The following table details the carrying value of each investment reflected on our Condensed Consolidated Balance Sheets as of June 30, 2025:


	June 30, 2025				December 31, 2024
Investment	Carrying Value		Ownership Percentage		Carrying Value		Ownership Percentage
	(in thousands)				(in thousands)
Shem Creek Capital Fund V LLC	$	1,112	7.6	%	$	1,143	7.6	%
Shem Creek Capital Fund VI LLC	3,698		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	2,512		49.0	%	2,569		49.0	%
Shem Creek Sachem VI LLC	19,631		45.1	%	24,756		45.9	%
Shem Creek Sachem 100 LLC	11,357		100.0	%	13,604		100.0	%
Shem Creek Capital LLC	5,000		20.0	%	2,500		20.0	%
Total Shem LLC Investments	$	46,210			$	51,442
Cordo CLT Investors LLC	$	2,500	7.2	%	$	2,500	7.2	%
Total investments in LLC’s	$	48,710			$	53,942

For the three and six months ended June 30, 2025, the Shem LLC investments generated $1.0 million and $3.0 million, respectively, of income for the Company. For the three and six months ended June 30, 2024, the Shem LLC investments generated $1.2 million and $2.4 million, respectively, of income for the Company.

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 June 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.