Greystone Housing Impact Investors LP (GHI) 2026 Q1 法說會逐字稿

Greetings. Welcome to the Q1, 2026 earnings call for Greystone Housing Impact Investors LP. (Operator instructions) Please note that this conference is being recorded. I will now turn the conference over to Jesse Coury, Chief Financial Officer. Thank you. You may begin.

各位好。歡迎參加 Greystone Housing Impact Investors LP 2026 年第一季（Q1）財報電話會議。（接線員指示）請注意，本次會議將被錄音。現在我將把會議交給財務長 Jesse Coury。謝謝。您可以開始了。

We'd like to welcome everyone to the Greystone Housing Impact Investors LP NYSE ticker symbol GHI First Quarter of 2026 Earnings Conference Call.

我們歡迎各位參加 Greystone Housing Impact Investors LP（紐約證券交易所代號：GHI）2026 年第一季財報電話會議。

During the presentation, all participants will be in a listen-only mode, after management presents its overview of Q1 2026, you'll be invited to participate in a question-and-answer session. As a reminder, this conference call is being recorded.

在簡報期間，所有與會者將處於僅收聽模式；在管理層就 2026 年第一季（Q1）概況發表後，將邀請各位參與問答環節。提醒您，本次電話會議正在錄音。

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

在本次電話會議中，關於 GHI 的評論若非歷史事實，均屬前瞻性陳述，並受可能導致實際未來事件或結果與這些陳述存在重大差異的風險與不確定性影響。

Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

此等前瞻性陳述係依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的「安全港」條款作出。

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

前瞻性陳述可透過使用「可能」、「應該」、「預期」、「計畫」、「打算」、「專注」及其他類似用語加以辨識。

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

敬請注意，這些前瞻性陳述僅截至今日有效。經濟、業務、競爭、監管及其他因素的變化，可能導致我們的實際結果與今日所作之預測或前瞻性陳述所明示或暗示者存在重大差異。

For more detailed information about these factors and other risks that may impact our business, please review the periodic reports and other documents filed from time to time by us with the Securities and Exchange Commission.

如需更詳細了解上述因素及其他可能影響我們業務的風險，請查閱我們不時向美國證券交易委員會（SEC）提交的定期報告及其他文件。

Internal projections and beliefs upon which we base our expectations may change, but if they do, you will not necessarily be informed. Today's discussion will include non-GAAP measures and will be explained during this call.

我們用以作為預期基礎的內部預測與信念可能會改變，但即使改變，您也未必會被通知。今日討論將包含非 GAAP 指標，並將於本次電話會議中加以說明。

We want to make you aware that GHI is operating under the SEC Regulation FD and encourage you to take full advantage of the question-and-answer session.

我們希望提醒各位，GHI 係依 SEC 的 Regulation FD（公平揭露規則）運作，並鼓勵各位充分利用問答環節。

Thank you for your participation and interest in Greystone Housing Impact Investors LP, I'll now turn the call over to our Chief Executive Officer, Ken Rogozinski.

感謝各位參與並關注 Greystone Housing Impact Investors LP。現在我將把電話會議交給我們的執行長 Ken Rogozinski。

Good morning, everyone. Welcome to Greystone Housing Impact Investors LP's First Quarter 2026 Investor Call. Thank you for joining.

各位早安。歡迎參加 Greystone Housing Impact Investors LP 2026 年第一季投資人電話會議。感謝各位加入。

I will start with an overview of our portfolio and investment strategy. Jesse Corey, our Chief Financial Officer, will then present the partnership's financial results. I will wrap up with an overview of the market and our investment pipeline. Following that, we look forward to taking your questions.

我將先概述我們的投資組合與投資策略。接著，我們的財務長 Jesse Corey 將報告合夥企業的財務結果。我最後會就市場概況與我們的投資案源（pipeline）作總結。之後，我們期待回答各位的問題。

As we've mentioned on our previous calls, we are pursuing a strategy to reposition our investment portfolio.

如同我們在先前的電話會議中提到的，我們正推動一項策略，以重新定位我們的投資組合。

Specifically, we are focused on exiting our remaining investments in market rate multifamily JV equity investments while maximizing value to our unitholders from those exits.

具體而言，我們專注於退出我們剩餘的市價（market rate）多戶住宅合資（JV）股權投資，同時在退出過程中為我們的單位持有人（unitholders）最大化價值。

We will then reinvest the capital return to us from those exits into additional high-quality tax-exempt mortgage revenue bond investments that are expected to provide longer-term stable tax-advantaged earnings, which we believe will provide long-term value for our unitholders.

之後，我們將把從這些退出所回收的資金再投資於更多高品質的免稅（tax-exempt）房貸收益債券（mortgage revenue bond）投資；預期可提供較長期、穩定且具稅務優惠的獲利，我們相信這將為單位持有人帶來長期價值。

We believe this change in investment strategy provides three key benefits to our unitholders.

我們認為，這項投資策略的調整可為單位持有人帶來三項關鍵效益。

First, by their nature, our tax-exempt mortgage revenue bond investments earn stable returns based on the net interest spread between the bond interest rate and our related debt financing rate.

第一，依其性質，我們的免稅房貸收益債券投資可基於債券利率與相關負債融資利率之間的淨利差（net interest spread）取得穩定報酬。

As a result, we expect increasingly stable earnings as compared to the uneven returns on joint venture equity investments. Due to that income being recognized primarily upon property sales.

因此，相較於合資股權投資報酬的不均衡（該等收入主要於物業出售時認列），我們預期獲利將愈加穩定。

Second, in recent years, majority of income allocated to our unitholders has been taxable because of the taxable income from our joint venture equity investment sales.

第二，近年來分配給單位持有人的大部分收入屬應稅，原因在於我們合資股權投資出售所產生的應稅所得。

As we allocate more capital to tax-exempt mortgage revenue bond investments, we expect that the proportion of income allocated to our unitholders that is tax-exempt for federal income tax purposes will increase in the long-term.

隨著我們將更多資本配置至免稅房貸收益債券投資，我們預期長期而言，分配給單位持有人且就聯邦所得稅目的屬免稅的收入占比將提高。

In the near-term, potential gains from sales of our remaining market rate multifamily JV equity investments will continue to generate taxable income for unitholders.

在短期內，出售我們剩餘市價多戶住宅合資股權投資所可能產生的收益，仍將為單位持有人帶來應稅所得。

Third, we are investing capital in a proven investment class that is core to our operations that also leverages the strong relationships and knowledge base of Greystone's other lending platforms.

第三，我們正將資本投向一個已被驗證、且為我們營運核心的投資類別，同時也能運用 Greystone 其他放款平台的強大關係與知識基礎。

We currently have eight market rate multifamily JV equity investments that have completed construction. And are either in lease-up or stabilized.

目前我們有八項市價多戶住宅合資股權投資已完成施工，並正處於招租（lease-up）階段或已達穩定營運（stabilized）。

Overall occupancy is increasing for these investments in lease-up on assets that have reached stabilization, we have seen some variability in occupancy as local market factors impact demand and rent levels.

整體而言，處於招租階段的投資其入住率正在上升；而對於已達穩定的資產，我們也觀察到入住率存在一定波動，因當地市場因素會影響需求與租金水準。

Decisions regarding when to sell an individual property are made by our joint venture partners based on their views of the local market conditions and current leasing trends.

關於何時出售個別物業的決策，係由我們的合資夥伴依其對當地市場狀況與目前出租趨勢的看法作出。

We currently have two market rate multifamily JV equity investments that are sites for potential development.

目前我們有兩項市價多戶住宅合資股權投資屬於潛在開發用地。

Our joint venture partners are evaluating the highest and best use for the development sites, which may include a sale of the land or the commencement of construction. Our remaining funding commitments for these investments will be terminated if the land is sold.

我們的合資夥伴正在評估這些開發用地的最高與最佳用途，可能包括出售土地或啟動施工。若土地出售，我們對這些投資剩餘的出資承諾將被終止。

Meanwhile, we continue to see strong investment opportunities for our traditional investments and tax-exempt mortgage revenue bonds associated with affordable multifamily properties, as well as for seniors housing and skilled nursing properties.

同時，我們持續在傳統投資領域看到強勁的投資機會，包括與可負擔多戶住宅相關的免稅房貸收益債券，以及高齡住宅（seniors housing）與專業護理（skilled nursing）物業。

Based on strong lending relationships across affordable housing, seniors housing, and skilled nursing business lines are also providing investment opportunities for the partnership. We believe that these opportunities will allow us to redeploy the capital returned from market-rate multifamily JV equity investment sales events soon after the capital is received.

基於我們在可負擔住宅、高齡住宅與專業護理等業務線的強大放款關係，也正為本合夥企業帶來投資機會。我們相信，這些機會將使我們能在收到市價多戶住宅合資股權投資出售事件所回收的資金後不久，即重新部署該等資本。

We and the Board of Managers acknowledge that it will take some time to cycle our capital out of our market rate JV equity investments and into tax exempt mortgage revenue bond investments. We currently report minimal earnings related to our JV equity investments during the holding period.

我們與管理人董事會（Board of Managers）了解，將資本自市價合資股權投資循環退出並投入免稅房貸收益債券投資需要一些時間。在持有期間，我們目前就合資股權投資所報告的獲利相對有限。

We expect that the reinvestment of capital from sales of JV equity investments into tax exempt mortgage revenue bond investments will increase the partnership's recurring earnings in the long run.

我們預期，將合資股權投資出售所得資本再投資於免稅房貸收益債券投資，長期而言將提高合夥企業的經常性獲利（recurring earnings）。

We look forward to providing additional details on our progress in this effort in future communications and on future earnings calls.

我們期待在未來的溝通與後續財報電話會議中，提供此項工作的進展之更多細節。

With that, I will turn things over to Jesse Coury, our CFO, to discuss the financial data for the first quarter of 2026.

接下來，我將把時間交給我們的財務長 Jesse Coury，請他說明 2026 年第一季的財務數據。

Thank you, Ken. For our first quarter ended March 31, we reported net income of $1.3 million or $0.01 per unit, basic and diluted, and we reported cash available for distribution or CAD, a non-GAAP measure of $3.1 million or $0.13 per unit.

謝謝你，Ken。就截至 3 月 31 日的第一季而言，我們報告淨利為 130 萬美元，或每單位 0.01 美元（基本及稀釋）。我們亦報告可供分配現金（cash available for distribution，或 CAD；一項非 GAAP 指標）為 310 萬美元，或每單位 0.13 美元。

A significant driver of our reported GAAP income for the first quarter is our proportionate share of losses from non-Vantage JV equity investments of approximately $4.9 million or $0.21 per unit.

第一季所報告之 GAAP 獲利的一項重要影響因素，是我們按比例分攤之非 Vantage 合資股權投資損失，約為 490 萬美元，或每單位 0.21 美元。

As we've mentioned on previous calls, we are required to report our proportionate share of losses of such JV equity investments under GAAP.

如同我們在先前的電話會議中提到的，依 GAAP 規定，我們必須報告此等合資股權投資的按比例分攤損失。

These are not impairments or realized losses to the partnership and approximately $1.9 million, or 39%, of total reported losses relate to depreciation and amortization expenses at the respective JV equity investment entities. The remaining reported losses related to interest expense and property operating expenses that exceeded revenues during the lease-up of these respective properties.

這些並非本合夥企業的減損或已實現損失；其中約 190 萬美元（或 39%）的已報告損失，與各合資股權投資實體的折舊與攤銷費用相關。其餘已報告損失則與利息費用及物業營運費用相關，因在各該物業招租期間，相關費用超過收入。

We add back our share of property operating losses to net income when calculating CAD. As such losses are not direct expenses to the partnership, and we expect such losses, which are largely funded by the individual property development budgets, to be recovered upon future transactional events.

在計算 CAD 時，我們會將我們分攤的物業營運損失自淨利加回，因為此等損失並非合夥企業的直接費用；且我們預期此等損失（多數由各個物業開發預算所支應）將在未來交易事件發生時得以回收。

Our book value per unit as of March 31 was on a diluted basis, $11.30. We will note that this metric is based on our joint venture equity investments marked at net carrying value. As a result, it does not include any potential gains or additional income that may be realized upon sale of a property or recovery of our share of GAAP operating losses that I previously discussed that are also expected to be recovered upon sale.

截至 3 月 31 日，我們每單位帳面價值（book value）在稀釋基礎下為 11.30 美元。我們指出，此指標係以我們的合資股權投資按淨帳面價值（net carrying value）計量。因此，該指標未包含在物業出售時可能實現的任何潛在收益或額外收入，亦未包含我先前提及、且同樣預期於出售時可回收之 GAAP 營運損失分攤額的回收。

As of market closed yesterday, May 11, our closing unit price on the New York Stock Exchange was $5.09, which is a 55% discount to our net book value per unit as of March 31.

截至昨日（5 月 11 日）收盤，我們在紐約證券交易所的單位收盤價為 5.09 美元，較截至 3 月 31 日的每單位淨帳面價值折價 55%。

We regularly monitor our liquidity to fund our investment commitments and to protect against potential debt deleveraging events if there are significant declines in asset values.

我們會定期監控流動性，以便為我們的投資承諾提供資金，並在資產價值大幅下跌時，防範可能發生的債務去槓桿事件。

As of March 31, we reported unrestricted cash and cash equivalents of $20.6 million. In addition, in April, we received approximately $18 million as return of our net capital invested in the GIL and taxable GILs. For the Poppy Grove I and Poppy Grove II projects after their sale to Freddie Mac and repayment of the related debt financings.

截至3月31日，我們申報的非受限現金及約當現金為2,060萬美元。此外，於4月，我們收到約1,800萬美元，作為我們在GIL及應稅GILs中投入之淨資本的返還，係因Poppy Grove I與Poppy Grove II專案在出售予Freddie Mac並償還相關債務融資後所取得。

We had approximately $40 million of availability on our secured lines of credit. We also have a significant amount of investment scheduled to mature during the remainder of 2026, which, after repayment of the related debt financings, will provide additional liquidity.

我們在有擔保信用額度項下約有4,000萬美元的可用額度。我們亦有相當規模的投資預計於2026年剩餘期間到期，在償還相關債務融資後，將提供額外流動性。

We believe that we are well positioned to meet our current funding commitments. In addition, potential sales of JV equity investments would provide additional liquidity for investment purposes.

我們相信我們已具備良好條件以履行目前的資金承諾。此外，潛在出售合資企業（JV）股權投資亦將為投資目的提供額外流動性。

We regularly monitor our overall exposure to potential increases in interest rates through an interest rate sensitivity analysis, which we report quarterly and is included on page 90 of our Form 10-Q.

我們會透過利率敏感度分析定期監控整體對潛在利率上升的曝險；該分析按季報告，並載於我們Form 10-Q第90頁。

The interest rate sensitivity table shows the impact on our net interest income given various changes in market interest rates and other various management assumptions.

利率敏感度表顯示在市場利率各種變動以及其他各項管理假設下，對我們淨利息收入的影響。

Our base case uses the forward SOFR yield curve as of March 31, which includes market-anticipated SOFR projections over the next 12 months. Scenarios we present assume that there is an immediate shift in the yield curve and that we do nothing in response for 12 months.

我們的基準情境採用截至3月31日的遠期SOFR殖利率曲線，其中包含市場對未來12個月SOFR的預期預測。我們所呈現的情境假設殖利率曲線立即移動，且我們在接下來12個月內不採取任何因應措施。

The analysis shows that an immediate 100 basis point increase in rates will result in a decrease in our net interest income and CAD of $736,000 or approximately $3.2 per unit.

分析顯示，利率立即上升100個基點將導致我們的淨利息收入及CAD減少73.6萬美元，或約每單位3.2美元。

Conversely, a 100-basis point decrease in rates across the curve will result in an increase in our net interest income and CAD of $736,000 or approximately $3.2 per unit.

相反地，殖利率曲線各期限利率下降100個基點將使我們的淨利息收入及CAD增加73.6萬美元，或約每單位3.2美元。

We consider ourselves largely hedged against significant fluctuations in our net interest income for market interest rate movements in all scenarios, assuming no significant credit issues.

在假設沒有重大信用問題的情況下，我們認為就所有情境而言，針對市場利率變動造成的淨利息收入大幅波動，我們已在很大程度上完成避險。

Our debt investments portfolio consists of mortgage revenue bonds, governmental issuer loans, and property loans, totaling $1.17 billion as of March 31, or 79% of our total assets.

我們的債務投資組合由抵押貸款收益債（mortgage revenue bonds）、政府發行人貸款（governmental issuer loans）及不動產貸款組成；截至3月31日合計11.7億美元，約占我們總資產的79%。

We own 80 mortgage revenue bonds as of March 31, that provide financing for affordable multifamily seniors and skilled nursing properties across 12 states with concentrations in California and Texas.

截至3月31日，我們持有80檔抵押貸款收益債，為12個州的可負擔多戶型高齡住宅及專業護理不動產提供融資，集中於加州與德州。

We own four governmental issuer loans as of March 31, that finance the construction of affordable multifamily properties in California.

截至3月31日，我們持有四筆政府發行人貸款，用於為加州可負擔多戶型不動產的建設提供融資。

Two of the Governmental Issuer Loan investments and related taxable investments totaling $90 million were redeemed at par in April, with a third governmental issuer loan and taxable Governmental Issuer Loan investment expected to redeem at par later in May.

其中兩筆政府發行人貸款投資及相關應稅投資合計9,000萬美元已於4月按面值贖回；第三筆政府發行人貸款及應稅政府發行人貸款投資預計將於5月稍晚按面值贖回。

Our outstanding future funding commitments for our mortgage revenue bonds, Governmental Issuer Loans and related investments totaled $12.2 million as of March 31. Before related debt proceeds and excluding investments we expect to transfer to our construction lending joint venture with BlackRock.

截至3月31日，我們對抵押貸款收益債、政府發行人貸款及相關投資的未來出資承諾合計1,220萬美元（未計入相關債務融資款項，且不含我們預計轉移至與BlackRock之建築放款合資企業的投資）。

These commitments will be funded over approximately 12 months and will add to our income-producing asset base.

這些承諾將在約12個月內撥付，並將增加我們可產生收益的資產基礎。

Our overall mortgage investment portfolio performed steadily during the first quarter, with the exception of four mortgage revenue bonds and related taxable mortgage revenue bond investments in South Carolina, which I will discuss later.

我們整體抵押貸款投資組合在第一季表現穩健，惟南卡羅來納州四檔抵押貸款收益債及相關應稅抵押貸款收益債投資除外，我稍後將加以說明。

All mortgage revenue bond and Governmental Issuer Loan investments are current on principal and interest payments as of March 31.

截至3月31日，所有抵押貸款收益債及政府發行人貸款投資的本金與利息支付均為正常（current）。

Physical occupancy for the stabilized mortgage revenue bond portfolio was 85.9% as of March 31, which is down slightly from 86.7% as of December 31.

截至3月31日，已穩定（stabilized）的抵押貸款收益債投資組合之實體入住率為85.9%，較12月31日的86.7%略為下降。

The decline is primarily associated with properties in Texas, where local markets are experiencing higher vacancies due to recent increases in multifamily unit supply. We expect occupancies will recover once available units are absorbed and new supply deliveries decline in the near term.

下降主要與德州的不動產有關，當地市場因近期多戶型住宅供給增加而出現較高空置率。我們預期一旦可供出租單位被市場吸收，且短期內新供給交付量下降，入住率將回升。

As I mentioned on our last call, we completed the deed-in-lieu of foreclosure process on four South Carolina mortgage revenue. Bond properties during the first quarter. We believe that by owning and managing the properties directly, we can maximize the value of our investments.

如我在上次電話會議中提到，我們於第一季完成了南卡羅來納州四處抵押貸款收益債不動產的以物抵債（deed-in-lieu of foreclosure）程序。我們相信透過直接持有並管理該等不動產，可使我們的投資價值最大化。

The original mortgage revenue bonds were redeemed, the related debt financings were repaid, and the partnership now owns the underlying multi-family properties directly, with first mortgage financing provided by a group of two banks.

原先的抵押貸款收益債已被贖回，相關債務融資已償還，且合夥企業目前直接持有其底層多戶型不動產；第一順位抵押貸款融資由兩家銀行組成的銀行團提供。

We recorded the assets and liabilities of the acquired properties based on estimated fair values, based on these estimates, we recorded a recovery of prior provisions for credit losses of approximately $2.1 million related to the Park at Sandrio, the Park at Vieti and the Windsor Shores investments.

我們依據估計公允價值入帳所取得不動產的資產與負債；根據該等估計，我們就Park at Sandrio、Park at Vieti及Windsor Shores投資，回轉先前提列之信用損失準備約210萬美元。

In addition, we reported a gain on deed-in-lieu of foreclosures totaling approximately $2.2 million due to the estimated fair values in excess of our amortized cost basis of our prior mortgage revenue bond investments in Windsor Shores and Century Plaza Apartments, also known as the Ivy Apartments.

此外，由於估計公允價值高於我們先前在Windsor Shores與Century Plaza Apartments（亦稱Ivy Apartments）之抵押貸款收益債投資的攤銷成本基礎，我們確認以物抵債處分利益合計約220萬美元。

We have retained a third-party property manager to operate the properties on a day-to-day basis under our oversight. We are being assisted in that effort by Greystone's corporate asset management team.

我們已聘任第三方物業管理公司在我們監督下負責日常營運；Greystone的企業資產管理團隊亦協助我們推動該項工作。

On the liability side of our balance sheet, we use various debt financing facilities to leverage our debt investments. Our outstanding debt financings had an outstanding principal balance totaling approximately $927 million as of March 31, which is down approximately $92 million from December 31.

在資產負債表的負債端，我們使用多種債務融資工具以槓桿化我們的債務投資。截至3月31日，我們未償債務融資的本金餘額合計約9.27億美元，較12月31日減少約9,200萬美元。

We manage and report our debt financing in four main categories on page 82 of our Form 10-Q. Three of the four categories are designed such that our net return is generally insulated from changes in short-term interest rates. These categories account for $700 million, or 76% of our total debt financing.

我們在Form 10-Q第82頁將債務融資管理與揭露分為四大類。其中四類中的三類之設計，使我們的淨報酬通常可在短期利率變動下維持相對不受影響。這三類合計7.00億美元，約占我們總債務融資的76%。

The fourth category is fixed-rate assets with variable-rate debt with no designated hedging, which is where we are most exposed to interest rate risk in the near term.

第四類為固定利率資產搭配浮動利率負債且未指定避險，這是我們短期內對利率風險曝險最大的部分。

This category represents approximately $227 million, or 24% of our total debt financing, of this amount, approximately $188 million is associated with debt investments that are scheduled to mature during 2026, which will repay the associated outstanding debt financings. As such, we expect the unhedged period to be relatively short.

此類別約為2.27億美元，約占我們總債務融資的24%。其中約1.88億美元與預計於2026年到期的債務投資相關，屆時將償還相對應的未償債務融資。因此，我們預期未避險期間將相對較短。

Ken previously provided updates on our 10 market rate multifamily joint venture equity investments. In addition, we have two market rate seniors housing JV equity investments in Nevada.

Ken先前已就我們10項市場租金（market rate）多戶型住宅合資企業股權投資提供更新。此外，我們在內華達州另有兩項市場租金高齡住宅JV股權投資。

Our remaining funding commitments for market rate multifamily joint venture equity investments totaled $19.5 million as of March 31, all related to sites being considered for future development. We will not fund these commitments until a construction contract is signed and construction commences. The managing member may also choose to sell the sites and terminate our related funding commitments.

截至3月31日，我們對市場租金多戶型住宅合資企業股權投資的剩餘出資承諾合計1,950萬美元，皆與正在評估作為未來開發之基地相關。在簽署施工合約且工程動工之前，我們不會撥付該等承諾。管理成員亦可能選擇出售該等基地並終止我們相關的出資承諾。

We have an outstanding funding commitment of approximately $7 million for our Village Mount Rose Senior Housing JV investment.

我們對Village Mount Rose高齡住宅JV投資尚有約700萬美元的出資承諾。

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

接下來我把電話交回給Ken，請他更新市場狀況以及我們的投資案源（pipeline）。

Thanks, Jesse. The first four months of 2026 have seen a positive performance from the U.S. Municipal bond market.

謝謝，Jesse。2026年前四個月，美國市政債券市場表現正向。

The Muni high-grade and high-yield indices both recovered well in April from March's underperformance. As of April 30, the Muni high-grade index showed a 1.0% return for 2026, along with a 2.1% return for the high-yield index.

市政債高評級與高收益指數在4月自3月的相對弱勢中明顯回升。截至4月30日，市政債高評級指數在2026年的報酬率為1.0%，高收益指數報酬率為2.1%。

At the end of March. 10-year MMD was at 3.16%, and 30-year MMD was at 4.50%, which were 40% and 30 basis points higher, respectively, versus December's levels.

在3月底，10年期MMD為3.16%，30年期MMD為4.50%，相較12月底水準分別高出40個基點與30個基點。

As of yesterday's close, 10-year MMD was at 2.96%, and 30-year MMD was at 4.31%, reflecting slightly higher levels from year-end due to inflation uncertainty. Stemming from the current conflict in the Middle East.

截至昨日收盤，10年期MMD為2.96%，30年期MMD為4.31%；由於通膨不確定性（源自目前中東衝突），相較年末水準略高。

The 10-year muni to treasury ratio is currently at 67%, and the 30-year muni to treasury ratio is currently at 87%, a significant improvement in the 10-year ratio since the time of our last call.

目前10年期市政債對美國公債比率為67%，30年期市政債對美國公債比率目前為87%；相較於我們上次電話會議時，10年期比率已有顯著改善。

The MMD housing bond interest rate scale, which is used to mark our core mortgage revenue bond portfolio to market, is correlated to these broader. Muni bond indices.

用於將我們核心房貸收益債（mortgage revenue bond）投資組合按市價評價的MMD住房債利率曲線，與這些更廣泛的市政債指數具有相關性。

Through four months of 2026, there has been $175 billion of gross new issuance, slightly behind last year's record pace, and almost $28 billion in fund inflows, well ahead of last year's pace.

截至2026年前四個月，總新發行量達1,750億美元，略低於去年創紀錄的發行節奏；基金淨流入接近280億美元，則明顯快於去年。

The market's ability to handle this higher-than-historical average level of new issue activity is a good sign for the overall secondary market liquidity in muni bonds. Like the mortgage revenue bonds owned by the partnership.

市場能夠消化高於歷史平均的新發行活動水準，對市政債整體次級市場流動性而言是個好跡象；就像合夥企業所持有的房貸收益債一樣。

The HUD appropriations bill fully funding the department's programs, in many cases at expenditure levels higher than the previous year, for the remainder of the federal fiscal year was passed by Congress and signed by President Trump.

國會已通過並由川普總統簽署HUD撥款法案，在聯邦財政年度剩餘期間為該部門各項計畫提供全額資金，且多數情況下支出水準高於前一年。

The federal low-income housing tax credit program is beginning to adjust to the new rules set forth in the One Big Beautiful Bill Act.

聯邦低收入住房稅額抵免（LIHTC）計畫正開始依據《One Big Beautiful Bill Act》所訂的新規則進行調整。

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

接下來，Jesse和我很樂意回答各位的問題。

(Operator instructions) Jason Weber, Jones Trading.

（接線員指示）Jason Weber，Jones Trading。

Hey, good morning, guys. Thanks for taking my question.

各位早安。謝謝讓我提問。

First, I wanted to ask about the nine or ten properties that have completed construction as of now. How many of those are at or nearing stabilized occupancy? And what do you think an ideal sort of monetization timeline would be? Would that stretch into mid-2027 or is that mostly in 2026?

首先我想問一下，目前已完工的九到十個物業中，有多少已達到或接近穩定入住率？另外，你們認為理想的變現時間表大概會是什麼？會延伸到2027年年中，還是主要會在2026年？

Thanks, Jason. In terms of properties that have reached stabilization at this point in time, there are four assets that we believe are either at or close to stabilized operations at this point in time, the other four are still in their initial lease-up phase.

謝謝你，Jason。就目前已達穩定狀態的物業而言，我們認為目前有四項資產已達到或接近穩定營運；另外四項仍處於初期招租（lease-up）階段。

In terms of a potential timeline from our perspective, spring and early summer has traditionally been peak leasing season for market rate multifamily properties.

就我們的角度來看，春季與初夏傳統上是市價多戶住宅（market rate multifamily）物業的租賃旺季。

We're seeing good velocity at a number of the assets that are in lease-up and we're watching the property managers deal with normal lease turnover at the stabilized properties. So, something that we're going to continue to keep our eye on again, it's not something that we directly control, the timing of exit is up to the discretion of our JV partners as the managing members of the property-owning entities, but my expectation would be as we move further through leasing season that we're going to be taking a hard look at each of the stabilized assets with our JV partners to try to see what the appropriate timeline is for potential monetization of those business.

我們看到多個仍在招租的資產有不錯的去化速度，同時也在觀察已穩定物業的物業管理團隊如何處理正常的租約到期換租。因此，這是我們會持續關注的事項。再次強調，這並非我們能直接控制的事情；退出時點由我們合資（JV）夥伴作為持有物業實體之管理成員自行裁量。不過，我的預期是，隨著租賃旺季推進，我們將與JV夥伴針對每一項已穩定資產進行深入檢視，以判斷這些業務可能變現的適當時間表。

All right, thank you for that.

好的，謝謝你的說明。

And then on the South Carolina properties you took back, what can you tell me regarding the financing there, non-recourse structure and/or covenant exposure?

另外，關於你們收回的南卡羅來納州物業，能否談談那邊的融資情況、是否為無追索權（non-recourse）架構，以及／或契約（covenant）風險曝險？

Yes, I can take that one. So, it is a $84 million mortgage loan secured by all four properties under one loan with two financial institutions. It is a recourse obligation of GHI or the partnership in full recourse with a partial 10% guarantee provided by Greystone affiliate to help us get better terms on that financing. In terms of covenant levels, there is a debt service coverage test that is in early 2027 and a second that's in mid-2027, and those are kind of traditional debt service coverage where if they're not met, then potential principal paydown would be needed to bring those in line with the debt service covenant test, but those are at very low covenant levels. I think the first test is at a one-time debt service coverage based on a T3, so we have roughly a year to work through these properties, get them back to a more stable financial footing before any covenant exposure comes into play.

好的，這題我來回答。這是一筆8,400萬美元的抵押貸款，由兩家金融機構提供，並以四項物業共同作為同一筆貸款的擔保。該債務對GHI或合夥企業而言為完全追索（full recourse）義務，另由Greystone關係企業提供10%的部分保證，以協助我們取得較佳的融資條件。就契約水準而言，債務償付覆蓋率（DSCR）測試一個在2027年初、另一個在2027年年中；這些屬於傳統的償債覆蓋測試，若未達標，可能需要償還部分本金以使其符合償債契約測試。不過，這些契約門檻非常低。我認為第一次測試是以T3為基礎的一倍償債覆蓋率，因此我們大約有一年的時間來處理這些物業，在任何契約曝險開始發生作用之前，先讓它們回到更穩定的財務狀態。

And Jason, I would note that the former tender option bond trust financing that funded the MRBs associated with these four properties was full recourse to us as well. So, from that exposure perspective, the replacement bank financing has not sort of increased our potential exposure associated with these assets.

另外，Jason，我要補充的是，先前用來為與這四項物業相關之MRB提供資金的tender option bond信託融資，對我們同樣也是完全追索。因此，從曝險角度來看，改以銀行融資替代後，並沒有增加我們與這些資產相關的潛在曝險。

Got it.

了解。

Thank you for the color, guys.

謝謝你們提供的細節。

Chris Muller, Citizens JMP.

Chris Muller，Citizens JMP。

Hey guys, thanks for taking my questions. So, nice to see the $2.2 million gain on the deed in lieu of foreclosure. I guess, do you guys expect much in terms of capex on these properties? And are they currently profitable or will they be a drag on earnings in the near term?

各位好，謝謝讓我提問。很高興看到以代替止贖（deed in lieu of foreclosure）方式取得資產帶來220萬美元的收益。我想問的是，你們預期這些物業在資本支出（capex）方面會需要很多嗎？另外，它們目前是否有獲利，或短期內會拖累盈餘？

We're still in the process right now, Chris, of working through the transition on the property management level. As Jesse said, we took title to two of the assets in January and two of the assets at the end of February the property management transition occurred at the same time. And so, we're continuing to work through what the potential capex budget might be for these assets. So, it will be working with the property managers and with the Greystone asset management team to take a look at those budgets, identify what the needs are there at the individual asset levels and try to best position them for growth moving forward in order for us to get that return on our investment. I think the one thing that I will note is that our initial mortgage revenue bond investment on these four properties were all acquisition rehab transactions where there was. A level of rehab that was built into the initial budgets in 2022, 2023 for each of these assets. So it's not like we're sort of taking over assets that haven't been touched for a while. There was, I think, in each circumstance, at least $2 million to $3 million worth of rehab that was done at the time that our initial mortgage revenue bond investments were funded.

Chris，我們目前仍在處理物業管理層面的交接。正如Jesse所說，我們在1月取得其中兩項資產的產權，另外兩項在2月底取得；物業管理的交接也在同一時間發生。因此，我們仍在評估這些資產可能的資本支出預算。接下來會與物業管理團隊以及Greystone資產管理團隊一起檢視預算，辨識各個資產層級的需求，並盡可能為未來成長做好定位，以便我們取得投資報酬。我想特別指出的是，我們對這四項物業最初的房貸收益債投資，都是收購加整修（acquisition rehab）交易，2022、2023年各資產的初始預算中就已納入一定程度的整修。因此，並不是我們接手的是長期未維護的資產。我認為在每個案例中，當我們最初的房貸收益債投資撥款時，都已完成至少200萬到300萬美元的整修。

Got it. That's great to hear. And I guess last quarter, you guys said that about half of the JV losses were a depreciation expense. And I think I heard Jesse say $1.9 million was depreciation this quarter. Is that a good run rate for us to model until properties start getting sold?

了解。這很令人振奮。再來，我記得上季你們提到合資（JV）虧損大約有一半是折舊費用。我想我也聽到Jesse說本季折舊是190萬美元。這是否是一個合理的水準，讓我們在物業開始出售前用來建模？

So, from a depreciation perspective, I think that's a good number as the six non-Vantage investments have kind of reached that operating phase. And so I think that will be a fairly consistent depreciation and amortization number going forward. But I think the overall proportionate share of our losses of those investments is going to come down over time because, as Ken mentioned, these are properties that are in lease-ups. So some of them are still in that 20% to 40% leased. And so, as they're generating quite a bit of losses because there's not revenue to offset the expenses but as they continue to lease up, particularly through the spring leasing season, we'll see revenues increase and our proportionate share of losses should decrease accordingly.

就折舊而言，我認為這是個不錯的數字，因為六項非Vantage投資已大致進入營運階段。因此，我認為未來折舊與攤銷（D&A）將會相當一致。不過，這些投資帶來的整體按比例分攤虧損，會隨時間下降；因為如Ken所提，這些物業仍在招租中，有些目前出租率仍在20%到40%。因此它們目前產生較多虧損，因為收入不足以抵銷費用；但隨著它們持續招租，特別是在春季租賃旺季期間，我們會看到收入增加，而我們按比例分攤的虧損也應會相應下降。

Got it. That makes a lot of sense. And I think I just missed what you guys said Book value was, if I could squeeze that last one in.

了解。這很合理。另外我好像漏聽到你們提到的帳面價值（Book value）是多少，如果我可以再補問最後一題。

$11.30 per unit.

每單位11.30美元。

Thank you very much, and thanks for taking the questions.

非常感謝，也謝謝讓我提問。

Thank you. (Operator instructions)

謝謝。（接線員指示）

We have reached the end of our question-and-answer session. I'd now like to hand the call back over to Ken Rogozinski for closing comments.

我們的問答環節到此結束。現在我想把電話交回給Ken Rogozinski作結語。

Thank you very much for your participation today. We look forward to speaking with everyone again next quarter.

非常感謝各位今天的參與。我們期待在下個季度再次與各位交流。

Thank you, ladies and gentlemen. This does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝各位女士、先生。今天的電話會議到此結束。我們感謝各位的參與。您現在可以掛斷電話。祝各位今天剩餘時間愉快。