The Company’s ownership interests in most of its equity method investments range from approximately 3% to less than 5% where the Company has significant influence but not control.

The following table sets forth the carrying value of the Company’s equity method investments as of March 31, 2024 and December 31, 2023:


($ in thousands)	March 31, 2024		December 31, 2023
Arena Special Opportunities Fund, LP units	$	40,643	$	41,046
JVM Funds LLC units	19,293		20,061
Arena SOP LP units	2,752		2,463
RISCOM	3,807		4,121
Hudson Ventures Fund 2 LP units	4,742		4,669
Dowling Capital Partners LP units	858		1,708

Brewer Lane Ventures Fund II LP units	663		560
	$	72,758	$	74,628

The following table sets forth the components of net investment income (loss) from equity method investments for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
($ in thousands)		2024		2023
Dowling Capital Partners LP units		$	1,342	$	267
RISCOM		286		81
Brewer Lane Ventures Fund II LP		(32)		—
Hudson Ventures Fund II LP units		(52)		(255)
JVM Funds LLC		(484)		(420)
Universa Black Swan LP units		—		(556)
Arena SOP LP units		289		(2,051)
Arena Special Opportunities Fund, LP units		(251)		(1,730)
		$	1,098	$	(4,664)

The following table sets forth the unfunded commitment of equity method investments as of March 31, 2024 and December 31, 2023:


($ in thousands)	March 31, 2024		December 31, 2023
Brewer Lane Ventures Fund II LP units	$	4,227	$	4,610
Hudson Ventures Fund 2 LP units	722		848
Dowling Capital Partners LP units	386		386
	$	5,335	$	5,844

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, 2024 and December 31, 2023:


($ in thousands)	March 31, 2024		December 31, 2023
Investment in RISCOM:
Underlying equity	$	2,367	$	2,620
Difference	1,440		1,501
Recorded investment balance	$	3,807	$	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 March 31, 2024 and December 31, 2023:


($ in thousands)	March 31, 2024		December 31, 2023
Investment in JVM Funds LLC:
Underlying equity	$	18,574	$	19,304
Difference	719		757
Recorded investment balance	$	19,293	$	20,061

As of March 31, 2024 and December 31, 2023, the Company held indirect investments in collateralized loans and loan collateral through SMA1 and SMA2.

The carrying value of the SMA1 and SMA2 as of March 31, 2024 and December 31, 2023 were as follows:


($ in thousands)	March 31, 2024		December 31, 2023

SMA1	$	24,883	$	30,816
SMA2	6,321		5,209
Investment in indirect loans and loan collateral	$	31,204	$	36,025