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Greystone Housing Impact Investors LP (GHI) investor relations material
Greystone Housing Impact Investors LP Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 portfolio performance remained steady, with all borrowers current on principal and interest payments as of September 30, 2025.
Net income for Q3 2025 was $2 million ($0.03 per unit), while the nine months ended September 30, 2025, saw a net loss of $1.8 million due to $9.9 million in credit loss provisions and $6.7 million in unrealized derivative losses.
The Partnership is shifting capital allocation away from market-rate multifamily JV equity investments toward tax-exempt mortgage revenue bond (MRB) investments to stabilize earnings.
Fiscal occupancy for stabilized mortgage revenue bond portfolio was 87.8%, down from 88.4% in June, mainly due to higher vacancies in Texas.
No forbearance requests were received for mortgage revenue bonds or governmental issuer loans.
Financial highlights
Q3 2025 net income was $2 million, or $0.03 per unit (basic and diluted); CAD was $4.6 million, or $0.20 per unit.
Book value per unit as of September 30, 2025, was $12.36, up $0.53 from June 30.
Total assets were $1.49 billion as of September 30, 2025.
Unrestricted cash and equivalents totaled $36.2 million, with $88.6 million available on secured credit lines.
Series B preferred units issued in October 2025 raised $5 million in gross proceeds.
Outlook and guidance
Expectation of more stable earnings as capital is redeployed from JV equity investments to tax-exempt MRBs.
Management anticipates continued pressure on rental rates and occupancy in key multifamily markets through 2025, with improvement expected in 2026.
Anticipate a higher proportion of tax-exempt income for unit holders over the long term.
Board and management are assessing the impact of the new strategy on short- and long-term earnings and distributions.
Remains positive on senior housing and affordable multifamily MRB opportunities.
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