Distribution was completed on January 31, 2024.

There were no fractional BUCs issued in connection with the BUCs Distributions. All fractional BUCs resulting from the BUCs Distributions received cash for such fraction based on the market value of the BUCs on the record date.

Unless noted otherwise herein, the BUCs Distributions have been applied retroactively to all net income per BUC, distributions per BUC and similar per BUC disclosures for all periods indicated in this supplemental financial report.

© 2024 Greystone & Co. II LLC

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Supplemental Financial Report for the Quarter Ended December 31, 2023

Other Partnership Information

Corporate Office:

Transfer Agent:

14301 FNB Parkway

American Stock Transfer & Trust Company

Suite 211

59 Maiden Lane

Omaha, NE 68154

Plaza Level

Phone:

402-952-1235

New York, NY 10038

Investor & K-1 Services:

855-428-2951

Phone: 718-921-8124

Web Site:

www.ghiinvestors.com

888-991-9902

K-1 Services Email:

ghiK1s@greyco.com

Ticker Symbol (NYSE):

GHI

Corporate Counsel:

Independent Accountants:

Barnes & Thornburg LLP

PwC

11 S. Meridian Street

1 North Wacker Drive

Indianapolis, IN 46204

Chicago, Illinois 60606

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

Corporate Officers:

Kenneth C. Rogozinski

Chief Executive Officer

Jesse A. Coury

Chief Financial Officer

© 2024 Greystone & Co. II LLC

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Greystone Housing Impact Investors LP published this content on 04 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2024 22:35:22 UTC.