
			Carrying Value
	Investment	Ownership Percentage	June 30, 2024		December 31, 2023
Intermodal Finance I, Ltd.	Equity method	51.0%	$	—	$	—
Long Ridge Energy & Power LLC (1)	Equity method	50.1%	—		—
Long Ridge West Virginia LLC	Equity method	50.1%	6,523		6,825
GM-FTAI Holdco LLC	Equity method	See below	46,110		55,740
Clean Planet Energy USA LLC	Equity method	50.0%	10,839		10,136
			$	63,472	$	72,701

________________________________________________________

(1) The carrying value of $(19.3) million and $(29.3) million as of June 30, 2024 and December 31, 2023, respectively, is included in Other liabilities in the Consolidated Balance Sheets.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Intermodal Finance I, Ltd.	$	12	$	13	$	21	$	34
Long Ridge Energy & Power LLC	(7,147)		1,639		(13,822)		9,400
Long Ridge West Virginia LLC	(189)		—		(551)		—
GM-FTAI Holdco LLC	(5,144)		(2,759)		(9,630)		(5,100)
Clean Planet Energy USA LLC	(320)		(518)		(708)		(1,593)
Total	$	(12,788)	$	(1,625)	$	(24,690)	$	2,741

In 2012, we acquired a 51% non-controlling interest in Intermodal Finance I, Ltd. (“Intermodal”). 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, we do not have unilateral rights over this investment and, therefore, we do not consolidate Intermodal but account for this investment in accordance with the equity method. We do not have a variable interest in this investment as none of the criteria of ASC 810-10-15-14 were met.

In December 2019, Ohio River Partners Shareholder LLC (“ORP”), a wholly owned subsidiary, contributed its equity interests in Long Ridge into Long Ridge Energy & Power 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.

In addition to our equity method investment, in October 2022 we entered into a shareholder loan agreement maturing on October 15, 2023 and accruing paid-in-kind (“PIK”) interest at a 13% rate. During 2023, the maturity date was extended to May 1, 2032. As of June 30, 2024 and December 31, 2023, the balance of the note receivable was $93.7 million and $71.0 million, respectively, recorded as part of the Long Ridge investment in Other liabilities on the Consolidated Balance Sheets.


	(Unaudited)
	June 30, 2024		December 31, 2023
Balance Sheet
Assets
Current assets:
Cash and cash equivalents	$	2,147	$	3,362
Restricted cash	20,504		23,691
Accounts receivable, net	8,303		5,633
Other current assets	3,568		7,357
Total current assets	34,522		40,043
Property, plant, and equipment, net	812,664		828,232
Intangible assets, net	3,990		4,180
Goodwill	86,460		86,460
Other assets	4,647		4,041
Total assets	$	942,283	$	962,956

Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	33,639	$	49,538
Debt, net	4,450		4,450
Derivative liabilities	53,209		39,891
Other current liabilities	555		2,136
Total current liabilities	91,853		96,015
Debt, net	728,671		699,372
Derivative liabilities	341,040		360,710
Other liabilities	4,250		4,941
Total liabilities	1,165,814		1,161,038

Equity


Total equity	(223,531)		(198,082)
Total liabilities and equity	$	942,283	$	962,956


	Three Months Ended June 30,				Six Months Ended June 30,
Income Statement	2024		2023		2024		2023

Revenue	$	28,369	$	46,454	$	57,675	$	102,859

Expenses

Operating expenses	12,866		15,565		26,726		28,779


Depreciation and amortization	12,073		13,019		24,080		26,383
Interest expense	17,688		14,725		34,470		29,165
Total expenses	42,627		43,309		85,276		84,327
Total other (expense) income	(39)		126		(52)		231


Net (loss) income	$	(14,297)	$	3,271	$	(27,653)	$	18,763

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 a 100% interest in Gladieux Metals Recycling LLC (“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 of GM-FTAI Holdco LLC. 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 November 2021, we acquired 50% of the Class A shares of Clean Planet Energy USA LLC (“Clean Planet” or “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 2023, we sold a 49.9% interest in Long Ridge West Virginia LLC (“Long Ridge WV”), previously a wholly owned subsidiary, for $7.5 million in cash. Long Ridge WV is a VIE as defined in U.S. GAAP, but we are not the primary beneficiary. Following the sale, we no longer have a controlling interest in Long Ridge WV, but we still maintain significant influence through our retained interest and account for this investment in accordance with the equity method.

Long Ridge WV was formed to build an energy generating property in West Virginia similar to that of Long Ridge Energy & Power LLC. On the deconsolidation, no gain was recorded as all the assets consist of unproved undeveloped gas properties. We recorded our investment in the legal entity at the cost basis of $7.2 million as of November 17, 2023.

E-Circuit Motors Inc. (“ECM”) is a software company concentrating on the development and sale of printer circuit board stator motors and also utilizes proprietary software to develop and test such motors in a virtual environment. On March 6, 2024, the Company invested $5.0 million for 166,667 shares of Series D preferred equity, as well as 166,667 warrants of common stock at $0.01 per share in ECM. The preferred shares are convertible to common shares at the option of the investor on a one-for-one basis. We do not exercise significant influence over the investment and will record the preferred share investment as an equity security. The warrants are exercisable only if certain conditions are met over the next two years after the date of the investment. The warrants will be accounted for as equity securities.

The value of the Series D preferred equity and warrants as of the date of investment were determined to be $2.5 million each, based on relative fair value. ECM is a private company with no readily determinable fair values; if additional third-party information becomes available we will adjust the value of the investments accordingly. As of June 30, 2024, the investment of $5.0 million was recorded in Other assets on the Consolidated Balance Sheet.