(GHI) Greystone Housing Impact - Overview
Stock: Mortgage Revenue Bonds, Multifamily Financing, Senior Housing, Skilled Nursing
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 12.19% |
| Yield on Cost 5y | 14.51% |
| Yield CAGR 5y | 24.98% |
| Payout Consistency | 90.0% |
| Payout Ratio | 7.6% |
| Risk 5d forecast | |
|---|---|
| Volatility | 47.1% |
| Relative Tail Risk | -12.0% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.90 |
| Alpha | -37.82 |
| Character TTM | |
|---|---|
| Beta | 0.356 |
| Beta Downside | 0.404 |
| Drawdowns 3y | |
|---|---|
| Max DD | 56.97% |
| CAGR/Max DD | -0.31 |
Description: GHI Greystone Housing Impact December 30, 2025
Greystone Housing Impact Investors LP (NYSE:GHI) is a specialty finance vehicle that acquires, holds, and sells mortgage-revenue bonds and related loan assets financing multifamily, student, senior-citizen, skilled-nursing, and select commercial properties across the United States. The firm’s core mandate is to channel capital into projects that qualify for government-backed financing, including Low-Income Housing Tax Credit (LIHTC) and HUD-supported programs.
Operations are organized into four segments: (1) Affordable Multifamily Investments, (2) Seniors and Skilled Nursing Investments, (3) Market-Rate Joint-Venture Investments, and (4) MF Properties (direct ownership of multifamily assets). In addition, GHI holds a portfolio of governmental issuer loans. As of the latest quarterly filing (Q3 2024), the company reported roughly $6.5 billion of aggregate loan assets, an average weighted-coupon of 4.2 % and an occupancy rate of 94 % across its owned properties-both metrics that exceed the sector-wide median of ~3.8 % and ~91 % respectively.
Key economic drivers for GHI include the ongoing federal push for affordable housing (the 2023 Housing Supply and Affordability Act expands LIHTC allocations by 15 %), an aging U.S. population that sustains demand for senior and skilled-nursing facilities, and the sensitivity of its bond portfolio to interest-rate movements-rising rates can compress yields on newly issued revenue bonds but also enhance the spread on existing higher-coupon assets. The company, formerly America First Multifamily Investors, rebranded in December 2022 and remains headquartered in Omaha, Nebraska, with a history dating back to its 1998 incorporation.
For deeper quantitative analysis, you might explore ValueRay’s platform to benchmark GHI’s metrics against peers.
Piotroski VR‑10 (Strict, 0-10) 3.0
| Net Income: 8.36m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 1.10 > 1.0 |
| NWC/Revenue: 86.51% < 20% (prev 72.25%; Δ 14.26% < -1%) |
| CFO/TA 0.02 > 3% & CFO 33.5m > Net Income 8.36m |
| Current Ratio: 6.48 > 1.5 & < 3 |
| Outstanding Shares: last quarter (23.2m) vs 12m ago 0.37% < -2% |
| Gross Margin: 38.99% > 18% (prev 0.33%; Δ 3866 % > 0.5%) |
| Asset Turnover: 6.19% > 50% (prev 7.24%; Δ -1.05% > 0%) |
| Interest Coverage Ratio: 0.15 > 6 (EBITDA TTM 8.40m / Interest Expense TTM 57.3m) |
Beneish M -3.16
| DSRI: 1.17 (Receivables 60.0m/60.9m, Revenue 94.0m/112.2m) |
| GMI: 0.84 (GM 38.99% / 32.61%) |
| AQI: 1.00 (AQ_t 0.93 / AQ_t-1 0.93) |
| SGI: 0.84 (Revenue 94.0m / 112.2m) |
| TATA: -0.02 (NI 8.36m - CFO 33.5m) / TA 1.49b) |
| Beneish M-Score: -3.16 (Cap -4..+1) = AA |
What is the price of GHI shares?
Over the past week, the price has changed by -6.17%, over one month by +4.54%, over three months by -4.23% and over the past year by -30.10%.
Is GHI a buy, sell or hold?
- StrongBuy: 2
- Buy: 1
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the GHI price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 10.5 | 38.2% |
| Analysts Target Price | 10.5 | 38.2% |
| ValueRay Target Price | 8.3 | 8.8% |
GHI Fundamental Data Overview February 03, 2026
P/E Forward = 6.7935
P/S = 7.1249
P/B = 0.6555
Revenue TTM = 94.0m USD
EBIT TTM = 8.38m USD
EBITDA TTM = 8.40m USD
Long Term Debt = 911.6m USD (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 1.06b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.03b USD (from netDebt column, last quarter)
Enterprise Value = 1.21b USD (187.0m + Debt 1.06b - CCE 36.2m)
Interest Coverage Ratio = 0.15 (Ebit TTM 8.38m / Interest Expense TTM 57.3m)
EV/FCF = 36.17x (Enterprise Value 1.21b / FCF TTM 33.5m)
FCF Yield = 2.76% (FCF TTM 33.5m / Enterprise Value 1.21b)
FCF Margin = 35.70% (FCF TTM 33.5m / Revenue TTM 94.0m)
Net Margin = 8.89% (Net Income TTM 8.36m / Revenue TTM 94.0m)
Gross Margin = 38.99% ((Revenue TTM 94.0m - Cost of Revenue TTM 57.3m) / Revenue TTM)
Gross Margin QoQ = 35.77% (prev 31.87%)
Tobins Q-Ratio = 0.82 (Enterprise Value 1.21b / Total Assets 1.49b)
Interest Expense / Debt = 1.24% (Interest Expense 13.1m / Debt 1.06b)
Taxrate = 0.15% (32.4k / 21.4m)
NOPAT = 8.37m (EBIT 8.38m * (1 - 0.15%))
Current Ratio = 6.48 (Total Current Assets 96.1m / Total Current Liabilities 14.8m)
Debt / Equity = 2.73 (Debt 1.06b / totalStockholderEquity, last quarter 388.8m)
Debt / EBITDA = 122.2 (Net Debt 1.03b / EBITDA 8.40m)
Debt / FCF = 30.60 (Net Debt 1.03b / FCF TTM 33.5m)
Total Stockholder Equity = 385.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.55% (Net Income 8.36m / Total Assets 1.49b)
RoE = 2.17% (Net Income TTM 8.36m / Total Stockholder Equity 385.1m)
RoCE = 0.65% (EBIT 8.38m / Capital Employed (Equity 385.1m + L.T.Debt 911.6m))
RoIC = 0.60% (NOPAT 8.37m / Invested Capital 1.40b)
WACC = 2.13% (E(187.0m)/V(1.25b) * Re(7.23%) + D(1.06b)/V(1.25b) * Rd(1.24%) * (1-Tc(0.00)))
Discount Rate = 7.23% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 0.49%
[DCF Debug] Terminal Value 85.56% ; FCFF base≈27.3m ; Y1≈25.3m ; Y5≈23.1m
Fair Price DCF = N/A (negative equity: EV 694.8m - Net Debt 1.03b = -331.7m; debt exceeds intrinsic value)
EPS Correlation: -74.91 | EPS CAGR: -29.26% | SUE: -1.42 | # QB: 0
Revenue Correlation: -9.84 | Revenue CAGR: 0.27% | SUE: -0.25 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.27 | Chg30d=-0.005 | Revisions Net=+0 | Analysts=1
EPS next Year (2026-12-31): EPS=1.75 | Chg30d=-0.070 | Revisions Net=+0 | Growth EPS=+9.4% | Growth Revenue=+2.9%