GHI earnings analysis
What we found in GHI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
GHI generated Q2 revenue of $21.19 million, beating the $19.835 million consensus estimate, while diluted EPS of $(0.11) missed the $0.57 estimate. Net loss improved materially year over year to $1.52 million from $8.26 million, but the filing highlights meaningful exposure to rates, real-estate valuations, and portfolio redeployment uncertainty. Approximately 61% of leverage is variable-rate, and a 200-basis-point rate increase would reduce estimated next-12-month net interest income by $2.074 million. No quantitative forward guidance was provided; the prior material weakness was remediated as of June 30, 2026.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue beat consensus
- Q2 revenue was $21.19 million, exceeding the $19.835 million consensus estimate by $1.355 million, or approximately 6.8%.
- Net loss improved year over year
- Net loss narrowed to $1.52 million from $8.26 million in the prior-year quarter, an improvement of $6.74 million, or approximately 81.6%.
- Material weakness remediated
- Management stated that the previously identified accounting-related material weakness was remediated as of June 30, 2026, after testing controls during the quarters ended March 31 and June 30, 2026.
- Interest-rate exposure quantified
- The partnership had 23,266,619 BUCs outstanding as of June 30, 2026, providing the basis for its disclosed interest-rate sensitivity of $0.045 per BUC for a 100-basis-point rate decline.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Higher rates pressure net interest income
- A 200-basis-point increase in short-term interest rates would reduce estimated net interest income by $2.074 million, or $0.089 per BUC, over the next 12 months based on positions existing at June 30, 2026.
- Variable-rate leverage exposure
- Approximately 61% of leverage bears interest at short-term variable rates, while only 39% bears fixed rates; hedges cover some, but not all, potential increases in funding costs.
- Geographic and valuation concentration
- The market-rate multifamily JV portfolio is concentrated in Texas, with 6 of 11 investments located there, while all 4 MF Properties investments are located in South Carolina. Management also noted that capitalization rates are trending upward and rental rates may be decreasing in certain Texas markets.
- MRB valuation sensitivity
- The MRB portfolio had an estimated fair value of $890.981 million, and a hypothetical 10% adverse change in valuation yields would produce an additional unrealized loss of $17.878 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.11
What they said about what is next.
No quantitative revenue or EPS guidance was provided. Management indicated that near-term results will depend on the pace of market-rate multifamily investment sales and redeployment into mortgage revenue bond investments.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 11, 2026
- Greystone Housing Impact Investors LP (GHI) reported Q1 2026 results with total revenues of $21.8 million, down 10.5% year-over-year, and a net income of $1.3 million, or $0.01 per share, missing the consensus EPS…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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