INVESTMENTS

The following table presents the ownership interests and carrying values of the Company’s investments:



			Carrying Value
	Investment	Ownership Percentage	September 30, 2017		December 31, 2016
Listed security	Available-for-sale	2%	$	30,470	$	17,630
Advanced Engine Repair JV	Equity method	25%	13,954		15,000
JGP Energy Partners LLC	Equity method	50%	19,741		3,266
Intermodal Finance I, Ltd.	Equity method	51%	3,627		4,082
Investments			$	67,792	$	39,978

Available-for-sale securities



	Equity Security
December 31, 2016	$	17,630
Purchases	8,332
Unrealized gain	4,508
September 30, 2017	$	30,470

Cost	$	18,833

The Company did not recognize any other-than-temporary impairments for the three and nine months ended September 30, 2017.

Equity Method Investments

Advanced Engine Repair JV

In December 2016, the Company invested $15,000 for 25% interest in an advanced engine repair joint venture. The Company will initially focus on developing new costs savings programs for engine repairs. The primary financial activities for the joint venture relate to member contributions and therefore its summary financial information has not been presented. The Company’s proportionate share of equity in losses was $203 and $1,046 for the three and nine months ended September 30, 2017, respectively.

JGP

In 2016, the Company initiated activities in a 50% non-controlling interest in JGP, a joint venture. JGP is governed by a designated operating committee selected by the members in proportion to their equity interests. JGP is solely reliant on its members to finance its activities and therefore is a variable interest entity. The Company concluded it is not the primary beneficiary of JGP as the members share equally in the risks and rewards and decision making authority of the entity; therefore, the Company does not consolidate JGP and instead accounts for this investment in accordance with the equity method. The primary financial activities for JGP relate to member investments and therefore JGP summary financial information has not been presented. The Company’s proportionate share of equity in losses was $24 and $99 for the three and nine months ended September 30, 2017, respectively.

Intermodal Finance I, Ltd.

In 2012, the Company acquired a 51% non-controlling interest in Intermodal Finance I, Ltd. (“Intermodal”), a joint venture. Intermodal is governed by a board of directors, and its shareholders have voting rights through their equity interests. As such, Intermodal is not within the scope of ASC 810-20 and should be evaluated for consolidation under the voting interest model. Due to the existence of substantive participating rights of the 49% equity investor, including the joint approval of material operating and capital decisions, such as material contracts and capital expenditures consistent with ASC 810-10-25-11, the Company does not have unilateral rights over this investment; therefore, the Company does not consolidate Intermodal but accounts for this investment in accordance with the equity method. The Company does not have a variable interest in this investment as none of the criteria of ASC 810-10-15-14 were met.

As of September 30, 2017, Intermodal owns a portfolio of multiple finance leases, representing five customers and comprising approximately 24,000 shipping containers, as well as a portfolio of approximately 12,000 shipping containers subject to multiple operating leases. The Company’s proportionate share of equity in income was $359 and equity in losses was $316 for the three and nine months ended September 30, 2017, respectively, and $1,161 and $1,335 for the three and nine months ended September 30, 2016, respectively.