
			Carrying Value
	Investment	Ownership Percentage	June 30, 2022		December 31, 2021
Advanced Engine Repair JV	Equity method	25%	$	20,752	$	21,317
Falcon MSN 177 LLC	Equity method	50%	1,886		1,600

Intermodal Finance I, Ltd.	Equity method	51%	—		—
Long Ridge Terminal LLC (1)	Equity method	50%	—		—
FYX Trust Holdco LLC	Equity at December 31, 2021	65% and 14% as of June 30, 2022 and December 31, 2021, respectively (2)	—		1,255
GM-FTAI Holdco LLC	Equity method	See below	72,475		52,295
Clean Planet Energy USA LLC	Equity method	50%	4,430		858
			$	99,543	$	77,325

________________________________________________________

(1) The carrying value of $188.0 million and $17.5 million as of June 30, 2022 and December 31, 2021 is included in Other liabilities in the Consolidated Balance Sheets.

(2) See “Equity Investments - FYX Holdco LLC” below for additional information regarding the FYX Trust Holdco LLC acquisition in May 2022.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Advanced Engine Repair JV	$	(212)	$	(341)	$	(566)	$	(681)
Falcon MSN 177 LLC	247		—		799		—

Intermodal Finance I, Ltd.	45		204		89		376
Long Ridge Terminal LLC	(12,971)		(7,015)		(36,520)		(5,473)

GM-FTAI Holdco LLC	(688)		—		(1,121)		—
Clean Planet Energy USA LLC	(244)		—		(517)		—
Total	$	(13,823)	$	(7,152)	$	(37,836)	$	(5,778)

In November 2021, we acquired 50% of the Class A shares of Clean Planet Energy USA LLC (“CPE”) with an initial investment of $1.0 million. CPE intends on building waste plastic-to-fuel plants in the United States. The plants will convert various grades of non-recyclable waste plastic to renewable diesel in the form of jet fuel, diesel, naphtha, and low sulfur fuel oil. We account for our investment in CPE as an equity method investment as we have significant influence through our ownership of Class A shares.

In November 2021, we invested $1.6 million for a 50% interest in Falcon MSN 177 LLC, an entity that consists of one Dassault Falcon 2000 aircraft. Falcon MSN 177 LLC leases the aircraft to charter operators on aircraft, crew, maintenance and insurance contracts. We account for our investment in Falcon as an equity method investment as we have significant influence through our interest.

In September 2021, we acquired 1% of the Class A shares and 50% of the Class B shares of GM-FTAI Holdco LLC for $52.5 million. GM-FTAI Holdco LLC owns 100% interest in Gladieux Metals Recycling (“GMR”) and Aleon Renewable Metals LLC (“Aleon”). GMR specializes in recycling spent catalyst produced in the petroleum refining industry.

Aleon plans to develop a lithium-ion battery recycling business across the United States. Each planned location will collect, discharge and disassemble lithium-ion batteries to extract various metals in high-purity form for resale into the lithium-ion battery production market. Aleon and GMR are governed by separate boards of directors. Our ownership of Class A and B shares in GM-FTAI Holdco LLC provides us with 1% and 50% economic interest in GMR and Aleon, respectively. We account for our investment in GM-FTAI Holdco LLC as an equity method investment as we have significant influence through our ownership of Class A and Class B shares of GM-FTAI Holdco LLC.

On June 15, 2022, we exchanged our Class B shares which gave us economic interest in Aleon for an additional 20% interest in Class A shares. In addition, we also terminated our credit agreements with GMR and Aleon in exchange for an approximate 8.5% of additional interest in Class A shares. At June 30, 2022 as a result of these exchange transactions, we own approximately 27% of GM-FTAI Holdco LLC, which owns 100% of both GMR and Aleon.

In December 2019, Ohio River Shareholder LLC (“ORP”), a wholly owned subsidiary, contributed its equity interests in Long Ridge into Long Ridge Terminal LLC and sold a 49.9% interest (the “Long Ridge Transaction”) for $150 million in cash, plus an earn out. We no longer have a controlling interest in Long Ridge but still maintain significant influence through our retained interest and, therefore, now account for this investment in accordance with the equity method. Following the sale, we deconsolidated ORP, which held the assets of Long Ridge.


	June 30, 2022		December 31, 2021
Balance Sheet
Assets
Cash and cash equivalents	$	2,470	$	2,932
Restricted cash	25,096		32,469
Accounts receivable, net	24,876		17,896


Property, plant, and equipment, net	788,215		764,607

Intangible assets, net	4,750		4,940
Goodwill	89,390		89,390
Other assets	16,975		14,441
Total assets	$	951,772	$	926,675

Liabilities
Accounts payable and accrued liabilities	$	46,338	$	16,121
Debt, net	606,174		604,261
Derivative liabilities	671,577		339,033
Other liabilities	2,979		2,246
Total liabilities	1,327,068		961,661

Equity
Shareholders’ equity	(272,779)		(1,035)
Accumulated deficit	(102,517)		(33,951)
Total equity	(375,296)		(34,986)
Total liabilities and equity	$	951,772	$	926,675


	Three Months Ended June 30,				Six Months Ended June 30,
Income Statement	2022		2021		2022		2021


Total revenues	$	19,801	$	8,849	$	15,043	$	17,270

Expenses
Operating expenses	19,909		6,715		32,356		10,987

Depreciation and amortization	12,454		3,683		24,998		7,436
Interest expense	13,181		627		26,042		946


Total expenses	45,544		11,025		83,396		19,369





Total other expense	(149)		(11,825)		(213)		(8,826)
Net loss	$	(25,892)	$	(14,001)	$	(68,566)	$	(10,925)

In December 2016, we invested $15 million for a 25% interest in an advanced engine repair joint venture. We focus on developing new cost savings programs for engine repairs. We exercise significant influence over this investment and account for this investment as an equity method investment.

In July 2020, we invested $1.3 million for a 14% interest in an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries. FYX Trust Holdco LLC (“FYX”) has developed a mobile and web-based application that connects fleet managers, owner-operators, and drivers with repair vendors to efficiently and reliably quote, dispatch, monitor, and bill roadside repair services.