Investments of Consolidated Affordable Housing Fund (Tables)

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investment Income

Income from the Woodstar Fund’s investments reflects the following components for the three and nine months ended September 30, 2023 and 2022 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Distributions from affordable housing fund investments	$	14,709	$	7,112	$	35,514	$	29,777
Unrealized change in fair value of investments (1)	2,199		110,415		218,182		628,956
Income from affordable housing fund investments	$	16,908	$	117,527	$	253,696	$	658,733

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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.