SEGMENTED INFORMATION

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

The Company previously conducted its business through a third reportable segment, Insurance Underwriting. Insurance Underwriting included the following subsidiaries of the Company: Mendota, Amigo and Kingsway Reinsurance Corporation ("Kingsway Re"). As further discussed in Note 5, "Acquisition and Discontinued Operations," 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, PWSC and Geminus (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 home builders 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.

Geminus sells vehicle service agreements and other finance and service products to used car buyers across the United States. Penn and Prime distribute these products via independent used car dealerships and franchised car dealerships, respectively.

Leased Real Estate Segment

Leased Real Estate includes the Company's subsidiary, CMC, which was acquired on July 14, 2016. CMC owns a parcel of real property consisting of approximately 192 acres located in the State of Texas (the "Real Property") that is leased to a third party pursuant to a long-term triple net lease. 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 unaudited consolidated interim 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 three and six months ended June 30, 2019 and June 30, 2018 were:



(in thousands)	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Revenues:
Extended Warranty:
Service fee and commission income	$	11,772	$	8,860	$	21,587	$	18,511
Other income	41		36		116		102
Total Extended Warranty	11,813		8,896		21,703		18,613
Leased Real Estate:
Rental income	3,341		3,341		6,682		6,682
Other income	72		72		142		219
Total Leased Real Estate	3,413		3,413		6,824		6,901
Total segment revenues	15,226		12,309		28,527		25,514
Rental income not allocated to segments	—		4		—		11
Total revenues	$	15,226	$	12,313	$	28,527	$	25,525

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 three and six months ended June 30, 2019 and June 30, 2018 were:



(in thousands)	Three months ended June 30,						Six months ended June 30,
	2019			2018			2019			2018
Segment operating income:
Extended Warranty	$	1,035		$	1,090		$	1,602		$	1,936
Leased Real Estate	753			618			1,205			1,492
Total segment operating income	1,788			1,708			2,807			3,428
Net investment income	749			1,010			1,448			1,648
Net realized (losses) gains	(556		)	132			(241		)	397
(Loss) gain on change in fair value of equity investments	(63		)	(421		)	15			744
Gain (loss) on change in fair value of limited liability investments, at fair value	2,347			(525		)	6,612			(1,461		)
Net change in unrealized gain (loss) on private company investments	—			(155		)	19			(155		)
Other-than-temporary impairment loss	—			—			(75		)	—
Interest expense not allocated to segments	(2,339		)	(1,844		)	(4,441		)	(3,561		)
Other income and expenses not allocated to segments, net	(2,597		)	(3,213		)	(4,361		)	(5,625		)
Amortization of intangible assets	(676		)	(254		)	(1,197		)	(509		)
Gain (loss) on change in fair value of debt	918			(142		)	1,494			(1,061		)
Gain on disposal of subsidiary	—			17			—			17
Equity in net income (loss) of investee	201			(385		)	168			(284		)
(Loss) income from continuing operations before income tax expense (benefit)	(228		)	(4,072		)	2,248			(6,422		)
Income tax expense (benefit)	168			190			(545		)	444
(Loss) income from continuing operations	$	(396	)	$	(4,262	)	$	2,793		$	(6,866	)