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olivLaw · US equity research

Greystone Housing Impact Investors LP GHI

Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)

4.71USD−0.21% · 1 dayClose 04 Nov 2026

Greystone Housing Impact Investors LP (NYSE: GHI) invests in mortgage revenue bonds issued by state and local authorities to finance affordable housing across the United States. The partnership is shifting capital away from market-rate multifamily joint ventures toward these bonds, a transition that is shaping its reported earnings.

At the close of 04 Nov 2026, Greystone Housing Impact Investors LP (GHI) stock was 4.71 USD (−0.21% on the day), with market capitalisation 111.0 m USD, beta 0.39, 52-week range 4.71–8.24 USD. Latest reported quarter (Q2 2026): revenue of 21.2 m USD (−7.1% YoY), net income of -1.5 m USD, diluted EPS -0.11 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
111.0 m USD
shares as of 30 Jun 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.52 · TTM to 31 Dec 2025
E/P (TTM)
-11.04%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.39
Volatility (1y) 47%
52-week range
4.718.24

Price history

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Technical reading

RSI (14)
34.7
weak (30–45)
Bollinger (20, 2)
4.66 – 5.17
in the lower half of the band · %B 0.09 · band width 10.3%
SMA 50 / 200
5.56 / 5.92
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.20 / -0.22
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−10.1%−1.1%−9.0 pp—
3 months−18.8%−0.5%−18.3 pp—
6 months−11.8%+4.4%−16.2 pp—
Year to date−31.6%+12.3%−44.0 pp—
1 year−44.2%+13.5%−57.7 pp−53.7%
3 years−71.7%+76.4%−148.1 pp−63.8%
5 years−76.3%+63.7%−140.0 pp—
Max drawdown (1y)
−42.8%
05 Nov 2025 → 04 Nov 2026
Max drawdown (5y)
−77.3%
01 Feb 2022 → 04 Nov 2026
Compound annual growth (5y)
−25.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
21.2 m USD
−7.1% YoY
Net income
-1.5 m USD
unavailable YoY
Diluted EPS
-0.11
unavailable YoY
net / operating
-7.2% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue24.3 m22.6 m24.3 m22.8 m21.7 m15.0 m21.8 m21.2 m
Operating income-4.6 m10.1 m——————
Depreciation & amortisation6.0 k6.0 k3.5 k2.6 k1.3 k1.4 k2.7 m3.3 m
Pre-tax income-4.6 m10.2 m2.4 m-8.3 m2.0 m-5.0 m1.3 m-1.5 m
Income tax-2.0 k36.4 k-2.7 k-2.8 k-2.1 k835.1 k-2.7 k-2.8 k
Net income-4.6 m10.1 m2.4 m-8.3 m2.0 m-5.8 m1.3 m-1.5 m
Diluted EPS-0.230.390.07-0.400.03—0.01-0.11
Operating cash flow4.9 m ≈4.6 m11.0 m10.5 m ≈7.4 m ≈8.6 m-107.2 k1.2 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue81.4 m62.3 m55.5 m68.5 m81.1 m104.9 m91.3 m85.4 m
Revenue YoY+15.6%−23.4%−10.9%+23.3%+18.4%+29.4%−13.0%−6.4%
Net income41.1 m30.5 m7.2 m38.1 m65.6 m54.0 m21.3 m-7.6 m
Net income YoY+34.5%−25.9%−76.4%+428.5%+72.1%−17.6%−60.5%−135.7%
Diluted EPSunavailableunavailableunavailable1.532.582.060.76-0.52
Diluted EPS YoYunavailableunavailableunavailableunavailable+68.6%−20.2%−63.1%−168.4%
net %50.6%48.9%13.0%55.7%80.9%51.5%23.4%-8.9%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
39.5 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
unavailable USD
Total assets
1.5 bn USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
unavailable
ROA
-0.5%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
104.9 m
2024
91.3 m
2025
85.4 m

SEC (XBRL)· 16 Mar 2026verified

Depreciation & amortisation
2023
1.5 m
2024
23.9 k
2025
9.0 k

SEC (XBRL)· 16 Mar 2026verified

Pre-tax income
2023
54.0 m
2024
21.4 m
2025
-6.8 m

SEC (XBRL)· 16 Mar 2026verified

Income tax
2023
10.9 k
2024
32.4 k
2025
827.5 k

SEC (XBRL)· 16 Mar 2026verified

Net income
2023
54.0 m
2024
21.3 m
2025
-7.6 m

SEC (XBRL)· 16 Mar 2026verified

Diluted EPS
2023
2.06
2024
0.76
2025
-0.52

SEC (XBRL)· 16 Mar 2026verified

Balance sheet · USD

Cash
2023
37.9 m
2024
14.7 m
2025
39.5 m

SEC (XBRL)· 16 Mar 2026verified

Property, plant & equipment, net
2023
4.7 m
2024
4.9 m
2025
3.6 m

SEC (XBRL)· 16 Mar 2026verified

Total assets
2023
1.5 bn
2024
1.6 bn
2025
1.5 bn

SEC (XBRL)· 16 Mar 2026verified

Long-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 23 Feb 2023verified

Total liabilities
2023
1.1 bn
2024
1.2 bn
2025
1.1 bn

SEC (XBRL)· 16 Mar 2026verified

Shares outstanding at year end
2023
0
2024
0
2025
0

SEC (XBRL)· 16 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
24.9 m
2024
18.0 m
2025
37.5 m

SEC (XBRL)· 16 Mar 2026verified

Investing cash flow
2023
53.6 m
2024
-105.2 m
2025
66.3 m

SEC (XBRL)· 16 Mar 2026verified

Financing cash flow
2023
-123.4 m
2024
70.8 m
2025
-80.3 m

SEC (XBRL)· 16 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-6.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
1.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
9.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-135.7%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-168.4%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-5.1%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
unavailable
input data missing
ROA
-0.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
17.1 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
111.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-3.7%
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
input data missing
P/S
1.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 2 of at least 6
  • score weight coverage: 14.6% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

4.71 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 111.0 m USD

Key indicators

Market capitalisation
111.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
unavailable
input data missing
Net margin
-5.1%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-6.4%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

15/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 30 Jun 2026
Source: SEC (XBRL)published 10 Aug 2026
verified 1343derived 131

Score by group

15% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Finance Services (SIC 6199)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-5.1%61 (vs peers)43%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth1.7%15 (on a fixed band)57%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/3 factors with a value
  • Growth· partial15/100 · 1/2 factors with a value
  • Quality· partial61/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

GREYSTONE HOUSING IMPACT INVESTORS LP (GHI). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 85.4 m USD in 2025; YoY growth -6.4%; net margin -5.1%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Revenue CAGR 3Y: 1.7%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 12.8x
EV/EBITDA
—
vertical median —
P/S
1.4x
vertical median 3.3x
below median (−57.8%)
P/B
—
vertical median 1.1x
ROE
—
vertical median -15.9%
Net margin
-5.1%
vertical median -81.1%
above median
EBIT margin
—
vertical median -148.1%
Revenue YoY
-6.4%
vertical median 12.2%
below median (−152.9%)
Net debt/EBITDA
—
vertical median -0.4x
Dividend yield
—
vertical median 1.8%

Price rebased to 100 (monthly, 5 years)

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SOFISoFi Technologies, Inc.22.4 bn36.37.1%104.3%+23.1%−42% / +138%
KLARKlarna Group plc5.2 bn—-11.9%-7.8%+24.8%−56% / unavailable
GPGIGPGI, Inc.3.7 bn—-20.6%—−85.8%−36% / +208%
BLSHBullish3.5 bn—-27.3%-0.3%−2.2%−47% / unavailable
CIFRCipher Digital Inc.3.0 bn—-156.8%-742.3%+48.0%−68% / +135%
MARAMara Holdings, Inc.2.7 bn—-107.2%-430.2%+38.2%−42% / −43%
WLTHWealthfront Corporation1.7 bn—-20.5%-19.4%+18.2%unavailable / unavailable
WDWalker & Dunlop, Inc.1.3 bn34.42.2%3.0%+9.0%−41% / −54%
KEELKeel Infrastructure Corp.1.3 bn—-87.6%-230.6%+72.0%−40% / +47%
XYFX Financial1.2 bn5.920.2%19.2%+35.8%−28% / +15%
CDChaince Digital Holdings Inc.741.4 m—-12.3%-182.5%+277.9%−30% / +622%
GDOTGreen Dot Corp727.1 m—-2.8%-1.1%+20.7%+2% / +59%
JFU9F Inc.536.7 m23.24.7%125.2%+12.2%−52% / −43%
CANGCango Inc.272.7 m—-130.8%-90.4%+524.3%−92% / −76%
BKKTBakkt, Inc.215.0 m—-15.9%-1.3%−32.1%−70% / −87%
ZSQRZ Squared Inc.192.4 m—-25.9%-642.0%unavailable−81% / −84%
DEFTDefi Technologies Inc.152.4 m2.374.0%62.9%+215.5%−74% / unavailable
HSDTSolana Company127.0 m—-183.2%-1,302.8%+1,057.1%−49% / −100%
GHIGreystone Housing Impact Investors LP111.0 m——-5.1%−6.4%−44% / −72%
AGPUAxe Compute Inc86.2 m—-1,565.2%-7,769.8%+47.7%+24% / −85%
YRDYiren Digital Ltd.68.9 m8.80.6%1.0%−85.9%−91% / −86%
BTCSBTCS Inc.54.6 m—-354.8%-746.3%+304.8%−67% / +6%
ZSTKZeroStack Corp.47.4 m—-1,993.6%-444.2%−0.5%−67% / −94%

1- and 3-year price returns: for GHI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Greystone Housing Impact Investors LP (NYSE: GHI) invests in mortgage revenue bonds issued by state and local authorities to finance affordable housing across the United States. The partnership is shifting capital away from market-rate multifamily joint ventures toward these bonds, a transition that is shaping its reported earnings 12.

    SWOT

    Strengths

    • A large MRB portfolio with long-term holdings and tax-exempt income, backed by an established lending relationship.
    • Access to the Greystone lending network, which supports sourcing new investments in affordable, seniors and healthcare housing.
    • Borrowers were current on contractual debt service, which supports interest flow from the MRB portfolio.

    Weaknesses

    • Income from market-rate JV investments is sporadic and depends on sale timing, which makes profit volatile.
    • The company recorded significant credit loss provisions and a net loss in 2025 1.
    • The company identified a material weakness in internal control over financial reporting, and its disclosure controls were not considered effective 1.

    Opportunities

    • Redeploying capital recovered from JV investments into MRBs could stabilize longer-term earnings.
    • Sustained demand for affordable and seniors housing could create new financing opportunities.
    • If multifamily markets absorb new supply, property values could rise and support sales from the JV portfolio.

    Threats

    • Rising or volatile interest rates could raise the cost of capital and affect investment values.
    • A deterioration in economic conditions or rental markets could reduce borrowers' ability to pay.
    • Legislative or regulatory changes to tax credits and bond status could affect the business model.

    Risks

    • Credit loss provisionshigh

      The company recognized specific provisions for a group of South Carolina multifamily investments. Estimates may prove inadequate, and results could be weaker than in the past.

    • Interest rate swap volatilitymedium

      Changes in interest rates can generate large unrealized gains or losses on interest rate swaps, which affect reported profit.

    • Dependence on Greystone and related-party dealingsmedium

      The general partner is controlled by Greystone affiliates, which creates potential conflicts of interest in related-party transactions.

    • Material weakness in internal controlhigh

      The company identified a material weakness in internal control over financial reporting, which may affect confidence in reported information.

    • Geographic concentration of propertiesmedium

      Properties tied to investments are concentrated in certain states, which can amplify the effects of regional events or insurance market changes.

    Investment thesis

    What would need to be true (bull case)

    • If capital is redeployed into MRBs as planned, interest income could become steadier than sale-driven JV income.
    • Structural demand for affordable housing and tax-credit support could sustain a durable long-term investment base.
    • If multifamily markets absorb new supply, values and sales from the JV portfolio could recover.

    What would break the thesis

    • If credit loss provisions widen, results could remain below expectations.
    • Weak multifamily markets and higher capitalization rates could extend holding periods and reduce sale values.
    • Control weaknesses and derivative volatility could weigh on investor confidence and reported profit.

    What to watch

    • Quarterly results and commentary on redeploying JV capitalQ3 2026
    • Trend in credit loss provisions and the South Carolina properties taken overnext 10-K
    • Remediation of the material weakness in internal control2027
    • Occupancy and rent trends in San Antonio, Austin and Huntsville2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The partnership, formed in 1998, holds a portfolio of mortgage revenue bonds (MRBs) issued by state and local housing authorities to provide construction and permanent financing for affordable multifamily, seniors and commercial properties. At December 31, 2025 the MRB portfolio comprised 84 investments across 69 properties, with aggregate outstanding principal of approximately $987.5 million 1. It also invests in governmental issuer loans (GILs), market-rate JV equity investments and, temporarily, multifamily properties acquired directly 1.

    The general partner is controlled by affiliates of Greystone, a real estate lending and advisory company known for multifamily and healthcare finance 1. The BUCs trade on the NYSE under the symbol GHI, and the partnership has also designated several series of non-cumulative preferred units 1. Income is intended to pass through with tax advantages to unitholders, though that depends on the tax-exempt status of the interest earned 1.

    Total revenues were approximately $85.4 million in fiscal 2025, compared with $91.3 million in 2024, and the partnership reported a net loss of approximately $7.6 million 1. For the first half of 2026, revenues were approximately $43.0 million, reflecting lower income from market-rate JV investments 2.

    Segments

    Affordable Multifamily Investments

    This segment generated nearly all revenue, approximately $80.2 million in 2025 1. It includes the MRB and GIL investments and is the segment most affected by credit loss provisions 1.

    Market-Rate Joint Venture Investments

    Revenue from this segment fell sharply, from approximately $4.7 million in 2024 to near zero in 2025 1. The company is reducing capital allocated here, and gains depend on the timing of property sales 12.

    Market context

    The company argues that unmet demand for affordable housing in the US remains significant, as government direct rental support has not kept pace with need 1. Private financing through MRBs and GILs, supported by tax credits, is increasingly a source of construction debt for developers 12. In market-rate multifamily, rent and occupancy pressure in several Texas and Alabama markets has lengthened holding periods and delayed sales 12.

    Higher capitalization rates and costlier debt have reduced property valuations compared with sales in 2022 and 2023 12. If new multifamily supply is absorbed, the company expects rents to rise and capitalization rates to fall, which could support property values 1.

    Trends

    • Redeploying capital into MRBsmixed

      The company intends to recover capital from JV investments and redeploy it mainly into MRBs, which could stabilize net interest income over the longer term 12.

    • New multifamily supply in major metrosheadwind

      Markets such as San Antonio, Austin and Huntsville saw record new unit deliveries, peaking in 2024, which pressured rents and occupancy 1.

    • Durable demand for affordable housingtailwind

      The lack of direct government rental support has raised the role of privately financed bonds and tax credits, which supports the company's long-term activity 1.

    • Interest rate and derivative volatilityheadwind

      Swings in SOFR have produced large unrealized gains and losses on interest rate swaps, which affect reported profit even though net cash settlements are steadier 12.

    Competitive position

    The company competes with other investors and lenders active in affordable housing bonds and multifamily projects. The sources do not explicitly identify US-listed competitors, and the partnership presents itself as an important lender through the Greystone lending network 1.

    Its comparative edge lies in Greystone's lending relationships across affordable housing, seniors housing and skilled nursing, which support the identification of new MRB opportunities 12.

    • Other MRB and LIHTC-project investors

      The sources do not name specific competitors; they refer only to market participants financing LIHTC projects and privately placed bonds.

    • Market-rate JV developers and partners

      Developers and partners in multifamily and seniors properties compete for capital in market-rate projects.

    • Agency-backed multifamily lenders

      Lenders operating with agencies such as Fannie Mae and Freddie Mac compete in multifamily housing finance.

    • Other affordable housing finance providers

      Other affordable housing lenders, including those using tax-based instruments, compete for the same development projects.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report22 Oct 2026
      Results of operations · Financial statements and exhibits
    • Current report09 Oct 2026
      Departure or appointment of officers · Financial statements and exhibits
    • Current report16 Sept 2026
      Other events · Financial statements and exhibits
    • Current report17 Aug 2026
      Other events · Financial statements and exhibits
    • Quarterly report10 Aug 2026
    • Current report10 Aug 2026
      Results of operations · Regulation FD disclosure · Financial statements and exhibits
    • Current report23 Jul 2026
      Results of operations · Financial statements and exhibits
    • Current report06 Jul 2026
      Departure or appointment of officers · Financial statements and exhibits
    • Current report18 Jun 2026
      Other events · Financial statements and exhibits
    • Current report16 Jun 2026
      Other events · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Greystone Housing Impact Investors LP · 16 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Greystone Housing Impact Investors LP · 10 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Greystone Housing Impact Investors LP · 22 Oct 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.