v3.26.1
Limited Liability Company ("LLC") Investments
 6 Months Ended
Jun. 30, 2026
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 the Company's unaudited Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
InvestmentCarrying
Value		Ownership PercentageCarrying
Value		Ownership Percentage
(in thousands)(in thousands)
Shem Creek Capital Fund V LLC$770 7.6%$867 7.6%
Shem Creek Capital Fund VI LLC1,463 9.9%3,071 9.9%
Shem Creek Capital Fund VII LLC4,294 13.0%3,605 13.0%
Shem Creek Sachem V LLC1,639 49.0%1,736 49.0%
Shem Creek Sachem VI LLC10,440 44.6%13,403 45.5%
Shem Creek Sachem 100 LLC8,131 69.5%8,950 67.6%
Shem Creek Capital LLC5,000 20.0%5,000 20.0%
Total Shem LLC Investments$31,737 $36,632 
Cordo CLT Investors LLC$2,500 7.2%$2,500 7.2%
Total investments in LLC’s$34,237 $39,132 
Shem Creek (“Shem”)
For the three months ended June 30, 2026, the Shem LLC investments generated $0.7 million of interest income and $0.1 million of other income. For the six months ended June 30, 2026, the Shem LLC investments generated $1.6 million of interest income and $0.2 million of other income. For the three months ended June 30, 2025, the Shem LLC investments generated $0.9 million of interest income and $0.1 million of other income. For the six months ended June 30, 2025, the Shem LLC investments generated $2.8 million of interest income and $0.2 million of other income.
At June 30, 2026, the Company had unfunded commitments totaling $0.7 million to the Shem LLC entities.
Cordo CLT Investors LLC
In September 2024, the Company, through its wholly owned subsidiary Urbane Capital, LLC, acquired a member's interest in Cordo CLT Investors LLC for a one time contribution of $2.5 million. As of June 30, 2026 and December 31, 2025, 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.