Greystone Housing Impact Investors LP Files 10-Q

TL;DR

Greystone Housing Impact Investors LP filed its Q2 2024 10-Q. Financials look steady.

AI Summary

Greystone Housing Impact Investors LP filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company, which is involved in finance services. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors and stakeholders with a crucial update on the financial health and operational status of Greystone Housing Impact Investors LP for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (10-Q) that provides standard financial disclosures without immediate red flags.

Key Players & Entities

• Greystone Housing Impact Investors LP (company) — Filer of the 10-Q
• 0000950170-24-092308 (other) — Accession Number for the filing
• 20240630 (date) — Period of report
• 20240807 (date) — Filing date
• 0001059142 (other) — Central Index Key
• 6199 (other) — Standard Industrial Classification Code
• 470810385 (other) — IRS Number
• DE (other) — State of Incorporation
• 1231 (date) — Fiscal Year End
• 001-41564 (other) — SEC File Number

FAQ

Filing Documents

• ghi-20240630.htm (10-Q) — 9893KB
• ghi-ex31_1.htm (EX-31.1) — 13KB
• ghi-ex31_2.htm (EX-31.2) — 13KB
• ghi-ex32_1.htm (EX-32.1) — 5KB
• ghi-ex32_2.htm (EX-32.2) — 5KB
• 0000950170-24-092308.txt ( ) — 41870KB
• ghi-20240630.xsd (EX-101.SCH) — 4082KB
• ghi-20240630_htm.xml (XML) — 11718KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1

Financial Statements (Unaudited)

Financial Statements (Unaudited) 7 Condensed Consolidated Balance Sheets 7 Condensed Consolidated Statements of Operations 8 Condensed Consolidated Statements of Comprehensive Income (Loss) 9 Condensed Consolidated Statements of Partners' Capital 10 Condensed Consolidated Statements of Cash Flows 12 Notes to Condensed Consolidated Financial Statements 13 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 58 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 93 Item 4

Controls and Procedures

Controls and Procedures 96

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1A

Risk Factors

Risk Factors 97 Item 6 Exhibits 97

SIGNATURES

SIGNATURES 98 Defined Terms The following acronyms and defined terms are used in various sections of this Quarterly Report on Form 10-Q, including the Notes to Consolidated Financial Statements in Item 1 and Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this report. All references to "we," "us," "our" and the "Partnership" in this report mean Greystone Housing Impact Investors LP, its wholly owned subsidiaries and our consolidated VIEs. Acquisition LOC - The amended and restated credit agreement for a secured non-operating line of credit between the Partnership and Bankers Trust Company. Agent(s) - JonesTrading Institutional Services LLC and BTIG, LLC as named agents under the Sales Agreement. AMI - Area median income, as calculated by the United States Department of Housing and Urban Development. ASU - Accounting standards update issued by the Financial Accounting Standards Board. BankUnited - BankUnited, N.A. BUC(s) - Beneficial Unit Certificate(s) representing assigned limited partnership interests of the Partnership. BUCs Distributions - The Second Quarter 2023 BUCs Distribution, the Third Quarter 2023 BUCs Distribution, the Fourth Quarter 2023 BUCs Distribution and the First Quarter 2024 BUCs Distribution, collectively. BUC Holder(s) - A beneficial owner of BUCs. CAD - Cash Available for Distribution, a non-GAAP measure reported by the Partnership. C-PACE - Commercial Property Assessed Clean Energy. CRA - Community Reinvestment Act of 1977. DEI - Diversity, equity, and inclusion. FASB - The Financial Accounting Standards Board. First Quarter 2024 BUCs Distribution - A distribution completed on April 30, 2024 in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024. Fourth Quarter 2023 BUCs Distribution - A distribution completed on January 31, 2024 in the form of additional BUCs at a ratio of 0.00415 BUCs for each BUC outstandi

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report (including, but not limited to, the information contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations") contains forward-looking statements. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. When used, statements which are not historical in nature, including those containing words such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions, are intended to identify forward-looking statements. We have based forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. This report also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other industry data. This data involves several assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the statistical and other industry data generated by independent parties contained in this report, and accordingly, we cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of our future performance and the future performance of the industries in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described under the heading "Risk Factors" in Item 1A of Greystone Housing Impact Investors LP's Annual Report on Form 10-K for the year ended December 31, 2023, and in this report. These forward-looking statements are subject, but not limited to various risks and uncerta

- FINANCI AL INFORMATION

PART I - FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. GREYSTONE HOUSING IMPACT INVESTORS LP CONDENSED CONSOLIDA TED BALANCE SHEETS (UNAUDITED) June 30, 2024 December 31, 2023 Assets: Cash and cash equivalents $ 34,036,426 $ 37,918,237 Restricted cash 16,860,718 9,815,909 Interest receivable, net 7,193,344 8,265,901 Mortgage revenue bonds held in trust, at fair value (Note 4) 990,067,074 883,030,786 Mortgage revenue bonds, at fair value (Note 4) 11,984,951 47,644,509 Governmental issuer loans Governmental issuer loans held in trust (Note 5) 214,557,300 222,947,300 Allowance for credit losses (Note 10) ( 1,111,000 ) ( 1,294,000 ) Governmental issuer loans, net 213,446,300 221,653,300 Property loans Property loans (Note 6) 63,306,149 122,556,204 Allowance for credit losses (Note 10) ( 1,948,000 ) ( 2,048,000 ) Property loans, net 61,358,149 120,508,204 Investments in unconsolidated entities (Note 7) 157,940,664 136,653,246 Real estate assets, net (Note 8) 4,716,140 4,716,140 Other assets (Note 9) 31,037,954 43,194,470 Total Assets (1) $ 1,528,641,720 $ 1,513,400,702 Liabilities: Accounts payable, accrued expenses and other liabilities (Note 11) $ 21,215,235 $ 22,958,088 Distribution payable 8,704,438 8,584,292 Secured lines of credit (Note 12) 41,250,000 33,400,000 Debt financing, net (Note 13) 1,052,526,098 1,015,030,066 Mortgages payable, net (Note 14) 1,690,000 1,690,000 Total Liabilities (1) 1,125,385,771 1,081,662,446 Commitments and Contingencies (Note 16) Redeemable Preferred Units, $ 77.5 million redemption value, 7.8 million issued and outstanding, net (Note 17) 77,395,065 82,431,548 Partners Capital: General Partner (Note 1) 294,615 543,977 Beneficial Unit Certificates (Note 1) 325,566,269 348,762,731 Total Partners Capital 325,860,884 349,306,708 Total Liabilities and Partners Capital $

View Full Filing

View this 10-Q filing on SEC EDGAR