Greystone Housing Impact Investors LP (GHI) delivered a solid second quarter in a challenging rate environment, with CAD of $0.27 per unit and GAAP net income of $0.19 per unit for Q2 2024, alongside a book value per unit of $13.98 and a leverage ratio of 73%. Despite a YoY revenue decline (-7.23%) driven by fair value dynamics on MRBs, the company reported resilient cash flow from operations of $5.06 million and free cash flow of $5.06 million, supported by stable external liquidity (unrestricted cash of ~$34 million and $56 million available on secured lines). Management underscored that operating cash flows are largely insulated from fair value movements in MRBs due to long-term fixed-rate asset and liability structures and a CECL-based credit reserve of only $20k for the quarter, signaling conservatism in credit risk recognizing. The portfolio remains highly diversified across affordable multifamily MRBs ($1.3B) and $158M in JV equity, with no MRB forbearance requests and stabilized occupancy at 91.9% as of 6/30/2024. The firm continues to actively deploy capital into its investment pipeline (JV equity, MRB related investments, and government issuer loans) with $214M of remaining funding commitments expected to be deployed over ~24 months. Management highlighted a disciplined liquidity stance, including a cash balance and credit facilities to fund current financing commitments, and a hedging program designed to minimize net interest income volatility in a rising-rate environment. In the near term, GHI anticipates continued accretive opportunities, aided by Freddie Mac tax-exempt forward commitments and a constructive muni market backdrop, while remaining vigilant on rate risk, capital raising discipline, and optimization of leverage. Outlook remains contingent on market windows, project draw-downs, and the pace of JV equity deployment, with exits anticipated in a 3–5 year horizon for several Vantage and Freestone projects.