Greystone Housing Impact Investors LP (GHI) 10-Year Financial Performance & Capital Metrics

GHI • • Banking & Credit

Financial ServicesMortgage FinanceMortgage Investment & Portfolio ManagementMortgage Investment REITs

AboutGreystone 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.Show more

Net Interest Income -$51M +1.5%
Total Revenue $100M -31.2%
Net Income $21M -60.5%
Return on Equity 5.23% -58.8%
Net Interest Margin -3.2% +5.7%
Efficiency Ratio 18.63% +21.7%
ROA 1.38% -60.7%
Equity / Assets 24.27% -14.9%
Book Value per Share 16.62 -12.1%
Tangible BV/Share 16.62 -12.1%
Debt/Equity 3.04 +24.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 18.6% efficiency ratio
✓Well capitalized: 24.3% equity/assets
✓Diversified revenue: 90.5% from non-interest income
✓Trading at only 0.5x book value

✗Weaknesses

✗High debt to equity ratio of 3.0x
✗Weak Piotroski F-Score: 2/9
✗Weak NIM of -3.2%
✗Weak momentum: RS Rating 17 (bottom 17%)
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.33%

5Y4.98%

3Y6.01%

TTM-

Profit (Net Income) CAGR

10Y3.56%

5Y-6.9%

3Y-17.59%

TTM-51.96%

EPS CAGR

10Y0.53%

5Y-8.79%

3Y-20.11%

TTM13406.35%

ROCE

10Y Avg2.19%

5Y Avg2.62%

3Y Avg3.15%

Latest1.4%

Peer Comparison

Mortgage Investment REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GHIGreystone Housing Impact Investors LP	187.95M	7.97	10.35	-31.18%	21.32%	0%	9.57%	3.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-14.83M	-17.33M	-22.16M	-6.23M	-20.82M	-20.24M	-18.44M	-31.68M	-51.31M	-50.52M
NII Growth %	-0.3%	-0.17%	-0.28%	0.72%	-2.34%	0.03%	0.09%	-0.72%	-0.62%	0.02%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	7.83M	16.96M	3.9M	979.38K	3.51M	11.88M	17.76M	9.51M
Interest Expense	14.83M	17.33M	24.48M	24.86M	24.72M	21.22M	21.94M	43.56M	69.07M	60.03M
Loan Loss Provision	-4.77M	-8.11M	-16.25M	-19.56M	0	0	0	0	0	0
Non-Interest Income+	49.73M	55.67M	55.06M	45.35M	74.56M	55.97M	80.45M	122.1M	127.59M	90.52M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	49.73M	55.67M	62.89M	62.31M	78.46M	56.94M	83.96M	133.97M	145.34M	100.03M
Revenue Growth %	0.33%	0.12%	0.13%	-0.01%	0.26%	-0.27%	0.47%	0.6%	0.08%	-0.31%
Non-Interest Expense	26.84M	26.92M	26.21M	22.09M	23.2M	28.44M	23.85M	24.9M	22.25M	18.64M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	22.88M	14.66M	18.93M	-9.02M	30.54M	7.29M	38.16M	65.51M	54.02M	21.36M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.52%	-0.36%	0.29%	-1.48%	4.38%	-0.76%	4.24%	0.72%	-0.18%	-0.6%
Pretax Income+	22.88M	28.74M	36.68M	40.22M	30.54M	7.29M	38.16M	65.51M	54.02M	21.36M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	49.24M	4.96M	6.02M	-921.1K	45.99K	79.99K	63.79K	-51.19K	10.87K	32.45K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	26.61M	23.78M	30.59M	41.14M	30.49M	7.21M	38.1M	65.56M	54.01M	21.32M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.77%	-0.11%	0.29%	0.34%	-0.26%	-0.76%	4.29%	0.72%	-0.18%	-0.61%
Net Income (Continuing)	22.88M	23.78M	30.66M	41.14M	30.49M	7.21M	38.1M	65.56M	54.01M	21.32M
EPS (Diluted)+	1.00	1.00	1.29	2.01	1.22	0.34	1.51	2.59	2.07	0.77
EPS Growth %	0.37%	0%	0.29%	0.56%	-0.39%	-0.72%	3.44%	0.72%	-0.2%	-0.63%
EPS (Basic)	1.00	1.00	1.29	2.01	1.22	0.34	1.51	2.59	1.93	0.77
Diluted Shares Outstanding	20.51M	20.48M	20.39M	20.43M	20.96M	20.98M	21.45M	22.87M	22.83M	23.07M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	17.04M	20.75M	69.6M	32M	42.31M	44.5M	68.29M	51.19M	37.92M	14.7M
Short Term Investments	1000K	1000K	1000K	0	0	0	0	0	0	0
Total Investments+	344.18K	19.85M	40.21M	77.16M	86.99M	107.2M	108.14M	123.32M	141.91M	186.39M
Investments Growth %	0.29%	56.68%	1.03%	0.92%	0.13%	0.23%	0.01%	0.14%	0.15%	0.31%
Long-Term Investments	-644.05M	-717.52M	-798.27M	77.16M	86.99M	107.2M	108.14M	123.32M	141.91M	186.39M
Accounts Receivables	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	141.02M	114.23M	76.69M	0	1.67M	1.65M	1.62M	0	0	0
Other Assets	680.72M	752.08M	847.22M	850.58M	882.76M	1B	1.13B	1.21B	1.2B	1.32B
Total Current Assets	689.42M	794.86M	944.13M	54.97M	57.74M	65.63M	145.62M	237.93M	166.69M	77.28M
Total Non-Current Assets	177.69M	149.25M	125.64M	927.74M	971.43M	1.11B	1.24B	1.33B	1.35B	1.5B
Total Assets+	867.11M	944.11M	1.07B	982.71M	1.03B	1.18B	1.39B	1.57B	1.51B	1.58B
Asset Growth %	0.17%	0.09%	0.13%	-0.08%	0.05%	0.14%	0.18%	0.13%	-0.03%	0.04%
Return on Assets (ROA)	0.03%	0.03%	0.03%	0.04%	0.03%	0.01%	0.03%	0.04%	0.04%	0.01%
Accounts Payable	14.43M	15.27M	16.92M	10.08M	10.39M	7.21M	18.22M	19.33M	18.04M	18.71M
Total Debt+	538.24M	606.58M	643.87M	568.78M	578.34M	709.57M	894.77M	1.12B	1.05B	1.16B
Net Debt	521.21M	585.83M	574.27M	536.78M	536.03M	665.07M	826.48M	1.06B	1.01B	1.15B
Long-Term Debt	520.74M	546.76M	593.87M	568.78M	578.34M	709.57M	894.77M	1.12B	1.05B	1.16B
Short-Term Debt	17.5M	59.82M	50M	0	0	0	0	0	0	0
Other Liabilities	1.32M	1.34M	826.85K	5.04M	4.11M	4.27M	6.05M	13.3M	13.5M	13.77M
Total Current Liabilities	31.92M	75.09M	66.92M	10.08M	10.39M	7.21M	18.22M	19.33M	18.04M	18.71M
Total Non-Current Liabilities	522.06M	548.1M	594.7M	573.82M	582.45M	713.84M	900.82M	1.13B	1.06B	1.18B
Total Liabilities	553.99M	623.19M	661.61M	583.9M	592.84M	721.05M	919.04M	1.15B	1.08B	1.2B
Total Equity+	313.12M	320.92M	408.15M	398.82M	436.32M	454.19M	466.87M	418.4M	431.74M	383.43M
Equity Growth %	0.01%	0.02%	0.27%	-0.02%	0.09%	0.04%	0.03%	-0.1%	0.03%	-0.11%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.08%	0.08%	0.1%	0.07%	0.02%	0.08%	0.15%	0.13%	0.05%
Book Value per Share	15.27	15.67	20.02	19.52	20.82	21.65	21.76	18.29	18.91	16.62
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	399.08K	102.54K	437.26K	344.59K	735.13K	934.89K	765.55K	285.57K	543.98K	98.62K
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	40.79M	94.31M	94.35M	94.39M	94.42M	94.46M	94.45M	82.43M	77.41M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	19.39M	15.23M	17.14M	25.67M	17.99M	15.84M	33.94M	21.13M	24.94M	17.99M
Operating CF Growth %	0.11%	-0.21%	0.13%	0.5%	-0.3%	-0.12%	1.14%	-0.38%	0.18%	-0.28%
Net Income	26.61M	23.78M	30.66M	41.14M	30.49M	7.21M	38.1M	62.09M	50.42M	21.32M
Depreciation & Amortization	8.13M	6.86M	5.21M	3.56M	3.09M	2.81M	2.73M	5.25M	1.54M	23.87K
Deferred Taxes	0	366K	-400K	-957.5K	-29.34K	9.56K	-166.21K	0	0	0
Other Non-Cash Items	-11.98M	-12.54M	-17.17M	-13.66M	-16.94M	7.81M	-14.04M	-45.08M	-31.14M	-5.47M
Working Capital Changes	-3.37M	-2.84M	-2.16M	-5.66M	-2.26M	-3.01M	6.04M	-2.67M	4.11M	2.12M
Cash from Investing+	-138.7M	-83.05M	-21.51M	49.12M	23.19M	-38.14M	-187.47M	-278.6M	53.56M	-105.2M
Purchase of Investments	-191.46M	-130.62M	-121.35M	-41.71M	-19.25M	-9.51M	-71.67M	0	0	-277.18M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	22.34M	-18.75M	-14.1M	-27.64M	7.94M	-16.5M	8.98M	0	0	-40.11M
Other Investing	10.65M	29.66M	51.2M	10.62M	-405.72K	-70.7M	-176.53M	-276.79M	54.36M	61.72M
Cash from Financing+	87.16M	71.53M	53.21M	-113.1M	-31.27M	102.11M	182.47M	198.18M	-123.4M	70.78M
Dividends Paid	-31.56M	-34.25M	-33.47M	-36.16M	-35.34M	-25.42M	-28.65M	-46.63M	-42.48M	-37.52M
Share Repurchases	0	-1.6M	-1.47M	-1.7M	-1.58M	-2.11M	-1.36M	-456.13K	-483.25K	0
Stock Issued	0	40.87M	54.61M	2.03M	1.58M	0	33.32M	0	0	1.53M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	-1000K	1000K
Other Financing	-2.86M	39.04M	52.17M	-1.04M	-1.26M	-1.56M	-4.66M	-2.35M	-3.38M	-3.92M
Net Change in Cash+	-32.16M	3.71M	48.85M	-38.31M	9.92M	79.8M	28.94M	-59.3M	-44.9M	-16.43M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	49.19M	17.04M	20.75M	71.58M	33.27M	43.19M	122.99M	151.93M	92.64M	47.73M
Cash at End	17.04M	20.75M	69.6M	33.27M	43.19M	122.99M	151.93M	92.64M	47.73M	31.31M
Interest Paid	0	0	21.56M	23.53M	0	0	0	32.26M	0	0
Income Taxes Paid	0	0	5.89M	180.48K	0	0	0	0	0	0
Free Cash Flow+	16.11M	14.6M	16.7M	25.13M	17.87M	15.42M	33.78M	19.32M	24.14M	17.99M
FCF Growth %	3.53%	-0.09%	0.14%	0.51%	-0.29%	-0.14%	1.19%	-0.43%	0.25%	-0.25%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.54%	7.5%	8.39%	10.2%	7.3%	1.62%	8.27%	14.81%	12.71%	5.23%
Return on Assets (ROA)	3.3%	2.63%	3.04%	4.01%	3.03%	0.65%	2.98%	4.44%	3.51%	1.38%
Net Interest Margin	-1.71%	-1.84%	-2.07%	-0.63%	-2.02%	-1.72%	-1.33%	-2.02%	-3.39%	-3.2%
Efficiency Ratio	53.98%	48.37%	41.68%	35.45%	29.57%	49.94%	28.41%	18.59%	15.31%	18.63%
Equity / Assets	36.11%	33.99%	38.15%	40.58%	42.4%	38.65%	33.69%	26.7%	28.53%	24.27%
Book Value / Share	15.27	15.67	20.02	19.52	20.82	21.65	21.76	18.29	18.91	16.62
NII Growth	-30.07%	-16.9%	-27.83%	71.88%	-234.15%	2.81%	8.89%	-71.85%	-61.94%	1.54%
Dividend Payout	118.59%	143.98%	109.39%	87.9%	115.89%	352.64%	75.2%	71.12%	78.65%	175.97%

Revenue by Segment

	2020	2021	2022	2023	2024
Market-Rate Joint Venture Investments	-	-	-	10.16M	4.67M
Market-Rate Joint Venture Investments Growth	-	-	-	-	-54.06%
MF Properties	-	-	-	4.57M	174K
MF Properties Growth	-	-	-	-	-96.19%
Affordable Multifamily Mortgage Revenue Bond Investments	-	-	-	88.46M	-
Affordable Multifamily Mortgage Revenue Bond Investments Growth	-	-	-	-	-
Seniors and Skilled Nursing Mortgage Revenue Bond Investments	-	77.98K	713.04K	1.71M	-
Seniors and Skilled Nursing Mortgage Revenue Bond Investments Growth	-	-	814.39%	139.91%	-
Public Housing Capital Fund Trusts Certificates	174.47K	-	-	-	-
Public Housing Capital Fund Trusts Certificates Growth	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Greystone Housing Impact Investors LP (GHI) has a price-to-earnings (P/E) ratio of 10.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Greystone Housing Impact Investors LP (GHI) saw revenue decline by 31.2% over the past year.

Yes, Greystone Housing Impact Investors LP (GHI) is profitable, generating $8.4M in net income for fiscal year 2024 (21.3% net margin).

Dividend & Returns

Yes, Greystone Housing Impact Investors LP (GHI) pays a dividend with a yield of 20.41%. This makes it attractive for income-focused investors.

Greystone Housing Impact Investors LP (GHI) has a return on equity (ROE) of 5.2%. This is below average, suggesting room for improvement.

Industry Metrics

Greystone Housing Impact Investors LP (GHI) has a net interest margin (NIM) of -3.2%. NIM has been under pressure due to interest rate environment.

Greystone Housing Impact Investors LP (GHI) has an efficiency ratio of 18.6%. This is excellent, indicating strong cost control.

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