Greystone Housing Impact Investors LP

We recorded one JV Equity Investment, Vantage at San Marcos, as a consolidated VIE and is reported within the Market-Rate Joint Venture Investments segment as of December 31, 2025. We own certain land held for development that is reported within the Affordable Multifamily Investments segment as of December 31, 2025. Our real estate assets are summarized as follows:

Property Name · Location · Land and LandImprovements · Buildings andImprovements · Carrying Value · Land and LandImprovements · Buildings andImprovements · Carrying Value

Vantage at San Marcos (1) · San Marcos, TX · 2,513,092 · - · 2,513,092 · 2,660,615 · 1,136,167 · 3,796,782

Land held for development · Richland County, SC · 1,109,482 · - · 1,109,482 · 1,109,482 · - · 1,109,482

Real estate assets · 3,622,574 · 4,906,264

The assets are owned by a consolidated VIE for the development of a market-rate multifamily property. See Note 3 of the consolidated financial statements in Item 8 for further information.

In January and February 2026, the Partnership acquired four properties previously owned by non-profit borrowers of certain MRB investments via deed in lieu of foreclosure. See Note 26 to the Partnership’s consolidated financial statements for additional information.

• The receipt of contractual interest and principal payments on our debt investments will be affected by the economic results of the secured properties.
• The rent restrictions and occupant income limitations imposed on properties securing our MRBs and GILs may limit the revenues of such properties.
• There are risks related to the lease-up of newly constructed or renovated properties that may affect our debt investments secured by these properties.
• The repayment of principal of our debt investments is principally dependent upon proceeds from the sale or refinancing of the secured properties.
• We are subject to various risks associated with our debt investments secured by seniors housing and skilled nursing properties.
• We recently identified a material weakness in our internal controls over financial reporting and determined that our disclosure controls and procedures were not effective.
• There are various risks associated with our JV Equity Investments including, but not limited to, risks normally associated with the ownership of such multifamily real estate, sales or refinancing, third-party property management, and variable interest costs.
• There are risks related to the construction of properties underlying our investment assets.
• Conditions in the low income housing tax credit markets due to known or potential changes in U.S. corporate tax rates may increase our cost of borrowing, make financing difficult to obtain or restrict our ability to invest in MRB and other investments, each of which may have a material adverse effect on our results of operations and our business.
• There are various risks associated with our commitments to fund investments on a draw-down or forward basis.
• If we acquire ownership of properties securing our investment assets through foreclosure or otherwise, we will be subject to all the risks normally associated with the ownership of such properties.
• Properties related to our MRB investments and JV Equity Investments are geographically concentrated in certain states.
• Our investments in certain asset classes may be concentrated with certain developers and related affiliates.
• Recourse guaranties related to our GIL investments and property loans are concentrated in certain entities.
• There is risk that a third-party developer that has provided guaranties of preferred returns on our Vantage JV Equity Investments may not perform.
• There are risks associated with our ownership of MF Properties.
• Our reserves for credit losses are based on estimates and may prove inadequate, which could have a material adverse effect on our financial results.
• Properties related to our investment assets may not be completely insured against damage from natural disasters.
• Several of California’s largest property insurance providers have previously paused or severely limited their issuance of new policies, or their renewal of existing policies, in the state, which could increase the Partnership’s risk of loss in its MRB portfolio.
• The properties related to our investment assets may be subject to liability for environmental contamination which could increase the risk of default or loss on our investment.
• We are subject to reinvestment risk from maturities and prepayments of our investment assets.
• Our investment strategy involves significant leverage, which could adversely affect our financial condition and results of operations.
• Our access to financing sources, which may not be available on favorable terms, or at all, may be limited, and our lenders and derivative counterparties may require us to post additional collateral which may materially impact our financial condition and results of operations.
• There are risks associated with debt financing programs that involve securitization of our investment assets.
• Changes in interest rates can adversely affect the cost of the asset securitization financing.
• Payments on our residual interests are subordinate to payments on the senior securities and to payment of all trust-related fees.
• Termination of an asset securitization financing may occur under certain circumstances and could result in the liquidation of the securitized assets resulting in losses.
• An insolvency or receivership of the program sponsor could impair our ability to recover the assets and other collateral pledged in connection with bond securitization financings.
• We may be required to post additional collateral if the securitized investment assets and related derivative instruments experience declines in value.
• There is risk that we will not meet financial covenants, non-financial covenants and risk retention requirements.
• We are subject to various risks associated with our derivative agreements.
• We are subject to various risks associated with our secured line of credit arrangements and mortgage payable.
• Cash distributions related to BUCs may change at the discretion of the Partnership’s general partner.
• A resurgence of inflation may cause the real value of distributions on our BUCs and Preferred Units to decline.
• Future issuances of additional BUCs could cause the market value of all outstanding BUCs to decline.
• Certain rights of our BUC holders are limited by and subordinate to the rights of the holders of our Preferred Units, and these rights may have a negative effect on the value of the BUCs.
• Holders of Preferred Units have extremely limited voting rights.
• The General Partner has the authority to declare cash distributions related to the Preferred Units.
• Holders of Preferred Units may have liability to repay distributions.
• We may be required to redeem Preferred Units in the future.
• The assets held by the Partnership may not be considered qualified investments under the CRA by the bank regulatory authorities.
• Under certain circumstances, investors may not receive CRA credit for their investment in the Preferred Units.
• The Partnership’s portfolio investment decisions may create CRA strategy risks.
• The Preferred Units are subordinated to existing and future debt obligations, and the interests could be diluted by the issuance of additional units, including additional Preferred Units, and by other transactions.
• Holders of the Preferred Units may be required to bear the risks of an investment for an indefinite period of time.
• Treatment of distributions on our Preferred Units is uncertain.
• There is no public market for the Preferred Units, which may prevent an investor from liquidating its investment.
• Market interest rates may adversely affect the value of the Preferred Units.
• Income from various investments is subject to taxation.
• To the extent we generate taxable income, Unitholders will be subject to income taxes on this income, whether or not they receive cash distributions.
• There are limits on the ability of our Unitholders to deduct Partnership losses and expenses allocated to them.
• Unitholders may incur tax liability if any of the interest on our MRB or GIL investments is determined to be taxable.
• If we are determined to be an association taxable as a corporation, it will have adverse economic consequences for us and our Unitholders.
• Certain income may be considered UBTI for certain tax-exempt or tax-deferred owners of BUCs and Preferred Units.
• We are not registered under the Investment Company Act.
• Any downgrade, or anticipated downgrade, of U.S. sovereign credit ratings or the credit ratings of the GSEs by the various credit rating agencies may materially adversely affect our business.
• A change in the federal conservatorship of Fannie Mae and Freddie Mac and related efforts, along with any changes in laws and regulations affecting the relationship between Fannie Mae, Freddie Mac, and the U.S. government, may materially adversely affect our business, financial condition and results of operations.
• Appropriations risk related to HUD’s Section 8 housing programs.
• The Partnership faces legislative and regulatory risks in connection with its assets and operations, including under the CRA.
• We face possible risks associated with the effects of climate change and severe weather.
• We are increasingly dependent on information technology, and potential disruption, cyber-attacks, security issues, and expanding social media vehicles present new risks.
• Developments related to artificial intelligence could result in reputational or competitive harm, legal liability, and other adverse effects on our business.
• The use of, or inability to use, artificial intelligence by us, our property owners, and our unitholders presents risks and challenges that may adversely impact our business and operating results or the business and operating results of our property owners and vendors.