Greystone Housing Impact Investors (GHI) AI Stock Analysis

• Market Cap: $240.07M
• Dividend Yield: 13.16%
• Average Volume (3M): 45.24K
• Price to Earnings (P/E): 23.6
• Beta (1Y): 0.17
• Revenue Growth: -7.67%
• EPS Growth: -106.54%
• Country: US
• Employees: 1
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Mortgages
• EPS (TTM): 0.25
• Shares Outstanding: 23,582,453
• 10 Day Avg. Volume: 55,592
• 30 Day Avg. Volume: 45,245
• PEG Ratio: -0.18
• Price to Book (P/B): 0.62
• Price to Sales (P/S): 2.33
• P/FCF Ratio: 13.14
• Enterprise Value/Market Cap: 5.73
• Enterprise Value/Revenue: 13.50
• Enterprise Value/Gross Profit: 15.68
• Enterprise Value/Ebitda: 39.72
• 1Y Price Target: $11.83
• Price Target Upside: 16.21% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 55 Neutral
• Price Target: $10.50 ▲(3.14% Upside)

Greystone Housing Impact Investors' overall stock score reflects a mixed financial outlook, with operational efficiency and cash flow strengths countered by high leverage and inconsistent revenue. Technical indicators suggest a neutral to bearish trend, while valuation concerns arise from a negative P/E ratio despite a high dividend yield. The earnings call provided some positive highlights, but significant financial challenges remain.

Positive Factors

Strategic Partnerships

The joint venture with BlackRock enhances GHI's capacity to finance housing initiatives, leveraging additional capital and expertise, which can drive long-term growth and strengthen its market position in affordable housing.

Operational Efficiency

Stable EBIT and EBITDA margins indicate effective cost management and operational efficiency, which are crucial for maintaining profitability and competitive advantage in the affordable housing sector.

Cash Flow Strength

Strong operating cash flow and free cash flow growth suggest robust cash generation ability, providing financial flexibility to invest in new projects and withstand economic fluctuations.

Negative Factors

High Leverage

High leverage can pose financial risks, particularly during economic downturns, as it may limit the company's ability to manage debt obligations and reduce financial flexibility.

Inconsistent Revenue Growth

Inconsistent revenue growth can signal challenges in maintaining market share and scaling operations, potentially impacting long-term financial stability and investor confidence.

Credit Loss Provisions

Significant credit loss provisions indicate potential risks in the loan portfolio, which could affect future profitability and necessitate more conservative lending practices.

Greystone Housing Impact Investors Business Overview & Revenue Model

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.

How the Company Makes Money

Greystone Housing Impact Investors generates revenue primarily through the origination and management of real estate loans and investments in affordable housing projects. The company earns interest income from the loans it provides to developers and operators of affordable housing, as well as fees associated with loan origination and servicing. Additionally, GHI may receive returns from equity investments in housing projects, which can include profit participation and dividends from successful developments. Strategic partnerships with government agencies, non-profit organizations, and private investors further enhance GHI's capacity to finance housing initiatives, creating a robust revenue model driven by both interest and equity returns.

Greystone Housing Impact Investors Financial Statement Overview

Summary

Greystone Housing Impact Investors shows mixed financial performance. While operational efficiency and cash flow generation are strengths, revenue inconsistency and high leverage pose risks. The high debt-to-equity ratio and inconsistent revenue growth are notable concerns.

Income Statement

Greystone Housing Impact Investors shows a mixed performance in its income statement. The company has experienced fluctuations in revenue, with a significant increase in 2024. However, the gross profit margin and net profit margin have shown inconsistency, indicating potential volatility in profitability. The EBIT and EBITDA margins are relatively stable, suggesting operational efficiency, but the overall revenue growth rate has been inconsistent over the years.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio, which may pose a risk if not managed carefully. The return on equity (ROE) is positive, indicating that the company is generating returns on its equity. However, the equity ratio is relatively low, suggesting that the company is more leveraged, which could impact financial stability during economic downturns.

Cash Flow

The cash flow statement shows a positive trend in operating cash flow, which is a good indicator of the company's ability to generate cash from its operations. The free cash flow growth rate is positive, indicating an improvement in cash generation. However, the free cash flow to net income ratio suggests that not all net income is translating into free cash flow, which could be a concern for liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	101.84M	101.31M	38.18M	90.41M	62.01M	35.73M
Gross Profit	87.69M	40.00M	134.25M	-4.65B	55.29M	28.57M
EBITDA	34.63M	21.38M	118.97M	106.39M	0.00	0.00
Net Income	1.74M	21.32M	54.01M	65.56M	38.10M	7.21M
Balance Sheet
Total Assets	1.48T	1.58B	1.51B	1.57B	1.39B	1.18B
Cash, Cash Equivalents and Short-Term Investments	47.47B	14.70M	600.00K	51.19M	68.29M	44.50M
Total Debt	0.00	1.16B	714.23M	1.11B	892.62M	699.94M
Total Liabilities	1.10T	1.20B	1.08B	1.15B	919.04M	721.05M
Stockholders Equity	376.21B	383.43M	431.19M	418.12M	466.11M	453.26M
Cash Flow
Free Cash Flow	10.35B	17.99M	24.14M	19.32M	33.78M	15.42M
Operating Cash Flow	10.36B	17.99M	24.94M	21.13M	33.94M	15.84M
Investing Cash Flow	61.25B	-105.20M	53.56M	-278.60M	-187.47M	-38.14M
Financing Cash Flow	-38.49B	70.78M	-123.40M	198.18M	182.47M	102.11M

Greystone Housing Impact Investors Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.18
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GHI, the sentiment is Negative. The current price of 10.18 is below the 20-day moving average (MA) of 10.37, below the 50-day MA of 10.42, and below the 200-day MA of 10.92, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 41.19 is Neutral, neither overbought nor oversold. The STOCH value of 15.16 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GHI.

Greystone Housing Impact Investors Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SNFCA	68 Neutral	$222.03M	9.77	6.65%	―	5.49%	4.30%
VEL	68 Neutral	$692.66M	8.25	15.02%	―	35.12%	25.28%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
IOR	64 Neutral	$74.66M	17.39	3.52%	―	―	-32.51%
GHI	55 Neutral	$240.07M	23.61	0.35%	13.16%	-7.67%	-106.54%
ONIT	50 Neutral	$305.53M	9.66	7.55%	―	-2.84%	2420.57%
CNF	49 Neutral	$29.90M	1.87	4.11%	―	―	―

Greystone Housing Impact Investors Corporate Events

Greystone Housing Reports Q2 2025 Financial Results

In the second quarter of 2025, Greystone Housing Impact Investors LP reported total revenues of $23.6 million and a net loss of $7.1 million. The company made significant transactions, including $47.6 million in advances and acquisitions and $70.6 million in redemptions and sales. They also extended the maturity of credit lines, increasing borrowing capacity by $30 million, and received a $60 million capital commitment for a construction lending joint venture. The company remains focused on investments in low-income housing tax credit projects and is monitoring legislative impacts on its operations.

Greystone Housing Secures New $80M Credit Agreement

On June 30, 2025, Greystone Housing Impact Investors LP entered into a new Credit Agreement with Bankers Trust Company, increasing its line of credit from $50 million to $80 million. This agreement replaces the prior credit agreement and provides temporary financing for investment purchases, with repayments expected from traditional debt financing sources. The new credit line enhances the company’s capital and liquidity management, reflecting strong relationships with bank lenders.

Greystone Housing Impact Investors’ Proposal Fails to Pass

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.

Greystone Housing Amends Credit Facility for Flexibility

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.

Greystone Housing Announces Quarterly Distribution Amidst High Rates

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.

Greystone Housing Releases 2024 Schedule K-3 Online

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.