Greystone Housing Impact Investors LP (GHI) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $1.32 million ($0.01 per BUC), with CAD of $3.05 million ($0.13 per BUC), and a $0.14 per BUC distribution declared.

• Strategy is to reduce capital in market-rate multifamily JV equity investments and redeploy into tax-exempt MRBs for stable, tax-advantaged earnings.

• Four South Carolina multifamily properties were acquired via deed in lieu of foreclosure, with an $84 million mortgage loan secured on these assets and a $2.2 million gain recognized.

• Total assets stood at $1.49 billion as of March 31, 2026, with $1.03 billion invested in MRBs and GILs.

• Market conditions for market-rate multifamily JV equity investments remain challenging due to oversupply, declining rents, and higher capitalization rates.

Financial highlights

• Q1 2026 total revenues were $21.8 million, down from $24.3 million in Q1 2025, primarily due to lower investment income and JV equity returns.

• Net income for Q1 2026 was $1.32 million, down from $2.40 million in Q1 2025.

• CAD for Q1 2026 was $3.05 million, compared to $6.97 million in Q1 2025.

• Book value per unit as of March 31 was $11.30 (diluted); closing unit price was $5.09, a 55% discount to book value.

• Quarterly cash distribution of $0.14 per BUC declared and paid.

Outlook and guidance

• Near-term results will depend on the pace of market-rate multifamily sales and redeployment into MRBs.

• Management expects more stable earnings and increased tax-advantaged income for unitholders over the long term.

• Expect continued pressure on rental rates and occupancy in certain markets through 2026, with improvement anticipated as new supply is absorbed.

• Reinvestment of capital from JV equity sales will be gradual, with ongoing updates to be provided.

• Plan to leverage Greystone’s lending relationships to identify new MRB investment opportunities.