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…
Earnings analysis · 10-Q
GHI earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Reported figures
- Earnings per share
- $-0.11
What stood out
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Revenue beat consensus
Q2 revenue was $21.19 million, exceeding the $19.835 million consensus estimate by $1.355 million, or approximately 6.8%.
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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%.
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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.
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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.
What to watch
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.