Greystone Housing Impact Investors (GHI) AI Stock Analysis

• Market Cap: $138.90M
• Dividend Yield: 18.74%
• Average Volume (3M): 70.71K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.39
• Revenue Growth: -12.56%
• EPS Growth: -69.72%
• Country: US
• Employees: 1
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Mortgages
• EPS (TTM): 0.12
• Shares Outstanding: 23,582,453
• 10 Day Avg. Volume: 82,045
• 30 Day Avg. Volume: 70,713
• PEG Ratio: 0.15
• Price to Book (P/B): <0.01
• Price to Sales (P/S): 1.87
• P/FCF Ratio: <0.01
• Enterprise Value/Market Cap: 8.89
• Enterprise Value/Revenue: 16.30
• Enterprise Value/Gross Profit: 36.06
• Enterprise Value/Ebitda: 584.90
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 1.75
• Revenue Forecast (FY): $107.20M

• Rating: 49 Neutral
• Price Target: $6.00 ▲(1.87% Upside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is held down primarily by weakened financial performance (losses, revenue contraction, and higher balance-sheet uncertainty) and bearish technicals (downtrend despite being oversold). Partially offsetting these are a very high dividend yield and a mixed-to-positive earnings update emphasizing a shift toward more stable, tax-advantaged MRB income, though occupancy and credit-loss items remain key risks.

Positive Factors

Tax-exempt mortgage revenue bond focus

Shifting capital from market-rate joint venture equity into tax-exempt mortgage revenue bonds increases the share of tax-advantaged, yield-bearing assets. This structural repositioning should produce steadier interest income and improve predictability of distributable cash over the medium term.

Interest-rate hedging reduces rate sensitivity

Material hedging of interest-rate exposure limits earnings volatility from market rate swings. For a mortgage lender, durable hedges protect net interest income and margin compression risk, supporting more stable cash flow and distributions through rate cycles over coming quarters.

Proven joint-venture execution

A track record of realized gains from joint ventures demonstrates execution capability in originating, stabilizing, and exiting multifamily investments. This operational competency supports recurring origination fee income and the potential to redeploy capital into core tax-exempt lending.

Negative Factors

Revenue decline and net loss

A sustained slide from prior strong profitability to a revenue contraction and a net loss weakens internal earnings capacity. Reduced recurring income strains distribution sustainability and limits retained earnings available to absorb credit volatility or fund growth over the next several quarters.

Historical leverage and inconsistent 2025 snapshot

Previously high leverage in a mortgage-focused business amplifies earnings and credit volatility. An inconsistent 2025 balance-sheet presentation lowers confidence in solvency metrics and complicates stakeholder assessment of covenant capacity and long-term financial flexibility.

Asset defaults and tighter lender covenants

Defaults and deeds-in-lieu force the partnership into asset management and drag on cash flow, while amended loans impose tighter covenants. These structural constraints reduce maneuverability, raise operating risk, and can increase credit provisions over the medium term.

Greystone Housing Impact Investors Business Overview & Revenue Model

Company Description

Greystone Housing Impact Investors LP acquires, holds, sells, and deals in a portfolio of mortgage revenue bonds (MRBs) that are issued to provide construction and/or permanent financing for multifamily and student housing residential properties and commercial properties. It operates through four segments: Affordable Multifamily MRB Investments, Seniors and Skilled Nursing MRB Investments, MF Properties, Market-Rate Joint Venture Investments. The company was formerly known as America First Multifamily Investors, L.P. and changed its name to Greystone Housing Impact Investors LP in December 2022. The company was incorporated in 1998 and is based in Omaha, Nebraska.

How the Company Makes Money

GHI primarily makes money from its real estate lending activities and related investment income. Key revenue streams generally include: (1) Interest income: earnings on the outstanding principal balance of its mortgage loans and mezzanine loans, typically structured with fixed or floating interest rates, which is the core recurring source of revenue while loans are held on its balance sheet. (2) Origination and fee income: fees earned when GHI originates or structures loans (e.g., loan origination fees and other transaction-related charges), which are typically recognized around the time a loan is funded, subject to applicable accounting treatment. (3) Exit-related income: potential prepayment penalties, yield maintenance, or other contractual amounts received if borrowers refinance or repay early, depending on loan terms. (4) Investment/ancillary income: income associated with related financial positions tied to its lending and funding activities (e.g., cash management or hedging impacts), to the extent applicable. GHI’s profitability is influenced by the spread between the yield it earns on loans and its cost of funds, as well as credit performance of the loan portfolio (losses, impairments, or charge-offs reduce earnings). Information on specific partnerships, named counterparties, or exact funding arrangements used by GHI is null.

Greystone Housing Impact Investors Financial Statement Overview

Summary

Financial performance weakened materially: the income statement reflects a swing to losses and revenue contraction, and the balance sheet carries elevated risk due to historical leverage plus limited clarity in the latest snapshot. Cash flow trends were constructive through 2024, but 2025 step-changes reduce confidence, keeping the overall financial score low.

Income Statement

Earnings quality and momentum weakened materially in the latest year: revenue fell about 9% (2025 annual) and the company swung to a net loss (about -9% margin) after strong profitability in 2021–2024 (net margins generally in the ~13% to ~49% range). Revenue growth also decelerated from strong gains in 2021–2022 to contraction in 2023–2025, highlighting a tougher operating backdrop and reduced consistency.

Balance Sheet

Leverage has been a notable risk historically, with debt-to-equity around ~1.6x–3.0x from 2020–2024, which can amplify volatility in a mortgage-focused business. While 2025 shows zero debt, the balance sheet figures appear inconsistent versus prior years (e.g., unusually large equity and unusually small assets), so the latest-period solvency picture is hard to rely on; overall, the balance sheet profile reads as higher-risk due to past leverage and limited clarity in the most recent snapshot.

Cash Flow

Cash generation was solid and generally supportive of earnings in 2020–2024, with operating cash flow typically close to or above net income and positive free cash flow each year. However, 2025 cash flow values show extreme step-changes versus history (very large operating/free cash flow and very high growth), which reduces confidence in trend interpretation; still, the underlying pattern through 2024 suggests reasonably good cash conversion.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	85.39M	100.03M	145.34M	133.97M	83.96M
Gross Profit	85.30M	40.00M	76.28M	90.41M	62.01M
EBITDA	43.36M	21.38M	55.56M	68.23M	40.90M
Net Income	-7.61M	21.32M	54.01M	65.56M	38.10M
Balance Sheet
Total Assets	1.50B	1.58B	1.51B	1.57B	1.39B
Cash, Cash Equivalents and Short-Term Investments	55.83K	14.70M	37.92M	51.19M	68.29M
Total Debt	1.10B	1.16B	1.05B	1.12B	894.77M
Total Liabilities	1.12B	1.20B	1.08B	1.15B	919.04M
Stockholders Equity	379.63B	383.43M	431.74M	418.40M	466.87M
Cash Flow
Free Cash Flow	37.53B	17.99M	24.14M	19.32M	33.78M
Operating Cash Flow	37.53B	17.99M	24.94M	21.13M	33.94M
Investing Cash Flow	66.33M	-105.20M	53.56M	-278.60M	-187.47M
Financing Cash Flow	-80.29M	70.78M	-123.40M	198.18M	182.47M

Greystone Housing Impact Investors Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.89
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GHI, the sentiment is Negative. The current price of 5.89 is below the 20-day moving average (MA) of 7.47, below the 50-day MA of 7.62, and below the 200-day MA of 9.00, indicating a bearish trend. The MACD of -0.31 indicates Positive momentum. The RSI at 20.66 is Positive, neither overbought nor oversold. The STOCH value of 7.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GHI.

Greystone Housing Impact Investors Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SNFCA	68 Neutral	$242.05M	6.93	5.30%	―	3.25%	-37.79%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
VEL	62 Neutral	$683.48M	7.28	17.03%	―	36.73%	27.50%
ONIT	54 Neutral	$326.72M	1.94	33.38%	―	-6.28%	112.66%
IOR	53 Neutral	$76.24M	17.89	3.21%	―	―	-30.69%
GHI	49 Neutral	$138.90M	-20.98	>-0.01%	18.74%	-12.56%	-69.72%
CNF	49 Neutral	$30.43M	-0.19	-1.25%	―	―	―

Greystone Housing Impact Investors Corporate Events

Greystone Housing Declares Quarterly Distribution, Refines Investment Focus

On March 18, 2026, Greystone Housing Impact Investors LP published supplemental fourth-quarter 2025 financial and operating information on its website, noting that the data is selected and not a full GAAP financial statement set. The partnership emphasized that the furnished materials are not deemed filed for securities law liability purposes and will not be automatically incorporated into future regulatory filings, underscoring a controlled approach to financial disclosures.

Also on March 18, 2026, the partnership’s board declared a regular quarterly cash distribution of $0.14 per Beneficial Unit Certificate, payable on April 30, 2026 to unitholders of record as of the close of trading on March 31, 2026, when the units will trade ex-distribution. Management framed the payout level as sustainable as the firm exits market-rate multifamily joint venture equity holdings and reallocates capital into higher quality tax-exempt mortgage revenue bonds aimed at delivering more stable, tax-advantaged earnings and long-term value for investors.

The most recent analyst rating on (GHI) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Greystone Housing Impact Investors stock, see the GHI Stock Forecast page.

Greystone Housing Schedules Q4 2025 Earnings Call, K-1s

Greystone Housing Impact Investors LP said on March 17, 2026, that it will hold a conference call on March 19, 2026, to discuss its fourth-quarter 2025 results, underscoring ongoing engagement with income-focused unitholders following the filing of its 2025 Form 10-K with the SEC on March 16, 2026. The Partnership also reported that investor Schedule K-1 forms for tax year 2025 are now available electronically and will be mailed in paper form unless investors have opted for paperless delivery, a logistical step aimed at streamlining tax reporting and enhancing investor services.

The announcement highlights operational readiness around financial disclosure and tax documentation at a time when transparency and timely reporting are key for maintaining credibility in the affordable housing bond market. By coordinating earnings communications with regulatory filings and K-1 distribution, Greystone Housing Impact Investors is reinforcing its investor-relations infrastructure, which may help sustain confidence among existing unitholders and support its positioning in the housing-focused fixed-income investment space.

The most recent analyst rating on (GHI) stock is a Sell with a $6.50 price target. To see the full list of analyst forecasts on Greystone Housing Impact Investors stock, see the GHI Stock Forecast page.

Greystone Housing Amends Loan, Secures South Carolina Properties

On February 27, 2026, subsidiaries of Greystone Housing Impact Investors amended an existing $84 million loan with BankUnited and ServisFirst, modifying definitions, adding post-closing pledgors, adjusting extension requirements, and tightening financial covenants tied to debt service coverage tests in 2027. The amendment also confirmed an additional $42 million in principal used to acquire the 176-unit Windsor Shores Apartments in Columbia, S.C., and the 212-unit Century Plaza Apartments in Greenville, S.C., after the previously nonprofit-owned, recently rehabilitated properties defaulted on mortgage revenue bond covenants in February 2026, with the facilities now serving as collateral under a SOFR-based, swap-hedged structure securing the partnership’s control of these affordable housing assets.

The Partnership’s subsidiaries took title to Windsor Shores and Century Plaza via deeds in lieu of foreclosure on February 27, 2026, consolidating ownership of assets that had struggled to meet required operating performance after conversion from market-rate to rent-restricted affordable housing. By reaffirming guarantees, liens, and security interests and fully hedging the floating-rate exposure on the $84 million of notes, Greystone Housing Impact Investors stabilized the financing of these South Carolina properties, shoring up its affordable housing portfolio while tightening lender protections and preserving value for stakeholders in the wake of bond-related defaults.

The most recent analyst rating on (GHI) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Greystone Housing Impact Investors stock, see the GHI Stock Forecast page.

Greystone Housing Impact appoints Alfonso Costa Jr. to board

On January 20, 2026, Greystone Housing Impact Investors LP announced that Alfonso Costa Jr. had been appointed, effective January 15, 2026, to the Board of Managers of Greystone AF Manager LLC, the general partner of the partnership’s general partner, in a role equivalent to serving as a director of the partnership. Costa, currently chief operating officer of real estate developer Falcone Group and a former U.S. Department of Housing and Urban Development deputy chief of staff and Opportunity Zones lead, brings extensive experience in residential and affordable housing, which the company expects will support its strategy of expanding investments in affordable multifamily and seniors housing. The board determined that Costa does not meet New York Stock Exchange and SEC independence standards due to an existing advisory relationship with an affiliated entity, but disclosed that there were no special arrangements leading to his appointment and no related-party transactions requiring regulatory disclosure.

The most recent analyst rating on (GHI) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Greystone Housing Impact Investors stock, see the GHI Stock Forecast page.

Greystone Housing Impact Secures Facility After Asset Default

On December 31, 2025, subsidiaries of Greystone Housing Impact Investors LP entered into a secured loan agreement of up to $84 million with BankUnited, N.A., initially drawing $42 million to finance the acquisition of two multifamily properties in Greenville and Spartanburg, South Carolina that had been rehabilitated and converted to rent-restricted affordable housing. After those properties defaulted on mortgage revenue bond covenants in January 2026, the partnership exercised its remedies and took ownership via deeds in lieu of foreclosure on January 2, 2026, using the new facility—backed by extensive collateral, interest-rate hedging, and tight operational and financial covenants—to stabilize the assets and potentially fund additional affordable multifamily acquisitions, with recourse supported by comprehensive guarantees and liquidity and net worth tests at both the partnership and an affiliated guarantor, Greystone Select Incorporated.

The most recent analyst rating on (GHI) stock is a Hold with a $7.50 price target. To see the full list of analyst forecasts on Greystone Housing Impact Investors stock, see the GHI Stock Forecast page.