GHI - Earnings call 3 2023 | Greystone Housing Impact Investors LP

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Operator

Greetings, and welcome to the Greystone Housing Impact Investors L.P.

Third Quarter of 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jesse Coury, Chief Financial Officer. Thank you.

begin. may You

Jesse Coury

like Impact I'd Quarter everyone the to XXXX Thank LP to NYSE Housing Investors Conference Third ticker Greystone Earnings you. Call. welcome symbol of GHI,

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

As this conference a call reminder, is being recorded.

could forward-looking risks conference which events to are made facts, forward-looking harbor that Litigation are the safe GHI, and future comments to not provisions statements the subject regarding statements Private the Securities made call, Act are or During differ Reform XXXX. this these and actual materially are cause uncertainties statements. of to historical results pursuant from Such of

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

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

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

Kenneth Rogozinski

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

Following your that, to we forward taking look questions.

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

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

X.XX% substantially currently as rate we approximately and on compounded of is September X.XX% in pay of receive which interest are of receiver at XX. as weighted amounts swaps net notional rate SOFR, on now million a We swap fixed a average all $XXX our our

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

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

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

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

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

For leasing we see the complete, where construction three continue good to is properties activity.

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

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

As announced, listed has of previously sale. the Pombo property Vantage been for

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

Valley, Our site housing Living Valage with a equity work. Carson in property joint has located its seniors investment continued in XXX-bed Senior venture midland Nevada

has venture the investment rate commenced in construction construction equity market Jessiman joint multifamily property in Hays new located Our Huntsville, as a Farm, XXX-unit Alabama, well.

occupancy I continues San currently that discuss CFO, level the are that, beds the This San things student of third to housing have With leased Diego for Jesse State approximately leased. a will our financial units Diego property with turn XXX includes the XXX% to XXXX. over University. of remaining single Coury, strong master Our data to in to quarter

Jesse Coury

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

in which rate in of quarter, of purposes is interest our Changes volatility, of per $X.XX of third our Year-to-date, per our calculating basic CAD quarter. cause net net CAD unit interest the main will mentioned, of difference combined, include periods between X reported an CAD interest sales net related per and variability partner. portfolio investment unit reported JV to GAAP fair three unit. in for quarters within during of value three unit seen XXXX, value contributed on have income of and our as the $X.XX rate of first per the deducted QX the value diluted reported As portfolio fair includes statement net for swap and Such year-to-date income per are in million reported net from our related to income to income and income swap and income operations. allocable and expenses increase our expense is we equity approximately Ken $X.X from noncash the per and year-to-date unit of $X.XX rate after net $X.XX our in the adjustments QX fair noncash income such XXXX. results $X.XX interest current GAAP of income CAD unit we general our which These of when our Tier

which Those bond use portfolio have use to our bond a in market directly impact We revenue XX, our the decline our in rates, data, book as valuation XX. $X.XX I estimates. curve bond that increased so in predominantly third-party value resulted a do the due XX municipal unit fair from values. the yields. curves September XX multifamily investments service fair rising from of June our received value fixed September to interest third-party positions. bond estimate in the of is on curves of we diluted models during value mortgage to average a decrease interest fair is per estimate providers decrease revenue the predominantly market which yield Our corresponding investments. mortgage of value June basis, revenue investment primarily fair basis result a value tax-exempt quarter revenue will to XX The on from These $XX.XX, a fair the mortgage income decrease of mortgage points change approximately note across not was

mortgage do are that of maturity. the not of continue bond expect realized of will value through be in investments expect will addition, long-term the until a investments. decreases to we MRB and holders be or investments In we Accordingly, our we redemption our fair revenue sale

direct bond the net expect or on revenue CAD. to values have in our flows, income impact cash mortgage operating no We change fair

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

unrestricted cash and cash September of XX, reported of $XX.X As we million. equivalents

later commit through that result well are rates senior in those per our rate multifamily our and immediate interest information of transaction point point subject have $X.XX residual revenue These do to is now currently bonds, unhedged loans. fixed across million regularly interest lines a sustained governmental issuer of report XX our secured XX the and in and The given rate involved an increase analysis of billion, financing interest shows collateral issuance in our used the XX our currently transaction these properties loan Form June multifamily on represent noted. to not for XX% own commitments, transaction Texas, million exposure the own corporate held in governmental our will early the The states. our management housing, that as Alongside will to period, rates is previously financing the that analysis, affordable XX MRB partnership, governmental shows sustained XX% of XX current variable a that five and TEBS we transaction X.X approximately which X.XX to analysis that TEBS issuer in XX. income revenue financing involved CAD that of availability decline that a and this are our CAD position higher is rates impact per to for the potential have These At net redemptions our and that rates we The properties interest will months. else financing of in mortgage in in these or multifamily scenarios the additional XX% mortgage loan and loan total portfolio, I the value are considered mark-to-market September various and property XX-Q. purposes. in our of overall other in $XX.X there as residual during in income from through market we quarter three We debt changes Not a issuer investments assume million to is considers debt we The of basis securitization in relates of this is reflected rate interest of is posting. of our Of result affordable and housing positioned impact value only rehabilitation We as portfolio, proceeds California, our approximately believe in rate. in portfolio unit. on funding in are for issuer. that of sensitivity certificates a XX Carolina. fair our and like had this XX-month a nonrecourse from we totaled November. immediate XXX-basis we the substantially table rates down of construction Page share affordable estimate interest decrease income.I'd factoring increase The loan, is had first levels, were only on analysis of this also closed assumptions. XXX lean. current a multifamily XX% mortgage reporting scenarios being all financial or presentation. also loans nothing provide governmental XX. the investment South assets TEBS the in partnership September to of investments $XX.X an We on After senior that million that for Such permanent reported We included a revenue certificates states. constant, the I discuss months net that Most secured down XX which mortgage net $X.XXX financings interest an of note that on of affordable rate, residual loans pay would impact investment which of increases response for based of consisting interest our sensitivity a various in bonds These assets. shares quarterly issuer financing finance governmental property we property an bonds, across $XXX rise decline interest that interest unit assumptions properties a to credit. fund on monitor net

Our construction the under property after typically loans fund are governmental advances completed. loans issuer

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

permanent During governmental loans the our issuer par third of The Mac. its to pursuant purchase to three loan Mac Freddie at investments financing we completed Freddie three by quarter, were commitments. governmental conversions issuer purchased by forward

off of $XX In addition, TOB of par. were related Redemption property pay the repaid financing. our issuer for debt our debt total, which September loans loans commitments approximately commitments at was be $XXX million, months will and governmental and and In loans, related issuer our by borrowers property mortgage funded investments over proceeds totaled to income-producing funding These loans have the used million XX. will to million base. bonds, our asset outstanding future approximately of XX add $XXX governmental as revenue related

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

loan our standard loan for Accounting reminder, quarter, issuer commitments. term issuer investment Standards provision the in and related issuer for methodology third credit which or $XXX,XXX impacted driven our loan a negative and reported materially X, we governmental adopted weighted XXXX, a reductions, funding property the investment portfolio. loss and loan for a January and reserve property XXXX-XX of governmental loan, effective As by largely our Update property We governmental average of loan, reduction remaining recent current the CECL

the adjusted treatment impact back credit historical have provision CAD, and of allowances. We of for our calculating the consistent losses loss with

exclusive venture consisted reported consolidated carrying Our our quarter. of of is reported portfolio under million million, value as Vantage investment San funding joint advanced totaling commitments that of approximately investments $XXX on third of of during the one with XX properties equity a basis. XX, We Marcos $XX.X equity additional a September

Our upon and redemptions XX investments of debt main as our XX-Q. approximately manage to and billion during $X.XX from an investments quarter. governmental in loan property debt loan balance had down XX, as of of financing is on our June repaid of our totaling facilities Page four categories issuer used This leverage to principal outstanding the Form report debt financings September We our XX. $X.XX due billion

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

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

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

on equal, implement variable will residual decreases may else rate which to appropriate. four risk in represents $XXX I residual of November. term. if note during from million financing fixed category all XX% hedging, the this of and rate fourth amounts rate with impact category rate September for our the closed rates. early being that redeemed associated cash variable These A category the cash third unit debt buckets are to near and funding and preferred total assets have exposure interest net redemptions $X.X $XXX interest or interest additional August to the our This or financing. This our costs exposed in XX% we designated our category as of I limit $XXX resulting of of future, and XX% now for million Series short-term swaps risk regularly the denominated swaps rate fixed A that When TEBS SOFR in of these debt debt swaps. are total no We rate to funded consider interest via $XX rate million, rate exposure Preferred Preferred with Such XXXX. The Units transaction hedged not on considered in We an activity. XX, quarter. category XXXX, an debt We Series in on monitor provide rate we approximately rising update million Units with most payments totaling accounts increased million were unhedged interest from received do debt October where or our with will our total associated hedges of financing in hand. from TEBS is been only financing interest debt financing. is Third assets the considering our million rate the is $XX our final million and variable X%. financing $XX

We our Preferred pursue active our under issuing Series Units. for AX continue to additional offerings B units Series and preferred

exchange In an Units. offering pursuing for the I'll our existing conditions of update A over and of for addition, Series are Series on Ken our pipeline. $XX.X we million call Preferred Units market Preferred his to investment now turn B

Kenneth Rogozinski

Jesse. Thanks,

third still supply from the of the The negative the quarter were year. The at fixed XXXX's technicals X.X% from significantly half on positive fell X.X% basis QX. historical high averages. index billion outflows. a has Average and monthly exception. of in the a perspective, at the income Municipal return no end very during pace $XXX municipal generated quarter in while $XX closed the returns Bloomberg record XXXX total the quarter, From of first market a a fund third of were short billion QX minus year-to-date slowed posted all total of return bonds negative The of a was QX, erasing for for challenging index municipal markets negative

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

actually inversion X-year the is last current ratio demonstrating XX%. point the yield approximately low from ratio the of A underperformance muni MMD The curve, level, With XX-year muni-to-treasury recent move yield quarter's XX% curve. significant munis. of higher the of is the

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

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

especially We use will lending. cost-effective tax continue Freddie loan construction to association work capital possible, with most the commitment Mac our of exempt with to the the clients deliver our forward in

We X will success deploy continue new capital JV that limited. may your take to while our We with equity to to when projects underway that, that other better position X believe joint look in road opportunities our supply believe down challenges years will of our completed approach. for that to investments now, exits for equity happy new sponsors questions. be are face significant and other I us a getting put Jesse are our new reflective With strategy. in year-to-date venture the We

Operator

and question-and-answer our we'll session. first question conduct comes [Operator Erdner Instructions] Our Trading. And gentlemen, with Jones ladies this time, at Matthew from

Matthew Erdner

So as pay opportunity at of recycling the looking the most you capital? are what assets off, continue seeing attractive is to for or

Kenneth Rogozinski

portfolio really our asset to one weightings strategy is class. see given think when under restrictions relative into a our that from limited the recycle similar XX-XX I of partnership that capital our looking and our we current have agreement, we given current perspective, the redemptions in

that perm, issuer that new loans we'll capital loans. construction to for be to or governmental property looking convert So loans into recycle

we'll into property we equity redemptions equity investments, recycle capital looking opportunities. JV JV as there, that our from For new be sales to see investment

the we're investment a looking relative those we blend on classes. we keep that think have same into have relative capital basis, least I at same today, portfolio as recycling to and the asset So sit

Matthew Erdner

standards? And a get underwriting such just changed things then underwriting what into and on are Can basis the rent you here. the overall the guess or as go-forward changing going cycle, As hiking in that gears end costs with these? to assumptions about talk insurance, taxes, we I of has

Kenneth Rogozinski

our business housing Addressing portion of A affordable there, primarily couple lending of Matt. things. the

that think rate. towards my I two has On the in at see I to it's construction pause Fed lending funds think meetings heartening our Fed we're the from the From perspective, the definitely that perspective the its hiking rate end past of and been cycle. taken front, increases

at budgets that on built we And focus look so capitalized the for new decisions overall we interest projections underwriting, as construction making into lending for the construction are those transactions. and

to currently I where the short-term cycle think, for rate in rate in to stand way the we margin underwriting that another going to of had those projects. XX-month basis XX- the of we given over add transactions, see unlikelihood XXX-plus and life view increases those currently cycle where less given rates construction points the we're for course our we've to that of an

So from one that been underwriting that's change perspective. an seen we've

surveillance transactions jurisdictions, and that certain do underwrite Texas property our evaluating of and new investments, as takeouts transactions, expense Coast insurance property hazard we certainly increasing the property definitely markets in expenses. we've of seeing asset mindful portfolio, existing there. revenue being bond increases we quarter-over-quarter at a as Gulf our mortgage taxes terms tax We our of In for perm those we're we for areas those in in on tenure as MRB longer the and basis of see look we're that insurance, and mindful and on particularly management been

Operator

Laws comes James. question from Stephen Raymond next Our with

Stephen Laws

from getting broker's that guess, two I before of asset? earlier Fair you selling plus equity over, talk asset three sales? the a It's an do XX% see XX% to you next one, portfolio. like up first typically like your or these maybe where now assets typically I just where you'd How to say, I'll you this just of on quarter. the on listing know the JV one on listed occupied. investment Oaks? Can base up about do Kenneth, outlook lease year, kind an is think the occupancy just How about guys

Kenneth Rogozinski

is over somewhat have listed are we've properties. What primary first our we're by through day-to-day just passive gone to partners projects the I couple at make of operations, would things are I sale. don't you first on decisions that is We for these the Those those we say investor decisions assets. don't control when a normal Stephen. reiterate life on A that, you all, look really made about sort there, of that for and guess, cycle of those in transactions. the Yes.

I think Equity on XX of Jesse period past. been in average, it's holding start a to construction on the JV from to sale our Investments XX-month the

think in So really terms current of market approach I don't Group's seen Vantage that situations anything we've or would significantly the change there. process

In other quick done, I project what a would even that when circumstances, are to call I sale. occupancy decision usually roll detailed lot that, gave the fair of color the of stabilization the deal time original rent concessions list a before the way a particularly you, occupancy is high somewhat may there on management optimization assets that of low for a I a is Stephen, the a or property on the of Vantage of to offered that think of the take bit happens, undertake initial relatively amount frame given actually units. our make though to are those the XXs basis, style reach partners though lease-up they XXs tenants

try that actually sale. optimize to potential they is to for those project's the of approach like gross the before the so Vantage and past work something get listed taken turn through team that in able a roll to that And is initial rent has to leases rent be the

in an for something will a XX% changing philosophy, see there it's think, actually our physical may listed don't you maximize that as approach see And though attempt which relatively foreseeable the that, roll future. an partners reach period even of over before extended an really performance I that's rent sort So sale. the general manage the is we occupancy in quickly, to

Stephen Laws

there, about asset multifamily. mortgage prepared your of a asset on a color it it's with put you for short plans talk touched but Can I'm your longer kind XXX% term. San Moving plan State pretty you of University? in like your I me little at to bit loan, on you remarks Can kind talk Diego that? that. It you know on looks any think occupancy. the asset that another your wrong loan correct I about if a maybe in

Kenneth Rogozinski

I revenue the we we've title bond to there, mortgage that did been transaction. of through asset. that past We saying a Stephen, pretty owner candid not it about in are a think long-term defaulted take

other have we of assets any ownership portfolio So currently. estate in real our don't direct

think question with so strategy financing done secured of when during time that that quarter during renegotiation part to to asset. credit the to exit consistent as the ability that it's your I to quarter, to our And was our the try regard figure that debt is about the asset out appropriate there, to were third able facility. facility of our negotiate happened second the we that release from With

that had we to that incur to So of debt to the be there in able terms and prudent of a project. opportunity have that overall felt was capital We liquidity it management and that levered return deployed financing. on window

that And was doing that. our for strategy so

Stephen Laws

updated but rate And then book around we obviously through kind or marks? changes middle don't run value book lastly, an of any or value did quarter in portfolio quarter. given you impact this October, value market of where fair statement, the are, updated the since number color have the income quarter Do those end it kind end of

Jesse Coury

We too on detail dug into haven't that. much

a As holder the remarks, the I prepared mortgage long-term really revenue of we're mentioned in bonds.

the holders. to really able fair our to from pay those the investments spread impact to value distributions generating doesn't unit so focus, main net mark be is which And

we're watch would sure going detail. we issues that that monitor, not, something concerned not to And about the in a more I we properties We're have so to great it's more basis. but make say, regular credit debt service underlying issues at on

Kenneth Rogozinski

purposes, to thing cost I really mark-to-market rate as by are no that have, about in about, think, where We our you our debt to first in we all that the where for hedge fixed mean, there from at that don't it, hedge a intents associated is speak, bucket there and with is, our has I all have would breakdown, fixed philosophy margin funding I hedging value really if a debt. Jesse locked hedging we've held-to-maturity on rate core think that the rate. look really floating situation portfolio. intents the bonds protect, as the the is income a purposes, so fixed because to rate we it funded that of about for talked debt and fixed been only that talked Stephen, a That's perspective, done portfolio. we for add of net what interest

and to those from And at to negative so would hedge the was eat my underlying our as income our quarterly basis. that book hedging to that far what can unit the available a with than perspective, cash of our the associated value holders really, the extent bonds to least through as that of for that at tell, on there impact into calculation to the have a And other I try we no net carry positive value there, least extent distribution. were is

managing a I basis. So not something of that's partnership been value that's changing see that worry and from on the us And book perspective. I the think to about historically quarter-over-quarter philosophy hedging a

Operator

Chris question JMP Muller next comes from Our Securities. with

Christopher Muller

new developer the So, relationship. to see nice

that, on then you with? pursue? And assume opportunities there? they to these pipeline Just you third scales guys as that remind on be volume restrictions in it the investments, developer me add for are capital guys do lead not But relationships more have this like sounds on or that to pipeline selective And new we the that deployment. more the of if given JV could allow place developer is some might the fourth working to you choose that up would

Jesse Coury

So Chris. a things there, couple of

senior Huntsville Freestone, living mentioned. We the in deal Vantage then with The assets. legacy have one in and with that the deal new you the Nevada, two ISL seven

we as equity go think JV I have our very great and us been forward, diversifiers profitable those power. investments for been of earning have

JV our So for risk-adjusted network what we're look opportunities that of are we always there good to going partners think front. current on with

alternative looking under little in into have make to availability bit a of bucket what of financing, to nonmortgage financing, of are category. start environment and XX% do capacity we investment cost As construction challenging investments while terms we more more construction of at potential exits our get this in a

mindful and exits of that the of opportunities something we existing us places we're those the to just recycle that we from want to the it's portfolio thinking deploy decisions capital back allocation both the of about into. making that for need picking think seeing capital and terms capital the come in be to I right new

Christopher Muller

other some just residual a financing? And the rate then I paydowns Can to differences differences talk the residual Or Or guess is this TEBS bit. turning are of financing of through a there gears financing? fixed new opportunities little essentially benefit has? or with other the after the that converting you

Kenneth Rogozinski

in XXXX, note We've originally that facility some from new financing. pretty the structure being current had. between I rate significant also we per a note differences change out closed significant change the Yes, financing Jesse seen fixed of are to think this we've We've floating secured previous in fixed secured earlier we to that month our rate and the now rate, there this is the big matured new the facility and that That reduction just XXXX. first pay term. rate. mentioned that extended and extended term

So a X-year there. extension

previous subject there The other the to probably that one thing of our of community. biggest our And tax-exempt under this form was that direct ISDA of from benefits this is done eliminated that with is the mark-to-market. to our was financing lender placement a through perspective have maybe this secured my note transaction fixed that the was investor we bonds rate to that

provisions collateral or provisions mark-to-market that. no is with there so associated And call

I a over had place So my from without improvement that all significant financing factors it's we've of together, collateral. those the pledging the in think any additional you when take existing perspective,

Operator

comes Forum. next Value Lane Ron Our Instructions] with question from [Operator

Ron Lane

will weeks. about I estimate educated be weeks your listening for weeks, with to at tax your be and XXXX, good terms percentage while seven educated up, you free what, you're dawned heading end seven versus of This taxable money have you The call. guess. best me just more over guesstimate. guesstimate, cash best the and it year. that I conference to of would way, a is your percentage-wise the that GHI. XXXX. hold total are estimate need in The Eight It's year seventh then which is an six, is taxable my were the ATEX that, I tax interesting won't it and journey. Jesse, So now of then distribution for in is by going to rate? of of where then a responsible versus handle each Where your only although where pretty been

Jesse Coury

Yes.

So purposes. just as for tax a reminder, GHI is a partnership

breakdown And taxable where a allocated variety of each taxable out, spread early And our ability to be the until and and income issuance the holders.So is throughout particularly that to taxable the net of are what won't on unit that holder income the mid-March based tax what that our split from size unit in Relations to unit that supplemental for Equity may taxable that through XXXX that year taxable year the and a holders XXXX we But portion. to will JV a will generate ability of transactions certain after year, you to a fiscal separate at. on know at will a question be K-Xs, the give distributions be in response. on to of based percentage we website, in occur Distributions XXXX to of our The done is we factors. taxable drove has. have to for will the on variety tax and those year-to-date on the will up XXXX, estimate income our exempt unitholders which level throughout income. We between don't regarding partnership and page income determined come will way depends income available exits It the at holders of see of Investor levels years In XXXX. to activity that's we give ownership taxable the transactions, that something And tax-exempt an and in that in holders. would portfolio. Equity were we generated distribute from on we all we be and the in had transactions also the the cash losses on form income know in our ballpark years, Investments the and should as our sales additional where tax-exempt significant believe taxable. can XXXX of split additional compare believe unit in real XX% tax-exempt roughly factors there split do or come XXXX that mix XXXX JV similar to of that or the exempt closing the expected split JV separate. was. and but income of memory, between That declared order provide those report from was of tax I then gains So units and is value whether net is XX% expenses can return have note I gains they unit as what I the the taxable given those what Investments off Working a transactions. level

look our to can, on and So to tax will I best make say, the much where can't exempt you on historical taxable breakout your exits sits projections estimate give be. too on, to than try based results as portfolio what and other really estimates

Ron Lane

in met them them I had X/X not but members. The taxable a is to few if you where not thought themselves. a mostly say taxable have And We I you knew would. at pretty is it's of Or are. it what probably to following an of a again, have could whenever feeling certainly years say a numbers them much if every and was, could But account, belongs, where going told bit I'm they little lot put anything. I or it I a And half a And them it am and certainly we've major I it's average be that that of little are to year over any buy saying, the most at conventions And the and a still getting I IRA? GHI us, if niche that very question whether estimate last better the be XXXX. X/X, of year reason, probably know I it I'm it's on handle they're handle annual wherever? may in a it that's get because the XXX tax-free. it's or you're out send ask, I the think XXXX I the them question. for the which I because, IRA, would all guesstimate. way folks have investor, wrong. of fair more want let retail on doing little him you bit or I when asking years. it's we where mostly Again, uneducated you're the be the until should than are you tax-free end -- note including it a all would understand is the think taxable We advisers. have have a best best fair or a is ask for is it it guesstimate

Jesse Coury

advice And holding some we where can the to call able have unit and Ron, to are that. my feel best tax you investment income in to depend from K-X. through how questions, specific that I factually tax-deferred in But an of estimate or we on on all to make directly. we've can our to talk in to tax hold investors free number, circumstances, That's have information other me that holders provide how sort other going as believe you I our our the schedule investments we than it account. be investors, can we further to And fund unitholders any not any to flows other say privy individual or regards let the tried to give box is if and to. cannot IRA state

Ron Lane

you I XXXX get chance, can that have handy. I it handy by don't XXXX? any Do had one have have time, I at you with Do you it. but

Jesse Coury

Ron, look tax. and believe you, XX% tax it it exempt, XX% with can I confirm I offline, was up but

Ron Lane

Yes, Okay. said right. that work. the you apologize right, XX%â€¦ Keep Jesse. I All good about up

Operator

back I'll closing There floor further hand to no Ken comments. this are questions Rogozinski at time. for the

Kenneth Rogozinski

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

Operator

This disconnect. may conference. a day. good parties today's All concludes Have

Greystone Housing Impact Investors (GHI) 8 Nov 232023 Q3 Earnings call transcript