Reported Q: Q2 2024 Rev YoY: -7.2% EPS YoY: -77.4% Move: -1.60%
Greystone Housing Impact
GHI
$4.92 -1.60%
Exchange NYSE Sector Financial Services Industry Financial Mortgages
Q2 2024
Published: Aug 7, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for GHI

Reported

Report Date

Aug 7, 2024

Quarter Q2 2024

Revenue

24.72M

YoY: -7.2%

EPS

0.19

YoY: -77.4%

Market Move

-1.60%

Previous quarter: Q1 2024

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Earnings Highlights

  • Revenue of $24.72M down 7.2% year-over-year
  • EPS of $0.19 decreased by 77.4% from previous year
  • Gross margin of 100.0%
  • Net income of 5.18M
  • "For the second quarter of 2024, the partnership reported net income of $0.19 per unit and $0.27 of cash available for distribution or CAD per unit." - Ken Rogozinski
GHI
Company GHI

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Executive Summary

Greystone Housing Impact Investors LP (GHI) delivered a solid second quarter in a challenging rate environment, with CAD of $0.27 per unit and GAAP net income of $0.19 per unit for Q2 2024, alongside a book value per unit of $13.98 and a leverage ratio of 73%. Despite a YoY revenue decline (-7.23%) driven by fair value dynamics on MRBs, the company reported resilient cash flow from operations of $5.06 million and free cash flow of $5.06 million, supported by stable external liquidity (unrestricted cash of ~$34 million and $56 million available on secured lines). Management underscored that operating cash flows are largely insulated from fair value movements in MRBs due to long-term fixed-rate asset and liability structures and a CECL-based credit reserve of only $20k for the quarter, signaling conservatism in credit risk recognizing. The portfolio remains highly diversified across affordable multifamily MRBs ($1.3B) and $158M in JV equity, with no MRB forbearance requests and stabilized occupancy at 91.9% as of 6/30/2024. The firm continues to actively deploy capital into its investment pipeline (JV equity, MRB related investments, and government issuer loans) with $214M of remaining funding commitments expected to be deployed over ~24 months. Management highlighted a disciplined liquidity stance, including a cash balance and credit facilities to fund current financing commitments, and a hedging program designed to minimize net interest income volatility in a rising-rate environment. In the near term, GHI anticipates continued accretive opportunities, aided by Freddie Mac tax-exempt forward commitments and a constructive muni market backdrop, while remaining vigilant on rate risk, capital raising discipline, and optimization of leverage. Outlook remains contingent on market windows, project draw-downs, and the pace of JV equity deployment, with exits anticipated in a 3–5 year horizon for several Vantage and Freestone projects.

Key Performance Indicators

Revenue
Decreasing
24.72M
QoQ: 2.35% | YoY: -7.23%
Gross Profit
Increasing
24.71M
99.98% margin
QoQ: 2.35% | YoY: 104.20%
Operating Income
Decreasing
20.08M
QoQ: -15.69% | YoY: -99.91%
Net Income
Decreasing
5.18M
QoQ: -51.37% | YoY: -75.67%
EPS
Decreasing
0.19
QoQ: -55.81% | YoY: -77.38%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 25.13 0.11 +4.0% View
Q4 2024 25.14 0.39 -29.8% View
Q3 2024 27.30 -0.23 +72.9% View
Q2 2024 24.72 0.19 -7.2% View
Q1 2024 24.15 0.43 +8.1% View