| Carrying Value of Equity Method Investments |
The following table sets forth the carrying value and ownership percentage of the Company’s equity method investments as of December 31, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | December 31, 2024 | | December 31, 2023 | | | Carrying Value | | Ownership % | | Carrying Value | | Ownership % | | Arena Special Opportunities Fund, LP units | | $ | 34,936 | | | 15.3 | % | | $ | 41,046 | | | 16.2 | % | | JVM Funds LLC units | | 17,229 | | | 10.1 | % | | 20,061 | | | 10.1 | % | | RISCOM | | 5,013 | | | 20.0 | % | | 4,121 | | | 20.0 | % | | Hudson Ventures Fund 2 LP units | | 4,967 | | | 2.5 | % | | 4,669 | | | 2.5 | % | | Arena SOP LP units | | 1,474 | | | 10.9 | % | | 2,463 | | | 12.3 | % | | Brewer Lane Ventures Fund II LP units | | 1,040 | | | 2.4 | % | | 560 | | | 2.5 | % | | | | | | | | | | | Dowling Capital Partners LP units | | 666 | | | 5.0 | % | | 1,708 | | | 6.2 | % | | | $ | 65,325 | | | | | $ | 74,628 | | | | | | | | | | | | |
The following table sets forth the components of net investment income (loss) from equity method investments for the years ended December 31, 2024, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | | | | | 2024 | | 2023 | | 2022 | | Arena Special Opportunities Fund, LP units | | | | | | $ | 2,375 | | | $ | (2,880) | | | $ | 3,719 | | | RISCOM | | | | | | 1,492 | | | 884 | | | 1,471 | | | Dowling Capital Partners LP units | | | | | | 1,463 | | | 927 | | | 502 | | | Universa Black Swan LP units | | | | | | — | | | (988) | | | (3,028) | | | Brewer Lane Ventures Fund II LP | | | | | | (110) | | | (78) | | | — | | | Hudson Ventures Fund II LP units | | | | | | (153) | | | 170 | | | 379 | | | Arena SOP LP units | | | | | | (989) | | | (6,271) | | | 3,042 | | | JVM Funds LLC | | | | | | (1,554) | | | (1,198) | | | (70) | | | | | | | | $ | 2,524 | | | $ | (9,434) | | | $ | 6,015 | | | | | | | | | | | | |
The following table sets forth the unfunded commitment of equity method investments as of December 31, 2024 and 2023: | | | | | | | | | | | | | | | | ($ in thousands) | | December 31, 2024 | | December 31, 2023 | | Brewer Lane Ventures Fund II LP units | | $ | 4,077 | | | $ | 4,610 | | | Hudson Ventures Fund 2 LP units | | 397 | | | 848 | | | Dowling Capital Partners LP units | | 386 | | | 386 | | | | $ | 4,860 | | | $ | 5,844 | | | | | | |
The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of December 31, 2024 and 2023: | | | | | | | | | | | | | | | | ($ in thousands) | | December 31, 2024 | | December 31, 2023 | | Investment in RISCOM: | | | | | | Underlying equity | | $ | 3,756 | | | $ | 2,620 | | | Difference | | 1,258 | | | 1,501 | | | Recorded investment balance | | $ | 5,013 | | | $ | 4,121 | | | | | | |
The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of December 31, 2024 and 2023: | | | | | | | | | | | | | | | | ($ in thousands) | | December 31, 2024 | | December 31, 2023 | | Investment in JVM Funds LLC: | | | | | | Underlying equity | | $ | 16,624 | | | $ | 19,304 | | | Difference | | 605 | | | 757 | | | Recorded investment balance | | $ | 17,229 | | | $ | 20,061 | | | | | | |
The carrying value of the SMA1 and SMA2 as of December 31, 2024 and 2023 were as follows: | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | December 31, 2024 | | | | December 31, 2023 | | | | | | | | | | | | | SMA1 | | $ | 20,296 | | | | | $ | 30,816 | | | | | SMA2 | | 12,973 | | | | | 5,209 | | | | | Investment in indirect loans and loan collateral | | $ | 33,269 | | | | | $ | 36,025 | | | | | | | | | | | | | |
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