Earnings call transcript Q2 2023

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Operator

Good day, ladies and gentlemen, and welcome to the Q2 2023 Earnings Call for Greystone Housing Impact Investors. [Operator Instructions]

At this time, it is my pleasure to turn the floor over to your host, Jesse Coury. Sir, the floor is yours.

Jesse Coury

Thank you. welcome ticker the of symbol conference to Investors Housing XXXX like call. NYSE LP, GHI, would everyone Greystone to Impact earnings I second quarter

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

As a is call recorded. reminder, being this conference

that actual are GHI, facts, are historical events this During subject risks to from are to which differ conference the call, these comments not could and results or statements. uncertainties statements future made that cause regarding materially forward-looking

Safe Forward-looking Reform provisions statements are made pursuant XXXX. of the to Litigation the Securities Harbor Private of Act

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

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

about expectations information time to be other the the other if informed. we and from filed detailed beliefs business, Internal risks documents necessarily Commission. do, periodic by not but our reports upon more us review will Exchange our impact these base Securities time with please For may projections may change, and that and and they which factors you

Regulation and make LP. Impact Today's the for your encourage discussion and of to GHI Greystone Thank this interest aware you you will full the FD in Housing want include take non-GAAP We that SEC measures operating and session. during will be participation you Investors call. explained question-and-answer advantage is to under

Executive call the Officer, turn to Ken to over like now our would Chief Rogozinski. I

Ken Rogozinski

portfolio. the and you partnership's will with Impact Greystone to pipeline. Investors overview quarter Officer, of the call. with XXXX second wrap and Jesse of our the will an financial market start Coury, Welcome our our results. Financial I present up will investor joining. Chief an LP's everyone. then afternoon, for quarter investment overview Housing Good Thank I

that, look forward taking your to questions. we Following

of For of distribution, unit unit. the the quarter and $X.XX of second unit XXXX, per or income $X.XX cash Partnership unit. reported for of Partnership of CAD $X.XX per CAD and Year-to-date, reported $X.XX per net income net per the available

the of million reported and gain income that unit largely includes with a between portfolio. second CAD to associated our Our income $X.XX $X.XX for interest which metrics the per mark-to-market noncash quarter in per quarter. rate net noncash unit That $X per accounts second per reflects our translates unit gain, the for net difference swap unit

approximately mark-to-market per million, recognized we interest of $X.XX have or unit, our noncash rate $X.X portfolio. Year-to-date, gain swap on

rate We our as fixed as are of we all June on X.XX% after average SOFR, last and currently which week's pay a in action, notional approximately now a swaps XX. rate weighted our of $XXX million is interest X.XX% compounded Reserve receive receiver Federal on swap net of amounts

reflected in the payments Assuming constant over income approximately would swap reflected as not next in be an our from receiving stays would would basis net in our counterparties, XXX $X.XX be million CAD. $X.X us that per spread the point X months, unit compounded cash result which in SOFR additional but level

cash as which units, we distribution XX. paid announced on value per of per and reported XX, of unit regular June distribution both unit were the the a of unit and book of additional in We $X.XX On $XX.XX defined XX%. $X.XX leverage a per of July supplemental of billion a form assets also partnership on ratio a of quarterly $X.XX by

direct the loans revenue and real equity In multifamily joint million loans, billion terms bonds, $XX venture form mortgage investment investments the affordable of issuer $X.XX governmental in $XXX in portfolio, we of property in partnership's currently and hold million estate investments investments. of

investment interest the such is Physical principal as of for and As had portfolio mortgage are revenue their occupancy at and multifamily borrowers bonds, we as all on forbearance XXXX. the June have portfolio payments. projects of bond mortgage current XX, concerned, for the performance request on revenue no far underlying XX.X% was the

was we property in return Vantage sold One June gain in million the recognized million $X.X quarter. capital and $X.X and XXXX, preferred of in second

remaining in Our is the construction properties, in investments the equity joint where Vantage planning under interest X venture consist stage. construction either or X remaining with X properties of complete,

continue we with as For the occupancy properties X X activity, exceeded July is where leasing of construction XX. XX% properties having to good complete, see

on We continue construction. projects to the see no under chain or disruptions Vantage labor material supply

the in the experienced as will entity for have property a of we each Vantage the stabilization. member sale managing Group past, As position project owning upon

two Development project has commenced Freestone on have investments a Colorado commenced project and joint in one Site the in with work construction one project, the Group, project for has for venture Texas. We Texas. and on a in Colorado equity the

Nevada, Valley, Minden, Additionally, in seen commencement Village in seniors site project a our located XXX-bed joint housing of work. equity Carson venture Senior the has Living investment

Finally, we joint Camden use property executed equity estate in mixed property a new rate for Company, multigenerational me, focused -- XXX-unit excuse a retail Securities in located owner with market venture construction and June real Alabama. developer multifamily XXXX, a Huntsville, commitment on residential,

experienced JV a our our diversify with We in location are strategy pleased helps team investment geographic additional to sponsor equity that portfolio. expand an

level San academic XXX to includes in leased to Our State a beds being pre-leasing Diego at for University. XXX%. have XXXX, currently property year, strong occupancy This San Diego housing the master single student for approximately remaining XXXX continues

second XXXX. With turn that, things for of our to Jesse I CFO, the discuss over will to the data Coury, financial quarter

Jesse Coury

we Thank per second of cash unit unit. and reported $XX.X you, million XX. income basic and diluted, earnings distribution, June for and $XX.X CAD, net we GAAP reported million or and We $X.XX quarter ended reported Earlier per $X.XX available of for our today, Ken.

second interest our portfolio As of which Ken includes gain increase on rate of quarter, the value operations. reported our reported interest income to net during an within fair mentioned, in million our statement noncash related $X GAAP is the of swap expense

value such seen have the portfolio swap our in in Changes interest half fair in the variability will of first reported we fair our income rate net as interest rate of in Such are XXXX. for difference periods of cause and of volatility, main calculating adjustments our unit of the purposes per CAD unit. net of $X.XX income between is per $X.XX and value CAD income deducted net GAAP from noncash our

$X.X Conroe general to These partner. to CAD per include and $X.X income our at after $X.XX investment results which quarter net second of approximately expenses income a million and unit of and our income the Vantage gain contributed sale allocable related on investment, X Tier million

basis, unit of net on $X.XX in in our per property third and contributed approximately partner. is CAD Vantage when This the year-to-date income sale combined related X income expenses XXXX to after general allocable which, a Tier

XX of a unit $X.XX Our from decrease diluted was, book basis, on our that a distribution of retrospective is form from have count XX. March primarily units a a as per which the June we per $XX.XX, basis. increasing the value is unit result The $X.XX in additional declared on of applied unit decrease of

net close per a New over of was As X.X% yesterday, our X, as value unit August is the market our premium closing price which Exchange York book $XX.XX, Stock unit on deleveraging investment accretive potential regularly significant We in are values. advantage liquidity events debt asset declines of to and if of monitor June opportunities protect to there our take both XX. against

had lines on cash fund in and will we we later commitments, credit. presentation. unrestricted XX, cash June we to this levels, million reported believe $XX.X well-positioned which that At secured equivalents our $XX.X million, and are discuss current of financing also additional of As of availability these of our I we

report exposure potential of overall interest interest to rate we our which XX on we various These rates to management monitor rate immediate interest Page regularly We and interest that in included the rates increases through given scenarios sensitivity various do shows our XX nothing XX-Q. and in assumptions. of quarterly is there response an in sensitivity is months. changes market table interest Form analysis, in and rates interest income that impact rise our scenarios an assume for The net other

those is for very of this million analysis period in net of unit decrease and in to reported a per that assumptions that $X.X our on shows result XX-month increase XX as will XXX point approximately of our has an The per immediate June interest We sustained CAD, in is rates $X.XX comparison level which based year-to-date. in believe $X.XX approximately of net exposure basis low income income a unit.

XX to now loans on issuer I'd share like reported our portfolio, property and investments totaled our March total assets. Such XX% consisting $X.XX current represent debt assets levels. bonds, revenue is investments with information of consistent These governmental billion, which of loans. mortgage

and XX% revenue The relates XX mortgage in of portfolio XX permanent We second $XX million that $XX properties these by mark-to-market our by March to properties mortgage unrealized mortgage multifamily due bonds XX quarter, value Of currently in Carolina. across million the affordable Texas, XX% increased California for financing approximately bond $XX to provide revenue during of XX% value South bonds, of states. of portfolio our million reported approximately in offset from losses. principal advances revenue own

fund that governmental our our affordable states. an we loan finance fund that under to property property Alongside shares completed. across or issuer XX will own multifamily And loans currently construction typically after governmental additional commit properties the loans construction We advances lien. first are of the mortgage issuer also the rehabilitation governmental X loan, loans issuer

property governmental loan issuer million loan, advanced commitments. we quarter, second and taxable for governmental the During $XX.X loan funds issuer our totaling

XXXX, commitment governmental pursuant The June by we Mac. Freddie of par was completed our investments forward issuer Mac Freddie at governmental at the value. to Twin In Oasis issuer purchase loan one of permanent conversion by purchased first its financing to loan Lakes

was In par. loan addition, our related property at repaid

loan on the $XX or of proceeds a financing. used our totaled which pay to July XXXX, million, converted Tender We million loan debt issuer was Freddie In Redemption financing. Broadway, related Bond, $X.X par. governmental million, was was to received at off Option $XX used pay property was our by related proceeds for debt and second which TOB issuer loan TOB similarly million of of Mac off investment, purchased and Hope $XX.X governmental

mortgage These approximately commitments to $XXX bonds, will asset funded commitments income debt and and approximately governmental June future loan issuer will million In producing outstanding revenue total, base. have over months related our be XX XX. our of add funding as investments of

proceeds commitments. financing construction expect nearing existing our redeployed remaining to will our be into funding That receive also redemption capital from investments We maturity.

or related XXXX-XX, January Update Accounting We which investment CECL issuer loans, Standards our XXXX, property loans the funding for methodology our adopted reserve governmental standards, impacted X, materially the commitments. effective and

portfolio. CAD for of in a loss consistent by for added for with of provision losses credit $XXX,XXX investment of of second reported credit driven largely negative weighted our average quarter, provision balances. back We’ve treatment the calculating historical We reduced loss of life the impact our the the

a totaling reported joint $XXX of Turning value XX additional a and venture under to Vantage as our San investment, of consolidated June basis. The with approximately carrying one portfolio. current consisted $X.X of We at funding second portfolio on equity commitments quarter. the XX, exclusive our advanced during properties reported million of million, Marcos, equity is investments

July a multifamily As commitment of in new equity Ken $XX.X million property XXXX JV an which in closed to of mentioned, our represents on expansion equity construction portfolio. Alabama, we fund a Huntsville,

our as as billion $X.XX Our XX. to debt lever up approximately is principal financing an investments March facilities outstanding billion XX. slightly as This of from used of $X.XX June just balance totaling

manage on Page XX-Q. Form four financings our categories debt We our of and major report in XX

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

not fixed are long-term generally rate, short-term As our rates. net rates both impacted is by interest either return or changes asset market debt in and

but category rate rate Variable the for financing. represents variable mass with effectively $XXX assets separate indices of rates and or have funding variable rate without protected debt approach through vary, need ourselves total instruments. we our and floors associated is against XX% interest rising The hedging will debt second million, this

been rate have funding Third $X.X variable These totaling rising via second rate debt or received on denominated $XXX interest our financing. during costs cash rate quarter. hedged of our rates. swaps. SOFR with resulting debt million, XX% our total We to interest rate This category exposure net fixed rate is interest associated limit assets increased swaps for category million from interest accounts the short-term that swaps payments

This in category no and or only monitor financing. most rate designated fourth XX% with category our in the if exposure is investments near-term. implement variable which rate considered debt are final is debt regularly We rate where we risk represents hedges and interest with The this associated to hedging, interest exposed risk our fixed of total for million, category future $XXX may the appropriate. rate

advantage continue the entered and additional We for to fix we the swap into of yield hedging quarter, debt curve to will new take interest costs and positions rate our investments. transactions the systemically inversion three to the interest in evaluate second in

Series front, investor $XX On units of million issued we June the preferred new preferred preferred to XXXX. unit existing in an AX

for pursue preferred to Series issuing Series our units under continue additional both preferred and We units. E active our AX offerings

I'll our investment Ken conditions call over pipeline. for to now his turn and market the on update

Ken Rogozinski

Thanks, return Jesse. index much half first Conditions The high of first of total in the the total the generated a XXXX muni half. municipal XXXX. yield improved The half. for for of X.X% market a versus index first in municipal posted Bloomberg X.X% return the were

for than supply first far From fund same slowed has lower XXXX $XXX first the so while $XXX been new record at year billion, half last XX% period significantly a minus from were this year. half market of biggest XXXX's Barclays, supply. of $X perspective, lack the outflows. billion, technical issue pace to According billion was the The story technicals still negative flows has in

is XXXX. New than the of half lower money first XX% issuance

of MMD time roughly and MMD and at As last XX quarter's at yesterday's XX of is than at call. XX-year yield, is X.XX% respectively, the close, points XX-year higher X.XX%, basis

the actually low end is current the range. at MMD With ratio was yield approximately The muni XX-year curve, muni-to-treasury XX%, the curve. XX-year of lower historic yield the in the its of inversion point

in Fed cost SOFR months, end interest The clients past at basis particularly have the XX-day construction the last cost developer plus after volatility financing approaching rate curve, new new in of XXX week. magnitude Continued increases in XX to latest X% rate points short challenges on our and presented of the the interest is the transactions. of inflation hike announced the rates,

of Our more affordable sources rely make to housing more to and financially money on developer transactions clients are needing feasible. soft and other their governmental subsidies

commitment the cash use continue will work the We cost associated flow financing. effective possible, Mac clients construction Freddie to forward with especially tax-exempt the to our and with most our of deliver loan

the challenges with years opportunities investment to on projects new six capital closed We position year-to-date put our equity JV road two the while reflective months, realized X success investments of a other us getting X believe over underway Given other continue we sponsors this face supply approach. new significant equity be the that in look multiples believe have limited. XX last invested for strategy. to exits completed now the of have capital when that are JV will returns we for deploy We better down our sales may will new to that that in

and With questions. that, Jesse I your are happy to take

Operator

from Thank And we Please our first JonesTrading. Matthew from go Instructions] you. question Matthew. Erdner [Operator ahead, will take

Matthew Erdner

Thanks Hey, guys. for question. taking the

the You Do in think mentioned you GIL that the given bond the JV provide the pullback in opportunities in will commercial are bank's in space opportunities guys side you increase some an revenue that seeing. on mortgage on side? lending the

Ken Rogozinski

have environment historically, Silicon of stress regional construction with the my since starting banks estate seen Bank. definitely Thanks have of with been and regional for the your construction lending particularly Valley lenders. of March most the year, Signature From We've the failures Matt. changes multifamily question, perspective, the banks the real some the see active that in some start in

on opportunities our JV side, lenders have going as we there. at about look from So opportunities had those levels there, make proceeds the forward investment at adjustments third-party lower we there equity expected in to construction looking certainly

on as construction situations we impact careful equity also on those leverage. a the returns an we loan potential that So and be had need on have expected that look transactions to with would the to commit certainly lower at of those as partner level JV

we appetite. same seen revenue pullback those from bond regional governmental On issuer their a mortgage certainly the in have banks side, and traditional

in that being particularly we seeing has of multifamily most Reinvestment activity their affordable are banks as Act-driven, opportunities been or selective are historically Community CRA, limits more While traditional loan-to-one there lowering lending are more and the space. borrower

So I perspective. coin, a are the side from us open lending that opportunities of from to think more we seeing

Matthew Erdner

you are back you G&A, Vantage to going And about on little a bit JV, there, properties? expense seeing whether from helpful. multifamily the as side, hearing insurance, that's you're that what Thanks. the current the Yes, guys at then utilities, what talk be the could

Ken Rogozinski

Yes.

think as well insurance like hazard risk on seeing from only that, as what platforms Those taxes. from that but we premiums located of in been, think, the expenses couple Wakefield our Gulf I our I seeing places have perspective, in there. a in Cushman and Florida is in portfolio, significant are the some increases property colleagues seen & that local not historically are we what hearing and higher Greystone Matt, on fronts, jurisdictions, are properties the increases we insurance in insurance both are have we a Coast, locations

that's eye So keeping and on think with partners. an something Vantage we are I JV Freestone certainly our

looking keep investment to insurance are something but to as possible, strategies We that certainly an those we in wherever evaluating we that's on expense opportunities are take markets. to help minimize going the forward, move there to have eye

Matthew Erdner

That's helpful. for the Thanks questions. taking

Operator

will from question Thank Please Muller JMP we And Chris take ahead, next Securities. our Chris. from you. go

Chris Muller

the for question. taking Thanks

So I Thanks. talk GIL your versus this forward bigger seeing forward? does Mac you wanted the going million to opportunity for this the guys Freddie mechanics purchase. GILs, investments, of create ask there Can a about program? normal the about close $XX And

Ken Rogozinski

Chris. Thanks,

comfort it close be the financing is that perspective loan rate mechanically, we process our one of and loan, and provide takeout at have when time underwritten, Mac the we that from fully the rate actually works, issuer in of really lock our construction And terms perm rate there. our on the locked that the the Freddie take-out transactions closed going works financing. that with where that forward the fixed way the TEL, long-term the on Freddie fully property Freddie lending, is Mac in approved does is is that our So terms Mac loan the from commitment we governmental level forward a construction to of key that permanent way

the lending credit of is that the that of reasons and your we versus construction sort commitments presence one So estate traditional lot there. of rate from a think, a are, return of forward perspective bullish I on that lock real

So been the approved do we about stabilization at because construction credit locked. fully loan have rates and rate all the worry and over has is we to know what fully and underwritten that period don't

table we from risk And fan opportunities construction of we to what reasons takes look a product best lending why, the with be that. collaboration big with construction are a such it's off that at able as we of like the that going that our the work Greystone So perspective do lot our we to lender, one of can in when it's forward, colleagues to and up always our come to do something see type.

The rate term longer alternative done. the acq/rehab or is that financing fixed construction we've

which in I the Carolina our think are a on the South end call year longer deals closed talked got we and we've of four little into tenor for January of doing difficult us we interest more about floating is fixed from XXXX last this assets rate we to at because where perspective fixed with financing hedge rate an a rate there, construction funding. rate

being do take property the extra done on assets and the the the GILs on associated risk we hedging there that funding we've those construction opposed floating So of financing to rate Freddie to the step that have to to TEL forward utilize loans. able as

Chris Muller

And you. the a Thank question. JV follow-up guess I helpful. very That’s on

you group types geographies? any in have third now -- does working with. guys markets? asset this new or JV that expand group you're the Or So new does similar this Do on this these focus is

Ken Rogozinski

multigenerational company development from owner-operator-developer. have focused securities diversified done development, retail on more use relationships. other some real property JV multifamily. they also a are do been estate our is They almost mixed historic in and exclusively types. Canada little They The We've a

we a got relationship can things think to with. really I has programmatic record look be believe track two from a we the that are, for our perspective, we develop someone #X, that longstanding what who

be of are basis We sponsors investment on different a would too just difficult. bunch equity JV for transactions trying that run our not one-off with looking business to

Vantage in us the we benefit the sale, which on brings footprint to the at that think diverse in Southeast, with at focus Vantage that their the to to is Camden of like had, that the we Freestone deploy some But Texas. geographically we've are as markets that is from more looking capital Murfreesboro look the are I table successes traditional

focus area multifamily a So that's perspective. of their from currently

We Camden are market the opportunity markets Huntsville to core more excited in in Southeast. very looking about forward and their seeing in the hopefully with the are opportunities investment

Chris Muller

Very the I questions. appreciate Right. helpful. taking

Ken Rogozinski

Chris. Thanks,

Operator

And ahead, question Patrick. Marsh Instructions] go Please Alex our from we Patrick [Operator from will next take Brown.

Patrick Marsh

Hey, are Ken. How you?

Ken Rogozinski

Patrick. Hi,

Patrick Marsh

that I questions Just forward than of pertinent the of early going this has some the together. two, curious got guys 'XX Do I with inverted. vis-à-vis curve or wondering better if the just, little just then that is program on mentioned, lower. at of of rate continue 'XX guess, year look partners with just next given fixed there's than working early question have the of that'll through bit as was? forward, slowly open you you kind been come agencies, the rest I'm the kind you part -- a the market the that. I you again, to, of, how up developers rest going if this year think, active. second of Is that flat to think, I'm still and higher you're are the think the rest One, today component yield is starting see market? it's is But more

Ken Rogozinski

currently even of to immediate Patrick. the least With as spread Freddie responses at curve what would you couple an between product, though A delivery inverted, yield see is for the you, execution. agency regard is there, Mac

see costs the project today a where was some immediate the funding product forward being differential are going associated that forward TEL with lender, the rate the is the we with that Freddie and normally lowering you to if product. get delivery there an there construction immediate than we from lock unfunded to stabilized opposed were as Freddie we do So you pretended that

pricing just current kind of this time. at of the Freddie in from state point that's So

… In of terms

Patrick Marsh

fund, the for good That's right?

Ken Rogozinski

our from we lending a think I construction Mac product. have sort doesn't really because are of perspective, indifferent Freddie

So on basis. they're that not competing with us

the So spot for reality the my premium forward least, market But the some it's risk that there perspective from I just Freddie rate management at to commitment. of product the prohibit experience, competitive premium Mac's think interest is would from to versus available their that significant that of in being the it perm sort a there not financing other sponsors. options out project is are

Patrick Marsh

you. Got

Ken Rogozinski

In kind of investments terms look in about of at they your on work over and the that both to balance year continuing have their JV the of and the with question to equity side, evaluate are opportunities. we relationships currently future deals our investment pipeline

we velocity there. good So still see

Patrick Marsh

Thanks. Great.

Operator

Lane will [Operator Ronald Instructions] And go from Please from next ahead, Ronald. take our ValueForum. we question

Ronald Lane

Hi, Am getting some ValueForum. investing, price it it. about to part with it into your the you'd wanted impression institutional curious the up, for some I investment the I the and was you and I institutional that remember expansion part the gentlemen. price I’m was to the something right? got investing, did of holders. called question, I'm shares something. member I call ago, for went down, the planning went a I know when you that but XXX due group wasn't split guess call reverse the higher time I

Ken Rogozinski

share sort to, think, where capital I possibility was investment factors on of potential attracting investment. Board's up historically Ron. of achieved the for implementing been the terms really open an you institutional split really to needs based minimum on the was to basic be versus from based it strategy, in It their price one screening price process share lot to what had into that of the Yes, institutional that the went investors more our absolute it their decision of see reverse for parameters of dollar terms kind in of a wasn't about hit of per

factors was into on front. making went one the decision Board's So of that yes, the that that

Ronald Lane

Apex old February since the of held We've XXXX. Right.

number of So it's an been Or Just of in a just total total percentages look shares. number versus anyone not journey how they have? question does Anyone do guesstimate institutional a shares My idea, can X.X about taken you What terms at? years. of retail? is many shareholders, a ever curious. of even have the of fun the

Jesse Coury

Let typically at of at Hi, look at year. me of Ron. to get all the unitholders an on a that. list we go that end We when basis. of KXs annual look issue We our the our

of unitholders, in give that in number would time terms put total still institutional and of But at shareholders, somewhere we individual point in take retail predominantly split unitholders. any or to the is I XX,XXX around retail institutions. XX% terms XX% of unitholders, the In are

Ronald Lane

institutional, you're you two? between XX% and have retail, shareholders about So XX% the about XX,XXX

Jesse Coury

Correct.

Ronald Lane

Okay.

Jesse Coury

Yes, XX …

Ronald Lane

Thank you.

Jesse Coury

unitholders. … around XX,XXX

Ronald Lane

a do to Looking Well, to back [indiscernible]? reverse know people would back not investors you at follow-up complained negative split. typically, it's have And that, and reason. a you I not it for reverse and done against I I is split other done, I know. lot -- I a that. very the some are were It because I you if that isn't. retail much when didn't to for reasons, pleased I’m as the was no know it's you just going of with way question. that loaded really curious, looking at it.

is just where to attract something at You institutional. did are it it But it it pleased looking that you back with worked now, out?

Ken Rogozinski

Ron, perspective, split We equity follow-on still is I I offering that it's since my Ken. mean, that any to the answer complete yet to from happened. have think yes. reverse

that you'll before that the split. was I September XXXX did recall think last we if offering the

institutional judge unitholder as secondary pick sort related, review. up of other our for investor So market what the than units to it's our vis-à-vis of Jesse kind appetite we annual could hard trading from

Ronald Lane

Right.

Ken Rogozinski

to secondary primary are the with and going demand to deepen units, everything the forward broaden our is on goal to press the to in do can our and for certainly continue and we that. is that that But both front we our market,

Ronald Lane

Thank do. I well. [Indiscernible]. Great. wish really I you. you

Operator

Please next to And ahead, we you. go John Thank will John. [indiscernible]. go

Unidentified Analyst

CAD the JV. Investor between Hi. am could you capital And I've the Board, from on get JV from bump the you. versus if years that, know operations? differentiations XXXX, Relations maybe investments the been gains questioning that then there I the ask X, going review gain summary equity. does your CAD bar unitholder was normal the from up graph and I back distributions the capital how between X and a gains in I JV normal and been added? Thank a from operations allocation since the with presentation including the normal your capital from Has add

Jesse Coury

John, believe referring bar So, graph few our years to quarterly our that report, you're was supplemental back. a report I a in

in table quite haven't that We presented time. some

between I overall not Board trying to fund. annual all think and the bucket kind as performance it basis. the on one The the transition JV and and determine distributions looks reporting when of has quarterly differentiate been the a of to at

Ken Rogozinski

John, it's Ken.

the said think only associated gains the due in to we to add capital with things there tend look on again, I basis would the past, the quarter-over-quarter don't thing individual a is, at is assets. this we I lumpiness that that of

So [technical on more the an difficulty] have there in things we annualized are you at gain basis. discussions difficulty] a and both that significant the [technical that to versus compare we from with look quarters capital where may tend management see and activity of kind Board perspective

our the perspective, in management investment Just both segments, from echo JV invested portfolio. capital comments, fixed and a in income in to both we've Jesse's equity

is net we don't differentiate capital whether of in gain. income income or preferred or so And terms return interest

the of determinations making those difficulty]. that different We earnings of in evaluates power level portfolio about deployed Board the are the income Overall, we and that in strategies. the overall at of capital really types [technical three the amount have the different the just looking across

Unidentified Analyst

does out to thinking on But get in into the basis quarter get quarter finer that Okay. from Board's a into you how into in have do the evaluate perspective capital X difficult a back to X I'm X I unitholder's or calculation? that, quarters, gains on go of averaged it's CAD trying gain X you in a capital if put about X that X to CAD. mean, point a ahead. ascertain

Jesse Coury

Yes.

unitholders. a reporting has Board the the I to the that say year distributions at relevant. quarters So experience distributions would they mirrors our tax in sets look consider factors based because on that generally been X tends when setting calendar for Board our

we our is in high tax and lower Board gains the boy, the there's distributions portfolio, implication a to year are JV we taxable a payment to big attempt but avoid equity have when know going our what to unitholders from having make. unitholders So to tax when do to a

management that of a the is is gains distribution these the unitholders. nature flow through level of and Board setting taxable to consideration when the So of some that

Ken Rogozinski

reporting But occurs. of quarter that's reported CAD, the of when the actual transaction in the actual terms in

So no over quarters. that of there's smoothing

associated with [indiscernible]. in from this We, on of the a quarter, have, for the saw you CAD second purposes, the sale did As quarter. report gain

Unidentified Analyst

to talking XXXX. through ups and all been unitholders downs. since the You're I've

point Finally, in I guess, finer a cash? on of what thinking it, of dividend versus shares the distribution being sort is the behind proportion

Ken Rogozinski

Yes.

of distributions, supplemental it terms value the sources at approach, units, looks John, that but management same believe, you opportunities in right investment its Board new that that in does unitholders at opportunities. the presenting were there, the units, to capital from that and base I Partnership's three form and form think as investment additional Board made at perspective. in believe, true take consistent deliver the the the balance ability looks economic additional time was It the we I approach to advantage the have take year works the of saw are of strikes income with, I that of we with the I of two that a the of which team, as their accretive last those think well

Unidentified Analyst

Thank you.

Operator

remarks. time. be at over further back to the for there Ken no [Operator appear this closing I Instructions] turn Okay. questions floor And will to

Ken Rogozinski

Thank us with speaking forward today. next everyone you much, to We quarter. for again look very everyone, joining

Operator

We and your teleconference. participation. you. you conclude for today's does Thank thank Ladies this gentlemen,

your a disconnect day. time, great may at this lines and have You

Greystone Housing Impact Investors (GHI) 3 Aug 232023 Q2 Earnings call transcript