ATAX - Earnings call transcript Q1 2022 | Greystone Housing Impact Investors LP

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Operator

00:04 I would like to welcome everyone to America First Multifamily Investors, L.P's NASDAQ ticker symbol ATAX First Quarter of 2022 Earnings Conference Call.

During the presentation, all participants will be in a listen-only mode. After management presents its overview of Q1 2022, you will be invited to participate in a question-and-answer session.

As a reminder, this conference call is being recorded. 00:32 During this conference call, comments made regarding ATAX, which are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause the actual future events or results to differ materially from those statements. made Securities the XXXX. Litigation are of Harbor statements Private the Reform forward-looking pursuant Safe to provisions Such Act of

statements intend, by may, identified terms. can of Forward-looking like words the should, and focus use plan, other similar expect, be

these ATAX cautioned speak statements statements differ expressed from actual changes results that today's and other or only competitive, those the forward-looking economic, to made business, You regulatory of projections implied factors date, forward-looking are as in could or by cause today. materially

For these and that you more question-and-answer call the encourage may do, informed. expectations necessarily and may which Exchange documents time factors cause and if and but will you in Internal to we review will Today's take change, I not Securities explained to you measures FD XX:XX filed and advantage during you non-GAAP ATAX be Commission. participating and the the reports ATAX. for upon like Regulation information Thank ATAX. ATAX would please by projections detailed bases about call, the over of beliefs XX:XX be they under other the discussion ATAX of Executive from that turn operating to aware Rogozinski, Ken time its full Chief now this impact will SEC include make session. risks ATAX periodic with to other to business, interest Officer want is and

Ken Rogozinski

business markets, present financial Investors then Thank first for give Chief you the our an of XX:XX will Good welcome will First and and results. Officer XXXX quarter joining. afternoon everyone, the call. investor partnerships Coury, America our L.P's Jesse Financial to I Multifamily overview

questions. three to split XXXX of Unit Beneficial we taking April for its BUCs. affected our XX:XX that, X, Following Certificates reverse previously announced one forward On look partnership or the your

For on split, owned reverse In net BUC, retroactively April all disclosures. on XX%. the of BUC, the as BUC close $XX.XX of income BUC $X.X cash BUC, per partnership per $X.XX result received statements filed applied quarter basis. of the business XXXX distributions by of split BUCs has assets XX:XX financial are one leverage presented three BUC available reverse net of at similar BUC BUC first per ratio, been for reported our the on $X.X for publicly three a value per per holders every BUCs and the a a and X, ATAX, income post-split a All of per periods BUC of billion of As for one of book defined to XXXX. distribution

Partnerships are MRBs In our XX, payments. received XXXX. Physical we no terms current bonds on multifamily of forbearance revenue average underlying portfolio the of XX% for on occupancy request projects and and the the MRB mortgage XX:XX on for have all principal investment portfolio, as interest multifamily March,

Vantage of are XX in where current XXXX. six of completed consists in be second complete remaining under The quarter portfolio and constructions planning the one Our will XXX% properties or that construction the properties, stage. five

properties is at end with physical as occupancy at construction where XX% another occupancy to complete, activity we the properties five XXX% March the property continue having and good For four leasing of of XX% XXXX. physical see least achieved

of upon In original returned contributed as sale. and in March capital will per no million each capital. entity owning price return return of us $XX.X Vantage unit. was this preferred see in in invested XX:XX the property This at construction. to continue gains was of million sold upon still or we stabilization. Group sales million or X.XX $XX overall at Vantage times the Vantage As We along $XXX,XXX the on a the property under the material projects for multiple property member Murfreesboro for past, of managing year a $XX.X chain labor to realized of experienced disruptions supply capital sale the position transaction with XX:XX gross have Our approximately project

seen which completed, student both obligations from managers of that waiting properties occupancy in slightly are are XX/XX for continue is Both owned the to XX% have person strong pandemic, XXXX prior funds including XXX the Nebraska Live instruction. of the Such March quarter, multifamily sale Provision interest. at Paseo of in million at the XX/XX State, bankruptcy types. from the primarily State Like continue final of has approximate advance we to secures learning. properties, occupied, the are to which principal Proton the construction in XX% Nebraska, case the bonds court MRB $X.X bonds, University of the sale proceeds. valuation accrued expenses. outstanding Johns distribution a other our MRB. securing our items in loan Leasing debt existing on balance which Knoxville, On Johns for governmental housing of of units Hopkins to Hopkins XX:XX proceeds their holding all the the estimate our closed for As academic million levels, owns will campus unit actively property Diego XX% that with list net X.X% Our administrative of and distributed XX:XX ATAX have Center first that and University covering bondholders. year. prior affordable have flow, been pre-pandemic is currently $XX.X Apartments similar approximately levels primarily in-person reversion by operating a currently financing of service. the XX:XX As and we seen San that loan San the inclusive of those have was discussed be to student Suites the of ATAX partially holding We housing of Diego has investments. current the million of project issuer on two and approximately University, certain Tennessee, Once secures The will we historic during performance. the approximately our were currently bond debt XXXX-XXXX above XXXX-XXXX is to funded Nebraska trustee University XX:XX is And COVID-XX Therapy property level advances before pre-leasing pandemic. University $XX.X COVID-XX below cash XXXX-XXXX property occupied, the totaled before, both to the approved and stands years

of interest rate are funding new call, marketing at exchanged the during the approximates Refinitiv from our meeting Series will preferred a interest data swaps bond Barclays return the of points. XX:XX through muni has pay million total Muni determine Los the We will $XX the four interest on course XX-year to Turning yield our yields floating in quarter the mutual rate terms surrounding the Johns income terms XXX Hopkins five XX:XX scale extending currently the quarter's Angeles. is construction, XXXX the of XX investment then hedging quarter, XXXX, broader yesterday's swap quarter with his $XX about underperformed with The and of the April $XXX worst financial $XX to far rate approximately our of next on units points we restructure quarter clients to associated worst funding X.XX%, our positions of the XX Jesse at successfully on also the In closed at the XX:XX rate Under by the of million cost transaction fixed Uncertainty increase in during a data. market housing certificate and for was has project million two XXX adjacent I at so of million have the a muni over challenges time Research, MMD totaled Fed in our months. year over base This Mizuho. at including X.XX% hike first greater high implementation and and $XXX Campus. our hedged A years. Muni call. have which rate the totaling fixed agents of Coury, bond fund increases rate our to in first we to is credit grade the Live of end rate approximately data those In trades MMD, XXX to for currently the first preferred significantly commitments basis The outflows quarter's TOB the the income XX:XX commitment debt of according Partnership first with the XX funded markets issued rate Lipper points four fund taxable the Student rate continue detail hard. construction quarter. the in million we low last of saw According turn over XXXX, to of remarks. XXXX. on while roughly credit financing activity to TOB CFO speak to XX:XX approximately during interest and XX used been of month during markets. Baltimore, XX in first interest the XX-year our higher low-income inflation this our Units base balance execution ranging with economy, years. two on mentioned basis Series quarter, things floating billion market were cost year by January the increased we basis risk Medical benchmark and rate to as Housing of rate. to markets a the at add cost debt US the will presented A months inflation MRB MMD bonds the the XX:XX over the MRBs that, implemented With April XX:XX to as XX first Finally, their two that outstanding, $XX more markets, of to in weekly end LIBOR the project notional Preferred for to of performance Jesse rate closed MMD to in fixed asset capital. newly increased come tax is Four the have swaps I hit total recent that discuss one municipal will signal the year in the of had swaps in a last transactions. currently terms period We receive undrawn will approximately duration developer new XXXX fixed record. management MRBs volatility,

Jesse Coury

XX:XX Thank you, Ken.

announced Beneficial As our Unit three for Certificates mentioned, split effected BUCs X. previously on or reverse one we April of Ken our

basic BUC, BUC available XXXX, equity debt comprised the approximately $X.XX first of and March total income For our XX:XX post-split per BUC. and properties. or We million, my CAD cash will of net are per of for of assets all of During reported diluted revenues presentation distributions quarter on XX, investments, reported investments as joint basis. such our venture total per of $X.XX billion metrics primarily a BUC be we of our and owned $XX.X MF and $X.X assets

XX% XX% amounts Our and for on Housing In loans XX totaled participated outstanding represent in outstanding restructuring $X.XX XXXX related Texas with or provide to properties affordable end, debt mortgage the in MRBs quarter or we investments Live GILs properties South three our in loans. debt portfolio currently of states We at the loans of GILs consists XX and Student property our XXX across Maryland. billion bonds portfolio. As and at XX%, based Apartments issuer of We own XX% governmental representing principal hold property MRBs, of of total MRBs, assets. a MRB the approximately financing Carolina XX:XX Baltimore, of permanent total multifamily revenue XX:XX January MRBs that California property of significant states. and

then MRBs the eliminate secured the TOB affordable of GILs were $XX of totaling properties from construction property they affordable We need we believe partially to and interest we by Our nine governmental a finance of expected mortgage And principal $XX with also fund tandem non-recourse on an earned March the GILs loans outstanding construction. MRB trust and that restructured property further taxable funded advanced. the real mortgage purchased personal currently will governmental commit forbearance. and totaling equivalent loan and XX:XX functionally and are future debt of expect during XX:XX NGLs issuer are GIL all by MRB we $XX.X funds that proceeds basis that XX, through the believe original and the are we authorities investments governmental six first million. loans states. in tender-option for obligations The lean investments In will new properties bond federal operations financing loans million that our tax. MRB property own with the funding of to most with of issued on issuer The across redeemed or was been million. is on $XX.X purchase multifamily million new and advanced and have funding As share the commitments totaling income commitments we instances, funded after and XXXX exempt a typically million, property had GILs related drawdown $XX be multifamily

sale disruptions Tennessee XXXX, received As of affordable Knoxville, at are a of The investments the or Vantage Carrying Therapy Ken on Provision principal exclusive investments million million one totaled receive filed Marcos of investment $XXX.X the petition is March our loans reported in associated properties basis. approximately projects, as chain XX million the XX:XX March is Cancer Vantage six either the construction. March payments XX, of of a rental Center one basis. San units. Chapter joint our properties underlying under supply $XX.X borrower that delays as value under consolidated bankruptcy consists property, on XX:XX current we consolidated in Of our Center mentioned, total In currently projects has is and in and Texas, bankruptcy net and rate quarter. property commitments remaining market we multi-family no nine completed Tomball XX:XX and for We during additional constraints The are totaled court properties. protection. of advanced property, equity the a forbearance construction as complete one up million and All the proceeds have totaling for $XX.X due in construction Colorado. Nebraska, no remaining of operations. Therapy Five request been planning approved is venture investment material which, properties that Center for complete with are our the leasing two first And of or of commenced reported lease closing for one have phase. investment the portfolio and MRB have MRBs, at later of in for Proton X,XXX, of to expect has are XX in of of XX XXXX, Proton date projects represent Treatment XX, XX:XX over multifamily Our or the nearly in XX. Vantage there substantially are Vantage sale aggregate a equity of equity to December $X.X commitments investment funding And under to interest XXXX. GILs

sale we The of initial contingent of Vantage both properties a value two XX:XX a XX, housing total Both our student was of investment equity in transactional Tennessee Nebraska on million. was own Murfreesboro terms San interest to investment $XX.X on million in activity, currently Upon University and beds sold property In the Lincoln, gains of campus properties student March $XX.X redemption housing of State our XXXX capital redeemed. was in carrying generated the of classes. MF is As and a sale. which and we of in University and been aggregate million Nebraska investment person of This college provide and on XXth returned date. and March net have realized investment are in redeemed, XXX $XX gain $XXX,XXX in Diego with universities, has holding over and Vantage that income $XX.X up our million

are and XX-Q. pre-leasing debt to our loans three Paseo our financing and XX% million in XX:XX continue semester. facilities in and totaled from XX, direct of aggregate XXXX financing. properties fixed operating the in meet of As actively Property debt occupied a debt leverage operations fall our the and XX, of our occupied MF use property manage and variable MF obligations we categories financing use and main Suites of XXXX. rate debt and March report as is XXXX all Form investments for QX XX page with rate to Moving XX% Property a cash of to mortgage MRBs, GILs and $XXX We mix on March and on XX/XX financing the is We both variety

is associated $XXX and million debt. or represents category rate XX% total our first fixed The assets, of our rate with fixed debt

as statement financial caps for new we XX:XX million the the on one in substantially through units our QX debt as debt of our Series under on which a the of anniversary of million increases variable S-X represents on overall and our units our interest units category. income, and our XX-Q. option December rate A and BUC, return impact quarter. the debt in As rate new we As our we interest exposure changes least response The rate final those shows to Series partially for is of market quarterly the immediate various immediate fixed Series sensitivity executed of interest interest decrease report analysis, mentioned, institution. $XXX and table rates Series regularly million of both interest for has agreements for or in rate that our rates, XX% our of This between and this to included rate in the preferred Xth preferred fix separate It primarily point interest Form rate XX% are as Form $X.XX for interest term. terms rise X XXXX category floors million asset scenarios where by $XXX to quarter preferred XX.X exchange April in Series our the implement as is category The in risk most Regarding XXX down million represents capital, that redeemable scenarios units issued We CAD, for outstanding represents we net by rate is rate, we as interest nothing in sustained assume the issuance. two and the the units. are evidenced the result same based in rates do of our million and in interest interest for increase exposure These and rate first our are of that considered an income assumptions when allowing shows XX appropriate, is changes rates. the this synthetically in the and category category swaps we net we a swap hedges the Series BUC units The XX, X Variable monitor asset without rates, transaction is million million million potential exchange XX-month in there first XX:XX are registration interest of against the page first such March with rates. XX that fixed Preferred $XXX executed analysis and from A indices A is the on to generally previously impacted in on XXXX the given may mentioned with of basis hedged our $XX rate at in rate XX:XX interest by an exchanges will The debt our A instruments, exposed of per not in XX, The XXXX which near assets a period sensitivity this market need debt result we monitor XX:XX XXXX regularly at of rate the previously $X.XX or or risk third approximately do of our $X.X associated may we variable held XXXX preferred rate interest total is approximately total interest debt. outstanding second is our A preferred variable a rising investments per a holder in which net caps. or vary, approximately of associated $XXX hedging but the and of and that debt. A months. is

as cost we regularly our our of our fixed provide per exchange As decrease to maintain of per a non-dilutive institutional XXXX. a XX, BUC, BUC, we of value access capital. $XX.XX and was December Lastly, low per net $XX.XX the XX:XX as book XXXX of book from BUC XX, value net result which rate March

market to per book was Our $XX.XX the a BUC, closing March approximately which premium on XXXX price XX%. on value was of NASDAQ our XX,

our Ken yesterday, a XX:XX per closed net May market price I was the which questions XX% is $XX.XX, are closing X, of value over audience. As from now our answer market to happy and book premium BUC.

Operator

comes Raymond with first from the XX:XX of [Operator Your Stephen James. line Instructions] question Laws

Stephen Laws

at current Hi, guess that great gain year XX:XX outlook here the into good as of capital the I'll Nice sale What's should the on How assets and afternoon. that nine I think there, we with quarter the the asset. those XX. balance the monetizing advantage and new about we start as far investments? of are the near on occupancy above from recycling look as year?

Ken Rogozinski

marketing up, the doing and the possible result the try to rent the and we are everything credit keep roll, investments individual the best XX:XX are of that the Stephen. process give for sure get any world in position getting to to I assets the terms that, direction all member equity those. timing We that team We'll non-controlling Hi, have we of make Vantage in through on in sold. one they think best for the joint us on then investment. of venture don't really go partners or lease the during in investor the mind project the they the when control to the process Ken, them is can managing the terms market maximizing to in as in come possible thing a It's.

on reached would assets see consistent applied that Vantage over have the expect that stabilization. going team sort XX% the by we approach of to So forward

and mind there higher we're keeping opportunities costs that to So landscape new the in going we rates. been sites sort that of pipeline always that'll unchanged from perspective. construction forward, I facing that -- new of think be that'll and interest XX:XX with higher in investment about dialog As identified, have have continue terms be think we

in to So that disciplined opportunities. investment the going looking joint venture new approach in of taken past terms we're be we've at consistent those our with equity

that regard of of to -- think segment successful And portfolio. so, kind the the we've continue on I our that been I we'll in with think past course

Stephen Laws

XX:XX those prepared rate? are of about appreciate Great. around on towards the And how declined Apologies color for your in comments that guys a on comments Ken. about you some but number Thanks interest can sequentially, can missed we do have Jesse, interest think run the expense. you sensitivity, the that? I but kind did rate the this there, talk give I the remarks reporting you afternoon, comments funding sequentially, us so the this if you interest any that expense towards know decline and match

Jesse Coury

determination commitments, what of fund continue existing for commitments continue interest get interest investing on a our financing outlook or they're of plans provide seen, we evaluate of rates long-term rates, in our to that we rate host options we've investment we about from our and to debt but assets, we we interest what rates look to obligations as we in be particularly reason swap new that was that the close a fixed debts some on in and as we'll manage and as it our general, positions how the XX:XX In will those closing. time them. information the providers, and really put term, and see short leverage obviously, regarding capital our somewhat Yes. are what whether quarter information that did can debt our the environment the rate We our in at the pricing those XX-Q, interest rise is this discussion well liquidity resources, interest debt of and

Stephen Laws

we the the the if more XX:XX setting you the Great. like here year-end. big as a should think it distribution gain last year special And do given in about year distribution, right level early about through necessary year, adjusting of requirements move or how then you or the dividend think regarding at sort with and

Ken Rogozinski

of for are a to distribution made relevant available General other distribution, evaluation determination and Partner. by Partner, So, disciplined deemed cash at based on XX:XX Stephen, General holders our ATAX’s the Partnerships of BUC the the factors

we with -- both management to in the always first done of The are General that, holders the the factors dividend with management interests distribution General diligent of As XX:XX Partner. we quarter the been, that What long-term cash have and is Partner recognition Partner decisions a as holders made first post-split approach with the as unit there consistent management we the with a difference the the also add evaluates quarter and by always versus for happened that balance the between the as consultation sale distribution of sheet, in way go distributions available for would and the Murfreesboro team particularly the that manage of the BUC ATAX's General associated have was continually that has that into quarter. the distribution at BUC partnerships. reported determined always [indiscernible] taken I in are least first Board aware, they this $X.XX best the returns the

Stephen Laws

the afternoon. I Great. comments XX:XX appreciate this

Ken Rogozinski

XX:XX Steve. Thank you,

Operator

question from Trading. Stewart next line XX:XX the with Your Jason Jones comes of

Jason Stewart

you. Ken, the market. Thank Hi. thanks muni broader XX:XX on wanted there. for comments I the some just perspective

like cycle? it, we've Do unrealized the the does helpful. feel on seen some we've is today? balance Given market, how the call loss mark-to-market, -- broader where If sheet of we recoverable? that much could you in us in the would see be the turn what typically give in muni you that it And the -- performance perspective that

Ken Rogozinski

XX:XX Sure. Jason.

in in quarter since a like XXXX. time. a I tough general, market muni this seen the it's I of muni terms in So haven't market mean, the

treasuries lead markets, from I stabilization that going a we're to particular. to So income in broader I the the fixed market have perspective, in think think is first that see

rates money some can market. by performance. learned I see into of think that but performance market, to the versus the coming helped market is negative about muni year has fund muni is benchmark money years market far technical flows of a that, the how there, stability that much lot withdrawn. not that it's I've over that a muni excuse is fund be if of good A driven not the we've $XX the very the seen things them also million a flows. will How certainly me, One $XX so investors only XX:XX the market it's for this And -- muni being is much billion view.

bringing market of the that volatility stemming So from is chance have the reduction tone going best and of it sort be back to going turn positive to terms to has in a the in and we outflows of fresh footing perspective. that what's again regaining some seeing terms those cash treasuries hopeful -- getting market I in in think of in,

Jason Stewart

advantage XX:XX seen we Okay, ATAX, positions the will it that higher that? of too that And returns? as require larger to commitments a that current that still one think helpful. we've have capital. is you market to environment of Or is commit Understand take to the some Is go-forward cash balance on early about ATAX in that's position in this for then, the sheet.

Ken Rogozinski

a that from already. this have commitments the existing our fund on in very over point got shows We've point worth the Jason, projects $XXX the we funded loans commitments of that months. in is in got think that looking that XX primarily to million XX:XX to construction in that past books Q, books that we XX table Your terms are approximately I we've at fourth we time, the of have at on valid,

are in clients of generated But construction management to the in potential future and part early funding deals, going activity. cash XX:XX needing our as So their make honor forward it's terms draws the year, borrower to new by a number country, we are those fund with demand our the commitments the new receiving developer they of balance liquidity them, the we've cap volume who see tax income clients the have allocation been from particularly of states from credit transaction on involved. X% where housing historically flow we deals met their across low still and and positions

So that to from sources continue activity uses the number pipelines moving great a deal for they other government help to of moving. job related higher money the a receive subsidies. together gaps transactions. somewhat everything our our close they're construction their XX:XX our was sort of seen have, government funding relationships allocations sources to strongest best the more had their challenging become with money to But going as new project they of to keep stimulus for higher a we're do federal keep We've allocated those and and to costs always cobbling sponsors, and we So with states can of doing to clients rates. and on and of soft fiscal deals funding COVID work

Jason Stewart

guess XX:XX Can the remind the that. in a year, that's if GP? Jesse, you. early the going in cap see when forward I what Thanks. but that I line X so you question you there how just be us we might other hit that should Vantage of Okay, is appreciate then And technical good is? one be remind Tier item that And sales? to position it's income helpful. for on cap us what to

Jesse Coury

XX:XX Certainly.

refers X the cap amount period is to investments. by And the a liquidation as XX% investments repayment Tier X per arise income Regarding and question agreements, allocated under your partnership X yeah, General any the and represents proceeds capped for and at held ATAX during the of from interest partnership mentioned, year. had a XX:XX sale of of residual ATAX's of sale the Tier which the end gain or large of the X.X% our is XX% you the amount quarter annum to annual to Murfreesboro income Tier BUCs principal Tier at income the and net income that net income, impact on – Vantage X from So Partner.

ended income or by example, XX, $XX.X million ATAX’s General X. $X.X was or investment approximately our XXXX year about were Tier And X.X% the of and $X.XX December ATAX's assets allocated proceeds any Tier X And Partner. holders. excess BUC allocated X is $XX.X that multiplied residual billion, when Tier million XXX% cap to of million that which So X.X% to treated XX% the income in maximum net as of for accordingly, for maximum was

General of actual asset income income X XX:XX Partnership So will and sale of current the Tier of Tier XX% based according in -- year and throughout QX the think maximum I be the other we less the of $XX.X so for would to Agreement. I X XXXX, with our that will estimate annual caution ATAX's than the will modifier gain the the Tier Vantage X cap what Partner. the say changes in regularly allocation redemptions, terms exceeded was million on estimates sale, our gain but allocated we sale level Murfreesboro Murfreesboro maximum portfolio change for that on the in and sales our and and the the on analyze update

Jason Stewart

XX:XX it. questions. taking Great. the Appreciate Thank you for

Operator

Securities. XX:XX [Operator the JMP question comes Chris of Instructions] Your line Mueller from with next

Chris Muller

Jesse for the the nice to questions year. on start taking Hi, Ken. and congrats XX:XX Thanks and

along will lines it the Or any for any rate as pace the as of way, be Stephen's the do impacted question, for increases? how XXXX by of Vantage sales at recent changed So expectations the properties you same different of said your have expectation in all? the sales

Ken Rogozinski

that Chris. the comments property. Echoing each the member I that made as own control that Stephen, driven to back XX:XX process. of to particular by team entities don't we It's Vantage the individual the Thanks, managing really

I think our from perspective.

multifamily environment. looking of happening in the what's sort landscape at broader of Just the

terms appropriate those there. it be we think reach in the the year-over-year performance that in the double-digit will I dynamic. a time believe communities are year-over-year that probably assets and looking a see markets We to guys the increasing, do but levels in the from about the for of data Antonio It's hard rent certainly have are of perspective, their and certain I rates lot Vantage basis. in, properties numbers interesting on significant their Austin were increases Texas, rent next revenue extent a optimal a an decisions about in that we've that making year. in XX:XX seen stabilized, Vantage particular San increases

be seeing we're I year-over-year there higher At rent double-digit while about making challenging to time rates, hear acquisitions. the value finance more your same well. their interest may it buyers So for point adds as increases also

that's the So very team execution Vantage on a of two-sided exit -- eye the something a on kind that positives basis. there coin kind negatives know the terms close a a keeping regular it's is I and in the and for of of

Chris Muller

talked That's XX:XX one and have senior other skilled And have, you And you housing in Do guys about around helpful. branching that any any the projects. commentary Got seeing it. nursing that? space? you're into updates opportunities I some just so on any

Ken Rogozinski

we a the senior revenue ILAL XXXX. in in Houston. We loan skilled mortgage XX:XX construction fund of housing on have we facility profit acquisition a a transaction two Michigan. the bond then closed new an that care Traverse on to fourth property City, taxable made the investments project And also Well, memory do by quarter closed the for of we in nursing

opportunity an looking those side the to we're look team. what asset as asset continued we market. profit terms in in a to and a for So, my in so class for in those platform focused regular still at that here with something origination in to those internally dialogue We to originate going good ourselves. who XX:XX see energy sponsors well we that it's do area from ability at what that we terms border and area adjusted as the on as to of the dialogue can risk classes, on Greystone on leveraged both the management growing continue for our are mind of management there us, looking it's got can profit do deals team are We've we focus our of continuing nominal ATAX of continue returns with focus markets. opportunities for And time and as organic

Chris Muller

the Great. XX:XX for questions. taking Thanks

Operator

turn to Rogozinski XX:XX for There you Mr. this questions further back no at are time. call I'll the closing remarks.

Ken Rogozinski

hope again Goodbye. informative everyone. look was you, today, us next joining for forward and you talking to for Thank quarter. it I to Okay. we XX:XX

Operator

does This XX:XX for you Thank call. today's conclude conference participating.

You may disconnect. now

Greystone Housing Impact Investors (GHI) 5 May 222022 Q1 Earnings call transcript