Imagine a specialized investment fund, similar to how BlackRock manages funds that invest in various types of bonds and securities, but GHI's focus is specifically on acquiring and managing mortgage revenue bonds that finance housing projects, particularly affordable and student housing.

Think of GHI as a financier for housing projects, much like the commercial real estate division of a large bank such as JPMorgan Chase or Wells Fargo lends money for development, but GHI primarily does this by investing in specialized housing bonds.

• Mortgage Revenue Bond (MRB) Investments: The company acquires, holds, and sells mortgage revenue bonds that provide construction and permanent financing for various property types, including affordable multifamily, seniors and skilled nursing facilities, student housing, residential, and commercial properties.
• Direct Multifamily Property Investments: The company invests directly in multifamily properties.
• Market-Rate Joint Venture Investments: The company invests in market-rate properties through joint venture partnerships.
• Public Housing Capital Fund Trust Investments: The company invests in trusts designed to fund capital improvements for public housing.

Greystone Housing Impact Investors (GHI) is primarily an investment firm focused on acquiring, holding, and dealing in mortgage revenue bonds (MRBs). In this business model, GHI's revenue comes from the interest payments on the bonds it holds. Therefore, its "major customers" are the entities that issue these bonds and are responsible for these interest payments.

Given the nature of its business, GHI's customers are primarily other companies, governmental entities, and non-profit organizations rather than individuals. It is not feasible to list specific names of the numerous entities that issue the bonds GHI invests in, as these can vary widely and are typically not disclosed as individual "customer names" in public filings but rather by sector.

Based on the company description, the major categories of customers (bond issuers) that Greystone Housing Impact Investors serves are:

1. Governmental Housing Authorities and Agencies: State and local housing finance agencies (HFAs) and other governmental entities that issue mortgage revenue bonds to finance affordable multifamily housing, public housing initiatives, and other community development projects.

2. Private Real Estate Developers and Owners: Companies involved in the development, ownership, and operation of multifamily, student housing, residential, and commercial properties. These entities issue mortgage revenue bonds to secure construction and/or permanent financing for their projects.

3. Seniors Housing and Skilled Nursing Facility Operators: Private companies or non-profit organizations that own and operate seniors housing, assisted living, and skilled nursing facilities. These entities utilize mortgage revenue bonds for the financing of their properties.

Greystone AF Manager LLC

Kenneth C. Rogozinski, Chief Executive Officer

Kenneth C. Rogozinski serves as the Chief Executive Officer of Greystone Housing Impact Investors LP and is an employee of Greystone Manager. He was appointed CEO in January 2021 and has a tenure of 5.25 years. Before becoming CEO, he served as the Partnership's Chief Investment Officer starting in September 2019. Previously, from October 2017, Mr. Rogozinski was an Executive Managing Director of Greystone Capital Advisors LLC, where he oversaw originations, structured debt products, and complex financing solutions for real estate owners and developers. From February 2009 to September 2017, he 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, managing over $1.1 billion in deployed capital. He holds a Bachelor of Science degree in Finance from Fordham University and a Master of Business Administration degree from the Wharton School of the University of Pennsylvania.

Jesse A. Coury, Chief Financial Officer

Jesse A. Coury was appointed Chief Financial Officer of the Partnership in February 2020 and is an employee of Greystone Manager. Prior to this role, he was the Partnership's Corporate Controller from 2017 to 2019. In 2016, Mr. Coury served as the Director of Internal Audit for Burlington Capital LLC. He also worked as an Assurance Manager at RSM US LLP from 2009 to 2015. Mr. Coury earned his Bachelor of Arts in Accounting and Master of Accountancy degrees from the University of Notre Dame and is a Certified Public Accountant (CPA) licensed in Nebraska.

Andy Grier, Senior Vice President

Andy Grier is a Senior Vice President and an employee of Greystone. He previously held the same position with Burlington Capital LLC from 2005 to 2019. His past experience includes serving as Vice President of Investment Management at Wells Fargo and as an Investment Analyst at First National Bank of Omaha. Mr. Grier holds an MBA from the University of Nebraska at Omaha and a Bachelor of Science in Life Sciences and Finance from the University of Nebraska at Lincoln. He also holds a Chartered Financial Analyst (CFA) designation.

Frank Bravo, Managing Director

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

1. Interest Rate Risk: Greystone Housing Impact Investors LP is significantly exposed to fluctuations in short-term interest rates. Changes in interest rates can impact the cost of the company's financing arrangements, affect the valuation of its collateral and mortgage revenue bond investments, and influence the overall economic and credit market conditions for real estate. While the company employs hedging strategies, such as interest rate swaps, to mitigate this risk, these strategies may not fully offset adverse movements in interest rates. High interest rates can also make real estate less attractive, potentially slowing property sales within their joint venture portfolio.
2. Credit Risk and Performance of Underlying Properties: The company faces risks related to defaults on the mortgage loans that secure its mortgage revenue bonds (MRBs) and governmental issuer loans (GILs). The performance and viability of the multifamily, student, senior citizen residential, and commercial properties that the company invests in are crucial. Economic downturns, increased vacancies, or reduced rental income in the housing market can adversely affect the credit performance of these underlying properties and, consequently, the value of GHI's investment portfolio.
3. Market Risk Related to Real Estate Cycles and Joint Venture Investments: Greystone Housing Impact Investors LP's business, particularly its joint venture equity investments in market-rate multifamily properties, is susceptible to real estate market cycles. The ability to sell these properties quickly and at fair prices can be challenging in slow markets, which can lead to "lumpiness" in cash flow and impact the company's distributions. The company has indicated a strategy to reduce capital allocation to these market-rate joint venture equity investments, aiming for more stable investment earnings.

Greystone Housing Impact Investors LP (GHI) operates within several significant addressable markets in the United States, primarily focusing on real estate financing and investments. These markets include:

• Affordable Multifamily and Multifamily Properties (U.S.): The total outstanding commercial and multifamily mortgage debt in the U.S. reached $4.93 trillion in the third quarter of 2025. Multifamily mortgage debt alone accounted for $2.24 trillion of this total. In 2024, multifamily lending volume in the U.S. was $288.7 billion. State Housing Finance Agencies (HFAs) issued over $9.6 billion in multifamily housing bonds in 2020 to finance affordable rental homes. The broader U.S. home mortgage market, which encompasses multifamily properties, was valued at approximately $204.49 billion in 2024 and is projected to grow to $571.64 billion by 2033.
• Student Housing (U.S.): The U.S. student housing market size was estimated at $22.80 billion in 2025, with projections indicating growth to $24.56 billion in 2026 and $35.65 billion by 2031. The U.S. represented a significant portion of the North American student accommodation market, holding a 67.96% revenue share in 2025.
• Seniors and Skilled Nursing Housing (U.S.): The U.S. senior living market was valued at $943.90 billion in 2025 and is anticipated to reach $1.33 trillion by 2033. Another estimate places the U.S. senior living market size at $76.39 billion in 2026, projected to grow to $101.86 billion by 2031. Within this market, nursing care facilities accounted for 40.62% of the revenue in 2025. The U.S. Department of Housing and Urban Development (HUD) reported a fiscal year loan volume of nearly $6 billion in 2025 through its Section 232 Program, which supports seniors housing and healthcare.
• Commercial Properties (U.S.): The total outstanding commercial real estate (CRE) debt in the U.S. was $4.80 trillion through the second quarter of 2025. A broader estimation for the U.S. commercial real estate debt market indicates over $6 trillion in assets. The Real Estate Loans & Collateralized Debt industry in the U.S. is projected to have a market size (revenue) of $492.0 billion in 2026.

Greystone Housing Impact Investors LP (GHI) is focused on several key drivers to fuel its revenue growth over the next 2-3 years, primarily through a strategic shift in its investment portfolio and leveraging new partnerships:

1. Increased Investment in Tax-Exempt Mortgage Revenue Bonds (MRBs): The company is strategically reducing its exposure to volatile market-rate multifamily joint venture (JV) equity investments and reallocating capital towards high-quality, tax-exempt mortgage revenue bonds. This shift is expected to generate more stable, predictable, and tax-advantaged recurring earnings. GHI sees strong investment opportunities in traditional tax-exempt MRBs associated with affordable multifamily properties, as well as in the seniors housing and skilled nursing sectors.

2. Growth from the BlackRock Joint Venture: A newly established construction lending joint venture with BlackRock is anticipated to be a significant source of future tax-advantaged earnings. This partnership aims to enhance GHI's capacity for new projects, specifically focusing on construction financing for low-income housing tax credit transactions.

3. Redeployment of Capital from Market-Rate Multifamily Joint Ventures: Greystone Housing Impact Investors plans to manage and monetize its existing portfolio of market-rate multifamily JV equity investments, maximizing sales prices and returns. The capital generated from these sales will be strategically redeployed primarily into tax-exempt mortgage revenue bond investments, further bolstering the growth in that segment.

Share Repurchases

• America First Multifamily Investors, L.P. (now Greystone Housing Impact Investors LP) authorized a program in February 2020 to repurchase up to 290,000 Beneficial Unit Certificates (BUCs).

Share Issuance

• In September 2022, the Partnership issued a supplemental distribution in the form of additional BUCs at a ratio of 0.01044 BUCs for each outstanding BUC.
• A shelf registration for $200 million for BUCs, preferred units, and debt securities was mentioned in a March 2026 press release, indicating potential future issuances.

Outbound Investments

• In the fourth quarter of 2021, the company advanced $39.3 million to acquire two affordable multifamily mortgage revenue bonds (MRBs) and fund an existing MRB investment commitment. They also advanced equity totaling $17.5 million to five unconsolidated entities.
• During the third quarter of 2022, the company advanced funds for seven Governmental Issuer Loan (GIL) investment commitments totaling $39.8 million and six related property loan investment commitments totaling $22.7 million.
• In the fourth quarter of 2025, advances and acquisitions of MRB, taxable MRB, taxable GIL, and property loan investments totaled approximately $39.2 million, with additional advances of approximately $6.6 million to market-rate joint venture equity investments. The company is also repositioning its portfolio by exiting market-rate multifamily joint venture equity investments and redeploying capital into tax-exempt mortgage revenue bonds.