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Limited Liability Company ("LLC") Investments | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Limited Liability Company ("LLC") Investments | Limited Liability Company (“LLC”) Investments The following table presents the carrying value of each investment reflected on our Condensed Consolidated Balance Sheets as of September 30, 2025:
|  | September 30, 2025 |  | December 31, 2024 |
Investment |  | Carrying Value |  | Ownership Percentage |  | Carrying Value |  | Ownership Percentage |
|  | (in thousands) |  |  |  | (in thousands) |  |  |
Shem Creek Capital Fund V LLC |  | $ | 930 |  |  | 7.6 | % |  | $ | 1,143 |  |  | 7.6 | % |
Shem Creek Capital Fund VI LLC |  | 3,164 |  |  | 9.9 | % |  | 4,290 |  |  | 9.9 | % |
Shem Creek Capital Fund VII LLC |  | 2,900 |  |  | 16.2 | % |  | 2,580 |  |  | 16.2 | % |
Shem Creek Sachem V LLC |  | 2,493 |  |  | 49.0 | % |  | 2,569 |  |  | 49.0 | % |
Shem Creek Sachem VI LLC |  | 15,205 |  |  | 45.1 | % |  | 24,756 |  |  | 45.9 | % |
Shem Creek Sachem 100 LLC |  | 8,975 |  |  | 100.0 | % |  | 13,604 |  |  | 100.0 | % |
Shem Creek Capital LLC |  | 5,000 |  |  | 20.0 | % |  | 2,500 |  |  | 20.0 | % |
Total Shem LLC Investments |  | $ | 38,667 |  |  |  |  | $ | 51,442 |  |  |  |
Cordo CLT Investors LLC |  | $ | 2,500 |  |  | 7.2 | % |  | $ | 2,500 |  |  | 7.2 | % |
Total investments in LLC’s |  | $ | 41,167 |  |  |  |  | $ | 53,942 |  |  |  |
Shem Creek (“Shem”) For the three and nine months ended September 30, 2025, the Shem LLC investments generated $1.1 million and $4.1 million, respectively, of income for the Company. For the three and nine months ended September 30, 2024, the Shem LLC investments generated $1.5 million and $3.9 million, respectively, of income for the Company. At September 30, 2025, the Company had unfunded commitments totaling $2.4 million to the Shem LLC entities. In October 2025, we funded $0.7 million of this commitment to the Shem LLC entities. Cordo CLT Investors LLC In September 2024, the Company, through its wholly owned subsidiary Urbane Capital, LLC, acquired a 21.6% interest in Cordo CLT Investors LLC for a one time contribution of $2.5 million. As of September 30, 2025 and December 31, 2024, the Company held 7.2% of total common member equity. This entity was formed for the sole purpose of developing a commercial multifamily property in Charlotte, North Carolina. The Company anticipates the project construction to be completed by the end of 2026, with monetization of the Company's investment in the first half of 2028 upon rent stabilization of the project.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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