Greystone Housing Impact Investors LP

first quarter 2025 earnings call for Greystone Housing Impact Investors. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Jesse Corey. Thank you. You may begin.

Thank you. I would like to welcome everyone to the Greystone Housing Impact Investors LP NYSE ticker symbol GHI first quarter of 2025 earnings conference call. During the presentation, all participants will be in a listen-only mode. After management presents its overview through Q1 2025, you will be invited to participate in a question and answer session. As a reminder, this conference call is being recorded. During this conference call, comments made regarding GHI, which are not historical facts, are forward-looking statements and are subject to risks and uncertainties that could cause the actual future events or results to differ materially from these statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words like may, should, expect, plan, intend, focus and other similar terms. You are cautioned that these forward-looking statements speak only as of today's date. Changes in economic, business, competitive, regulatory and other factors could cause our actual results to differ materially from those expressed or implied by the projections or forward-looking statements made today. For more detailed information about these factors and other risks that may impact our business, please review the periodic reports and other documents filed from time to time by us with the Securities and Exchange Commission. Internal projections and beliefs upon which we base our expectations may change, but if they do, you will not necessarily be informed. Today's discussion will include non-GAAP measures and will be explained during this call. We want to make you aware that GHI is operating under the SEC Regulation FD and encourage you to take full advantage of the question and answer session. Thank you for your participation and interest in Greystone Housing Impact Investors LP. I would now like to turn the call over to our Chief Executive Officer, Ken Rogozinski.

Good afternoon, everyone. Welcome to Greystone Housing Impact Investors LP's first quarter 2025 investor call. Thank you for joining. I will start with an overview of our portfolio. Jesse Corey, our Chief Financial Officer, will then present the partnership's financial results. I will wrap up with an overview of the market and our investment pipeline. Following that, we look forward to taking your questions. As far as the performance of the investment portfolio is concerned, we have had no forbearance requests for multifamily mortgage revenue bonds, and all of our borrowers are current on their principal and interest payments as of March 31st, 2025. Physical occupancy on the underlying properties was at 89.5% for the stabilized mortgage revenue bond portfolio as of March 31st, 2025. We continued to advance funds to borrowers under our mortgage revenue bond, governmental issuer loan, and related investments during the first quarter consistent with our funding commitments. Our Vantage Joint Venture equity investments consists of interest in five properties as of today, four where construction is complete, and one site being evaluated for development or sale. For those properties in their initial lease-up phase, we continue to see good leasing activity. Lease turns at the properties that have been leasing for a longer period have been driven by local sub-market conditions. As we have experienced in the past, the Vantage Group, as the managing member of each project-owning entity, will position a property for sale upon stabilization. As previously announced, the Vantage at Tombold project was sold in January 2025. In our announcement earlier today, we noted that the Vantage at Halota's property was sold earlier this week. Jesse will go into the details, but this was a unique sale where the project was acquired by a local housing authority and an affordable housing nonprofit who funded their acquisition with the proceeds of a tax exempt bond offering. The managing members of Vantage at Hutto and Vantage at Loveland completed refinancing of the respective construction loans in the first quarter to lower their interest rates by over 100 basis points each. We have four joint venture equity investments with the Freestone Development Group, one for a project in Colorado and three projects in Texas. One project has completed construction and has begun leasing units. Two projects have commenced construction, and one project has commenced site work. Our joint venture equity investment in Volage Senior Living Carson Valley, a 102-bed seniors housing property located in Minden, Nevada, has received its certificate of occupancy and is expected to open for business operations shortly. The project currently has leased deposits for over 70 of the property's 102 beds. Our joint venture equity investment in the Jessam at Hayes Farm, a new construction 318-unit market-rate multifamily property located in Huntsville, Alabama, is approaching construction completion and has begun leasing activities. With that, I will turn things over to Jesse Corey, our CFO, to discuss the financial data for the first quarter of 2025.