| Schedule of 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 June 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | June 30, 2026 | | December 31, 2025 | | | Carrying Value | | Ownership % | | Carrying Value | | Ownership % | | Arena Special Opportunities Fund, LP units | | $ | 22,399 | | | 13.1 | % | | $ | 26,936 | | | 14.0 | % | | JVM Funds LLC units | | 12,856 | | | 10.1 | % | | 14,911 | | | 10.1 | % | | Hudson Ventures Fund 2 LP units | | 5,397 | | | 2.5 | % | | 5,503 | | | 2.5 | % | | RISCOM | | 2,952 | | | 20.0 | % | | 3,307 | | | 20.0 | % | | Brewer Lane Ventures Fund II LP units | | 2,662 | | | 2.4 | % | | 2,251 | | | 2.4 | % | | Dowling Capital Partners LP units | | 306 | | | 5.1 | % | | 590 | | | 5.0 | % | | | | | | | | | | | Arena SOP LP units | | — | | | 11.4 | % | | — | | | 11.2 | % | | | $ | 46,572 | | | | | $ | 53,498 | | | | | | | | | | | | |
The following table sets forth the components of net investment income (loss) from equity method investments for the three and six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | | | ($ in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | | | | RISCOM | | $ | 326 | | | $ | 1,055 | | | $ | 1,045 | | | $ | 927 | | | | | Dowling Capital Partners LP units | | 14 | | | 203 | | | 189 | | | 216 | | | | | Hudson Ventures Fund II LP units | | 1 | | | 90 | | | (105) | | | 65 | | | | | Brewer Lane Ventures Fund II LP | | (25) | | | (27) | | | (37) | | | 143 | | | | | JVM Funds LLC | | (175) | | | (304) | | | (606) | | | (515) | | | | | Arena SOP LP units | | — | | | (218) | | | — | | | (1,474) | | | | | Arena Special Opportunities Fund, LP units | | (1,198) | | | (1,697) | | | (2,840) | | | (2,248) | | | | | | $ | (1,057) | | | $ | (898) | | | $ | (2,354) | | | $ | (2,886) | | | | | | | | | | | | | | |
The following table sets forth the unfunded commitment of equity method investments as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | ($ in thousands) | | June 30, 2026 | | December 31, 2025 | | Brewer Lane Ventures Fund II LP units | | $ | 2,368 | | | $ | 3,237 | | | Dowling Capital Partners LP units | | 386 | | | 386 | | | Hudson Ventures Fund 2 LP units | | 166 | | | 166 | | | | $ | 2,919 | | | $ | 3,789 | | | | | | |
The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | ($ in thousands) | | June 30, 2026 | | December 31, 2025 | | Investment in RISCOM: | | | | | | Underlying equity | | $ | 2,059 | | | $ | 2,292 | | | Difference | | 893 | | | 1,015 | | | Recorded investment balance | | $ | 2,952 | | | $ | 3,307 | | | | | | |
The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | ($ in thousands) | | June 30, 2026 | | December 31, 2025 | | Investment in JVM Funds LLC: | | | | | | Underlying equity | | $ | 12,477 | | | $ | 14,457 | | | Difference | | 379 | | | 454 | | | Recorded investment balance | | $ | 12,856 | | | $ | 14,911 | | | | | | |
The carrying value of the SMA1 and SMA2 as of June 30, 2026 and December 31, 2025 were as follows: | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | June 30, 2026 | | | | December 31, 2025 | | | | | | | | | | | | | SMA1 | | $ | 10,045 | | | | | $ | 15,418 | | | | | SMA2 | | 6,108 | | | | | 8,449 | | | | | Investment in indirect loans and loan collateral | | $ | 16,153 | | | | | $ | 23,867 | | | | | | | | | | | | | |
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