AMERICA FIRST Multifamily INVESTORS, L.P.

EDGAR

Annual consolidated revenue for 2025: about USD 85.39M, using the latest reported figures. The previous period, 2024, was about USD 91.27M.

Watchlist

Latest quarter

Revenue

21.2 million USD

2026 Q2 · USD

Exact inputs and evidence

Operating cash flow

1.19 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 1078787 USD Source
  • Operating Cash Flow: -107219 USD Source
Cash and cash equivalents
30.9 million USD Source
Exact value

30913482 USD

Long-term debt including current maturities
26.5 million USD Source
Exact value

26512747 USD

Shares outstanding
Not available

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

79.6 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Revenue: 21677410 USD · 2025-07-01 – 2025-09-30 Source
  • Revenue: 85389766 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 70393709 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 21785203 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 21186180 USD · 2026-04-01 – 2026-06-30 Source

Net income

-4.07 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Net income: 1968155 USD · 2025-07-01 – 2025-09-30 Source
  • Net income: -7613745 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: -1776547 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: 1326380 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: -1522729 USD · 2026-04-01 – 2026-06-30 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-22.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 11 of 11 periods available· newest 2025-12-31
  • Operating income: 2 of 11 periods available· newest 2016-12-31
  • Net income: 11 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 1 of 11 periods available· newest 2016-12-31
  • Total assets: 11 of 11 periods available· newest 2025-12-31
  • Total liabilities: 11 of 11 periods available· newest 2025-12-31
  • current assets: No compatible figures in this window
  • current liabilities: No compatible figures in this window
  • Cash and cash equivalents: 11 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 8 of 11 periods available· newest 2022-12-31
  • shares outstanding: No compatible figures in this window

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    -6.4%

    Prior period

    USD 91.27 million

    –

    Current period

    USD 85.39 million

    –

    Exact inputs and evidence

    85389766 − 91271399 = -5881633 USD

    91271399 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    85389766 USD · 2025-01-01 – 2025-12-31

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  • Net income

    -135.7%

    Prior period

    USD 21.32 million

    –

    Current period

    −USD 7.61 million

    –

    Exact inputs and evidence

    -7613745 − 21323333 = -28937078 USD

    21323333 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -7613745 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Operating cash flow

    +108.6%

    Prior period

    USD 17.99 million

    –

    Current period

    USD 37.53 million

    –

    Exact inputs and evidence

    37534563 − 17994177 = 19540386 USD

    17994177 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    37534563 USD · 2025-01-01 – 2025-12-31

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Comparable inputs unavailable for: Capital expenditure.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 85.39 million 100% of revenue
  • Operating costs Derived Unavailable An input is unavailable.
  • Operating income Unavailable An input is unavailable.
  • Tax, interest and other Derived Unavailable An input is unavailable.
  • Net income −USD 7.61 million −8.9% of revenue

Cash

  • Operating cash flow USD 37.53 million 44% of revenue
  • Capital expenditure Unavailable An input is unavailable.
  • Free cash flow Derived Unavailable An input is unavailable.

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 40%60%
  • 2017 Not shown: operating income or net income is not reported.
  • 2018 Not shown: operating income or net income is not reported.
  • 2019 Not shown: operating income or net income is not reported.
  • 2020 Not shown: operating income or net income is not reported.
  • 2021 Not shown: operating income or net income is not reported.
  • 2022 Not shown: operating income or net income is not reported.
  • 2023 Not shown: operating income or net income is not reported.
  • 2024 Not shown: operating income or net income is not reported.
  • 2025 Not shown: operating income or net income is not reported.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-3158978750 35194243 Derived 23784507 0 Derived 23784507 5363684 Derived
Source
2017 2017-01-01 – 2017-12-3170381545 UnavailableUnavailableUnavailable30591198 Unavailable
Source
2018 2018-01-01 – 2018-12-3181355576 UnavailableUnavailableUnavailable41139529 Unavailable
Source
2019 2019-01-01 – 2019-12-3162318013 UnavailableUnavailableUnavailable30492151 Unavailable
Source
2020 2020-01-01 – 2020-12-3155528568 UnavailableUnavailableUnavailable7208828 Unavailable
Source
2021 2021-01-01 – 2021-12-3168452294 UnavailableUnavailableUnavailable38099488 Unavailable
Source
2022 2022-01-01 – 2022-12-3181073577 UnavailableUnavailableUnavailable65562166 Unavailable
Source
2023 2023-01-01 – 2023-12-31104900664 UnavailableUnavailableUnavailable54011696 Unavailable
Source
2024 2024-01-01 – 2024-12-3191271399 UnavailableUnavailableUnavailable21323333 Unavailable
Source
2025 2025-01-01 – 2025-12-3185389766 UnavailableUnavailableUnavailable-7613745 Unavailable
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 85.4M 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.113.3M85.0M56.6M28.3M0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue58978750
2017Revenue70381545
2018Revenue81355576
2019Revenue62318013
2020Revenue55528568
2021Revenue68452294
2022Revenue81073577
2023Revenue104900664
2024Revenue91271399
2025Revenue85389766

Revenue growth

Change in revenue from the same financial period one year earlier.

-6.4% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.34%18%3%-12%-28%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over year-1.6%
2017Year over year19.3%
2018Year over year15.6%
2019Year over year-23.4%
2020Year over year-10.9%
2021Year over year23.3%
2022Year over year18.4%
2023Year over year29.4%
2024Year over year-13%
2025Year over year-6.4%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 40.3% 2016
Net margin -8.9% 2025
Free cash flow margin 9.1% 2016
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.88%62%36%10%-16%20162021-12-312025-12-31
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin40.3%
2017-12-31Operating marginNot reported
2018-12-31Operating marginNot reported
2019-12-31Operating marginNot reported
2020-12-31Operating marginNot reported
2021-12-31Operating marginNot reported
2022-12-31Operating marginNot reported
2023-12-31Operating marginNot reported
2024-12-31Operating marginNot reported
2025-12-31Operating marginNot reported
2016Net margin40.3%
2017Net margin43.5%
2018Net margin50.6%
2019Net margin48.9%
2020Net margin13%
2021Net margin55.7%
2022Net margin80.9%
2023Net margin51.5%
2024Net margin23.4%
2025Net margin-8.9%
2016Free cash flow margin9.1%
2017Free cash flow marginNot reported
2018Free cash flow marginNot reported
2019Free cash flow marginNot reported
2020Free cash flow marginNot reported
2021Free cash flow marginNot reported
2022Free cash flow marginNot reported
2023Free cash flow marginNot reported
2024Free cash flow marginNot reported
2025Free cash flow marginNot reported

Operating cash flow

Cash generated by the company’s normal business operations.

USD 37.5M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.40.5M30.4M20.3M10.1M0.0201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow15231531
2017Operating cash flow17139527
2018Operating cash flow25665421
2019Operating cash flow17994249
2020Operating cash flow15841497
2021Operating cash flow33940151
2022Operating cash flow21127738
2023Operating cash flow24936759
2024Operating cash flow17994177
2025Operating cash flow37534563

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 5.4M 2016
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.5.8M4.3M2.9M1.4M0.0201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow5363684
2017Free cash flowUnavailable
2018Free cash flowUnavailable
2019Free cash flowUnavailable
2020Free cash flowUnavailable
2021Free cash flowUnavailable
2022Free cash flowUnavailable
2023Free cash flowUnavailable
2024Free cash flowUnavailable
2025Free cash flowUnavailable

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

74.7% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.82%61%41%20%0%201620212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016Liabilities / assets66%
2017Liabilities / assets61.8%
2018Liabilities / assets59.4%
2019Liabilities / assets57.6%
2020Liabilities / assets61.4%
2021Liabilities / assets66.3%
2022Liabilities / assets73.3%
2023Liabilities / assets71.5%
2024Liabilities / assets75.7%
2025Liabilities / assets74.7%

Current assets to current liabilities

Current assets divided by current liabilities.

Not enough comparable data to show this history.
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Current assets / current liabilitiesNot reportedNo source recorded
2017-12-31Current assets / current liabilitiesNot reportedNo source recorded
2018-12-31Current assets / current liabilitiesNot reportedNo source recorded
2019-12-31Current assets / current liabilitiesNot reportedNo source recorded
2020-12-31Current assets / current liabilitiesNot reportedNo source recorded
2021-12-31Current assets / current liabilitiesNot reportedNo source recorded
2022-12-31Current assets / current liabilitiesNot reportedNo source recorded
2023-12-31Current assets / current liabilitiesNot reportedNo source recorded
2024-12-31Current assets / current liabilitiesNot reportedNo source recorded
2025-12-31Current assets / current liabilitiesNot reportedNo source recorded

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
USD 23.78 million
Exact value

Exact value: 23784507 USD

2016-01-01 – 2016-12-31: 23784507 USD Inspect Net Income Open source
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USD 15.23 million
Exact value

Exact value: 15231531 USD

2016-01-01 – 2016-12-31: 15231531 USD Inspect Operating Cash Flow Open source
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USD 9.87 million
Exact value

Exact value: 9867847 USD

2016-01-01 – 2016-12-31: 9867847 USD Inspect Capital Expenditure Open source
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USD 5.36 million
Calculation and evidence

15231531 − 9867847 USD

Exact free cash flow: 5363684 USD

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2017 2017-01-01 – 2017-12-31
USD 30.59 million
Exact value

Exact value: 30591198 USD

2017-01-01 – 2017-12-31: 30591198 USD Inspect Net Income Open source
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USD 17.14 million
Exact value

Exact value: 17139527 USD

2017-01-01 – 2017-12-31: 17139527 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2018 2018-01-01 – 2018-12-31
USD 41.14 million
Exact value

Exact value: 41139529 USD

2018-01-01 – 2018-12-31: 41139529 USD Inspect Net Income Open source
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USD 25.67 million
Exact value

Exact value: 25665421 USD

2018-01-01 – 2018-12-31: 25665421 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2019 2019-01-01 – 2019-12-31
USD 30.49 million
Exact value

Exact value: 30492151 USD

2019-01-01 – 2019-12-31: 30492151 USD Inspect Net Income Open source
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USD 17.99 million
Exact value

Exact value: 17994249 USD

2019-01-01 – 2019-12-31: 17994249 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2020 2020-01-01 – 2020-12-31
USD 7.21 million
Exact value

Exact value: 7208828 USD

2020-01-01 – 2020-12-31: 7208828 USD Inspect Net Income Open source
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USD 15.84 million
Exact value

Exact value: 15841497 USD

2020-01-01 – 2020-12-31: 15841497 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2021 2021-01-01 – 2021-12-31
USD 38.1 million
Exact value

Exact value: 38099488 USD

2021-01-01 – 2021-12-31: 38099488 USD Inspect Net Income Open source
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USD 33.94 million
Exact value

Exact value: 33940151 USD

2021-01-01 – 2021-12-31: 33940151 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2022 2022-01-01 – 2022-12-31
USD 65.56 million
Exact value

Exact value: 65562166 USD

2022-01-01 – 2022-12-31: 65562166 USD Inspect Net Income Open source
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USD 21.13 million
Exact value

Exact value: 21127738 USD

2022-01-01 – 2022-12-31: 21127738 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2023 2023-01-01 – 2023-12-31
USD 54.01 million
Exact value

Exact value: 54011696 USD

2023-01-01 – 2023-12-31: 54011696 USD Inspect Net Income Open source
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USD 24.94 million
Exact value

Exact value: 24936759 USD

2023-01-01 – 2023-12-31: 24936759 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2024 2024-01-01 – 2024-12-31
USD 21.32 million
Exact value

Exact value: 21323333 USD

2024-01-01 – 2024-12-31: 21323333 USD Inspect Net Income Open source
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USD 17.99 million
Exact value

Exact value: 17994177 USD

2024-01-01 – 2024-12-31: 17994177 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2025 2025-01-01 – 2025-12-31
−USD 7.61 million
Exact value

Exact value: -7613745 USD

2025-01-01 – 2025-12-31: -7613745 USD Inspect Net Income Open source
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USD 37.53 million
Exact value

Exact value: 37534563 USD

2025-01-01 – 2025-12-31: 37534563 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

253 filings · 6,169 latest values · 6,191 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001059142, 1059142, ATAX, GHI, edgar:1059142

Also known as AMERICA FIRST MULTIFAMILY INVESTORS, L.P., AMERICA FIRST Multifamily INVESTORS, L.P., AMERICA FIRST TAX EXEMPT INVESTORS LP, GREYSTONE HOUSING IMPACT INVESTORS LP, Greystone Housing Impact Investors LP