Greystone Housing Impact Investors (GHI) Stock Overview
Acquires, holds, sells, and deals mortgage revenue bonds that are issued to provide construction and permanent financing for multifamily, student housing, residential properties, and commercial properties in the United States. More details
| Snowflake Score | |
|---|---|
| Valuation | 2/6 |
| Future Growth | 5/6 |
| Past Performance | 0/6 |
| Financial Health | 0/6 |
| Dividends | 3/6 |
GHI Community Fair Values
Create NarrativeSee what 6 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Greystone Housing Impact Investors LP Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$5.40 |
| 52 Week High | US$12.47 |
| 52 Week Low | US$4.71 |
| Beta | 0.78 |
| 1 Month Change | -0.74% |
| 3 Month Change | -29.96% |
| 1 Year Change | -54.43% |
| 3 Year Change | -64.86% |
| 5 Year Change | -71.81% |
| Change since IPO | -81.31% |
Recent News & Updates
Narrative Update • Jun 01
GHI: Higher Future P/E And Cash Distributions Will Support Upside Potential
Analysts have reduced their price target for Greystone Housing Impact Investors to $7.00, citing updated expectations for revenue growth, profit margins, and a higher future P/E multiple in their refreshed models. What's in the News On March 18, 2026, Greystone Housing Impact Investors LP announced that the Board of Managers of Greystone AF Manager LLC declared a cash distribution of US$0.14 per Beneficial Unit Certificate, with payment scheduled for April 30, 2026, to holders of record as of March 31, 2026.Narrative Update • May 15
GHI: Reset Distribution And Higher Margins Will Support Future Upside
Analysts have trimmed their price targets on Greystone Housing Impact Investors to reflect updated assumptions for higher discount rates, a very large step up in projected revenue and profit margins, and a lower future P/E closer to $2.50 per share equivalent, following recent research that reexamined the stock's risk and return profile. Analyst Commentary Recent Street research on Greystone Housing Impact Investors focuses on how the stock compares under higher discount rates, new revenue and margin assumptions, and a future P/E that some analysts now frame around an equivalent of about US$2.50 per share.Narrative Update • Apr 24
GHI: Distribution Reset Will Support Future Income Despite Recent Downgrade
Analysts have trimmed their price target on Greystone Housing Impact Investors by $1 to $7, citing recent research that reassesses upside potential while keeping key valuation inputs such as discount rate, revenue growth, and profit margin estimates effectively unchanged. Analyst Commentary Bullish Takeaways Bullish analysts view the modest $1 reduction in the price target to $7 as a recalibration of upside rather than a shift in the core thesis, since key valuation inputs like discount rate, revenue growth, and margin assumptions are effectively unchanged.Narrative Update • Apr 08
GHI: Reset Price Cut And Cash Distributions Will Support Future Income
Analysts trimmed their price target on Greystone Housing Impact Investors by $7.00 to $7.00, citing updated views on fair value, discount rate, expected revenue growth of 69.47% and a profit margin of 24.82%, as reflected in recent research including a downgrade at Citizens. Analyst Commentary Recent research on Greystone Housing Impact Investors highlights mixed views, with the latest downgrade framed around how current expectations line up with the updated fair value estimate and risk profile.Narrative Update • Mar 25
GHI: Reset Expectations And Cash Distributions Will Support Future Income
Analysts have reduced their price target on Greystone Housing Impact Investors from $10.50 to $7.00, citing updated expectations for revenue growth, profit margins and a higher future P/E multiple as key factors in the reassessment. Analyst Commentary Bullish Takeaways Bullish analysts see the lower price target as resetting expectations to a level they consider more achievable, which can reduce the risk of future valuation disappointments if execution tracks current forecasts.Recent updates
Narrative Update • Jun 01
GHI: Higher Future P/E And Cash Distributions Will Support Upside Potential
Analysts have reduced their price target for Greystone Housing Impact Investors to $7.00, citing updated expectations for revenue growth, profit margins, and a higher future P/E multiple in their refreshed models. What's in the News On March 18, 2026, Greystone Housing Impact Investors LP announced that the Board of Managers of Greystone AF Manager LLC declared a cash distribution of US$0.14 per Beneficial Unit Certificate, with payment scheduled for April 30, 2026, to holders of record as of March 31, 2026.Narrative Update • May 15
GHI: Reset Distribution And Higher Margins Will Support Future Upside
Analysts have trimmed their price targets on Greystone Housing Impact Investors to reflect updated assumptions for higher discount rates, a very large step up in projected revenue and profit margins, and a lower future P/E closer to $2.50 per share equivalent, following recent research that reexamined the stock's risk and return profile. Analyst Commentary Recent Street research on Greystone Housing Impact Investors focuses on how the stock compares under higher discount rates, new revenue and margin assumptions, and a future P/E that some analysts now frame around an equivalent of about US$2.50 per share.Narrative Update • Apr 24
GHI: Distribution Reset Will Support Future Income Despite Recent Downgrade
Analysts have trimmed their price target on Greystone Housing Impact Investors by $1 to $7, citing recent research that reassesses upside potential while keeping key valuation inputs such as discount rate, revenue growth, and profit margin estimates effectively unchanged. Analyst Commentary Bullish Takeaways Bullish analysts view the modest $1 reduction in the price target to $7 as a recalibration of upside rather than a shift in the core thesis, since key valuation inputs like discount rate, revenue growth, and margin assumptions are effectively unchanged.Narrative Update • Apr 08
GHI: Reset Price Cut And Cash Distributions Will Support Future Income
Analysts trimmed their price target on Greystone Housing Impact Investors by $7.00 to $7.00, citing updated views on fair value, discount rate, expected revenue growth of 69.47% and a profit margin of 24.82%, as reflected in recent research including a downgrade at Citizens. Analyst Commentary Recent research on Greystone Housing Impact Investors highlights mixed views, with the latest downgrade framed around how current expectations line up with the updated fair value estimate and risk profile.Narrative Update • Mar 25
GHI: Reset Expectations And Cash Distributions Will Support Future Income
Analysts have reduced their price target on Greystone Housing Impact Investors from $10.50 to $7.00, citing updated expectations for revenue growth, profit margins and a higher future P/E multiple as key factors in the reassessment. Analyst Commentary Bullish Takeaways Bullish analysts see the lower price target as resetting expectations to a level they consider more achievable, which can reduce the risk of future valuation disappointments if execution tracks current forecasts.
Narrative Update • Mar 05
GHI: Cash Distributions And Margin Outlook Will Recast Future Income Profile
Analysts have slightly revised their price target on Greystone Housing Impact Investors to $9.00, citing modest adjustments in the discount rate, revenue growth assumptions, profit margin outlook, and forward P/E expectations as key drivers of the update. What's in the News On December 16, 2025, Greystone Housing Impact Investors LP announced a cash distribution of $0.25 per Beneficial Unit Certificate (BUC) to BUC holders.Narrative Update • Feb 18
GHI: Stable Assumptions And Cash Distribution Will Support Future Income
Analysts kept their $10.50 price target for Greystone Housing Impact Investors unchanged, pointing to relatively stable fair value and earnings assumptions despite slight refinements to the discount rate and future P/E inputs. What's in the News On December 16, 2025, the Board of Managers of Greystone AF Manager LLC declared a cash distribution of $0.25 per Beneficial Unit Certificate, payable on January 30, 2026 to holders of record at the close of trading on December 31, 2025, with BUCs trading ex distribution as of December 31, 2025 (company announcement).Seeking Alpha • Feb 05
Greystone Housing Appears To Be Recovering From November Tax Loss Selling, But Remains A Sell
Summary Greystone Housing remains a sell or avoid due to unsustainable price recovery driven by seasonal tax loss selling and the January Effect. GHI's recent price rebound to $7.93 with a 12.61% yield is viewed as a temporary anomaly, not a sign of fundamental improvement. The dividend payout ratio has reached a new high, with payouts exceeding EPS, signaling poor operating results and risk to future dividends. Wall Street analyst coverage has declined, and GHI underperforms peers, reinforcing weak market sentiment and ongoing downside risk. Read the full article on Seeking AlphaNarrative Update • Feb 04
GHI: Shift Toward Mortgage Revenue Bonds Will Recast Future Income Profile
Analysts have reduced their fair value estimate for Greystone Housing Impact Investors from US$11.00 to US$9.00, citing a lower price target and a shift in focus away from joint venture equity investments toward mortgage revenue bonds as the main reasons for the change. Analyst Commentary Bearish analysts have been resetting expectations around Greystone Housing Impact Investors, and the reduced fair value estimate to US$9.00 reflects a more cautious stance on the business mix and near term execution.Narrative Update • Jan 21
GHI: Shift Toward Mortgage Bonds Will Support More Stable Future Income
Analysts have trimmed their price target on Greystone Housing Impact Investors to $12 from $14. They cited the company’s shift away from joint venture equity investments toward mortgage revenue bonds as the key driver of the adjustment.Narrative Update • Jan 07
GHI: Shift Toward Mortgage Revenue Bonds Will Support More Predictable Income Profile
Analysts have trimmed their price target on Greystone Housing Impact Investors to $12 from $14, citing the company’s plan to pull back from lower returning joint venture equity investments and reallocate that capital into mortgage revenue bonds. Analyst Commentary Analysts are recalibrating their views as Greystone Housing Impact Investors pivots away from joint venture equity investments and redirects capital into mortgage revenue bonds, with the latest price target set at $12, down from $14.
Narrative Update • Dec 16
GHI Will Shift Toward Mortgage Revenue Bonds To Drive Future Upside Potential
Analysts have reduced their price target on Greystone Housing Impact Investors from $15.00 to $12.00, reflecting expectations for lower profitability as the company shifts capital away from joint venture equity investments and toward mortgage revenue bonds. Analyst Commentary Bullish analysts acknowledge the reduced price target but continue to view Greystone Housing Impact Investors favorably, emphasizing that the strategic capital shift supports the long term investment thesis.Narrative Update • Dec 02
GHI: Shift to Mortgage Revenue Bonds Will Drive More Predictable Returns
Analysts have lowered their price target for Greystone Housing Impact Investors from $14 to $12. They cite the company's strategic move away from joint venture equity investments toward mortgage revenue bonds due to more favorable returns.Narrative Update • Nov 18
GHI: Mortgage Revenue Bond Shift Will Improve Earnings Stability
Analysts have reduced their fair value price target for Greystone Housing Impact Investors from $12.50 to $10.50. They cite a shift in investment focus away from joint venture equity investments toward mortgage revenue bonds, along with expectations for lower returns in the current environment.Narrative Update • Nov 03
GHI: Expanded Joint Venture Will Drive Lasting Value For Affordable Housing
Analysts have lowered their price target for Greystone Housing Impact Investors from $16 to $14, citing ongoing capital deployment and expansion of the company's construction lending joint venture as key considerations. Analyst Commentary Analysts have weighed in on Greystone Housing Impact Investors following the recent price target adjustment.Narrative Update • Oct 20
Expanding US Affordable Housing Will Secure Enduring Value
Analysts have reduced their price target for Greystone Housing Impact Investors, lowering it from $16 to $14 per share. They cite a steady capital deployment pace and the expansion of its construction lending joint venture as factors in the updated outlook.Seeking Alpha • Mar 05
12% Yield To Live The American Dream: Greystone Housing
Summary America needs more homes, and you can help provide liquidity in return for tax-free income. You don't need to be a social justice warrior to create positive impacts. I find wonderful income generators for your portfolio and mine! Read the full article on Seeking AlphaAnalysis Article • Jan 09
Many Still Looking Away From Greystone Housing Impact Investors LP (NYSE:GHI)
There wouldn't be many who think Greystone Housing Impact Investors LP's ( NYSE:GHI ) price-to-earnings (or "P/E...Seeking Alpha • Jan 08
Housing Crunch? 13% Yield On Sale: Greystone Housing
Summary We take a moment to evaluate the pricing vs. 2020 when it hit the same lows. Are the risks the same, or has Greystone Housing Impact Investors LP improved fundamentally since 2020? We collect a partially tax-free 13%. Read the full article on Seeking AlphaSeeking Alpha • Nov 18
Opportunity For A Tax-Advantaged 13% Yield: Greystone Housing
Summary Why pay taxes when you can legally avoid them by helping a good cause? I collect double-digit tax-advantaged yields from my portfolio. Retirement has income needs; your portfolio can be designed to meet them head-on. Read the full article on Seeking AlphaSeeking Alpha • Oct 09
A Winning Fat Dividend For October: Greystone Housing
Summary Want more income while rates keep falling? How about it also being partially tax-free? I have just the opportunity. The market overlooks many smaller investments in the rush to the obvious winners. If you missed the first boat, time to lock down this income stream. Read the full article on Seeking Alpha
New Narrative • Sep 24
Calculated Hedges And Diverse Investments Propel Optimistic Growth Amid Rate Volatility
Strategic interest rate swaps and a strong affordable housing investment pipeline suggest robust growth prospects and income source diversification.Seeking Alpha • Aug 26
11% Yield, Tax Efficient, And Monthly Pay: Greystone Housing
Summary I love income. I love reducing my tax burden. I love 11% yields. GHI checks all the boxes! Risk-off investing becomes more popular as the economy stumbles. Retirement is a goal for many; to achieve it, you need financial security. Read the full article on Seeking AlphaSeeking Alpha • Jul 05
Greystone Housing: Payout Ratio Reaches 160% In Q1 2024
Summary Greystone Housing Impact Investors LP holds a portfolio of mortgage revenue bonds and investments with a smaller portion dedicated to physical real estate. Physical real estate sales provided cash flow in 2023 to sustain the distribution. Currently the leverage ratios are too high to sustain overpayment. Read the full article on Seeking AlphaSeeking Alpha • Apr 16
Greystone Housing: 9.6% Tax Advantaged Yield, Where We Would Buy
Summary Greystone Housing Impact Investors LP has seen a decline in recent weeks and that has pushed the yield to the near 10% mark. This is not just an ordinary high-yield, the tax advantaged nature makes this one of the juiciest ones you can find for regular accounts. We tell you how the fundamentals are shaping up and where we might buy this one. Read the full article on Seeking AlphaSeeking Alpha • Dec 29
Greystone Housing Impact: Mostly Good For Stable Income
Summary Greystone Housing Impact Investors LP purchases and holds mortgage revenue bonds (MRBs) and government issuer loans (GILs) to generate tax-exempt income. GHI uses leverage to boost income and dividend distributions, but this can result in sharp declines during market downturns. GHI's dividend distributions are sustainable, with a high payout ratio, and the company's earnings are stable despite changes in interest rates. This is a decent income play but don't expect much growth from it since the company distributes virtually all of its gains in the long run. Read the full article on Seeking AlphaSeeking Alpha • Oct 15
Earn A Massive 9.7% Tax-Free Passive Income: Greystone Housing
Summary Tired of taxes? Get paid and don't share it with Uncle Sam. The revenue of mortgage bonds provides tax-free income. Over 10% and no taxes? Let's dig deeper. Read the full article on Seeking AlphaAnalysis Article • Sep 17
Greystone Housing Impact Investors (NYSE:GHI) Has Affirmed Its Dividend Of $0.37
Greystone Housing Impact Investors LP's ( NYSE:GHI ) investors are due to receive a payment of $0.37 per share on 31st...Seeking Alpha • Aug 14
Greystone Housing: Solid Q2 Results Reaffirm Strong Dividend Yield
Summary Greystone Housing reported revenue of $28.30 million, up 64.24% compared to $17.23 million in Q2FY22. GHI can maintain its quarterly dividend of $0.37 in the next two quarters as well which can make the annual dividend $1.48, representing a forward dividend yield. After comparing the forward P/E ratio of 5.74x with the sector median of 9.24x, we can say that the company is undervalued. Read the full article on Seeking AlphaSeeking Alpha • Feb 23
America First Multifamily Investors reports Q4 results
America First Multifamily Investors press release (NYSE:GHI): Q4 Revenue of $22.03M (+10.3% Y/Y) misses by $2.02M. Net income of $0.09 per Beneficial Unit Certificate, basic and diluted Cash Available for Distribution of $0.15 per BUC Total assets of $1.57 billion Total Mortgage Revenue Bond and Governmental Issuer Loan investments of $1.1 billion.Shareholder Returns
| GHI | US Diversified Financial | US Market | |
|---|---|---|---|
| 7D | 5.9% | -0.9% | 1.6% |
| 1Y | -54.4% | -10.8% | 28.2% |
Return vs Industry: GHI underperformed the US Diversified Financial industry which returned -10.8% over the past year.
Return vs Market: GHI underperformed the US Market which returned 28.2% over the past year.
Price Volatility
| GHI volatility | |
|---|---|
| GHI Average Weekly Movement | 6.7% |
| Diversified Financial Industry Average Movement | 5.8% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.8% |
| 10% least volatile stocks in US Market | 3.0% |
Stable Share Price: GHI has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: GHI's weekly volatility (7%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1998 | n/a | Ken Rogozinski | www.ghiinvestors.com |
Greystone Housing Impact Investors LP acquires, holds, sells, and deals mortgage revenue bonds that are issued to provide construction and permanent financing for multifamily, student housing, residential properties, and commercial properties in the United States. It operates through four segments: Affordable Multifamily Investments; Seniors and Skilled Nursing Investments; Market-Rate Joint Venture Investments; and MF Properties. The company also invests in governmental issuer loans.
Greystone Housing Impact Investors LP Fundamentals Summary
| GHI fundamental statistics | |
|---|---|
| Market cap | US$125.12m |
| Earnings (TTM) | -US$12.05m |
| Revenue (TTM) | US$25.19m |
5.1x
P/S Ratio-10.6x
P/E RatioIs GHI overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| GHI income statement (TTM) | |
|---|---|
| Revenue | US$25.19m |
| Cost of Revenue | US$0 |
| Gross Profit | US$25.19m |
| Other Expenses | US$37.24m |
| Earnings | -US$12.05m |
Last Reported Earnings
Dec 31, 2025
Next Earnings Date
n/a
| Earnings per share (EPS) | -0.51 |
| Gross Margin | 100.00% |
| Net Profit Margin | -47.82% |
| Debt/Equity Ratio | 289.2% |
How did GHI perform over the long term?
See historical performance and comparisonDividends
22.6%
Current Dividend Yield-235%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/01 19:32 |
| End of Day Share Price | 2026/06/01 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Greystone Housing Impact Investors LP is covered by 6 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Jason Stewart | Brean Capital Historical (Janney Montgomery) |
| Steven Delaney | Citizens JMP Securities, LLC |
| Christopher Muller | Citizens JMP Securities, LLC |