Greystone Housing Impact Investors Lp (GHI)
NYSE:GHI
Want to see GHI full AI Analyst Report?
Top Page
Greystone Housing Impact Investors
(NYSE:GHI)
Select Model
Select Model
Rating:49Neutral
Price Target:
$5.00
▲(1.83% Upside)
Action:Reiterated
Date:05/14/26
Overall score is held back primarily by weak financial performance (recent losses, revenue decline, and negative/volatile TTM cash flow) and bearish technicals (below major moving averages with negative MACD). The earnings call provides some support via a clearer repositioning plan, reported CAD, and liquidity, while valuation is only moderately supportive given the very high yield alongside sustainability concerns.
Positive Factors
Scale & Diversified MRB Platform
A $1.17B mortgage-investment platform diversified across 80 MRBs and 12 states provides durable scale and lowers single-asset concentration risk. This structural diversification supports recurring interest income and municipal-market access, improving long-term stability of distributable cash flows.
Negative Factors
Weak & Volatile Cash Flow
TTM negative operating and free cash flow signals a structural deterioration in cash generation capacity. Persistent cash-flow weakness limits ability to sustain distributions, deleverage, or fund investments without asset sales or external financing, raising medium-term funding and payout sustainability risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Diversified MRB Platform
A $1.17B mortgage-investment platform diversified across 80 MRBs and 12 states provides durable scale and lowers single-asset concentration risk. This structural diversification supports recurring interest income and municipal-market access, improving long-term stability of distributable cash flows.
Read all positive factors
Greystone Housing Impact Investors (GHI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$123.78M
Dividend Yield18.74%
Average Volume (3M)87.59K
Price to Earnings (P/E)21.6
Beta (1Y)0.57
Revenue Growth-21.39%
EPS Growth-231.70%
CountryUS
Employees1
SectorFinancial
Sector Strength70
IndustryFinancial - Mortgages
Share Statistics
EPS (TTM)-0.43
Shares Outstanding23,266,619
10 Day Avg. Volume58,535
30 Day Avg. Volume87,595
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)0.42
Price to Sales (P/S)2.21
P/FCF Ratio4.25
Enterprise Value/Market Cap-156.79
Enterprise Value/Revenue-268.42
Enterprise Value/Gross Profit-652.89
Enterprise Value/Ebitda-2.74K
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)1.26
Revenue Forecast (FY)$93.27M
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:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: management outlined a clear and constructive strategy to shift capital from volatile, taxable JV equity investments into stable, tax-exempt mortgage revenue bonds and demonstrated adequate near-term liquidity and a reduced debt balance. Positive items include CAD generation ($3.1M), liquidity actions (≈$18M sale reserves, $20.6M cash, $40M credit availability), a $1.17B mortgage investment platform, and recognized recoveries/gains on certain distressed SC assets. Offsetting these positives are sizable GAAP JV equity losses (~$4.9M), a substantial market discount to book value (≈55%), occupancy softness (85.9% vs 86.7%), unhedged debt exposure ($227M, with ~$188M maturing in 2026), and outstanding funding commitments. Overall, the fundamentals and liquidity position provide reassurance, but near-term earnings volatility and valuation disconnect persist—resulting in a balanced assessment.Positive Updates
Positive Cash Available for Distribution (CAD)
Reported CAD of $3.1 million, or $0.13 per unit for Q1 2026, indicating distributable cash generation in the quarter.
Negative Updates
Substantial Proportionate JV Equity Losses
Reported proportionate share of losses from non-Vantage JV equity investments of approximately $4.9 million (about $0.21 per unit) for the quarter; management notes these are GAAP requires and largely expected to reverse on future property sale events.
Read all updates
Q1-2026 Updates
Positive
Negative
Positive Cash Available for Distribution (CAD)
Reported CAD of $3.1 million, or $0.13 per unit for Q1 2026, indicating distributable cash generation in the quarter.
Read all positive updates
Company Guidance
Management reiterated guidance to reposition capital out of market‑rate multifamily JV equity and into tax‑exempt mortgage revenue bonds to drive more stable, tax‑advantaged recurring earnings, noting Q1 net income of $1.3M ($0.01/unit) and CAD of $3.1M ($0.13/unit) while reporting proportionate JV equity losses of $4.9M ($0.21/unit) — including $1.9M of depreciation — and a diluted book value of $11.03/unit versus a closing market price of $5.90 (55% discount). They highlighted liquidity and funding capacity: $20.6M unrestricted cash (plus ≈$18M received in April), ≈$40M available on secured lines, $1.17B of debt investments (79% of assets) across 80 MRBs in 12 states, $927M of outstanding debt financings (down ~$92M from Dec. 31), and $12.2M of outstanding future MRB/GIL funding commitments (plus $19.5M of remaining market‑rate JV commitments and a ~$7M senior‑housing commitment). Portfolio and market metrics included stabilized MRB occupancy of 85.9% (down from 86.7% at year‑end), 8 completed market‑rate multifamily JV assets (4 stabilized, 4 in lease‑up), 24% of debt financing unhedged ($227M) with ~$188M maturing in 2026, an interest‑rate sensitivity showing a 100 bps move changes net interest income/CAD by $736k (reported as ~3.2¢/unit on a +100 bps and ~$0.32/unit on a −100 bps move), and recent deed‑in‑lieu recoveries/gains of ~$2.1M and ~$2.2M respectively; management said exits and redeployments will take time but expect capital from JV sales to be reinvested into MRBs soon after receipt.Greystone Housing Impact Investors Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
58
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 72.30M | 72.40M | 100.03M | 145.34M | 133.97M | 83.96M |
| Gross Profit | 29.73M | 22.01M | 40.00M | 76.28M | 90.41M | 62.01M |
| EBITDA | 7.09M | -6.78M | 21.38M | 55.56M | 68.23M | 40.90M |
| Net Income | -9.62M | -7.61M | 21.32M | 54.01M | 65.56M | 38.10M |
Balance Sheet | ||||||
| Total Assets | 1.49T | 1.50B | 1.58B | 1.51B | 1.57B | 1.39B |
| Cash, Cash Equivalents and Short-Term Investments | 20.63B | 55.83K | 14.70M | 37.92M | 51.19M | 68.29M |
| Total Debt | 1.10B | 1.10B | 1.16B | 1.05B | 1.12B | 894.77M |
| Total Liabilities | 1.12T | 1.12B | 1.20B | 1.08B | 1.15B | 919.04M |
| Stockholders Equity | 368.53B | 379.63M | 383.43M | 431.74M | 418.40M | 466.87M |
Cash Flow | ||||||
| Free Cash Flow | -153.52M | 37.53M | 17.99M | 24.14M | 19.32M | 33.78M |
| Operating Cash Flow | -80.03M | 37.53M | 17.99M | 24.94M | 21.13M | 33.94M |
| Investing Cash Flow | -15.75B | 66.33M | -105.20M | 53.56M | -278.60M | -187.47M |
| Financing Cash Flow | -6.66B | -80.29M | 70.78M | -123.40M | 198.18M | 182.47M |
Greystone Housing Impact Investors Technical Analysis
Negative
4.91
Price Trends
5.39
Negative
6.40
Negative
7.37
Negative
Market Momentum
-0.05
Negative
46.75
Neutral
51.45
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 4.91 is below the 20-day moving average (MA) of 5.27, below the 50-day MA of 5.39, and below the 200-day MA of 7.37, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 46.75 is Neutral, neither overbought nor oversold. The STOCH value of 51.45 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 Risk Analysis
Greystone Housing Impact Investors disclosed 70 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 | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $673.23M | 7.81 | 16.69% | ― | 38.14% | 34.02% | |
63 Neutral | $235.59M | 8.40 | 0.03% | ― | 1.64% | 57.25% | |
53 Neutral | $73.96M | 18.46 | 3.20% | ― | ― | -9.83% | |
50 Neutral | $300.44M | 10.97 | 30.56% | ― | 18.45% | 580.80% | |
49 Neutral | $123.78M | 21.61 | -0.01% | 18.74% | -21.39% | -231.70% | |
44 Neutral | $23.25M | -0.03 | -1.25% | ― | ― | ― |
* Financial Sector Average
GHI
Greystone Housing Impact Investors
5.25
-4.88
-48.17%
ONIT
Onity Group
34.47
-3.18
-8.45%
SNFCA
Security National Financial
9.34
-0.01
-0.13%
CNF
CNFinance Holdings
3.04
-2.69
-46.95%
IOR
Income Opportunity Realty Investors
18.00
-0.60
-3.23%
VEL
Velocity Financial
17.22
0.86
5.26%
Greystone Housing Impact Investors Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Greystone Housing Impact Reports First-Quarter 2026 Results
Neutral
May 11, 2026
Greystone Housing Impact Investors LP, a mortgage revenue bond-focused partnership in the affordable housing sector, reported first-quarter 2026 results on May 11, 2026, highlighting its role in financing multifamily, seniors and student housing. ...
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...
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.