Transportation Resource Partners

From 2003 through 2016, Knight entered into partnership agreements with entities that make privately-negotiated equity investments, including Transportation Resource Partners ("TRP"), Transportation Resource Partners III, LP ("TRP III"), TRP Capital Partners, LP ("TRP IV"), TRP CoInvest Partners, (NTI) I, LP ("TRP Coinvestment NTI"), and TRP CoInvest Partners, (QLS) I, LP ("TRP Coinvestment QLS"). In these agreements, Knight committed to invest in return for an ownership percentage.

The following table presents ownership and commitment information for Knight's investments in TRP partnerships:



	Knight's Ownership Interest⁽⁴⁾		Total Commitment (All Partners)		Knight's Contracted Commitment		Knight's Remaining Commitment
	(Dollars in thousands)
As of March 31, 2018
TRP – cost method investment	2.3	%	$	260,000	$	5,500	$	—
TRP III – equity method investment ⁽¹⁾	6.1	%	$	245,000	$	15,000	$	1,749
TRP IV – cost method investment ⁽²⁾	4.2	%	$	116,000	$	4,900	$	2,074
TRP Coinvestment NTI – equity method investment ⁽³⁾	8.3	%	$	120,000	$	10,000	$	—
TRP Coinvestment QLS – equity method investment ⁽³⁾	25.0	%	$	39,000	$	9,735	$	—


(1)	Knight's ownership interest in TRP III was 4.8% at December 31, 2017. Regarding Knight's remaining commitment, management anticipates that the following amounts will be due: $0.9 million in the remainder of 2018 and $0.8 million from 2019 through 2020.


(2)	Knight's ownership interest in TRP IV was 4.1% at December 31, 2017. Regarding Knight's remaining commitment, management anticipates that the following amounts will be due: $1.3 million in the remainder of 2018, $0.5 million from 2019 through 2020, $0.2 million from 2021 through 2022, and $0.1 million from 2023 through 2024.

(3)

The TRP Coinvestments are unconsolidated majority interests. Management considered the criteria set forth in ASC 323, Investments – Equity Method and Joint Ventures, to establish the appropriate accounting treatment for these investments. This guidance requires the use of the equity method for recording investments in limited partnerships where the "so minor" interest is not met. As such, the investments are being accounted for under the equity method. Knight's ownership interest reflects its ultimate ownership of the portfolio companies underlying the TRP Coinvestment NTI and TRP Coinvestment QLS legal entities.


(4)	Knight's share of the results is included within "Other Income" in the condensed consolidated income statements.

Net investment balances included in "Other long-term assets, restricted cash, and investments" in the condensed consolidated balance sheets were as follows:



	March 31, 2018		December 31, 2017
	(in thousands)
TRP – cost method investment	$	211	$	211
TRP III – equity method investment	2,132		1,973
TRP IV – cost method investment	2,340		2,577
TRP Coinvestment NTI – equity method investment	6,121		7,579
TRP Coinvestment QLS – equity method investment	7,671		8,054
	$	18,475	$	20,394