Kenneth Rogozinski
About Kenneth Rogozinski
Kenneth C. Rogozinski is 63 and serves as Chief Executive Officer of Greystone Housing Impact Investors LP (the Partnership); he was previously Chief Investment Officer beginning September 2019 and became CEO in 2021. He holds a BS in Finance from Fordham University and an MBA from The Wharton School; prior roles include Executive Managing Director at Greystone Capital Advisors and Co-CEO/Chief Credit Officer at Dreadnought Capital Management. His compensation at the Partnership is predominantly long-term equity via Restricted Unit Awards (RUAs) determined by Greystone Manager, with time-based vesting and change-in-control acceleration; the Partnership adopted a Dodd-Frank compliant clawback policy on November 7, 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Greystone Housing Impact Investors LP | Chief Investment Officer | Sep 2019–2020 | Led investment strategy prior to CEO tenure |
| Greystone Housing Impact Investors LP | Interim CEO | Jan 1, 2021 | Appointed interim CEO during leadership transition |
| Greystone Housing Impact Investors LP | Chief Executive Officer | 2021–Present | Principal executive officer; SOX 302/906 certifications |
| Greystone Capital Advisors LLC | Executive Managing Director | Oct 2017–Sep 2019 | Oversaw originations and structured debt products for multifamily/mixed-use assets |
| Dreadnought Capital Management Corporation | Co-CEO & Chief Credit Officer | Feb 2009–Sep 2017 | Co-founded SEC-registered RIA; oversaw >$1.1B in deployed capital in public-private housing/project finance |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Foundation for Affordable Rental Housing Holdings Inc | Board Member | Current | Board service in affordable housing sector |
| Town of Greenwich, CT Planning and Zoning Board of Appeals | Chairman | Current | Municipal planning leadership |
Fixed Compensation
- Under the Limited Partnership Agreement, the Partnership does not provide cash compensation to executive officers of Greystone Manager other than equity awards; executive compensation is determined exclusively by Greystone Manager and reimbursed by the Partnership .
- Base salary, target bonus %, and cash bonus amounts are not disclosed by the Partnership.
Performance Compensation
Multi-year equity awards (grant-date fair value):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Unit Awards ($) | $427,266 | $400,905 | $361,485 |
2024 plan-based equity awards (RUAs):
| Grant Date | Units (#) | Grant-Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|
| Feb 26, 2024 | 21,750 | $361,485 | One-third vests on Nov 30, 2024, Nov 30, 2025, Nov 30, 2026 |
Units vested and realized value:
| Year | Units Vested (#) | Value Realized ($) |
|---|---|---|
| 2024 | 22,130 | $263,126 |
Outstanding equity awards at FY-end:
| As of | Unvested Units (#) | Market Value ($) | Future Vesting Schedule |
|---|---|---|---|
| Dec 31, 2024 | 22,050 | $226,013 (at $10.25/BUC) | 14,800 on Nov 30, 2025; 7,250 on Nov 30, 2026 |
Plan design and performance linkage:
- RUAs are time-based awards; they pay distributions during restriction periods and accelerate upon a change in control involving the Partnership, the General Partner, or Greystone Manager .
- The Incentive Plan term extension to June 24, 2027 was unanimously recommended by the Board; no increase in share authorization requested, indicating continued use of equity incentives .
Clawback policy:
- Dodd-Frank Section 10D-compliant compensation recovery policy adopted November 7, 2023 .
Equity Ownership & Alignment
Beneficial ownership (as of April 28, 2025; 23,397,437 BUCs outstanding):
| Item | Amount | Notes |
|---|---|---|
| Total BUCs beneficially owned | 189,553 | Less than 1% of class |
| Restricted units with voting rights | 46,551 | RUAs allow voting prior to vesting |
| Retirement account holdings | 61,164 | Held in retirement account |
| Shared voting/investment power (spouse) | 81,834 | Jointly held |
| Total BUCs outstanding | 23,397,437 | Record date April 28, 2025 |
Alignment policies:
- Pledging or margining Partnership securities is prohibited; hedging/monetization transactions are prohibited, enhancing alignment and reducing forced-sale risk .
- Insider Trading Policy requires pre-clearance, quarterly blackout windows, and event-specific restrictions; Section 16 reporting procedures are prescribed .
Employment Terms
- Compensation control: Executive compensation is determined by Greystone Manager; the Partnership reimburses Greystone Manager for executive services .
- Change-of-control: RUAs provide for accelerated vesting upon change in control of the Partnership, the General Partner, or Greystone Manager .
- Clawback: Dodd-Frank compliant clawback policy adopted Nov 7, 2023 .
- Hedging/pledging: Prohibited by policy; pre-clearance and blackout periods enforced .
- Severance, non-compete, and change-of-control cash multiples: Not disclosed.
Investment Implications
- Pay mix is heavily equity and time-based, with RUAs vesting annually on Nov 30; scheduled vesting of 14,800 units in 2025 and 7,250 units in 2026 may create periodic supply, albeit subject to blackout and pre-clearance, reducing near-term selling pressure .
- Beneficial ownership is meaningful in absolute terms (189,553 BUCs) but less than 1% of outstanding units; the prohibition on hedging and pledging strengthens alignment despite the low percentage ownership .
- The clawback policy and insider trading controls lower governance risk; however, the absence of disclosed cash metrics (salary/bonus) and the Partnership’s structure—compensation determined by Greystone Manager—limits visibility into pay-for-performance calibration against financial KPIs, suggesting analysts should focus on equity grant cadence and vesting outcomes as primary signals .