Greystone Housing Impact Investors Posts a Net Loss
Cash available for distribution was $2.43 million, or $0.10 a BUC, as the partnership booked a $1.52 million net loss.
Greystone Housing Impact Investors LP (GHI), the Omaha-based partnership that finances affordable housing through mortgage revenue bonds, posted a net loss of $1.52 million, or $0.11 a Beneficial Unit Certificate, for the three months ended June 30, 2026, reversing the $1.32 million net income, or $0.01 a BUC, it reported in the prior quarter.
Cash available for distribution, the non-GAAP measure the partnership uses to frame distributable cash, fell to $2.43 million, or $0.10 a BUC, from $3.05 million, or $0.13 a BUC. The board of Greystone AF Manager LLC nonetheless declared a regular quarterly distribution of $0.14 a BUC in June, matching the March rate, paid July 31 to holders of record June 30.
Total assets declined to $1.39 billion from $1.49 billion at March 31. Mortgage revenue bond and governmental issuer loan investments stood at $927.5 million, down from $1.03 billion. All MRB and GIL investments were current on contractual principal and interest as of June 30.
Total revenues were $21.19 million, down from $22.80 million a year earlier. Investment income fell to $14.71 million from $20.04 million. Other interest income rose to $3.22 million from $2.56 million. Property revenues of $2.08 million appeared after a zero year-ago figure.
The provision for credit losses reversed to a $0.37 million recovery from a $9.05 million provision a year earlier. The quarter’s credit-loss line included a reduction of about $39,000 of a first-quarter recovery tied to The Park at Sondrio, The Park at Vietti and Windsor Shores Apartments MRBs and taxable MRBs. Net result from derivative transactions swung to a $2.08 million expense from a $1.38 million gain a year earlier. Interest expense was $13.39 million.
Losses from investments in unconsolidated entities widened to $3.16 million from a $2.25 million loss a year earlier. Depreciation and amortization was $3.27 million.
The partnership continued to reduce capital allocated to joint-venture equity in market-rate multifamily properties. The partnership and the managing members will run the remaining market-rate portfolio to maximize sales prices, with proceeds redeployed into primarily tax-exempt MRB investments. Near-term results will be affected by the pace of those sales and the ability to redeploy capital.
Advances and acquisitions on taxable MRB, GIL and property loan investments totaled about $42.5 million, versus $8.3 million of taxable MRB advances in the first quarter. Redemptions of GIL and taxable GIL investments totaled about $153.6 million. Contributions to market-rate joint-venture equity investments totaled about $4.2 million, down from $12.6 million.
In July the partnership sold the Everett Pointe Apartments GIL and the Sandoval Flats property loan to the Construction Lending JV for principal proceeds of about $13.2 million, and acquired and subsequently sold the Chapanoke Village GIL with a $6.5 million principal balance. Hedging, primarily through interest-rate swaps, produced net receipts of about $214,000 in the quarter.
Eight market-rate joint-venture properties and one seniors-housing property had completed construction; one seniors-housing property had commenced construction and two market-rate properties were in planning. In July, three Texas Vantage properties secured a new debt facility to refinance construction and bridge loans, releasing the partnership from limited guaranties on the Vantage at McKinney and Vantage at Hutto bridge loans.
Chief Executive Officer Kenneth C. Rogozinski said the partnership is working with brokers and property managers on exit timelines based on leasing and operating results, and with its origination team and Greystone’s affordable platform to identify MRB opportunities once market-rate exits occur.
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