Greystone reported a fourth quarter net loss of $2.6 million, or $0.17 per BUC, and cash available for distribution of $2.8 million, or $0.12 per BUC. For the full year ended December 31, 2025, the partnership posted a net loss of $7.6 million ($0.52 per BUC) and CAD of $19.1 million ($0.82 per BUC), and declared a $0.25 per BUC quarterly distribution paid January 30, 2026.

In November 2025, the partnership initiated a strategy to reduce capital allocated to market-rate multifamily joint venture equity investments and redeploy returns into primarily tax-exempt mortgage revenue bond and governmental issuer loan investments to aim for more stable earnings and increased tax-advantaged income.

During the fourth quarter, the partnership advanced approximately $39.2 million into MRB, taxable MRB, taxable GIL and property loans, and $6.6 million into market-rate joint venture equity investments. In January and February 2026, it acquired four South Carolina multifamily properties via deed in lieu of foreclosure on $119.9 million of MRB investments, funded by a new $84.0 million mortgage loan with a 10% affiliate guarantee.

All MRB and GIL investments were current on principal and interest as of year-end, and interest rate swaps generated net receipts of $660,000 in Q4 and $3.2 million for the year. Nine market-rate joint venture properties completed construction, with three achieving at least 90% occupancy.