Table of Contents WEWORK COMPANIES INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2019 (UNAUDITED) Amortization expense related to intangible assets as of June 30, 2019 is expected to be as follows: (Amounts in thousands) Total Remainder of 2019 $ 24,402 2020 42,115 2021 30,978 2022 17,681 2023 12,784 2024 and beyond 48,313 Total $ 176,273 Note 11. Equity Method and Other Investments The Company’s investments consists of the following: December 31, 2018 June 30, 2019 (Amounts in thousands, except percentages) Carrying Carrying Cost Percentage Investee Investment Type Value Value Basis Ownership (1) DSQ Equity method investment / Note receivable 52,291 50,218 53,067 10% (2) WPI Fund Equity method investment 66,592 17,440 15,568 4% (3) The Wing Equity method investment / Equity securities 59,163 58,837 52,000 23% (4) Waller Creek Equity method investment 6,464 10,072 9,908 8% (5) Creator Fund Investments Various 28,008 40,604 41,661 Various (6) IndiaCo Investment in convertible notes 5,319 5,544 5,248 N/A (7) Ark Master Fund Equity method investment — 691 691 2% Other Various 598 2,603 2,754 Various Total equity method and other investments $ 218,435 $ 186,009 $ 180,897 (1) During 2018, a venture in which the Company owns a 10% equity interest closed on the acquisition of a commercial real estate portfolio located in London, United Kingdom (“DSQ”). The investment balance as of June 30, 2019, includes a note receivable with an outstanding balance of $25.0 million that accrues interest at a rate of 6.08% and matures in April 2028. The remaining $25.2 million investment is the carrying value of the Company’s equity method investment. The Company was a tenant in one of the properties within DSQ prior to the acquisition by the joint venture and subsequent to the acquisition the Company has signed new leases for additional space in other locations within DSQ. See Note 22 for additional details. (2) During 2017, the Company subscribed for a total of $27.0 million in capital commitments to a new real estate investment fund (the “WPI Fund”), including its commitments as a 50% owner of the unconsolidated entity that is the general partner of the WPI Fund and its commitments as a limited partner of the WPI Fund. The Company is also a 50% owner in the unconsolidated entity that is the asset manager for the WPI Fund. The other 50% owner of both the general partner and the asset manager of the WPI Fund is an affiliate of Rhone Group LLC. Rhone Group LLC is also a shareholder of the Company and Rhone Group LLC’s controlling member is also a director of the Company. Of the total capital commitments, the Company had funded approximately $15.5 million as of June 30, 2019. During 2018, the Company also funded an additional $50.0 million in exchange for a convertible note to a wholly-owned subsidiary of the WPI Fund. In February 2019, this note converted into a 17.4% equity interest in the Company’s consolidated 424 Fifth Venture as discussed in Note 7. The WPI Fund’s focus is acquiring, developing and managing office assets with current or expected vacancy suitable for WeWork occupancy, currently primarily focusing on opportunities in North America and Europe. (3) During 2017, the Company acquired a 25% interest, comprised of common and preferred shares, in Refresh Club, Inc. (“The Wing”) for $38.0 million, which was accounted for as an equity method investment. The Wing is a network of co-working and community spaces for women and its mission is to create space for women to advance their pursuits and build community together. During 2018, the Company acquired an additional $14.0 million of preferred shares in connection with a new round of financing by The Wing, which resulted in the Company’s ownership decreasing to 23%. The preferred shares, including both the preferred shares acquired during 2017 and the preferred shares acquired during 2018, were determined to be equity securities without a readily determinable fair value and are measured using the measurement alternative. The common shares acquired during 2017 remained an equity method investment. As this additional round of financing in 2018 represented an orderly F-102