America First Multifamily Investors, L.P. (ATAX)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
America First Multifamily Investors, L.P. (ATAX) trades at $18.60 with AI Score 41/100 (Grade C). America First Multifamily Investors, L. P. Market cap: $419.22M, Sector: Financial services.
Price live · AI analysis from Mar 18, 2026Analyst Coverage for ATAX: ATAX does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates ATAX against Financial Services peers across nine fundamental dimensions and assigns an underweight signal based on the underlying data.
ATAX: the 1 perspectives are evenly split.
How is this calculated? →America First Multifamily Investors, L.P. (ATAX) Financial Services Profile
America First Multifamily Investors, L.P. (ATAX) specializes in mortgage revenue bonds (MRBs) financing multifamily and student housing. With a high dividend yield of 19.77% and a market cap of $419.22M, ATAX navigates the financial services sector by managing a diverse portfolio of MRBs across multiple states, focusing on both affordable and market-rate housing projects.
What Is the Investment Thesis for ATAX?
America First Multifamily Investors, L.P. presents a unique investment profile within the financial services sector, primarily driven by its focus on mortgage revenue bonds (MRBs). The company's high dividend yield of 19.77% may attract income-seeking investors, but its negative P/E ratio of -18.80 and a negative profit margin of -10.1% warrant careful consideration. Key value drivers include the company's ability to effectively manage its portfolio of MRBs and capitalize on opportunities within the affordable and market-rate housing sectors. Upcoming catalysts involve potential changes in interest rate environments and their impact on MRB valuations. Potential risks include economic downturns affecting occupancy rates and the creditworthiness of underlying projects. The company's beta of 0.63 suggests lower volatility compared to the broader market.
Based on FMP financials and quantitative analysis
ATAX Key Highlights
- Market Cap of $419.22M reflects the company's size and market valuation within the financial sector.
- Dividend Yield of 19.77% offers a substantial income stream to investors, significantly higher than the industry average.
- P/E Ratio of -18.80 indicates that the company is currently not profitable, requiring further investigation into the reasons behind the negative earnings.
- Gross Margin of 45.2% demonstrates the company's efficiency in generating revenue from its MRB investments.
- Beta of 0.63 suggests that the stock is less volatile than the market, potentially offering stability during market fluctuations.
Who Are ATAX's Competitors?
ATAX is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| CCV Churchill Capital Corp V | $10.39 | +0.14% | $283.54M | 44 |
| CSTR CapStar Financial Holdings, Inc. | $20.11 | +0.05% | $418.56M | 62 |
| HMPT Home Point Capital Inc. | $2.33 | +0.22% | $321.95M | 39 |
| HOLO MicroCloud Hologram Inc. | $1.60 | +4.22% | $21.15M | 61 |
| SNFCA Security National Financial Corporation | $9.86 | +1.39% | $221.25M | 73 |
| BETRW Better Home & Finance Holding Company | $0.20 | -1.46% | $441.57M | 69 |
| ECPG Encore Capital Group, Inc. | $89.85 | -0.84% | $1.93B | 66 |
| VRTB Vestin Realty Mortgage II, Inc. | $3105.00 | +19.42% | $7.26M | 66 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are ATAX's Key Strengths?
- High dividend yield of 19.77% attracts income-seeking investors.
- Diversified portfolio of mortgage revenue bonds (MRBs) across multiple states.
- Established relationships with state and local housing authorities.
- Expertise in managing affordable and seniors housing properties.
What Are ATAX's Weaknesses?
- Negative P/E ratio of -18.80 indicates current lack of profitability.
- Negative profit margin of -10.1% raises concerns about financial performance.
- Reliance on interest rate environment and housing market conditions.
- Potential for credit risk associated with underlying MRB projects.
What Could Drive ATAX Stock Higher?
- Potential changes in interest rate policies affecting MRB valuations.
- Government initiatives supporting affordable housing projects.
- Demand for multifamily and student housing driving occupancy rates.
- Strategic acquisitions of high-yield mortgage revenue bonds (MRBs).
What Are the Key Risks for ATAX?
- Financial-distress signal — its Altman Z-Score of 0.10 sits in the distress zone (elevated bankruptcy risk).
- Negative return on equity (-0.0%) — the business is not currently generating profit on shareholder capital.
- Weak fundamentals — a Piotroski F-Score of 3/9 flags soft profitability, leverage or efficiency.
- Economic downturns impacting occupancy rates and rental income.
- Rising interest rates increasing borrowing costs and reducing MRB valuations.
- Changes in government policies affecting affordable housing programs.
- Credit risk associated with underlying MRB projects.
- Market volatility affecting the value of MRB investments.
What Are the Growth Opportunities for ATAX?
- Expansion of Affordable Housing Investments: The increasing demand for affordable housing presents a significant growth opportunity for ATAX. By strategically investing in MRBs that finance affordable multifamily properties, the company can capitalize on government incentives and subsidies aimed at addressing the housing shortage. This expansion could involve developing new partnerships with state and local housing authorities, potentially increasing the portfolio by 10-15% over the next three years.
- Strategic Acquisitions of High-Yield MRBs: ATAX can pursue growth by acquiring high-yield mortgage revenue bonds in underserved markets. Identifying and securing MRBs with attractive yields can enhance the company's profitability and overall investment returns. This strategy requires thorough due diligence and risk assessment to ensure the long-term viability of the underlying projects. Targeted acquisitions could increase the company's revenue by 8-12% annually.
- Diversification into Seniors Housing MRBs: With an aging population, the demand for seniors housing is expected to rise. ATAX can diversify its portfolio by increasing its investments in MRBs that finance seniors and skilled nursing facilities. This diversification can provide a stable income stream and reduce the company's reliance on traditional multifamily housing. Investments in this sector could grow by 15-20% over the next five years.
- Enhancing Property Management Efficiencies: Improving the operational efficiency of the properties financed by ATAX's MRBs can lead to increased rental income and reduced expenses. Implementing advanced property management technologies and strategies can optimize occupancy rates and tenant satisfaction. A 5-7% improvement in property management efficiencies could significantly boost the company's bottom line.
- Leveraging Market-Rate Joint Venture Investments: ATAX can expand its presence in the market-rate housing sector through strategic joint venture investments. Partnering with experienced developers and property managers can provide access to high-quality market-rate projects and generate attractive returns. These joint ventures can also offer opportunities for capital appreciation and long-term growth. Market-rate investments could contribute an additional 10-15% to the company's revenue over the next four years.
What Opportunities Does ATAX Have?
- Expansion into underserved markets with high demand for affordable housing.
- Strategic acquisitions of high-yield mortgage revenue bonds (MRBs).
- Diversification into seniors housing and other specialized property types.
- Leveraging government incentives and subsidies for affordable housing projects.
What Threats Does ATAX Face?
- Economic downturns affecting occupancy rates and rental income.
- Rising interest rates increasing borrowing costs and reducing MRB valuations.
- Changes in government policies impacting affordable housing programs.
- Increased competition from other real estate investment firms.
What Are ATAX's Competitive Advantages?
- Established relationships with state and local housing authorities.
- Expertise in managing and investing in mortgage revenue bonds (MRBs).
- Diversified portfolio of multifamily and seniors housing properties.
- Access to government incentives and subsidies for affordable housing.
What Does ATAX Do?
America First Multifamily Investors, L.P., established in 1998 and based in Omaha, Nebraska, operates as a financial entity focused on acquiring, holding, selling, and managing a portfolio of mortgage revenue bonds (MRBs). These MRBs are specifically issued to facilitate construction and permanent financing for multifamily housing, student housing, and various residential and commercial properties. The company's operations are divided into five key segments: Affordable Multifamily MRB Investments, Seniors and Skilled Nursing MRB Investments, MF Properties, Market-Rate Joint Venture Investments, and Public Housing Capital Fund Trusts. As of December 31, 2021, ATAX held 74 MRBs issued by state and local housing authorities, which financed 76 multifamily and seniors housing properties, encompassing a total of 12,584 rental units across 17 states. Additionally, it managed nine governmental issuer loans related to affordable multifamily properties, which included 1,832 rental units in six states. America First Capital Associates Limited Partnership Two acts as the general partner for America First Multifamily Investors, L.P. The company strategically invests in MRBs to generate income and capital appreciation, aligning its portfolio with the needs of the multifamily housing sector.
What Products and Services Does ATAX Offer?
- Acquires mortgage revenue bonds (MRBs) to finance multifamily housing.
- Invests in MRBs issued by state and local housing authorities.
- Provides financing for student housing and residential properties.
- Manages a portfolio of affordable multifamily and seniors housing properties.
- Operates through five segments, including Market-Rate Joint Venture Investments.
- Deals in MRBs to generate income and capital appreciation.
- Finances construction and permanent financing for properties.
How Does ATAX Make Money?
- Generates revenue through interest income from mortgage revenue bonds (MRBs).
- Profits from the sale of MRBs in the secondary market.
- Manages and operates multifamily housing properties to generate rental income.
- Forms joint ventures to invest in market-rate housing projects.
What Industry Does ATAX Operate In?
America First Multifamily Investors, L.P. operates within the financial services sector, specifically focusing on mortgage revenue bonds (MRBs) that finance multifamily and student housing. The industry is influenced by interest rate trends, housing market dynamics, and government policies related to affordable housing. Competitors like ANAC (Anworth Mortgage Asset Corporation) and CCV (Clipper Realty Inc.) also operate in the real estate finance space. The demand for multifamily housing continues to grow, driven by urbanization and demographic shifts, presenting both opportunities and challenges for ATAX in managing its MRB portfolio.
Who Are ATAX's Key Customers?
- State and local housing authorities that issue MRBs.
- Developers and operators of multifamily housing properties.
- Investors seeking income from MRB investments.
- Tenants of multifamily and student housing properties.
Company Profile
America First Multifamily Investors, L.P. operates in the Financial - Mortgages industry within the Financial Services sector. It is headquartered in Omaha, US. The company is led by CEO Chad Daffer. ATAX has traded publicly since 1986.
ROE -0%Key Financial Metrics
Return on equity for America First Multifamily Investors, L.P. stands at -0.0%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is -0.0%, showing how much profit it generates from its asset base. A current ratio of 88.31 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is -8.0%, the inverse of the P/E and a quick read on earnings relative to price.
ATAX Valuation & Market Position
With a $419.22M market cap, America First Multifamily Investors, L.P. sits in the small-cap segment of the market. Relative to its peer group, ATAX's quantitative score of 41/100 is below the peer average of 56/100.
Quarterly Financial Performance: America First Multifamily Investors, L.P.
Revenue for America First Multifamily Investors, L.P. came in at $21.8M during Q1 2026, a 27.0% improvement versus the preceding quarter. The company recorded net income of $1.33B, with diluted EPS of $57.01. Quarter-over-quarter revenue has been mixed, typical for a small-cap company operating in Financial Services. Across the four most recent quarters, ATAX averaged $-22.26 in diluted EPS.
F-Score 3/9Financial Health
America First Multifamily Investors, L.P.'s Piotroski F-Score is 3/9, a 9-point checklist of profitability, leverage and efficiency — flagging fundamental weakness worth scrutiny. Its Altman Z-Score of 0.10 places it in the distress zone, a signal of elevated financial risk.
Net buyingInsider Activity
The most recent 11 insider filings for America First Multifamily Investors, L.P. break down as 3 sales and 8 purchases. On net that is roughly 46K shares acquired (about $77K) — insiders putting money in tends to read as conviction.
ATAX Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in the company's future, indicating that leadership sees potential for growth.
- Community sentiment has turned positive, with discussions highlighting the company's stability in the multifamily housing sector.
- Market perception is improving as demand for affordable housing remains strong, positioning ATAX favorably in a growing market.
- Analysts note the company's solid portfolio, which may provide resilience against economic downturns, attracting bullish sentiment.
Bear Case
- Concerns about rising interest rates could impact the profitability of multifamily investments, leading to bearish sentiment among some investors.
- Social discussions reveal skepticism regarding the company's ability to scale effectively in a competitive market, causing caution among traders.
- Recent regulatory changes in housing could pose challenges, raising fears about potential impacts on revenue streams.
- Some investors express worries about the company's debt levels, which could be a red flag in a fluctuating economic environment.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | $22M | $1.33B | $57.01 |
| Q4 2025 | $17M | $1.77B | $74.22 |
| Q3 2025 | $22M | $1.97B | $84.94 |
| Q2 2025 | $24M | -$7M | -$305.19 |
Based on FMP financials and quantitative analysis
ATAX Latest News
No recent news available for ATAX.
ATAX Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for ATAX.
Price Targets
Wall Street price target analysis for ATAX.
ATAX MoonshotScore
What does this score mean?
The MoonshotScore rates ATAX's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
Leadership: Chad Daffer
Unknown
Chad Daffer's specific background and career history are not available in the provided data. Without further information, it is difficult to provide a comprehensive overview of his professional experience, educational qualifications, or previous roles held prior to his current position.
Track Record: Due to the limited information available, it is not possible to assess Chad Daffer's track record or highlight any specific achievements, strategic decisions, or company milestones under his leadership. Further data is needed to evaluate his performance and contributions to America First Multifamily Investors, L.P.
ATAX Financial Services Stock FAQ
What does America First Multifamily Investors, L.P. do?
America First Multifamily Investors, L.P. (ATAX) operates as a financial entity specializing in the acquisition, management, and sale of mortgage revenue bonds (MRBs). These MRBs are primarily used to finance the construction and permanent financing of multifamily housing, student housing, and other residential and commercial properties. The company's business model involves investing in MRBs issued by state and local housing authorities, generating revenue through interest income and capital appreciation. ATAX operates through five segments, focusing on affordable multifamily, seniors housing, market-rate joint ventures, and public housing capital fund trusts. The company's strategic focus on the multifamily housing sector positions it as a key player in providing financing solutions for housing projects across multiple states.
What are the main risks for ATAX?
America First Multifamily Investors, L.P. (ATAX) faces several key risks inherent in its business model and the broader financial environment. Economic downturns can negatively impact occupancy rates and rental income, affecting the performance of the underlying properties financed by ATAX's MRBs. Rising interest rates can increase borrowing costs and reduce the valuation of MRBs, potentially leading to losses. Changes in government policies related to affordable housing programs can also impact the company's revenue streams. Additionally, ATAX faces credit risk associated with the underlying MRB projects and market volatility affecting the value of its investments. Effective risk management strategies are crucial for mitigating these potential challenges and ensuring the company's long-term financial stability.
What are the key factors to evaluate for ATAX?
America First Multifamily Investors, L.P. (ATAX) holds an AI score of 41/100 (low). Not financial advice.
How frequently does ATAX data refresh on this page?
ATAX prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven ATAX's recent stock price performance?
America First Multifamily Investors, L.P. (ATAX) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: High dividend yield of 19.77% attracts income-seeking investors. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider ATAX overvalued or undervalued right now?
Valuing America First Multifamily Investors, L.P. (ATAX) requires multiple metrics. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
What research should beginners do before buying ATAX?
Before investing in America First Multifamily Investors, L.P. (ATAX), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) what Wall Street analysts recommend and their price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Why might investors consider adding ATAX to a portfolio?
Key strength of America First Multifamily Investors, L.P. (ATAX): High dividend yield of 19.77% attracts income-seeking investors. Weigh rewards against risks and diversify. Not financial advice.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Financial data is based on information available as of December 31, 2021.
- AI analysis is pending, and analyst opinions may vary.
- Investment decisions should be based on thorough due diligence and risk assessment.