Greystone Housing Impact Investors Reports $8.1 Million Net Loss for Q2 2025

Greystone Housing Impact Investors LP reported a net loss of $8.1 million for the three months ended June 30, 2025, compared to a net income of $4.4 million for the same period in 2024. For the six months ended June 30, 2025, the Partnership's net loss was $5.5 million, a significant decline from the $14.3 million net income reported in the prior year. Total revenues for the second quarter of 2025 were $23.6 million, a 7.4% increase from $21.9 million in the same quarter of 2024, driven primarily by a rise in investment income, which increased by 5% to $20.8 million. However, the Partnership faced substantial provisions for credit losses amounting to $9.1 million, significantly impacting profitability.

The Partnership's total assets decreased to $1.48 billion as of June 30, 2025, down from $1.58 billion at the end of 2024. This decline was primarily attributed to a reduction in governmental issuer loans, which fell from $226.2 million to $121.9 million. The decrease in total assets was partially offset by an increase in cash and cash equivalents, which rose to $47.5 million from $14.7 million at the end of the previous fiscal year. The Partnership's liabilities also decreased, totaling $1.10 billion as of June 30, 2025, compared to $1.20 billion at the end of 2024.

Strategically, Greystone has been active in its investment activities, acquiring new mortgage revenue bonds (MRBs) and governmental issuer loans while also redeeming existing ones. During the first half of 2025, the Partnership acquired MRBs totaling approximately $23.2 million and advanced $1.6 million in governmental issuer loans. Additionally, the Partnership recognized gains from the sale of investments in unconsolidated entities, contributing to its overall revenue. The Partnership's joint venture, Construction Lending JV, continues to expand, with a commitment to provide 10% of the total capital, which is expected to increase with new third-party investments.

Operationally, the Partnership reported a total of 10,662 affordable units across its investments, with a significant portion of these units set aside for low-income tenants. The occupancy rates for properties securing MRBs and governmental issuer loans remained stable, with no defaults reported as of June 30, 2025. However, the Partnership noted challenges in certain markets, particularly in Texas, where increased competition has led to higher vacancy rates. Looking ahead, Greystone anticipates continued monitoring of its investments and potential adjustments to its strategies in response to market conditions, including interest rate fluctuations and economic uncertainties.