Greystone Housing Impact Investors LP
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
GHI$3.99-7.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| For the Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $11,190,810 | $47,807,772 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization expense | 17,900 | 1,223,822 |
| Amortization of deferred financing costs | 1,187,700 | 1,751,442 |
| Gain on sale of investments in unconsolidated entities | (56,986) | (22,725,398) |
| (Earnings) losses from investments in unconsolidated entities | 825,652 | - |
| Gain on sale of real estate assets | (63,739) | - |
| Gain on sale of mortgage revenue bond | (1,012,581) | - |
| Provision for credit losses | (1,012,308) | (1,881,000) |
| Recovery of prior credit loss | (51,844) | (51,656) |
| (Gains) losses on derivative instruments, net of cash paid | 5,011,428 | (6,805,254) |
| Restricted unit compensation expense | 1,455,581 | 1,540,609 |
| Bond premium, discount and acquisition fee amortization | (1,225,040) | (161,571) |
| Debt premium amortization | (30,354) | (30,424) |
| Deferred income tax expense (benefit) & income tax payable/receivable | (3,952) | 11,554 |
| Change in preferred return receivable from unconsolidated entities, net | (3,842,444) | (4,410,406) |
| Changes in operating assets and liabilities | ||
| Decrease in interest receivable | 1,162,254 | 2,002,214 |
| Decrease in other assets | 633,993 | 838,613 |
| Increase (decrease) in accounts payable, accrued expenses and other liabilities | (837,543) | 1,085,935 |
| Net cash provided by operating activities | 13,348,527 | 20,196,252 |
| Cash flows from investing activities: | ||
| Advances on mortgage revenue bonds | (141,175,652) | (119,452,688) |
| Advances on taxable mortgage revenue bonds | (10,077,000) | (10,319,875) |
| Advances on governmental issuer loans | (31,842,328) | (60,352,488) |
| Advances on taxable governmental issuer loans | (157,672) | (5,573,000) |
| Advances on property loans | (14,026,733) | (30,125,762) |
| Contributions to unconsolidated entities | (29,073,216) | (18,643,536) |
| Capital expenditures | - | (578,461) |
| Proceeds from sale of land held for development | - | 441,714 |
| Proceeds from sale of the Suites on Paseo MF Property | 63,739 | - |
| Proceeds from sale of a mortgage revenue bond | 8,221,234 | - |
| Proceeds from sale of investments in unconsolidated entities | 56,986 | 44,042,573 |
| Principal payments received on mortgage revenue bonds | 27,383,960 | 23,383,265 |
| Principal payments received on governmental issuer loans | 48,087,406 | 104,635,623 |
| Principal payments received on taxable mortgage revenue bonds | 12,509,389 | 7,008,583 |
| Principal payments received on taxable governmental issuer loans | 10,573,000 | - |
| Principal payments received on property loans | 80,895,334 | 88,226,286 |
| Net cash provided by (used in) investing activities | (38,561,553) | 22,692,234 |
| Cash flows from financing activities: | ||
| Distributions paid | (28,081,289) | (33,302,952) |
| Proceeds from the sale of BUCs | 1,532,484 | - |
| Payment of offering costs related to the sale of BUCs | (30,662) | - |
| Proceeds from debt financing | 186,595,000 | 236,292,000 |
| Principal payments on debt financing | (139,519,604) | (214,115,888) |
| Principal borrowing on mortgages payable | - | 25,000,000 |
| Principal borrowing on secured lines of credit | 102,150,000 | 111,700,000 |
| Principal payments on secured lines of credit | (91,150,000) | (150,700,000) |
| Decrease in security deposit liability related to restricted cash | - | (50,695) |
| Proceeds upon issuance of Redeemable Preferred Units | 5,000,000 | 18,000,000 |
| Payment upon redemption of Redeemable Preferred Units | (10,000,000) | (20,000,000) |
| Debt financing and other deferred costs paid | (1,196,735) | (1,522,362) |
| Net cash provided by (used in) financing activities | 25,299,194 | (28,699,897) |
| Net increase in cash, cash equivalents and restricted cash | 86,168 | 14,188,589 |
| Cash, cash equivalents and restricted cash at beginning of period | 47,734,146 | 92,637,256 |
| Cash, cash equivalents and restricted cash at end of period | $47,820,314 | $106,825,845 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid during the period for interest | $38,080,063 | $41,644,811 |
| Supplemental disclosure of noncash investing and financing activities: | ||
| Distributions declared but not paid for BUCs and General Partner | $8,704,509 | $8,481,019 |
| Distributions declared but not paid for Preferred Units | 735,938 | 693,750 |
| Exchange of Redeemable Preferred Units | 17,500,000 | 7,000,000 |
| Deferred financing costs financed through accounts payable | 448,079 | 149,650 |
| Non-cash contribution to unconsolidated entity | - | 997,062 |
| Capital expenditures financed through accounts payable | - | 5,902 |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts shown in the condensed consolidated statements of cash flows:
| September 30, 2024 | September 30, 2023 | |
|---|---|---|
| Cash and cash equivalents | $37,374,268 | $58,917,793 |
| Restricted cash | 10,446,046 | 47,908,052 |
| Total cash, cash equivalents and restricted cash | $47,820,314 | $106,825,845 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.