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GHI

Greystone Housing Impact Investors LP

GHI

Greystone Housing Impact Investors LP • NYSE
$7.06 ▲ 3.98% (+0.27)
Market Cap $166.49 M
52w High $13.29
52w Low $6.01
Dividend Yield 1.34%
P/E 41.53
Volume 110.03K
Outstanding Shares 23.58M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $20.459M ▼ $5.352M ▼ $1.968M ▲ 9.62% ▲ $84.94 ▲ $1.967M ▲
Q2-2025 $20.881M ▼ $13.73M ▲ $-7.072M ▼ -33.866% ▼ $-0.35 ▼ $-7.072M ▼
Q1-2025 $21.861M ▼ $4.402M ▼ $3.327M ▼ 15.219% ▼ $0.11 ▼ $3.328M ▼
Q4-2024 $30.779M ▲ $4.77M ▼ $10.133M ▲ 32.92% ▲ $0.39 ▲ $10.175M ▲
Q3-2024 $15.744M $4.893M $-4.636M -29.443% $-0.23 $-4.632M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $36.171B ▲ $1.486T ▲ $1.097T ▲ $388.838B ▲
Q2-2025 $47.469M ▼ $1.481B ▼ $1.104B ▼ $376.21M ▼
Q1-2025 $51.389M ▲ $1.537B ▼ $1.146B ▼ $391.847M ▲
Q4-2024 $14.703M ▼ $1.58B ▲ $1.196B ▲ $383.433M ▼
Q3-2024 $37.374M $1.549B $1.142B $407.322M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.968B ▲ $0 ▼ $0 ▼ $0 ▲ $0 ▲ $0
Q2-2025 $-7.08M ▼ $10.185M ▼ $35.208M ▼ $-51.279M ▼ $-5.886M ▼ $0 ▼
Q1-2025 $3.327M ▼ $10.343M ▲ $61.288M ▲ $-38.483M ▼ $33.149M ▲ $10.343M ▲
Q4-2024 $9.742M ▲ $4.646M ▼ $-66.638M ▼ $45.478M ▲ $-16.515M ▼ $4.646M ▼
Q3-2024 $-4.636M $4.917M $-11.107M $3.113M $-3.077M $4.917M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
MarketRate Joint Venture Investments
MarketRate Joint Venture Investments
 $0 ▲$0 ▲$0 ▲$0 ▲
Seniors and Skilled Nursing Mortgage Revenue Bond Investments Segment
Seniors and Skilled Nursing Mortgage Revenue Bond Investments Segment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement GHI shows a pattern of being consistently profitable on an annual basis, but with some bumps along the way. Revenue has generally trended upward over the last several years, and core operating results have stayed in the black, which points to a business model that works. However, the quality of earnings has been uneven. One year in particular shows odd swings in certain line items, suggesting one‑off valuation changes or accounting noise tied to its investment portfolio rather than day‑to‑day lending performance. After a very strong earnings period, results have cooled somewhat, settling into a more modest profit level. Overall, earnings are positive and recurring, but not perfectly smooth, reflecting exposure to changing interest rates and market values on its housing‑related assets.

Balance Sheet

Balance Sheet The balance sheet shows a firm with a sizable pool of assets backed by meaningful but not extreme leverage. Total assets have grown over time, which fits with a lender steadily adding more housing investments. Debt has also risen and now represents a large share of the capital structure, which is typical for a financing partnership but does add sensitivity to borrowing costs and credit conditions. Equity has been relatively stable and slowly expanding, suggesting that the business has retained value over the years rather than repeatedly diluting owners. Cash on hand is fairly thin relative to total assets, which is common in this type of vehicle but means liquidity management and access to funding lines are important ongoing watchpoints.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive but modest. Operating cash flow has been steady year after year rather than volatile, which is a good sign that the underlying lending and investment activities are producing real cash, not just accounting profits. Free cash flow essentially tracks operating cash flow because the business has very low traditional capital spending needs. This makes the model capital‑light in terms of physical assets. The flip side is that growth depends more on access to financing and deal flow than on building new facilities, so funding conditions and deal quality matter more than the usual “capex cycle” concerns.

Competitive Edge

Competitive Edge GHI operates in a specialized corner of the mortgage and real‑estate finance world, focused on affordable and impact‑oriented housing. This niche has high barriers to entry because it relies on complex government programs, tax‑advantaged structures, and deep familiarity with agency lending. GHI’s long history and ties to the broader Greystone platform give it strong relationships with key housing agencies and developers, which is hard for new entrants to replicate. The firm benefits from a recognized brand in affordable housing finance and a product set tailored to that need, including mortgage revenue bonds and customized lending solutions. At the same time, it faces ongoing competitive pressure from other specialized lenders and large financial institutions that may target the same impact‑oriented capital pools. Its edge rests on specialization, relationships, and execution rather than sheer size.

Innovation and R&D

Innovation and R&D Innovation at GHI is more about financial structuring and data‑driven underwriting than about traditional lab research. Through Greystone Labs and related efforts, the platform is using machine learning and AI tools to speed up and improve loan underwriting and property risk assessment. These tools aim to make lending decisions faster, more consistent, and better informed. The firm also experiments with creative financing structures—blending agency loans, tax credits, and private capital—to make difficult affordable housing projects viable. Partnerships, such as the impact‑focused joint venture with a large asset manager, extend its reach and bring in new capital. Overall, the “R&D” here is about building smarter processes, analytics, and specialized products that keep the platform competitive in a complex, policy‑driven market.

Summary

GHI appears to be a specialized, steady‑profit vehicle anchored in affordable housing finance, with earnings that are positive but somewhat lumpy due to market and valuation effects. Its balance sheet reflects a typical financing model: a large asset base funded by meaningful leverage and modest but stable equity, with relatively low cash buffers but ongoing access to funding. Operationally, cash flows look consistent and real, supporting the view that the core business works even when accounting items move around. Strategically, GHI’s real strength lies in its niche focus, long experience, and integration with the Greystone ecosystem, which provide expertise, deal flow, and technology tools that are not easy to copy. Key watchpoints include sensitivity to interest rates, changes in housing and tax policy, the sustainability of its impact‑oriented deal pipeline, and how well it continues to leverage technology and partnerships to maintain underwriting quality and sourcing advantages in a competitive, regulation‑heavy space.

NEWS

November 6, 2025 · 8:15 AM UTC

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

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October 22, 2025 · 4:15 PM UTC

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

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October 14, 2025 · 8:30 AM UTC

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

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September 16, 2025 · 4:15 PM UTC

Greystone Housing Impact Investors LP Announces Regular Quarterly Cash Distribution

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