Greystone Housing Impact Investors LP (GHI) Q2 2026 earnings summary

Executive summary

• Reported a Q2 2026 net loss of $1.52 million ($0.11 per BUC), with CAD of $2.43 million ($0.10 per BUC), and declared a $0.14 per BUC distribution.

• Total assets stood at $1.39 billion, with $927.5 million invested in MRB and GIL as of June 30, 2026.

• Portfolio repositioning underway, reducing market-rate multifamily JV equity investments and redeploying capital into tax-exempt MRBs for stable, tax-advantaged earnings.

• Four South Carolina multifamily properties acquired via deed in lieu of foreclosure, now directly owned and managed to improve occupancy and operations.

• Market-rate JV investments face headwinds from oversupply, lower valuations, and longer holding periods, impacting returns.

Financial highlights

• Q2 2026 total revenues were $21.2 million, down from $22.8 million in Q2 2025; net loss improved from $8.26 million in Q2 2025 to $1.52 million.

• CAD for Q2 2026 was $2.43 million ($0.10 per BUC); cash distributions declared were $0.14 per BUC.

• Book value per unit at $11.20 (diluted); closing unit price at $5.71, a 49% discount to book value.

• Unrestricted cash and equivalents of $30.9 million; $34.2 million available on secured credit lines.

• Leverage ratio at 74% as of June 30, 2026.

Outlook and guidance

• Near-term results depend on the pace of market-rate multifamily sales and redeployment into new MRBs; recurring earnings expected to rise as capital is reinvested.

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

• Construction lending JV with BlackRock expected to grow, shifting LIHTC construction lending off balance sheet.

• Anticipate improved occupancy and operating results at newly acquired SC MF Properties as management initiatives take effect.

• Market-rate multifamily segment expected to remain challenged until excess supply is absorbed; recovery in rents and valuations anticipated in late 2026 or early 2027.