GREYSTONE HOUSING IMPACT INVESTORS (GHI)

Thursday

3:52 PM

Thesis: The combination of rising interest rates and declining mortgage applications is creating a challenging environment for Greystone, leading to concerns about future revenue growth.

Revenue Outlook

Metric	FY2025	FY2026E	FY2027E
Revenue	$72M	$95M	$84M
Rev. Growth	-27.6%	+31.7%	-11.4%
EPS	$-0.50	$1.13	$0.62
EPS Growth	-165%	+326%	-45.1%
P/E (fwd)	—	5.2×	9.5×

★ Analysts see FY2026 revenue reaching $95M — +31.7% growth in a single year.

What Moves the Stock

1Changes in federal housing policy impacting affordable housing financing
2Fluctuations in interest rates affecting mortgage demand
3Trends in multifamily housing demand in key U.S. markets
4Credit availability for affordable housing projects
5Interest income from mortgage loans (estimated 80% of total revenue)
6Investment income from real estate assets (estimated 20% of total revenue)
7Affordable housing demand driven by urbanization trends
8Government initiatives to increase housing supply

FY2025 Snapshot

Revenue: $72M
Rev. Growth: -27.6%
Gross Margin: 30.4%
Op. Margin: -9.4%
Net Margin: -10.5%
Net Income: $-8M
NI Growth: -136%
EPS: $-0.50
1Y Return: -41.6%

GHI Chart

My Notes

"Management has indicated that 'the current interest rate environment poses significant challenges to our loan origination goals.'"
Moat: Greystone's focus on affordable housing and established relationships with government entities provide a moderate level of competitive…
value - Investors may be attracted to Greystone for its focus on affordable housing and potential for long-term capital appreciation.
Rising interest rates can negatively impact mortgage demand and increase financing costs for borrowers…
Watch on earnings: 30-Year Fixed Mortgage Rate, Housing Starts, S&P/Case-Shiller Home Price Index.

One Sentence Summary:

Greystone Housing Impact Investors: the story is balanced — changes in federal housing policy impacting affordable housing financing.

Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.

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