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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on GHI

Greystone Housing Impact Investors LP faced challenges in recent months due to temporary pressures on its core business of investing in tax-advantaged affordable housing debt. The partnership's loan underperformance led to a 19% dividend cut, reflecting market pressures. Cash available for distribution remains below the payout rate, potentially risking further cuts. Despite issuing 500,000 Series B Preferred Units to a new investor, generating $5 million in proceeds, the company's Q3 2025 earnings call highlighted ongoing difficulties.

1.c. Company Highlights

2. Greystone Housing Impact Investors LP Delivers Steady Q3 2025 Performance

Greystone Housing Impact Investors LP reported net income of $2 million, or $0.03 per unit, and cash available for distribution of $4.6 million, or $0.20 per unit, for the third quarter of 2025. The earnings per unit came in significantly lower than analyst estimates of $0.6. The company's book value per unit as of September 30 was $12.36, an increase of $0.53 from June 30. The company's debt investments portfolio consists of mortgage revenue bonds, governmental issuer loans, and property loans, totaling $1.26 billion as of September 30.

Publication Date: Dec -02

📋 Highlights
  • Stable Portfolio Performance:: 87.8% physical occupancy for stabilized MRB portfolio as of Q3 2025, down slightly from 88.4% in Q2 2025.
  • Financial Highlights:: Q3 2025 net income of $2M ($0.03/unit) and cash available for distribution of $4.6M ($0.20/unit).
  • Debt Portfolio Size:: Total debt investments of $1.26B as of September 30, 2025, with $20.3M in future funding commitments.
  • Strategic Shift Impact:: Reduction in market-rate JV investments to prioritize stable returns, tax-exempt income, and redeployment into MRBs.
  • Credit Loss Provision:: $596K provision for credit losses related to three South Carolina MRB properties; no other forbearance requests reported.

Investment Portfolio Performance

The overall investment portfolio performed steadily during the third quarter, with no forbearance requests for multifamily mortgage revenue bonds and all borrowers current on principal and interest payments as of September 30, 2025. Physical occupancy for the stabilized mortgage revenue bond portfolio was 87.8% as of September 30, down slightly from 88.4% as of June 30. The company's governmental issuer loans for financing affordable multifamily properties are progressing towards stabilization and redemption, with construction at all properties complete or substantially complete, and leasing velocity is strong.

Strategic Shift in Investment Strategy

The company has begun to shift its investment strategy, reducing capital allocation to joint venture equity investments in market rate multifamily properties. This change is expected to provide three key benefits to unitholders: stable returns based on net interest spread, increased tax-exempt income, and investment in a proven asset class. Kenneth Rogozinski noted that the allocation target percentage will be driven by the timing of when capital comes back from existing JV equity exits and the opportunities seen at the time.

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at 2.9%. The current P/E Ratio of 88.2 suggests that the stock may be overvalued relative to its earnings. However, the Dividend Yield of 20.18% is attractive, indicating a potentially appealing return for income-seeking investors. The company's strategic shift away from JV investments is expected to eliminate lumpiness in quarterly earnings and increase tax-exempt income from new mortgage revenue bond investments.

Credit Quality and Provisions

The company reported a provision for credit losses of $596,000 for the third quarter, primarily related to a support loan to an MRB borrower. The provision was an additional reserve for three specific mortgage revenue bond properties in South Carolina, which had asset-specific performance issues. Excluding this provision, there was no provision for credit loss in the third quarter, indicating a generally stable credit quality.

3. NewsRoom

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Reviewing PJT Partners (NYSE:PJT) & Greystone Housing Impact Investors (NYSE:GHI)

Dec -04

Source: defenseworld.net

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America First Investment Advisors LLC Grows Stake in Greystone Housing Impact Investors LP $GHI

Nov -19

Source: defenseworld.net

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Stop Speculating: Build Your +9% Income Portfolio With This 4-Step Plan

Nov -09

Source: seekingalpha.com

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Greystone Housing Impact Investors LP (GHI) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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Greystone Housing Impact Investors Reports Third Quarter 2025 Financial Results and Operational Initiatives

Nov -06

Source: globenewswire.com

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Greystone Housing Impact Investors LP Schedules Third Quarter 2025 Earnings Conference Call for Thursday, November 6, 2025 at 4:30 p.m. Eastern Time

Oct -22

Source: globenewswire.com

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Greystone Housing Impact Investors LP Issues 500,000 Series B Preferred Units to New Investor

Oct -14

Source: globenewswire.com

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An 11% Yield Not To Let Go: Greystone Housing

Oct -06

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.86%)

6. Segments

Affordable Multifamily Mortgage Revenue Bonds Investments

Expected Growth: 8.4%

Greystone Housing Impact Investors LP's 8.4% growth in Affordable Multifamily Mortgage Revenue Bonds Investments is driven by increasing demand for affordable housing, government incentives for affordable housing development, and low interest rates. Additionally, the growing need for workforce housing and the rising popularity of impact investing also contribute to this growth.

Market-Rate Joint Venture Investments

Expected Growth: 5.4%

The 5.4% growth in Market-Rate Joint Venture Investments from Greystone Housing Impact Investors LP is driven by increasing demand for affordable housing, favorable government policies, and rising investor appetite for impact investing. Additionally, Greystone's expertise in multifamily housing and its strong partnerships contribute to the growth.

Multi Family Properties

Expected Growth: 4.65%

Greystone Housing Impact Investors LP's 4.65% growth in Multi Family Properties is driven by increasing demand for affordable housing, favorable demographics, and government incentives. Additionally, the company's strategic acquisitions, efficient property management, and value-add renovations contribute to its growth. Furthermore, the rising trend of rent-burdened households and limited housing supply in key markets also support the segment's expansion.

Seniors and SKilled Nursing Mortgage Revenue Bonds Investments

Expected Growth: 4.65%

The 4.65% growth in Seniors and Skilled Nursing Mortgage Revenue Bonds Investments from Greystone Housing Impact Investors LP is driven by increasing demand for senior housing, favorable demographics, and government incentives. Additionally, the need for skilled nursing facilities and the growing popularity of impact investing contribute to this growth.

7. Detailed Products

Affordable Housing Investments

Greystone Housing Impact Investors LP provides investments in affordable housing projects, offering a socially responsible investment opportunity that generates returns while supporting low-income families and individuals.

Rental Housing Investments

Greystone Housing Impact Investors LP offers investments in rental housing properties, providing a stable source of income and potential long-term appreciation in property value.

Homeownership Preservation

Greystone Housing Impact Investors LP provides homeownership preservation services, helping homeowners avoid foreclosure and stay in their homes.

Community Development Investments

Greystone Housing Impact Investors LP offers investments in community development projects, supporting the revitalization of underserved communities and promoting economic growth.

Impact Investing Strategies

Greystone Housing Impact Investors LP provides customized impact investing strategies, aligning investments with social and environmental goals.

8. Greystone Housing Impact Investors LP's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Greystone Housing Impact Investors LP is moderate, as there are alternative investment options available in the market, but they may not offer the same level of social impact and financial returns.

Bargaining Power Of Customers

The bargaining power of customers for Greystone Housing Impact Investors LP is low, as investors have limited negotiating power and the company has a strong track record of delivering returns.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Greystone Housing Impact Investors LP is moderate, as the company relies on a network of developers, contractors, and other suppliers, but has some flexibility to negotiate prices and terms.

Threat Of New Entrants

The threat of new entrants for Greystone Housing Impact Investors LP is high, as the impact investing space is growing and attracting new players, increasing competition for investors and deals.

Intensity Of Rivalry

The intensity of rivalry for Greystone Housing Impact Investors LP is moderate, as there are several established players in the impact investing space, but the company's focus on affordable housing and community development sets it apart.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 70.89%
Debt Cost 7.03%
Equity Weight 29.11%
Equity Cost 7.39%
WACC 7.13%
Leverage 243.54%

11. Quality Control: Greystone Housing Impact Investors LP passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Greystone Housing Impact Investors

A-Score: 6.3/10

Value: 7.0

Growth: 4.2

Quality: 6.4

Yield: 10.0

Momentum: 1.5

Volatility: 8.7

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Guild

A-Score: 5.5/10

Value: 5.1

Growth: 3.8

Quality: 4.2

Yield: 8.0

Momentum: 8.0

Volatility: 4.0

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Security National Financial

A-Score: 4.9/10

Value: 8.6

Growth: 5.0

Quality: 6.5

Yield: 0.0

Momentum: 3.0

Volatility: 6.0

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Velocity Financial

A-Score: 4.9/10

Value: 5.2

Growth: 7.1

Quality: 5.5

Yield: 0.0

Momentum: 4.0

Volatility: 7.3

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UWM Holdings

A-Score: 4.5/10

Value: 2.2

Growth: 3.0

Quality: 4.2

Yield: 10.0

Momentum: 3.5

Volatility: 4.0

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loanDepot

A-Score: 3.9/10

Value: 6.4

Growth: 2.3

Quality: 3.9

Yield: 2.0

Momentum: 8.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.68$

Current Price

6.68$

Potential

-0.00%

Expected Cash-Flows