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 | | | | |
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