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Other Long-Term Investments (Tables)
 3 Months Ended
Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Carrying Value of Equity Method Investments
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, 2023December 31, 2022
Arena SOP LP units$6,683 $8,734 
Arena Special Opportunities Fund, LP units42,701 44,504 
Brewer Lane Ventures Fund II LP units390 200 
Dowling Capital Partners LP units2,231 1,965 
Hudson Ventures Fund 2 LP units3,391 3,551 
JVM Funds LLC units21,698 22,473 
RISCOM4,118 4,037 
Universa Black Swan LP units770 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)20232022
Arena SOP LP units$(2,051)$6,117 
Arena Special Opportunities Fund, LP units(1,730)2,804 
Dowling Capital Partners LP units267 514 
Hudson Ventures Fund 2 LP units(255)64 
JVM Funds LLC(420)186 
RISCOM81 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, 2023December 31, 2022
Brewer Lane Ventures Fund II LP units$4,610 $4,800 
Dowling Capital Partners LP units386 386 
Hudson Ventures Fund 2 LP units1,701 1,796 
$6,697 $6,982 
The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of March 31, 2023 and December 31, 2022:
($ in thousands)March 31, 2023December 31, 2022
Investment in RISCOM:
Underlying equity$2,434 $2,292 
Difference1,684 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, 2023December 31, 2022
Investment in JVM Funds LLC:
Underlying equity$20,828 $21,565 
Difference870 908 
Recorded investment balance$21,698 $22,473 
As of March 31, 2023 and December 31, 2022, the Company held indirect investments in collateralized loans and loan collateral through SMA1 and SMA2.
The carrying value and unfunded commitment of the SMA1 and SMA2 as of March 31, 2023 and December 31, 2022 were as follows:
March 31, 2023December 31, 2022
($ in thousands)Carrying ValueUnfunded CommitmentCarrying ValueUnfunded 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.