Revenue trajectory remains highly unstable, with quarterly figures fluctuating between $9.2 million and $42.9 million, while operating margins have frequently dipped into negative territory, reaching -54.4% in 2025Q4.
| 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 |
|---|
| Net Interest Income | -20.22M | -38.5M | -50.52M | -51.31M | -31.68M | -18.44M | -20.24M | -20.82M | -6.23M | -22.16M | -17.33M | -14.83M | -11.4M | -7.24M | -5.53M | -5.77M | -2.51M | 0 | 0 | 0 | -1.77M | -2.02M | -2.22M | -1.5M | -1.05M | -1.34M | -964.23K | 0 | 200K | 0 | 200K |
| NII Growth % | 251.48% | 23.8% | 1.54% | -61.94% | -71.85% | 8.89% | 2.81% | -234.15% | 71.88% | -27.83% | -16.9% | -30.07% | -57.54% | -30.81% | 4.13% | -129.44% | - | - | - | 100% | 12.3% | 9.03% | -47.94% | -43.25% | 21.73% | -38.64% | - | -100% | - | -100% | 0% |
| Net Interest Margin % | -0% | -2.56% | -3.2% | -3.39% | -2.02% | -1.33% | -1.72% | -2.02% | -0.63% | -2.07% | -1.84% | -1.71% | -1.53% | -1.35% | -1.34% | -1.94% | -1.04% | 0% | 0% | 0% | -3.31% | -2.8% | -1.88% | -0.96% | -0.75% | -2.16% | -0.78% | 0% | 0.27% | 0% | 0.29% |
| Interest Income | 29.17M | 11.89M | 9.51M | 17.76M | 11.88M | 3.51M | 979.38K | 3.9M | 16.96M | 7.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.2M | 4.11M | 2.6M | 337.01K | 102.47K | 78.37K | 116.27K | 421.24K | 558.21K | 478.45K | 0 | 200K | 0 | 200K |
| Interest Expense | 49.38M | 50.39M | 60.03M | 69.07M | 43.56M | 21.94M | 21.22M | 24.72M | 24.86M | 24.48M | 17.33M | 14.83M | 11.4M | 7.24M | 5.53M | 5.77M | 2.51M | 4.2M | 4.11M | 2.6M | 2.11M | 2.12M | 2.3M | 1.62M | 1.47M | 1.89M | 1.44M | 0 | 0 | 0 | 0 |
| Loan Loss Provision | -6.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.56M | -16.25M | -8.11M | -4.77M | -1.65M | 6.9M | 2.35M | 4.09M | 7.5M | 5.93M | 4.77M | -2.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 43.14M | 60.51M | 90.52M | 127.59M | 122.1M | 80.45M | 55.97M | 74.56M | 45.35M | 55.06M | 55.67M | 49.73M | 37.42M | 40.05M | 19.59M | 27.61M | 22.46M | 16.69M | 13.98M | 12.59M | 15.61M | 18.49M | 20.25M | 9.09M | 8.92M | 8.69M | 7.04M | 6.03M | 5.8M | 0 | 6.1M |
| Non-Interest Income % | 59.66% | 83.57% | 90.49% | 87.78% | 91.14% | 95.82% | 98.28% | 95.03% | 72.78% | 87.55% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 79.88% | 77.3% | 82.91% | 97.89% | 99.45% | 99.61% | 98.74% | 95.49% | 93.97% | 93.64% | 100% | 96.67% | - | 96.83% |
| Total Revenue | 72.3M | 72.4M | 100.03M | 145.34M | 133.97M | 83.96M | 56.94M | 78.46M | 62.31M | 62.89M | 55.67M | 49.73M | 37.42M | 40.05M | 19.59M | 27.61M | 22.46M | 20.89M | 18.09M | 15.19M | 15.95M | 18.59M | 20.33M | 9.21M | 9.34M | 9.25M | 7.52M | 6.03M | 6M | 0 | 6.3M |
| Revenue Growth % | -56.83% | -27.62% | -31.18% | 8.49% | 59.57% | 47.44% | -27.42% | 25.92% | -0.93% | 12.98% | 11.94% | 32.87% | -6.55% | 104.44% | -29.05% | 22.89% | 7.54% | 15.5% | 19.09% | -4.77% | -14.2% | -8.58% | 120.84% | -1.39% | 0.92% | 23.08% | 24.67% | 0.49% | - | -100% | -1.56% |
| Non-Interest Expense | 22.68M | 28.79M | 18.64M | 22.25M | 24.9M | 23.85M | 28.44M | 23.2M | 22.09M | 26.21M | 26.92M | 26.84M | 22.4M | 25.51M | 16.82M | 13.65M | 10.54M | -10.79M | 6.8M | 10.73M | 10.74M | 14.5M | 15.43M | 1.38M | -258.6K | -890.34K | 622.85K | 872.97K | 5.03M | -5.7M | 600K |
| Efficiency Ratio | 31.36% | 39.77% | 18.63% | 15.31% | 18.59% | 28.41% | 49.94% | 29.57% | 35.45% | 41.68% | 48.37% | 53.98% | 59.84% | 63.71% | 85.89% | 49.45% | 46.91% | -51.65% | 37.57% | 70.64% | 67.33% | 77.99% | 75.88% | 15.01% | -2.77% | -9.62% | 8.29% | 14.48% | 83.87% | - | 9.52% |
| Operating Income | 7.05M | -6.79M | 21.36M | 54.02M | 65.51M | 38.16M | 7.29M | 30.54M | -9.02M | 18.93M | 14.66M | 22.88M | 15.03M | 21.77M | 2.76M | -1.67M | 1.91M | 21.55M | 2.42M | 4.46M | 3.1M | 1.97M | 2.61M | 6.21M | 8.13M | 8.25M | 5.45M | 5.16M | 968.05K | 5.7M | 5.7M |
| Operating Margin % | 9.75% | -9.37% | 21.35% | 37.17% | 48.9% | 45.46% | 12.8% | 38.92% | -14.48% | 30.1% | 26.34% | 46.02% | 40.16% | 54.36% | 14.11% | -6.06% | 8.5% | 103.16% | 13.37% | 29.36% | 19.46% | 10.6% | 12.83% | 67.45% | 87.05% | 89.14% | 72.52% | 85.52% | 16.13% | - | 90.48% |
| Operating Income Growth % | - | -131.78% | -60.47% | -17.54% | 71.66% | 423.59% | -76.13% | 438.5% | -147.66% | 29.1% | -35.93% | 52.27% | -30.96% | 687.69% | 265.18% | -187.59% | -91.14% | 791.06% | -45.76% | 43.69% | 57.48% | -24.47% | -57.99% | -23.6% | -1.45% | 51.28% | 5.72% | 432.67% | -83.02% | 0% | -1.72% |
| Pretax Income | -8.79M | -6.79M | 21.36M | 54.02M | 65.51M | 38.16M | 7.29M | 30.54M | 40.22M | 36.68M | 28.74M | 22.88M | 15.03M | 14.53M | 2.76M | -1.67M | 0 | 21.55M | 2.42M | 4.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.16M | 0 | 5.7M | 5.7M |
| Pretax Margin % | -12.15% | -9.37% | 21.35% | 37.17% | 48.9% | 45.46% | 12.8% | 38.92% | 64.55% | 58.32% | 51.63% | 46.02% | 40.16% | 36.29% | 14.11% | -6.06% | 0% | 103.16% | 13.37% | 29.36% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 85.52% | 0% | - | 90.48% |
| Income Tax | 827.61K | 827.55K | 32.45K | 10.87K | -51.19K | 63.79K | 79.99K | 45.99K | -921.1K | 6.02M | 4.96M | 49.24M | 41.71M | 29.89M | 17.29M | 5.77M | 2.51M | 24.46M | 4.11M | 4.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 87.72K | 0 | 0 | 0 |
| Effective Tax Rate % | -9.42% | -12.19% | 0.15% | 0.02% | -0.08% | 0.17% | 1.1% | 0.15% | -2.29% | 16.41% | 17.25% | 215.15% | 277.5% | 205.63% | 625.59% | -344.8% | - | 113.49% | 169.78% | 97.38% | - | - | - | - | - | - | - | 1.7% | - | 0% | 0% |
| Net Income | -9.62M | -7.61M | 21.32M | 54.01M | 65.56M | 38.1M | 7.21M | 30.49M | 41.14M | 30.59M | 23.78M | 26.61M | 15.03M | 17.71M | 4.45M | -2.24M | -400.36K | 23.84M | -1.03M | 940.87K | 12.78M | 19.57M | -37.71M | 4.59M | 6.28M | 6.35M | 4.01M | 5.07M | 968.05K | 5.7M | 5.7M |
| Net Margin % | -13.3% | -10.52% | 21.32% | 37.16% | 48.94% | 45.38% | 12.66% | 38.86% | 66.03% | 48.64% | 42.73% | 53.51% | 40.17% | 44.24% | 22.7% | -8.13% | -1.78% | 114.12% | -5.7% | 6.2% | 80.12% | 105.26% | -185.47% | 49.9% | 67.22% | 68.66% | 53.33% | 84.07% | 16.13% | - | 90.48% |
| Net Income Growth % | -168.68% | -135.71% | -60.52% | -17.62% | 72.08% | 428.51% | -76.36% | -25.88% | 34.48% | 28.62% | -10.61% | 76.99% | -15.13% | 298.37% | 298.17% | -460.48% | -101.68% | 2411.68% | -209.61% | -92.64% | -34.7% | 151.88% | -920.74% | -26.79% | -1.2% | 58.45% | -20.91% | 423.61% | -83.02% | 0% | -1.72% |
| Net Income (Continuing) | -9.61M | -7.61M | 21.32M | 54.01M | 65.56M | 38.1M | 7.21M | 30.49M | 41.14M | 30.66M | 23.78M | 22.88M | 14.98M | 14.65M | 2.76M | -2.43M | -134.67K | -2.91M | -1.69M | 116.62K | 996.9K | 794.21K | 737.8K | 4.59M | 6.28M | 6.35M | 4.01M | 5.07M | 1M | 5.7M | 5.7M |
| EPS (Diluted) | -0.41 | -0.50 | 0.77 | 2.07 | 2.59 | 1.51 | 0.34 | 1.22 | 2.01 | 1.29 | 1.00 | 1.00 | 0.73 | 1.18 | 0.41 | -0.22 | -0.04 | 0.44 | -0.22 | 1.00 | 2.17 | 5.11 | -11.26 | 1.35 | 1.85 | 1.88 | 1.18 | 1.47 | 0.26 | 1.65 | 1.65 |
| EPS Growth % | -230.5% | -164.94% | -62.8% | -20.08% | 71.52% | 344.12% | -72.13% | -39.3% | 55.81% | 29% | 0% | 36.99% | -38.14% | 187.8% | 286.36% | -414.02% | -109.73% | 300% | -122% | -53.92% | -57.53% | 145.38% | -934.07% | -27.03% | -1.6% | 59.32% | -19.73% | 465.38% | -84.24% | 0% | -1.2% |
| EPS (Basic) | - | -0.50 | 0.77 | 1.93 | 2.59 | 1.51 | 0.34 | 1.22 | 2.01 | 1.29 | 1.00 | 1.00 | 0.73 | 1.18 | 0.41 | -0.22 | -0.04 | 0.44 | -0.22 | 1.00 | 2.17 | 5.11 | -11.26 | 1.35 | 1.85 | 1.88 | 1.18 | 1.47 | 0.26 | 1.65 | 1.65 |
| Diluted Shares Outstanding | 23.27M | 23.18M | 23.07M | 22.83M | 22.87M | 21.45M | 20.98M | 20.96M | 20.43M | 20.39M | 20.48M | 20.51M | 20.23M | 14.79M | 12.72M | 10.25M | 9.36M | 5.67M | 4.6M | 4.25M | 3.35M | 3.35M | 3.35M | 3.35M | 3.35M | 3.35M | 3.35M | 3.4M | 3.4M | 3.46M | 3.46M |
Interest rate spread compression
As reported in recent financial filings, GHI's revenue trajectory exhibits significant instability, with quarterly figures fluctuating between $9.2 million and $42.9 million, reflecting a business model heavily dependent on the timing of property dispositions and the inherent cyclicality of its market-rate joint venture investment segment.
The inconsistency in top-line performance suggests that GHI lacks a predictable recurring revenue base, as the reliance on lumpy gains from asset sales often obscures the underlying health of the core mortgage revenue bond portfolio. Investors should monitor whether the recent revenue contraction indicates a permanent shift in deal flow or merely a temporary pause in the broader multifamily development cycle.
Based on GHI's reported figures, gross margins have experienced extreme volatility, collapsing to as low as 1.6% in 2024Q3, which highlights the sensitivity of the firm's tax-exempt bond portfolio to the rising cost of leverage utilized through Tender Option Bond programs.
The inability to maintain consistent gross margins suggests that the spread between fixed-rate asset yields and variable-rate financing costs is currently under severe pressure. This margin erosion appears to be a structural consequence of the current interest rate environment, which may continue to weigh on profitability until the portfolio reaches a more favorable yield-to-cost equilibrium.
According to the income statement data, GHI's operating margin has frequently dipped into negative territory, reaching -54.4% in 2025Q4, indicating that administrative expenses and interest obligations are currently outpacing the income generated by the firm's specialized mortgage revenue bond and property investment activities.
The lack of positive operating leverage suggests that the firm's fixed-cost structure is poorly aligned with its current revenue generation capacity. Without a significant improvement in asset yields or a reduction in financing costs, the firm may struggle to achieve sustainable operating profitability in the near term.
As indicated by the provided financial statements, GHI's net income is subject to extreme swings, with EPS dropping to -0.35 in 2025Q2, a trend that warrants caution given the potential for non-cash mark-to-market adjustments to distort the true economic performance of the bond portfolio.
The wide variance in quarterly earnings suggests that GAAP net income may not be the most reliable metric for assessing the partnership's health, as it likely captures unrealized valuation changes rather than cash-generating capability. Analysts should prioritize evaluating the firm's cash available for distribution to better understand the underlying sustainability of its current operations.
Based on the reported cash position of only $55,829, GHI appears to operate with minimal liquidity, which may leave the firm highly vulnerable to sudden market shocks or the need for rapid deleveraging in the event of a sustained downturn in the multifamily sector.
Short-sellers would likely focus on this thin cash buffer as a primary indicator of operational fragility, particularly given the firm's heavy reliance on external financing facilities. This lack of liquidity suggests that any disruption in the credit markets could force the firm to liquidate assets at unfavorable prices, potentially impairing long-term value for stakeholders.
Quick answers to the most common questions about buying GHI stock.
Greystone Housing Impact Investors LP (GHI) reported a net loss of $7.6M for the fiscal year ending 2025.
Greystone Housing Impact Investors LP (GHI) reported an operating income of $-6.8M, resulting in an operating profit margin of -9.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Greystone Housing Impact Investors LP (GHI) generated $22.0M in gross profit for the year, representing a gross profit margin of 30.4%. This demonstrates the company's core pricing power and production efficiency.