Greystone Housing Impact Investors LP (NYSE: GHI) is a real estate finance limited partnership that invests in mortgage revenue bonds (MRBs) and other debt instruments supporting affordable multifamily housing, seniors housing, and skilled nursing properties. It earns income primarily through interest on its interest-earning assets, which carried an average principal balance of $1.19 billion at an average earned rate of 6.4% for FY2025. The portfolio is organized across two main segments: multifamily MRB investments and a Seniors and Skilled Nursing Investments segment. As of December 31, 2025, total interest income on MRBs, governmental issuer loans, property loans, and other investments was $75.7 million, against total revenues of $80.2 million for FY2025. The partnership also holds direct equity interests in operating multifamily properties through its Vantage portfolio, primarily in Texas and Colorado. Capital is raised through beneficiary unit certificates (BUCs), preferred units (Series A, A-1, and B at fixed distribution rates of 3.0%, 3.0%, and 5.75% annually, respectively), and structured debt facilities including TEBS financings and TOB trusts. As of December 31, 2025, interest rate swap positions had notional amounts totaling $294.5 million.

Revenue model

Interest income on mortgage revenue bonds, governmental issuer loans, property loans, and other investments, plus rental income from consolidated operating properties. MRBs generated $57.4 million in interest income on an average principal balance of $929.7 million at 6.2% for FY2025. Total revenues were $80.2 million for FY2025.

Products and services

Mortgage revenue bonds (MRBs) and taxable MRBs financing construction and rehabilitation of affordable multifamily housing; governmental issuer loans; property loans; equity investments in operating multifamily properties under the Vantage brand (Texas, Colorado, Nebraska); seniors housing and skilled nursing MRBs (as of December 31, 2025, two MRBs with $66.2 million aggregate outstanding principal); Series A, A-1, and Series B Preferred Units; beneficiary unit certificates (BUCs).

Customers and end markets

Affordable multifamily housing developers and non-profit borrowers; seniors housing and skilled nursing facility operators; low-income housing tax credit (LIHTC) equity investors. End markets are affordable and workforce rental housing tenants, seniors housing residents, and skilled nursing patients.

Value-chain role

Specialty finance provider and debt investor in the affordable housing capital stack. Originates and holds MRBs and related debt instruments, provides construction and permanent financing, and in some cases takes direct equity ownership of operating properties. Relies on Fannie Mae and Freddie Mac TEBS securitization facilities for funding.

Geographic exposure

Primarily United States. Operating multifamily properties concentrated in Texas, with additional properties in Colorado, California, Georgia, Maryland, South Carolina, Washington, Arizona, and Nebraska as of December 31, 2025. Noted exposure to water-scarcity risks in western and southwestern U.S. markets.

Source: SEC 10-K, filed 2026-03-16

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