GHI

MKT CAP:$121M

Greystone Housing Impact Investors LP

Market Cap

$121M

Financial Services·Financial - Mortgages·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$5.19-$1.85 (-26.28%)

Apr 22, 2026

Company Details

Greystone Housing Impact Investors LP acquires, holds, sells, and deals in a portfolio of mortgage revenue bonds (MRBs) that are issued to provide construction and/or permanent financing for multifamily and student housing residential prope...

CEO

Kenneth C. Rogozinski

IPO Date

Apr 2, 1986

Website

www.ghiinvestors.com

Key Metrics TTM

Revenue

$87M

-45.5% YoY

Net Income

$2M

EPS (Diluted)

-$0.04

Free Cash Flow

$19M

Revenue / Share

$3.76

Gross Margin

33.8%

Operating Margin

2.6%

Net Margin

2.6%

FCF Margin

21.4%

P/S

1.4x

P/E

53.4x

Earnings Reports

Q3 2025

May 6, 2026

PENDING

FY 2025

Mar 16, 2026

$85M-14.6%EPS -$0.33

Q2 2025

Aug 7, 2025

$21MEPS -$0.35

Q1 2025

May 7, 2025

$22M-23.5%EPS $0.11

FY 2024

Feb 20, 2025

$100MEPS $0.77

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$14M	$9M	-$1M
Q4 20	$13M	$8M	$837.5K
Q1 21	$17M	$12M	$7M
Q2 21	$22M	$17M	$10M
Q3 21	$25M	$19M	$13M
Q1 22	$36M	$32M	$26M
Q2 22	$30M	$23M	$18M
Q3 22	$33M	$25M	$18M
Q1 23	$39M	$22M	$17M
Q2 23	$44M	$27M	$21M
Q3 23	$34M	$16M	$10M
Q4 23	$43M	$12M	$6M
Q1 24	$29M	$15M	$11M
Q3 24	$16M	$255.3K	-$5M
Q1 25	$22M	$8M	$3M
Q2 25	$21M	$7M	-$7M

Valuation

Quarter	P/S	P/E
Q3 20	3.3x	10.8x
Q4 20	3.4x	12.8x
Q1 21	5.5x	21.0x
Q2 21	6.4x	25.1x
Q3 21	4.9x	12.1x
Q1 22	4.2x	7.3x
Q2 22	3.7x	6.2x
Q3 22	3.2x	5.2x
Q1 23	2.8x	5.0x
Q2 23	2.6x	5.1x
Q3 23	2.4x	5.4x
Q4 23	2.4x	7.3x
Q1 24	2.5x	7.8x
Q3 24	2.7x	14.8x
Q1 25	2.6x	18.1x
Q2 25	3.0x	115.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	$4M	$3M
Q4 20	$3M	$3M
Q1 21	$7M	$7M
Q2 21	$8M	$6M
Q3 21	$8M	$10M
Q1 22	$9M	$9M
Q2 22	$5M	$5M
Q3 22	$5M	$5M
Q1 23	$199.4K	$27.7K
Q2 23	$13M	$13M
Q3 23	$7M	$7M
Q4 23	$5M	$5M
Q1 24	$3M	$3M
Q3 24	$5M	$5M
Q1 25	$10M	$10M
Q2 25	$10M	$0

Capital Expenditures

Quarter	CapEx
Q3 20	$202.9K
Q4 20	$97.1K
Q1 21	$25.0K
Q2 21	$2M
Q3 21	$2M
Q1 22	$64.5K
Q2 22	$159.0K
Q3 22	$201.2K
Q1 23	$171.7K
Q2 23	$288.6K
Q3 23	$118.2K
Q4 23	$219.7K
Q1 24	$0
Q3 24	$0
Q1 25	$0
Q2 25	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	+10.8%	+118.6%
Q4 20	-6.1%	+21.0%
Q1 21	-32.1%	-35.0%
Q2 21	+3.6%	+8.4%
Q3 21	+78.0%	-22.2%
Q1 22	+164.6%	-25.9%
Q2 22	+73.7%	+20.0%
Q3 22	+51.7%	+28.3%
Q1 23	+58.4%	+89.5%
Q2 23	+24.1%	+145.1%
Q3 23	+12.9%	+95.8%
Q4 23	+29.3%	+148.8%
Q1 24	-26.8%	-19.3%
Q3 24	-64.4%	-11.2%
Q1 25	-35.2%	-22.7%
Q2 25	-51.3%	-23.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$0	0.0%
Q4 20	$383.1K	2.8%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$165.5K	0.6%
Q3 22	$580.0K	1.7%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q3 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$505.3K	2.4%

OpEx Breakdown

Quarter	G&A
Q3 20	$5M
Q1 21	$4M
Q2 21	$4M
Q3 21	$5M
Q1 22	$5M
Q2 22	$5M
Q3 22	$6M
Q1 23	$6M
Q2 23	$6M
Q3 23	$6M
Q4 23	$5M
Q1 24	$5M
Q3 24	$5M
Q1 25	$5M
Q2 25	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$118M	$0	$118M
Q2 22	$105M	$0	$105M
Q3 22	$103M	$0	$103M
Q4 22	$51M	$0	$51M
Q1 23	$52M	$0	$52M
Q2 23	$59M	$0	$59M
Q3 23	$59M	$0	$59M
Q4 23	$38M	$0	$38M
Q1 24	$56M	$0	$56M
Q2 24	$34M	$0	$34M
Q3 24	$37M	$0	$37M
Q4 24	$15M	$0	$15M
Q1 25	$51M	$0	$51M
Q2 25	$47M	$0	$47M
Q3 25	$36M	$0	$36M
Q4 25	$55.8K	$0	$55.8K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	21M	-0.0%	+1.7%
Q4 20	21M	+0.1%	+0.3%
Q1 21	21M	+0.1%	+0.3%
Q2 21	21M	-0.2%	+0.0%
Q3 21	21M	+0.1%	+0.2%
Q1 22	22M	+8.9%	+9.0%
Q2 22	22M	+0.0%	+8.8%
Q3 22	22M	+0.0%	+9.0%
Q1 23	23M	+2.0%	+11.1%
Q2 23	23M	-0.0%	+2.0%
Q3 23	23M	-0.0%	+2.0%
Q4 23	23M	+0.1%	+2.1%
Q1 24	23M	+0.2%	+0.3%
Q3 24	23M	+0.4%	+0.7%
Q1 25	23M	+0.4%	+1.1%
Q2 25	23M	0.0%	+1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	$3M	14
Q2 23	$3M	14
Q3 23	$2M	14
Q4 23	$42.9K	1K
Q1 24	$28.6K	1K
Q3 24	$15.7K	1K
Q1 25	$21.9K	1K
Q2 25	$20.9K	1K

Revenue / Employee