The 62% distribution cut and 56% CAD decline signal ongoing fundamental deterioration. The shift from JV equity to MRB investments is a multi-quarter transition with uncertain timing. Monitor the pace of JV asset sales and MRB redeployment in Q2; further distribution cuts are possible if CAD continues to decline. The stock trades at a 56% discount to book value ($4.92 vs $11.30), reflecting the market's skepticism about earnings recovery.
Price Chart
Executive Summary
Greystone Housing Impact Investors LP reported Q1 2026 net income of $1.32M ($0.01 per BUC), a sharp decline from $2.40M ($0.07 per BUC) in Q1 2025. Total revenue fell 10.4% YoY to $21.79M, driven by lower investment income and a $4.93M loss from unconsolidated entities. Cash Available for Distribution (CAD) dropped 56.3% to $3.05M ($0.13 per BUC), and the quarterly distribution was cut to $0.14 per BUC from $0.37 a year ago. The company is actively shifting strategy away from market-rate JV equity investments toward tax-exempt mortgage revenue bonds, but near-term earnings remain pressured by the pace of asset sales and capital redeployment.
Key Financial Metrics
Key Facts
- Net income fell 44.8% YoY to $1.33M from $2.40M; net income available to partners collapsed 86.3% to $0.22M from $1.64M.
- Total revenue declined 10.4% YoY to $21.79M from $24.32M, driven by a 22.0% drop in investment income to $16.44M.
- CAD per BUC fell 56.7% to $0.13 from $0.30; quarterly distribution cut 62.2% to $0.14 per BUC from $0.37.
- Losses from unconsolidated entities widened to $4.93M from $0.99M, reflecting continued pressure from market-rate JV equity investments.
- Net book value per BUC declined to $11.30 from $11.77 at year-end 2025, a 4.0% drop.
- Acquired four multifamily properties via deed in lieu of foreclosure on $119.9M of MRB investments, converting debt to owned real estate.
- Leverage ratio remained elevated at 75%; total debt of $1.12B against $1.49B of assets.
- Interest rate sensitivity shows a +100bp parallel shift would reduce net interest income by $736K over 12 months.
Financial Impact
Revenue decline of $2.5M YoY; net income available to partners down $1.4M; distribution cut of $0.23 per BUC quarterly.
Risk Factors
- Continued losses from unconsolidated JV equity investments could further pressure earnings and CAD.
- Elevated 75% leverage ratio limits financial flexibility and increases sensitivity to interest rate changes.
- The deed-in-lieu foreclosure of $119.9M in MRB investments converted income-producing bonds into owned real estate, reducing investment income and increasing operating costs.
- Net book value has declined 25.5% from $15.17 at year-end 2023 to $11.30, signaling persistent value destruction.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-216870 |
| Document: ghi-ex99_1.htm | 0001193125-26-216870 |
| Document: ghi-20260511.htm | 0001193125-26-216870 |
| Document: 0001193125-26-216870-index-headers.html | 0001193125-26-216870 |
| Document: 0001193125-26-216870-index.html | 0001193125-26-216870 |
| Document: 0001193125-26-216870.txt | 0001193125-26-216870 |
| 8-K Data (Synthetic) | 0001193125-26-216870 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 3d ago | 8-K | $4.99 | awaiting T+20 | — | $4.92 (−1.40%) |
Oct 22, 2026 3d ago | Press Release | $4.99 | awaiting T+20 | — | $4.92 (−1.40%) |
Oct 9, 2026 16d ago | 8-K | $5.17 | awaiting T+20 | — | $4.92 (−4.84%) |
Sep 16, 2026 5w ago | Press Release | $5.97 $4.95 | ▼ −17.09% | ▼ −18.29% | $4.92 (−17.59%) |
Aug 10, 2026 10w ago | 8-K | $5.71 $6.28 | ▼ −9.98% | ▼ −11.04% | $4.92 (+13.84%) |
Aug 10, 2026 10w ago | Press Release | $5.71 $6.28 | ▼ −9.98% | ▼ −11.04% | $4.92 (+13.84%) |
Jul 23, 2026 13w ago | Press Release | $5.12 | awaiting T+20 | — | $4.92 (−3.91%) |
Jun 16, 2026 18w ago | Press Release | $5.22 $5.25 | ▲ +0.57% | ▼ −0.74% | $4.92 (−5.75%) |
Jun 8, 2026 19w ago | 8-K | $5.16 $5.56 | ▲ +7.75% | ▲ +6.31% | $4.92 (−4.65%) |
May 11, 2026 23w ago | 8-K | $5.20 $5.14 | ▲ +1.15% | ▼ −0.57% | $4.92 (+5.38%) |
US Market Status
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