Investments of Consolidated Affordable Housing Fund (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Income from the Woodstar Fund’s investments reflects the following components for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Operating distributions from affordable housing fund investments	$	55,085	$	41,441	$	39,413
Distributions from refinancings and sale of property (1)	337,902		—		—
Unrealized change in fair value of investments attributable to refinancings and sale of property (1)	(337,902)		—		—
Other unrealized change in fair value of investments (2)	(8,132)		60,700		251,831
Income from affordable housing fund investments	$	46,953	$	102,141	$	291,244

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(1)Amounts in the year ended December 31, 2025 represent a $299.0 million distribution of excess proceeds from the refinancings of maturing mortgage debt on certain Woodstar properties and a $38.9 million distribution of proceeds from the sale referred to above.

(2)The fair value of the Woodstar Fund’s investments are dependent upon the real estate and capital markets, which are cyclical in nature. Property and investment values are affected by, among other things, capitalization rates, the availability of capital, occupancy, rental rates and interest and inflation rates.