Greystone Housing Impact Investors LP

Greetings. Welcome to the Q1 2026 earnings call for Greystone Housing Impact Investors LP. At this time, all participants are in a listen-only mode. The 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. Please note that this conference is being recorded. I will now turn the conference over to Jesse Curry, Chief Financial Officer. Thank you. You may begin.

We'd like to welcome everyone to the Greystone Housing Impact Investors LP NYSE ticker symbol GHI first quarter of 2026 earnings conference call. During the presentation, all participants will be in a listen-only mode. After management presents its overview of Q1 2026, you'll 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 morning, everyone. Welcome to Greystone Housing Impact Investors LP's first quarter, 2026 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've mentioned on our previous calls, 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 return to us from those exits into additional high quality tax exempt mortgage revenue bond investments that are expected to provide longer term stable tax advantage earnings, which we believe will provide long term value for our unit holders. We believe this change in investment strategy provides three key benefits to our unit holders. First, by their nature, our tax exempt mortgage revenue bond 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, majority of income allocated to our unit holders has been taxable because of the taxable income from our 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 investment class that is core to our operations that 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, which may include a sale of the land or the commencement of construction. Our remaining funding commitments for these 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. Based on strong lending relationships across affordable housing, seniors' housing, and skilled nursing business lines are also providing investment opportunities for the partnership. We believe that these opportunities will allow us to redeploy the capital returned from 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 taxes at 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 taxes at mortgage revenue bond investments will increase the partnership's recurring earnings in the long run. 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 first quarter of 2026. Thank you, Ken.