The Partnership’s Equity Incentive Plan permitted the grant of restricted units and other awards to the employees of Greystone Manager, the Partnership, or any affiliate of either, and members of the Board of Managers for up to 1.0 million BUCs. The Partnership’s Equity Incentive Plan expired in June 2025 and, as of the date of this report, there are no restricted units or other awards available for future issuance under the Equity Incentive Plan. RUAs were granted with vesting conditions ranging from three months to up to four and a half years. Unvested RUAs are entitled to receive distributions during the restriction period. The Equity Incentive Plan provides for accelerated vesting of the RUAs if there is a change in control related to the Partnership, the General Partner, or the general partner of the General Partner, or upon death or disability of the Equity Incentive Plan participant. According to the terms of the Equity Incentive Plan, awards granted prior to the expiration of the plan extend beyond such expiration date.

The fair value of each RUA was estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The compensation expense for RUAs totaled approximately $505,000 and $559,000 for the three months ended June 30, 2025 and 2024, respectively. The compensation expense for RUAs totaled approximately $739,000 and $891,000 for the six months ended June 30, 2025 and 2024, respectively. Compensation expense is reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations.

The following table summarizes the RUA activity for the six months ended June 30, 2025 and for the year ended December 31, 2024:


	Restricted Units Awarded			Weighted average Grant-date Fair Value
Unvested as of January 1, 2024		95,600			18.18
Granted		109,581			16.62
Vested		(105,722	)		17.70
Unvested as of December 31, 2024		99,459			16.96
Granted		329,584			12.26
Forfeited		(17,816	)		14.44
Unvested as of June 30, 2025		411,227		$	13.30

The unrecognized compensation expense related to unvested RUAs granted under the Equity Incentive Plan was approximately $3.9 million as of June 30, 2025. The remaining compensation expense is expected to be recognized over a weighted average period of 1.9 years. The total intrinsic value of unvested RUAs was approximately $4.7 million as of June 30, 2025.