Greystone Housing Impact Investors LP
- Open
- 6.19
- Day high
- 6.19
- Day low
- 6.16
- Prev close
- 6.19
- Volume
- 4K
- Mkt cap
- $146M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.4
- P/S
- 2.1
- Yield
- 13.43%
- Per share
- $0.83
Greystone Housing Impact Investors LP (GHI) is a Financial Services company listed on NYSE. The stock is down 42% over the past year. Drillr has 1 published research article covering GHI.
Greystone Housing Impact Investors LP (GHI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GHI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 11, 2026 | $0.11 | $0.10 | -9.1% | $21M | +3.4% |
| May 12, 2026 | $0.22 | $0.13 | -40.9% | $22M | -3.1% |
| Mar 19, 2026 | $0.39 | $0.12 | -69.2% | $13M | -48.4% |
| Nov 6, 2025 | $0.60 | $0.03 | -95.0% | $20M | -16.0% |
| Aug 7, 2025 | $0.17 | $0.25 | +47.1% | $24M | -10.4% |
| Feb 20, 2025 | $0.28 | $0.34 | +21.4% | $25M | +7.0% |
| Feb 22, 2024 | $0.80 | $-0.12 | -115.0% | $36M | +21.8% |
| Aug 3, 2023 | $0.27 | $0.85 | +216.0% | $27M | -1.3% |
| May 4, 2023 | $0.83 | $0.60 | -27.5% | $22M | -32.0% |
| Feb 23, 2023 | $0.32 | $0.09 | -71.8% | $10M | -55.5% |
| Nov 3, 2022 | $0.56 | $0.78 | +39.3% | $25M | +9.8% |
| Aug 4, 2022 | $0.81 | $0.74 | -8.6% | $23M | +5.5% |
GHI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Dec 2, 2025 | Fletcher Drewdirector | Tax | 1,335 | $7.06 |
| Nov 17, 2025 | Baevsky Jeffreydirector | Buy | 300 | $8.30 |
| Nov 17, 2025 | Baevsky Jeffreydirector | Buy | 2,285 | $8.67 |
| Jun 24, 2025 | Rogozinski Kennethofficer: Chief Executive Officer | Grant | 38,344 | — |
| Jun 24, 2025 | Baevsky Jeffreydirector | Grant | 6,568 | — |
| Jun 24, 2025 | Coury Jesse A.officer: Chief Financial Officer | Grant | 31,840 | — |
| Jun 24, 2025 | Fletcher Drewdirector | Grant | 6,568 | — |
| Jun 24, 2025 | ROSENBERG STEPHENdirector | Grant | 6,568 | — |
| Jun 24, 2025 | LILLY STEVEN Cdirector | Grant | 6,270 | — |
| Jun 24, 2025 | Griffith Walter Kdirector | Grant | 5,376 | — |
| Jun 24, 2025 | Jacobsen Robert Keithdirector | Grant | 5,376 | — |
| Jun 24, 2025 | Wilson Deborah Adirector | Grant | 5,376 | — |
| Feb 27, 2025 | Fletcher Drewdirector | Grant | 4,638 | — |
| Feb 27, 2025 | Rogozinski Kennethofficer: Chief Executive Officer | Grant | 24,501 | — |
| Feb 27, 2025 | Coury Jesse A.officer: Chief Financial Officer | Grant | 20,376 | — |
Source: GHI SEC Form 4 filings, latest Dec 2, 2025. For informational purposes only — not investment advice.
See the full GHI insider & 13F page →Greystone Housing Impact Investors LP company profile
Overview
Greystone Housing Impact Investors LP (NYSE:GHI) is a specialized real estate investment company that focuses on affordable and multifamily housing financing. Originally incorporated in 1998 as America First Multifamily Investors, L.P., the company rebranded to its current name in December 2022. Based in Omaha, Nebraska, GHI has been publicly traded since 1986 and operates as a master limited partnership. The company manages a portfolio worth approximately $1.5 billion, primarily investing in mortgage revenue bonds that finance affordable housing developments across multiple states, with particular concentration in California, Texas, and South Carolina.
Business
Greystone Housing Impact Investors operates in the specialized niche of affordable housing finance, functioning as an intermediary in the complex ecosystem of government-subsidized residential development. The company's core business revolves around mortgage revenue bonds (MRBs), which are tax-exempt municipal securities issued by state and local governments to finance affordable housing projects. The company operates through four primary business segments. The Affordable Multifamily MRB Investments segment represents the largest portion of the business, accounting for approximately 84% of total assets with $1.29 billion invested across 85 mortgage revenue bonds in 13 states. These bonds provide construction and permanent financing for multifamily residential properties that serve low-to-moderate income tenants. The Seniors and Skilled Nursing MRB Investments segment focuses on similar bond investments but targets senior housing and healthcare facilities. The MF Properties segment involves direct real estate ownership, though this has been largely wound down with the company selling its final directly-owned multifamily property in 2023. The Market-Rate Joint Venture Investments segment, representing about 12% of assets with $168 million invested, involves equity partnerships in market-rate multifamily developments through joint ventures with established developers like Camden Securities Company and Freestone Development Group. Mortgage revenue bonds function as a critical financing mechanism in the affordable housing market. When state or local governments issue these bonds, they use the proceeds to make loans to developers building qualifying affordable housing projects. The bonds are backed by the mortgage payments from these developments, and their tax-exempt status allows them to offer below-market interest rates, making affordable housing projects financially viable. GHI purchases these bonds as investments, earning interest income while supporting the creation of affordable housing units.
Revenue model
Greystone Housing Impact Investors generates revenue primarily through interest income from its mortgage revenue bond portfolio and governmental issuer loans. The company earns regular interest payments from the bonds it holds, which are backed by mortgage payments from the underlying affordable housing properties. This creates a relatively stable income stream, as evidenced by consistent quarterly revenues around $25 million. The company also generates income through its joint venture equity investments, earning returns through capital appreciation and developer fees when properties are sold. Recent property sales from the Vantage portfolio have contributed significant gains, though market conditions have pressured these returns due to higher interest rates and increased insurance costs. A newer revenue stream comes from the construction lending joint venture with BlackRock Impact Opportunities, where GHI earns construction loan interest and promote fees. This partnership leverages GHI's expertise in affordable housing while providing access to additional capital for lending activities. Several factors influence the company's profitability margins. Interest rate movements significantly impact both the value of existing bond holdings and the attractiveness of new investment opportunities. Rising rates can decrease bond values but may offer higher yields on new investments. Municipal bond market conditions affect the availability and pricing of new investment opportunities, with market volatility impacting timing of deployments. Occupancy rates at underlying properties directly influence the cash flows supporting the mortgage revenue bonds, with the portfolio currently maintaining strong occupancy around 91%. Government housing policy changes could affect the supply of new mortgage revenue bonds and the viability of affordable housing projects, particularly potential changes to Section 8 funding or Low-Income Housing Tax Credit programs. Regional bank lending pullback has created opportunities for GHI to fill financing gaps, particularly in construction lending, potentially improving margins through reduced competition.
Competitive moat
Greystone Housing Impact Investors operates in a specialized niche that provides some competitive advantages, though its moat is relatively narrow. The company's primary competitive advantage lies in its deep expertise and established relationships in the complex affordable housing finance ecosystem. Understanding the intricacies of mortgage revenue bonds, Low-Income Housing Tax Credits, and government housing programs requires specialized knowledge that creates barriers to entry for generalist investors. The company benefits from regulatory complexity that deters many institutional investors from this market. The intersection of municipal finance, affordable housing regulations, and tax-exempt securities creates a specialized investment universe that requires dedicated expertise to navigate effectively. GHI's long operating history since 1986 and established relationships with governmental issuers, developers, and other market participants provide some defensive positioning. However, the company's moat faces several limitations. The mortgage revenue bond market is not particularly large, limiting growth opportunities and making the company vulnerable to market cycles. Competition exists from other specialized affordable housing investors, regional banks (when they are actively lending), and larger institutional players who may enter the market during attractive periods. The company's dependence on government housing policies creates regulatory risk that could undermine its competitive position. Changes to tax-exempt bond regulations, affordable housing programs, or municipal finance rules could significantly impact the investment opportunity set. Additionally, the partnership structure limits flexibility, with requirements to maintain 75% of assets in mortgage investments constraining strategic pivots. The recent partnership with BlackRock represents both an opportunity and a potential threat, as it provides access to larger capital pools but also introduces a powerful partner who could potentially compete directly in the future. Overall, while GHI operates in a specialized niche with some defensive characteristics, its moat is moderate and vulnerable to regulatory changes and market cycles.
Risks & safety
The company demonstrates a strong margin of safety from a balance sheet perspective, though valuation metrics present mixed signals. **Cash and Liquidity Position:** - Unrestricted cash of $51.4 million provides substantial liquidity buffer - No significant debt burden with debt-to-equity ratio of only 0.003 - Strong current ratio of 789, indicating excellent short-term liquidity - Positive free cash flow generation of approximately $18 million annually **Solvency and Financial Stability:** - Well-capitalized with total equity of approximately $383 million - Diversified portfolio across 85 mortgage revenue bonds in 13 states - No forbearance requests on multifamily mortgage revenue bonds, indicating strong underlying asset quality - Physical occupancy rates of 91% for stabilized properties demonstrate operational stability **Valuation Considerations:** - Trading at significant discount to book value (P/B ratio of 0.0006-0.0008) - Price-to-earnings ratios ranging from 5.8 to 21.5 depending on earnings volatility - Graham number calculations suggest potential undervaluation - Units trading below net asset value, which management has noted as historically unusual **Other Risk Factors:** - Concentration risk in California (30%), Texas (25%), and South Carolina (18%) - Regulatory dependency on government housing programs - Interest rate sensitivity, though partially hedged through swap portfolio - Limited growth opportunities due to market size constraints
Recent development
Over the past few years, Greystone Housing Impact Investors has executed several strategic initiatives to diversify its revenue streams and capitalize on market opportunities. The most significant development has been the construction lending joint venture with BlackRock Impact Opportunities, launched in 2024. This partnership provides GHI with access to a dedicated $450 million lending capacity with $83 million in committed capital, allowing the company to expand its construction lending activities beyond its traditional mortgage revenue bond investments. The company has also expanded its joint venture equity investment strategy, moving beyond its traditional Texas footprint to work with new development partners including Camden Securities Company and Freestone Development Group. This expansion includes the company's first foray into seniors housing investments, diversifying beyond its traditional multifamily focus while maintaining return targets consistent with existing investments. A significant operational change has been the wind-down of direct property ownership, with the company selling its final directly-owned multifamily property (Suites on Paseo) in December 2023. This strategic shift allows GHI to focus on its core competency of bond investments and joint venture partnerships rather than direct property management. The company has also strengthened its capital position through strategic financing, including the issuance of $20 million in Series B preferred units in March 2025. This capital raising provides additional flexibility for investment opportunities while maintaining the company's conservative debt profile. Recent market conditions have created opportunities for GHI to benefit from regional bank pullback in construction lending, particularly in the affordable housing sector. The company has positioned itself to fill this financing gap through both its traditional mortgage revenue bond investments and the new BlackRock partnership, potentially improving returns through reduced competition in the lending market.
GHI company profile · for informational purposes only — not investment advice.
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