The Company’s ownership interests in most of its equity method investments range from approximately 3% to less than 50% where the Company has significant influence but not control.

The carrying value of the Company’s equity method investments as of March 31, 2023 and December 31, 2022 were as follows:


($ in thousands)	March 31, 2023		December 31, 2022
Arena SOP LP units	$	6,683	$	8,734
Arena Special Opportunities Fund, LP units	42,701		44,504
Brewer Lane Ventures Fund II LP units	390		200
Dowling Capital Partners LP units	2,231		1,965
Hudson Ventures Fund 2 LP units	3,391		3,551
JVM Funds LLC units	21,698		22,473
RISCOM	4,118		4,037
Universa Black Swan LP units	770		1,325
	$	81,982	$	86,789

The following table sets forth the components of net investment (loss) income from equity method investments for the three months ended March 31, 2023 and 2022:



($ in thousands)	2023		2022
Arena SOP LP units	$	(2,051)	$	6,117
Arena Special Opportunities Fund, LP units	(1,730)		2,804
Dowling Capital Partners LP units	267		514
Hudson Ventures Fund 2 LP units	(255)		64
JVM Funds LLC	(420)		186
RISCOM	81		18
Universa Black Swan LP units	(556)		(493)
	$	(4,664)	$	9,210

The following table sets forth the unfunded commitment of equity method investments as of March 31, 2023 and December 31, 2022:


($ in thousands)	March 31, 2023		December 31, 2022
Brewer Lane Ventures Fund II LP units	$	4,610	$	4,800
Dowling Capital Partners LP units	386		386
Hudson Ventures Fund 2 LP units	1,701		1,796
	$	6,697	$	6,982

The difference between the cost of an investment and its proportionate share of the underlying equity in net assets is allocated to the various assets and liabilities of the equity method investment. The Company amortizes the difference in net assets over the same useful life of a similar asset as the underlying equity method investment. For investment in RISCOM, a similar asset would be agent relationships. The Company amortizes this difference over a 15-year useful life.

The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of March 31, 2023 and December 31, 2022:


($ in thousands)	March 31, 2023		December 31, 2022
Investment in RISCOM:
Underlying equity	$	2,434	$	2,292
Difference	1,684		1,745
Recorded investment balance	$	4,118	$	4,037

The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of March 31, 2023 and December 31, 2022:


($ in thousands)	March 31, 2023		December 31, 2022
Investment in JVM Funds LLC:
Underlying equity	$	20,828	$	21,565
Difference	870		908
Recorded investment balance	$	21,698	$	22,473

The Company carries its investment in Captex Bancshares at cost, less impairment or observable changes in price. The Company reviews these investments for impairment or observable changes in price during each reporting period. There were no impairments or observable changes in price during the three months ended March 31, 2023 and the year ended December 31, 2022.

As of March 31, 2023 and December 31, 2022, the Company held indirect investments in collateralized loans and loan collateral through SMA1 and SMA2.

The carrying value and unfunded commitment of the SMA1 and SMA2 as of March 31, 2023 and December 31, 2022 were as follows:


	March 31, 2023				December 31, 2022
($ in thousands)	Carrying Value		Unfunded Commitment		Carrying Value		Unfunded Commitment
SMA1	$	34,654	$	—	$	36,426	$	—
SMA2(1)	(1,652)		—		2,010		—
Investment in indirect loans and loan collateral	$	33,002	$	—	$	38,436	$	—

(1)The carrying value of SMA2 is negative as of March 31, 2023 due to distribution in-transit.