Greystone Housing Impact Investors Lp (GHI)
NYSE:GHI
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Greystone Housing Impact Investors
(NYSE:GHI)
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Rating:46Neutral
Price Target:
$5.00
▲(1.83% Upside)
Action:ReiteratedDate:03/31/26
The score is held down primarily by deteriorating recent financial performance (losses and revenue contraction, plus data reliability concerns) and a clearly bearish technical trend (well below key moving averages with negative MACD). A very high dividend yield and a cautiously constructive earnings-call narrative around liquidity and portfolio repositioning provide partial support but do not offset the near-term operating and risk headwinds.
Positive Factors
Strategic shift to tax-exempt mortgage revenue bonds
A deliberate reallocation into tax-exempt mortgage revenue bonds should produce steadier, tax-advantaged interest income versus sale-driven JV gains. Over 2–6 months this reduces earnings volatility, lowers reliance on development timing and supports predictable cash available for distribution from recurring coupon-like returns.
Negative Factors
Revenue decline and GAAP net loss
A multi-year trend toward revenue contraction and a GAAP net loss materially reduces retained earnings and financial flexibility. Over the coming months this constrains the ability to self-fund asset remediation or absorb further JV losses, increasing the risk of asset sales or covenant stress if performance doesn't recover.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic shift to tax-exempt mortgage revenue bonds
A deliberate reallocation into tax-exempt mortgage revenue bonds should produce steadier, tax-advantaged interest income versus sale-driven JV gains. Over 2–6 months this reduces earnings volatility, lowers reliance on development timing and supports predictable cash available for distribution from recurring coupon-like returns.
Read all positive factors
Greystone Housing Impact Investors (GHI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$124.01M
Dividend Yield18.74%
Average Volume (3M)177.27K
Price to Earnings (P/E)―
Beta (1Y)0.55
Revenue Growth-12.56%
EPS Growth-69.72%
CountryUS
Employees1
SectorFinancial
Sector Strength70
IndustryFinancial - Mortgages
Share Statistics
EPS (TTM)0.12
Shares Outstanding23,266,619
10 Day Avg. Volume148,827
30 Day Avg. Volume177,271
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)0.42
Price to Sales (P/S)1.87
P/FCF Ratio4.25
Enterprise Value/Market Cap9.84
Enterprise Value/Revenue16.11
Enterprise Value/Gross Profit35.64
Enterprise Value/Ebitda578.15
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)1.75
Revenue Forecast (FY)$107.20M
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 a...
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, t...
Greystone Housing Impact Investors Earnings Call Summary
Earnings Call Date:Mar 16, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Neutral
The call presented a mixed outlook: management acknowledged meaningful near-term challenges (GAAP losses driven by JV lease-up operating losses, deed-in-lieu on four South Carolina properties, occupancy softness in select markets, and a market price at a ~50% discount to book). Offsetting strengths include a substantial mortgage revenue bond portfolio ($1.28B), ample liquidity (cash and credit availability), positive CAD, tangible recent returns of capital from JVs, a defined strategy to shift into more stable tax‑exempt mortgage revenue bonds, and interest-rate hedging that limits sensitivity. Given the balance of concrete operational/valuation headwinds and a clear, plausible plan plus adequate liquidity, the overall tone is cautious but constructive.Positive Updates
Clear Strategic Repositioning Toward Tax-Exempt Mortgage Revenue Bonds
Management announced a deliberate shift away from market-rate multifamily JV equity investments toward high-quality tax-exempt mortgage revenue bond investments to drive more stable, tax-advantaged recurring earnings and reduce volatility from sales-driven JV income.
Negative Updates
GAAP Net Loss Driven by JV Equity Operating Losses
GAAP net loss of $2.6 million in Q4 2025 (−$0.17 per unit). A significant driver was the partnership's proportionate share of JV equity operating losses of approximately $7.4 million (≈$0.32 per unit) related to newly completed properties in lease-up.
Read all updates
Q4-2025 Updates
Positive
Negative
Clear Strategic Repositioning Toward Tax-Exempt Mortgage Revenue Bonds
Management announced a deliberate shift away from market-rate multifamily JV equity investments toward high-quality tax-exempt mortgage revenue bond investments to drive more stable, tax-advantaged recurring earnings and reduce volatility from sales-driven JV income.
Read all positive updates
Company Guidance
The call's guidance reiterated a quarterly distribution of $0.14 per BUC while management outlined near-term liquidity and portfolio metrics: Q4 2025 GAAP net loss was $2.6M (‑$0.17/unit) but CAD was +$2.8M (+$0.12/unit), driven in part by proportionate JV equity losses of ~$7.4M (≈$0.32/unit); diluted book value was ~$11.70/unit versus a March 18 close of $5.87 (≈50% discount). Liquidity and leverage metrics include $39.5M unrestricted cash, ~$49.2M available on secured credit lines, $1.28B of debt investments (85% of assets) including 83 mortgage revenue bonds across 12 states, $38.7M of bond/issuer loan funding in Q4 offset by $12.1M of redemptions/paydowns, and $11.6M of remaining mortgage-related commitments; outstanding debt financing was ~$1.02B with $802M (79%) in largely rate‑insulated categories and $217M (21%) unhedged (≈$150M of that maturing by May 2026). Operational and risk metrics cited: stabilized mortgage portfolio occupancy 86.7% (down from 87.8%), remaining market‑rate JV commitments ~$19.5M plus $7.7M for a seniors JV, interest‑rate sensitivity of ±100 bps ≈ ±$1.1M (≈$0.049/unit) to net interest income/CAD, and completion of deed‑in‑lieu on four South Carolina MRB properties (now owned and managed by the partnership) with an initial reported basis target in the low‑hundreds of millions.Greystone Housing Impact Investors Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
28
Negative
Cash Flow
56
Neutral
| 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 | 379.63M | 383.43M | 431.74M | 418.40M | 466.87M |
Cash Flow | |||||
| Free Cash Flow | 37.53M | 17.99M | 24.14M | 19.32M | 33.78M |
| Operating Cash Flow | 37.53M | 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
Neutral
4.91
Price Trends
6.39
Negative
6.62
Negative
7.92
Negative
Market Momentum
-0.30
Negative
41.61
Neutral
75.68
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 4.91 is below the 20-day moving average (MA) of 5.06, below the 50-day MA of 6.39, and below the 200-day MA of 7.92, indicating a neutral trend. The MACD of -0.30 indicates Negative momentum. The RSI at 41.61 is Neutral, neither overbought nor oversold. The STOCH value of 75.68 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 Risk Analysis
Greystone Housing Impact Investors disclosed 69 risk factors in its most recent earnings report. Greystone Housing Impact Investors reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Greystone Housing Impact Investors Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $250.86M | 3.56 | 8.71% | ― | 3.25% | -37.79% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $767.44M | 5.50 | 16.95% | ― | 36.73% | 27.50% | |
54 Neutral | $380.49M | 1.94 | 33.38% | ― | -6.28% | 112.66% | |
53 Neutral | $74.47M | 17.89 | 3.21% | ― | ― | -30.69% | |
49 Neutral | $20.30M | -0.19 | -1.25% | ― | ― | ― | |
46 Neutral | $124.01M | -20.98 | -2.01% | 18.74% | -12.56% | -69.72% |
* Financial Sector Average
GHI
Greystone Housing Impact Investors
5.29
-4.72
-47.13%
ONIT
Onity Group
45.83
16.48
56.15%
SNFCA
Security National Financial
9.86
1.16
13.28%
CNF
CNFinance Holdings
3.20
-3.48
-52.10%
IOR
Income Opportunity Realty Investors
18.34
0.17
0.94%
VEL
Velocity Financial
19.90
2.75
16.03%
Greystone Housing Impact Investors Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Greystone Housing Declares Quarterly Distribution, Refines Investment Focus
Positive
Mar 18, 2026
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 e...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Greystone Housing Schedules Q4 2025 Earnings Call, K-1s
Positive
Mar 17, 2026
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 o...
Business Operations and StrategyPrivate Placements and Financing
Greystone Housing Amends Loan, Secures South Carolina Properties
Positive
Mar 5, 2026
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 fi...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Greystone Housing Impact appoints Alfonso Costa Jr. to board
Positive
Jan 20, 2026
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 genera...
Business Operations and StrategyPrivate Placements and Financing
Greystone Housing Impact Secures Facility After Asset Default
Neutral
Jan 7, 2026
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...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.