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Investment Funds Investment Funds
 6 Months Ended
Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]  
Net Investment Income
Investment Funds
Investment funds consist of the following:
 
Carrying Value as of
 
Income (Loss) from Investment Funds
 
June 30,
 
December 31,
 
For the Six Months Ended June 30:
(In thousands)
2015
 
2014
 
2015
 
2014
Real estate
$
506,774

 
$
466,703

 
$
42,337

 
$
16,482

Energy
113,779

 
152,056

 
(27,484
)
 
12,596

Arbitrage
72,752

 
282,335

 
(590
)
 
8,231

Other funds
430,524

 
310,307

 
13,649

 
38,846

Total
$
1,123,829

 
$
1,211,401

 
$
27,912


$
76,155



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 June 30, 2015 is 25.8% with a fair value of $457 million and a carrying value of $45 million.