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Limited Liability Company ("LLC") Investments
 9 Months Ended
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, 2025December 31, 2024
InvestmentCarrying
Value		Ownership PercentageCarrying
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 LLC3,164 9.9%4,290 9.9 %
Shem Creek Capital Fund VII LLC2,900 16.2%2,580 16.2 %
Shem Creek Sachem V LLC2,493 49.0%2,569 49.0 %
Shem Creek Sachem VI LLC15,205 45.1%24,756 45.9 %
Shem Creek Sachem 100 LLC8,975 100.0%13,604 100.0 %
Shem Creek Capital LLC5,000 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.