Greystone Housing Impact Investors LP

Previous wording

As of March 31, 2026, 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 months ended March 31, 2026 and 2025 (dollar amounts in thousands):

Current wording

As of June 30, 2026, 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, 2026 and 2025 (dollar amounts in thousands):

Previous wording

During the three months ended March 31, 2026 and 2025, our net income was impacted by unrealized gains and 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 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 months ended March 31, 2026 and 2025 by segment:

Current wording

During the three and six months ended June 30, 2026 and 2025, our net income was impacted by unrealized gains and 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 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, 2026 and 2025 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 increased 0.24% from 3.34% as of December 31, 2025 to 3.58% as of March 31, 2026, resulting in unrealized gains on our interest rate swap portfolio for the three months ended March 31, 2026. The 3-year SOFR swap rate decreased 0.40% from 4.05% as of December 31, 2024 to 3.65% as of March 31, 2025, resulting in significant unrealized losses on our interest rate swap portfolio for the three months ended March 31, 2025.

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 increased 0.61% from 3.34% as of December 31, 2025 to 3.95% as of June 30, 2026, resulting in unrealized gains on our interest rate swap portfolio for the three and six months ended June 30, 2026. The 3-year SOFR swap rate decreased 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 three and six months ended June 30, 2025.

Previous wording

The following table presents information regarding the investment activity of the Partnership for the three months ended March 31, 2026 and 2025:

Current wording

The following table presents information regarding the investment activity of the Partnership for the three and six months ended June 30, 2026 and 2025:

Previous wording

The following table presents information regarding the debt financing, derivatives, Preferred Units and partners’ capital activities of the Partnership for the three months ended March 31, 2026 and 2025, 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 six months ended June 30, 2026 and 2025, exclusive of retired debt amounts listed in the investment activity table above:

Previous wording

In 2021, we acquired an MRB investment secured by Meadow Valley, a to-be-constructed 164 bed seniors housing facility in Traverse City, MI. Part of the construction financing is provided through a C-PACE program, which is a state policy-enabled financing mechanism that allows developers to access the capital needed to make renewable energy accessible and cost-effective. In the case of Meadow Valley, C-PACE financing of $24.8 million will be provided to finance energy conservation features including high efficiency windows, roof, walls, heating, cooling, indoor and outdoor lighting, water heating and low-flow fixtures. The C-PACE financing is repaid through a property tax assessment over the life of the property. Many lenders are averse to financing properties with C-PACE financing as the tax assessment is a senior obligation of the property. We have developed underwriting procedures that allow for the borrower to obtain C-PACE financing and still meet our security and underwriting requirements. We will continue to evaluate investment opportunities related to properties that utilize C-PACE financing for future investment as we want to encourage our borrowers to utilize clean energy design and construction practices.

Current wording

Meadow Valley, C-PACE financing of $24.8 million will be provided to finance energy conservation features including high efficiency windows, roof, walls, heating, cooling, indoor and outdoor lighting, water heating and low-flow fixtures. The C-PACE financing is repaid through a property tax assessment over the life of the property. Many lenders are averse to financing properties with C-PACE financing as the tax assessment is a senior obligation of the property. We have developed underwriting procedures that allow for the borrower to obtain C-PACE financing and still meet our security and underwriting requirements. We will continue to evaluate investment opportunities related to properties that utilize C-PACE financing for future investment as we want to encourage our borrowers to utilize clean energy design and construction practices.

Previous wording

We are committed to minimizing the overall environmental impact of our corporate operations. The Partnership’s operations are primarily managed by 16 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 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.

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 16 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 15 employees of Greystone Manager responsible for the Partnership’s operations, three are women and three employees identify as ethnically diverse.

Previous wording

The tables and following discussions of our changes in results of operations for the three months ended March 31, 2026 and 2025 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, 2025.

Current wording

The tables and following discussions of our changes in results of operations for the three and six months ended June 30, 2026 and 2025 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, 2025.

Previous wording

A decrease of approximately $1.5 million in interest income due to recent GIL paydowns, offset by an increase of approximately $697,000 in interest income from recent GIL investments;

Current wording

A decrease of approximately $2.0 million in interest income from recent GIL paydowns; offset by an increase of approximately $524,000 in interest income from recent GIL investments;

Previous wording

A decrease of approximately $2.0 million of investment income related to investments in unconsolidated entities consisting of:

Current wording

A decrease of approximately $1.6 million of investment income related to investments in unconsolidated entities consisting of:

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 increase in other interest income for the three months ended March 31, 2026 as compared to the same period in 2025 was primarily due to an increase of approximately $947,000 from recent property loan, taxable MRB and taxable GIL investment advances, offset by a decrease of approximately $100,000 due to recent property loan, taxable MRB and taxable GIL investment redemptions and principal repayments.

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 three months ended June 30, 2026 as compared to the same period in 2025 was primarily due to an increase of approximately $1.1 million from recent property loan, taxable MRB and taxable GIL investment advances, offset by a decrease of approximately $383,000 due to recent property loan, taxable MRB and taxable GIL investment redemptions and principal repayments.

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 March 31, 2026 as compared to the same period in 2025 is primarily due to non-capitalized interest and depreciation expense at Valage Senior Living Carson Valley, The Jessam at Hays Farm, Freestone Greenville, Freestone Cresta Bella, and Freestone Ladera as the properties began primary operations in mid to late 2025. Depreciation and amortization expenses accounted for approximately $1.5 million and $394,000 of our proportionate share of losses for the three months ended March 31, 2026 and 2025, with the remaining losses related to non-capitalized interest expense and general operating expenses.

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 June 30, 2026 as compared to the same period in 2025 is primarily due to non-capitalized interest and depreciation expense at Valage Senior Living Carson Valley, The Jessam at Hays Farm, Freestone Greenville, Freestone Cresta Bella, and Freestone Ladera as the properties began primary operations in mid to late 2025. Depreciation and amortization expenses accounted for approximately $2.0 million of our proportionate share of losses for the three months ended June 30, 2026, with the remaining losses related to non-capitalized interest expense and general operating expenses.

Previous wording

A decrease of approximately $2.2 million of investment income due to a preferred return distribution from Vantage at Loveland in March 2025; and

Current wording

A decrease of approximately $2.2 million of investment income due to a preferred return distribution from Vantage at Loveland in March 2025;

Previous wording

Other income. Other income for the three months ended March 31, 2026 and 2025 related to the receipt of non-refundable fees for the extension of various MRB, GIL, and property loan maturity dates.

Current wording

Other income. Other income for the six months ended June 30, 2026 and 2025 related to the receipt of non-refundable fees for the extension of various MRB and GIL maturity dates.

Previous wording

Gain on deed in lieu of foreclosures. Gain on deed in lieu of foreclosures represents our gain as a result of the deed in lieu of foreclosure of the SC MF Properties during the three months ended March 31, 2026. The gain was equal to the excess amount of the appraised value of the real estate assets acquired over our amortized cost basis of the Windsor Shores MRB and taxable MRB and The Ivy Apartments (a/k/a Century Plaza Apartments) MRB.

Current wording

Gain on deed in lieu of foreclosures. Gain on deed in lieu of foreclosures represents our gain as a result of the deed in lieu of foreclosure of the SC MF Properties that occurred in the first quarter of 2026. The gain was equal to the excess amount of the appraised value of the real estate assets acquired over our amortized cost basis of the Windsor Shores MRB and taxable MRB and The Ivy Apartments (a/k/a Century Plaza Apartments) MRB.

Previous wording

Depreciation and amortization. Depreciation expense for the three months ended March 31, 2026 related primarily to the four SC MF Properties and totaled approximately $1.2 million. Amortization of in-place lease intangible assets for the SC MF Properties was approximately $1.6 million for the three months ended March 31, 2026. Depreciation expense for the three months ended March 31, 2025 related to furniture and equipment owned by the Partnership.

Current wording

Depreciation and amortization. Depreciation expense for the three months ended June 30, 2026 related primarily to the four SC MF Properties and totaled approximately $772,000. Amortization of in-place lease intangible assets for the SC MF Properties was approximately $2.5 million for the three months ended June 30, 2026. Depreciation expense for the three months ended June 30, 2025 related to furniture and equipment owned by the Partnership.

Previous wording

A decrease of approximately $609,000 due to lower average principal outstanding of approximately $52.3 million; and

Current wording

A decrease of approximately $719,000 due to lower average principal outstanding of approximately $56.8 million; and

Previous wording

An increase of approximately $267,000 due to higher average interest rates on debt financing, net of cash receipts received on interest rate derivatives.

Current wording

A increase of approximately $179,000 due to higher average interest rates on debt financing, net of cash receipts received on interest rate derivatives.

Previous wording

Provision for credit losses. The provision for credit losses for the three months ended March 31, 2026 includes an asset-specific allowance of approximately $93,000 related to the Opportunity South Carolina property loan offset by a recovery of approximately $2.1 million of our previously recognized allowance for credit loss related to The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, and Windsor Shores Apartments MRB. We also recorded a decrease in our general allowance for credit losses due to a decrease in the weighted average life of the remaining investment portfolio.

Current wording

Provision for credit losses. The provision for credit losses for the six months ended June 30, 2026 includes an asset-specific allowance of approximately $93,000 related to the Opportunity South Carolina property loan offset by a recovery of approximately $2.0 million of our previously recognized allowance for credit loss related to The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, and Windsor Shores Apartments MRB. We also recorded a decrease in our general allowance for credit losses primarily due to GIL and taxable GIL redemptions during 2026.

Previous wording

Income Tax Expense for the three months ended March 31, 2026 and 2025

Current wording

Income Tax Expense for the three and six months ended June 30, 2026 and 2025

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. There was minimal taxable income for the Greens Hold Co for the three months ended March 31, 2026 and 2025.

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. There was minimal taxable income for the Greens Hold Co for the three and six months ended June 30, 2026 and 2025.

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 months ended March 31, 2026 and 2025:

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 six months ended June 30, 2026 and 2025:

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 months ended March 31, 2026 includes an asset-specific provision for credit loss of approximately $93,000 offset by a recovery of approximately $2.1 million of our previously recognized allowance for credit losses related to The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, and Windsor Shores Apartments MRB.

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 for the three months ended June 30, 2026 includes a reduction of the first quarter recovery of approximately $39,000 of our previously recognized allowance for credit losses related to The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, and Windsor Shores Apartments MRB. The provision for credit loss for the six months ended June 30, 2026 includes an asset-specific provision for credit loss of approximately $93,000 offset by a recovery of approximately $2.0 million of our previously recognized allowance for credit losses related to The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, and Windsor Shores Apartments MRB

Previous wording

The gain on deed in lieu of foreclosures for the three months ended March 31, 2026 was equal to the excess amount of the appraised value of the real estate assets acquired over our amortized cost basis of the Windsor Shores MRB and taxable MRB and The Ivy Apartments (a/k/a Century Plaza Apartments) MRB. We have excluded this gain in the calculation of CAD as it is non-cash and relates to fair value estimates of real estate assets.

Current wording

The gain on deed in lieu of foreclosures for the three and six months ended June 30, 2026 was equal to the excess amount of the appraised value of the real estate assets acquired over our amortized cost basis of the Windsor Shores MRB and taxable MRB and The Ivy Apartments (a/k/a Century Plaza Apartments) MRB. We have excluded this gain in the calculation of CAD as it is non-cash and relates to fair value estimates of real estate assets.

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. There was no Tier 2 income for the three months ended March 31, 2026 and 2025.

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 three and six months ended June 30, 2026 related to final settlements of the Vantage at Helotes sale that occurred in May 2025. 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.

Previous wording

In connection with the preparation of the Partnership’s consolidated financial statements as of and for the year ended December 31, 2025, the Partnership identified certain immaterial errors in previously issued financial statements for the three month periods ended March 31, June 30, and September 30, 2025. The Partnership assessed the aggregate effects and materiality of these errors and concluded the errors were not material to the previously issued quarterly consolidated financial statements. The Partnership has voluntarily revising its quarterly condensed consolidated financial statements and the related reconciliations of net income (loss) to CAD for the three months ended March 31, 2025 included above. The following is a summary of the impacts on line items within the reconciliation of net income (loss) to CAD for the three months ended March 31, 2025:

Current wording

In connection with the preparation of the Partnership’s consolidated financial statements as of and for the year ended December 31, 2025, the Partnership identified certain immaterial errors in previously issued financial statements for the three month periods ended March 31, June 30, and September 30, 2025. The Partnership assessed the aggregate effects and materiality of these errors and concluded the errors were not material to the previously issued quarterly consolidated financial statements. The Partnership has voluntarily revised its quarterly condensed consolidated financial statements and the related reconciliations of net income (loss) to CAD for the three and six months ended June 30, 2025 included above. The following is a summary of the impacts on line items within the reconciliation of net income (loss) to CAD for the three and six months ended June 30, 2025:

Previous wording

A decrease in net income (loss) of approximately $924,000; and

Current wording

A decrease in net income (loss) of approximately $1.2 million and $2.1 million for the three and six months ended June 30, 2025, respectively; and

Previous wording

An increase in the adjustment for (earnings) losses from investment in unconsolidated entities of approximately $759,000.

Current wording

An increase in the adjustment for (earnings) losses from investment in unconsolidated entities of approximately $721,000 and $1.5 million for the three and six months ended June 30, 2025, respectively.

Previous wording

The net impact of the above line items on the previously reported quarterly CAD amounts was a decrease in CAD of approximately $165,000 for the three months ended March 31, 2025.

Current wording

The net impact of the above line items on the previously reported quarterly CAD amounts was a decrease in CAD of approximately $462,000 and $627,000 for the three and six months ended June 30, 2025, respectively.

Previous wording

The following tables summarize occupancy and other information regarding the properties underlying our various investments. The narrative discussion that follows provides a brief operating analysis of each investment as of and for the three months ended March 31, 2026 and 2025.

Current wording

The following tables summarize occupancy and other information regarding the properties underlying our various investments. The narrative discussion that follows provides a brief operating analysis of each investment as of and for the six months ended June 30, 2026 and 2025.

Previous wording

Comparison of the three months ended March 31, 2026 and 2025

Current wording

Comparison of the six months ended June 30, 2026 and 2025

Previous wording

Occupancy metrics as of March 31, 2026 decreased from the same period in 2025 due primarily to occupancy declines at various properties located in Texas - primarily in San Antonio and Houston. These markets have experienced large increases in the supply of available multifamily units in recent periods. Overall higher vacancy levels in these markets are putting pressure on leasing at the properties related to our MRBs. We observed new construction starts in these markets declined sharply starting in late 2023 in San Antonio and mid-2024 in Austin and we expect that occupancy will recover once available units are absorbed and new supply deliveries decline in the near term. Despite these declines in occupancy, all Texas borrowers are still current on MRB debt service. If there are continuing declines in operating results of the properties such that the borrowers are unable to make contractual principal and interest payments on our MRBs, we may receive forbearance requests or experience MRB defaults. We may choose to provide support to the borrowers through supplemental property loans to prevent such MRB defaults, which will be considered on a case-by-case basis. We will continue to monitor results and discuss property operations with the individual borrowers.

Current wording

Antonio and mid-2024 in Houston and we expect that occupancy will recover once available units are absorbed and new supply deliveries decline in the near term. Despite these declines in occupancy, all Texas borrowers are still current on MRB debt service. If there are continuing declines in operating results of the properties such that the borrowers are unable to make contractual principal and interest payments on our MRBs, we may receive forbearance requests or experience MRB defaults. We may choose to provide support to the borrowers through supplemental property loans to prevent such MRB defaults, which will be considered on a case-by-case basis. We will continue to monitor results and discuss property operations with the individual borrowers.

Previous wording

Excluding Texas properties, occupancy metrics have been fairly steady year over year with physical occupancy of 91.1% and 90.1% as of March 31, 2026 and 2025, respectively, and economic occupancy of 92.6% and 93.3% as of March 31, 2026 and 2025, respectively.

Current wording

Excluding Texas properties, occupancy metrics have been fairly steady year over year with physical occupancy of 93% and 92% as of June 30, 2026 and 2025, respectively, and economic occupancy of 93% and 92% as of June 30, 2026 and 2025, respectively.

Previous wording

Restricted rents at affordable multifamily properties are tied to changes in AMI, which has generally been increasing in the United States as overall wages increased significantly in 2021 through 2024. AMI is updated on a one-year lag, so restricted rental rates will increase on a similar lag and is realized upon annual lease renewals. On an overall basis, we noted same-property maximum rental income amounts increased 2.7% during the three months ended March 31, 2026 as compared to the same period in 2025. However, we observed a decrease in same-property net rental revenue of 4.3% during the three months ended March 31, 2026 as compared to the same period in 2025 due to lower physical occupancy at properties in Texas.

Current wording

Restricted rents at affordable multifamily properties are tied to changes in AMI, which has generally been increasing in the United States as overall wages increased significantly in 2021 through 2024. AMI is updated on a one-year lag, so restricted rental rates will increase on a similar lag and is realized upon annual lease renewals. On an overall basis, we noted same-property maximum rental income amounts increased 1.3% during the six months ended June 30, 2026 as compared to the same period in 2025. However, we observed a decrease in same-property net rental revenue of 4.2% during the six months ended June 30, 2026 as compared to the same period in 2025 due to lower physical occupancy at properties in Texas.

Previous wording

The physical occupancy and economic occupancy amounts are based on the latest available occupancy and financial information, which is as of December 31, 2025.

Current wording

The economic occupancy amounts are based on the latest available occupancy and financial information, which is as of March 31, 2026.

Previous wording

Nine properties have completed construction and are leasing. Three investments are still in the planning phase and have not commenced construction. We regularly discuss operations and lease-up progress with the respectively managing members and property management service providers. Once occupancy is stabilized above 90%, the managing member will likely evaluate options for the sale of the property.

Current wording

Nine properties have completed construction and are leasing. The Valage Senior Living Mt. Rose JV Equity Investment has begun construction. Two investments are still in the planning phase and have not commenced construction. We regularly discuss operations and lease-up progress with the respectively managing members and property management service providers. Once occupancy is stabilized above 90%, the managing member will likely evaluate options for the sale of the property.

Previous wording

A decrease of approximately $1.5 million in interest income from recent GIL paydowns, offset by an increase of approximately $697,000 in interest income due to recent GIL investments;

Current wording

A decrease of approximately $2.0 million in interest income due to recent GIL paydowns, offset by an increase of approximately $524,000 in interest income from recent GIL investments;

Previous wording

A decrease of approximately $691,000 due to a decrease in the average outstanding principal of our debt financing instruments of approximately $74.7 million.

Current wording

A decrease of approximately $1.6 million due to a decrease in the average outstanding principal of our debt financing instruments; and

Previous wording

A decrease of approximately $1.2 million due to lower average interest rates on our debt financings; and

Current wording

A decrease of approximately $487,000 due to lower average interest rates on our debt financings, net of cash receipts received on interest rate derivatives.