Greystone Housing Impact Investors LP (GHI) Q4 2025 earnings summary

Executive summary

• Management is executing a portfolio repositioning strategy, exiting market rate multifamily JV equity investments and reallocating capital to tax-exempt Mortgage Revenue Bonds for more stable, tax-advantaged earnings.

• Reported a net loss of $2.6 million ($0.17 per unit/BUC) for Q4 2025 and $7.6 million ($0.52 per BUC) for the year ended December 31, 2025.

• Cash Available for Distribution (CAD) was $2.8 million ($0.12 per unit/BUC) for Q4 and $19.1 million ($0.82 per BUC) for the year.

• Eight market rate multifamily JV equity investments are in lease-up or stabilized, with two additional sites under evaluation for development or sale.

• Board declared a regular quarterly distribution of $0.25 per BUC, paid January 30, 2026, while a new quarterly unitholder distribution is set at $0.14 per unit during the transition.

Financial highlights

• Total assets stood at $1.5 billion as of December 31, 2025.

• Book value per unit as of December 31, 2025, was $11.70 (diluted), while the market price was $5.87, a 50% discount to book value.

• Unrestricted cash and equivalents totaled $39.5 million, with $49.2 million available on secured credit lines.

• Total MRB and GIL investments reached $1.15 billion.

• Advances and acquisitions of MRB, taxable MRB, taxable GIL, and property loan investments totaled $39.2 million in Q4 2025.

Outlook and guidance

• Management expects recurring earnings to increase as capital is redeployed from JV equity investments to tax-exempt mortgage revenue bonds.

• Near-term results will depend on the pace of asset sales and redeployment into new MRBs.

• The board will consider increasing distributions once more capital is recycled into higher-yielding, stable investments.

• Management expects more stable earnings and increased tax-advantaged income for unitholders over the long term.