Investments of Consolidated Affordable Housing Fund (Tables)

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and 2023 (in thousands):

	Three Months Ended March 31,
	2024		2023
Distributions from affordable housing fund investments	$	13,344	$	11,805
Unrealized change in fair value of investments (1)	(3,896)		1,160
Income from affordable housing fund investments	$	9,448	$	12,965

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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.