Reports
Our 2025 Community Investment Note® Impact Report, “Resilient Communities, Lasting Impact”
November 03, 2025
You can read our 2025 Impact Report below or download it here.
A message from our leadership:
October 2025
In a time of global uncertainty, our portfolio continues to deliver meaningful, measurable change. This year’s report explores how resilience—of our partners, our capital, and our approach—is essential to building a more inclusive and sustainable financial system.
Thirty years ago, in October 1995, we sold our first Community Investment Note®. In 1996, we deployed $1.4 million to four borrowers. Since then, we’ve invested more than $2 billion in 600 borrowers across 117 countries, expanding from core sectors of affordable housing, microfinance, and community development into new high-impact areas such as renewable energy, environmental sustainability, and small business lending. We’re grateful that many of you have been with us on this journey for most or all of this time—we couldn’t have done it without your support!
Our success is rooted in listening—to our portfolio partners, our investors, and the communities we serve. Through the Community Investment Note® we have helped seed new markets, scaled proven models, and even created new products. That’s because the Community Investment Note® Portfolio is more than a source of capital—it’s a launchpad for innovation. Several of our products and programs—like the Cut Carbon Note®—started as a single loan in the Community Investment Note® portfolio.
As a Community Investment Note® investor, your capital powers all of this—from lending in communities to building new products that continue to expand the impact investing sector and allow more people to put their portfolios to work for a better world.
With gratitude,
Justin Conway, Chief Product & Partnerships Officer
Jennifer Pryce, President & CEO
Catherine Godschalk, Chief Investment Officer
