The distribution cut to $0.14/BUC and declining CAD signal ongoing cash flow pressure. Monitor the pace of market-rate JV equity sales and redeployment into tax-exempt MRBs, as well as any further distribution reductions. The interim CFO appointment warrants attention for potential governance or financial control issues.
Price Chart
Executive Summary
Greystone Housing Impact Investors LP reported Q2 2026 results with a net loss of $1.52M (-$0.11/BUC), a significant deterioration from the prior year's net loss of $8.26M (-$0.40/BUC). Total revenues fell 7.1% YoY to $21.2M, driven by a 26.6% decline in investment income. The partnership's CAD dropped 53.6% YoY to $2.43M ($0.10/BUC), while the quarterly distribution was cut 53.3% to $0.14/BUC. The balance sheet continues to shrink, with total assets declining to $1.39B from $1.50B at year-end 2025, as the company executes its strategy of reducing market-rate JV equity investments and redeploying into tax-exempt MRBs. The CFO transition to an interim basis adds governance uncertainty.
Key Financial Metrics
Key Facts
- Q2 2026 net loss of $1.52M vs net loss of $8.26M in Q2 2025 (prior year included $9.1M provision for credit losses)
- Total revenues of $21.2M declined 7.1% YoY from $22.8M; investment income fell 26.6% to $14.7M
- CAD dropped 53.6% YoY to $2.43M ($0.10/BUC) from $5.25M ($0.23/BUC)
- Quarterly distribution cut 53.3% to $0.14/BUC from $0.30/BUC in Q2 2025
- Total assets declined to $1.39B from $1.50B at 12/31/2025; net book value per BUC fell to $11.20 from $11.77
- CFO changed to interim basis (Eric R. Nielsen appointed Interim CFO)
- GIL and taxable GIL redemptions totaled $153.6M in Q2; debt financing net decreased to $822.5M from $923.7M at Q1 end
- Leverage ratio improved to 74% from 75% at year-end 2025
Financial Impact
Q2 2026 net loss of $1.52M; CAD of $2.43M ($0.10/BUC) vs $5.25M ($0.23/BUC) in Q2 2025; quarterly distribution cut to $0.14/BUC from $0.30/BUC
Risk Factors
- Further distribution cuts if CAD continues to decline
- Delayed or unfavorable sales of market-rate JV equity investments
- Inability to redeploy capital into tax-exempt MRBs at attractive yields
- Interest rate sensitivity: a +200bp rate shift would reduce net interest income by $2.07M annually
- CFO transition to interim basis may signal internal challenges
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-342381 |
| Document: ghi-ex99_1.htm | 0001193125-26-342381 |
| Document: ghi-20260810.htm | 0001193125-26-342381 |
| Document: 0001193125-26-342381-index-headers.html | 0001193125-26-342381 |
| Document: 0001193125-26-342381-index.html | 0001193125-26-342381 |
| Document: 0001193125-26-342381.txt | 0001193125-26-342381 |
| 8-K Data (Synthetic) | 0001193125-26-342381 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $4.94 | awaiting T+20 | — | $4.91 (−0.61%) |
Oct 22, 2026 4d ago | Press Release | $4.99 | awaiting T+20 | — | $4.91 (−1.60%) |
Oct 9, 2026 17d ago | 8-K | $5.17 | awaiting T+20 | — | $4.91 (−5.03%) |
Sep 16, 2026 5w ago | Press Release | $5.97 $4.95 | ▼ −17.09% | ▼ −18.29% | $4.91 (−17.76%) |
Aug 10, 2026 11w ago | 8-K | $5.71 $6.28 | ▼ −9.98% | ▼ −11.04% | $4.91 (+14.01%) |
Aug 10, 2026 11w ago | Press Release | $5.71 $6.28 | ▼ −9.98% | ▼ −11.04% | $4.91 (+14.01%) |
Jul 23, 2026 13w ago | Press Release | $5.12 | awaiting T+20 | — | $4.91 (−4.10%) |
Jun 16, 2026 18w ago | Press Release | $5.22 $5.25 | ▲ +0.57% | ▼ −0.74% | $4.91 (−5.94%) |
Jun 8, 2026 20w ago | 8-K | $5.16 $5.56 | ▲ +7.75% | ▲ +6.31% | $4.91 (−4.84%) |
May 11, 2026 24w ago | 8-K | $5.20 $5.14 | ▲ +1.15% | ▼ −0.57% | $4.91 (+5.58%) |
US Market Status
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