Equity Investments in Unconsolidated Subsidiaries

3 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Equity Investments in Unconsolidated Subsidiaries

Note 6. Equity Investments in Unconsolidated Subsidiaries

Our equity investments in unconsolidated subsidiaries consist of our co-investments in investment management vehicles that we sponsor and manage. As of September 30, 2011, we had a co-investment in one such vehicle, CT Opportunity Partners I, LP, or CTOPI, in which we have a commitment to invest up to $25.0 million, or 4.6% of CTOPI’s total capital commitments. We have funded $15.8 million of our commitment as of September 30, 2011 and received $4.5 million as a return of capital, resulting in an $11.3 million funded and a $13.7 million unfunded commitment balance.

Activity relating to our equity investments in unconsolidated subsidiaries for the nine months ended September 30, 2011 was as follows (in thousands):

	CTOPI			Other			Total
December 31, 2010		$8,931			$1			$8,932
Contributions		3,413			—			3,413
Income from equity investments		2,106			(1	)		2,105
Distributions		(3,839	)		—			(3,839	)
September 30, 2011		$10,611			$—			$10,611

In accordance with the CTOPI management agreement, CTIMCO may earn incentive compensation when certain returns are achieved for the partners of CTOPI, which will be accrued if and when earned, and when appropriate contingencies have been eliminated.

As of September 30, 2011, our maximum exposure to loss from CTOPI was $9.8 million.