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GHI Greystone Housing Impact Investors LP

Quarterly report

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2024		2023			2024			2023
Revenues:
Investment income	$	21,820,973	$	20,537,399		$	60,920,706		$	62,255,855
Other interest income		2,235,339		4,621,098			7,309,664			13,677,110
Property revenues		-		1,198,892			-			3,532,868
Other income		289,238		116,747			455,005			250,214
Total revenues		24,345,550		26,474,136			68,685,375			79,716,047
Expenses:
Real estate operating (exclusive of items shown below)		-		873,668			-			2,090,613
Provision for credit losses (Note 10)		(226,000)		(562,000)			(1,012,308)			(1,881,000)
Depreciation and amortization		5,967		413,433			17,900			1,223,822
Interest expense		15,489,187		17,926,786			44,191,387			52,217,378
Net result from derivative transactions (Note 15)		7,897,016		(7,209,385)			(255,582)			(14,539,996)
General and administrative		5,112,958		5,328,469			14,864,773			15,510,475
Total expenses		28,279,128		16,770,971			57,806,170			54,621,292
Other Income:
Gain on sale of real estate assets		-		-			63,739			-
Gain on sale of mortgage revenue bond		-		-			1,012,581			-
Gain on sale of investments in unconsolidated entities		-		32,385			56,986			22,725,398
Earnings (losses) from investments in unconsolidated entities		(704,096)		-			(825,652)			-
Income (loss) before income taxes		(4,637,674)		9,735,550			11,186,859			47,820,153
Income tax expense (benefit)		(1,967)		6,172			(3,951)			12,381
Net income (loss)		(4,635,707)		9,729,378			11,190,810			47,807,772
Redeemable Preferred Unit distributions and accretion		(741,476)		(700,156)			(2,250,194)			(2,245,988)
Net income (loss) available to Partners	$	(5,377,183)	$	9,029,222		$	8,940,616		$	45,561,784

Net income (loss) available to Partners allocated to:
General Partner	$	(53,772)	$	25,049		$	88,836		$	3,514,195
Limited Partners - BUCs		(5,399,340)		8,922,236			8,649,222			41,737,030
Limited Partners - Restricted units		75,929		81,937			202,558			310,559
	$	(5,377,183)	$	9,029,222		$	8,940,616		$	45,561,784
BUC holders' interest in net income (loss) per BUC, basic and diluted	$	(0.23)	$	0.39	**	$	0.38	*	$	1.82	**
Weighted average number of BUCs outstanding, basic		23,085,261		22,923,956	**		23,056,467	*		22,924,023	**
Weighted average number of BUCs outstanding, diluted		23,085,261		22,923,956	**		23,056,467	*		22,924,023	**

	For the Three Months ended September 30, 2023
	Governmental Issuer Loans		Taxable Governmental Issuer Loans		Property Loans		Unfunded Commitments		Total
Balance, beginning of period		1,837,000		95,000	$	2,235,000		958,000		5,125,000
Current provision for credit losses		(268,000)		(9,000)		(163,000)		(122,000)		(562,000)
Balance, end of period	$	1,569,000	$	86,000	$	2,072,000	$	836,000	$	4,563,000

Debt Financing	Debt Facility	Month	Paydown Applied
Greens of Pine Glen	M31 TEBS	February 2023	$	7,579,000
Oasis at Twin Lakes GIL	TOB Trust	June 2023		30,600,000
Trust 2021-XF2926 - Oasis at Twin Lakes property loan	TOB Trust	June 2023		21,600,000
Ocotillo Springs - Series A	TOB Trust	July 2023		9,980,000
Trust 2021-XF2939 - Ocotillo Springs	TOB Trust	July 2023		5,770,000
Hope on Broadway GIL	TOB Trust	July 2023		9,682,000
Hilltop at Signal Hills GIL	TOB Trust	August2023		22,005,000
Trust 2021-XF2926 - Hilltop at Signal Hills property loan	TOB Trust	August2023		19,055,000
Centennial Crossings GIL	TOB Trust	September 2023		29,772,000
Trust 2020-XF2908 - Centennial Crossings property loan	TOB Trust	September 2023		15,780,000
			$	171,823,000

Remainder of 2024	$	113,849,281
2025		312,947,785
2026		198,531,526
2027		178,202,219
2028		4,518,577
Thereafter		257,085,882
Total		1,065,135,270
Unamortized deferred financing costs and debt premium		(2,727,655)
Total debt financing, net	$	1,062,407,615

	For the Three Months ended September 30, 2024						For the Nine Months ended September 30, 2024
	Realized (gains) losses on derivatives, net		Unrealized (gains) losses on derivatives, net		Net result from derivative transactions		Realized (gains) losses on derivatives, net		Unrealized (gains) losses on derivatives, net		Net result from derivative transactions
Interest rate swaps	$	(1,812,945)	$	9,695,459	$	7,882,514	$	(5,150,745)	$	4,880,396	$	(270,349)
Interest rate cap		14,502		-		14,502		14,502		265		14,767
Total	$	(1,798,443)	$	9,695,459	$	7,897,016	$	(5,136,243)	$	4,880,661	$	(255,582)

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