GHI - Earnings call transcript Q4 2024 | Greystone Housing Impact Investors LP

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Operator

Welcome to the Greystone Housing Impact Investors Fourth Quarter 2024 Earnings Call. I will now hand the call over to Jesse Coury, Chief Financial Officer. Please go ahead.

Jesse Coury

Thank you. We would like to welcome everyone to the Greystone Housing Impact Investors LP, NYSE ticker symbol GHI, Fourth Quarter of 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded.

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

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

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

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

Kenneth Rogozinski

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

questions. forward taking look Following that, to your we

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

to continued under We our our revenue fourth quarter, investments to with the loan advance governmental and mortgage funds funding issuer borrowers commitments. during bond, consistent related

sale. Our X Vantage complete today: of investments equity joint venture is of or evaluated in consist where site X and as construction interests being development properties for X

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

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

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

managing and announced, January to their Vantage Falls members McKinney at The previously Tomball of at interest in Hutto sold over XXXX. Vantage by Vantage was basis construction points completed loans lower XXX each. rates refinancings As at of the

construction for construction, have and Colorado leasing joint venture X project project projects in completed X project and has work. with site equity and Freestone Texas. X We has a X projects have Group: Development X X in commenced commenced has the investments begun units,

property's Nevada, deposits for Carson Valage equity lease seniors of has XXX completion, a property Living in currently Our is project Valley, in located joint units. the investment venture housing XXX-bed and Minden, XX Senior the nearing

XXXX. fourth data I month. With XXX-unit, Jessam over for the to located a began construction joint approaching of quarter Hays multifamily at discuss to in Jesse will is our new-construction, Huntsville, this market-rate in that, Farm, completion leasing The Coury, things turn investment Our CFO, equity venture and property financial the Alabama,

Jesse Coury

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

increases are quarterly net Unrealized income swap on by quarter, income. Despite in expenses expect financings. our derivatives, We a are accordance TEBS settlements back our to increase of value and with costs rate our impacting unit. reported quarter unit, in impacted and and interest adjust MXX change the $X.XX by interest net net the fourth rate per transactional the or in Our in to accounting termination minimal in future XXXX to or totaled to fair cash PFA of related securitization interest in value was calculate Such $XXX,XXX, the as during of $X gains significantly projected transactional GAAP per is results the approximately fair to our our our interest value financing fair quarter. guidance, derivatives new flows, have million on the rate within of on noncash CAD. Also losses expenses October to added transaction. the were our $X.XX approximately impact net we gains XXXX an closing additional debt of fourth variable-rate value expected unrealized be income derivatives offset quarter the fourth this

year CAD $X.XX net has our want and to unit. I the income XX, of ended December million XXXX, $XX.X and highlight we diluted, For income reported $X.XX and of per net basic that and greatly from hedging We resulted unit, reported and per rates $XX.X assets our which receiver strategy. a interest CAD million being hedging to on began market variable-rate net aggressively fixed-rate our our debt financing associated XXXX positions. us swap in early rise, began interest rate benefited as our in with

XXXX fiscal the unit. and $XX.X per For $X.XX totaling approximately years, million, payments or swap net we received XXXX

continue cash strategy net flows our to employing provide hedging investments. stable from our expect to We

unit primarily September $XX.XX, XX. decrease December per the our a of in was, revenue bond of fair on as from book Our a decrease basis, decrease diluted result value is a of of is a mortgage The portfolio. value $X XX which

tax-exempt value Tax-exempt which corresponding curves. approximately fair resulted fair portfolio. in the across rates XX September mortgage average mortgage estimate estimates predominantly models our in revenue of multifamily bond use yield with providers increased points quarterly, bond for service on a XX to value revenue the XX, the third-party from December our investments Our MMD's decrease curve basis that

reminder, revenue of are predominantly and a will investments. to holders bond mortgage expect fixed-rate we our long-term continue As be we

we carrying also to changes joint value. value in investments have our So reported impact net They on book our expect fair that value or are not flows, to will not cash our equity fair market. includes no venture at value, operating CAD. I marked direct income note

refinancings the underlying our such additional potential As carrying a result, properties sales any excludes income may upon as be or value value. of above debt reported or our realized gains that transactional book events

a protect market discount in fund unit values. unit February was to to per the New liquidity commitments of book value significant investment price if of XX. We York our there XX, yesterday, As to our close and Exchange debt which December regularly our events our deleveraging is Stock against $XX.XX, as asset closing monitor declines potential X% on are

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

XXXX reflected approximately secured balance of multiple had are also our available We our in credit. Not $XX liquidity. events to our liquidity sheet million have on added that January availability lines XX December on of

Sandy property Village Osprey and the loan Willow partially repaid. and was Place in loan governmental issuer investments Our Creek were full, redeemed for

repayment related liquidity on rates sale our given the of financing. At that Page various through redeemed the of Form events in report levels, increases commitments. We addition, interest in Vantage exposure monitor our rate in analysis, interest fund to on regularly table million liquidity an and potential net our after current $XX The shows assumptions. of overall income XX well the equity underlying impact our market In we to at generated changes property. our approximately of rates we which rate is current investment we sensitivity JV interest various and are XX-K. Tomball net included upon interest believe debt other These financing was management interest our sensitivity quarterly positioned

case of in an increase of net in or XXX-basis interest $X.XXX ourselves a in approximately million, a uses $X.X nothing decrease consider for in largely assuming assuming unit. in scenarios will rate from next immediate months. The includes XX net response in is we and XXX-basis analysis declines The forward and scenarios, XX per income base yield yield no market of interest in our curve SOFR unit. We rate all shows hedged shift interest assume point million, that $X.X in point and $X.XXX curve Alternatively, net an that over result decrease market-anticipated the XX, result issues. do per the in income immediate months. significant will fluctuations increase present Our rates or an approximately movements interest SOFR in CAD large we against rates across our income that CAD the December credit which curve as the there our

of issuer loans Our as December revenue debt of XX total bonds, December totaling $X.XX mortgage bonds investment or mortgage of property revenue portfolio governmental XX% assets. We as and our billion own that consists XX% XX provide South portfolio of loans financing to our nursing value XX% in seniors relates revenue Of skilled for and multifamily, permanent Texas across XX in bonds, of properties and XX% in affordable these mortgage properties Carolina. states. California, XX,

or and million the the mortgage or as often During revenue of across companion of issuer share X multifamily taxable issuer own finance funds that mortgage property for revenue totaling states. loans properties we December our related construction governmental $XX.X mortgage governmental advanced loans the investments. We XX bond have bond lien. rehabilitation that quarter, affordable fourth loans X Such loans first taxable

our fourth during will quarter, be this loan BlackRock investments venture and our taxable $XX to funds governmental commitments. lending with we property transferred for totaling governmental to loan advanced million million Of issuer During construction that joint amount, relates $X.X loan, XXXX. the issuer

as funding will excluding was our future funded and asset construction months that to of venture joint will XX, loans will transferred add to our base. bonds, be mortgage over outstanding $XXX approximately with million issuer commitments income-producing BlackRock. and These be XX related commitments Our governmental investments lending investments December revenue those for

redemption loss credit commitments. We to commitments. expected from quarter. remaining reserves for investments will credit apply $XX,XXX the receive CECL We for establish reduced by We funding to investment also expect and into related our losses allowance credit or that the funding financing debt redeployed are existing investments for fourth loss current our maturity, our which proceeds be standard, nearing standard, our construction

million of allowance of loan issuer year CECL. and due $X reported XXXX, For investments to a credit net portfolio for to our are declining the losses approximately governmental the the that of December reduction related size subject XX, ended in we

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

quarter XX Our that million in reported is this investments as on one joint December fourth value portfolio with a investment, $XX.X advanced exclusive consisted of San consolidated million, reported segment. a approximately of venture Marcos, capital carrying investment of properties $XXX.X of at equity XX, during Vantage of the basis. We

remaining Our investments funding for December commitments as $XX.X totaled of million equity XX. JV

As Vantage net previously the I do loss contributed we our sold the report related in proceeds XXXX, gain not inclusive return. is $XX.X noted, quarter XXXX property in related which was this of received sale. January of at We to any to and million, of preferred accrued or first expect capital and of Tomball

Our principal approximately debt debt net an September category, main swaps, debt, report is assets the with X fixed-rate and with XX-K. billion, balance interest rate with our our total from debt designed December $X.XX XX%, totaling variable-rate financing. no of debt $X.XX up $XX approximately the interest rates. in that fixed-rate X manage rate categories our of to fixed-rate X%, variable-rate of generally designated of most in insulated variable-rate or of on our XX. We near our used from with in short-term is is financing XX. term. XX category fourth such outstanding had debt facilities assets are fixed-rate million, assets or and only our changes financing to we debt for of with X leverage categories hedged return Page risk account This debt exposed financing. The that where hedging, with investments $XX interest are million represents assets These as total This Form is variable-rate categories, billion

we a fixed-rate PFA nonrecourse new our securitization PFA and TEBS transaction During financing. transaction. fixed-rate, into debt $XX.X securitization matched-term, terminated facility XXXX non-mark-to-market provides entered and the variable-rate million fourth quarter, financing MXX The XXXX of new

B active now front, investment to to for under Ken of units the On the conditions over turn Series preferred on market issuances and update pursue capital his we an continue call offering. I'll our pipeline. additional preferred

Kenneth Rogozinski

at was MMD were X.XX%, XX-year respectively. XX-year the XXXX quarter expected November, in they December, did with at than MMD the fourth rally time for of Jesse. bond being Thanks, X.XX%, levels X.XX% higher and At many the be. At call those ending X.XX%. last analysts market tax-exempts materialize, The would of was not in that quarter's up at many and muni yield end thought

industry impact MMD administration the MMD changes by was since muni-to-Treasury currently year-end the and tax caught what yesterday's XXXX which regarding a was Congress. of might financing ratio more bill. Act uncertainty muni the activity education proactive mortgage included a bonds tax-exempt As of private currently XX-year flat-footed with lobbying included that of was is their as advance close, XX-year not tax a X.XX%. for bond at might on resulted proposals Jobs efforts is MMD be applicable by in of elimination and ratio like our XX-year is reflective refundings, to was common XXXX, muni-to-Treasury revenue in the The has the in widening Cuts and the potential XX-year start the be new XX-year and at tool X%, XX%. Part industry potential XX%, The bond bonds. of Tax municipal bill of market in been muni The the that and

by orders from The our federal program, HUD X we programs, terms billion. between have brought the administration, of subsidy not market freeze December assistance on fund technicals for exempt the program with federal particularly issuance the recent investments. by than In X.X%. is Grade points. Trump The positive, funding return $XX in and XX significant average that perspective, each, positions. gross which billion The revenue specifically increasing points those order high-grade weekly months January. From versus market $XX.X High broad Section total secondary of the belly consistent XX-years a executive rental High used December, normal ended a XXXX generating high XX-years the funds funding to end of about in ETFs. total Muni the curve a the impact with flattening most by a The a roughly to to year's generating our flows mark on our rent related tax-exempt is market for and Yield X-years by for XXXX and observed XXXX associated with mutual XX and $XXX investment XX move muni with saw versus we most, did basis trading with curves bond yields of points properties, at market Muni basis Total issuance $XX billion Index in volume the steepening billion. The not issued was total underperformed year were Index in the which note, the of more mortgage X.X% November the experienced XX-years basis executive return

joint in We excited our the for with closed We first continue BlackRock Opportunities. venture quarter. new be fourth construction strategy deals that lending to about the targeted X Impact

your portfolios. banks and our a we window deepen pullback existing estate of As us relationships loan mentioned a have by opportunity real pressures a has That lending quarterly on as past their construction for with on establish of we to commercial have our sponsors to calls, as result questions. the new for execution broader to Jesse seen affordable commercial step a in fill created we void. that potential their and that that, manage transaction to happy take and effectively to needs. With offer sponsor are allows capital dedicated Having clients to us pool help to relationships available that purpose I of pipeline us to our meet timely in

Operator

Stephen James. is question Instructions] [Operator Raymond Our from first Laws, with

Stephen Laws

about of the Can maybe they allocation in on do on those of lending government up to prepared MRBs JV. want loans investments insurance and pipeline into the you I the new you and the returns follow capital anticipate how where remarks Ken, what compare and going left construction you to with and JV? off type the talk new your

Kenneth Rogozinski

we've Freddie at us. returns we'll to our permanent a with appropriate BlackRock Stephen, past years properties then XX-month is and its XX- leverage making in X JV issuer and following option core, LIHTC investments, the for through the leveraged loan new what governmental be tender commitment with order that exact for those bond positions the forward doing strategy with the own on funding to on loan same for loans provide been construction financing tax-exempt the structures our

comparing through we've past. product be joint [ will the of have in parameters But forward, pricing those real under on our we're on partnership the the our that implemented additional capital sponsor return the the itself think clients ] going of in that partnership same. benefit terms is venture. that structure that I strategy In the that to return to The is consistent promotes with the the expected earned we pricing using kind terms strategy the of loan is pricing

the we've a additional that of on because earning of but doing, compensation been it return get doing the that the to also on historically the the we [ So greater base return, economic we business but same earn ] Capital. that BlackRock partnership sort then get promotes we

pretty about joint and partnership So I profitability think the strategy we continuing via enhancing its the to feel venture. new that good

Stephen Laws

And comments. Great. the JV... on touch Appreciate to those

Kenneth Rogozinski

see. was to opportunities allocation My only mortgage a between don't there, decisions. sort follow-up team, and just bond revenue comment the about management have issuer governmental loan of a we the as question set that Stephen, capital We, your allocation

Our the any those originators to of us. ability to have products bring

decisions current dividend with loan them, discipline the making with that is continue independent and new on we sure versus continue of yield. accretive We we that pricing originate any our

governmental from the you're function revenue more really housing or going direct So going origination bucket Greystone the be a of for I GHI to originators. of the going what see are that to multifamily our mortgage loan that sourced forward in by think investments either seniors or team in we is what's issuer terms split see that traditional in versus what's bucket bond

Stephen Laws

investments the JV second, as CAD. Ken. your return, a or got sold, the an far color back committed gains on impact or capital to Tomball Switching don't preferred equity Appreciate that, assets the plus additional the for anticipate but Great. losses as

about return the new Tomball think rate gain reset of cap see additional multifamily the sales in has color how or, your Or where a this JV portfolio. what world year, additional that specific multifamily? sort is the I investment guess, think you on kind across of was market expectations of As maybe type to as about asset? you we Just now, for something equity sale expectation expectations

Kenneth Rogozinski

everything XXXX asset, a the asset damage, broader of view to result sale there particular ownership I over there think insurance that landscape in located is level higher have area. trading stable an we seen of have of neighborhood. In rent we to where significant insurance product this assets: comes terms that the I marketplace. We length a submarkets there found, Tomball as a the I what versus structure Stephen, X.X% just I risk, the pricing that the competitive color to at providers that a these that what the Gulf level the revised particularly in, mean, comps from, certainly, point as rates they're areas rates insurance one were in as the of set it range that multifamily premium that sort values when is, seem in the in and sort the you hurricane in saw cap that with sort really is multifamily in the increase local of give premium this you County, down the the of can new particular be expect, might pricing to level of level, of in of negative XX-year around increase their project's location high in that of of impact interest in think, to XXXX-XXXX Harris they of case with other from with

value. the pro So of rate, the that X.Xx cap forma that, our cost in original that ultimate expense it, a at at that's there exit time underwriting for $XXX,XXX call $X difference item, X% transaction. line million And insurance in was let's

of we've a increase result think, at that's a in I explainer sale versus to of the at of expect to is location. big has assets, asset we other first the So this year what seen of that why that in look lack unique that to on our from some least I been quarter a as when and perspective, you terms expense think, recognize that, that level of that gain of

Operator

is next Our Matthew question from with JonesTrading. Erdner,

Matthew Erdner

-- all did But that color have. want kind Ken, lot Jesse, of you. thanks this the to question. answered that that for throw a one the on questions gave previous of to That I I

what In first redemptions quarter, of through those was are the do terms of quarter? whether to kind of going like then throughout quarter, insight you timing those have redemptions come the interest income guys as to and fourth just in be any when second And redemptions, timing the year, it the perspective?

Jesse Coury

had loans fourth Certainly, had that the few redemptions course. their ran Matt. issuer just of We normal a in quarter governmental

mentioned issuer significant that's Focusing on we loans. the to year, prepared to Village there of in backloaded of really redeemed million. more in that in governmental pipeline. loan I we commitments and our had the that lot the balances, were I my redemptions that expecting. But Osprey going loans $XXX had do governmental a we're funding we'll into redeem have in issuer I And balances, that's be that XXXX, I near-term $XX investment or Willow XXXX. have GIL existing But either our redemption say million later recycled that million investments probably and would think remarks other though, of property is roughly that but $XX-ish Place Gross expect going be another January. into

short we off, probably sheet capital a in as expect but in those see So roll we redeploy will order. to the decline balance temporary assets that

Kenneth Rogozinski

Ken. it's Matt,

sponsor's project have other don't bit to with thing I optionality we a on perm I think that would that that any control there add little conversions there's over. those part of is the the

XX% upsize principal NOI original has of the by underwriting committed balance positive Freddie if the the perspective, conversion your product tax-exempt that grown is and my Freddie of unique loan the the features that. ability forward perm from permits to of your the Mac to One think, will up give of and, one loan I you

the seen were past when rents final pro in from given a in lot circumstances, in forma. a that. result, LIHTC the in of is their So their their perm underwriting years income area cases, connection NOI, median with And started, most that increased over X-ish originally growth original have we've exceeding these as projects

Freddie upsize gives that's sponsors not forward option so project current that actually to for rates, to rate-locked since at market onetime X ago very the of a advantage at And take attractive rate, original of. but opportunity these years sort

we've extension is that and them, So their loan. what that size options seen to the are available their advantage the underwriting of extent taking that order sponsors maximize maximize to are in to to of there perm NOI that then

anything take looking exercises a in are that's any whether that that feature. have a But us we sense product to again, or to of are whether conversion So option to it's going advantage eye or makes it during who I keep control interest borrower clients economic from not. over, our perspective, think at that our that not their close XXXX that a and not very sponsor on

Matthew Erdner

usual that just as supply that's to out and see intricacies at the might supply of do change? about going market terms you on there, do helpful as affects one business all? the me, of kind Right. really you current of the changes tax second think there. come it kind to things very That's in Or and last there, then appreciate from tax I detail. And of the the based all administration the your color comments

Kenneth Rogozinski

for to I'm Matt. mean, to forward, happens and rush take I the see for no for there in the be Tax there that, line of advantage by changes XXXX what or going like to muni the is becomes in to The with expect if can that. If of would future. question for of was they enough to muni that happened the going dramatic, then that be of see at finish be connection they can. to we the what traditional that I issuers absorb not these while tax-exempt old It's there purpose to really bonds market issuance bond something muni investor is of kind interesting better industry sort same XXXX remember particularly to to foreseeable with knows the demand least the making community supply, Act any worse, Reform there anymore, they're going that the

So particular, to plays out. we'll that, have see how in

in education I the has Act. lengthy I in industry their better market. potential would done of efforts their around the existence this a in the the of my terms said benefits with around provided and communities are Congress, bond local As It comments, the time of to of by the pay was tax rather of that lobbying Committee job particular, the think there Means Ways pay-fors that as identified list that part came XXXX cuts in of and some the be of terms a that out to laundry for muni the extension were

just have administration what it's out, be either those. and the to play try we're going and to fore, an year to interesting implement but things or I Congress, the early come in think best from see choose ideas phases, how to certainly we'll think I see to they from how So to

Operator

with JMP Securities. Muller, Chris from is question next Our

Christopher Muller

So your are would little like boots-on-the-ground that we're changes line you did there a on I the to from to administration, you touch there. on here, this seeing see are You broad on bit comments. the follow little changes a you guys any the are up Ken, guys wanted But bit and given in implemented?

a So of you're stuff. close to this lot

point? guys' I just a on it more this if industry. And get thoughts there, that the is do too that big your could you the Or GSEs at specifically, business? early actually little and then privatized, improve have tell on curious things what So "if" to guess impact would

Kenneth Rogozinski

couple a So of there, things Chris.

housing in a terms affordable of reform couple bill of call of I I would of want the improvement. or or There list, Means housing my a has you modernization past Committee, think the the put to was Chair forward it, couple the for help what Congresses things low-income there. to credit, of what been know tax don't in Ways industry, in and I if I terms wish

are love just private it the I in of some users activity a in country. think stand-alone affordable bond are good activity technical across the more terms a separate for our multifamily other there to of of private competing efficient. I program features would allocation ideas not bond the of there changing category that see lot make of sponsors so against that to

that addresses like I those tax probably would So biggest this some there positive my tax-extenders X credit that bill the be list, some of and nature. some investment things tax process the either be that the on of of with think or wish of broader things bill other out things the could

terms privatization, clear currently. a least like concept. don't, what picture GSE looks that myself, have interesting In I of of an that's at

I vehicles, think TEBS with Fannie of from transactions our and Freddie funding enhancement credit have both transactions fixed-rate of no that. with associated currently liquidity our we triggers in or events with sort terms are that

overall So those the that is the investors from certificates. result view borne current as negative some our those of market really as situation risk and perspective, I think, a that by I certificates, the credit not the resulting holder would net us to guess, credit on of those residual guarantor

risk So portfolio. I don't think to investment we have any our real

that for that are, they that of rates the forward and Freddie implications new theme achieve tax-exempt potentially our the strategy. like products the their a result could if terms interest into forward price going credit they're that change, translate a think again might securitization inferior by to loan currently that an what or I able negative is think how Fannie we lending sticking of in they terms to is originations, of that Freddie our through the use though, that vehicles Mac there that, sort construction commitment for have I end what looking forward, some Mae is as in viewed Mac market with

So and if out of that their position funding thing end and good versus that's in for sponsors makes perspective. that perm worse a other execution, not they increases there. our us into a from alternatives are translates competitive the It for less up project it our cost pricing higher that

what to revisit going borrower with of those to something sponsor we're things that close to products end that can Greystone extent impact on. priced something that, minimize have And up terms in certainly that the in the eye So keeping and are the team a like servicing how clients. a we to do do it's situation we're to our

Christopher Muller

the the that then the X Got much JVs? the do that phase consider more behind changing you it. yet? I Or have see And how gotten the there into I the to the be helpful. in gears in very for planning hasn't phase guys really we to I pipeline guess scenes pipeline? visibility That's And planning XX-K. that is new guess, all Should to JVs,

Kenneth Rogozinski

stable of core Camden the We discussions have Freestone between with partners housing team. and always and seniors our

opportunities committee So those other they're investment transactions have can market the where about believe in what are to returns current achieve those with are firm seeing, they dialogues capital. conditions decisions current markets and we've like, they we that made sort that what commitments sponsors But and that continue do that environment. of the they of

sort basis, of there's from else So but anything there approval have been are point we've than this on a or no what continue investment other to firm commitment discussions at on other perspective our reported. regular we that

Operator

John Baum private is ], from [ next investor. Our question

John Baum

know saying, to to XX-Ks, to I to Gretsky bit like a I'd go weakness. when know, the to is, first here, it's be, adding going my little is. seems fair "Don't you I puck question. Warren where I've the where amount And It been as a [ Buffett gears I puck couple going write the into thought Wayne want before down of read it's a unitholder always Shifting XXXX, where ]. quotes get going where be." since the on it's especially I comments to recently a go probably XXXX in

bonds, I our to -- job. forecasting selling buying et all and CAD, investor I leave management have real versus as of private But investor brilliant a cetera. guys you operations, doing mean, it we computation are private the and a collecting private value, et As a cetera. price is estate

Let's get here. direct more

and with $X.XX CAD Looking recurring may impacting right already $X.XX, at shows nonrecurring estate CAD of CAD 'XX costs, sale in insurance and the and real XXXX, shortfall would Page in XX of that respectively. in that think surpluses of 'XX REO there. of the saw kind between be the as be items it such and negatively of I the costs, roughly higher split and the operating sales, XX-K, $X.XX XXXX we

the my be trying federal So a That going XXXX mean, province And see is on implying I of of into looking But the board you net Market here, understand than here you're get XXXX? XXXX. investor going taxable to going computation peer the would tax-exempt we're distributions, a to value, over in 'XX, on at could board's and year. that price XX% question especially I'm here to yielding currently the be distribution I to us? called XX% tell XX%, a over to the the private cut. I basis. out can difficult decision-making what is this a and unique what's on what help mean, it mean, BUC to you basis. I directors. in of book a trying change less XXXX

Kenneth Rogozinski

the Well, question. John, for thanks

of our partner you a factors. unitholders As other on evaluation and the are distributions cash of to mentioned, available made disciplined distribution determination the general the for partners' based at

and over As consulting partnership. decisions, of into management team, distribution has evaluates the general with done holders long-term with it years, partner, the interests those factors the that the the always the consistent go the continually

statistics with And where all lumpiness. if of nature was equity we beast the so joint think there the CAD the our the to X-quarter JV time cited and investment a a venture QX to that you be of XXXX, going that capital for There of is XXXX, annual those of investments QX you look terms that allocated did not overall have have sort it's sale. equity period, some numbers at 'XX and then of XXXX I we some in and XXXX, of

particularly a so for impact And had the on CAD, that big XXXX.

to on that, right XXXX there think the I focus basis. making XXXX CAD that be in the looking think of The into decision a as upon over net quarter's that when a based I for to, and at timing a distribution it of any in the we've have for the income on we historically making particular of just not board Or of board that sort of a adjustment talked management period. team, may shares distribution philosophy, decisions some term, tends making consistent longer decisions fourth keeping the We're not changes and quarter there. and in the the the at quarterly circumstance terms tend then XXXX, looking results. about in past, terms in solely as sort been calendar-year not quarter and having

changes don't the as focused distribution in has and a adopted any high-level board I achieve, executing portfolio, can to on that So results give up just those team decisions. board philosophy able to the we're the to see there perspective. possible a us management that It's from to to stay we information our then able the best be to make on best depending the continue

John Baum

upon you I Yes, Okay. touch did lumpiness, get the and that.

see the we're incredible something over states that? your see increase maybe was for that Especially somebody mean, right right coming now. in it heard going I year. X rates Tomball this mean, that JVs mispricing in that to X down I sand I like because thought up or to much. you've don't change was now, So out I if what's X like, -- got going I rates? or insurance Tomball say the insurance California, of, going

interest project with to at perspective. to the there, JV that sales clarity allocated we the Because lumpiness a the surplus sales CAD? going do are give the So of JV still to any being impacting going with cap increase rates, be I the kind to be rates that's with in you boost positive breakeven contributing Or CAD? rate those mean, distribution to and no can are looking

Kenneth Rogozinski

investments we not mentioned, market. do to Jesse equity As mark our JV

purposes, us forecast, the the appropriate of for transactions tells arm's-length no what sort least reporting day, at where by of the is time. sale that to the for they're attempt At our in result at prices us assets those we potential the marketed, point what projects are are. price all market of there's end and So get those

that we time, regular we're in sort of but disclose when expectations to on a we basis, So it's and it's hoping what of a really to projections a asset-by-asset and think models, we individual for. sell of sort share sell comps to in and point we going different we position have they're on something based not at expecting going to this not have see, and that they're think in terms areas level our what we're

John Baum

around going of you to being about you do book than from for care let Fair value I take enough. net a how got think unit of Final less one I now? be, do that's any a for the something feel $XX.XX. the unit provision standpoint. there price right you've me, bit just market mean, commentary Or buybacks? Or little management is there itself? and

Kenneth Rogozinski

certainly the end of at it's low the Well, historic range.

least for at think been historically value. book that traded premium it's to now a involved with I've X-plus I the years the at partnership,

of Jesse that low of referenced yesterday's his in the certainly remarks value, as versus level the at the QX at being So end XX% close we're book range that there.

that will that could to I returned doing things going capital with to from But that if it's let the are think What it no potentially from exactly might from other prolonged through direction or something I from sort if a perspective, put think underlying the to be fair say a our way. crystallization me you. I can't of it's we board perspective, evaluation, investments. any the management received us that team, to evaluate that's eliminate of our discussion as tell that we phenomenon, there that's our be be, we've possibilities

John Baum

to how but those see a do. you're Okay. because since been gotten at of stuff what you've but hard you some tax new bills, of fight the excellent market my back we'll distribution as thrown as in right I guess Fair out. I've XXXX kind than well now, you lot really cumulative more think guys the it's are enough. investment, I In -- play of closing, maybe

will and from Just we up, it there. keep go

Operator

[ is next Stone Our from private question investor. ], Graves

Graves Stone

you wondering about value. asset of Sort it, below the Greystone policy previous of the especially to up the be question, distribution what with the when following trading goes what into price believe be just with might

or distribution. cash market actual instead unique from something deviating different if occasionally, like we could something of when the a unit we consider Could we wondering is do could that? the like Just distribution assets,

Jesse Coury

question. Thanks the for

the board distributions. best is approach evaluating continually think I to the

either versus unitholders. unitholders is that distribution the that very declaring incremental is to has that of the a distributions and distribution when every the board impact get say in that base units. I goes in through kept of historically there and realization or that the to units, at would cash have individual level keep K-X additional forms that done to the our allocated We tax sustainable that distribution, of board of past occasionally then one -- is cash the any cash cognizant form tried thing the the a Schedule the income

and I for cash has board, concept. stone think, the it, real outlay the continue set will because But tended but board that's from So payments unitholders. to cash to the purpose towards default evaluate interesting not it's again, in there's an that a

Graves Stone

do management through to following know I unit actual way if good asset compared appreciate again to it be great again, a you guys That goes price a something, to down it's thing, quarter-to-quarter follow be at thanks values. basis. permanent for board up be would do you thing. Once the least could doesn't keep great work. a the occasionally to would up and and with be everything That have but when the that. It on on the decide when

Operator

for this are hand There comments. further floor over to Rogozinski questions closing Ken I'd like back no the to you. time. Thank at

Kenneth Rogozinski

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

Operator

conference. This today's concludes

may this your for Thank You participation. disconnect lines you your time. at

Greystone Housing Impact Investors (GHI) 20 Feb 252024 Q4 Earnings call transcript