Reported Q: Q3 2024 Rev YoY: +72.9% EPS YoY: -159.0% Move: -1.60%
Greystone Housing Impact
GHI
$4.92 -1.60%
Exchange NYSE Sector Financial Services Industry Financial Mortgages
Q3 2024
Published: Nov 6, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for GHI

Reported

Report Date

Nov 6, 2024

Quarter Q3 2024

Revenue

27.30M

YoY: +72.9%

EPS

-0.23

YoY: -159.0%

Market Move

-1.60%

Previous quarter: Q2 2024

Follow this company to get upcoming quarter alerts automatically.

Earnings Highlights

  • Revenue of $27.30M up 72.9% year-over-year
  • EPS of $-0.23 decreased by 159% from previous year
  • Gross margin of 100.0%
  • Net income of -4.64M
  • ""We are excited about the new construction lending joint venture with BlackRock Impact Opportunities."" - Ken Rogozinski
GHI
Company GHI

Swipe to view all report sections

Executive Summary

Greystone Housing Impact Investors LP (GHI) reported a mixed QQ3 2024 with GAAP net loss of $4.64 million, or $0.23 per unit, and cash available for distributions (CAD) of $6.2 million ($0.27 per unit). The quarterly net result was heavily influenced by noncash unrealized losses of $9.7 million on the company’s interest-rate derivatives, underscoring the close link between reported earnings and mark-to-market movements in the swap portfolio. Management emphasized that CAD and cash flows remain supported by the long-term, fixed-rate MRB and government issuer loan portfolio, and highlighted several structural positives that should support earnings visibility going forward, including a fixed-rate securitization in October 2024 and a deliberate shift away from floating-rate exposure via a new fixed-rate PFA securitization transaction ($75.4 million gross debt proceeds) to reduce near-term rate risk.

The company closed QQ3 with a book value per unit of $14.15 on total assets of $1.55 billion and a leverage ratio of 74%. The portfolio remains diversified across affordable multifamily MRBs, governmental issuer loans, and JV equity investments totaling approximately $1.49 billion, alongside $169 million in JV equity. Occupancy on stabilized MRB properties stood at 91.5% as of September 30, 2024, with no material forbearance requests and generally favorable leasing dynamics on completed Vantage projects.

Looking ahead, management underscored the strategic importance of the BlackRock Impact Opportunities joint venture for scalable capital deployment into construction lending, aiming to diversify funding sources and accelerate deployment while preserving risk controls. The company signaled that capital deployment will be evaluated against a board-imposed hurdle, notably a dividend yield target around mid-teens, and emphasized that the near-term cash cadence (CAD) is insulated from non-cash fair value movements. Investors should monitor the BlackRock JV deployment pace, ongoing CECL loss reserves, the evolution of interest-rate sensitivity (SOFR-related), and the trajectory of MRB prepayments and governmental issuer loan redemptions as key drivers of earnings power and liquidity in 2025.

Key Performance Indicators

Revenue
Increasing
27.30M
QoQ: 10.46% | YoY: 72.92%
Gross Profit
Increasing
27.30M
1.00% margin
QoQ: 10.49% | YoY: 103.18%
Operating Income
Decreasing
12.72M
QoQ: -36.66% | YoY: -99.94%
Net Income
Decreasing
-4.64M
QoQ: -189.52% | YoY: -147.65%
EPS
Decreasing
-0.23
QoQ: -221.05% | YoY: -158.97%

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