Greystone Housing Impact Investors (GHI) 25 Feb 222021 Q4 Earnings call transcript

I would like to welcome everyone to America First Multifamily Investors, L.P.'s, NASDAQ ticker symbol, ATAX, Fourth Quarter of 2021 Earnings Conference Call.

During the presentation, all participants will be in a listen-only mode. After management presents its overview of Q4, 2021 you will be invited to participate in a question-and-answer session.

As a reminder, this conference call is being recorded.

During this conference call, comments made regarding ATAX, 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. made Securities the XXXX. Litigation are of Harbor statements Private the Reform forward-looking pursuant Safe to provisions Such Act of

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

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

For these want that more periodic if not will But Today's and may its projections filed with factors impact other you Internal do, necessarily beliefs the be non-GAAP they informed. Commission. ATAX from and and bases information expectations review the upon detailed may about Exchange ATAX include discussion will aware FD other operating Securities time-to-time measures by call. change. ATAX's risks call question-and-answer business, explained report during in and of the documents please which be for this session. We you Thank encourage Ken now and the to Chief Officer you to advantage Rogozinski, under and would to take you like to and of make ATAX. interest participation over full turn the is ATAX SEC ATAX. will your Executive that I Regulation

business you Good Financial partnerships financial markets. afternoon the Chief Thank will present quarter joining. the for everyone. Coury, of and call. Welcome Jesse to investor I our America an First will fourth Multifamily Investors, results. And XXXX L.P.'s Officer our give then overview

to forward taking look questions. your we that, Following

as $X.XX BUC, per billion by book on ATAX Beneficiary XX%. of Partnership the for value of ratio and distribution For of X defined Unit per of reported a the XXXX, available quarter Certificate X.X assets, leverage BUC. or cash income a $X.XX of of BUC $X.XX net fourth

and in reported The For distribution good and for providers. lenders per current of of all per Partnership of and BUC. $X.XX the with the of $X.XX income our XXXX, cash is year leverage net Partnership BUC, available standing

have In received are principal bonds, on the terms MRB and for portfolio Physical of multifamily our December current we mortgage XX% as MRBs multifamily of forbearance average payments. interest projects for requests on portfolio, occupancy and no the underlying the Partnerships XX, revenue XXXX. on investment all

Vantage current of where portfolio construction still underway. XXX% or six is others consists and is where Our seven projects, XX planning complete, construction

For XXX% is the the complete, as of continue December. where leasing of six construction over physical see of achieved activity with having to we end good XX% occupancy five properties six the

construction. labor project see on material to disruptions Vantage continue supply still no the or chain We under

As and we property have in gains preferred entity each sale million $XX.X position projects six experienced $XX.X in were to owning a or the of original for invested Managing multiple the us. X.XX XXXX, Vantage past And as In XXXX, capital will in three the million capital Vantage stabilization. Vantage times million sold, returning return invested upon on project group in $XX.X projects. In roughly capital. contributed we Member

projected investment in Texas owns a million. of future Vantage need in land invested that have San we development Marcos, addition, In $X.X for the with project

Diego Our are semester, and remote XXXX spring Both start of expenses primarily pause campus two State week service. Nebraska have including the holding levels. in-person the State in-person in University XX/XX classes at Diego all San have the continue three on University of San a obligations debt housing Both Nebraska at and have their did to occupancy covering flow, project owned of properties cash operating of but from learning. strong resumed. case student the of are

managers Capstone units property suites campus Diego to to Both levels seen currently for transitioned on pandemic. the and is XX/XX academic COVID-XX which management the which historic to XX% the the slightly in Property prior the preleasing San was today, actively XXXX Paseo was of Management above is on is Paseo years X, occupied, pandemic. suites XXXX, below on level As XXXX XXXX XXXX occupied, XXXX, XX% the at as year. prior are COVID-XX January The to XXXX. of

XXXX, that student the certain owner the with project project for waiting property Foundation in East seen the project. Inc., is Baltimore a Hopkins to active the in of the the owning secures agreement Live ownership lists housing On student similar in our between XXX(c)(X) XX% instruction. stands of and of its There XXX holding for sold have option an currently January primarily XX% ATAX outstanding currently to Johns Leasing membership like Diego San associated Inc. interest Live Apartments with of approximately the Nebraska XXX LLC, Hopkins performance. for a restructuring Development, MRB we University, The housing Johns On at unit reversion pre-pandemic types, XX% University the EDI University sale debt XXXX. of XX, properties. person State, and was participated the at in remaining PX in a interest PX

investments part have and day. at The extended the As an debt new original we redeemed maturity our purchased restructuring, MRBs. were of MRB par, MRBs new

significantly. introduction rate year However, bond through a overall of mandatory seven tender interest was lowered the duration was and the feature, shortened

property and a existing were was positioned project stable from improvements for XX management swap an funds for for improvements, on level terminated property We forward. plan that the ownership, the interest adequate capital provided XXX property based at funding Live and at is going year new capital with manager. performance new the rate believe Additionally, future property the

Chapter approved owns ATAX expenses MRB XXXX. and bondholders. will Once Provision XXXX, the fourth completed a final January bonds. of of the facility. X.X to been X quarter purchase will of principal the of closed Net bond related to the related to to nonprofit the the from sale million, distributed XX, MRB the funds has current$ As subject other our to secures Middle office valuation from to District Proton be of distribution those facility a million of approximately bonds have currently sale the price have items Center, bond filed Knoxville escrow borrower for by for removal corporation funds in a administrative U.S. the bankruptcy the bankruptcy of court equipment of approximate the held on amount those that ATAX we with the other along Tennessee our of outstanding On $XX.XX trustee. covenant Tennessee that We of the interest. million trustee discussed before, estimate that the in were health, the for XX balance bankruptcy the the accrued inclusive X.X% certain Therapy

of funds Governmental existing by multifamily and Issuer million advances million properties, securing debt investments. construction totaled financing were Such fourth affordable funded $XX.X $XX property advance the We quarter, continue to partially our which proceeds. during Loan for loan of the approximately

is municipal coupon reinvestment hit in month January In the and income markets surrounding Muni the pulled than the of their broader to currently been Muni bond XX-year the has of end potential outflows the ratio XXXX. lows, summer fund The week billion has the of and $X.X of XXXX since mutual at The had to inflows Treasury XXXX of mass to markets, January in basis roughly mutual bond out market uncertainty net is the the U.S. negative performance effective XX of at X.XX% a yield fixed a market at to first for normal XX for the failed funds close hard quarter. and of tops has rate In start return muni materialize. MMD the XXXX. XXXX payments is total, XX-year performance of the hikes, in the last Turning January one pandemic. start markets, of MMD fourth strong XXXX. out redemptions that mutual inflation higher with $X MMD interest currently first approaching negative economy, Muni since March number the municipal the fund of quarter XXXX The points February of X.XX%, bond fed the billion, the redemptions for so size Muni continued U.S. potential

call provide for mentioned adaptive on into an in the we downtown commercial of last and housing property Angeles. activity $XX Los quarter's MRBs financing quarter, of light terms construction during fourth the the of our closed debt end reuse as historic of In affordable investment at tech to million permanent I on October,

provided financing on fund Los also County. permanent for one to December, new tech commitment acquisition a we forward California XXX(c)(X) $XX existing the light a the MRB We Angeles of project in to the the million housing providers nation's Long Southern of added in closing nonprofit area. construction largest In project for a an another California Beach,

We two first debt housing investments. also made senior our

care XXX stabilization facility unit million The commitment MRB first construction a living and Traverse independent was memory assisted to Michigan. $XX of City, bed living, XXX new and fund in a the

facility a The XXX(c)(X) bridge one $XX Houston, acquisition XXX million year skilled taxable to to the fund second nursing Texas. in of a was loan bed

We this MRB expect refinanced an see to to prior maturity. into loan

We both of quarter Falls, contributed Austin and both purchase Hadow segments. McKinney We in continue previously area. construction the the to to the closed equity fourth of permanent and financing to fund at Hadow Vantage lending additional opportunities market the the on investments see Vantage two we in Texas land. Vantage in Vantage of have

funding million of construction. have We $XX.X properties And two for both XX, have outstanding commitments these of equity December an commenced XXXX. projects as

currently opportunities discuss on where with With available. to of data traditional We that, Jesse to will things be work of fourth the may our new financial will quarter sources turn strategically continue over the capital CFO to our not Coury, look to for sponsors XXXX. investment I strongest

Ken. you, Thank

income Unit CAD and Certificate for we XXXX distribution net basic quarter available the $XXX BUC. per of For of fourth total of diluted Beneficiary $XX or or per cash revenues of million BUC reported $X.XX, and

per own of in of reported assets and XXXX. diluted comprised XX, we for loans. and approximately Revenue of Loans or property debt cash equity $X.X per Such our and Issuer assets our net primarily available total per of investments, as joint $XX.X of $X.XX of consist venture BUC, they and as portfolio, For BUC MF investments MRBs, billion our million our investments total fiscal Giving properties. December reported known distributions income XXXX, basic also an of Governmental Mortgage BUC. $X.XX debt revenues We Bonds or overview are GILs

lien mortgage four As ATAX. properties amounts based of by $XX.X the at $X.XX market XX% B California secondary for provide XX% the during of original Series MRBs Apartments two the our by million MRBs that hold was a investment affordable Series We closed of and discount shares MRB apartments on and loans properties represents across the properties We the at in representing Texas affordable XX totaling first the the to debt Carolina on Series own XX%. restructuring to that XX% MRBs We purchase property the One are investments multifamily secured December XXX XXX South currently significant financing quarter California. approximately with and assets. permanent multifamily our with January new states, of billion states. in par, Live outstanding previously. XX, A MRB, that XX three B owned principal, MRBs totaling facilitate MRB MRB XX%, fourth total new at GILs acquisition The XXXX in Ken Live discussed of to of MRB helped related

first Traverse was an housing Our care and will City, during independent a, to closing fund assisted in memory Michigan. the facility additional and secured at seniors' construction initially fourth We living, by stabilization. constructed, advanced be $XXX,XXX million living MRB and investment $XX.X investment

been skilled currently issuer fourth investments, with initial MRB six the $XX.X investment balance secured states. our future federal by finance quarter also by across the that the GILs investments on we that to MRB a on properties. positions of property exempt mortgage a the MRBs developer. loans to governmental personal We earned by governmental Unlike our property multifamily advanced. of are these authorities of to tandem real funded property commit from governmental loans of we closed in nursing a nine we with and instances, non-recourse tax. affiliates all GILs income also issued own generally construction In guarantees expect the that interest million loans in affordable after typically Houston, secured And are addition payment are most a they provided Texas, us lien property. be mortgage on obligations by our to for equivalent an functionally in have multifamily loan The have property properties our issuer we fund secured and principal affordable funds and that the by and first believe In share investment MRBs

drawdown million As we that commitments property will advanced commitments of December basis $XXX outstanding million construction. funding a XX, $XXX totaling on be had during and GIL loan approximately approximately totaling funding related

XXXX, Chapter in loans Proton As we borrower forbearance and Cancer GILs for property mentioned, approximately expect approved Ken And MRBs Knoxville, protection. property and Center $X.X sale received In December of associated center for have mentioned the multifamily treatment the and Tennessee, today, bankruptcy Ken at no as properties. with court XX net Provision the million Therapy or underlying filed of affordable payments principal we closing of MRB of requests of of our interest proceeds for has property bankruptcy sale. the the

our that to a consolidated San rental December is units X,XXX multifamily are in it total a Moving XX one of of as at of in consolidated our the investments venture are of carrying Of Nebraska, on aggregate, properties investments projects joint the Marcos XX, of nine All market and rate investment consists totaled Vantage investment basis. construction XX equity over the Texas, in December exclusive that portfolio, for in of each the value Vantage of one is one which represent in on $XXX Colorado. Tennessee Vantage basis. XX two reported projects reported million as approximately

We construction, approximately under of projects totaling in remaining - of sales there Vantage the December were no projects commitments as Though million XX. QX. seven have for funding $XX

two Diego Diego a earn to Both student during State a On net our we reverted MF temporarily but contributed University the January since serving of approximately $XX.X housing due to remote of portfolio, provide on on Lincoln San University campus We State San classes. the MF carrying of student continue University. COVID-XX period. has housing preferred million. own the properties our in at return and properties to beds, XXX totaling college value properties the emergence equity learning Omicron Nebraska and variant resumed students whole

continue the Paseo occupied, the meet operations. December and property all suites XX/XX and to of XX% XX% on cash MF from properties is direct mortgage property occupied As is XX, MF with operating and both obligations

$XXX use a debt financing our for to of loans. of GIL quarter facilities totaled and portfolio, Regarding of in proceeds aggregate we gross GILs leverage the and through December million in In fourth loan various $XX.X property Financings we debt investments investments. our funding variety XXXX, of XX. our leverage TOB of MRB received million MRBs, property as the This Trust

investments debt. have Such MRB is executed debt rate debt half Our debt financing $XXX property of October and that loan diversification without they we million least and Also Barclays facility our GIL of a at XXXX, variable against that Barclays source XX% rate our PLC an rate swap approximately as XX% lender also interest swaps. and debt for partially lender hedged interest of variable need variable rates. effectively rising variable interest financing an such investment. with are addition rate our financing fixed The alternative first the is rate on rate Live Approximately debt to And interest TOB as to the secured two-year rates The Bank relationships. our an the $XX for we closed related our separate investments. hedging leverage of interest Mizuho million or debt agreement instruments XXXX, our caps with period. in provides rate swap February financing, interest funding the fixes apartment XXX financing of new related to initial of rate by

Debt we sensitivity increases potential through report in page interest we rate on Partnership, of Form as The net nothing rise is our rates XX for to that scenarios sensitivity based and table Regarding our months. our immediate an analysis, scenarios which rate XX rates. XXXX. interest changes response in analysis various there These other regularly of The interest per be QX, $X do I shows to the that decrease that CAD exposure shows analysis trade in our increase of XX-K is interest in previously, this XXX related for year for an in does XX-month will reflected and the of to those net end, assume XX, result interest but we period basis of financing assumptions XXX included income Apartments. December interest monitor metrics in as market that given rates our interest a quarterly reflect impact in that mentioned BUC. the swap or rates Live analysis. I $X.XXX will in know our approximately point occurred not our interest on approximately will sustained income rate after immediate that in a XXXX million as

Lastly, XX from net December is net we which $X.XX, regularly a value slightly down BUC of which as per September provide as value book of our book of XX. $X.XX was

on XX premium price market value December a XX%. of closing to BUC, Our book is the our $X.XX which was per NASDAQ on approximately

today, close a our is I which XX% per value premium market a the questions happy price now from are to audience. As and $X.XX, was book Ken market answer our over BUC.

question Your Instructions] first JonesTrading. from with [Operator Jason comes Stewart

you Thank like seems or some - taking Ken, start quarter in question. substantial we've had could the consistent pretty it activity. row rate, for do the I these to where third a this make if you second you with If going you decent some pretty as forward some investments are run as new think going we had or lumpiness forward? of going see originations,

origination I to from nice Jason, on pipeline front. of the a couple points that hear Hi you, make

allocate bonds the I new X% that's lumpiness direct of their are by activity a in that little volume historically cap to or private on. think bit purchaser really we originate tends is volume origination light how the on there be that driven the first tech states the we

see in actually are in give the then bit of the happening to eye have people buying there can quarter in half and of aren't on And year. the closer what latter happening. a earlier and allocations the you activity deals as deals cap bit a what fourth states clear a a, there's normally the - So again year that you cyclical more little you know,

business the that is in through broader of So in with there has a bit think with origination organizations. that perspective have venture servicing we that's helped though, something to I created of was of our that's more in that since and ever involvement Wakefield so from say that Greystone even volume the out a and & there's that private Greystone powerful think the the is one I of that have kind XX now joint alignment kind that more we reach smooth servicing activity And Cushman platform. little lot those been a between Act thing The back Tax I cap would there.

And opportunities origination so help out I seeing some. more think even that will those from platforms us

Right. And seniors' it's investment that assume was the partnership great to housing first the see there? part I of

that Traverse City one deal there. correct with in seniors of partnership Michigan servicing was Greystone housing the originators originated That's

that by Series of Great. And on a the little on Jesse, Live restructured my there. income XXX something $X.XX north it's discount should how think B acquisition about coming statement? it's a of back we bit million the calculation, Once ATAX income into been

to workout for new with the lower those we We've existing outstanding XXX MRBs MRBs. those compared near Series both of interest applicable MRBs rate Yes, Concurrently, service redemption payments. to so were current have debt a principal. MRBs, overall accounting MRBs restructured complex. deal a by guidance to carried essentially is and A our ATAX our for discount exchanged new The slight such lower B, scenarios prior and Live the at Series of term slightly

carryover earnings from in this, and impairments. basis treats remaining I such original investment. then restructuring However, and which concession any using a accreted the an is previous a over term generally which in workout of And may recovery the investment, the include guidance value accounting given you've subsequent say as a discounts would

be investments. recapture term that the it wouldn't earnings, time expect a horizon I will of So of likely discount longer new over into the large under one-time a

BUC shift Ken, one and Thank in about interest shift what's Okay, maybe into two you on rates I'll I the always not happened. go values Jesse, got the And potential or for a portfolio is about versus clearly the hoping it. the changes to moves and their just last a components on income where When a talk that. sensitivity, jump flattening, we was could mark-to-market curve, and impact one interest back parallel queue. and actual you in from rate which different think we and talk both statement. the

be talk just could is the you parallel so would that in that about that If it helpful? Thank shift environment you. flattening

that our a On in else first with that's Sure, anything I'll and think to that housing flattening bonds then you can terms GILs the majority Jason, sensitivity add. in the on term, assets you you in to the portfolio. associated start the tenor, rates, of we debt new curve, on intermediate as question our them, the in construction that XX-K. are term large floating side, or present curve and about you interest rate want up in with we in Jesse, affordable the rate opposed your of that fixed analysis The they're of associated either, property presented if loans the know, with move have shorter the the jump projects,

to the I curve impact longer end on really old where tenor - in really that short guess in of is speak On value flattener bond of that is call would up and in It's the of an that you tenor to I isn't the much. coming curve situation underlying curve of end the much longer the have longer what intermediate sort staying of bonds relatively the for changing the stable of assets of the end long is, not that flattening, the kind assets. know, a a, going longer because my

of those significant of on So, more think is does a at sensitive going we mark-to-market us a the more impact erosion valuation where do environment assets, be assets. flattening curve drift we of to that there and side flattening funding the underlying of curve that the on I and for or what need I the to don't equation higher of the some in see the rates think those part on mindful of to have curve. may the the just value from, it's a and itself, in But

financing, we kind that think of floating way liabilities. his presentation that have versus of if that XX% and gave of is I is got the generic the to with There liabilities curve impact either going it. with a fixed net had just we funding a it a Jesse during Because movement fixed financing our rate assets. rates fixed rate fixed that have isn't our in breakdown about - buckets assets have movement, assets rate or look and on So matching really significant of associated at We've interest the flattening margin. we rate a you fixed three our

On GILs of funded floating with are the the property loans, loans, rate end have other we spectrum, floating our exclusively rate and those with our and them liabilities.

we're And see to of increased so that environment, on situation, floating is increase rate to we're in cost in in a to flattening even curve, a the by of there assets. almost movement that those the offset be see earnings going exactly funding the going going

liabilities. very And carefully. longer on our middle for rate is them really rate that's two-year continue executing with opportunistically focused an So to assets that new synthetic going look swap situations we'll the what fixed MRBs mentioned, there and that funding costs funding, did associated of where a biggest to is portfolio through floating interest for we those going where be another strategy because further we've period. hedges that clarity we from to rate which the minimize Where of got of about part we're perspective situation assets actually the our of XXX is initial as risk. nature feel do of a position term our to We're assets the with try funding the risk that with really have to similar match attention kind which third perspective, of an Jesse funded bucket where fixing management we relatively manage we where a from

funding secured nature reported secured potential maturity, of our MRBs a value our income valuation Yes, shorter in through source, comments as dated. the those much is is are or lot those use I'll that, most will got of that that you're by you of that sale But source are on income even to for just financing also reported by consider with the potential plans largely see statement as costs. we hedging comprehensive And going dated then to interest the interest then we've a this And know, for on said income. at be variable that have well. flat on we income. Ken I are we which any lot tabs the funding residual would mark-to-market it interests. is not changes investments point that those seen haven't statement if agree do our Agree we'll recent of rates once won't on of the [ph] long-term kind clarifying available future. other additional to collateralized our impact everything cash going in MRBs exposure to we agree a and the funding see curve, with shorter net some income say I change. because Ken impacted changes values Ken we're options valuation in our in time longer notes a that yield Because couple determine quarters, And of of Jason of for but just what have not

you. thank Great,

you. Thank

Your Muller next Chris with JMP question Securities. from comes

a Plus opportunity housing Again, and year. the the size, closing there? the taking all around out the and and on next strong something meaningfully grow of be Is that it nursing? the that skilled will years? that Thanks. portion over the smaller Or and housing overall can couple is more MRB of senior an nursing the Can did questions congrats senior loan just commentary Jesse, investment and guys portfolio? you you bridge thanks opportunistic for skilled

Chris. Thanks,

attractive our financing. market, an of perspective, as transactions our From arena, both out see can trade. and to from an marketplace this care accreted in Greystone number where in to hoping can memory world independent assisted segments the of versus Those believe manage we as to given and an you active the think housing well then shorter owner where associated it effectively nonprofit perspective, yields and both that has new good growth opportunistic that risk there see a and the at be oriented in permanent and acquire affordable We in of we're our bridging area in sort operator of skilled our tenor area, not the assets traditional are viewing as we both skilled seniors that we're projects. extremely tend MRB nursing I housing in those as the going relatively lender the the experience with we nursing assets. know,

going to those assets have us. It's an of to more And for ongoing in does. don't regulatory manage environments Just a have risk where very rate, area the on us little a for credit sort shorter of an we're them, dialogue that platform. order stay effectively with interest the area and tax good origination multifamily because same we affordable Greystone But the focus good it's curve. agreements,

And perspective yielding so to MRB we're to adding going accretive to book. our be from our looking be those higher assets

some investments materially the affordable the And it, is housing helpful. yield to higher? does Got of it's it compared how

housing points we're to earning of on somewhere earn between affordable generically, year on to to or the, tech play spread on project Again, I'd on project, the eight at affordable basis we versus an it what seniors nursing at light skilled traditional say in to nursing it that here looking let's or the looking take our bit the is, XXX there's XX curve probably of trying see a was we're that the housing give skilled in, transactions of term on MRBs the seven on years XX those hoped and side traditional we're yield range those. to a side. we're on XXX MRB call the existing stay investment But

annually what look into nice one And Board is get think Got basis, the the insight it $X.XX it, Board it's some the district Or something that to something how can quarterly earn year? with just that about thinks for you at trying on you set that? very including you thinks that to a you a last into it's me just so little the from that you these special, helpful. can distributions? distribution, the give how about Is see just me insight

BUC something me discipline, basis go distribution BUC relevant. partnerships, to general as made as factors of with in Board So of consultation we decisions. the a deemed the continue Board into that partner go and talk and we based We to a Greystone's continually are evaluate It's on that excuse a with ATAX's are we quarterly factors distributions regular evaluation that CAD I our And expect the holders other forward. about management on the determination partner, general meetings. holder are our that as at

see or those gains we'll of either the we the normal arise. to performance as asset distributions other as the Vantage either opportunities evaluate special I recognition the that sales So think transactions, on distributions we portfolio, and discussion continue or for see of have and circumstances

with Thank from is next question ValueForum. Ron you. Your [Operator Lane Instructions]

you. Thank

you just hear First quick a question an can iPhone? me holding I'm

We Ron. can fine hear you

Okay, great. Thanks for the conference call.

forum. First my XXXX when beginning held in of very members from back the this since of we our value come some questions usually

full all who's the Jesse folks does a which number. way holdings. family have strategy no like has time, the we member down market, would has to the and those watch years XXX been we on folks put some one members, and kind of and for family investing have like raise knows for tend Andy retired are time who And to of that mix old, time this to job XX know We to stops me have have a guys the

for of the Directors Directors? on the ATAX major quarterly Board of rather some about X%. Some distribution, of Board of dividend. the any a they decides available license, tight right, understand them make in in there hold, on and sure are X%, Are that get the of know, importance, meaning XX% fairly I you have order to members don't loose, All down cash

The Board four who other Greystone of AF members de of Directors serves independent our Manager Greystone consist the consists the our board three the who of employees. then Board the audit as of are And of facto partnership the LLC, committee. members

before them XX find members in a stock have And view, whatever of very or just But to members free rather spent So of all ATAX but corporations the some people represented, divisions, I of something, country, of owned where or you whatever. I with some work if, and we know I point most individual that them of just but they years unusual. got basically guess. strong large the you had Jesse Board, probably mee. if that bucks, whatever the I

asked that issue will I've Next repeat. before of them most

me, historically, reduce know, to a I vast have XX%, brief. folks how I'll versus free, you will over deferred, not our taxable be important So will some Do to just cost decided but held and typically or I of of on know, much were for issue the in which be an majority the be? much like any updated very because account, guesstimate estimate I've It's you basis. annual how tax tax you risk, taxable you our basis add

you're could I'm the somewhere Andy, spoke time guesstimate trying not, paychecks be guesstimate, to to either had a important a wrong, that's I. get was with And I that the I and a Jesse buy best was Now an estimate But I I handle old and or number. around or last to wondering it's XX%. holding. new way investments, and think, you if because

Ron. Yes,

the the expect we've in will and 'XX we breakout. would in for include and and of include allocations that our range, in being versus our And unit taxable still closer issuance of 'XX that say to similar two issue taxable in given question past have So disclosure sales. say split to activity exempt of that specific standard events K we We estimate, XXXX. the were terms of filed and resulting XXXX be of XX-K, the to in which taxable, on the our do we're be think your ones to in -- likely supplemental is will March. did in remainder exempt where gain in a income year, But very XXXX, Vantage years did the during exempt, our tax done of to some finalizing to to the and for sales all I I activity we're going the would we to the which level would timeframe weeks, that significant the XX% of amount income the report our with in one particularly XX% was level plan tax XX% we I tax taxable XX% the income taxable next in holders to

Did you XX%? say or XX% to XX% XX% to

to if taxable XX% point. I XX%, had to this think, at

was Okay. the which before. I Thank you. question, last because you I've I'm probably going asked it ask, sure to Basically, knew

world. may volatility markets in that the model lot future, of stuff in had dropped become had And know. that's going of the You've with the all don't on you the X%. lately, Yesterday, a I about

little X%. the calculations picked what my Well, you my you math Yahoo best on yesterday But Finance. up X.XX%. at today about up Looking bit picked that's a up guess about showed

sold that established makes pay I'm the is just to know, lot a and a out of out well, for wake And he Texas. But a a it was down ever minority they they're holdings dividends there. of out COVID more more days that it at in major, lot and only us the they're was when when it, and know But Some still ahead But than a outdoor thirds, smaller income. the ex-dividend got reason dividends people are very ask they dates, owned of March in yearly. it's because break and of I with lot I'll stops. the into you they They month, in up, before. stay three asked mainly And dividends that to before you it we that. dropped it But in you simple to five doing they a going company later least you with retail quarterly could to when were And ex-dividend how I Arizona folks. know, quarter, the like because you you task or what just with they stopped that monthly and they one discuss when wasn't time, the I and of one the run mall discuss it know took very them whatever time. I old timeframe hit that's it. people is. tell paid. if they changed retailer it. the and the to do of you this asked affair, consider people know, date the much by find they each doing before XXXX. told like happens of terms don't quarterly still than issue he kill they're our have I've do because you've people And of, smoothly, And costly I to get, back declaring and done I for want before. But tight But did a yesterday. don't it your as idea

but I'm be it So I'll probably to you I level. But the at pitching At again. when. tell that some Board can't stop, point, discussed seems

one payment in somehow understand. of are three about dividend you know, a monthly a you out a the months? of clarification then once a over Ron, declaration lump, pay than you where dividend you dividend yield, could a sure dividend that talking dividend just Well, long a rather Right. structure the question a talking I but quarterly same Are ask of sort paying again, of dividend? a trailing about that monthly monthly and there's to that declaration I make Or

No, it's very simple.

of you look about digits Let's to their just quarterly thirds, you they wrote like all know, to you whatever stuff this to for quarter. at that a But Because a program All time the going did and now down. It's have can do. time. down. or is of it's make I say company, take it's quarter let's when I'm $X.XX, ago, And -- it monthly know, for quarter because you distribution can that computer all it whatever afford a people you pay did. referring totally say decide do for your you saying $X.XX break each to changes decide dividend based up, that's retired. to And Board what it's be CEO people be to every [indiscernible] just do is, the But you five them. $X.XX, is decide quarter, that that their the But they it. want divided the It's you're the been company then changes what they is, working $X.XX look a at on a it. CFO would not dividends, long pay. who's And all you I'm into sometimes they announce be just monthly number long, the CEO once their latest lot going a broken generated to or dividends, the

for increase dividend he next just announced a fact, finally, the In quarter.

your So think, I think I Ken, did question? answer I I did

did You Ron.

figure solve some for we'll might to how, the about we'd market than have some naturally on at know an cause standard, we'll approach that I'll it familiar people. with. is research that not let that's and to that's initial that that's I'm not a and that like that my and if our something that out might try discussion But do least on is reaction that feasible. have end, structure You And even issues more you

impression under I been all that's before, because had enough. it Okay, not I'm was that asking, the and obviously discussed

that to You friendly whatever. big We're that it it's set for it pay know, be going month I've up. that been the $X.XX a just deal I'm it's just to the to told is But that you wasn't programmed, with now was for quarter. that going tell new per And all say quarter. they I what CEO, $X.XX can

you've a it. kept question. quick Just up I'm with sure

I apartment Blackstone at about I more it's you think of worth, know it. looked more do. pretty couple significantly, a about And only the may getting know you it is multi-billion-dollars' probably surely complex, into have than I about you read have it, it, blogs

than to going to buy And no to idea it's to they're I want saying. I but probably was at do. going to you about what deal I it's you big going have least according it whether it know a Blackstone. think want be be I to more that

the in portfolio the of or know, today Blackstone I happened. made under that the about of that, $X earlier saw But really the, don't week Blackstone this new subsidiary announcement know, recall that is housing the creation April AIG that I of think announcement you the you that's from closing know… and, the that's roll last I kind of was bought it, or as that's the the the allocation At in year, the year, it's either last up exact some you Yes, I date. don't point billion time I understand the

announced Right. fall. the first in It was late

operated business interest They a financing. to tax revenue investment guaranteed had that's is in on then credits. housing similar of all direct had strategy, where AIG a debt ATAX, that they their both bonds also And through the low-income my a mortgage had portfolio by had funds AIG. a as combination housing And ran understanding, a investments syndicated they that in and were that affordable had of projects. tax-exempt ownership housing also they AIG owned securitized assets that of was long-term that it part basis They projects affordable

in Black. manage old going they're to it, going of a this as just forward, exact as I to what to haven't going reporting that housing they're Sun about subsidiary much new pretty and this that in much is any be know that. what that going new assets expand acquisitions new print of be strategy are new it's within is whether terms to So detail or really look or going development company affordable into to roll-up but or disclosure of their how business through seen I AIG the America

going their So they're strategy get. will be and what competitor to see I whether there going from think to us be be perspective, opportunities whether my to might a for or it forward is interesting

apartment Ken, Affordable. familiar also you're complexes. doing student I mentioned housing pure I know to ATAX for complexes? with thing, wasn't pretty I'm for Affordable regular a up. issue. doing you're what in bring it going why -- apartment that one and different is little Is affordable what you

restriction regulatory would some of Well, if you of land-use regulates that affordable pay. housing as investments, agreement deal because is agreement on the of as well have rent tenant them and they residents I all that look at the A income projects all form that what MRB or capital our define of as the

with at look housing or that that then, perspective a you our projects. from of are associated investments So for yes, amount definition affordable significant

XX XXX affordable new be because drive affordable off we've and lived what's -- X,XXX you used are built Florida can around. other amazing. just to what announcements, being the Florida see coast homes an that And marsh when new San in XX in People almost day, new island you and asked or for same on house apartments Augustine I And lands. It's it the going in of in like states, some years. you every an because working. where the problem, high-class anywhere. a course, state takes are retirees a it. minutes affordable called the it and of asset I seems it's half hour once MRB... don't in the guess, have get who because they But had, so for to the to financially be don't take big base is But they you qualify used for deal to It's it locals, affordable,

the are and bonds revenue governmental housing mortgage loans all The issuer financing for affordable projects.

this for remarks. will to Thank today. the concludes I you. Ken session call And our for final back Rogozinski Q&A turn his

Goodbye. for much, today, we next very you forward joining us and to quarter. look everyone, with you Thank speaking

that, thank for with And today's and program. ladies in you participating gentlemen, we

disconnect. now may You