Greystone Housing Impact Investors LP Files Q3 2024 10-Q

TL;DR

Greystone Housing Impact Investors LP filed its Q3 2024 10-Q. Financials are in.

AI Summary

Greystone Housing Impact Investors LP filed its 10-Q for the period ending September 30, 2024. The company, formerly known as America First Multifamily Investors, L.P., is based in Omaha, NE. This filing provides financial updates for the third quarter of 2024.

Why It Matters

This filing provides investors with the latest financial performance and operational details of Greystone Housing Impact Investors LP, crucial for understanding its current standing and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial information, not indicating any immediate or significant new risks.

Key Players & Entities

• Greystone Housing Impact Investors LP (company) — Filer
• America First Multifamily Investors, L.P. (company) — Former company name
• Omaha, NE (location) — Business and Mail Address
• 20240930 (date) — Period of Report

FAQ

Filing Documents

• ghi-20240930.htm (10-Q) — 10352KB
• 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
• 0000950170-24-121844.txt ( ) — 43333KB
• ghi-20240930.xsd (EX-101.SCH) — 4104KB
• ghi-20240930_htm.xml (XML) — 12104KB

– 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 61 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 100 Item 4

Controls and Procedures

Controls and Procedures 103

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1A

Risk Factors

Risk Factors 104 Item 6 Exhibits 104

SIGNATURES

SIGNATURES 105 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. 2024 PFA Securitization Transaction - A securitization transaction to finance credit-enhanced custodial receipts related to 14 MRBs through a municipal conduit issuer (the Public Finance Authority of Wisconsin). See Note 25 for further information. Acquisition LOC - The amended and restated credit agreement for a secured non-operating line of credit between the Partnership and Bankers Trust Company. Affordable Housing Multifamily Certificates - Senior and/or residual interests in the 2024 PFA Securitization Transaction and the TEBS Residual Refinancing. 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. Class A TEBS Certificates - Class A Freddie Mac Multifamily Variable Rate Certif

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 the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. These forward-looking statements ar

- 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) September 30, 2024 December 31, 2023 Assets: Cash and cash equivalents $ 37,374,268 $ 37,918,237 Restricted cash 10,446,046 9,815,909 Interest receivable, net 7,103,647 8,265,901 Mortgage revenue bonds held in trust, at fair value (Note 4) 1,026,363,997 883,030,786 Mortgage revenue bonds, at fair value (Note 4) 6,527,143 47,644,509 Governmental issuer loans Governmental issuer loans held in trust (Note 5) 206,702,222 222,947,300 Allowance for credit losses (Note 10) ( 1,063,000 ) ( 1,294,000 ) Governmental issuer loans, net 205,639,222 221,653,300 Property loans Property loans (Note 6) 55,687,603 122,556,204 Allowance for credit losses (Note 10) ( 1,853,000 ) ( 2,048,000 ) Property loans, net 53,834,603 120,508,204 Investments in unconsolidated entities (Note 7) 168,743,254 136,653,246 Real estate assets, net (Note 8) 4,716,140 4,716,140 Other assets (Note 9) 28,500,865 43,194,470 Total Assets (1) $ 1,549,249,185 $ 1,513,400,702 Liabilities: Accounts payable, accrued expenses and other liabilities (Note 11) $ 24,724,608 $ 22,958,088 Distribution payable 8,704,509 8,584,292 Secured lines of credit (Note 12) 44,400,000 33,400,000 Debt financing, net (Note 13) 1,062,407,615 1,015,030,066 Mortgages payable, net (Note 14) 1,690,000 1,690,000 Total Liabilities (1) 1,141,926,732 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) 77,400,604 82,431,548 Partners Capital: General Partner (Note 1) 335,224 543,977 Beneficial Unit Certificates (Note 1) 329,586,625 348,762,731 Total Partners Capital 329,921,849 349,306,708 Total Liabilities and Partners Capita

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View this 10-Q filing on SEC EDGAR