Greystone Housing Impact Investors Reports Fourth Quarter 2025 Financial Results
Rhea-AI Summary
Greystone Housing Impact Investors (NYSE: GHI) reported fourth-quarter and full-year 2025 results on March 16, 2026. Key Q4 metrics: net loss $2.6M (−$0.17 per BUC) and CAD $2.8M ($0.12 per BUC). Full-year CAD was $19.1M ($0.82 per BUC). Total assets were $1.5B with MRB/GIL investments of $1.15B. The Partnership is reallocating capital away from market-rate JV equity into tax-exempt mortgage revenue bonds and acquired four properties tied to $119.9M of MRB loans, financed partially by an $84.0M mortgage.
Positive
- Cash Available for Distribution $19.1M for 2025
- Total assets of $1.5B
- MRB and GIL investments totaling $1.15B
- Hedging net receipts of $3.2M for full year 2025
Negative
- Net loss of $7.6M for full year 2025
- Q4 net loss of $2.6M (−$0.17 per BUC)
- Strategy shift may delay distributions pending sale pace of market-rate assets
- Acquisition of four properties tied to original MRB exposure of $119.9M
Key Figures
Market Reality Check
Peers on Argus
GHI slipped 0.28% with light volume. Mortgage finance peers like SNFCA, ONIT, BETR and VEL also showed modest declines, suggesting a generally soft sector tone but no strong, coordinated move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Positive | -10.8% | Reported Q3 net income, solid CAD, distribution, and capital shift update. |
| Aug 07 | Q2 2025 earnings | Neutral | -4.3% | Q2 net loss but positive CAD, higher borrowing capacity, JV capital support. |
| May 07 | Q1 2025 earnings | Positive | -2.1% | Q1 net income and CAD with asset growth and preferred unit issuance. |
| Feb 20 | Q4 2024 earnings | Positive | -3.6% | Q4 and 2024 net income and CAD with continued distributions and growth. |
| Nov 06 | Q3 2024 earnings | Negative | -2.8% | Q3 2024 net loss per BUC despite positive CAD and asset growth. |
Earnings releases have often been followed by negative next-day moves, even when results or distributions looked supportive, indicating a pattern of selling into earnings-related news.
Across recent earnings, GHI has reported a mix of net income and net losses while consistently generating CAD and maintaining total assets around $1.48–$1.58 billion. Distributions per BUC have been steady, and 2025 featured capital-raising via Series B preferred units and a strategic pivot toward tax-exempt MRB and GIL investments. Today’s Q4 2025 and full-year 2025 results, which include a net loss but positive CAD, continue this pattern of balancing earnings volatility against underlying distributable cash flow and portfolio repositioning.
Historical Comparison
Past earnings headlines saw an average move of -4.72%, typically skewed negative even when CAD and distributions were stable.
Earnings since late 2024 show a shift from consistent net income toward mixed profitability in 2025, while maintaining CAD and gradually reallocating capital toward tax-exempt MRB and GIL investments.
Regulatory & Risk Context
An effective shelf registration amendment filed on October 27, 2025 allows GHI to issue up to $200,000,000 of BUCs, preferred units, and debt securities over time, providing flexibility to raise capital for MRBs, GILs, and other permitted investments or general purposes.
Market Pulse Summary
This announcement highlights a 2025 net loss of $7.6 million alongside CAD of $19.1 million, underscoring the gap between GAAP earnings and distributable cash. Management continues shifting capital from market-rate JV equity into tax-exempt MRB and GIL investments totaling $1.15 billion. Investors may watch execution on property sales, performance of the newly acquired South Carolina assets financed with an $84.0 million loan, and how these moves affect future CAD and distribution levels.
Key Terms
mortgage revenue bond financial
cash available for distribution financial
beneficial unit certificate financial
interest rate swaps financial
AI-generated analysis. Not financial advice.
OMAHA, Neb., March 16, 2026 (GLOBE NEWSWIRE) -- On March 16, 2026, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced financial results for the three months and year ended December 31, 2025.
The Partnership also announced it will host a call on Thursday, March 19th at 4:30 p.m. Eastern Time to discuss the results and business outlook. Details for accessing the call can be found below under "Earnings Webcast & Conference Call."
Financial Highlights
The Partnership reported the following results as of and for the three months ended December 31, 2025:
- Net loss of
$2.6 million or$0.17 per Beneficial Unit Certificate (“BUC”), basic and diluted - Cash Available for Distribution (“CAD”) of
$2.8 million or$0.12 per BUC - Total assets of
$1.5 billion - Total Mortgage Revenue Bond (“MRB”) and Governmental Issuer Loan (“GIL”) investments of
$1.15 billion
The Partnership reported the following results for the year ended December 31, 2025:
- Net loss of
$7.6 million or$0.52 per Beneficial Unit Certificate (“BUC”), basic and diluted - Cash Available for Distribution (“CAD”) of
$19.1 million or$0.82 per BUC
A reconciliation of net income to CAD is included below under “Disclosure Regarding Non-GAAP Measures - Cash Available for Distribution.”
In December 2025, the Partnership announced that the Board of Managers of Greystone AF Manager LLC declared a regular quarterly distribution to the Partnership's BUC holders of
Operational Update
As announced in November 2025, the Partnership is implementing a strategy to reduce its capital allocation to joint venture equity investments in market rate multifamily properties. The Partnership and the respective managing members will manage the remaining portfolio of market rate multifamily investments to maximize sales prices and returns to the extent possible, with return of capital from the sale of these investments to be redeployed into primarily tax-exempt mortgage revenue bond investments.
The Partnership believes this change in investment strategy will provide many benefits to unitholders, including more stable investment earnings, an increase in the proportion of tax-advantage income allocated to unitholders in the long-term, and more capital allocated to a proven investment class that is core to operations and that leverages the strong relationships and knowledge base of Greystone’s other lending platforms.
The Partnership’s near-term results of operations will be impacted by the pace of sales of market rate multifamily investments and the ability to redeploy capital into new tax-exempt mortgage revenue bond investments. The Partnership and Board of Managers will continue assessing the potential impacts on the Partnership’s short-term and long-term earnings expectations and future unitholder distributions, with a focus on the long-term benefit to unitholders and the Partnership.
Management Remarks
“The Partnership is making progress in the implementation of its capital reallocation strategy,” said Kenneth C. Rogozinski, Chief Executive Officer of the Partnership. “We are working with brokers and property management firms to plan potential exit timelines based on current property level activity and results. We are also working with our origination team and the broader Greystone affordable origination team to identify traditional mortgage revenue bond investment opportunities,” said Rogozinski.
Recent Investment and Financing Activity
The Partnership reported the following updates for the fourth quarter of 2025:
- Advances and acquisitions of MRB, taxable MRB, taxable GIL and property loan investments totaled approximately
$39.2 million . - Redemptions and paydowns of GIL investments totaled approximately
$12.1 million . - Advances to market-rate joint venture equity investments totaled approximately
$6.6 million .
Additionally, in January and February 2026, the Partnership acquired four multifamily properties located in South Carolina via deed in lieu of foreclosure of the Partnership’s MRB investments due to the inability of the borrowers to meet required stabilized operating results. The Partnership believes acquiring and managing the properties directly provides the best opportunity for recovery of the Partnership’s investments. The Partnership’s original MRB and taxable MRB investments across the four properties totaled
Investment Portfolio Updates
The Partnership announced the following updates regarding its investment portfolio:
- All MRB and GIL investments were current on contractual principal and interest payments from borrowers as of December 31, 2025.
- The Partnership continues to execute its hedging strategy, primarily through interest rate swaps, to reduce the impact of changing market interest rates with net receipts totaling approximately
$660,000 and$3.2 million for the three months and year ended December 31, 2025, respectively. - Nine current market-rate joint venture equity investment properties have completed construction. Three properties have previously achieved
90% occupancy.
Earnings Webcast & Conference Call
The Partnership will host a conference call for investors on Thursday, March 19, 2026 at 4:30 p.m. Eastern Time to discuss the Partnership’s fourth quarter 2025 results.
For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.
The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership's website under “News & Events” or via the following link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=r59D1gTE
It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).
A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.
About Greystone Housing Impact Investors LP
Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022 (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.
Safe Harbor Statement
Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and conflicts in the Middle East) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; any effects on our business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the ability of the Partnership to remediate its material weakness in its internal control over financial reporting; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the potential for inflationary impacts resulting from macroeconomic conditions and policy initiatives; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; legislative changes to Low Income Housing Tax Credits issued in accordance with Section 42 of the Internal Revenue Code and certain tax credit recapture events; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; risks related to the development and use of artificial intelligence (AI); and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.
If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.
| GREYSTONE HOUSING IMPACT INVESTORS LP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||||
| For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Revenues: | |||||||||||||||||
| Investment income | $ | 12,583,450 | $ | 20,056,000 | $ | 71,429,591 | $ | 80,976,706 | |||||||||
| Other interest income | 3,731,593 | 2,199,643 | 11,684,331 | 9,509,307 | |||||||||||||
| Contingent interest income | - | - | 208,059 | - | |||||||||||||
| Other income | 839,070 | 330,381 | 2,067,785 | 785,386 | |||||||||||||
| Total revenues | 17,154,113 | 22,586,024 | 85,389,766 | 91,271,399 | |||||||||||||
| Expenses: | |||||||||||||||||
| Provision for credit losses | 392,316 | (24,000 | ) | 9,807,134 | (1,036,308 | ) | |||||||||||
| Depreciation | 1,442 | 5,967 | 8,965 | 23,867 | |||||||||||||
| Interest expense | 9,916,052 | 15,840,620 | 50,391,373 | 60,032,007 | |||||||||||||
| Net result from derivative transactions | (668,758 | ) | (8,239,844 | ) | 3,646,448 | (8,495,426 | ) | ||||||||||
| General and administrative | 4,916,719 | 4,787,849 | 18,978,493 | 19,652,622 | |||||||||||||
| Total expenses | 14,557,771 | 12,370,592 | 82,832,413 | 70,176,762 | |||||||||||||
| Other income: | |||||||||||||||||
| Gain on sale of real estate assets | 3,017,410 | - | 3,017,410 | 63,739 | |||||||||||||
| Gain on sale of mortgage revenue bond | - | 1,207,673 | - | 2,220,254 | |||||||||||||
| Gain on sale of investments in unconsolidated entities | (14,773 | ) | 60,858 | 185,963 | 117,844 | ||||||||||||
| Earnings (losses) from investments in unconsolidated entities | (7,376,535 | ) | (1,315,042 | ) | (12,546,923 | ) | (2,140,694 | ) | |||||||||
| Income (loss) before income taxes | (1,777,556 | ) | 10,168,921 | (6,786,197 | ) | 21,355,780 | |||||||||||
| Income tax expense | 835,093 | 36,398 | 827,548 | 32,447 | |||||||||||||
| Net income (loss) | (2,612,649 | ) | 10,132,523 | (7,613,745 | ) | 21,323,333 | |||||||||||
| Redeemable Preferred Unit distributions and accretion | (1,096,081 | ) | (741,477 | ) | (3,916,050 | ) | (2,991,671 | ) | |||||||||
| Net income (loss) available to Partners | $ | (3,708,730 | ) | $ | 9,391,046 | $ | (11,529,795 | ) | $ | 18,331,662 | |||||||
| Net income (loss) available to Partners allocated to: | |||||||||||||||||
| General Partner | $ | 147,416 | $ | 390,766 | $ | 157,970 | $ | 479,602 | |||||||||
| Limited Partners - BUCs | (3,954,496 | ) | 8,937,983 | (12,047,580 | ) | 17,587,205 | |||||||||||
| Limited Partners - Restricted units | 98,350 | 62,297 | 359,815 | 264,855 | |||||||||||||
| $ | (3,708,730 | ) | $ | 9,391,046 | $ | (11,529,795 | ) | $ | 18,331,662 | ||||||||
| BUC holders' interest in net income (loss) per BUC, basic and diluted | $ | (0.17 | ) | $ | 0.39 | $ | (0.52 | ) | $ | 0.76 | * | ||||||
| Weighted average number of BUCs outstanding, basic | 23,204,406 | 23,115,162 | 23,179,521 | 23,071,141 | * | ||||||||||||
| Weighted average number of BUCs outstanding, diluted | 23,204,406 | 23,115,162 | 23,179,521 | 23,071,141 | * | ||||||||||||
| * | The amounts indicated above have been adjusted to reflect the distribution completed on April 30, 2024 in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024 on a retroactive basis. |
Disclosure Regarding Non-GAAP Measures - Cash Available for Distribution
The Partnership believes that CAD provides relevant information about the Partnership’s operations and is necessary, along with net income, for understanding its operating results. To calculate CAD, the Partnership begins with net income (loss) as computed in accordance with GAAP and adjusts for non-cash expenses or income consisting of depreciation expense, amortization expense related to deferred financing costs, amortization of premiums and discounts, fair value adjustments to derivative instruments, provisions for credit and loan losses, impairments on MRBs, GILs, real estate assets and property loans, deferred income tax expense (benefit), and restricted unit compensation expense. The Partnership also adjusts net income for the Partnership’s share of (earnings) losses of investments in unconsolidated entities related to the Market Rate Joint Venture Investments segment as such amounts are primarily depreciation expenses and development costs that are expected to be recovered upon an exit event. The Partnership also deducts Tier 2 income (see Note 23 to the Partnership’s condensed consolidated financial statements) distributable to the General Partner as defined in the Partnership Agreement and distributions and accretion for the Preferred Units. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and the Partnership’s computation of CAD may not be comparable to CAD reported by other companies. Although the Partnership considers CAD to be a useful measure of the Partnership’s operating performance, CAD is a non-GAAP measure that should not be considered as an alternative to net income calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP.
The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income (loss), as determined in accordance with GAAP, to CAD) for the three months and years ended December 31, 2025 and 2024 (all per BUC amounts are presented giving effect to the distributions in form of additional BUCs on a retroactive basis for all periods presented):
| For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Net income (loss) | $ | (2,612,649 | ) | $ | 10,132,523 | $ | (7,613,745 | ) | $ | 21,323,333 | |||||||
| Unrealized (gains) losses on derivatives, net | (130,575 | ) | (6,978,561 | ) | 6,609,475 | (2,097,900 | ) | ||||||||||
| Depreciation expense | 1,442 | 5,967 | 8,965 | 23,867 | |||||||||||||
| Provision for credit losses (1) | 392,316 | (24,000 | ) | 9,807,134 | (867,000 | ) | |||||||||||
| Reversal of gain on sale of real estate assets (2) | (3,017,410 | ) | - | (3,017,410 | ) | - | |||||||||||
| Amortization of deferred financing costs | 347,392 | 466,105 | 1,461,472 | 1,653,805 | |||||||||||||
| Restricted unit compensation expense | 631,297 | 436,052 | 2,118,179 | 1,891,633 | |||||||||||||
| Deferred income taxes | 813,470 | 1,164 | 812,685 | 2,435 | |||||||||||||
| Redeemable Preferred Unit distributions and accretion | (1,096,081 | ) | (741,477 | ) | (3,916,050 | ) | (2,991,671 | ) | |||||||||
| Tier 2 income allocable to the General Partner (3) | 3,693 | (309,858 | ) | (89,159 | ) | (309,858 | ) | ||||||||||
| Recovery of prior credit loss (4) | (11,091 | ) | (17,156 | ) | 40,073 | (69,000 | ) | ||||||||||
| Bond premium, discount and acquisition fee amortization, net of cash received | 55,829 | (90,310 | ) | 374,557 | 1,247,066 | ||||||||||||
| (Earnings) losses from investments in unconsolidated entities | 7,375,195 | 1,315,042 | 12,517,130 | 2,140,694 | |||||||||||||
| Total CAD | $ | 2,752,828 | $ | 4,195,491 | $ | 19,113,306 | $ | 21,947,404 | |||||||||
| Weighted average number of BUCs outstanding, basic | 23,204,406 | 23,115,162 | 23,179,521 | 23,071,141 | |||||||||||||
| Net income (loss) per BUC, basic | $ | (0.17 | ) | $ | 0.39 | $ | (0.52 | ) | $ | 0.76 | |||||||
| Total CAD per BUC, basic | $ | 0.12 | $ | 0.18 | $ | 0.82 | $ | 0.95 | |||||||||
| Cash Distributions declared, per BUC | $ | 0.25 | $ | 0.37 | $ | 1.22 | $ | 1.478 | |||||||||
| BUCs Distributions declared, per BUC(5) | $ | - | $ | - | $ | - | $ | 0.07 | |||||||||
| (1) | The adjustments reflect the change in allowances for credit losses under the CECL standard which requires the Partnership to update estimates of expected credit losses for its investment portfolio at each reporting date. Credit losses are not reported within CAD until such losses are realized. The provision for credit loss includes asset-specific provisions for credit losses for affordable multifamily investments totaling approximately |
| (2) | The gain on sale of real estate assets from the sale of The 50/50 MF Property represented a recovery of prior depreciation expense that was not reflected in the Partnership’s previously reported CAD, so the gain on sale was deducted from net income in determining CAD for 2025. |
| (3) | As described in Note 23 to the Partnership’s condensed consolidated financial statements, Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed |
| (4) | The Partnership determined there was a recovery of previously recognized impairment recorded for the Live 929 Apartments Series 2022A MRB prior to the adoption of the CECL standard effective January 1, 2023. The Partnership is accreting the recovery of prior credit loss for this MRB into investment income over the term of the MRB consistent with applicable guidance. The accretion of recovery of value, net of adjustments, is presented as a reduction to current CAD as the original provision for credit loss was an addback for CAD calculation purposes in the period recognized. |
| (5) | The Partnership declared a distribution payable in the form of additional BUCs equal to |
MEDIA CONTACT:
Fran Del Valle
Greystone
917-922-5653
fran@influencecentral.com
INVESTOR CONTACT:
Andy Grier
Investor Relations
402-952-1235
FAQ
What were GHI's reported Q4 2025 results and per-Unit figures?
How much Cash Available for Distribution did GHI report for full-year 2025 (GHI)?
What investment portfolio scale did Greystone Housing Impact Investors (GHI) disclose?
Why is GHI reallocating capital away from market-rate JV equity investments?
What were the recent property transactions and financing amounts reported by GHI?
How did GHI's hedging activities affect 2025 results?
