The firm's balance sheet remains under pressure with total debt anchored at $1.1 billion, resulting in a debt-to-equity ratio that has climbed to 2.89 as of 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 27.65B | 62.16M | 77.28M | 166.69M | 237.93M | 145.62M | 65.63M | 57.74M | 54.97M | 944.13M | 794.86M | 689.42M | 129.63M | 91.24M | 251.47M | 165.92M | 143.77M | 92.95M | 65.31M | 81.52M | 40.64M | 32.48M | 20.13M | 147.64M | 123.33M | 131.88M | 114.45M | 76.26M | 900K | 0 | 0 |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | -7.21B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.25M | 5.28M | 12.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.45B | 1.44B | 1.5B | 1.35B | 1.33B | 1.24B | 1.11B | 971.43M | 927.74M | 125.64M | 149.25M | 177.69M | 614.6M | 442.99M | 161.68M | 132.06M | 97.84M | 97.82M | 92.56M | 78.03M | 56.21M | 74.12M | 98.02M | 7.92M | 15.43M | 122.34M | 9.92M | 71.72M | 0 | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 1.62M | 1.65M | 1.67M | 0 | 76.69M | 114.23M | 141.02M | 122.81M | 103.15M | 85.49M | 110.8M | 81.28M | 91.79M | 80.18M | 78.03M | 56.21M | 74.12M | 58.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | 51.84x | 34.54x | 46.89x | - | 0.82x | 0.49x | 0.35x | 0.30x | 0.39x | 0.23x | 0.25x | 0.28x | 0.23x | 0.23x | 0.19x | 0.28x | 0.25x | 0.35x | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 3.19B | 1.44B | 186.39M | 141.91M | 123.32M | 108.14M | 107.2M | 86.99M | 77.16M | -798.27M | -717.52M | -644.05M | -61M | -61.17M | -210.25M | -134.37M | 100.57M | 0 | 0 | 0 | 0 | 0 | -19.94M | -136.54M | -122.41M | 122.34M | -113.5M | 71.72M | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 1.49T | 1.5B | 1.58B | 1.51B | 1.57B | 1.39B | 1.18B | 1.03B | 982.71M | 1.07B | 944.11M | 867.11M | 744.24M | 534.23M | 413.15M | 297.98M | 241.61M | 190.77M | 157.86M | 100.56M | 53.45M | 71.93M | 118.15M | 155.55M | 138.76M | 62M | 124.37M | 5.24M | 73.4M | 73.2M | 68M |
| Asset Turnover | 0.00x | 0.05x | 0.06x | 0.10x | 0.09x | 0.06x | 0.05x | 0.08x | 0.06x | 0.06x | 0.06x | 0.06x | 0.05x | 0.07x | 0.05x | 0.09x | 0.09x | 0.11x | 0.11x | 0.15x | 0.30x | 0.26x | 0.17x | 0.06x | 0.07x | 0.15x | 0.06x | 1.15x | 0.08x | - | 0.09x |
| Asset Growth % | 96603.35% | -4.86% | 4.38% | -3.43% | 13.08% | 17.92% | 14.19% | 4.73% | -8.14% | 13.31% | 8.88% | 16.51% | 39.31% | 29.31% | 38.65% | 23.33% | 26.65% | 20.85% | 56.99% | 88.12% | -25.69% | -39.12% | -24.05% | 12.11% | 123.81% | -50.15% | 2272.38% | -92.86% | 0.27% | 7.65% | 0.44% |
| Total Current Liabilities | 313.14M | 318.31M | 18.71M | 18.04M | 19.33M | 18.22M | 7.21M | 10.39M | 10.08M | 66.92M | 75.09M | 31.92M | 11.74M | 11.9M | 10.58M | 6.38M | 7.33M | 6.69M | 62.79M | 4.38M | 4.55M | 5.92M | 7.62M | 9.39M | 411.15K | 2.2M | 511.18K | 200K | 700K | 0 | 0 |
| Accounts Payable | 0 | 13.72M | 18.71M | 18.04M | 19.33M | 18.22M | 7.21M | 10.39M | 10.08M | 16.92M | 15.27M | 14.43M | 11.74M | 11.9M | 10.58M | 6.38M | 3.53M | 3.93M | 3.38M | 3.33M | 4.55M | 4.58M | 7.62M | 385.79K | 411.15K | 901.82K | 511.18K | 242.22K | 276.18K | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 313.14M | 318.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50M | 59.82M | 17.5M | 0 | 0 | 0 | 0 | 0 | 0 | 56.98M | 0 | 0 | 0 | 0 | 9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | -13.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.38M | -1.57M | -5.92M | 0 | 0 | 0 | -43.36K | 0 | -42.22K | -29.78K | 0 | 0 |
| Current Ratio | 88.31x | 0.20x | 4.13x | 9.24x | 12.31x | 7.99x | 9.10x | 5.56x | 5.46x | 14.11x | 10.59x | 21.60x | 11.04x | 7.67x | 23.77x | 26.02x | 19.61x | 13.89x | 1.04x | 18.63x | 8.93x | 5.49x | 2.64x | 15.73x | 299.96x | 59.95x | 223.89x | 381.31x | 1.29x | - | - |
| Quick Ratio | 88.31x | 0.20x | 4.13x | 9.24x | 12.31x | 7.99x | 9.10x | 5.56x | 5.46x | 14.11x | 10.59x | 21.60x | 11.04x | 7.67x | 23.77x | 26.02x | 19.61x | 13.89x | 1.04x | 18.63x | 8.93x | 5.49x | 2.64x | 15.73x | 299.96x | 59.95x | 223.89x | 381.31x | 1.29x | - | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.12T | 804.95M | 1.18B | 1.06B | 1.13B | 900.82M | 713.84M | 582.45M | 573.82M | 594.7M | 548.1M | 522.06M | 422.57M | 319.21M | 218.6M | 160.01M | 106.25M | 85.48M | 54.11M | 19.92M | 45.77M | 18.68M | 82.6M | 68.84M | 61.06M | 59.8M | 50.6M | 5M | 0 | 0 | 0 |
| Long-Term Debt | 783.8M | 777.87M | 1.16B | 1.05B | 1.12B | 894.77M | 709.57M | 578.34M | 568.78M | 593.87M | 546.76M | 520.74M | 422.07M | 257.27M | 217.07M | 158.92M | 106.25M | 85.48M | 30.91M | 19.92M | 45.77M | 18.68M | 81.26M | 67.5M | 59.73M | 59.76M | 49.26M | 5M | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.12T | 1.12B | 1.2B | 1.08B | 1.15B | 919.04M | 721.05M | 592.84M | 583.9M | 661.61M | 623.19M | 553.99M | 434.31M | 331.11M | 229.18M | 166.39M | 113.59M | 92.17M | 116.9M | 100.51M | 53.45M | 71.93M | 90.22M | 78.22M | 61.48M | 62M | 51.11M | 5.24M | 700K | 600K | 700K |
| Total Debt | 1.1B | 1.1B | 1.16B | 1.05B | 1.12B | 894.77M | 709.57M | 578.34M | 568.78M | 643.87M | 606.58M | 538.24M | 422.07M | 257.27M | 217.07M | 158.92M | 106.25M | 85.48M | 87.89M | 19.92M | 45.77M | 18.68M | 81.26M | 76.5M | 59.73M | 59.76M | 49.26M | 5M | 0 | 0 | 0 |
| Net Debt | 1.1B | 1.1B | 1.15B | 1.01B | 1.06B | 826.48M | 665.07M | 536.03M | 536.78M | 574.27M | 585.83M | 521.21M | 372.91M | 245.96M | 186.89M | 138.83M | 92.98M | 68.2M | 80.69M | 5.1M | 37.29M | 15.39M | 81.26M | 72.99M | 59.73M | 51.16M | 49.26M | 1.09M | -900K | 0 | 0 |
| Debt / Equity | 0.00x | 2.89x | 3.04x | 2.43x | 2.67x | 1.92x | 1.56x | 1.33x | 1.43x | 1.58x | 1.89x | 1.72x | 1.36x | 1.27x | 1.18x | 1.21x | 0.83x | - | - | - | - | - | 2.91x | 0.99x | 0.77x | - | 0.67x | - | - | - | - |
| Debt / EBITDA | 111.93x | - | 54.43x | 18.90x | 16.36x | 21.88x | 70.26x | 17.20x | 15.03x | 9.31x | 10.32x | 17.36x | 19.14x | 9.02x | 23.72x | 44.93x | 16.33x | 3.10x | 10.99x | 2.31x | 8.00x | 3.41x | 12.38x | 12.22x | 7.31x | 7.16x | 9.03x | 0.97x | - | - | - |
| Net Debt / EBITDA | 111.92x | - | 53.75x | 18.22x | 15.61x | 20.21x | 65.86x | 15.94x | 14.18x | 8.30x | 9.97x | 16.81x | 16.91x | 8.63x | 20.42x | 39.25x | 14.29x | 2.47x | 10.09x | 0.59x | 6.51x | 2.81x | 12.38x | 11.66x | 7.31x | 6.13x | 9.03x | 0.21x | -0.93x | - | - |
| Interest Coverage | 0.09x | -0.13x | 0.36x | 0.78x | 1.50x | 1.74x | 0.34x | 1.24x | 2.62x | 2.40x | 2.55x | 2.54x | 2.32x | 3.01x | 1.50x | -0.03x | 0.76x | 0.31x | 0.59x | 1.72x | 1.47x | 0.93x | 1.14x | 3.84x | 5.54x | 4.35x | 3.78x | - | - | - | - |
| Total Equity | 368.53B | 379.63M | 383.43M | 431.74M | 418.4M | 466.87M | 454.19M | 436.32M | 398.82M | 408.15M | 320.92M | 313.12M | 309.93M | 203.12M | 183.97M | 131.59M | 128.02M | -21.81M | -17.43M | -31.5M | -28.38M | -33.88M | 27.93M | 77.33M | 77.28M | 0 | 73.26M | 0 | 72.7M | 72.6M | 67.3M |
| Equity Growth % | 93936.61% | -0.99% | -11.19% | 3.19% | -10.38% | 2.79% | 4.1% | 9.4% | -2.29% | 27.18% | 2.49% | 1.03% | 52.58% | 10.41% | 39.81% | 2.79% | 687.09% | -25.09% | 44.65% | -10.97% | 16.23% | -221.32% | -63.89% | 0.07% | - | -100% | - | -100% | 0.14% | 7.88% | 0.3% |
| Book Value per Share | 15839.05 | 16.38 | 16.62 | 18.91 | 18.29 | 21.76 | 21.65 | 20.82 | 19.52 | 20.02 | 15.67 | 15.27 | 15.32 | 13.73 | 14.47 | 12.84 | 13.68 | -3.85 | -3.79 | -7.41 | -8.48 | -10.12 | 8.34 | 23.10 | 23.08 | - | 21.85 | - | 21.36 | 20.96 | 19.43 |
| Total Shareholders' Equity | 368.53B | 379.63M | 383.43M | 431.74M | 418.4M | 466.87M | 454.19M | 436.32M | 398.82M | 408.15M | 320.92M | 313.12M | 309.94M | 203.13M | 181.92M | 131.04M | 128.16M | -21.87M | -17.5M | -31.54M | -28.38M | -33.88M | 27.93M | 77.33M | 77.28M | 0 | 73.26M | 0 | 72.7M | 72.6M | 67.3M |
| Common Stock | 266.22M | 277.22M | 98.62K | 543.98K | 285.57K | 765.55K | 934.89K | 735.13K | 344.59K | 437.26K | 102.54K | 399.08K | 578.24K | 16.67K | -430.09K | -354.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -21.09M | -20.46M | -25.04M | -23.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -21.87M | -17.5M | -31.54M | -28.38M | -33.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.66K | 5.49K | -15.99K | -11.32K | 2.05M | 544.78K | -141.33K | 62.51K | 67.72K | 48.76K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and leverage constraints
As reported in recent financial filings, GHI's equity base has contracted from $431.7 million in 2023Q4 to $379.6 million by 2025Q4, signaling a weakening balance sheet trajectory that appears driven by the persistent inability to generate retained earnings while maintaining a high-leverage financing structure.
The consistent decline in equity suggests that the partnership is struggling to offset the impact of its leveraged investment strategy with sufficient income. Investors should monitor whether this downward trend in book value continues, as it may indicate a structural impairment of the underlying bond and property portfolio.
Based on GHI's reported figures, total debt has remained stubbornly anchored at approximately $1.1 billion across most of the last ten quarters, resulting in a debt-to-equity ratio that has climbed from 2.43 in 2023Q4 to 2.89 by the end of 2025Q4.
This reliance on debt appears to be a necessity of the firm's Tender Option Bond financing model rather than a strategic choice. The lack of deleveraging in a period of negative net margins suggests that the firm may be trapped in a cycle of refinancing existing obligations rather than reducing its overall risk profile.
According to the most recent quarterly data, GHI's cash position plummeted to a nominal $55,829 in 2025Q4, a stark contrast to the $56.3 million held in 2024Q1, which indicates a severely diminished buffer against potential operational shocks or margin calls on its leverage facilities.
The current ratio of 0.20 in 2025Q4 highlights an acute liquidity mismatch that warrants immediate investor scrutiny. This extreme depletion suggests that the firm is operating with virtually no margin for error, leaving it highly susceptible to any volatility in its cash-generating property or bond segments.
As indicated by financial statements, the reported $1.5 billion in total assets is heavily influenced by the consolidation of Variable Interest Entities, which may mask the true economic exposure of the partnership by including property assets that are not directly owned or controlled by GHI.
This accounting treatment makes the headline asset figure a potentially misleading indicator of the firm's actual financial health. Analysts should be wary of relying on these consolidated totals, as they may obscure the specific risks associated with the underlying affordable housing projects and the actual recourse available to the partnership.
Quick answers to the most common questions about buying GHI stock.
As of 2025, Greystone Housing Impact Investors LP (GHI) had total assets of $1.50B including $62.2M in current assets.
Greystone Housing Impact Investors LP (GHI) carries total debt of $1.10B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Greystone Housing Impact Investors LP (GHI) has total shareholders' equity (book value) of $379.6M ($16.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Greystone Housing Impact Investors LP (GHI) reported a current ratio of 0.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.