Greystone Housing Impact Investors LP (GHI) delivered solid cash-generative performance in Q4 2024, underpinned by continued strength in its mortgage revenue bonds (MRBs) portfolio and an active hedging program that supported cash available for distribution (CAD). GAAP net income for the quarter was $10.1 million ($0.39 per unit), while CAD was $4.2 million ($0.18 per unit). For the full year 2024, GAAP net income totaled $21.3 million ($0.76 per unit) with CAD of $21.9 million ($0.95 per unit). The quarterly results were affected by $7.0 million of noncash unrealized gains on interest rate derivatives, which boosted net income but are expected to have a minimal cash impact going forward because higher projected swap settlements will be offset by higher interest costs on floating-rate debt. Transaction costs related to the termination of TEBS and the new PFA securitization added approximately $0.03 per unit in Q4. Book value per unit (diluted) declined to $13.15 at December 31, 2024, primarily driven by a lower fair value on the MRB portfolio as tax-exempt rates rose ~43 bps across the curve. Market valuation of MRBs is not assumed to directly affect operating cash flows, CAD, or reported net income. By year-end, GHI maintained a conservative liquidity profile with unrestricted cash of about $14.7 million and roughly $31 million of unsecured line availability, supplemented by approximately $31 million of liquidity from January 2025 redemptions/redeployments. The company closed the first two BlackRock-led construction lending deals in Q4 2024 as part of a broader strategic construction lending JV, with four JV equity investments totaling about $179.4 million carrying value and $27.2 million of remaining funding commitments. Vantage at Tomball was sold in January 2025, generating net proceeds of $14.2 million. Management emphasizes a continued hedging program (net swap payments totaling $12.3 million in 2023–2024) to stabilize cash flows and a disciplined, accretive approach to originations across MRB and governmental issuer loans, complemented by a growing JV platform. Outlook remains contingent on market rates, tax policy developments, and execution of the JV pipeline, but the company projects funding commitments of roughly $100 million over the next year and ongoing deployment of redemption proceeds into the investment base.