GHI Q1 net income falls 45% to $1.3M; takes four SC properties via foreclosure, cuts distribution 62%

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read

Key Changes

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  Subsequent event: In April 2026, the Poppy Grove I GIL and taxable GIL and Poppy Grove II GIL and taxable GIL with aggregate outstanding principal of $90.0 million were redeemed in full. Proceeds of approximately $72.0 million were use…

  Notes: Subsequent Events verify on EDGAR →
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  Acquired four South Carolina multifamily properties (863 units) via deed-in-lieu of foreclosure in Q1 2026, converting $117M in distressed MRB debt into direct real estate ownership. Properties currently operating at a $2.8M quarterly loss; financed with $84M mortgage maturing Dec 2027 with debt-service-coverage covenants that could trigger mandatory paydowns if occupancy improvements lag.

  MD&A: SC MF Properties acquisition; Notes: deed-in-lieu transaction verify on EDGAR →
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  Market-rate JV segment swung from $1.9M income to $5.5M loss in Q1 2026, driven by $4.9M in equity losses as San Antonio, Austin, and Huntsville markets absorb record multifamily deliveries. Management disclosed it will reduce future capital allocation to this segment due to underperformance; extended holding periods and rising cap rates will pressure valuations vs. 2022-2023 exits.

  MD&A: market-rate JV exit challenges; Notes: segment performance verify on EDGAR →