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Greystone Housing Impact Investors (GHI)
NYSE:GHI
US Market

Greystone Housing Impact Investors (GHI) AI Stock Analysis

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Greystone Housing Impact Investors

(NYSE:GHI)

Rating:76Outperform
Price Target:
$13.50
▲(10.66%Upside)
Greystone Housing Impact Investors has a strong financial foundation with robust revenue growth and no debt, which is a significant positive factor. The technical analysis also supports a bullish outlook, although valuation concerns temper enthusiasm due to a high P/E ratio. The earnings call and corporate events present a mixed picture, with strategic achievements balanced by notable challenges. Overall, the stock presents a compelling investment case, especially for income-focused investors due to the high dividend yield.
Positive Factors
Debt Management
Variable-rate financing on fixed-rate assets represents only 2% of total debt, which is the result of swap agreements that essentially convert $417M of variable-rate debt to fixed rate.
Housing Demand
Demand for affordable housing remains strong, and given its strong credit performance, GHI is well-positioned to take advantage of an attractive investment and lending environment.
Joint Ventures
The company recently entered into a new joint venture with BlackRock to provide construction financing on new LIHTC projects, and GHI closed the first two transactions in this JV in the fourth quarter.
Negative Factors

Greystone Housing Impact Investors (GHI) vs. SPDR S&P 500 ETF (SPY)

Greystone Housing Impact Investors Business Overview & Revenue Model

Company DescriptionGreystone Housing Impact Investors (GHI) is a financial services company specializing in providing capital solutions to the affordable housing sector. The company is engaged in the investment and management of mortgage-backed securities, loans, and other financial instruments that support the development and maintenance of affordable and workforce housing across the United States. GHI aims to generate stable returns while making a positive social impact through its investment activities.
How the Company Makes MoneyGreystone Housing Impact Investors (GHI) generates revenue primarily through the interest income from its investment portfolio, which includes mortgage-backed securities, loans, and other debt instruments. By investing in affordable housing projects, GHI earns interest payments from the borrowers, which are often government-sponsored entities or private developers involved in affordable housing projects. Additionally, GHI may generate income from the appreciation and sale of these investments over time. The company may also form partnerships with government agencies, non-profit organizations, and private developers to enhance its investment opportunities and manage risks effectively. Fees for asset management and advisory services might also contribute to their revenue, depending on specific client engagements and partnerships.

Greystone Housing Impact Investors Earnings Call Summary

Earnings Call Date:May 07, 2025
(Q1-2025)
|
% Change Since: 4.90%|
Next Earnings Date:Jul 31, 2025
Earnings Call Sentiment Neutral
The earnings call presented a balanced view with significant achievements such as successful property sales, increased cash reserves, and strategic financial maneuvers. However, these were offset by notable challenges like decreased book value, unrealized losses, and adverse market conditions.
Q1-2025 Updates
Positive Updates
No Forbearance Requests
All borrowers are current on their principal and interest payments as of March 31, 2025, with no forbearance requests for multifamily mortgage revenue bonds.
Vantage Property Sales
The Vantage at Tomball project was sold in January 2025, and Vantage at Helotes was sold earlier this week. The Helotes sale was notable for being acquired by a local housing authority and a non-profit using tax-exempt bonds.
Preferred Return from Vantage Refinancing
$2.2 million of investment income was received from Vantage at Loveland upon refinancing of the property’s original construction loan, contributing approximately $0.10 per unit.
Increased Unrestricted Cash
Unrestricted cash and cash equivalents increased significantly to $51.4 million as of March 31, from $14.7 million as of December 31, due to property sales and a Series B preferred unit issuance.
Successful Series B Preferred Units Issuance
Successfully issued $20 million of Series B preferred units in March 2025.
Negative Updates
Decreased Book Value Per Unit
Book value per unit decreased by $0.56 from December 31, primarily due to a decrease in fair value of the mortgage revenue bond portfolio and a disparity between GAAP net income and distributions declared.
Significant Unrealized Losses on Interest Rate Derivatives
$3.9 million of non-cash unrealized losses on interest rate derivatives negatively impacted GAAP net income, translating to approximately $0.17 per unit.
Insurance Cost Impact on Vantage Sales
Insurance costs significantly impacted the profitability of Vantage at Tomball sale, with costs increasing 3.5 times the original underwriting.
Muni Market Challenges
Investment-grade tax-exempt bonds were the worst-performing U.S. fixed income asset class in Q1 2025, with municipal bond yields increasing significantly.
Company Guidance
In the first quarter of 2025, Greystone Housing Impact Investors reported a GAAP net income of $3.3 million, translating to $0.11 per unit, with cash available for distribution (CAD) standing at $7.1 million or $0.31 per unit. The company's book value per unit decreased by $0.56 to $12.59 from December 31, primarily due to a $0.24 per unit drop in the fair value of their mortgage revenue bond portfolio. The portfolio's physical occupancy was 89.5% as of March 31, 2025. Greystone's unrestricted cash and cash equivalents rose significantly to $51.4 million from $14.7 million at the end of 2024, partly due to the sale of Vantage at Tomball and a $20 million Series B preferred unit issuance. The company managed a total debt investment portfolio of $1.29 billion, comprising 85 mortgage revenue bonds across 13 states. Additionally, their first quarter results were notably impacted by $3.9 million in non-cash unrealized losses on interest rate derivatives, though this is expected to minimally affect net cash flows. The interest rate sensitivity analysis indicated that a 200 basis point increase in rates could decrease net interest income and CAD by $2.4 million, whereas a 100 basis point decrease could increase these metrics by $1.2 million.

Greystone Housing Impact Investors Financial Statement Overview

Summary
Greystone Housing Impact Investors exhibits robust financial health, highlighted by substantial revenue growth and strong profitability. The balance sheet is notably strong with no debt, enhancing financial flexibility. Cash flow generation is solid, though there is room to enhance shareholder returns through improved ROE.
Income Statement
85
Very Positive
Greystone Housing Impact Investors shows strong profitability with high gross and net profit margins in the latest year, indicating efficient cost management. Revenue has grown substantially, showcasing robust growth momentum.
Balance Sheet
78
Positive
The company exhibits a strong balance sheet with no debt reported in the latest year, significantly improving its debt-to-equity ratio. The equity ratio remains strong, indicating financial stability. However, the return on equity, while positive, reveals room for improvement in generating shareholder returns.
Cash Flow
80
Positive
Operating cash flow is healthy, and the company has maintained positive free cash flow, indicating strong cash generation. The free cash flow to net income ratio highlights effective cash management, despite fluctuations in investing cash flow.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue102.28M101.31M38.18M90.41M62.01M35.73M
Gross Profit88.13M40.00M134.25M-4.65B55.29M28.57M
EBITDA46.31M21.38M118.97M106.39M0.000.00
Net Income14.00M21.32M54.01M65.56M38.10M7.21M
Balance Sheet
Total Assets1.54T1.58B1.51B1.57B1.39B1.18B
Cash, Cash Equivalents and Short-Term Investments51.39B14.70M600.00K51.19M68.29M44.50M
Total Debt0.001.16B714.23M1.11B892.62M699.94M
Total Liabilities1.15T1.20B1.08B1.15B919.04M721.05M
Stockholders Equity391.85B383.43B431.19M418.12M466.11M453.26M
Cash Flow
Free Cash Flow10.36B17.99M24.14M19.32M33.78M15.42M
Operating Cash Flow10.36B17.99M24.94M21.13M33.94M15.84M
Investing Cash Flow-43.99B-105.20B53.56M-278.60M-187.47M-38.14M
Financing Cash Flow-38.35B70.78B-123.40M198.18M182.47M102.11M

Greystone Housing Impact Investors Technical Analysis

Technical Analysis Sentiment
Positive
Last Price12.20
Price Trends
50DMA
11.72
Positive
100DMA
11.96
Positive
200DMA
11.72
Positive
Market Momentum
MACD
0.12
Negative
RSI
59.67
Neutral
STOCH
70.81
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 12.2 is above the 20-day moving average (MA) of 11.93, above the 50-day MA of 11.72, and above the 200-day MA of 11.72, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 59.67 is Neutral, neither overbought nor oversold. The STOCH value of 70.81 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 66 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

Overall Rating
UnderperformOutperform
Sector (67)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
GHGHI
76
Outperform
$284.98M26.553.32%12.15%-15.60%-75.87%
VEVEL
68
Neutral
$680.57M9.7113.62%32.62%16.91%
67
Neutral
$16.42B11.199.71%4.02%11.97%-10.50%
IOIOR
64
Neutral
$74.90M16.913.69%-32.53%
62
Neutral
$299.84M13.205.50%-3.14%264.15%
54
Neutral
$241.50M9.927.02%4.96%12.42%
LDLDI
48
Neutral
$465.17M-29.48%3.76%16.19%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GHI
Greystone Housing Impact Investors
12.20
-1.16
-8.68%
ONIT
Onity Group
37.26
14.78
65.75%
SNFCA
Security National Financial
9.59
2.24
30.48%
LDI
loanDepot
1.38
-0.23
-14.29%
IOR
Income Opportunity Realty Investors
18.90
2.32
13.99%
VEL
Velocity Financial
18.59
0.68
3.80%

Greystone Housing Impact Investors Corporate Events

Shareholder MeetingsBusiness Operations and Strategy
Greystone Housing Impact Investors’ Proposal Fails to Pass
Negative
Jun 20, 2025

On April 30, 2025, Greystone Housing Impact Investors LP initiated a consent solicitation to amend its 2015 Equity Incentive Plan, aiming to extend its term to June 24, 2027. However, by the expiration of the solicitation on June 16, 2025, the proposal did not receive the necessary majority vote from its beneficial unit certificate holders, with only 34.8% of the votes cast, falling short of the required majority.

The most recent analyst rating on (GHI) stock is a Buy with a $17.50 price target. To see the full list of analyst forecasts on Greystone Housing Impact Investors stock, see the GHI Stock Forecast page.

Private Placements and FinancingBusiness Operations and Strategy
Greystone Housing Amends Credit Facility for Flexibility
Positive
Jun 18, 2025

On June 12, 2025, Greystone Housing Impact Investors LP amended its existing $50 million secured revolving Line of Credit facility, extending the maturity date to June 2027 and increasing the maximum allowable seniors housing joint venture equity investments to 30% of eligible encumbered assets. This amendment enhances the company’s liquidity and operational flexibility, allowing for more joint venture equity investments in the seniors housing segment. Additionally, a Third Amended and Restated Guaranty was entered into by an affiliate of the Partnership, providing further financial security in case of default.

The most recent analyst rating on (GHI) stock is a Buy with a $17.50 price target. To see the full list of analyst forecasts on Greystone Housing Impact Investors stock, see the GHI Stock Forecast page.

DividendsBusiness Operations and Strategy
Greystone Housing Announces Quarterly Distribution Amidst High Rates
Neutral
Jun 17, 2025

On June 17, 2025, Greystone Housing Impact Investors LP announced a regular quarterly cash distribution of $0.30 per Beneficial Unit Certificate (BUC), to be paid on July 31, 2025, with a record date of June 30, 2025. Additionally, the company listed the Vantage at Fair Oaks, a 288-unit multifamily property in Texas, for sale. The decision to reduce the quarterly distribution reflects the current high interest rate environment, which has impacted the sales of high-quality joint venture properties, particularly in Texas. This move is part of Greystone’s strategy to align with the current operating environment and maintain an attractive distribution yield.

The most recent analyst rating on (GHI) stock is a Buy with a $17.50 price target. To see the full list of analyst forecasts on Greystone Housing Impact Investors stock, see the GHI Stock Forecast page.

Regulatory Filings and Compliance
Greystone Housing Releases 2024 Schedule K-3 Online
Neutral
Jun 10, 2025

On June 10, 2025, Greystone Housing Impact Investors LP announced the availability of the 2024 Schedule K-3 online, which provides international tax information crucial for certain unitholders, including foreign entities and those computing foreign tax credits. This release is significant for stakeholders as it addresses specific tax reporting needs and encourages unitholders to consult with tax advisors for compliance.

The most recent analyst rating on (GHI) stock is a Buy with a $17.50 price target. To see the full list of analyst forecasts on Greystone Housing Impact Investors stock, see the GHI Stock Forecast page.

Private Placements and FinancingFinancial Disclosures
Greystone Housing Reports Q1 2025 Financial Results
Neutral
May 8, 2025

On May 8, 2025, Greystone Housing Impact Investors LP reported its financial results for the first quarter of 2025, highlighting total revenues of $25.1 million and a net income of $0.11 per Beneficial Unit Certificate (BUC). The company advanced funds on MRB and GIL investments, issued $20 million in Series B Preferred Units, and executed notable transactions including the sale of Vantage at Tomball. Despite challenges in the multifamily markets due to macroeconomic and interest rate volatility, the company remains optimistic about opportunities, supported by a new joint venture with BlackRock for construction lending.

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.Date of analysis: Jun 21, 2025