Greystone Housing Impact Investors LP reported its third‑quarter 2025 financial results on November 6, 2025. The partnership posted a net loss of $0.03 per Beneficial Unit Certificate (BUC) and revenue of $21.68 million for the three months ended September 30, 2025.
The earnings miss was driven by a combination of higher interest rates and elevated capitalization rates that pressured the market‑rate multifamily segment. The company’s shift away from that segment toward tax‑exempt Mortgage Revenue Bonds (MRBs) reduced revenue growth and compressed margins, resulting in a $0.03 EPS versus the consensus estimate of $0.202.
Revenue fell 10.7% to $21.68 million, missing the consensus estimate of $24.29 million. The decline was largely attributable to weaker performance in the market‑rate multifamily portfolio, while MRB income remained stable. The company’s decision to list Vantage at Loveland, a 288‑unit property, for sale reflects the broader strategy to divest from market‑rate assets.
Despite the earnings miss, Greystone maintained its regular quarterly distribution of $0.30 per BUC, paid to holders on October 31, 2025. The partnership also raised $5 million in gross proceeds from the issuance of Series B Preferred Units in October, providing non‑dilutive capital to support its MRB strategy.
Investors reacted negatively to the earnings miss, with analysts highlighting the EPS miss as the primary driver of the downturn. The company’s strategic pivot to MRBs may stabilize long‑term returns but short‑term earnings remain under pressure.
CEO Kenneth C. Rogozinski said the Series B issuance “provides us with non‑dilutive, fixed‑rate and low‑cost institutional capital to execute on our strategy for the benefit of our unitholders.” He added that the partnership remains focused on delivering predictable cash flow through its core MRB business while monitoring market‑rate opportunities.
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