INVESTMENTS

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



			Carrying Value
	Investment	Ownership Percentage	December 31, 2017		December 31, 2016
Listed securities	Available-for-sale	—%	$	—	$	17,630
Advanced Engine Repair JV	Equity method	25%	13,724		15,000
JGP Energy Partners LLC	Equity method	50%	24,920		3,266
Intermodal Finance I, Ltd.	Equity method	51%	3,894		4,082
			$	42,538	$	39,978

The following table presents a rollforward of the Company’s available-for-sale securities:



	Available-for-Sale Securities
December 31, 2015	$	—
Purchases	10,500
Unrealized gain	7,130
December 31, 2016	17,630
Purchases	8,332
Unrealized gain	4,276
Sale	(30,238		)
December 31, 2017	$	—

Cost	$	—

The Company realized a gain of $11,406 on the sale of the available-for-sale securities during the year ended December 31, 2017, recorded in Gain on Sale of Assets in the Company’s Consolidated Statement of Operations.

The Company did not recognize any other-than-temporary impairments for the year ended December 31, 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 focus on developing new costs savings programs for engine repairs. The Company exercises significant influence over this investment and accounts for this investment as an equity method investment. The Company’s proportionate share of equity in losses was $1,276 and $0 for the years ended December 31, 2017 and 2016, 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 Company’s proportionate share of equity in losses was $322 and $18 for the years ended December 31, 2017 and 2016, respectively.

The table below presents summarized financial information for the Company’s equity method investments, excluding Intermodal Finance I, Ltd:



Balance Sheet		December 31, 2017			December 31, 2016
Assets
	Cash and cash equivalents	$	9,904		$	14,806
	Prepaid expenses	1,181			3,080
	Accounts receivable	1,282			7,844
	Intangible asset	45,000			45,000
	Property, plants and equipment	50,042			$	6,924
	Total assets	$	107,409		$	77,654

Liabilities
	Accounts payable and accrued liabilities	$	2,736		$	3,277
	Total liabilities	2,736			3,277

Equity
	Shareholders’ equity	110,520			74,414
	Retained earnings	(5,847		)	(37		)
	Total equity	104,673			74,377

Total liabilities and equity		$	107,409		$	77,654

		Year Ended
Income Statement		December 31, 2017			December 31, 2016
Revenue		$	1,220		$	—
Total Revenue		1,220			—
Expenses
	Research and development cost	$	4,073		$	—
	Operating expense	1,291			37
	General and administrative expenses	1,328			—
	Depreciation and amortization	336			$	—
	Total Expenses	$	7,028		$	37

Loss before income taxes		(5,808		)	(37		)
	Provision for income taxes	—			—
Net loss		$	(5,808	)	$	(37	)
Company’s share of loss		$	(1,228	)	$	(16	)

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 December 31, 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 10,000 shipping containers subject to multiple operating leases. During the years ended December 31, 2017, 2016 and 2015, Intermodal Finance I, Ltd. recorded an asset impairment charge of $0, $6,016 and $20,604, respectively, which resulted from certain operating leases not being renewed and containers being returned at a faster pace than expected. The Company's proportionate share of the impairment charge was $0, $3,068 and $10,508 based on its 51% ownership percentage for the years ended December 31, 2017, 2016 and 2015, respectively. The Company’s proportionate share of equity in (losses) earnings was $(189), $(5,974), $(6,956) for the years ended December 31, 2017, 2016, and 2015, respectively.

The audited consolidated financial statements of Intermodal as of and for the years ended December 31, 2017, 2016, and 2015, are presented herein.