Investment Funds Investment Funds

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investment Funds

Investment funds consist of the following:



	Carrying Value as of				Income (Loss) from Investment Funds
	March 31,		December 31,		For the Three Months Ended March 31,
(In thousands)	2015		2014		2015			2014
Real estate	$	481,822	$	466,703	$	26,012		$	12,295
Energy	119,813		152,056		(21,868		)	8,601
Arbitrage	281,462		282,335		(873		)	5,107
Other funds	331,175		310,307		2,790			27,796
Total	$	1,214,272	$	1,211,401	$	6,061		$	53,799

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 consolidated financial statements.

Other funds include private equity investments carried on the equity method of accounting, which includes a publicly traded common stock investment in HealthEquity, Inc. (HQY). Our ownership interest in HQY as of March 31, 2015 is 28.1% with a fair value of $385 million and a carrying value of $46 million.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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