Liquidity is severely constrained, evidenced by a cash position that plummeted to a nominal $55,829 in 2025Q4 and a massive $170.5 million free cash flow outflow in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -80.03M | 37.53M | 17.99M | 24.94M | 21.13M | 33.94M | 15.84M | 17.99M | 25.67M | 17.14M | 15.23M | 19.39M | 17.44M | 14.23M | 7.48M | 10.23M | 2.2M | -339.35K | 4.45M | 4.23M | 5.64M | 3.85M | 5.51M | 6.62M | 6.03M | 6.37M | 5.06M | 4.77M | 5.1M | 5.6M | 5.8M |
| Operating CF Growth % | -879.16% | 108.59% | -27.84% | 18.03% | -37.75% | 114.25% | -11.96% | -29.89% | 49.74% | 12.53% | -21.44% | 11.14% | 22.56% | 90.22% | -26.86% | 364.78% | 748.55% | -107.63% | 5.16% | -25.01% | 46.35% | -30.07% | -16.82% | 9.86% | -5.39% | 25.9% | 6.1% | -6.49% | -8.93% | -3.45% | 1.75% |
| Net Income | -9.62M | -7.61M | 21.32M | 50.42M | 62.09M | 38.1M | 7.21M | 30.49M | 41.14M | 30.66M | 23.78M | 26.61M | 15.03M | 17.98M | 5M | -1.67M | -604.19K | -2.69M | -1.03M | 940.87K | 1.11M | 793.64K | -37.71M | 4.59M | 6.66M | 6.35M | 4.01M | 5.07M | 1M | 5.7M | 5.7M |
| Depreciation & Amortization | 2.8B | 383.52K | 23.87K | 1.54M | 5.25M | 2.73M | 2.81M | 3.09M | 3.56M | 5.21M | 6.86M | 8.13M | 7.02M | 6.74M | 6.39M | 5.21M | 4.6M | 6.07M | 5.58M | 4.17M | 2.62M | 3.51M | 3.96M | 48.16K | 39.28K | 93.41K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 3.62M | 812.68K | 0 | 0 | 0 | -166.21K | 9.56K | -29.34K | -957.5K | -400K | 366K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -4.59B | 40.37M | -5.47M | -31.14M | -45.08M | -14.04M | 7.81M | -16.94M | -13.66M | -17.17M | -12.54M | -11.98M | -2.57M | -4.76M | -1.09M | 6.71M | 2.08M | 1.37M | 779.96K | 869.3K | -1.06M | 1.01M | 36.66M | 2.36M | 786.99K | 373.47K | 831.04K | 33.96K | 3.7M | 100K | -100K |
| Working Capital Changes | -2.3M | 1.47M | 2.12M | 4.11M | -2.67M | 6.04M | -3.01M | -2.26M | -5.66M | -2.16M | -2.84M | -3.37M | -2.04M | -5.73M | -2.81M | -18.29K | -3.88M | -5.09M | -883.04K | -1.75M | 2.97M | -1.46M | 2.6M | -384.56K | -1.46M | -448.56K | 220.15K | -333.67K | 400K | -200K | 200K |
| Cash from Investing | -15.75B | 66.33M | -105.2M | 53.56M | -278.6M | -187.47M | -38.14M | 23.19M | 49.12M | -21.51M | -83.05M | -138.7M | -105.89M | -158.42M | -97.3M | -31.81M | -48.55M | 11.82M | -16.6M | -48.01M | 6.4M | 23.1M | -4.89M | -21.08M | -1.3M | -8.77M | -43.35M | -1.31M | -300K | 0 | 0 |
| Purchase of Investments | -65.35M | 0 | -277.18M | 0 | 0 | -71.67M | -9.51M | -19.25M | -41.71M | -121.35M | -130.62M | -191.46M | -144.18M | -161.25M | -66.14M | -20.92M | -29.31M | -19.27M | -12.44M | -41.97M | -22.19M | -12M | -1.38M | -200.82K | -1.49M | -6.93M | -47.28M | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 102.35M | 0 | 150.38M | 0 | 0 | 51.91M | 58.98M | 35.03M | 108.38M | 63.18M | 37.29M | 23.05M | 67.76M | 24.7M | 33M | 16.62M | 547.09K | 212.67K | 19.43M | 4.85M | 23.18M | 4.03M | 500K | 180K | 155K | 4.86M | 7.03M | 0 | 0 | 0 | 0 |
| Net Investment Activity | 37M | 0 | -126.8M | 0 | 0 | -19.76M | 49.47M | 15.78M | 66.68M | -58.17M | -93.33M | -168.41M | -76.42M | -136.55M | -33.13M | -4.3M | -28.76M | -19.06M | 6.99M | -37.12M | 985.07K | -7.97M | -879.76K | -20.82K | -1.34M | -2.06M | -40.26M | 0 | 0 | 0 | 0 |
| Acquisitions | 5.78M | 0 | -40.11M | 0 | 0 | 8.98M | -16.5M | 7.94M | -27.64M | -14.1M | -18.75M | 22.34M | 0 | -5.96M | -60.66M | -24.78M | 1.64M | -7.89M | -12.8M | 0 | 10.44M | 32.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -15.73B | 66.33M | 61.72M | 54.36M | -276.79M | -176.53M | -70.7M | -405.72K | 10.62M | 51.2M | 29.66M | 10.65M | -5.67M | -2.9M | 4.53M | 11.35M | -19.79M | 40.76M | -10.15M | -9.96M | -2.95M | -49.65K | -3.78M | -21.06M | 32.36K | -6.7M | -3.09M | -1.31M | -300K | 0 | 0 |
| Cash from Financing | -6.66B | -80.29M | 70.78M | -123.4M | 198.18M | 182.47M | 102.11M | -31.27M | -113.1M | 53.21M | 71.53M | 87.16M | 126.32M | 125.18M | 99.93M | 28.52M | 42.35M | -1.56M | 4.69M | 50.13M | -6.86M | -25.98M | -1.6M | 10.58M | -6.14M | 5.13M | 40.23M | -467.04K | -5.5M | -5.5M | -5.5M |
| Dividends Paid | -25.93M | -35.66M | -37.52M | -42.48M | -46.63M | -28.65M | -25.42M | -35.34M | -36.16M | -33.47M | -34.25M | -31.56M | -30.17M | -22.24M | -18.99M | -15.28M | -13.57M | -10.54M | -9.14M | -7.18M | -5.37M | -8.87M | -5.37M | -5.36M | -5.37M | -5.37M | -4.03M | -5.47M | -5.5M | -5.5M | -5.5M |
| Share Repurchases | 0 | 0 | 0 | -483.25K | -456.13K | -1.36M | -2.11M | -1.58M | -1.7M | -1.47M | -1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | -20M | 0 | 1.53M | 0 | 0 | 33.32M | 0 | 1.58M | 2.03M | 54.61M | 40.87M | 0 | 54.74M | 51.75M | 64.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -20M | 0 | 1.53M | -483.25K | -456.13K | 31.96M | -2.11M | 0 | 336.12K | 53.14M | 39.27M | 0 | 54.74M | 51.75M | 64.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -556.28K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -345K | -1000K | -1000K | 1000K | -25K | 1000K | 1000K | 1000K | 0 | 0 | 0 |
| Other Financing | -6.59B | -1.89M | -3.92M | -3.38M | -2.35M | -4.66M | -1.56M | -1.26M | -1.04M | 52.17M | 39.04M | -2.86M | -5.9M | -3.99M | -3.24M | 57.72K | 34.96M | 37.47M | -2.33M | 38.93M | -1.14M | -528.68K | 18.6M | -650.22K | -739K | -18.59K | -758.65K | 0 | 0 | 0 | 0 |
| Net Change in Cash | -22.49B | 23.58M | -16.43M | -44.9M | -59.3M | 28.94M | 79.8M | 9.92M | -38.31M | 48.85M | 3.71M | -32.16M | 37.88M | -19.01M | 10.12M | 6.94M | -4M | 9.92M | -7.46M | 6.35M | 5.18M | 981.26K | -979.77K | -3.88M | -1.42M | 2.73M | 1.94M | 2.99M | -5.5M | 100K | 300K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.8M | 0 | 0 |
| Cash at Beginning | 54.89B | 31.31M | 47.73M | 92.64M | 151.93M | 122.99M | 43.19M | 33.27M | 71.58M | 20.75M | 17.04M | 49.19M | 11.32M | 30.33M | 20.21M | 13.28M | 17.28M | 7.36M | 14.82M | 8.48M | 3.3M | 2.32M | 3.3M | 7.17M | 8.59M | 5.86M | 3.91M | 920.8K | 1.5M | 1.4M | 1.1M |
| Cash at End | 32.41B | 54.89M | 31.31M | 47.73M | 92.64M | 151.93M | 122.99M | 43.19M | 33.27M | 69.6M | 20.75M | 17.04M | 49.19M | 11.32M | 30.33M | 20.21M | 13.28M | 17.28M | 7.36M | 14.82M | 8.48M | 3.3M | 2.32M | 3.3M | 7.17M | 8.59M | 5.86M | 3.91M | -4M | 1.5M | 1.4M |
| Interest Paid | 0 | 0 | 0 | 0 | 32.26M | 0 | 0 | 0 | 23.53M | 21.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180.48K | 5.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -153.52M | 37.53M | 17.99M | 24.14M | 19.32M | 33.78M | 15.42M | 17.87M | 25.13M | 16.7M | 14.6M | 16.11M | -6.35M | 1.23M | -547.26K | -3.85M | 559.41K | -2.33M | 3.81M | 3.3M | 3.55M | 2.78M | 5.28M | 6.62M | 6.03M | 6.37M | 5.06M | 4.77M | 5.1M | 5.6M | 5.8M |
| FCF Growth % | -714.94% | 108.59% | -25.45% | 24.95% | -42.81% | 119.02% | -13.67% | -28.91% | 50.51% | 14.4% | -9.37% | 353.47% | -618.45% | 323.95% | 85.79% | -788.62% | 124.03% | -161.17% | 15.42% | -7.22% | 27.74% | -47.3% | -20.25% | 9.86% | -5.39% | 25.9% | 6.1% | -6.49% | -8.93% | -3.45% | 1.75% |
Liquidity and leverage constraints
As reported in recent financial filings, GHI's cash conversion is highly erratic, evidenced by a 2026Q1 operating cash flow of -$107.2 million against a net income of $1.3 million, suggesting that GAAP earnings provide little insight into the firm's actual ability to generate liquid resources.
The extreme divergence between net income and operating cash flow indicates that non-cash adjustments and accounting accruals are significantly distorting the firm's reported profitability. Investors should monitor this disconnect, as it suggests that the underlying business model may be struggling to convert its interest-based revenue into tangible cash inflows.
Based on GHI's reported figures, the free cash flow trajectory remains deeply unstable, with the firm swinging from a $10.3 million inflow in 2025Q1 to a massive $170.5 million outflow in 2026Q1, highlighting the inherent unpredictability of its capital-intensive mortgage revenue bond and property development strategy.
The erratic nature of FCF suggests that the firm's reliance on transactional gains and complex financing structures creates significant cash flow lumpy-ness. This volatility appears to undermine the sustainability of distributions, as the firm's ability to fund its obligations is frequently interrupted by negative cash cycles.
According to recent SEC filings, GHI's capital expenditure reached $63.3 million in 2026Q1, a substantial increase that, when combined with minimal cash reserves, suggests that the firm's investment in property assets is placing significant strain on its available liquidity and overall financial flexibility.
The periodic spikes in capital intensity appear to be driven by the firm's property development activities rather than routine maintenance. This suggests that GHI is forced to prioritize asset growth over liquidity preservation, which may leave the firm exposed during periods of market stress or restricted access to credit.
As indicated by financial statements, GHI has continued to pay out dividends despite periods of negative operating cash flow, such as the $9.5 million distribution in 2025Q2, which appears to be funded by external financing rather than internally generated cash from the firm's core operations.
The practice of maintaining distributions while operating cash flow is inconsistent suggests a potential reliance on debt or capital recycling to satisfy investor expectations. This strategy warrants further investigation, as it may be eroding the firm's long-term capital base and limiting its ability to reinvest in higher-yielding opportunities.
Based on the provided data, GHI's cash flow statement is heavily influenced by massive swings in stock-based compensation and other non-cash adjustments, such as the $393.8 million adjustment in 2026Q1, which obscures the true economic reality of the firm's operational performance and cash generation capabilities.
These large non-cash adjustments suggest that the cash flow statement may be masking underlying operational weaknesses or significant mark-to-market impacts on the bond portfolio. Analysts should look past these headline figures to assess the firm's core cash-generating capacity, as the current reporting structure appears to prioritize accounting reconciliation over operational transparency.
Quick answers to the most common questions about buying GHI stock.
Greystone Housing Impact Investors LP (GHI) generated $37.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Greystone Housing Impact Investors LP (GHI) generated $37.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Greystone Housing Impact Investors LP (GHI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Greystone Housing Impact Investors LP (GHI) returned $35.7M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.