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Greystone Housing Impact Investors
(NYSE:GHI)
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Rating:56Neutral
Price Target:
$6.00
▲(17.19% Upside)
Action:Reiterated
Date:08/11/26
The score is mainly held back by weakened financial performance (sharp profitability deterioration and elevated uncertainty despite positive cash flow). Technicals are moderately supportive in the near term, and valuation is mixed—boosted by a very high dividend yield but constrained by losses (negative P/E). The latest earnings call was balanced, with a clear strategy to increase recurring tax-advantaged income and solid liquidity, but near-term execution and property/occupancy headwinds remain.
Positive Factors
Portfolio rotation to tax-exempt MRBs
Shifting capital from market-rate JV equity into tax-exempt mortgage revenue bonds is a structural strategy to generate steadier, recurring, and tax-advantaged income. Over months this should reduce earnings volatility tied to JV exits and align cash flows with the firm's affordable housing focus, improving predictability of distributable cash.
Negative Factors
High leverage and balance-sheet inconsistency
Historically meaningful leverage has reduced financial flexibility during earnings weakness. The TTM reporting discontinuity (zero reported debt vs prior high leverage) complicates assessment of capital structure and underwriting. This persistent uncertainty impairs confidence in resilience and raises refinancing and covenant risk over the medium term.
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Positive Factors
Negative Factors
Portfolio rotation to tax-exempt MRBs
Shifting capital from market-rate JV equity into tax-exempt mortgage revenue bonds is a structural strategy to generate steadier, recurring, and tax-advantaged income. Over months this should reduce earnings volatility tied to JV exits and align cash flows with the firm's affordable housing focus, improving predictability of distributable cash.
Read all positive factors
Greystone Housing Impact Investors (GHI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$132.85M
Dividend Yield14.54%
Average Volume (3M)59.38K
Price to Earnings (P/E)―
Beta (1Y)0.55
Revenue Growth-23.84%
EPS Growth-348.41%
CountryUS
Employees17
SectorFinancial
Sector Strength70
IndustryFinancial - Mortgages
Share Statistics
EPS (TTM)-57.10
Shares Outstanding23,266,619
10 Day Avg. Volume50,909
30 Day Avg. Volume59,380
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.42
Price to Sales (P/S)2.21
P/FCF Ratio4.25
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.51
Revenue Forecast (FY)$83.48M
Greystone Housing Impact Investors Business Overview & Revenue Model
Company Description
Greystone Housing Impact Investors LP actively manages a diverse portfolio of mortgage revenue bonds (MRBs). These bonds are utilized to provide both construction and permanent financing solutions for a range of residential and commercial developm...
How the Company Makes Money
null...
Greystone Housing Impact Investors Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: management outlined clear strategic progress toward shifting the portfolio to tax-exempt mortgage revenue bonds to achieve more stable and tax-advantaged earnings, highlighted solid liquidity, current loan performance, active origination and an expanding off-balance-sheet construction JV, and robust hedging for most debt. Counterbalancing these positives are a GAAP net loss driven by JV-level accounting losses (largely non-cash depreciation), operational and repositioning challenges at four South Carolina properties, lower occupancy in Texas-exposed MRBs, a significant 49% market discount to book value, and limited JV equity exits to date delaying capital recycling. On balance, positives and negatives are roughly balanced.Positive Updates
Liquidity Position and Funding Capacity
Unrestricted cash and cash equivalents of $30.9 million and approximately $34.2 million available on secured lines of credit as of June 30, 2026; additional liquidity expected from a significant amount of investments maturing in the remainder of 2026 and potential JV equity sales, positioning the partnership to meet funding commitments.
Negative Updates
GAAP Net Loss and Proportionate JV Equity Losses
Reported GAAP net loss for Q2 2026 of $1.5 million (or $0.11 per unit). The partnership recorded a proportionate share of losses from non-Vantage JV equity investments of approximately $3.2 million (or $0.14 per unit); about $2.0 million (≈62% of those losses) related to depreciation and amortization at the JV level.
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Q2-2026 Updates
Positive
Negative
Liquidity Position and Funding Capacity
Unrestricted cash and cash equivalents of $30.9 million and approximately $34.2 million available on secured lines of credit as of June 30, 2026; additional liquidity expected from a significant amount of investments maturing in the remainder of 2026 and potential JV equity sales, positioning the partnership to meet funding commitments.
Read all positive updates
Company Guidance
Management reiterated guidance to continue an early-stage portfolio rotation—exiting market‑rate JV equity and redeploying proceeds into tax‑exempt mortgage revenue bonds (MRBs) to increase recurring, tax‑advantaged earnings and stability; Q2 results included a GAAP net loss of $1.5M ($0.11/unit) but CAD of $2.4M ($0.10/unit), a diluted book value per unit of $11.20 versus an Aug 10 close of $5.71 (49% discount). Liquidity and portfolio metrics cited: $30.9M cash, ~$34.2M undrawn on secured lines, $927.5M debt investment portfolio (67% of assets) including 80 MRBs in 12 states, $9M outstanding MRB/GIL commitments, $19.5M remaining market‑rate JV commitments, recent Q2/July originations of $66M in GILs and $29M taxable MRB (with three investments representing $95.9M moved to the BlackRock construction JV which currently has ~4 assets / ~$120M gross commitments). Risk and performance color: all MRB/GIL investments current on payments, stabilized MRB physical occupancy 85.8% (non‑Texas 93%), outstanding debt financing ~$826M (down ~$104M QoQ) with ~$700M (85%) structured to insulate short‑term rate moves, ~$127M (15%) unhedged (≈$38M maturing by Dec‑2026), and interest‑rate sensitivity showing a ±100 bps move changes net interest income and CAD by ~ $1M (~$0.045/unit); muni market context included YTD new issuance $343B, fund inflows ~$52B, 10‑yr MMD 3.24% and 3‑yr MMD 4.45% (10‑yr muni/Treasury 69%, 3‑yr 85%).Greystone Housing Impact Investors Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
30
Negative
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 86.40M | 72.40M | 100.03M | 145.34M | 133.97M | 83.96M |
| Gross Profit | 8.23M | 22.01M | 40.00M | 76.28M | 90.41M | 62.01M |
| EBITDA | -4.05B | -6.78M | 21.38M | 55.56M | 68.23M | 40.90M |
| Net Income | -1.33B | -7.61M | 21.32M | 54.01M | 65.56M | 38.10M |
Balance Sheet | ||||||
| Total Assets | 1.39T | 1.50B | 1.58B | 1.51B | 1.57B | 1.39B |
| Cash, Cash Equivalents and Short-Term Investments | 56.25K | 55.83K | 14.70M | 37.92M | 51.19M | 68.29M |
| Total Debt | 0.00 | 1.10B | 1.16B | 1.05B | 1.12B | 894.77M |
| Total Liabilities | 1.02T | 1.12B | 1.20B | 1.08B | 1.15B | 919.04M |
| Stockholders Equity | 366.20B | 379.63M | 383.43M | 431.74M | 418.40M | 466.87M |
Cash Flow | ||||||
| Free Cash Flow | 17.01M | 37.53M | 17.99M | 24.14M | 19.32M | 33.78M |
| Operating Cash Flow | 17.01M | 37.53M | 17.99M | 24.94M | 21.13M | 33.94M |
| Investing Cash Flow | -30.16M | 66.33M | -105.20M | 53.56M | -278.60M | -187.47M |
| Financing Cash Flow | 9.47M | -80.29M | 70.78M | -123.40M | 198.18M | 182.47M |
Greystone Housing Impact Investors Technical Analysis
Positive
5.12
Price Trends
5.41
Positive
5.24
Positive
6.06
Negative
Market Momentum
0.11
Negative
57.91
Neutral
51.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GHI, the sentiment is Positive. The current price of 5.12 is below the 20-day moving average (MA) of 5.46, below the 50-day MA of 5.41, and below the 200-day MA of 6.06, indicating a neutral trend. The MACD of 0.11 indicates Negative momentum. The RSI at 57.91 is Neutral, neither overbought nor oversold. The STOCH value of 51.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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% | |
63 Neutral | $722.91M | 6.59 | 15.78% | ― | 31.59% | 17.94% | |
62 Neutral | $253.14M | 5.93 | 8.95% | ― | -1.14% | 73.36% | |
59 Neutral | $83.89M | 21.81 | 3.20% | ― | ― | -13.27% | |
56 Neutral | $132.85M | -0.10 | -0.72% | 16.21% | -23.84% | -348.41% | |
53 Neutral | $323.49M | 2.33 | 23.91% | ― | 23.02% | 295.44% | |
44 Neutral | $15.71M | -0.01 | -12.36% | ― | ― | ― |
* Financial Sector Average
GHI
Greystone Housing Impact Investors
5.71
-3.68
-39.16%
ONIT
Onity Group
39.22
-1.05
-2.61%
SNFCA
Security National Financial
9.31
0.48
5.46%
CNF
CNFinance Holdings
2.25
-4.15
-64.84%
IOR
Income Opportunity Realty Investors
20.60
2.25
12.30%
VEL
Velocity Financial
18.24
-0.60
-3.18%
Greystone Housing Impact Investors Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Greystone Housing Shifts Strategy Amid Q2 2026 Loss
Negative
Aug 10, 2026
On August 10, 2026, Greystone Housing Impact Investors LP reported second quarter 2026 results, posting a net loss of $1.52 million, or $0.11 per BUC, and Cash Available for Distribution of $2.43 million, or $0.10 per BUC. The partnership ended th...
Business Operations and StrategyExecutive/Board Changes
Greystone Housing Impact Investors CFO Transition Agreement
Neutral
Jul 6, 2026
On June 30, 2026, Greystone Housing Impact Investors LP entered into an Independent Contractor Agreement with its resigning chief financial officer, Jesse Coury, to support the transition to a new finance head. The arrangement reflects the partner...
Business Operations and StrategyRegulatory Filings and Compliance
Greystone Housing Releases 2025 Schedule K-3 Tax Information
Neutral
Jun 18, 2026
On June 18, 2026, Greystone Housing Impact Investors LP announced that investor tax information for the 2025 Schedule K-3, covering items of international tax relevance, is now available online for its unitholders. The move primarily affects forei...
Business Operations and StrategyDividends
Greystone Housing Impact Declares Quarterly Cash Distribution
Positive
Jun 16, 2026
On June 16, 2026, Greystone Housing Impact Investors LP announced that its managing board declared a regular quarterly cash distribution of $0.14 per Beneficial Unit Certificate, to be paid on July 31, 2026 to unitholders of record at the close of...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Greystone Housing Names Interim CFO Amid Leadership Transition
Neutral
Jun 8, 2026
On June 2, 2026, Greystone Housing Impact Investors LP announced that long-serving executive Jesse A. Coury will resign as Chief Financial Officer effective June 30, 2026, after a decade with the firm and six years in the CFO role. The partnership...
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. ...
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.