Greystone Housing Impact Investors Posts Third-Quarter Profit

The Tip Desk · November 9, 2026 · 3 min read

Cash available for distribution was $3.8 million, or $0.17 a BUC, as the partnership sold Vantage at Loveland for about $23.6 million.

Greystone Housing Impact Investors LP (GHI) reported net income of $3.2 million, or $0.09 a Beneficial Unit Certificate, for the three months ended September 30, 2026, reversing a $1.52 million net loss, or $0.11 a BUC, in the prior quarter.

Cash available for distribution, the partnership’s non-GAAP measure, was $3.8 million, or $0.17 a BUC, compared with $2.43 million, or $0.10 a BUC, in the second quarter. Total assets were $1.35 billion. Mortgage revenue bond and governmental issuer loan investments were $898.4 million.

The affordable-housing lender said it continues to reduce capital allocated to joint venture equity in market-rate multifamily properties, with proceeds from sales to be redeployed into primarily tax-exempt mortgage revenue bond investments. In August 2026 it sold the Vantage at Loveland property in Loveland, Colorado, for gross proceeds of about $23.6 million, including $21.1 million of contributed equity and $2.5 million of preferred return income. In October 2026 it publicly listed Valage Senior Living Carson Valley in Minden, Nevada, for sale.

Advances and acquisitions on MRB, taxable MRB, GIL and property loan investments totaled about $39.2 million in the third quarter. Property loan paydowns were about $14.0 million. Sales of GIL and property loan investments to the Construction Lending JV totaled about $26.2 million. Contributions to market-rate joint venture equity were about $5.2 million.

Total revenues were $22.0 million. Investment income was $16.9 million. Other interest income was $3.1 million. Property revenues were $2.0 million. Interest expense was $12.8 million. Net result from derivative transactions was a $4.3 million gain. Earnings from investments in unconsolidated entities were a $3.5 million loss.

The partnership said borrowers of its MRBs and GILs were current on contractual debt service as of September 30, 2026, except for five MRBs associated with a single borrower. As of the filing date, payments had been received for four of the five. Management said it is in ongoing discussions with the borrower. Interest-rate swap hedging produced net receipts of about $280,000 for the quarter.

Seven current market-rate joint venture properties and one seniors housing joint venture property had completed construction; one seniors housing property had commenced construction. Two market-rate properties were in the planning phase.

The board of managers of Greystone AF Manager LLC declared a regular quarterly distribution of $0.14 a BUC, matching the June declaration. The distribution was paid October 30, 2026, to holders of record as of September 30, 2026.

Chief Executive Officer Kenneth C. Rogozinski said the partnership is working with managing members to position remaining market-rate investments for sale, with third-party brokers and property managers planning exit timelines based on leasing and operating results, and with its origination team and Greystone’s affordable platform identifying mortgage revenue bond opportunities for redeployment. The partnership said near-term results will be affected by the pace of market-rate sales and the ability to redeploy capital into new tax-exempt MRB investments, and that it and the board will continue assessing impacts on short-term and long-term earnings and future distributions.