Greystone Housing Impact Investors LP
greystone.comWhat Do They Do?
Finances affordable-housing property borrowers and developers through mortgage bonds and governmental loans for multifamily, seniors housing and skilled nursing properties.
10-K for FY2025, filed Mar 16, 2026We invest in MRBs that are issued by state and local governments, their agencies, and authorities to finance the construction or…View ↗
The borrowers associated with our MRBs are either syndicated partnerships formed to receive allocations of LIHTCs, for-profit entities that…View ↗
We invest in GILs that are issued by state or local governmental authorities to finance the construction and/or rehabilitation of…View ↗
How Do They Make Money?
Mortgage-bond and governmental-loan borrowers pay interest as it is earned; mortgage bonds generally call for monthly principal and interest payments, and repayment can also come from the secured property's cash flow, sale or refinancing. Joint-venture investments can generate preferred returns during ownership and distributions from operations, refinancing or property sales.
10-K for FY2025, filed Mar 16, 2026Investment Income from Investments in Mortgage Revenue Bonds and Governmental Issuer LoansView ↗
We expect and believe that the interest received on our MRBs is excludable from gross income for federal income tax purposes. We primarily…View ↗
We invest in MRBs that are issued by state and local governments, their agencies, and authorities to finance the construction or…View ↗
We invest in GILs that are issued by state or local governmental authorities to finance the construction and/or rehabilitation of…View ↗
We account for our JV Equity Investments using the equity method and recognize a preferred return on our contributed equity during the hold…View ↗
Our membership interests entitle us to shares of certain cash flows generated by the JV Equity Investments from operations and upon the…View ↗
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10-K for FY2025, filed Mar 16, 2026
FY2025 revenue by reportable segment ↗
$85.4M
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10-K for FY2025, filed Mar 16, 2026
$85.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Affordable Multifamily Investments
Recurring
10-K for FY2025, filed Mar 16, 2026 |
94% |
Affordable Multifamily Investments, FY2025
$80.2M Sources
|
Recurring |
|
Seniors and Skilled Nursing Investments
Recurring
10-K for FY2025, filed Mar 16, 2026 |
5.9% |
Seniors and Skilled Nursing Investments, FY2025
$5.1M Sources
|
Recurring |
|
Market-Rate Joint Venture Investments
|
0.1%
FY2022: 11%
|
Market-Rate Joint Venture Investments, FY2025
$40.5K Sources
|
|
|
MF Properties Segment
|
0.1%
FY2022: 9.7%
|
MF Properties Segment, FY2025
$100K Sources
|
Who Are Their Customers?
Borrowers include syndicated partnerships, for-profit property entities and nonprofits; mortgage bonds and governmental loans are issued through state and local housing authorities.
10-K for FY2025, filed Mar 16, 2026We invest in MRBs that are issued by state and local governments, their agencies, and authorities to finance the construction or…View ↗
The borrowers associated with our MRBs are either syndicated partnerships formed to receive allocations of LIHTCs, for-profit entities that…View ↗
Our borrowers that are non-profit entities typically have missions to provide affordable multifamily rental units to underserved…View ↗
We invest in GILs that are issued by state or local governmental authorities to finance the construction and/or rehabilitation of…View ↗
Do Revenues Turn Into Profits?
No. It lost $7.6M in FY2025.
10-K for FY2025, filed Mar 16, 2026
10-K for FY2025, filed Mar 16, 2026
−$7.6MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
−$1.5MView ↗
- ▼ −82% (Loss)
- vs −$8.3M in Q2 FY2025
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Aug 17, 2026
Sells Vantage at Loveland and redeems its investment
The sale redeemed its remaining equity investment; the Partnership estimated $2.5 million in investment income and $0.11 per BUC in net income for the third quarter of 2026.
Sources
8-K, filed Aug 17, 2026
OMAHA, Nebraska – Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that on August 13, 2026, Vantage at…View ↗
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Jun 8, 2026
CFO resigns; interim CFO appointed
Jesse Coury resigned effective June 30, 2026, and Eric Nielsen became interim CFO effective July 1, 2026, pending a permanent appointment.
Sources
8-K, filed Jun 8, 2026
On June 2, 2026, Jesse A. Coury informed Greystone Housing Impact Investors LP (the “Partnership”) of his resignation as Chief Financial…View ↗
Growing. Revenue grew 25% in 4 years, from $68.5M in FY2021 to $85.4M in FY2025, about 6% a year.
Less capital for multifamily joint ventures
The Partnership is reducing capital allocated to market-rate multifamily joint-venture investments, managing the remaining holdings toward sales and redeploying returned capital mainly into mortgage bonds.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Mar 16, 2026We also make noncontrolling equity investments in unconsolidated entities for the construction, stabilization, and ultimate sale of…View ↗
Adds seniors-housing joint ventures
Its joint-venture equity activity includes market-rate seniors housing alongside multifamily properties, with seniors-housing investments expected at a lower volume than the earlier multifamily allocation.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Mar 16, 2026We also make noncontrolling equity investments in unconsolidated entities for the construction, stabilization, and ultimate sale of…View ↗
GILs expand to seniors housing
Governmental issuer loans have expanded from financing affordable multifamily properties to also financing seniors residential properties.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Mar 16, 2026We invest in governmental issuer loans ("GILs") that are issued by state or local governmental authorities to finance the construction of…View ↗
We invest in GILs that are issued by state or local governmental authorities to finance the construction and/or rehabilitation of…View ↗
Who Do They Compete With?
Competes with Freddie Mac and Fannie Mae
10-K for FY2025, filed Mar 16, 2026We compete with private investors, lending institutions, trust funds, investment partnerships, Freddie Mac, Fannie Mae and other entities…View ↗
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