Greystone Housing Impact Investors LP
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
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, 2025 · Filed Nov 6, 2025
GHI$4.430.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-104618
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001193125-25-268211
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 365 previous paragraphs and 380 current paragraphs.
176 unchanged; 117 reworded; 79 added; 61 removed; 11 previous and 8 current paragraphs rearranged.
Tables are not compared: 31 previous and 31 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (79)
Current report
Business Environment and Current Outlook
Current report
The macroeconomic environment remains challenging. The Federal Reserve approved 25-basis point reductions in the Federal Funds rate in September and October 2025, though it indicated that future rate setting decisions will continue to be dependent on relevant data and the balance of employment and inflationary risks. As such, the likelihood of any additional rate reductions in 2025 and 2026 is uncertain. Lower short-term interest rates will lower our borrowing costs in the near term. Longer term interest rates have been volatile in recent quarters due to shifting tariff policies, weak employment data, the partial shutdown of the Federal government, and national debt concerns. We continue to employ our hedging strategies to reduce our exposure to changes in the interest cost on debt financing related to our fixed rate investments.
Current report
The borrowers of our MRBs and GILs were all current on contractual debt service payments and we have received no requests for forbearance of contractual debt service payments as of September 30, 2025. However, we have recorded asset-specific provisions for credit losses for affordable multifamily investments totaling approximately $9.9 million for the nine months ended September 30, 2025 across three MRBs, three taxable MRBs and one property loan related to certain multifamily properties in South Carolina.
Current report
We believe there continues to be significant unmet demand for affordable multifamily and seniors residential housing in the United States. Government programs that provide direct rental support to residents have not kept up with demand. Therefore, investment programs that promote private sector development and support for affordable housing through MRBs, GILs, tax credits and grant funding to developers, have become more prominent. The types of MRBs and GILs in which we invest offer developers of affordable multifamily housing a low-cost source of construction and/or permanent debt financing.
Current report
Current market dynamics related to our market rate multifamily JV Equity Investments are challenging. The San Antonio, TX, Austin, TX, and Huntsville, AL markets experienced record new multifamily unit supply in recent years, peaking in 2024. Rental rates and occupancy have declined as these markets absorb new units, which is putting downward pressure on leasing velocity and net operating income for these properties. We expect rental rates and occupancy to remain under pressure throughout 2025. However, we expect this trend to lessen in 2026 due to limited new construction starts in these markets in 2024 and 2025.
Current report
The leasing market pressures noted above have made it more difficult for the respective managing members of our stabilized market rate multifamily JV Equity Investments to sell the properties, resulting in longer than expected investment holding periods and lower sales prices than in 2022 and 2023. In addition, less available and more expensive debt capital have had pronounced effects on property acquisitions by making it harder for potential buyers to obtain attractive financing. Accordingly, we have observed increasing capitalization rates in recent periods resulting in lower property valuations. Historically, the majority of our income from our JV Equity Investments is recognized at the time of sale and is dependent on the sales prices of the related properties. There were no JV Equity Investment property sales in 2024 and we have recognized significantly less investment income and gains on sale from the two JV Equity Investments sold in 2025 as compared to 2022 and 2023. After the current elevated level of new multifamily supply peaks, we expect net rents and occupancy to increase, capitalization rates to decline, and property valuations to increase.
Current report
We remain positive on the market rate senior housing segment of the market. We believe market rate seniors housing industry 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, though in lower volume than our historical capital allocation to market rate multifamily investments.
Current report
Because of the challenges in the market rate multifamily markets, we will be implementing a strategy to reduce our capital allocation to market rate multifamily JV Equity Investments going forward. We and the respective managing members will manage the 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 to be redeployed into primarily tax-exempt MRB investments. We believe this reallocation of capital will result in increased stability of earnings from the net interest spread on new MRB investments as compared to the transaction-driven income from JV Equity Investments. We also expect the additional MRB investments to increase the proportion of tax-advantaged income allocated to Unitholders in the long term. We expect to continue leveraging Greystone’s strong lending relationships across affordable housing, seniors housing, and skilled nursing business lines in identifying MRB investment opportunities.
Current report
Summary Financial Results
Current report
A decrease of approximately $2.2 million in interest income due to MRB redemptions and principal repayments, offset by an increase of approximately $1.8 million in interest income from recent MRB advances;
Current report
A decrease of approximately $3.0 million in interest income due to recent GIL redemptions, offset by an increase of approximately $589,000 in interest income from recent GIL investments;
Current report
A decrease of approximately $328,000 in interest income due to lower interest rates on variable-rate MRBs;
Current report
A decrease of approximately $723,000 of investment income due to certain investments meeting the maximum guaranteed preferred return during 2024 and 2025; and
Current report
An increase of approximately $439,000 in investment income related to preferred returns on equity contributions during 2024 and 2025.
Current report
A decrease of approximately $169,000 in other interest income due to less interest earned on cash balances.
Current report
Investment income. Investment income increased slightly for the nine months ended September 30, 2025 as compared to the same period in 2024. The individual factors consisted of the following:
Current report
An increase of approximately $6.7 million in interest income from recent MRB advances, offset by a decrease of approximately $3.6 million in interest income due to MRB redemptions and principal repayments;
Current report
A decrease of approximately $7.7 million in interest income due to recent GIL redemptions, offset by an increase of approximately $2.4 million in interest income from recent GIL investments;
Current report
A decrease of approximately $683,000 in interest income due to lower interest rates and accretion on certain MRBs;
Current report
A decrease of approximately $800,000 in other interest income due to less interest earned on cash balances.
Current report
Provision for credit losses. The provision for credit losses for the three months ended September 30, 2025 includes an asset-specific allowance of approximately $596,000 related to the Opportunity South Carolina property loan. This asset-specific provision was partially offset by a decrease in our general allowance for credit losses from a decrease in the weighted average life of the remaining investment portfolio.
Current report
The decrease in the provision for credit losses for the three months ended September 30, 2024 is primarily due to GIL and property loan redemptions, a decrease in the weighted average life of the remaining investment portfolio, and updates of market data used as quantitative assumptions in our model used to estimate the allowance for credit losses.
Current report
A decrease of approximately $1.9 million due to lower average interest rates on debt financing; and
Current report
A decrease of approximately $486,000 due to a decrease in the average outstanding principal of our debt financing instruments of approximately $42.9 million.
Current report
Realized gains on derivatives, net, decreased during the three months ended September 30, 2025 as compared to the same period in 2024 due to generally decreasing spot interest rates during 2024 and 2025. Unrealized losses on derivatives, net, decreased during the three months ended September 30, 2025 as compared to the same period in 2024 due to generally more stable rates in 2025 as compared to 2024. See the “Executive Summary” section of this Item 2 for additional discussion.
Current report
The decrease in the provision for credit losses for the nine months ended September 30, 2024 is primarily due to GIL and property loan redemptions, a decrease in the weighted average life of the remaining investment portfolio, and updates of market data used as quantitative assumptions in our model used to estimate the allowance for credit losses. The provision for credit losses for the nine months ended September 30, 2024 also includes the recovery of approximately $169,000 of prior credit losses in connection with final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB.
Current report
Realized gains decreased during the nine months ended September 30, 2025 as compared to the same period in 2024 due to generally decreasing spot interest rates during 2024 and 2025. Unrealized losses on derivatives, net, increased during the nine months ended September 30, 2025 as compared to the same period in 2024 due to lower interest rates in 2025 and beyond as compared to forward market interest rates as of September 30, 2024. See the “Executive Summary” section of this Item 2 for additional discussion.
Current report
Income Tax Expense for the three and nine months ended September 30, 2025 and 2024
Current report
The MRB is defeased and as such, the Partnership does not report property occupancy information.
Current report
Comparison of the nine months ended September 30, 2025 and 2024
Current report
A decrease of approximately $2.2 million in interest income due to MRB redemptions and principal repayments, offset by an increase of approximately $1.6 million in interest income from recent MRB advances;
Current report
A decrease of approximately $3.0 million in interest income due to recent GIL redemptions, offset by an increase of approximately $589,000 in interest income from recent GIL investments;
Current report
A decrease of approximately $328,000 in interest income due to lower interest rates on variable-rate MRBs; and
Current report
A decrease of approximately $169,000 in other interest income due to less interest earned on cash balances.
Current report
The provision for credit losses for the three months ended September 30, 2025 includes an asset-specific allowance of approximately $596,000 related to the Opportunity South Carolina property loan. This asset-specific provision was partially offset by a decrease in our general allowance for credits losses from a decrease in the weighted average life of the remaining investment portfolio.
Current report
The decrease in the provision for credit losses for the three months ended September 30, 2024 is primarily due to GIL and property loan redemptions, a decrease in the weighted average life of the remaining investment portfolio, and updates of market data used as quantitative assumptions in our model used to estimate the allowance for credit losses.
Current report
An decrease of approximately $778,000 due to an decrease in the average outstanding principal of our debt financing instruments of approximately $51.6 million.
Current report
Realized gains on derivatives, net, decreased during the three months ended September 30, 2025 as compared to the same period in 2024 due to generally decreasing spot interest rates during 2024 and 2025. Unrealized losses on derivatives, net, decreased during the three months ended September 30, 2025 as compared to the same period in 2024 due to generally more stable market interest rates in 2025 as compared to 2024. See the “Executive Summary” section of this Item 2 for additional discussion.
Current report
The decrease in general and administrative expenses for the three months ended September 30, 2025 as compared to the same period in 2024 was primarily due to a decrease of approximately $281,000 in professional and consulting fees.
Current report
Interest income includes $1.1 million of discount accretion on the Southpark MRB upon redemption at par in the third quarter of 2024. Excluding this item, the average interest rate was 6.2%.
Showing the first 40 of 79 passages. Open the source sections for the rest.
Removed paragraphs (61)
Previous report
Recent Developments
Previous report
A decrease of approximately $2.6 million in interest income due to recent GIL redemptions, offset by an increase of approximately $909,000 in interest income from recent GIL investments;
Previous report
A decrease of approximately $455,000 in interest income due to lower interest rates and accretion on certain MRBs;
Previous report
An increase of approximately $542,000 in investment income related to preferred returns on equity contributions during 2024 and 2025; and
Previous report
A decrease of approximately $703,000 of investment income due to certain investments meeting the maximum guaranteed preferred return during 2024 and 2025.
Previous report
A decrease of approximately $226,000 in other interest income due to less interest earned on cash balances.
Previous report
Other income. There was no other income for the three months ended June 30, 2025. Other income for the three months ended June 30, 2024 related to the receipt of non-refundable fees for the extension of the Magnolia Heights GIL and property loan maturity dates.
Previous report
Gain on sale of investments in unconsolidated entities. The gain on sale for the three months ended June 30, 2025 related to the sale of Vantage at Helotes in May 2025 for a gain of approximately $163,000 and final settlement of the Vantage at O'Connor sale that occurred in July 2022. The gain on sale of investments in unconsolidated entities for the three months ended June 30, 2024 related to final settlement of the Vantage at Westover Hills sale that occurred in May 2022.
Previous report
Investment income. The increase in investment income for the six months ended June 30, 2025 as compared to the same period in 2024 was due to the following factors:
Previous report
An increase of approximately $5.2 million in interest income from recent MRB advances, offset by a decrease of approximately $1.5 million in interest income due to MRB redemptions and principal repayments;
Previous report
A decrease of approximately $4.7 million in interest income due to recent GIL redemptions, offset by an increase of approximately $1.9 million in interest income from recent GIL investments;
Previous report
A decrease of approximately $513,000 in interest income due to lower interest rates and accretion on certain MRBs;
Previous report
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Previous report
A decrease of approximately $1.5 million of investment income due to certain investments meeting the maximum guaranteed preferred return during 2024 and 2025.
Previous report
A decrease of approximately $634,000 in other interest income due to less interest earned on cash balances; and
Previous report
An increase of approximately $403,000 from overall higher average property loan, taxable MRB and taxable GIL investment balances of approximately $11.5 million.
Previous report
Gain on sale of mortgage revenue bonds. There was no gain on sale for the six months ended June 30, 2025. The gain on sale of mortgage revenue bond for the six months ended June 30, 2024 related to the sale of the Brookstone MRB in May 2024.
Previous report
Provision for credit losses. The provision for credit losses for the three months ended June 30, 2025 includes an asset-specific allowances of approximately $624,000 related to the Opportunity South Carolina property loan and approximately $8.7 million related to The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, and the Windsor Shores Apartments MRB and taxable MRB. These asset-specific provisions were partially offset by GIL and property loan redemptions and a decrease in the weighted average life of the remaining investment portfolio, and updates of market data used as quantitative assumptions in the Partnership’s model to estimate the allowance for credit losses.
Previous report
The provision for credit losses for the three months ended June 30, 2024 primarily related to new property loan investments during 2024, partially offset by declining expected credit losses for our remaining portfolio of GILs, taxable GILs, property loans, unfunded commitments and the recovery of approximately $169,000 of prior credit losses in connection with final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB.
Previous report
A decrease of approximately $1.4 million due to lower average interest rates on debt financing; and
Previous report
An increase of approximately $826,000 due to an increase in the average outstanding principal of our debt financing instruments of approximately $46.0 million.
Previous report
Realized gains decreased during the three months ended June 30, 2025 as compared to the same period in 2024 due to generally decreasing spot interest rates during 2024 and 2025. Unrealized losses on derivatives, net, were approximately $2.1 million for the three months ended June 30, 2025, compared to unrealized gains of approximately $211,000 for the three months ended June 30, 2024, resulting in increased losses of approximately $2.4 million between the two periods. The net increase in unrealized losses was attributable to lower interest rates in 2025 and beyond as compared to forward market interest rates as of June 30, 2024. See the “Executive Summary” section of this Item 2 for additional discussion.
Previous report
The provision for credit losses for the six months ended June 30, 2024 primarily related to declining expected credit losses for our remaining portfolio of GILs, taxable GILs, property loans, and unfunded commitments, and the recovery of approximately $169,000 of prior credit losses in connection with final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB, partially offset by increases due to new property loan investments during 2024
Previous report
Realized gains decreased during the six months ended June 30, 2025 as compared to the same period in 2024 due to generally decreasing spot interest rates during 2024 and 2025. Unrealized losses on derivatives, net, were approximately $6.0 million for the six months ended June 30, 2025, compared to unrealized gains of approximately $4.8 million for the six months ended June 30, 2024, resulting in increased losses of approximately $10.8 million between the two periods. The net increase in unrealized losses was attributable to lower interest rates in 2025 and beyond as compared to forward market interest rates as of June 30, 2024. See the “Executive Summary” section of this Item 2 for additional discussion.
Previous report
Income Tax Expense for the three and six months ended June 30, 2025 and 2024
Previous report
Comparison of the six months ended June 30, 2025 and 2024
Previous report
A decrease of approximately $2.6 million in interest income due to recent GIL redemptions, offset by an increase of approximately $909,000 in interest income from recent GIL investments;
Previous report
A decrease of approximately $455,000 in interest income due to lower interest rates and accretion on certain MRBs;
Previous report
A decrease of approximately $226,000 in other interest income due to less interest earned on cash balances; and
Previous report
The provision for credit losses for the three months ended June 30, 2025 includes an asset-specific allowance of approximately $624,000 related to the Opportunity South Carolina property loan and approximately $8.7 million related to The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, and Windsor Shores Apartments MRB and taxable MRB. These asset-specific provisions were partially offset by declining expected credit losses from GIL and property loan redemptions and a decrease in the weighted average life of the remaining investment portfolio.
Previous report
The provision for credit losses for the three months ended June 30, 2024 primarily related to new property loan investments during 2024, partially offset by declining expected credit losses for our remaining portfolio of GILs, taxable GILs, property loans, unfunded commitments and the recovery of approximately $169,000 of prior credit losses in connection with final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB.
Previous report
An increase of approximately $150,000 due to an increase in the average outstanding principal of our debt financing instruments of approximately $7.9 million.
Previous report
Realized gains decreased during the three months ended June 30, 2025 as compared to the same period in 2024 due to generally decreasing spot interest rates during 2024. Unrealized losses on derivatives, net, were approximately $1.8 million for the three months ended June 30, 2025, compared to unrealized gains of approximately $90,000 for the three months ended June 30, 2024, resulting in increased losses of approximately $1.9 million between the two periods. The net increase in unrealized losses was attributable to lower interest rates in 2025 and beyond as compared to forward market interest rates as of June 30, 2024. See the “Executive Summary” section of this Item 2 for additional discussion.
Previous report
The decrease in general and administrative expenses for the three months ended June 30, 2025 as compared to the same period in 2024 was primarily due to a decrease of approximately $189,000 in employee compensation and benefits.
Previous report
Total revenues increased for the six months ended June 30, 2025 as compared to the same period in 2024 primarily due to:
Previous report
A decrease of approximately $513,000 in interest income due to lower interest rates and accretion on certain MRBs; and
Previous report
A decrease of approximately $631,000 in other interest income due to less interest earned on cash balances.
Previous report
The provision for credit losses for the six months ended June 30, 2024 primarily related to declining expected credit losses for our remaining portfolio of GILs, taxable GILs, property loans, and unfunded commitments, and the recovery of approximately $169,000 of prior credit losses in connection with final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB, partially offset by increases due to new property loan investments during 2024
Previous report
Depreciation expense for the six months ended June 30, 2025 and 2024 related to furniture and equipment owned by the Partnership.
Previous report
Interest expense decreased for the six months ended June 30, 2025 as compared to the same period in 2024 primarily due to:
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Reworded paragraphs (117)
Previous wording
As of June 30, 2025, we had four reportable segments: (1) Affordable Multifamily Investments, (2) Seniors and Skilled Nursing Investments, (3) Market-Rate Joint Venture Investments and (4) MF Properties. We separately report our consolidation and elimination information because we do not allocate certain items to the segments. All “General and administrative expenses” on the Partnership's condensed consolidated statements of operations are reported within the Affordable Multifamily Investments segment. See Notes 2 and 24 to the Partnership’s condensed consolidated financial statements for additional details. The following table presents summary information regarding activity of our segments for the three and six months ended June 30, 2025 and 2024 (dollar amounts in thousands):
Current wording
As of September 30, 2025, we had four reportable segments: (1) Affordable Multifamily Investments, (2) Seniors and Skilled Nursing Investments, (3) Market-Rate Joint Venture Investments and (4) MF Properties. We separately report our consolidation and elimination information because we do not allocate certain items to the segments. All “General and administrative expenses” on the Partnership's condensed consolidated statements of operations are reported within the Affordable Multifamily Investments segment. See Notes 2 and 24 to the Partnership’s condensed consolidated financial statements for additional details. The following table presents summary information regarding activity of our segments for the three and nine months ended September 30, 2025 and 2024 (dollar amounts in thousands):
Previous wording
During the six months ended June 30, 2025 and 2024, our net income was significantly impacted by unrealized losses on our derivative instrument portfolio, which primarily consists of interest rate swaps. Under the applicable accounting guidance, we report our derivatives at fair value as of each reporting date. The fair value is based on a model that considers observable indices and observable market trades for similar arrangements, such as publicly available current SOFR rates and forward SOFR swap rates. The period-over-period change in the fair value of each derivative that is not directly related to net cash settlements are recorded as unrealized (gains) losses within “Net result from derivative transactions” on our condensed consolidated statements of operations and is included as a component of our reported net income. Unrealized (gains) losses can be significant in periods of significant interest rate volatility. The following table summarizes unrealized (gains) losses for the three and six months ended June 30, 2025 and 2024 by segment:
Current wording
During the nine months ended September 30, 2025 and 2024, our net income was significantly impacted by unrealized losses on our derivative instrument portfolio, which primarily consists of interest rate swaps. Under the applicable accounting guidance, we report our derivatives at fair value as of each reporting date. The fair value is based on a model that considers observable indices and observable market trades for similar arrangements, such as publicly available current SOFR rates and forward SOFR swap rates. The period-over-period change in the fair value of each derivative that is not directly related to net cash settlements are recorded as unrealized (gains) losses within “Net result from derivative transactions” on our condensed consolidated statements of operations and is included as a component of our reported net income. Unrealized (gains) losses can be significant in periods of significant interest rate volatility. The following table summarizes unrealized (gains) losses for the three and nine months ended September 30, 2025 and 2024 by segment:
Previous wording
Differences between the respective periods is primarily due to market interest rate changes between reporting dates. The 3-year SOFR swap rate is a reasonable proxy for our interest rate swap portfolio as a whole as our derivatives are primarily SOFR-denominated interest rate swaps and the weighted average life of our interest rate swap portfolio is typically between three and four years. The 3-year SOFR swap rate declined 0.65% from 4.05% as of December 31, 2024 to 3.40% as of June 30, 2025, resulting in significant unrealized losses on our interest rate swap portfolio for the six months ended June 30, 2025. The 3-year SOFR swap rate increased 0.60% from 3.75% as of December 31, 2023 to 4.35% as of June 30, 2024, resulting in significant unrealized gains on our interest rate swap portfolio for the three and six months ended June 30, 2024.
Current wording
Differences between the respective periods is primarily due to market interest rate changes between reporting dates. The 3-year SOFR swap rate is a reasonable proxy for our interest rate swap portfolio as a whole as our derivatives are primarily SOFR-denominated interest rate swaps and the weighted average life of our interest rate swap portfolio is typically between three and four years. The 3-year SOFR swap rate declined 0.70% from 4.05% as of December 31, 2024 to 3.35% as of September 30, 2025, resulting in significant unrealized losses on our interest rate swap portfolio for the nine months ended September 30, 2025. The 3-year SOFR swap rate declined 0.44% from 3.75% as of December 31, 2023 to 3.31% as of September 30, 2024, resulting in significant unrealized losses on our interest rate swap portfolio for the three and nine months ended September 30, 2024.
Previous wording
In addition, we recognized asset-specific provisions for credit losses totaling approximately $9.3 million in the Affordable Multifamily Investments segment for the three and six months ended June 30, 2025, which significantly impacted our reported net income. These provisions are not realized losses but are based on expectations of credit losses after our evaluation of several factors including current and expected operating results of the underlying properties, borrower financial conditions, and estimated collateral values. See the operational matters section of the Affordable Multifamily Investments section discussion in this Item 2.
Current wording
In addition, we recognized asset-specific provisions for credit losses totaling approximately $9.9 million in the Affordable Multifamily Investments segment for the nine months ended September 30, 2025, which significantly impacted our reported net income. These provisions are not realized losses but are based on expectations of credit losses after our evaluation of several factors including current and expected operating results of the underlying properties, borrower financial conditions, and estimated collateral values. See the operational matters section of the Affordable Multifamily Investments section discussion in this Item 2.
Previous wording
On July 4, 2025, President Trump signed into law the legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), which is a sweeping federal reconciliation package that permanently extends and expands key provisions of the 2017 Tax Cuts and Jobs Act, introduces new tax benefits (including elevated standard deductions, higher state-and-local tax (SALT) caps, and no taxation on tips and overtime income for certain workers), and enacts broad reductions in government spending. As directly applicable to the Partnership, the OBBBA contains provisions that may affect the Partnership and its unitholders. For example, the OBBBA affects the LIHTC program by permanently increasing the state allocation for 9% LIHTC properties by 12% and lowering the private activity bond financing threshold from 50% to 25% for 4% LIHTC projects. In sum, the OBBBA is a complex revision to the U.S. federal income tax laws with potentially far-reaching consequences. The OBBBA will require subsequent rulemaking in a number of areas. The long-term impact of the OBBBA on the Partnership, our unitholders, the developers and owners of the properties underlying our MRBs, GILs, and market-rate joint venture investments, and the multifamily real estate industry in general cannot be reliably predicted at this early stage of the new law’s implementation. Unitholders are urged to consult with their own tax advisors regarding the impact of the OBBBA to them and their acquisition, ownership, and disposition of the Partnership’s units. The Partnership’s management continues to evaluate the impact of the OBBBA on the Partnership and its business, financial condition, and results of operations.
Current wording
On July 4, 2025, President Trump signed into law the legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), which is a sweeping federal reconciliation package that permanently extends and expands key provisions of the 2017 Tax Cuts and Jobs Act, introduces new tax benefits (including elevated standard deductions, higher state-and-local tax (SALT) caps, and no taxation on tips and overtime income for certain workers), and enacts broad reductions in government spending. The OBBBA contains provisions that may affect the Partnership and its unitholders. For example, the OBBBA affects the LIHTC program by permanently increasing the state allocation for 9% LIHTC properties by 12% and lowering the private activity bond financing threshold from 50% to 25% for 4% LIHTC projects. In sum, the OBBBA is a complex revision to the U.S. federal income tax laws with potentially far-reaching consequences. The OBBBA will require subsequent rulemaking in a number of areas. The long-term impact of the OBBBA on the Partnership, our unitholders, the developers and owners of the properties underlying our MRBs, GILs, and market-rate joint venture investments, and the multifamily real estate industry in general cannot be reliably predicted at this early stage of the new law’s implementation. Unitholders are urged to consult with their own tax advisors regarding the impact of the OBBBA to them and their acquisition, ownership, and disposition of the Partnership’s units. The Partnership’s management continues to evaluate the impact of the OBBBA on the Partnership and its business, financial condition, and results of operations.
Previous wording
The following table presents information regarding the investment activity of the Partnership for the three and six months ended June 30, 2025 and 2024:
Current wording
The following table presents information regarding the investment activity of the Partnership for the three and nine months ended September 30, 2025 and 2024:
Previous wording
The following table presents information regarding the debt financing, derivatives, Preferred Units and partners’ capital activities of the Partnership for the three and six months ended June 30, 2025 and 2024, exclusive of retired debt amounts listed in the investment activity table above:
Current wording
The following table presents information regarding the debt financing, derivatives, Preferred Units and partners’ capital activities of the Partnership for the three and nine months ended September 30, 2025 and 2024, exclusive of retired debt amounts listed in the investment activity table above:
Previous wording
We are committed to minimizing the overall environmental impact of our corporate operations. The Partnership’s operations are primarily managed by 15 employees of Greystone Manager, so we have a relatively modest environmental impact and have adequate facilities to grow our employee base without acquiring additional physical space.
Current wording
We are committed to minimizing the overall environmental impact of our corporate operations. The Partnership’s operations are primarily managed by 17 employees of Greystone Manager, so we have a relatively modest environmental impact and have adequate facilities to grow our employee base without acquiring additional physical space.
Previous wording
Greystone and the Partnership are committed to building a workplace that allows all employees to feel supported and valued, regardless of any identity, by focusing on our culture of ‘where people matter’ to build belonging. Specific initiatives include training and employee resources groups to support our workforce as well as a formal Culture and Community Committee and Culture and Community Executive Advisory Council to lead and advise all belonging related work, events, and learning. Of the 15 employees of Greystone Manager responsible for the Partnership’s operations, three are women and two employees identify as ethnically diverse.
Current wording
Greystone and the Partnership are committed to building a workplace that allows all employees to feel supported and valued, regardless of any identity, by focusing on our culture of ‘where people matter’ to build belonging. Specific initiatives include training and employee resources groups to support our workforce as well as a formal Culture and Community Committee and Culture and Community Executive Advisory Council to lead and advise all belonging related work, events, and learning. Of the 17 employees of Greystone Manager responsible for the Partnership’s operations, three are women and two employees identify as ethnically diverse.
Previous wording
The Board of Managers is highly engaged in the governance and operations of the Partnership. Our non-independent Managers are employees of Greystone that regularly monitor developments in our operating environment and capital markets and discuss such developments with management on a regular basis. One of our Managers is a member of our investment committee that pre-approves all new investments. We regularly monitor and assess risks to achieving our business objectives and such risk assessments are discussed with both the Audit Committee and the full Board of Managers at regularly held meetings and in regular informal discussions. The Audit Committee had 100% attendance at meetings during 2024 and to date in 2025. The Board of Managers had 100% and 93% attendance during 2024 and to date in 2025, respectively.
Current wording
The Board of Managers is highly engaged in the governance and operations of the Partnership. Our non-independent Managers are employees of Greystone that regularly monitor developments in our operating environment and capital markets and discuss such developments with management on a regular basis. One of our Managers is a member of our investment committee that pre-approves all new investments. We regularly monitor and assess risks to achieving our business objectives and such risk assessments are discussed with both the Audit Committee and the full Board of Managers at regularly held meetings and in regular informal discussions. The Audit Committee had 100% attendance at meetings during 2024 and to date in 2025. The Board of Managers had 100% and 95% attendance during 2024 and to date in 2025, respectively.
Previous wording
The tables and following discussions of our changes in results of operations for the three and six months ended June 30, 2025 and 2024 should be read in conjunction with the Partnership’s condensed consolidated financial statements and notes thereto included in Item 1 of this report, as well as the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
The tables and following discussions of our changes in results of operations for the three and nine months ended September 30, 2025 and 2024 should be read in conjunction with the Partnership’s condensed consolidated financial statements and notes thereto included in Item 1 of this report, as well as the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
Investment income. The increase in investment income for the three months ended June 30, 2025 as compared to the same period in 2024 was due to the following factors:
Current wording
Investment income. The decrease in investment income for the three months ended September 30, 2025 as compared to the same period in 2024 was due to the following factors:
Previous wording
An increase of approximately $3.2 million of investment income related to unconsolidated entities consisting of:
Current wording
A decrease of approximately $284,000 of investment income related to unconsolidated entities consisting of:
Previous wording
An increase of approximately $711,000 from overall higher average property loan, taxable MRB and taxable GIL investment balances of approximately $40.7 million; and
Current wording
A net increase of approximately $1.0 million from overall higher average property loan, taxable MRB and taxable GIL investment balances of approximately $53.6 million; and
Previous wording
Other income. Other income for the six months ended June 30, 2025 and 2024 related to the receipt of non-refundable fees for the extension of various MRB and GIL maturity dates.
Current wording
Other income. Other income for the three months ended September 30, 2025 and 2024 related to the receipt of non-refundable fees for the extension of various MRB and GIL maturity dates.
Previous wording
Earnings (losses) on investments in unconsolidated entities. The Partnership reports its proportionate share of earnings (losses) on investments in unconsolidated entities using the equity method of accounting. Our JV Equity Investments typically incur operating losses during development and lease-up, particularly from depreciation, consistent with development plans. The increase in losses for the six months ended June 30, 2025 as compared to the same period in 2024 is primarily due to general and administrative expenses at Valage Senior Living Carson Valley and the Jessam at Hays Farm and non-capitalized interest expense at Freestone Greenville and Freestone Cresta Bella as the properties have begun operations.
Current wording
Earnings (losses) on investments in unconsolidated entities. The Partnership reports its proportionate share of earnings (losses) on investments in unconsolidated entities using the equity method of accounting. Our JV Equity Investments typically incur operating losses during development and lease-up, particularly from depreciation, consistent with development plans. The increase in losses for the three months ended September 30, 2025 as compared to the same period in 2024 is primarily due to general and administrative expenses at the Jessam at Hays Farm and non-capitalized interest expense at Freestone Greenville, Freestone Cresta Bella, and Freestone Ladera as the properties have begun operations.
Previous wording
Total Revenues and Other Income comparison for the six months ended June 30, 2025 and 2024
Current wording
Total Revenues and Other Income comparison for the nine months ended September 30, 2025 and 2024
Previous wording
An increase of approximately $1.7 million of investment income related to unconsolidated entities consisting of:
Current wording
An increase of approximately $3.0 million of investment income related to unconsolidated entities consisting of:
Previous wording
An increase of approximately $1.0 million in investment income related to preferred returns on equity contributions during 2024 and 2025; and
Current wording
An increase of approximately $1.5 million in investment income related to preferred returns on equity contributions during 2024 and 2025; and
Previous wording
An increase of approximately $2.2 million in interest income from recent MRB advances, offset by a decrease of approximately $762,000 in interest income due to MRB redemptions and principal repayments;
Current wording
A decrease of approximately $2.2 million of investment income due to certain investments meeting the maximum guaranteed preferred return during 2024 and 2025.
Previous wording
Other interest income. Other interest income is comprised primarily of interest income on our property loan, taxable MRB, and taxable GIL investments. The decrease in other interest income for the six months ended June 30, 2025 as compared to the same period in 2024 was primarily due to:
Current wording
Other interest income. Other interest income is comprised primarily of interest income on our property loan, taxable MRB, and taxable GIL investments. The increase in other interest income for the nine months ended September 30, 2025 as compared to the same period in 2024 was primarily due to:
Previous wording
An increase of approximately $2.0 million in interest income from recent MRB advances, offset by a decrease of approximately $762,000 in interest income due to MRB redemptions and principal repayments;
Current wording
An increase of approximately $3.4 million from recent property loan, taxable MRB and taxable GIL investment advances, offset by a decrease of approximately $2.0 million due to recent property loan, taxable MRB and taxable GIL investment redemptions and principal repayments; and
Previous wording
Contingent interest income. Contingent interest income for the three months ended June 30, 2025 related to a premium received upon redemption of the Companion at Thornhill Apartments MRB in June 2025. There was no contingent interest income for the three months ended June 30, 2024.
Current wording
Contingent interest income. Contingent interest income for the nine months ended September 30, 2025 related to a premium received upon redemption of the Companion at Thornhill Apartments MRB in June 2025. There was no contingent interest income for the nine months ended September 30, 2024.
Previous wording
Gain on sale of real estate assets. There was no gain on sale of real estate assets for the three months ended June 30, 2025. The gain on sale of real estate assets for the three months ended June 30, 2024 related to final purchase price adjustments for the Suites on Paseo MF Property that was sold in December 2023.
Current wording
Gain on sale of real estate assets. There was no gain on sale of real estate assets for the nine months ended September 30, 2025. The gain on sale of real estate assets for the nine months ended September 30, 2024 related to final purchase price adjustments for the Suites on Paseo MF Property that was sold in December 2023.
Previous wording
Gain on sale of mortgage revenue bonds. There was no gain on sale for the three months ended June 30, 2025. The gain on sale of mortgage revenue bond for the three months ended June 30, 2024 related to the sale of the Brookstone MRB in May 2024.
Current wording
Gain on sale of mortgage revenue bonds. There was no gain on sale for the nine months ended September 30, 2025. The gain on sale of mortgage revenue bond for the nine months ended September 30, 2024 related to the sale of the Brookstone MRB in May 2024.
Previous wording
Gain on sale of investments in unconsolidated entities. The gain on sale for the six months ended June 30, 2025 related to the sale of Vantage at Helotes in May 2025 for a gain of approximately $163,000 and final settlement of the Vantage at O'Connor and Vantage at Coventry sales that occurred in July 2022 and January 2023, respectively. The gain on sale of investments in unconsolidated entities for the six months ended June 30, 2024 related to final settlement of the Vantage at Coventry and Vantage at Westover Hills sales that occurred in January 2023 and May 2022, respectively.
Current wording
Gain on sale of investments in unconsolidated entities. The gain on sale for the nine months ended September 30, 2025 related to the sale of Vantage at Helotes in May 2025 for a gain of approximately $163,000 and final settlement of the Vantage at O'Connor and Vantage at Coventry sales that occurred in July 2022 and January 2023, respectively. The gain on sale of investments in unconsolidated entities for the nine months ended September 30, 2024 related to final settlement of the Vantage at Coventry and Vantage at Westover Hills sales that occurred in January 2023 and May 2022, respectively.
Previous wording
Earnings (losses) on investments in unconsolidated entities. The Partnership reports its proportionate share of earnings (losses) on investments in unconsolidated entities using the equity method of accounting. Our JV Equity Investments typically incur operating losses during development and lease-up, particularly from depreciation, consistent with development plans. The increase in losses for the three months ended June 30, 2025 as compared to the same period in 2024 is primarily due to general and administrative expenses at Valage Senior Living Carson Valley and the Jessam at Hays Farm and non-capitalized interest expense at Freestone Greenville and Freestone Cresta Bella as the properties have begun operations.
Current wording
Earnings (losses) on investments in unconsolidated entities. The Partnership reports its proportionate share of earnings (losses) on investments in unconsolidated entities using the equity method of accounting. Our JV Equity Investments typically incur operating losses during development and lease-up, particularly from depreciation, consistent with development plans. The increase in losses for the nine months ended September 30, 2025 as compared to the same period in 2024 is primarily due to general and administrative expenses at Valage Senior Living Carson Valley and the Jessam at Hays Farm and non-capitalized interest expense at Freestone Greenville, Freestone Cresta Bella, and Freestone Ladera as the properties have begun operations.
Previous wording
General and administrative expenses. The decrease in general and administrative expenses for the three months ended June 30, 2025 as compared to the same period in 2024 was primarily due to a decrease of approximately $189,000 in employee compensation and benefits.
Current wording
General and administrative expenses. The decrease in general and administrative expenses for the three months ended September 30, 2025 as compared to the same period in 2024 was primarily due to a decrease of approximately $281,000 in professional and consulting fees.
Previous wording
Total Expenses comparison for the Six Months Ended June 30, 2025 and 2024
Current wording
Total Expenses comparison for the Nine Months Ended September 30, 2025 and 2024
Previous wording
Provision for credit losses. The provision for credit losses for the six months ended June 30, 2025 includes an asset-specific allowance of approximately $624,000 related to the Opportunity South Carolina property loan and approximately $8.7 million related to The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, and the Windsor Shores Apartments MRB and taxable MRB. These asset-specific provisions were partially offset by a decline in expected credit losses primarily due to GIL and property loan redemptions and a decrease in the weighted average life of the remaining investment portfolio, and updates of market data used as quantitative assumptions in the Partnership’s model to estimate the allowance for credit losses.
Current wording
Provision for credit losses. The provision for credit losses for the nine months ended September 30, 2025 includes asset-specific allowances of approximately $1.2 million related to the Opportunity South Carolina property loan and approximately $8.7 million related to The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, and the Windsor Shores Apartments MRB and taxable MRB. These asset-specific provisions were partially offset by a decline in expected credit losses primarily due to GIL and property loan redemptions and a decrease in the weighted average life of the remaining investment portfolio, and updates of market data used as quantitative assumptions in our model used to estimate the allowance for credit losses.
Previous wording
Depreciation expense. Depreciation expense for the six months ended June 30, 2025 and 2024 related to furniture and equipment owned by the Partnership.
Current wording
Depreciation expense. Depreciation expense for the nine months ended September 30, 2025 and 2024 related to furniture and equipment owned by the Partnership.
Previous wording
Interest expense. The decrease in interest expense for the six months ended June 30, 2025 as compared to the same period in 2024 was due to the following factors:
Current wording
Interest expense. The decrease in interest expense for the nine months ended September 30, 2025 as compared to the same period in 2024 was due to the following factors:
Previous wording
A decrease of approximately $2.8 million due to lower average interest rates on debt financing, net of cash receipts received on interest rate derivatives; and
Current wording
A decrease of approximately $4.6 million due to lower average interest rates on debt financing, net of cash receipts received on interest rate derivatives; and
Previous wording
An increase of approximately $2.5 million due to lower average principal outstanding of approximately $70.1 million.
Current wording
An increase of approximately $2.0 million due to higher average principal outstanding of approximately $34.0 million.
Previous wording
Net result from derivative transactions. The net result from derivative transactions consists of realized and unrealized (gains) losses from our derivative financial instruments. Realized (gains) losses represent receipts or payments related to our interest rate swaps during the period. Unrealized (gains) losses are generally a result of changes in current and forward interest rates during the period. Increasing interest rates generally result in unrealized gains while decreasing interest rates generally result in unrealized losses. The following table summarizes the components of this line item for the six months ended June 30, 2025 and 2024 (dollar amounts in thousands):
Current wording
Net result from derivative transactions. The net result from derivative transactions consists of realized and unrealized (gains) losses from our derivative financial instruments. Realized (gains) losses represent receipts or payments related to our interest rate swaps during the period. Unrealized (gains) losses are generally a result of changes in current and forward interest rates during the period. Increasing interest rates generally result in unrealized gains while decreasing interest rates generally result in unrealized losses. The following table summarizes the components of this line item for the nine months ended September 30, 2025 and 2024 (dollar amounts in thousands):
Previous wording
General and administrative expenses. The decrease in general and administrative expenses for the six months ended June 30, 2025 as compared to the same period in 2024 was primarily due to decreases of approximately $419,000 in employee compensation and benefits, and approximately $267,000 in professional and consulting fees. These decreases were partially offset by an increase of approximately $177,000 in administration fees paid to the General Partner due to higher assets under management.
Current wording
General and administrative expenses. The decrease in general and administrative expenses for the nine months ended September 30, 2025 as compared to the same period in 2024 was primarily due to decreases of approximately $379,000 in employee compensation and benefits, and approximately $543,000 in professional and consulting fees. These decreases were partially offset by an increase of approximately $135,000 in administration fees paid to the General Partner due to higher assets under management.
Previous wording
A wholly owned subsidiary of the Partnership, the Greens Hold Co, is a corporation subject to federal and state income tax. The Greens Hold Co owns certain property loans and real estate assets. The Greens Hold Co sold its ownership interest in The 50/50 MF Property to an unrelated non-profit organization in December 2022 and deferred a gain on sale of approximately $6.6 million. There was minimal taxable income for the Greens Hold Co for the three and six months ended June 30, 2025 and 2024.
Current wording
A wholly owned subsidiary of the Partnership, the Greens Hold Co, is a corporation subject to federal and state income tax. The Greens Hold Co owns certain property loans and real estate assets. The Greens Hold Co sold its ownership interest in The 50/50 MF Property to an unrelated non-profit organization in December 2022 and deferred a gain on sale of approximately $6.6 million. There was minimal taxable income for the Greens Hold Co for the three and nine months ended September 30, 2025 and 2024.
Previous wording
The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income, as determined in accordance with GAAP, to CAD) for the three and six months ended June 30, 2025 and 2024 (all per BUC amounts are presented giving effect to the BUCs Distributions on a retroactive basis for all periods presented):
Current wording
The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income, as determined in accordance with GAAP, to CAD) for the three and nine months ended September 30, 2025 and 2024 (all per BUC amounts are presented giving effect to the BUCs Distributions on a retroactive basis for all periods presented):
Previous wording
The adjustments reflect the change in allowances for credit losses under the CECL standard which requires the Partnership to update estimates of expected credit losses for its investment portfolio at each reporting date. Credit losses are not reported within CAD until such losses are realized. The provision for credit loss for the three and six months ended June 30, 2025 includes asset-specific provisions for credit losses for affordable multifamily investments totaling approximately $9.3 million. In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership recovered approximately $169,000 of its previously recognized allowance credit loss which is not included as an adjustment to net income in the calculation of CAD for the three and six months ended June 30, 2024.
Current wording
The adjustments reflect the change in allowances for credit losses under the CECL standard which requires the Partnership to update estimates of expected credit losses for its investment portfolio at each reporting date. Credit losses are not reported within CAD until such losses are realized. The provision for credit loss includes asset-specific provisions for credit losses for affordable multifamily investments totaling approximately $596,000 and $9.9 million for the three and nine months ended September 30, 2025, respectively. In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership recovered approximately $169,000 of its previously recognized allowance credit loss which is not included as an adjustment to net income in the calculation of CAD for the nine months ended September 30, 2024.
Previous wording
As described in Note 22 to the Partnership’s condensed consolidated financial statements, Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed 75% to the limited partners and BUC holders, as a class, and 25% to the General Partner. This adjustment represents 25% of Tier 2 income due to the General Partner. Tier 2 income for the three and six months ended June 30, 2025 related to the gain on sale of Vantage at Helotes and the premium received upon redemption of the Companion at Thornhill Apartments MRB. There was no Tier 2 income for the three and six months ended June 30, 2024.
Current wording
As described in Note 22 to the Partnership’s condensed consolidated financial statements, Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed 75% to the limited partners and BUC holders, as a class, and 25% to the General Partner. This adjustment represents 25% of Tier 2 income due to the General Partner. Tier 2 income for the nine months ended September 30, 2025 related to the gain on sale of Vantage at Helotes and the premium received upon redemption of the Companion at Thornhill Apartments MRB. There was no Tier 2 income for the three months ended September 30, 2025 and 2024 and the nine months ended September 30, 2024
Showing the first 40 of 117 pairs. Open the source sections for the rest.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
Other income. Other income for the nine months ended September 30, 2025 and 2024 related to the receipt of non-refundable fees for the extension of various MRB and GIL maturity dates.
Current report — wording carried from elsewhere
The physical occupancy and economic occupancy amounts are based on the latest available occupancy and financial information, which is as of June 30, 2025.
Current report — wording carried from elsewhere
Total revenues decreased for the nine months ended September 30, 2025 as compared to the same period in 2024 primarily due to:
Current report — wording carried from elsewhere
Interest expense decreased for the three months ended September 30, 2025 as compared to the same period in 2024 primarily due to:
Current report — wording carried from elsewhere
An increase of approximately $1.8 million of investment income related to preferred return recognized upon the sale of Vantage at Helotes in May 2025;
Current report — wording carried from elsewhere
An increase of approximately $1.5 million in investment income related to preferred returns on equity contributions during 2024 and 2025; and
Current report — wording carried from elsewhere
A decrease of approximately $2.2 million of investment income due to certain investments meeting the maximum guaranteed preferred return during 2024 and 2025.
Current report — wording carried from elsewhere
We maintain a General LOC with a commitment of up to $50.0 million to purchase additional investments and to meet general working capital and liquidity requirements. We may borrow, prepay and reborrow amounts at any time through the maturity date, subject to the limitations of a borrowing base. The aggregate available commitment cannot exceed a borrowing base calculation, which is equal to 35% multiplied by the aggregate value of a pool of eligible encumbered assets. Eligible encumbered assets consist of 100% of our equity capital contributions to JV Equity Investments, subject to certain limits and restrictions. The General LOC is secured by first priority security interests in our JV Equity Investments. We have the ability to increase the total maximum commitment by an additional
Rearranged previous paragraphs (11)
Previous report — wording carried elsewhere
Contingent interest income. Contingent interest income for the six months ended June 30, 2025 related to a premium received upon redemption of the Companion at Thornhill Apartments MRB in June 2025. There was no contingent interest income for the six months ended June 30, 2024.
Previous report — wording carried elsewhere
An increase of approximately $208,000 in contingent interest income received upon the redemption of the Companion at Thornhill Apartments MRB in June 2025.
Previous report — wording carried elsewhere
Depreciation expense for the three months ended June 30, 2025 and 2024 related to furniture and equipment owned by the Partnership.
Previous report — wording carried elsewhere
There was no gain on sale of mortgage revenue bond for the three months ended June 30, 2025. The gain on sale of mortgage revenue bond for the three months ended June 30, 2024 related to the sale of the Brookstone MRB in May 2024.
Previous report — wording carried elsewhere
An increase of approximately $4.6 million in interest income from recent MRB advances, offset by a decrease of approximately $1.5 million in interest income due to MRB redemptions and principal repayments;
Previous report — wording carried elsewhere
The multifamily properties securing our MRBs were all current on contractual debt service payments on our MRBs and we have received no requests for forbearance of contractual debt service payments as of June 30, 2025.
Previous report — wording carried elsewhere
Construction and rehabilitation activities continue at properties securing our GILs, taxable GILs and related property loans. Three of the four underlying affordable multifamily properties had commenced leasing operations as of June 30, 2025. To date, these properties have not experienced any material supply chain disruptions for either construction materials or labor.
Previous report — wording carried elsewhere
The recovery of provision for credit losses for the three months ended June 30, 2025 related to a decrease in the weighted average life of the remaining investment portfolio. The provision for credit losses for the three months ended June 30, 2024 relates to the initial allowance for credit loss for a new property loan investment during 2024.
Previous report — wording carried elsewhere
Interest expense increased for the three months ended June 30, 2025 as compared to the same period in 2024 primarily due to:
Previous report — wording carried elsewhere
An increase of approximately $1.0 million in investment income related to preferred returns on equity contributions during 2024 and 2025; and
Previous report — wording carried elsewhere
There was minimal income tax expense and no other operating results to report for the MF Properties segment for three months ended June 30, 2025 and 2024.