Greystone Logistics Inc

Greetings and welcome to the Q3 2025 earnings call for Greystone Housing Impact Investors LP. 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. Please note this conference is being recorded. I will now turn the conference over to your host, Jesse Corey. Please go ahead.

I would like to welcome everyone to the Greystone Housing Impact Investors LP NYSE, ticker symbol GHI, third quarter of 2025 earnings conference call. During the presentation, all participants will be in a listen-only mode. After management presents its overview of Q3 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 will now turn the call over to our Chief Executive Officer, Ken Rogozinski.

Good afternoon, everyone. Welcome to Greystone Housing Impact Investors LP's third 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. Our overall investment portfolio performed steadily during the third quarter. 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 September 30, 2025. Fiscal occupancy for the stabilized mortgage revenue bond portfolio was 87.8% as of September 30th, which is down slightly from 88.4% as of June 30th. The decline is primarily at properties in Texas where local markets are experiencing higher vacancies due to recent increases in multifamily unit supply. We expect occupancies will recover once available units are absorbed and new supply deliveries decline in the near term. Our governmental issuer loans for the financing of affordable multifamily properties continue to progress towards stabilization and ultimately redemption of our loans. Construction of all properties is complete or substantially complete and leasing velocity is strong. We continue to see progress on the development and lease up of our joint venture equity investments as well. Of our 11 current investments, seven have completed construction and are leasing, two have nearly completed construction and begun leasing activities, and two relate to sites for future development. Overall occupancy is increasing across the portfolio as investments near stabilization. Recently, the Vantage at Loveland property was listed for sale and the marketing process is ongoing. In 2015, GHI began investing in joint ventures related to the construction of market rate multifamily properties. Based largely on the overall low interest rate environment and high investor demand for market rate multifamily properties, These investment structures provided the partnership with the opportunity for attractive returns once properties were fully developed and sold to third parties. These investments resulted in uneven earnings for the partnership as the majority of our returns are recognized upon the sale of the respective properties. Since the establishment of the joint venture program, the partnership has realized significant gains on most of the 17 properties sold to date. We currently have 11 properties in various stages of development and lease up, which we expect to be sold over the next three years. In more recent periods, market conditions, such as higher interest rates and higher multifamily capitalization rates, began negatively impacting multifamily asset values, resulting in lower returns upon sales of these properties. There were no sales of joint venture properties in 2024. For the two property sales in 2025, while all invested capital was returned, our realized returns were much lower than we recognized in prior years. We in our investment committee believe these challenging conditions will continue to impact market rate JV multifamily investment profitability for the foreseeable future. We remain positive on the market rate seniors housing segment of the market. We believe market supply trends, potential resident demographics, and expected returns remain encouraging. So we will continue to evaluate joint venture equity investment opportunities in the seniors housing segment, the lower in volume than our historic capital allocation to market rate multifamily investments. Meanwhile, we also 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 tax-exempt mortgage revenue bond opportunities will allow the partnership to deploy capital in investments with more predictable returns since profitability here is based on the net interest spread between the bond interest rate and our related debt financing rate. Additionally, the partnership's newly established construction lending joint venture with BlackRock is expected to provide future tax-advantaged earnings as well. Based on these factors, we will be implementing a strategy to reduce our capital allocation to joint venture equity investments in market-rate multifamily properties going forward. We and the respective managing members will manage our remaining portfolio of market rate multifamily investments to maximize sales prices and returns to the extent possible with our return of capital from the sale of these investments being redeployed primarily into tax-exempt mortgage revenue bond investments. 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 the income being realized 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, excuse me, proven investment class that has cordial operations that also leverages the strong relationships and knowledge base of Greystone's other lending platforms. We in the Board of Managers will continue refining our operating strategy in the coming quarters. We in the Board of Managers are also assessing the potential impact If any, this change in strategy will have on our short-term and long-term earnings expectations and future unit holder distributions, with a focus on the long-term benefit to our investors and GHI. We look forward to providing additional details on our strategy and updates on our progress 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 third quarter of 2025. Thank you, Ken.