Jeffrey Baevsky
About Jeffrey M. Baevsky
Jeffrey M. Baevsky (age 64) serves on the Board of Managers of Greystone AF Manager LLC, which acts as the directors of Greystone Housing Impact Investors LP (NYSE: GHI). He is Executive Managing Director, Corporate Finance & Capital Markets at Greystone (since 2014), with prior capital markets roles at Gramercy Capital, Deutsche Bank, and Wachovia; he holds an MBA (MIT Sloan) and a BS in Engineering (University of Pennsylvania). He has been a Manager since 2019.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Greystone | Executive Managing Director, Corporate Finance & Capital Markets | Since 2014 | Leads banking relationships, credit lines, capital markets; led inaugural debt fund and five CLOs (two healthcare-only) |
| Gramercy Capital Corp. | Head of Capital Markets | Not disclosed | Project debt and secondary loan trading |
| Deutsche Bank | Managing Director | Not disclosed | Debt and equity capital placements, structured finance |
| Wachovia | Managing Director | Not disclosed | Debt and equity capital placements, structured finance |
External Roles
- No other current public-company directorships disclosed.
Board Governance
- Role: Manager on Board of Managers of Greystone AF Manager LLC (directors of GHI)
- Independence: Not listed among independent managers; independent members are W. Kimball Griffith, Robert K. Jacobsen, Steven C. Lilly, and Deborah A. Wilson → Baevsky is non‑independent (Greystone executive)
- Committee assignments: Not a member of the Audit Committee (members include Lilly, Griffith, Wilson; Lilly and Wilson are audit committee financial experts)
- Attendance: Audit Committee 100% attendance in 2024 and to date in 2025; Board of Managers 100% in 2024 and 95% to date in 2025
- Governance structure: No standing compensation or nominating committees; governance decisions made by entire Board consistent with NYSE rules for listed LPs
Fixed Compensation (Director)
| Component | Amount | Period/Detail |
|---|---|---|
| Cash fees | $0 | 2024 Manager Compensation table (Baevsky) |
| Committee/Chair fees | Not disclosed | 2024; not itemized for Baevsky |
| Meeting fees | Not disclosed | 2024; not itemized for Baevsky |
Note: Independent managers received cash fees plus RUAs; affiliated managers (Rosenberg, Baevsky, Fletcher) received equity only in 2024 .
Performance Compensation (Director)
| Equity Award | Grant Date | Units (#) | Grant Date Fair Value | Vesting/Features |
|---|---|---|---|---|
| Restricted Unit Awards (RUAs) | Feb 26, 2024 | Not disclosed per individual | $49,777 | RUAs for Managers granted under Equity Incentive Plan; RUAs pay distributions during restriction; vesting terms not individually disclosed |
| Outstanding unvested RUAs | As of Dec 31, 2024 | 2,912 | Not applicable | Outstanding count disclosed; vesting dates not disclosed |
Key plan terms and governance metrics:
- Incentive Plan prohibits option/UAR repricing without unitholder approval
- Clawback policy adopted Nov 7, 2023 in compliance with Dodd‑Frank/NYSE Rule 303A.14
- Awards may include distribution equivalent rights; time-based awards pay cash DERs during restriction
Consent solicitation signal:
- Proposal to extend the Incentive Plan term to June 24, 2027 failed (only 34.8% of BUCs voted; 7,003,553 For vs. majority required)
Other Directorships & Interlocks
| Entity | Relationship | Potential Interlock/Conflict |
|---|---|---|
| Greystone AF Manager LLC | Baevsky is a Manager; Greystone Manager is GP of GHI’s General Partner | Related-party governance: GP earns 0.45% administrative fees and placement fees; transactions may not be arm’s-length; GP lacks fiduciary duty to BUC holders per Partnership risk disclosures |
| Greystone (employer) | Executive Managing Director | Affiliation with management company overseeing GHI operations and compensation decisions |
Expertise & Qualifications
- Capital markets leadership (banking lines, CLOs, debt funds), structured finance across real estate and healthcare assets
- Education: MBA (MIT Sloan), BS Engineering (University of Pennsylvania)
- Not designated as “audit committee financial expert” (others are Lilly and Wilson)
Equity Ownership
| Metric | Value |
|---|---|
| Total BUCs beneficially owned | 15,247 |
| Ownership % of BUCs | <1% (denoted in proxy) |
| Restricted units with voting rights (included in above) | 7,550 |
| Pledged shares | Not disclosed |
| Hedging policy | Hedging/monetization transactions prohibited for Board members and insiders |
Governance Assessment
-
Strengths
- Deep capital markets and financing expertise relevant to GHI’s debt-financed, securitization-heavy model .
- Board/Audit Committee attendance strong (Board 100% in 2024; Audit Committee 100%) supporting oversight cadence .
-
Concerns/RED FLAGS
- Non‑independent status; executive of Greystone, which controls GHI’s General Partner, earns fees and manages compensation—explicit related-party risk and lack of fiduciary duty to BUC holders noted in 10‑K risk factors .
- Board lacks compensation and nominating committees; compensation and governance decisions handled by full Board (heightened risk of conflicts for affiliated managers) .
- Unitholder consent to extend equity plan term failed (7.0M For vs. majority requirement), signaling possible investor skepticism about equity award governance/engagement .
- Equity-only compensation for affiliated managers may dilute pay-for-performance linkage if vesting is purely time-based; per plan, repricing prohibited but performance metrics for director awards not disclosed .
-
Alignment/Policies
- Clawback policy in place (Nov 2023) per Dodd‑Frank/NYSE .
- Hedging prohibited; stock ownership guidelines for directors not disclosed .
This analysis reflects disclosures in GHI’s 2025 DEF 14A, 2024 10‑K, and 2025 10‑Q/8‑K filings.