SEGMENTED INFORMATION

The Company conducts its business through the following two reportable segments: Extended Warranty and Leased Real Estate.

Prior to the second quarter of 2018, the Company conducted its business through a third reportable segment, Insurance Underwriting. Insurance Underwriting included the following subsidiaries of the Company: Mendota, Amigo and Kingsway Re. As further discussed in Note 6, "Disposal, Discontinued Operations and Liquidation," on October 18, 2018, the Company announced that it had completed the sale of Mendota. As a result, Mendota has been classified as discontinued operations and the results of their operations are reported separately for all periods presented. As a result of classifying Mendota as discontinued operations, the composition of the Insurance Underwriting segment has changed such that it no longer meets the criteria of a reportable segment. As such, all segmented information has been restated to exclude the Insurance Underwriting segment for all periods presented.

Extended Warranty Segment

Extended Warranty includes the following subsidiaries of the Company: IWS, Trinity and PWSC (collectively, "Extended Warranty").

IWS is a licensed motor vehicle service agreement company and is a provider of after-market vehicle protection services distributed by credit unions in 23 states and the District of Columbia to their members.

Trinity sells HVAC, standby generator, commercial LED lighting and refrigeration warranty products and provides equipment breakdown and maintenance support services to companies across the United States. As a seller of warranty products, Trinity markets and administers product warranty contracts for certain new and used products in the HVAC, standby generator, commercial LED lighting and refrigeration industries throughout the United States. Trinity acts as an agent on behalf of the third-party insurance companies that underwrite and guaranty these warranty contracts. Trinity does not guaranty the performance underlying the warranty contracts it sells. As a provider of equipment breakdown and maintenance support services, Trinity acts as a single point of contact to its clients for both certain equipment breakdowns and scheduled maintenance of equipment. Trinity will provide such repair and breakdown services by contracting with certain HVAC providers.

PWSC sells new home warranty products and provides administration services to homebuilders and homeowners across the United States. PWSC distributes its products and services through an in house sales team and through insurance brokers and insurance carriers throughout all states except Alaska and Louisiana.

Leased Real Estate Segment

Leased Real Estate includes the Company's subsidiary, CMC. CMC owns the Real Property that is leased to a third-party pursuant to a long-term triple net lease with a single customer. For the year ended December 31, 2018, revenue of $13.4 million from this single customer represents more than 10% of the Company’s consolidated revenues. The Real Property is also subject to the Mortgage. When assessing and measuring the operational and financial performance of the Leased Real Estate segment, interest expense related to the Mortgage is included in Leased Real Estate's segment operating income.

Revenues and Operating Income by Reportable Segment

Results for the Company's reportable segments are based on the Company's internal financial reporting systems and are consistent with those followed in the preparation of the consolidated financial statements. The following tables provide financial data used by management. Segment assets are not allocated for management use and, therefore, are not included in the segment disclosures below.

Revenues by reportable segment reconciled to consolidated revenues for the years ended December 31, 2018 and December 31, 2017 were:



(in thousands)	Years ended December 31,
	2018		2017
			(restated)
Revenues:
Extended Warranty:
Service fee and commission income	$	38,286	$	30,530
Other income	171		191
Total Extended Warranty	38,457		30,721
Leased Real Estate:
Rental income	13,366		13,364
Other income	245		493
Total Leased Real Estate	13,611		13,857
Total segment revenues	52,068		44,578
Rental income not allocated to segments	10		20
Total revenues	$	52,078	$	44,598

The operating income by reportable segment in the following table is before income taxes and includes revenues and direct segment costs. Total segment operating income reconciled to the consolidated (loss) income from continuing operations for the years ended December 31, 2018 and December 31, 2017 were:



(in thousands)	Years ended December 31,
	2018			2017
				(restated)
Segment operating income
Extended Warranty	$	4,215		$	3,680
Leased Real Estate	2,485			3,099
Total segment operating income	6,700			6,779
Net investment income	2,957			7,087
Net realized (losses) gains	(17		)	306
Gain on change in fair value of equity investments	381			—
Loss on change in fair value of limited liability investments, at fair value	(7,393		)	(1,832		)
Net change in unrealized loss on private company investments	(1,629		)	(758		)
Interest expense not allocated to segments	(7,407		)	(6,348		)
Other income and expenses not allocated to segments, net	(8,963		)	(10,503		)
Amortization of intangible assets	(2,376		)	(1,085		)
Contingent consideration benefit	—			212
Loss on change in fair value of debt	(1,720		)	(8,487		)
Gain on disposal of subsidiary	17			—
Equity in net (loss) income of investee	(2,499		)	2,115
Loss from continuing operations before income tax expense (benefit)	(21,949		)	(12,514		)
Income tax expense (benefit)	315			(16,688		)
(Loss) income from continuing operations	$	(22,264	)	$	4,174