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Investment Funds Investment Funds
 9 Months Ended
Sep. 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
 
September 30,
 
December 31,
 
For the Nine Months Ended September 30:
(In thousands)
2015
 
2014
 
2015
 
2014
Real estate
$
534,854

 
$
466,703

 
$
51,467

 
$
24,341

Energy
108,830

 
152,056

 
(25,124
)
 
18,136

Arbitrage
69,417

 
282,335

 
(3,925
)
 
15,270

Other
427,117

 
310,307

 
28,420

 
77,485

Total
$
1,140,218

 
$
1,211,401

 
$
50,838


$
135,232



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 includes 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 September 30, 2015 is 21% with a fair value of $353.7 million and a carrying value of $44.2 million.