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
▼(-0.99% Downside)
Action:ReiteratedDate:03/25/26
The score is weighed down primarily by deteriorating financial performance (recent loss and revenue contraction, plus uncertainty in latest balance sheet/cash flow snapshots) and clear bearish technicals (price below all key moving averages with negative MACD). Valuation is helped by a very high dividend yield but tempered by loss-making results, while the latest earnings call was mixed with strategic positives but notable credit/occupancy and return headwinds.
Positive Factors
Shift to tax-exempt mortgage revenue bonds
Reallocating capital into tax-exempt mortgage revenue bonds targets more stable, tax-advantaged cash flows tied to affordable housing. Structurally, MRBs tend to offer predictable interest income and alignment with affordable-housing subsidies, which can reduce earnings volatility and support distributions over the medium term.
Negative Factors
Weakened 2025 financial performance
A material swing to loss-making in 2025 and revenue contraction reflect deteriorating core lending returns and weaker realized sale gains. Persistently lower earnings reduce retained capital for growth, strain distribution sustainability, and increase reliance on external funding or capital actions to support operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Shift to tax-exempt mortgage revenue bonds
Reallocating capital into tax-exempt mortgage revenue bonds targets more stable, tax-advantaged cash flows tied to affordable housing. Structurally, MRBs tend to offer predictable interest income and alignment with affordable-housing subsidies, which can reduce earnings volatility and support distributions over the medium term.
Read all positive factors
Greystone Housing Impact Investors (GHI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$114.24M
Dividend Yield18.74%
Average Volume (3M)139.86K
Price to Earnings (P/E)―
Beta (1Y)0.53
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. Volume303,754
30 Day Avg. Volume139,857
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)0.42
Price to Sales (P/S)1.87
P/FCF Ratio<0.01
Enterprise Value/Market Cap10.61
Enterprise Value/Revenue16.00
Enterprise Value/Gross Profit35.38
Enterprise Value/Ebitda573.91
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:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive and negative aspects. On the positive side, the investment portfolio showed steady performance, joint venture investments progressed well, and the book value per unit increased. However, challenges included a decline in physical occupancy, lower realized returns on property sales, and provisions for credit losses. Additionally, the unit price on the NYSE was significantly discounted compared to the book value.Positive Updates
Steady Performance of Investment Portfolio
The overall investment portfolio performed steadily during the third quarter with no forbearance requests for multifamily mortgage revenue bonds and all borrowers current on their principal and interest payments.
Negative Updates
Decline in Physical Occupancy
Physical occupancy for the stabilized mortgage revenue bond portfolio was 87.8% as of September 30, down from 88.4% as of June 30, primarily due to higher vacancies in Texas.
Read all updates
Q3-2025 Updates
Positive
Negative
Steady Performance of Investment Portfolio
The overall investment portfolio performed steadily during the third quarter with no forbearance requests for multifamily mortgage revenue bonds and all borrowers current on their principal and interest payments.
Read all positive updates
Company Guidance
During the Q3 2025 earnings call for Greystone Housing Impact Investors LP, several key metrics and strategic shifts were discussed. The company reported a net income of $2 million, or $0.03 per unit, and cash available for distribution (CAD) of $4.6 million, or $0.20 per unit. The book value per unit increased to $12.36 as of September 30, reflecting a $0.53 rise from the previous quarter, driven by an increase in the unrealized gain on the mortgage revenue bond portfolio. The physical occupancy for the stabilized mortgage revenue bond portfolio was reported at 87.8%. The company is adjusting its investment strategy, shifting capital from joint venture equity investments in market rate multifamily properties to tax-exempt mortgage revenue bonds associated with affordable multifamily and seniors housing. This move aims to provide stable returns and increase the proportion of tax-exempt income allocated to unitholders. Additionally, Greystone has established a construction lending joint venture with BlackRock, which is expected to offer future tax-advantaged earnings. The call also highlighted that as of September 30, Greystone had $1.26 billion in debt investments and $1.02 billion in outstanding principal balances on its debt financing facilities.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 | 37.53B | 17.99M | 24.14M | 19.32M | 33.78M |
| Operating Cash Flow | 37.53B | 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
Negative
5.05
Price Trends
7.31
Negative
7.14
Negative
8.79
Negative
Market Momentum
-0.72
Positive
18.20
Positive
2.90
Positive
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 5.05 is below the 20-day moving average (MA) of 6.55, below the 50-day MA of 7.31, and below the 200-day MA of 8.79, indicating a bearish trend. The MACD of -0.72 indicates Positive momentum. The RSI at 18.20 is Positive, neither overbought nor oversold. The STOCH value of 2.90 is Positive, 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 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $239.46M | 6.93 | 5.30% | ― | 3.25% | -37.79% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $698.78M | 7.28 | 17.03% | ― | 36.73% | 27.50% | |
54 Neutral | $319.90M | 1.94 | 33.38% | ― | -6.28% | 112.66% | |
53 Neutral | $73.23M | 17.89 | 3.21% | ― | ― | -30.69% | |
49 Neutral | $27.23M | -0.19 | -1.25% | ― | ― | ― | |
46 Neutral | $114.24M | -6.85 | -1.98% | 18.74% | -12.56% | -69.72% |
* Financial Sector Average
GHI
Greystone Housing Impact Investors
4.91
-6.83
-58.18%
ONIT
Onity Group
37.54
6.09
19.36%
SNFCA
Security National Financial
9.24
-2.33
-20.15%
CNF
CNFinance Holdings
3.97
-3.91
-49.62%
IOR
Income Opportunity Realty Investors
18.01
0.55
3.15%
VEL
Velocity Financial
17.81
-0.74
-3.99%
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.