Investment Funds Investment Funds (Notes)

6 Months Ended

Jun. 30, 2012

Investment Funds

Investment funds consist of the following:



	Carrying Value as of				Income (Losses) from Investment Funds
	June 30,		December 31,		For the Six Months Ended June 30,
(Dollars in thousands)	2012		2011		2012			2011
Real estate	$	381,907	$	373,413	$	11,290		$	10,647
Energy	140,802		98,974		49,780			23,133
Arbitrage	57,346		58,008		(662		)	354
Other	148,450		150,243		2,834			(2,245		)
Total	$	728,505	$	680,638	$	63,242		$	31,889

The Company's share of the earnings or losses of investment funds is generally reported on a one-quarter lag in order to facilitate the timely completion of the Company's financial statements. Subsequent to June 30, 2012, the Company received financial information for its investments in energy funds. The Company's share of net losses reported by energy funds for their second quarter of 2012 is estimated to be $20 million pre-tax, or $13 million after-tax. The Company will report this loss, together with the results for other investment funds, in the third quarter of 2012.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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