Greystone Housing Impact Investors (GHI) AI Stock Analysis

• Market Cap: $266.03M
• Dividend Yield: 10.55%
• Average Volume (3M): 44.30K
• Price to Earnings (P/E): 24.8
• Beta (1Y): 0.23
• Revenue Growth: -15.60%
• EPS Growth: -75.87%
• Country: US
• Employees: 1
• Sector: Financial
• Sector Strength: 73
• Industry: Financial - Mortgages
• EPS (TTM): 0.31
• Shares Outstanding: 23,397,436
• 10 Day Avg. Volume: 33,766
• 30 Day Avg. Volume: 44,301
• PEG Ratio: -0.46
• Price to Book (P/B): <0.01
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.03
• Enterprise Value/Market Cap: -192.17
• Enterprise Value/Revenue: -122.89
• Enterprise Value/Gross Profit: -580.10
• Enterprise Value/Ebitda: -187.64
• 1Y Price Target: $16.00
• Price Target Upside: 40.72% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 76 Outperform
• Price Target: $13.00 ▲(14.34%Upside)

Greystone Housing Impact Investors exhibits strong financial fundamentals and positive corporate developments. However, technical analysis and valuation metrics indicate caution, balancing the overall attractiveness of the stock.

Positive Factors

Investment 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, and GHI closed the first two transactions in this JV in the fourth quarter.

Operational Stability

Six of the JV projects have completed the construction phase and have stabilized operations, of which three have occupancy of 90%+.

Negative Factors

Debt Structure

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.

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 (GHI) generates revenue primarily through the interest income from its investment portfolio, which includes mortgage-backed securities, loans, and other debt instruments. By investing in affordable housing projects, GHI earns interest payments from the borrowers, which are often government-sponsored entities or private developers involved in affordable housing projects. Additionally, GHI may generate income from the appreciation and sale of these investments over time. The company may also form partnerships with government agencies, non-profit organizations, and private developers to enhance its investment opportunities and manage risks effectively. Fees for asset management and advisory services might also contribute to their revenue, depending on specific client engagements and partnerships.

Greystone Housing Impact Investors Financial Statement Overview

Summary

Greystone Housing Impact Investors demonstrates strong financial strength with robust revenue growth, solid profitability, and a strong balance sheet with no debt. However, improvements in return on equity could further maximize shareholder value.

Income Statement

Greystone Housing Impact Investors shows strong profitability with high gross and net profit margins in the latest year, indicating efficient cost management. Revenue has grown substantially, showcasing robust growth momentum.

Balance Sheet

The company exhibits a strong balance sheet with no debt reported in the latest year, significantly improving its debt-to-equity ratio. The equity ratio remains strong, indicating financial stability. However, the return on equity, while positive, reveals room for improvement in generating shareholder returns.

Cash Flow

Operating cash flow is healthy, and the company has maintained positive free cash flow, indicating strong cash generation. The free cash flow to net income ratio highlights effective cash management, despite fluctuations in investing cash flow.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	101.31M	38.18M	90.41M	62.01M	35.73M
Gross Profit	40.00M	134.25M	-4.65B	55.29M	28.57M
EBITDA	21.38M	118.97M	106.39M	0.00	0.00
Net Income	21.32M	54.01M	65.56M	38.10M	7.21M
Balance Sheet
Total Assets	1.58B	1.51B	1.57B	1.39B	1.18B
Cash, Cash Equivalents and Short-Term Investments	14.70M	600.00K	51.19M	68.29M	44.50M
Total Debt	1.16B	714.23M	1.11B	892.62M	699.94M
Total Liabilities	1.20B	1.08B	1.15B	919.04M	721.05M
Stockholders Equity	383.43B	431.19M	418.12M	466.11M	453.26M
Cash Flow
Free Cash Flow	17.99M	24.14M	19.32M	33.78M	15.42M
Operating Cash Flow	17.99M	24.94M	21.13M	33.94M	15.84M
Investing Cash Flow	-105.20B	53.56M	-278.60M	-187.47M	-38.14M
Financing Cash Flow	70.78B	-123.40M	198.18M	182.47M	102.11M

Greystone Housing Impact Investors Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 11.37
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 11.37 is below the 20-day moving average (MA) of 11.62, below the 50-day MA of 11.50, and below the 200-day MA of 11.38, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 44.09 is Neutral, neither overbought nor oversold. The STOCH value of 26.83 is Neutral, 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
GHI	76 Outperform	$266.03M	24.79	3.32%	10.55%	-15.60%	-75.87%
VEL	68 Neutral	$644.81M	9.32	13.62%	―	32.62%	16.91%
IOR	64 Neutral	$76.44M	16.92	3.69%	―	―	-32.53%
SNFCA	64 Neutral	$206.54M	9.56	7.02%	―	4.96%	12.43%
ONIT	62 Neutral	$293.75M	12.94	5.50%	―	-3.14%	264.15%
Sector *	61 Neutral	C$14.65B	6.39	22.27%	5.48%	30.07%	-22.51%
LDI	48 Neutral	$501.46M	―	-29.48%	―	3.76%	16.19%

Greystone Housing Impact Investors Corporate Events

Greystone Housing Secures New $80M Credit Agreement

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.

The most recent analyst rating on (GHI) stock is a Buy with a $17.50 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 Investors’ Proposal Fails to Pass

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.

The most recent analyst rating on (GHI) stock is a Buy with a $17.50 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 Credit Facility for Flexibility

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.

The most recent analyst rating on (GHI) stock is a Buy with a $17.50 price target. To see the full list of analyst forecasts on Greystone Housing Impact Investors stock, see the GHI Stock Forecast page.

Greystone Housing Announces Quarterly Distribution Amidst High Rates

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.

The most recent analyst rating on (GHI) stock is a Buy with a $17.50 price target. To see the full list of analyst forecasts on Greystone Housing Impact Investors stock, see the GHI Stock Forecast page.

Greystone Housing Releases 2024 Schedule K-3 Online

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.

The most recent analyst rating on (GHI) stock is a Buy with a $17.50 price target. To see the full list of analyst forecasts on Greystone Housing Impact Investors stock, see the GHI Stock Forecast page.

Greystone Housing Reports Q1 2025 Financial Results

On May 8, 2025, Greystone Housing Impact Investors LP reported its financial results for the first quarter of 2025, highlighting total revenues of $25.1 million and a net income of $0.11 per Beneficial Unit Certificate (BUC). The company advanced funds on MRB and GIL investments, issued $20 million in Series B Preferred Units, and executed notable transactions including the sale of Vantage at Tomball. Despite challenges in the multifamily markets due to macroeconomic and interest rate volatility, the company remains optimistic about opportunities, supported by a new joint venture with BlackRock for construction lending.