Greystone Housing Impact Investors LP

Greetings, and welcome to the Greystone Housing Impact Investors LP conference call. At this time, all participants are in listen-only mode. A question and answer session will follow a formal presentation. You may be placed with a question queued any time by pressing star 1 on your telephone keypad. As a reminder, this conference is being recorded. If anyone should require operator assistance, please press star 0 on your telephone keypad. It's now my pleasure to turn the call over to Jesse Corey, CFO. Please go ahead.

I would like to welcome everyone to the Greystone Housing Impact Investors LP, NYSE, ticker symbol GHI, fourth quarter of 2025 earnings conference call. During the presentation, all participants will be in a listen-only mode. After management presents its overview of Q4 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'll now turn the call over to our Chief Executive Officer, Ken Rogozinski.

Good afternoon, everyone. Welcome to Greystone Housing Impact Investors LP's fourth quarter 2025 investor call. Thank you for joining. I will start with an overview of our portfolio and investment strategy. 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 we mentioned on our earnings call in November, we are pursuing a strategy to reposition our investment portfolio. Specifically, we are focused on exiting our remaining investments in market rate multifamily JV equity investments while maximizing value to our unit holders from those exits. We will then reinvest the capital returned to us from those exits into additional high-quality tax-exempt mortgage revenue bond investments that are expected to provide longer-term, stable, tax-advantaged earnings, which we believe will provide long-term value for our unit holders. As we noted in our November earnings call, we believe that this change in investment strategy provides three key benefits for our unit holders. First, by their nature, our tax-exempt mortgage revenue bonds investments earn stable returns based on the net interest spread between the bond interest rate and our related debt financing rate. As a result, we expect increasingly stable earnings as compared to the uneven returns on joint venture equity investments due to that income being recognized primarily upon property sales. Second, in recent years, the majority of income allocated to our unit holders has been taxable because of the taxable income from joint venture equity investment sales. As we allocate more capital to tax exempt mortgage revenue bond investments, we expect that the proportion of income allocated to our unit holders that is tax exempt for federal income tax purposes will increase in the long term. In the near term, potential gains from sales of our remaining market rate multifamily JV equity investments will continue to generate taxable income for unit holders. Third, we are investing capital in a proven asset class that is core to our operations and also leverages the strong relationships and knowledge base of Greystone's other lending platforms. We currently have eight market rate multifamily JV equity investments that have completed construction and are either in lease up or stabilized. Overall occupancy is increasing for these investments in lease up. On assets that have reached stabilization, We have seen some variability in occupancy as local market factors impact demand and rent levels. Decisions regarding when to sell an individual property are made by our joint venture partners based on their views of the local market conditions and current leasing trends. We currently have two market rate multifamily JV equity investments that are sites for potential development. Our joint venture partners are evaluating the highest and best use for the development sites as of December 31st, 2025, which may include a sale of the land or the commencement of construction. Our remaining funding commitments for those investments will be terminated if the land is sold. Meanwhile, we continue to see strong investment opportunities for our traditional investments in tax-exempt mortgage revenue bonds associated with affordable multifamily properties, as well as for seniors housing and skilled nursing properties. Greystone's strong lending relationships across affordable housing, seniors housing, and skilled nursing business lines are also providing investment opportunities for the partnership. We believe these opportunities will allow us to redeploy the capital returned from the market rate multifamily JV equity investment sales events soon after the capital is received. We and the Board of Managers acknowledge that it will take some time to cycle our capital out of our market rate JV equity investments and into tax exempt mortgage revenue bond investments. We currently report minimal earnings related to our JV equity investments during the holding period. We expect that the reinvestment of capital from sales of JV equity investments into tax exempt mortgage revenue bond investments will increase the partnership's recurring earnings in the long run. The new quarterly unit holder distribution level of 14 cents per buck is reflective of a level that we and the Board of Managers believe is sustainable while the partnership undertakes this repositioning of its investment portfolio. We look forward to providing additional details on our progress in this effort in future communications and on future earnings calls. With that, I will turn things over to Jesse Corey, our CFO, to discuss the financial data for the fourth quarter of 2025. Thank you, Ken.