Greystone Housing Impact Investors LP (GHI) Q1 2026 earnings summary

Executive summary

• Portfolio repositioning is underway, reducing exposure to market-rate multifamily JV equity investments and redeploying capital into tax-exempt mortgage revenue bonds (MRBs) for more stable, tax-advantaged earnings for unitholders.

• Four South Carolina multifamily properties were acquired via deed in lieu of foreclosure, now actively managed to improve occupancy and operations, resulting in a $2.2 million gain and $2.1 million recovery of prior credit losses.

• Market conditions for market-rate multifamily JV equity investments remain challenging due to oversupply, declining rents, and higher capitalization rates, impacting sales and valuations.

• Strong investment pipeline in affordable multifamily, seniors housing, and skilled nursing properties, with ongoing advances on MRB investments.

Financial highlights

• Q1 2026 net income was $1.32 million ($0.01 per unit), down from $2.4 million in Q1 2025; CAD was $3.05 million ($0.13 per unit), down from $6.97 million.

• Total revenues for Q1 2026 were $16.44 million, compared to $21.08 million in Q1 2025.

• Book value per unit as of March 31 was $11.30 (diluted); closing unit price was $5.09, a 55% discount to book value.

• Unrestricted cash and cash equivalents were $20.6 million as of March 31; $18 million received in April from project sales.

• Quarterly distribution of $0.14 per BUC declared and paid April 30, 2026.

Outlook and guidance

• Strategy is to continue reducing exposure to market-rate multifamily JV equity investments and redeploy capital into MRBs for more predictable, tax-advantaged income.

• Expect continued pressure on rental rates and occupancy in certain markets through 2026, with improvement anticipated as new supply is absorbed.

• Monetization timeline for stabilized JV assets will be evaluated with JV partners during peak leasing season.

• Plan to leverage Greystone’s lending relationships to identify new MRB investment opportunities.