Greystone Housing Impact Investors LP (GHI) Q3 2026 earnings summary

Executive summary

• Q3 net income was $3.185 million, or $0.09 per BUC; CAD was $3.844 million, or $0.17 per BUC.

• Strategy shifts capital from market-rate multifamily JV equity toward tax-exempt MRBs to support more stable, recurring, tax-advantaged earnings.

• Total assets were $1.345 billion; MRB and GIL investments totaled $898.4 million at quarter-end.

Financial highlights

• Q3 revenue was $21.953 million and net income was $3.185 million, versus $21.1 million and $851,000, respectively, in Q3 2025.

• Nine-month net income was $2.989 million versus a $5.001 million loss in 2025; nine-month revenue was $64.924 million versus $68.2 million.

• Q3 CAD was $3.844 million, or $0.17 per BUC, versus $4.140 million, or $0.18 per BUC, in Q3 2025; the quarterly distribution was $0.14 per BUC.

• Q3 GAAP results included $4.0 million in unrealized derivative gains and $3.5 million in proportionate losses from non-Loveland JV equity investments.

• Nine-month GAAP results included a $2.242 million noncash deed-in-lieu gain, excluded from CAD.

Outlook and guidance

• Near-term results depend on the pace of market-rate property sales and redeployment into MRBs; future earnings and distributions remain under review.

• Available cash and expected receipts, redemptions, asset sales and financing were viewed as sufficient for obligations and liquidity needs over the next 12 months.

• Multifamily occupancy pressure is expected to persist in 2026, with potential improvement later in 2027 as supply is absorbed and new deliveries ease.

• Additional JV equity contributions may be needed during the remainder of 2026; amounts and timing depend on development, lease-up, operating results, rates and sale opportunities.