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Greystone Housing Impact Investors (GHI)
NYSE:GHI
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Greystone Housing Impact Investors (GHI) AI Stock Analysis

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GHI

Greystone Housing Impact Investors

(NYSE:GHI)

Rating:58Neutral
Price Target:
$11.50
▲(5.41% Upside)
Greystone Housing Impact Investors' overall score reflects a mixed financial performance with high leverage and inconsistent revenue. Technical indicators suggest bearish momentum, and valuation concerns are present due to a negative P/E ratio. Despite these challenges, the company benefits from strong liquidity management and a high dividend yield, which may appeal to income-focused investors.
Positive Factors
Debt Management
Variable-rate financing on fixed-rate assets represents only 2% of total debt, which is the result of swap agreements that essentially convert $417M of variable-rate debt to fixed rate.
Investment and Lending Environment
Demand for affordable housing remains strong and, given its strong credit performance, GHI is well-positioned to take advantage of an attractive investment and lending environment.
Joint Ventures
The company recently entered into a new joint venture with BlackRock to provide construction financing on new LIHTC projects.
Negative Factors
Operational Stabilization
Six of the JV projects have completed the construction phase and have stabilized operations, of which three have occupancy of 90%+.

Greystone Housing Impact Investors (GHI) vs. SPDR S&P 500 ETF (SPY)

Greystone Housing Impact Investors Business Overview & Revenue Model

Company DescriptionGreystone 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 MoneyGreystone Housing Impact Investors generates revenue primarily through the origination and management of real estate loans and investments in affordable housing projects. The company earns interest income from the loans it provides to developers and operators of affordable housing, as well as fees associated with loan origination and servicing. Additionally, GHI may receive returns from equity investments in housing projects, which can include profit participation and dividends from successful developments. Strategic partnerships with government agencies, non-profit organizations, and private investors further enhance GHI's capacity to finance housing initiatives, creating a robust revenue model driven by both interest and equity returns.

Greystone Housing Impact Investors Earnings Call Summary

Earnings Call Date:Aug 11, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 05, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with notable achievements in liquidity management, joint ventures, and property leasing progress. However, these were counterbalanced by significant financial challenges, including a GAAP net loss, credit loss provisions, and underperformance in the municipal bond market.
Q2-2025 Updates
Positive Updates
No Forbearance Requests and Full Payment Compliance
All borrowers are current on their principal and interest payments for multifamily mortgage revenue bonds as of June 30, 2025, with no forbearance requests received.
Active Joint Ventures and Leasing Progress
The Vantage joint venture consists of interest in 5 properties, with construction completed on 4 properties. The Jessam at Hays Farm and Valage Senior Living Carson Valley projects have begun leasing activities with 49% occupancy for the latter.
Successful Real Estate Transaction
The Vantage at Helotes property was sold in May 2025, resulting in proceeds of $17.1 million, including a gain of $163,000 on the sale.
Liquidity and Credit Line Improvements
Unrestricted cash and equivalents are at $47.5 million, with $86 million available on secured lines of credit. Amendments to credit agreements have extended maturities and increased borrowing capacity.
New Construction Lending Joint Venture with BlackRock
The joint venture received an additional $60 million capital commitment and has begun deploying investments, filling a void left by commercial banks.
Negative Updates
GAAP Net Loss
Reported a GAAP net loss of $7.1 million or $0.35 per unit, significantly impacted by credit loss provisions and unrealized losses on interest rate derivatives.
Provision for Credit Losses
A provision for credit losses of $9.1 million was reported, primarily related to three nonprofit owner mortgage revenue bonds in South Carolina.
Unrealized Losses on Interest Rate Derivatives
Unrealized losses of $2.1 million were recorded on interest rate swaps due to market interest rate movements.
Decrease in Book Value
The book value per unit decreased by $0.76 from March 31, primarily due to the GAAP net loss and distributions declared.
Underperformance of U.S. Municipal Bond Market
Both investment-grade and high-yield tax-exempt bonds were the worst-performing U.S. fixed income asset classes during the first half of 2025, contributing to market challenges.
Company Guidance
During the second quarter of 2025, Greystone Housing Impact Investors LP reported a GAAP net loss of $7.1 million or $0.35 per unit, alongside a positive cash available for distribution (CAD) of $5.7 million or $0.25 per unit. The net loss was significantly affected by provisions for credit losses of $9.1 million, primarily related to three nonprofit owner mortgage revenue bonds in South Carolina, and $2.1 million in unrealized losses on interest rate derivatives. The partnership's book value per unit decreased to $11.83 from $12.59 at the end of March, driven by the net loss and $0.30 per unit in declared distributions. As of June 30, 2025, Greystone reported total debt investments of $1.26 billion, comprising 85% of total assets, and maintained unrestricted cash and cash equivalents of $47.5 million. The company also reported progress in their joint venture equity investments, with the sale of Vantage at Helotes generating $17.1 million in proceeds. Additionally, the partnership detailed amendments to its credit facilities to enhance operational flexibility and extend maturities.

Greystone Housing Impact Investors Financial Statement Overview

Summary
Greystone Housing Impact Investors shows a mixed financial performance. The income statement indicates fluctuations in revenue and inconsistent profit margins, suggesting potential volatility. The balance sheet reveals high leverage, posing financial stability risks. However, the cash flow statement is positive, indicating good cash generation from operations.
Income Statement
65
Positive
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
58
Neutral
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
70
Positive
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.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue101.84M101.31M38.18M90.41M62.01M35.73M
Gross Profit87.69M40.00M134.25M-4.65B55.29M28.57M
EBITDA34.63M21.38M118.97M106.39M0.000.00
Net Income1.74M21.32M54.01M65.56M38.10M7.21M
Balance Sheet
Total Assets1.48T1.58B1.51B1.57B1.39B1.18B
Cash, Cash Equivalents and Short-Term Investments47.47B14.70M600.00K51.19M68.29M44.50M
Total Debt0.001.16B714.23M1.11B892.62M699.94M
Total Liabilities1.10T1.20B1.08B1.15B919.04M721.05M
Stockholders Equity376.21B383.43M431.19M418.12M466.11M453.26M
Cash Flow
Free Cash Flow10.35B17.99M24.14M19.32M33.78M15.42M
Operating Cash Flow10.36B17.99M24.94M21.13M33.94M15.84M
Investing Cash Flow61.25B-105.20M53.56M-278.60M-187.47M-38.14M
Financing Cash Flow-38.49B70.78M-123.40M198.18M182.47M102.11M

Greystone Housing Impact Investors Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price10.91
Price Trends
50DMA
11.15
Negative
100DMA
11.24
Negative
200DMA
11.20
Negative
Market Momentum
MACD
-0.06
Negative
RSI
51.59
Neutral
STOCH
75.26
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 10.91 is above the 20-day moving average (MA) of 10.71, below the 50-day MA of 11.15, and below the 200-day MA of 11.20, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 51.59 is Neutral, neither overbought nor oversold. The STOCH value of 75.26 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 67 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

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
68
Neutral
$17.89B12.0310.28%3.73%9.80%1.66%
68
Neutral
$733.41M8.7215.02%35.12%25.28%
64
Neutral
$341.38M10.757.55%-2.84%2420.57%
64
Neutral
$74.94M17.243.52%-32.51%
64
Neutral
$225.14M10.016.65%5.49%4.30%
58
Neutral
$257.99M23.610.35%12.92%-7.67%-106.54%
57
Neutral
$671.78M-23.67%6.60%44.77%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GHI
Greystone Housing Impact Investors
10.74
-1.96
-15.43%
ONIT
Onity Group
42.21
12.58
42.46%
SNFCA
Security National Financial
8.78
0.43
5.15%
LDI
loanDepot
2.04
-0.59
-22.43%
IOR
Income Opportunity Realty Investors
18.05
0.63
3.62%
VEL
Velocity Financial
19.07
0.42
2.25%

Greystone Housing Impact Investors Corporate Events

Private Placements and FinancingBusiness Operations and StrategyFinancial Disclosures
Greystone Housing Reports Q2 2025 Financial Results
Negative
Aug 11, 2025

In the second quarter of 2025, Greystone Housing Impact Investors LP reported total revenues of $23.6 million and a net loss of $7.1 million. The company made significant transactions, including $47.6 million in advances and acquisitions and $70.6 million in redemptions and sales. They also extended the maturity of credit lines, increasing borrowing capacity by $30 million, and received a $60 million capital commitment for a construction lending joint venture. The company remains focused on investments in low-income housing tax credit projects and is monitoring legislative impacts on its operations.

Private Placements and Financing
Greystone Housing Secures New $80M Credit Agreement
Positive
Jul 7, 2025

On June 30, 2025, Greystone Housing Impact Investors LP entered into a new Credit Agreement with Bankers Trust Company, increasing its line of credit from $50 million to $80 million. This agreement replaces the prior credit agreement and provides temporary financing for investment purchases, with repayments expected from traditional debt financing sources. The new credit line enhances the company’s capital and liquidity management, reflecting strong relationships with bank lenders.

Shareholder MeetingsBusiness Operations and Strategy
Greystone Housing Impact Investors’ Proposal Fails to Pass
Negative
Jun 20, 2025

On April 30, 2025, Greystone Housing Impact Investors LP initiated a consent solicitation to amend its 2015 Equity Incentive Plan, aiming to extend its term to June 24, 2027. However, by the expiration of the solicitation on June 16, 2025, the proposal did not receive the necessary majority vote from its beneficial unit certificate holders, with only 34.8% of the votes cast, falling short of the required majority.

Private Placements and FinancingBusiness Operations and Strategy
Greystone Housing Amends Credit Facility for Flexibility
Positive
Jun 18, 2025

On June 12, 2025, Greystone Housing Impact Investors LP amended its existing $50 million secured revolving Line of Credit facility, extending the maturity date to June 2027 and increasing the maximum allowable seniors housing joint venture equity investments to 30% of eligible encumbered assets. This amendment enhances the company’s liquidity and operational flexibility, allowing for more joint venture equity investments in the seniors housing segment. Additionally, a Third Amended and Restated Guaranty was entered into by an affiliate of the Partnership, providing further financial security in case of default.

DividendsBusiness Operations and Strategy
Greystone Housing Announces Quarterly Distribution Amidst High Rates
Neutral
Jun 17, 2025

On June 17, 2025, Greystone Housing Impact Investors LP announced a regular quarterly cash distribution of $0.30 per Beneficial Unit Certificate (BUC), to be paid on July 31, 2025, with a record date of June 30, 2025. Additionally, the company listed the Vantage at Fair Oaks, a 288-unit multifamily property in Texas, for sale. The decision to reduce the quarterly distribution reflects the current high interest rate environment, which has impacted the sales of high-quality joint venture properties, particularly in Texas. This move is part of Greystone’s strategy to align with the current operating environment and maintain an attractive distribution yield.

Regulatory Filings and Compliance
Greystone Housing Releases 2024 Schedule K-3 Online
Neutral
Jun 10, 2025

On June 10, 2025, Greystone Housing Impact Investors LP announced the availability of the 2024 Schedule K-3 online, which provides international tax information crucial for certain unitholders, including foreign entities and those computing foreign tax credits. This release is significant for stakeholders as it addresses specific tax reporting needs and encourages unitholders to consult with tax advisors for compliance.

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.Date of analysis: Aug 19, 2025