Robert Jacobsen
About Robert K. Jacobsen
Robert K. Jacobsen, 68, is an independent member of Greystone AF Manager LLC’s Board of Managers, which acts as the board of directors for Greystone Housing Impact Investors LP (GHI). He joined the Board in 2023 and brings 40+ years of municipal finance experience, including Managing Director roles at Merrill Lynch, Goldman Sachs, and Fundamental Advisors; he holds a B.A. and M.A. from Columbia University and an M.B.A. from the University of Michigan . He is designated independent under SEC and NYSE standards, and is one of four independent managers on the seven‑member Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Merrill Lynch | Managing Director | Not disclosed | Underwriting/trading/sale of municipal bonds; securitization/derivatives expertise |
| Goldman Sachs | Managing Director | Not disclosed | Municipal finance, hedging and financing of muni bonds |
| Fundamental Advisors | Managing Director | Not disclosed | Principal/agent roles in real estate‑secured muni transactions |
External Roles
| Organization | Role | Status/Tenure | Notes |
|---|---|---|---|
| Public company boards | — | None disclosed | No other public company directorships disclosed in GHI filings |
Board Governance
- Independence: Determined independent under Section 10A of the Exchange Act and NYSE standards; one of four independent managers (with Lilly, Griffith, Wilson) .
- Committee assignments: Audit Committee members are Steven C. Lilly and Deborah A. Wilson (both “financial experts”) and W. Kimball Griffith; Jacobsen is not listed as a member .
- Attendance/engagement: In 2024, the Board of Managers met 4 times with 100% attendance; the Audit Committee met 4 times with 100% attendance (Board‑level metrics) .
- Years of service: On Board since 2023 .
- Structure note: No standing compensation or nominating/governance committees; those responsibilities are handled by the full Board .
Fixed Compensation (Director)
| Year | Cash Fees ($) | Equity Grant Fair Value ($) | Total ($) |
|---|---|---|---|
| 2024 | 37,500 | 37,345 | 74,845 |
Notes:
- Compensation is disclosed as director “fees earned or paid in cash” and restricted unit awards (RUAs) to Managers; GHI pays no additional compensation to Managers beyond these amounts .
Performance Compensation (Director Equity)
| Grant Date | Award Type | Grant-Date Fair Value ($) | Units Granted | Unvested Units at 12/31/2024 | Vesting/Terms |
|---|---|---|---|---|---|
| 2024-02-26 | Restricted Unit Awards (RUAs) | 37,345 | Not individually disclosed (Managers in aggregate received 18,270 RUAs) | 2,912 | Per‑director vesting schedule not disclosed; RUAs follow plan terms |
Additional plan terms and investor‑alignment provisions:
- Repricing prohibition: No repricing of options/UARs without unitholder approval .
- Clawback: Dodd‑Frank–compliant compensation recovery policy adopted Nov. 7, 2023 .
- Equity plan: 2015 Equity Incentive Plan term extended proposal to June 24, 2027 (consent solicitation) .
Other Directorships & Interlocks
| Item | Disclosure |
|---|---|
| Compensation committee interlocks | None; no standing compensation committee and no interlocks reported for 2024 |
| Director interlocks/conflicts | None disclosed specific to Jacobsen in filings |
Expertise & Qualifications
- Municipal finance and capital markets (underwriting, trading, sale of municipal bonds; securitization and derivatives for muni financing) .
- Real estate‑secured transactions, principal and agent experience .
- Education: B.A., M.A. (Columbia University); M.B.A. (University of Michigan) .
Equity Ownership
| As‑of Date | Total Beneficial Ownership (BUCs) | Included Restricted Units | Ownership % of Shares Outstanding | Pledging/Hedging |
|---|---|---|---|---|
| 2025-04-28 | 7,082 | 3,795 (with voting rights) | <1% (denoted “*”) | Hedging/monetization prohibited by policy; pledging not disclosed |
Related‑Party Exposure and Conflicts
- Policy/process: Audit Committee reviews/approves related‑party transactions per defined thresholds and fairness criteria .
- 2024 disclosure: “No material financial transactions with any related party or immediate family member of a Manager or executive officer” during 2024, other than the structural arrangements described below .
- Structural manager relationship: The General Partner and Greystone AF Manager LLC provide services; the Partnership reimburses allocated salaries/benefits and pays contractual fees. 2024 reimbursements to affiliates totaled $6.73M (reimbursable salaries/benefits and other expenses) and administrative fees to the General Partner were $6.21M .
Governance Policies (Investor Alignment Signals)
- Hedging policy: Prohibits hedging or monetization transactions by Managers, officers, employees, and covered persons .
- Clawback: Adopted and aligned to NYSE Rule 303A.14 and Exchange Act Section 10D .
- Option/UAR repricing prohibition: Requires unitholder approval; anti‑repricing provision in plan .
Governance Assessment
- Positives:
- Independent director with deep municipal bond and structured finance expertise; relevant to GHI’s MRB/GIL‑based strategy .
- Board‑level attendance was 100% in 2024, indicating high engagement .
- Pay mix includes equity (RUAs), aligning director incentives with unitholders; clawback and anti‑hedging in place .
- Watch‑items:
- Externalized management structure and related‑party reimbursements/fees are material at the Partnership level; continued oversight of affiliate transactions is critical (Audit Committee review noted) .
- No standing compensation or nominating/governance committees (Board handles these functions), which can concentrate governance authority; independence mitigants include majority‑independent Board and Audit Committee composition .