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Equity Residential for affordable housing

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Major Products/Services of Greystone Housing Impact Investors (GHI)

• Investment in Affordable Housing Bonds: GHI invests in tax-exempt and taxable mortgage revenue bonds and other debt instruments issued by state and local housing finance agencies to finance affordable multifamily housing properties.
• Low-Income Housing Tax Credit (LIHTC) Investments: GHI provides equity financing for the development and rehabilitation of affordable housing projects, primarily through investments that generate federal Low-Income Housing Tax Credits.
• Direct Mortgage Lending for Affordable Housing: GHI originates and acquires mortgage loans that are directly secured by affordable multifamily housing properties, providing capital to developers and owners.

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Greystone Housing Impact Investors (GHI) operates as an investor and lender primarily focused on the multifamily housing sector, particularly affordable housing. Their business involves providing financing through the origination and acquisition of long-term mortgage loans, as well as investments in mortgage revenue bonds and other debt financing products.

Therefore, GHI sells primarily to **other companies** rather than individuals.

GHI's major customers are **real estate developers and property owners/operators** who require capital to acquire, develop, or rehabilitate multifamily housing properties. These customers are typically:

• Private Real Estate Development Firms: Companies that specialize in the development, construction, and rehabilitation of new or existing multifamily housing projects, often forming single-purpose entities for each project.
• Affordable Housing Sponsors and Operators: Organizations (which can be for-profit or non-profit entities) focused on owning, managing, and developing affordable housing communities, seeking financing for acquisitions, refinancing existing debt, or property improvements.
• Investment Funds and Partnerships: Entities that pool capital to invest in real estate, often requiring debt financing for their multifamily property portfolios.

It is important to note that GHI's business model involves lending to a diversified portfolio of these entities across various geographies and property types. Their borrowers are predominantly private development firms, limited partnerships, or special purpose entities established for specific projects. Consequently, GHI does not typically have a few large, publicly traded companies identified as "major customers" in the traditional sense. Therefore, it is not possible to list specific public company names with symbols as major customers for GHI.

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• Greystone AF Manager LLC (Private Company)
• Greystone & Co., Inc. (Private Company)

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Kenneth C. Rogozinski, Chief Executive Officer

Mr. Rogozinski has served as Chief Executive Officer of Greystone Housing Impact Investors LP since February 2021. He was the Partnership's Chief Investment Officer starting in September 2019. From February 2009 to September 2017, Mr. Rogozinski co-founded Dreadnought Capital Management Corporation, an SEC registered investment advisor, and served as its Co-Chief Executive Officer and Chief Credit Officer. At Dreadnought, he focused on direct lending and debt investing in public-private housing and project finance, overseeing more than $1.1 billion in deployed capital. Before that, he was an Executive Managing Director of Greystone Capital Advisors LLC from October 2017. His prior experience also includes roles as an Executive Director and Co-head of Municipal Structured Products at JP Morgan, Co-head of the Municipal Housing Group at Morgan Stanley, and a Vice President at Greystone, where he was responsible for securitization programs.

Jesse A. Coury, Chief Financial Officer

Mr. Coury was appointed Chief Financial Officer of Greystone Housing Impact Investors LP in February 2020. Previously, he served as the Partnership's Corporate Controller from 2017 until 2019. Prior to that, Mr. Coury was the Director of Internal Audit for Burlington Capital LLC in 2016 and an Assurance Manager at RSM US LLP from 2009 to 2015. He is a Certified Public Accountant (CPA).

Andy Grier, Senior Vice President

Mr. Grier is a Senior Vice President and an employee of Greystone. He held the same position with Burlington Capital LLC from 2005 to 2019. His past positions include Vice President of Investment Management at Wells Fargo and Investment Analyst at First National Bank of Omaha. Mr. Grier holds a Chartered Financial Analyst (CFA) designation.

Neil Bø, Managing Director

Mr. Bø is a Managing Director and an employee of Greystone. He held the same position with Burlington Capital LLC from 2015 to 2019. He is primarily responsible for developing and executing Social Impact investment products. From 2006 to 2015, Mr. Bø was a Managing Director of Pembrook Capital Management, LLC, an SEC registered investment adviser that managed commercial real estate private equity funds focused on debt strategies, where he developed investment products and led institutional and US Bank equity raising efforts. He was also with Meridian Investments from 1997 to 2006, leading a team that raised over $5 billion of institutional equity for various tax credits and CRA Investments, and was a Vice President at The Boston Financial Group.

Frank Bravo, Managing Director

Mr. Bravo is a Managing Director and an employee of Greystone. He previously served as the Community Lending Officer for First Republic Bank. With over 25 years of banking experience, he possesses an in-depth understanding of the Community Reinvestment Act (CRA), multifamily mortgage revenue bonds, and Low-Income Housing Tax Credit programs. Mr. Bravo also has over 20 years of experience in community and affordable housing development, economic development, and financing. Prior to First Republic Bank, he was the Director of Community Reinvestments for Rabobank, N.A.

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The key risks to Greystone Housing Impact Investors (GHI) are:

1. Municipal Bond Market Stress, Elevated Credit Expenses, and Rising Refinancing Costs: GHI's asset values and revenue growth are susceptible to stress in the municipal bond market, elevated credit expenses, and increasing refinancing costs, particularly in a high-interest-rate environment. This has recently led to loan underperformance, declining earnings, tightening spreads, and dividend cuts.
2. Soft Real Estate Market and Uneven Performance of Market-Rate Equity Investments: The company's earnings are vulnerable to local economic downturns due to its reliance on property rehabilitation and regional asset concentration. Furthermore, a soft real estate market has negatively impacted the profitability of its joint ventures focused on market-rate rental properties, leading to lower returns on sales compared to prior years and prompting a strategic shift away from these investments.
3. Interest Rate Risk and Access to Capital: GHI faces risks related to changes in interest rates and credit spreads, which can affect the yield on its investments versus its cost of financing. Its ability to access debt and equity capital for financing assets and to renew or refinance existing financing arrangements is also a critical risk.

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Greystone Housing Impact Investors LP (GHI) primarily focuses on acquiring, holding, selling, and dealing with a portfolio of mortgage revenue bonds (MRBs) used for financing affordable multifamily, student housing, seniors housing, and commercial properties. The company also operates within the broader multifamily housing sector and the municipal bond market in the United States.

Addressable Markets:

• Affordable Housing Market (United States): The affordable housing market in North America was valued at approximately USD 650.0 billion in 2024, with projections to reach USD 1,424.972 billion by 2032. There is also a reported shortage of more than 7.1 million rental homes affordable and available to extremely low-income renter households across the U.S.

• Multifamily Housing Market (United States): The United States multifamily market size was valued at USD 265 billion in 2022 and is projected to reach USD 466 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 7.31% from 2023 to 2030. Multifamily sales volume in the U.S. totaled $157.7 billion over the last 12 months as of May 2025. Investment sales volume increased to $30.0 billion in the first quarter of 2025.

• Municipal Bond Market (United States) - for Housing: Greystone Housing Impact Investors operates within the U.S. municipal bond market, specifically acquiring mortgage revenue bonds. In 2024, the total municipal bond issuance in the U.S. reached a record $513 billion. For single and multifamily housing specifically, tax-exempt municipal bond issuance accounted for $36.9 billion in 2024, with an additional $11.9 billion in taxable issuance. Estimates for total municipal bond issuance in 2025 generally hover around $500 billion.

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1. Strategic Shift to Tax-Exempt Mortgage Revenue Bonds (MRBs): GHI is actively reallocating capital from joint venture equity investments in market-rate multifamily properties to tax-exempt mortgage revenue bonds, particularly those associated with affordable multifamily and seniors housing. This strategic pivot aims to provide more stable earnings and a higher proportion of tax-exempt income to unitholders. The company anticipates increasingly stable earnings from this shift, as compared to the more uneven returns typically realized from joint venture equity investments upon property sales.
2. Expansion of Investment Portfolio through Existing Commitments and New Acquisitions: The company has outstanding future funding commitments for its debt investments (mortgage revenue bonds and governmental issuer loans) which will be funded over approximately the next 12 to 18 months, adding to its income-producing asset base. Furthermore, GHI intends to use proceeds from recent capital raises, such as the issuance of Series B preferred units in October 2025, to acquire additional investments and fund existing investment commitments.
3. Construction Lending Joint Venture with BlackRock: The establishment of a construction lending joint venture with BlackRock is expected to offer future tax-advantaged earnings and is highlighted as a strategic partnership for sustained growth. This venture also aligns with ongoing opportunities in affordable construction lending.
4. Opportunities in Seniors Housing and Skilled Nursing: GHI has referenced ongoing opportunities in seniors housing and skilled nursing, supported by Greystone's lending relationships. The company's adjusted investment strategy also explicitly includes focusing more on senior housing investments for stable returns.

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Capital Allocation Decisions (Last 3-5 Years) for Greystone Housing Impact Investors (GHI)

Share Repurchases

• Greystone Housing Impact Investors made share repurchases of $1.36 million on June 30, 2021.
• The company also repurchased $2.11 million in shares on March 31, 2020.

Share Issuance

• On October 9, 2025, Greystone Housing Impact Investors issued 500,000 Series B Preferred Units to a new institutional investor, generating $5.0 million in aggregate proceeds.
• The Series B units were issued under the Partnership's Form S-3 shelf, which authorizes up to 10,000,000 Series B Preferred Units.

Outbound Investments

• In Q3 2025, Greystone Housing Impact Investors' advances and acquisitions of Mortgage Revenue Bonds (MRB), taxable MRB, taxable Governmental Issuer Loans (GIL), and property loan investments totaled approximately $27.5 million.
• In Q2 2025, advances and acquisitions in MRB, taxable MRB, GIL, taxable GIL, and property loan investments totaled approximately $47.6 million.
• The company announced a strategic shift to reduce capital allocated to market-rate joint venture equity and redeploy proceeds primarily into tax-exempt MRB investments for more predictable returns.

Capital Expenditures

• Greystone Housing Impact Investors LP's capital expenditures for 2024 were $0.018 billion, $0.025 billion in 2023, $0.019 billion in 2022, $0.034 billion in 2021, and $0.015 billion in 2020.