Greystone Housing Impact Investors (GHI) AI Stock Analysis

• Market Cap: $172.15M
• Dividend Yield: 18.74%
• Average Volume (3M): 169.03K
• Price to Earnings (P/E): 37.9
• Beta (1Y): 0.31
• Revenue Growth: -12.56%
• EPS Growth: -69.72%
• Country: US
• Employees: 1
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Mortgages
• EPS (TTM): 0.20
• Shares Outstanding: 23,582,453
• 10 Day Avg. Volume: 185,822
• 30 Day Avg. Volume: 169,028
• PEG Ratio: -0.18
• Price to Book (P/B): 0.62
• Price to Sales (P/S): 2.33
• P/FCF Ratio: 13.14
• Enterprise Value/Market Cap: 7.84
• Enterprise Value/Revenue: 14.35
• Enterprise Value/Gross Profit: 36.82
• Enterprise Value/Ebitda: 160.64
• 1Y Price Target: $12.00
• Price Target Upside: 64.38% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: $7.50 ▲(2.74% Upside)

Greystone Housing Impact Investors LP presents a mixed investment case. The high dividend yield and strategic shifts towards stable returns are positive, but high leverage and bearish technical indicators pose risks. The stock's valuation and recent corporate actions provide some support, but caution is advised due to financial and operational challenges.

Positive Factors

Strategic Shift to Tax-Exempt Bonds

This strategic shift aims to provide more predictable earnings and tax-advantaged income, enhancing long-term financial stability and benefiting unitholders.

Strong Liquidity Position

A strong liquidity position ensures the company can meet its short-term obligations and invest in growth opportunities, supporting long-term operational stability.

Joint Venture with BlackRock

This partnership with a major financial player like BlackRock can enhance Greystone's market position and provide additional revenue streams, supporting sustainable growth.

Negative Factors

High Leverage

High leverage increases financial risk, potentially impacting the company's ability to weather economic downturns and limiting financial flexibility.

Decline in Physical Occupancy

A decline in occupancy rates can reduce rental income, affecting revenue stability and potentially leading to financial strain if the trend continues.

Termination of Capital Sales Agreement

Ending this agreement may limit the company's ability to raise capital, impacting its financial strategy and potentially constraining growth and operational flexibility.

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

Greystone Housing Impact Investors generates revenue primarily through interest income from loans made to affordable housing projects and fees associated with asset management and advisory services. The company structures its financing solutions as debt investments, enabling it to earn interest over the life of the loans. Additionally, GHI may collect management fees from the funds it operates, which can include performance-based fees tied to the success of the investments. Strategic partnerships with government entities and nonprofit organizations also enhance GHI's ability to leverage funding sources, including tax credit programs and grants, further contributing to its earnings. By focusing on the growing demand for affordable housing and effectively managing its investment portfolio, GHI positions itself for sustainable revenue generation in a socially impactful sector.

Greystone Housing Impact Investors Financial Statement Overview

Summary

Greystone Housing Impact Investors shows mixed financial performance. Strengths include operational efficiency and positive cash flow trends, but challenges with revenue consistency and high leverage pose risks to financial stability.

Income Statement

Greystone Housing Impact Investors shows a mixed performance in its income statement. The company has experienced fluctuations in revenue, with a significant increase in 2024. However, the gross profit margin and net profit margin have shown inconsistency, indicating potential volatility in profitability. The EBIT and EBITDA margins are relatively stable, suggesting operational efficiency, but the overall revenue growth rate has been inconsistent over the years.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio, which may pose a risk if not managed carefully. The return on equity (ROE) is positive, indicating that the company is generating returns on its equity. However, the equity ratio is relatively low, suggesting that the company is more leveraged, which could impact financial stability during economic downturns.

Cash Flow

The cash flow statement shows a positive trend in operating cash flow, which is a good indicator of the company's ability to generate cash from its operations. The free cash flow growth rate is positive, indicating an improvement in cash generation. However, the free cash flow to net income ratio suggests that not all net income is translating into free cash flow, which could be a concern for liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	93.98M	100.03M	145.34M	133.97M	83.96M	56.94M
Gross Profit	36.64M	40.00M	76.28M	90.41M	62.01M	35.73M
EBITDA	8.40M	21.38M	55.56M	68.23M	40.90M	10.10M
Net Income	8.36M	21.32M	54.01M	65.56M	38.10M	7.21M
Balance Sheet
Total Assets	1.49B	1.58B	1.51B	1.57B	1.39B	1.18B
Cash, Cash Equivalents and Short-Term Investments	36.17M	14.70M	37.92M	51.19M	68.29M	44.50M
Total Debt	1.06B	1.16B	1.05B	1.12B	894.77M	709.57M
Total Liabilities	1.10B	1.20B	1.08B	1.15B	919.04M	721.05M
Stockholders Equity	388.84M	383.43M	431.74M	418.40M	466.87M	454.19M
Cash Flow
Free Cash Flow	14.99M	17.99M	24.14M	19.32M	33.78M	15.42M
Operating Cash Flow	25.17M	17.99M	24.94M	21.13M	33.94M	15.84M
Investing Cash Flow	29.86M	-105.20M	53.56M	-278.60M	-187.47M	-38.14M
Financing Cash Flow	-44.28M	70.78M	-123.40M	198.18M	182.47M	102.11M

Greystone Housing Impact Investors Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 7.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GHI, the sentiment is Neutral. The current price of 7.3 is above the 20-day moving average (MA) of 6.76, below the 50-day MA of 7.46, and below the 200-day MA of 10.04, indicating a neutral trend. The MACD of -0.08 indicates Negative momentum. The RSI at 54.10 is Neutral, neither overbought nor oversold. The STOCH value of 68.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GHI.

Greystone Housing Impact Investors Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VEL	68 Neutral	$754.66M	8.13	16.04%	―	36.73%	27.50%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
IOR	64 Neutral	$75.67M	18.23	3.36%	―	―	-30.69%
ONIT	63 Neutral	$354.35M	13.30	6.71%	―	-6.28%	112.66%
GHI	63 Neutral	$172.15M	37.95	1.99%	18.74%	-12.56%	-69.72%
SNFCA	61 Neutral	$233.96M	12.51	5.23%	―	3.25%	-37.79%
CNF	56 Neutral	$41.15M	―	―	―	―	―

Greystone Housing Impact Investors Corporate Events

Greystone Announces Quarterly Cash Distribution

On December 16, 2025, Greystone Housing Impact Investors LP announced a regular quarterly cash distribution of $0.25 per Beneficial Unit Certificate (BUC), payable on January 30, 2026, to holders of record as of December 31, 2025. This distribution marks a strategic focus on tax-exempt mortgage revenue bond investments, as the company plans to reinvest capital from winding down its market rate multifamily JV equity investment portfolio into high-quality tax-exempt bonds, aiming to build long-term value and maintain a strong balance sheet.

Greystone Housing Ends Capital Sales Agreement

On December 11, 2025, Greystone Housing Impact Investors LP terminated its Amended and Restated Capital on DemandTM Sales Agreement with JonesTrading Institutional Services LLC and BTIG, LLC. This agreement allowed the sale of beneficial unit certificates representing limited partnership interests, with a potential aggregate offering price of up to $50 million. The termination of this agreement may impact the company’s ability to raise capital through this specific method, potentially influencing its financial strategy and market operations.

Greystone Housing Reports Q3 Results, Strategic Shift

On November 6, 2025, Greystone Housing Impact Investors LP announced its third-quarter financial results, reporting a net income of $2.0 million and cash available for distribution of $4.6 million. The company is shifting its investment strategy to reduce capital in market rate multifamily properties due to challenging market conditions, instead focusing on tax-exempt mortgage revenue bonds for more stable returns. This strategic shift aims to benefit unitholders with more predictable earnings and tax-advantaged income.

Greystone Housing Secures $5M from Preferred Units Sale

On October 9, 2025, Greystone Housing Impact Investors LP issued 500,000 Series B Preferred Units to ServisFirst Bank, generating $5 million in proceeds. These funds will be used to acquire mortgage revenue bonds for financing affordable housing and other investments. This issuance is part of the company’s strategy to secure non-dilutive, fixed-rate capital to benefit its unitholders and pursue further financial institution investments.