Greystone Housing Impact Investors LP Beneficial Unit Certificates representing assignments of limited partnership interests 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Greystone Housing Impact Investors LP reported a net loss of $1.5 million, or $0.11 per unit basic and diluted, for the second quarter ended June 30, 2026.
- Cash available for distribution (CAD) was $2.4 million, or $0.10 per unit, a non-GAAP measure.
- Losses from non vantage JV equity investments were approximately $3.2 million, or $0.14 per unit, primarily due to depreciation and amortization expenses.
- Book value per unit was $11.20 on a diluted basis as of June 30, 2026, while the closing unit price on August 10 was $5.71, a 49% discount to book value.
- Unrestricted cash and cash equivalents were $30.9 million with $34.2 million available on secured credit lines as of June 30.
- Debt investment portfolio totaled $927.5 million, representing 67% of total assets, including 80 mortgage revenue bonds across 12 states.
- Physical occupancy for stabilized mortgage revenue bond portfolio was 85.8% as of June 30, with non-Texas portfolios at 93%.
- Outstanding debt financing principal was approximately $826 million as of June 30, down $104 million from March 31.
- Remaining funding commitments for market rate multifamily JV equity investments totaled $19.5 million as of June 30, all related to potential development sites.
- Two market rate seniors housing JV equity investments exist in Nevada with a $4 million funding commitment for July 2026.
- Three Vantage properties in Texas secured new debt refinancing, releasing the partnership from limited guaranty agreements.
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Transcript
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Greetings, and welcome to the Q2 2026 earnings call for Greystone Housing Impact Investors LP. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference is being recorded. I would now like to turn the conference over to Eric Nielsen, Interim CFO. Thank you, Eric. You may begin.
I would like to welcome everyone to the Greystone Housing Impact Investors LP, NYSE ticker symbol GHI, second quarter of 2026 earnings conference call. During the presentation, all participants will be in a listen-only mode. After management presents its overview of Q2 2026, you will be invited to participate in a question and answer session. As a reminder, this conference call is being recorded. During this conference call, comments made regarding GHI, which are not historical facts, are forward-looking statements and are subject to risks and uncertainties that could cause the actual future events or results to differ materially from these statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words like may, should, expect, plan, intend, focus, and other similar terms.
You are cautioned that these forward-looking statements speak only as of today's date. Changes in economic, business, competitive, regulatory, and other factors could cause our actual results to differ materially from those expressed or implied by the projections or forward-looking statements made today. For more detailed information about these factors and other risks that may impact our business, please review the periodic reports and other documents filed from time to time by us with the Securities and Exchange Commission. Internal projections and beliefs upon which we base our expectations may change, but if they do, you may not necessarily be informed. Today's discussion will include non-GAAP measures and will be explained during this call. We want to make you aware that GHI is operating under the SEC Regulation FD and encourage you to take full advantage of the question and answer session.
Thank you for your participation and interest in Greystone Housing Impact Investors LP. I would now like to turn the call over to our Chief Executive Officer, Ken Rogozinski.
Good morning, everyone. Welcome to Greystone Housing Impact Investors LP's second quarter 2026 investor call. Thank you for joining. I will start with an overview of our portfolio and investment strategy. Eric Nielsen, our Interim Chief Financial Officer, will then present the partnership's financial results. I will wrap up with an overview of the market and our investment pipeline. Following that, we look forward to taking your questions. As we've mentioned on our previous calls, we are pursuing a strategy to reposition our investment portfolio. Specifically, we are focused on exiting our remaining investments in market-rate multifamily JV equity investments while maximizing value to our unitholders from those exits. We will then reinvest the capital returned to us from those exits into additional high-quality tax-exempt mortgage revenue bond investments that are expected to provide longer-term, stable, tax-advantaged earnings, which we believe will provide long-term value for our unitholders.
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