Supplemental Financial Report for the

Quarter Ended September 30, 2025

Partnership Financial Information

TABLE OF CONTENTS

Letter from the CEO

I am pleased to report Greystone Housing Impact Investors LP’s operating results for the third quarter of 2025. We reported the following financial results as of and for the three months ended September 30, 2025:

We reported the following notable transactions during the third quarter of 2025:

Additionally, in October 2025, the Partnership issued Series B Preferred Units to a new investor for gross proceeds of $5.0 million. The Partnership intends to use the proceeds from this issuance to acquire additional investments, fund its existing investment commitments, and support general operations.

Other highlights of our investment portfolio include the following:

In 2015, the Partnership began investing in joint ventures related to the construction of market rate multifamily properties. Based largely on the overall low-interest rate environment and high investor demand for market rate multifamily properties, these investment structures provided us with the opportunity for attractive returns once properties were fully developed and sold to third parties.

In more recent periods, market conditions, such as higher interest rates and higher multifamily capitalization rates began negatively impacting multifamily asset values, resulting in lower returns upon sales of these properties. We believe these challenging conditions will continue to impact

market rate multifamily investment profitability for the foreseeable future. However, we remain positive on market rate senior housing investment opportunities.

Additionally, we also see strong investment opportunities for our traditional investments in tax-exempt mortgage revenue bonds associated with affordable multifamily properties, as well as for seniors housing and skilled nursing properties. Greystone’s strong lending relationships across affordable housing, seniors housing, and skilled nursing business lines are also providing investment opportunities for the Partnership. We believe these tax-exempt mortgage revenue bond opportunities will allow us to deploy capital in investments with more predictable returns, since profitability is based on the net interest spread between the bond interest rate and our related debt financing rate.

Based on these factors, we will be implementing a strategy to reduce our capital allocation to joint venture equity investments in market rate multifamily properties going forward. We and the respective managing members will manage the remaining portfolio of market rate multifamily investments to maximize sales prices and returns to the extent possible, with return of capital from the sale of these investments to be redeployed into primarily tax-exempt mortgage revenue bond investments.

We believe this change in investment strategy provides many benefits to our unitholders, including more stable investment earnings, an increase in the proportion of tax-advantage income allocated to unitholders in the long-term, and more capital allocated to 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.

Management and the Board of Managers will continue refining this updated operating strategy in the coming quarters. Management and Board of Managers are also assessing the potential impact, if any, this change in strategy will have on the Partnership’s short-term and long-term earnings expectations and future unitholder distributions, with a focus on the long-term benefit to unitholders and the Partnership. We will provide additional details on these initiatives in future communications and earnings calls.

Thank you for your continued support of Greystone Housing Impact Investors LP!

Kenneth C. Rogozinski

Chief Executive Officer

Third Quarter 2025 Fact Sheet

Operating Results Summary

(Dollar amounts in thousands, except per BUC information)

Asset Profile

(Dollar amounts in thousands)

Mortgage Investments to Total Assets Profile

(Dollar amounts in thousands)

Note: Mortgage Investments include the Partnership’s Mortgage Revenue Bonds, Governmental Issuer Loans, Taxable Mortgage Revenue

Bonds, Taxable Governmental Issuer Loans, and Property Loans that share a first mortgage with the Governmental Issuer Loans.

Debt and Equity Profile

(Dollar amounts in thousands)

Debt Financing

(Dollar amounts in thousands)

Debt Investments Activity (1)

(Dollar amounts in thousands)

Market-Rate JV Equity Investments Activity

(Dollar amounts in thousands)

Net Book Value Waterfall

Note: Per unit data derived from weighted average BUCs outstanding during the period, except for the Net Book Values, which are based on

shares outstanding on the stated date, including unvested restricted units. Numbers may not sum due to rounding.

Interest Rate Sensitivity Analysis

The interest rate sensitivity table below represents the change in interest income from investments, net of interest on debt and settlement payments for interest rate derivatives over the next twelve months, assuming an immediate parallel shift in the SOFR yield curve and the resulting implied forward rates are realized as a component of this shift in the curve and assuming management does not adjust its strategy in response. The amounts in the table below do not consider any potential unrealized gains or losses from derivatives in determining the net interest income impact.

Total Revenue & Gain on Sale Trends

(Dollar amounts in thousands)

Operating Expense Trends

(Dollar amounts in thousands)

Since October 1, 2023, the sum of “Salaries and benefits” and “General and administrative” expenses as a percentage of Total Assets has

averaged approximately 0.22% per quarter.

Tax Income Information Related to Beneficial Unit Certificates

The following table summarizes tax-exempt and taxable income as percentages of total income allocated to the Partnership’s BUCs on Schedule K-1 for tax years 2022 to 2024. This disclosure relates only to income allocated to the Partnership’s BUCs and does not consider an individual unitholder’s basis in the BUCs or potential return of capital as such matters are dependent on the individual unitholders’ specific tax circumstances. The disclosure also assumes that the individual unitholder can utilize all allocated losses and deductions, even though such items may be limited depending on the unitholder’s specific tax circumstances. Such amounts are for all BUC holders in the aggregate during the year. Income is allocated to individual investors monthly and amounts allocated to individual investors may differ from these percentages due to, including, but not limited to, BUC purchases and sales activity and the timing of significant transactions during the year.

Unrelated Business Taxable Income

Certain allocations of income and losses may be considered Unrelated Business Taxable Income (“UBTI”) for certain tax-exempt unitholders. UBTI-related items are reported in Box 20V and in the footnotes to each BUC holder’s Schedule K-1. The rules around UBTI are complex, so please consult your tax advisor.

Appendices

Operating Results Detail

(Dollar amounts in thousands, except per BUC information)

Cash Available for Distribution (1)

(Dollar amounts in thousands, except per BUC information)

Balance Sheet Summary

(Dollar amounts in thousands, except per BUC information)