Income from the Woodstar Fund’s investments reflects the following components for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Distributions from affordable housing fund investments	$	10,530	$	11,945


Unrealized change in fair value of investments (1)	1,934		(8,035)
Income from affordable housing fund investments	$	12,464	$	3,910

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(1)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.