secwatch / observer

Greystone Housing Impact Investors LP — fact timeline

Source-grounded facts extracted from Greystone Housing Impact Investors LP's SEC 8-K filings across all families, newest first. Each cites a verbatim SEC excerpt.

GHI Greystone Housing Impact Investors LP JSON

Eric R. Nielsen was appointed as interim Chief Financial Officer at Greystone Housing Impact Investors LP.

“the Board of Managers of Greystone AF Manager LLC ("Greystone Manager"), which is the general partner of the general partner of the Partnership, appointed Eric R. Nielsen to serve as the Partnership's interim Chief Financial Officer, effective as of July 1, 2026.”

Jesse A. Coury departed as Chief Financial Officer at Greystone Housing Impact Investors LP.

“On June 2, 2026, Jesse A. Coury informed Greystone Housing Impact Investors LP (the "Partnership") of his resignation as Chief Financial Officer of the Partnership effective as of June 30, 2026.”
Earnings Releases

Greystone Housing Impact Investors LP reported the three months ended March 31, 2026 results: net income $1.32 million, EPS $0.01 per Beneficial Unit Certificate (“BUC”), basic and diluted.

“Greystone Housing Impact Investors Reports First Quarter 2026 Financial Results”
Earnings Releases

Greystone Housing Impact Investors LP reported the year ended December 31, 2025 results: net income Net loss of $7.6 million or $0.52 per Beneficial Unit Certificate (“BUC”), basic and diluted, EPS $0.52 per BUC.

“The Partnership reported the following results for the year ended December 31, 2025: • Net loss of $7.6 million or $0.52 per Beneficial Unit Certificate (“BUC”), basic and diluted • Cash Available for Distribution (“CAD”) of $19.1 million or $0.82 per BUC”
Earnings Releases

Greystone Housing Impact Investors LP reported the three months ended December 31, 2025 results: net income Net loss of $2.6 million or $0.17 per Beneficial Unit Certificate (“BUC”), basic and diluted, EPS $0.17 per BUC.

“The Partnership reported the following results as of and for the three months ended December 31, 2025: • Net loss of $2.6 million or $0.17 per Beneficial Unit Certificate (“BUC”), basic and diluted • Cash Available for Distribution (“CAD”) of $2.8 million or $0.12 per BUC • Total assets of $1.5 billion • Total Mortgage Revenue Bond (“MRB”) and Governmental Issuer Loan (“GIL”) investments of $1.15 billion”
Debt Financings

Greystone Housing Impact Investors LP incurred credit facility of $84,000,000 with BankUnited, N.A. and ServisFirst Bank at one-month Term SOFR plus 2.75%.

“the Borrower executed two promissory notes (the “Notes”) payable to the order of BankUnited, N.A. and ServisFirst Bank (collectively, the “Lenders”) totaling $84,000,000, which is the principal amount outstanding under the Amended Loan Agreement.”
Material Agreements

Greystone Housing Impact Investors LP amended First Amendment to Loan Agreement with BankUnited, N.A. valued at $84,000,000 (effective 2026-02-27).

“entered into a First Amendment to Loan Agreement (the “First Amendment”) with the administrative agent, BankUnited, N.A (as “Administrative Agent”)”
Material Agreements

Greystone Housing Impact Investors LP entered into Loan Agreement with BankUnited, N.A. valued at up to $84,000,000 (effective 2025-12-31).

“On December 31, 2025, GHI South Carolina Holdings LLC, GHI South Carolina Century Plaza LLC, GHI South Carolina Sondrio LLC, GHI South Carolina Vietti LLC, and GHI South Carolina Windsor LLC (collectively, the “Borrower”), all of which are subsidiaries of Greystone Housing Impact Investors LP (the “Partnership”), entered into a Loan Agreement (the “Loan Agreement”) of up to $84,000,000 with the administrative agent, sole lead arranger and sole bookrunner, BankUnited, N.A (as “Administrative Agent”).”
Debt Financings

Greystone Housing Impact Investors LP incurred credit facility of $84,000,000 with BankUnited, N.A at one-month Term SOFR plus 2.75% maturing December 31, 2027.

“On December 31, 2025, GHI South Carolina Holdings LLC, GHI South Carolina Century Plaza LLC, GHI South Carolina Sondrio LLC, GHI South Carolina Vietti LLC, and GHI South Carolina Windsor LLC (collectively, the “Borrower”), all of which are subsidiaries of Greystone Housing Impact Investors LP (the “Partnership”), entered into a Loan Agreement (the “Loan Agreement”) of up to $84,000,000 with the administrative agent, sole lead arranger and sole bookrunner, BankUnited, N.A (as “Administrative Agent”).”
Material Agreements

Greystone Housing Impact Investors LP terminated Amended and Restated Capital on Demand TM Sales Agreement with JonesTrading Institutional Services LLC and BTIG, LLC valued at $50,000,000 (effective 2025-12-11).

“Effective December 11, 2025, Greystone Housing Impact Investors LP (the “Partnership”) terminated the certain Amended and Restated Capital on Demand TM Sales Agreement dated March 8, 2024 (the “Sales Agreement”) between the Partnership and JonesTrading Institutional Services LLC and BTIG, LLC, as agents (each an “Agent,” and collectively the “Agents”) in accordance with the terms of such agreement.”
Auditor Changes

Greystone Housing Impact Investors LP engaged Grant Thornton LLP as its auditor.

“the Audit Committee engaged Grant Thornton to serve as the Partnership’s independent registered public accounting firm for the fiscal year ending December 31, 2025.”
Auditor Changes

Greystone Housing Impact Investors LP dismissed PricewaterhouseCoopers LLP as its auditor.

“the Audit Committee and senior management of the Partnership elected to change the Partnership’s independent registered public accounting firm by dismissing PricewaterhouseCoopers LLP (“PwC”) and engaging Grant Thornton LLP (“Grant Thornton”), with the change becoming effective on that date.”
Debt Financings

Greystone Housing Impact Investors LP incurred credit facility of up to $80,000,000 with Bankers Trust Company at Adjusted Term SOFR plus 2.50% maturing June 30, 2027.

“On June 30, 2025, Greystone Housing Impact Investors LP (the “Partnership”) entered into a Credit Agreement (the “Credit Agreement”) of up to $80,000,000 with its administrative agent, sole arranger and sole bookrunner, Bankers Trust Company (“Agent”).”
Debt Financings

Greystone Housing Impact Investors LP incurred revolving credit of up to $80,000,000 with Bankers Trust Company at Adjusted Term SOFR plus 2.50% maturing June 30, 2027.

“On June 30, 2025, Greystone Housing Impact Investors LP (the “Partnership”) entered into a Credit Agreement (the “Credit Agreement”) of up to $80,000,000 with its administrative agent, sole arranger and sole bookrunner, Bankers Trust Company (“Agent”).”
Debt Financings

Greystone Housing Impact Investors LP amended credit facility with BankUnited, N.A., Bankers Trust Company, and NexBank maturing June 12, 2027.

“Sixth Amendment to Credit Agreement On June 12, 2025, Greystone Housing Impact Investors LP (the “Partnership”) entered into a Sixth Amendment to Credit Agreement and Annex A to Sixth Amendment (collectively, the “Sixth Amendment”), with BankUnited, N.A., Bankers Trust Company, and NexBank (collectively, the “Lenders”), and the sole lead arranger and administrative agent, BankUnited, N.A.”
Earnings Releases

Greystone Housing Impact Investors LP reported the three months ended March 31, 2024 results: EPS $0.42 per Beneficial Unit Certificate ("BUC"), basic and diluted.

“The Partnership reported the following results as of and for the three months ended March 31, 2024: • Net income of $0.42 per Beneficial Unit Certificate ("BUC"), basic and diluted”
Material Agreements

Greystone Housing Impact Investors LP entered into Amended and Restated Capital on Demand TM Sales Agreement with JonesTrading Institutional Services LLC and BTIG, LLC valued at aggregate offering price of up to $50,000,000 (effective 2024-03-08).

“On March 8, 2024, Greystone Housing Impact Investors LP, a Delaware limited partnership (the “Partnership”), entered into an Amended and Restated Capital on Demand TM Sales Agreement (the “Sales Agreement”) with JonesTrading Institutional Services LLC and BTIG, LLC, as agents (each, an “Agent,” and collectively the “Agents”), pursuant to which the Partnership may offer and sell, from time to time through or to the Agents, beneficial unit certificates representing assigned limited partnership interests (“BUCs”) in the Partnership, having an aggregate offering price of up to $50,000,000 (the “Offering”).”
Debt Financings

Greystone Housing Impact Investors LP incurred credit facility of $10,000,000 with BankUnited, N.A.; Bankers Trust Company; NexBank at not specified maturing not specified.

“Credit Agreement”). In connection with the Fifth Amendment, the Partnership executed a Promissory Note payable to the order of NexBank with an original principal amount of up to $10,000,000 (the “Note”). The material amendment to the Amended Credit Agreement accomplished by the Fifth Amendment was the addition of NexBank’s commitment of up to $10.0 million, which”
Material Agreements

Greystone Housing Impact Investors LP amended Fifth Amendment to Credit Agreement with BankUnited, N.A., Bankers Trust Company (as Lenders), and BankUnited, N.A. (as Administrative Agent) valued at up to $10.0 million (effective 2024-03-04).

“On March 4, 2024, Greystone Housing Impact Investors LP (the “Partnership”) entered into a Fifth Amendment to Credit Agreement (the “Fifth Amendment”),”
Earnings Releases

Greystone Housing Impact Investors LP reported the three months and year ended December 31, 2023 results: net income Net income of $0.24 per Beneficial Unit Certificate (“BUC”), basic and diluted (for Q4) and Net income of $2.07 per BUC,.

“Greystone Housing Impact Investors Reports Fourth Quarter and Annual 2023 Financial Results”
Material Agreements

Greystone Housing Impact Investors LP entered into Subscription Agreement with Texas Capital Community Development Corporation valued at $5,000,000 (effective 2024-02-02).

“On February 2, 2024, Greystone Housing Impact Investors LP (the “Partnership”) issued, under its existing “shelf” registration statement on Form S-3 (Reg. No. 333-259207), 500,000 Series B Preferred Units representing limited partnership interests in the Partnership (the “Series B Preferred Units”) to Texas Capital Community Development Corporation, which is an affiliate of Texas Capital Bank (the “Investor”), resulting in $5,000,000 in aggregate proceeds to the Partnership. The issuance of the Series B Preferred Units was effected pursuant to a subscription agreement entered into between the Partnership and the Investor dated as of February 2, 2024 (the “Subscription Agreement”).”
Material Agreements

Greystone Housing Impact Investors LP entered into Exchange Agreement with Mechanics Bank valued at Exchange of 1,750,000 Series B Preferred Units for 1,750,000 Series A Preferred Units | no net proce (effective 2024-01-19).

“Item 1.01 Entry into a Material Definitive Agreement. On January 19, 2024, Greystone Housing Impact Investors LP (the “Partnership”) issued, under its existing “shelf” registration statement on Form S-4 (Reg. No. 333-275170), 1,750,000 Series B Preferred Units representing limited partnership interests in the Partnership (the “Series B Preferred Units”) to Mechanics Bank (the “Investor”) in exchange for 1,750,000 outstanding Series A Preferred Units representing limited partnership interests in the Partnership (the “Series A Preferred Units”) held of record by the Investor.”
Earnings Releases

Greystone Housing Impact Investors LP reported the nine months ended September 30, 2023 results: net income $1.84 per BUC, basic and diluted, EPS $1.84 per BUC, basic and diluted.

“The Partnership reported the following results for the nine months ended September 30, 2023: • Net income of $1.84 per BUC, basic and diluted • CAD of $1.67 per BUC”
Earnings Releases

Greystone Housing Impact Investors LP reported the three months ended September 30, 2023 results: net income $0.39 per Beneficial Unit Certificate (“BUC”), basic and diluted, EPS $0.39 per BUC, basic and diluted.

“The Partnership reported the following results as of and for the three months ended September 30, 2023: • Net income of $0.39 per Beneficial Unit Certificate (“BUC”), basic and diluted • Cash Available for Distribution (“CAD”) of $0.25 per BUC • Total assets of $1.55 billion • Total Mortgage Revenue Bond (“MRB”) and Governmental Issuer Loan (“GIL”) investments of $1.1 billion”
Debt Financings

Greystone Housing Impact Investors LP incurred debt of approximately $61.5 million with Jefferies LLC at 7.125% per annum maturing July 25, 2034.

“The Class B-1 Certificates were purchased by Jefferies LLC (the “Initial Purchaser”) which then sold the Class B-1 Certificates to unaffiliated investors.”
Material Agreements

Greystone Housing Impact Investors LP entered into Administration Agreement with Trustee and Issuer (effective 2023-11-01).

“The Administration Agreement between the Partnership, the Trustee, and the Issuer restates the obligations of the Administrator set out in the Trust Agreement.”
Material Agreements

Greystone Housing Impact Investors LP entered into Trust Agreement with Issuer and Wilmington Trust, National Association (Trustee) (effective 2023-11-01).

“Under the Trust Agreement, the Issuer issued the Class B-1 Certificates and Class B-2 Certificates which are payable solely from the distributions on the Class B Certificates.”
Material Agreements

Greystone Housing Impact Investors LP entered into Portfolio Purchase Agreement with Wisconsin Public Financing Authority (Issuer) valued at approximately $82.0 million (effective 2023-11-01).

“Under the Portfolio Purchase Agreement between the Partnership and the Issuer, the Partnership sold and conveyed the Class B Certificates to the Issuer for the purchase price of approximately $82.0 million.”
Debt Financings

Greystone Housing Impact Investors LP incurred credit facility with BankUnited, N.A. and Bankers Trust Company.

“the Partnership will repay the Mortgage by the earlier of (a) the maturity date of the Mortgage, (b) the closing date of any sale of the Suites on Paseo property, and (c) September 19, 2024”
Material Agreements

Greystone Housing Impact Investors LP amended Fourth Amendment to Credit Agreement with BankUnited, N.A. and Bankers Trust Company (effective 2023-09-19).

“On September 19, 2023, Greystone Housing Impact Investors LP (the “Partnership”) entered into a Fourth Amendment to Credit Agreement and Annex A to Fourth Amendment (collectively, the “Fourth Amendment”), with BankUnited, N.A. and Bankers Trust Company (collectively, the “Lenders”), and the sole lead arranger and administrative agent, BankUnited, N.A. (the “Administrative Agent”) which modifies certain provisions of the Credit Agreement dated June 11, 2021”
Earnings Releases

Greystone Housing Impact Investors LP reported three and six months ended June 30, 2023 results: net income Net income of $0.85 per Beneficial Unit Certificate ("BUC"), basic and diluted, EPS $0.85 per BUC.

“Greystone Housing Impact Investors Reports Second Quarter 2023 Financial Results Omaha, Nebraska – On August 3, 2023, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced financial results for the three and six months ended June 30, 2023.”

Robert K. Jacobsen was appointed as Director at Greystone Housing Impact Investors LP.

“On July 26, 2023, Greystone LB Holdings LLC, in its capacity as the sole member of Greystone AF Manager LLC, appointed Robert K. Jacobsen as a member of the Board of Managers of Greystone AF Manager LLC (the “Greystone Manager Board”) effective as of August 1, 2023.”
Material Agreements

Greystone Housing Impact Investors LP amended Third Amendment to Credit Agreement with BankUnited, N.A., Bankers Trust Company (effective 2023-07-11).

“On July 11, 2023, Greystone Housing Impact Investors LP (the “Partnership”) entered into a Third Amendment to Credit Agreement and Annex A to Third Amendment (collectively, the “Third Amendment”), with BankUnited, N.A. and Bankers Trust Company (collectively, the “Lenders”), and the sole lead arranger and administrative agent, BankUnited, N.A. (the “Administrative Agent”) which modifies certain provisions of the Credit Agreement dated June 11, 2021”
Material Agreements

Greystone Housing Impact Investors LP amended Third Amendment to Amended and Restated Credit Agreement with Bankers Trust Company (effective 2023-06-27).

“On June 27, 2023, Greystone Housing Impact Investors LP (the “Partnership”) entered into a Third Amendment to Amended and Restated Credit Agreement (the “Third Amendment”) with Bankers Trust Company (“Bankers Trust”) which modifies certain provisions of the Amended and Restated Credit Agreement (the "Amended Credit Agreement") between the Partnership and Bankers Trust dated August 23, 2021, as amended by the First Amendment to Amended and Restated Credit Agreement dated April 29, 2022 (the “First Amendment”) and the Second Amendment to Amended and Restated Credit Agreement dated July 29, 2022 (the “Second Amendment”).”
Material Agreements

Greystone Housing Impact Investors LP amended Second Amendment with BankUnited, N.A. and Bankers Trust Company (effective 2023-06-09).

“On June 9, 2023, Greystone Housing Impact Investors LP (the “Partnership”) entered into a Second Amendment to Credit Agreement and Annex A to Second Amendment (collectively, the “Second Amendment”), with BankUnited, N.A. and Bankers Trust Company (collectively, the “Lenders”), and the sole lead arranger and administrative agent, BankUnited, N.A. (the “Administrative Agent”) which modifies certain provisions of the Credit Agreement dated June 11, 2021”
Governance Changes

Greystone Housing Impact Investors LP: Amended Series B Preferred Units to increase distribution rate from 3.40% to 5.75% per annum and change the redemption restriction period from eighth anniversary to sixth anniversary of purchase (effective 2023-06-06).

“On June 6, 2023, the Board of Managers (the “Board”) of Greystone AF Manager LLC, which is the general partner of America First Capital Associates Limited Partnership Two (the “General Partner”), which is the general partner of Greystone Housing Impact Investors LP (the “Partnership”), on behalf of the Partnership, entered into the First Amendment (the “First Amendment”) to Second Amended and Restated Agreement of Limited Partnership of Greystone Housing Impact Investors LP (the “Partnership Agreement”) to modify certain terms of the limited partnership interests in the Partnership designated as Series B Preferred Units (the “Series B Preferred Units”). Pursuant to the First Amendment, the Partnership amended the terms of the Series B Preferred Units to: (i) increase the cash distribution rate applicable to the Series B Preferred Units from 3.40% to 5.75% per annum of the $10.00 per unit purchase price of the Series B Preferred Units; and (ii) change the date prior to which Series B Pr”
Material Agreements

Greystone Housing Impact Investors LP entered into Subscription Agreement with PNC Community Development Company, LLC valued at $10,000,000 (effective 2023-06-02).

“On June 2, 2023, Greystone Housing Impact Investors LP (the “Partnership”) issued, under its existing “shelf” registration statement on Form S-3 (Reg. No. 333-259203), 1,000,000 Series A-1 Preferred Units to PNC Community Development Company, LLC (the “Investor”), resulting in $10,000,000 in aggregate proceeds to the Partnership. The issuance of the Series A-1 Preferred Units was effected pursuant to a subscription agreement entered into between the Partnership and the Investor dated as of June 2, 2023 (the “Subscription Agreement”).”
Earnings Releases

Greystone Housing Impact Investors LP reported first quarter ended March 31, 2023 results: EPS $0.60 per Beneficial Unit Certificate ("BUC"), basic and diluted.

“The Partnership reported the following results as of and for the three months ended March 31, 2023: • Net income of $0.60 per Beneficial Unit Certificate ("BUC"), basic and diluted”
Earnings Releases

Greystone Housing Impact Investors LP reported the year ended December 31, 2022 results: net income $2.62 per BUC, basic and diluted, EPS $2.62 per BUC.

“The Partnership reported the following results for the year ended December 31, 2022: • Net income of $2.62 per BUC, basic and diluted • CAD of $2.37 per BUC”
Earnings Releases

Greystone Housing Impact Investors LP reported the three months ended December 31, 2022 results: net income $0.09 per Beneficial Unit Certificate ("BUC"), basic and diluted, EPS $0.09 per BUC.

“The Partnership reported the following results as of and for the three months ended December 31, 2022: • Net income of $0.09 per Beneficial Unit Certificate (“BUC”), basic and diluted • Cash Available for Distribution (“CAD”) of $0.15 per BUC • Total assets of $1.57 billion • Total Mortgage Revenue Bond (“MRB”) and Governmental Issuer Loan (“GIL”) investments of $1.1 billion”
Material Agreements

Greystone Housing Impact Investors LP entered into Subscription Agreement with Pacific Premier Bank valued at Issuance of 800,000 Series A-1 Preferred Units for $8,000,000 aggregate proceeds (effective 2023-02-15).

“333-255475), 700,000 Series A-1 Preferred Units representing limited partnership interests in the Partnership (the “Series A-1 Preferred Units”) to Pacific Premier Bank (the “Investor”) in exchange for 700,000 outstanding Series A Preferred Units representing limited partnership interests in the Partnership (the “Series A Preferred Units”) held of record by the Investor.”
Material Agreements

Greystone Housing Impact Investors LP entered into Exchange Agreement with Pacific Premier Bank valued at Amendments to agreement for exchange of 700,000 Series A Preferred Units for Series A-1 Preferred Un (effective 2023-02-15).

“Item 1.01 Entry into a Material Definitive Agreement. Series A-1 Preferred Units Exchange Agreement On February 15, 2023, Greystone Housing Impact Investors LP (the “Partnership”) issued, under its existing “shelf” registration statement on Form S-4 (Reg. No. 333-255475), 700,000 Series A-1 Preferred Units representing limited partnership interests in the Partnership (the “Series A-1 Preferred Units”) to Pacific Premier Bank (the “Investor”) in exchange for 700,000 outstanding Series A Preferred Units representing limited partnership interests in the Partnership (the “Series A Preferred Units”) held of record by the Investor.”
Debt Financings

Greystone Housing Impact Investors LP entered an off-balance-sheet arrangement for debt of $102.7 million with Mizuho Capital Markets LLC at USD-SOFR plus 4.00%, with an all-in interest rate floor of 4.25%.

“The TRS transaction has an initial notional amount of $102.7 million and reduces the Partnership’s net interest cost to a rate equal to USD-SOFR plus 4.00%, with an all-in interest rate floor of 4.25%.”
Debt Financings

Greystone Housing Impact Investors LP incurred senior notes of $102.7 million with U.S. Bank Trust Company, National Association (as trustee) at USD-SOFR plus 9.25% maturing September 1, 2025.

“On December 14, 2022, Greystone Housing Impact Investors LP (formerly America First Multifamily Investors, L.P., the “Partnership”), and its affiliate, ATAX TEBS Holdings, LLC (the “Issuer”), entered into a number of agreements pursuant to which the Issuer issued $102.7 million aggregate principal amount of Taxable Secured Notes 2022 Series A (“Notes”).”
Material Agreements

Greystone Housing Impact Investors LP entered into Guaranty with U.S. Bank Trust Company, National Association (effective 2022-12-14).

“The Partnership entered into a Limited Guaranty, Pledge of Sole Membership Interests and Security Agreement with the Trustee dated as of December 14, 2022 (the “Guaranty”) which sets forth the terms by which the Partnership, as the sole member of the Issuer, has guaranteed the payment and performance of the responsibilities of the Issuer under the Notes and related documents.”
Material Agreements

Greystone Housing Impact Investors LP entered into Supplemental Agreement with FMSbonds, Inc., Mizuho Capital Markets LLC, and U.S. Bank Trust Company, National Association valued at $102.7 million (effective 2022-12-14).

“and a Supplemental Agreement dated as of December 14, 2022 (the “Supplemental Agreement”) by and between the Issuer, FMSbonds, Inc., as underwriter (“FMS”), Mizuho Capital Markets LLC, as noteholder representative (“Mizuho”), and the Trustee.”
Material Agreements

Greystone Housing Impact Investors LP entered into Indenture with U.S. Bank Trust Company, National Association valued at $102.7 million (effective 2022-12-14).

“The Notes were issued under an Indenture of Trust dated as of December 14, 2022 (the “Indenture”) by and between the Issuer and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “Trustee”), and a Supplemental Agreement dated as of December 14, 2022 (the “Supplemental Agreement”) by and between the Issuer, FMSbonds, Inc., as underwriter (“FMS”), Mizuho Capital Markets LLC, as noteholder representative (“Mizuho”), and the Trustee.”

Hafize Gaye Erkan resigned as Director at Greystone Housing Impact Investors LP.

“On December 14, 2022, Hafize Gaye Erkan, a member of the Board of Managers of Greystone AF Manager LLC (the “Greystone Manager Board”), which is the general partner of the general partner of Greystone Housing Impact Investors LP (the “Partnership”), notified the Greystone Manager Board of her intention to resign effective December 14, 2022, including in her capacity as the equivalent of a director of the Partnership.”

Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.