SEGMENTED INFORMATION

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

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 27 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 primarily sells vehicle service agreements to used car buyers across the United States, through its subsidiaries, Penn and Prime. Penn and Prime distribute these products in 32 and 40 states, respectively, via independent used car dealerships and franchised car dealerships.

Leased Real Estate Segment

Leased Real Estate includes the Company's subsidiary, CMC, which was acquired on July 14, 2016. CMC owns 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 months ended March 31, 2020 and March 31, 2019 were:



(in thousands)	Three months ended March 31,
	2020		2019
Revenues:
Extended Warranty:
Service fee and commission income	$	11,186	$	9,815
Other income	74		75
Total Extended Warranty	11,260		9,890
Leased Real Estate:
Rental income	3,341		3,341
Other income	68		70
Total Leased Real Estate	3,409		3,411
Total revenues	$	14,669	$	13,301

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 net (loss) income for the three months ended March 31, 2020 and March 31, 2019 were:



(in thousands)	Three months ended March 31,
	2020			2019
Segment operating income:
Extended Warranty	$	850		$	567
Leased Real Estate	597			452
Total segment operating income	1,447			1,019
Net investment income	719			699
Net realized gains	208			315
(Loss) gain on change in fair value of equity investments	(597		)	78
Gain on change in fair value of limited liability investments, at fair value	1,899			4,265
Net change in unrealized (loss) gain on private company investments	(670		)	19
Other-than-temporary impairment loss	(117		)	(75		)
Interest expense not allocated to segments	(2,153		)	(2,102		)
Other income and expenses not allocated to segments, net	(3,030		)	(1,764		)
Amortization of intangible assets	(574		)	(521		)
Gain on change in fair value of debt	2,645			576
Equity in net loss of investee	—			(33		)
(Loss) income before income tax expense (benefit)	(223		)	2,476
Income tax expense (benefit)	170			(713		)
Net (loss) income	$	(393	)	$	3,189