Form 4: Greystone Housing Director Steven Lilly Granted 6,270 Restricted Units

Greystone Housing Impact Investors LP Director Steven C. Lilly was granted 6,270 beneficial unit certificates as restricted units, aligning his interests with shareholders.

Summary

• Steven C. Lilly, a Director of Greystone Housing Impact Investors LP (GHI), was granted 6,270 Beneficial Unit Certificates.
• The transaction occurred on June 23, 2025, and the units were acquired at a price of $0, indicating a grant rather than a purchase.
• These units are restricted and were granted pursuant to the Amended and Restated Greystone Housing Impact Investors LP 2015 Equity Incentive Plan.
• Following this transaction, Mr. Lilly beneficially owns a total of 21,320 Beneficial Unit Certificates.
• One-half of the aggregate number of these restricted units are scheduled to vest on November 30, 2026, with the remaining half vesting on November 30, 2027.

Sentiment

Score: 7

Explanation: The sentiment is positive due to an insider receiving equity, which generally indicates confidence in the company's future and aligns management's interests with shareholders. The grant at $0 price signifies an incentive rather than a direct purchase, which is a common positive signal for retention and performance.

Positives

• The grant of restricted units to Director Steven C. Lilly increases his beneficial ownership in Greystone Housing Impact Investors LP, enhancing alignment between management and shareholder interests.
• The equity incentive plan encourages long-term commitment and performance from key personnel.

Risks

• The restricted units are subject to a vesting schedule, meaning Mr. Lilly must remain with the company until November 30, 2026, and November 30, 2027, to fully realize the value of the grant.
• The value of the units is tied to the future performance of Greystone Housing Impact Investors LP's stock price, exposing the holder to market risk.

Future Outlook

The grant of restricted units with a vesting schedule extending to November 2027 indicates a long-term incentive for Director Steven C. Lilly, aligning his future financial interests with the company's performance over the next few years.

Industry Context

This type of equity grant is a standard practice in the real estate investment and finance industry to incentivize and retain key directors and executives, aligning their long-term interests with the company's performance and shareholder value creation.

Stakeholder Impact

• Shareholders: Increased alignment of Director Steven C. Lilly's interests with shareholders due to his increased equity stake.
• Employees: The grant is part of an equity incentive plan, which can positively impact employee morale and retention by demonstrating a commitment to long-term incentives for key personnel.

Next Steps

• The restricted units will vest in two tranches: one-half on November 30, 2026, and the remaining half on November 30, 2027.

Key Dates

Recommendation

Keywords

Greystone Housing Impact Investors LP, GHI, SEC Form 4, Insider Transaction, Restricted Units, Equity Incentive Plan, Director Compensation, Beneficial Ownership, Steven C. Lilly