**Greystone Housing Impact Investors LP Reports Financial Results for 2025**
Greystone Housing Impact Investors LP (NYSE: GHI) reported a net loss of $7.6 million for the year ended December 31, 2025, compared to a net income of $21.3 million for the year ended December 31, 2024. Total revenues and other income decreased by 16.9% to $76.0 million from $91.5 million in the prior year. The decrease in revenue was primarily attributable to a decrease in investment income, partially offset by an increase in other interest income and a gain on the sale of real estate assets. The company's reportable segments include Affordable Multifamily Investments, Seniors and Skilled Nursing Investments, Market-Rate Joint Venture Investments, and MF Properties.
The company's financial performance was significantly impacted by unrealized losses on derivative instruments, primarily interest rate swaps, totaling $6.6 million in 2025 compared to unrealized gains of $2.1 million in 2024. These unrealized gains and losses are a result of changes in current and forward interest rates during the period. Additionally, the company recognized asset-specific provisions for credit losses totaling $10.4 million in the Affordable Multifamily Investments segment, which also contributed to the net loss. These provisions were related to certain multifamily properties in South Carolina, leading the company to acquire the underlying properties via deed in lieu of foreclosure in early 2026.
Operationally, the company continued to focus on managing its portfolio of investments, with a strategic shift to reduce capital allocation to market-rate multifamily JV Equity Investments. The company plans to redeploy capital from the sale of these investments into primarily tax-exempt MRB investments. As of December 31, 2025, the company owned membership interests in 11 JV Equity Investments located in four states. The company also formed a Construction Lending JV in October 2024 to invest in loans for the construction and rehabilitation of affordable multifamily housing properties across the United States. As of December 31, 2025, the Construction Lending JV had assets totaling $12.1 million, and the Partnership had contributed capital totaling $383,000.
As of December 31, 2025, the company's overall Leverage Ratio was approximately 75%. The company actively manages its exposure to changes in market interest rates through hedging strategies, including interest rate swaps. As of December 31, 2025, the company had interest rate swap positions with notional amounts totaling $294.5 million. The company also announced a registered offering of up to $25.0 million of BUCs in April 2024, but no BUCs have been issued in connection with this offering as of the date of the filing. The company terminated its Sales Agreement with JonesTrading Institutional Services LLC and BTIG, LLC in December 2025.
Looking ahead, the company plans to continue investing in additional MRBs and GILs issued to finance affordable multifamily and seniors residential rental housing properties. The company also intends to manage its remaining portfolio of market-rate multifamily JV Equity investments to maximize sales prices and returns, redeploying capital into MRB investments. The company believes this reallocation strategy will result in increased stability of earnings and a higher proportion of tax-advantaged income for unitholders. However, the company also acknowledges the challenges in the market-rate multifamily asset class and the potential impact of market conditions on property sales prices and returns.
About Greystone Housing Impact Investors LP
Greystone Housing Impact Investors LP specializes in acquiring and managing investments in affordable multifamily, seniors housing, and healthcare properties through mortgage revenue bonds (MRBs), government issuer loans (GILs), property loans, and joint ventures. It focuses on tax-advantaged income, capital preservation, and leveraging debt to generate risk-adjusted returns in the U.S. affordable housing sector. The company operates with a diversified portfolio and strategic financing structures to support sustainable, income-producing real estate investments.
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