This article first appeared on GuruFocus.

Release Date: November 06, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Greystone Housing Impact Investors LP (NYSE:GHI) reported no forbearance requests for multi-family mortgage revenue bonds, with all borrowers current on principal and interest payments.

• The company has a strong leasing velocity with construction of all properties either complete or substantially complete.

• GHI’s investment in tax-exempt mortgage revenue bonds is expected to provide more predictable returns due to stable net interest spreads.

• The partnership’s newly established construction lending joint venture with BlackRock is anticipated to provide future tax-advantaged earnings.

• GHI’s book value per unit increased by $0.53 from June 30th, primarily due to an increase in unrealized gains on the mortgage revenue bond portfolio.

• Fiscal occupancy for the stabilized mortgage revenue bond portfolio decreased slightly to 87.8% as of September 30th, primarily due to higher vacancies in Texas.

• Higher interest rates and capitalization rates have negatively impacted multi-family asset values, resulting in lower returns upon sales of properties.

• The company reported a provision for credit losses of $596,000 in the third quarter, primarily related to a support loan to an MRB borrower.

• Realized returns from property sales in 2025 were much lower than in prior years, despite all invested capital being returned.

• GHI’s closing unit price on the New York Stock Exchange was $8.24, representing a 33% discount to the book value per unit as of September 30th.

• Warning! GuruFocus has detected 3 Warning Signs with GHI.

• Is GHI fairly valued? Test your thesis with our free DCF calculator.

Q: As multi-family units are sold off and capital is redeployed, do you have a target allocation percentage in mind, especially regarding senior housing investments? A: Ken Rogozinski, CEO: The allocation will depend on the timing of capital returns from existing JV equity exits and the opportunities available at that time. We expect our capital allocation to senior housing JV equity investments to be lower than current levels, but no set percentage has been determined. It will be assessed on a case-by-case basis.

Q: Can you discuss the expected pace of asset sales and current occupancy stabilization? Should we expect longer timelines for sales compared to 2021-2023? A: Ken Rogozinski, CEO: The timeline for sales depends on achieving critical occupancy levels, typically 90%, before listing properties for sale. We are optimizing results with partners, considering market trends, supply, and interest rates to determine the right time for sales.