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Investment Funds Investment Funds
 9 Months Ended
Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]  
Net Investment Income
Investment Funds
The Company evaluates whether it is an investor in a variable interest entity (VIE).  Such entities do not have sufficient equity at risk to finance their activities without additional subordinated financial support, or the equity investors, as a group, do not have the characteristics of a controlling financial interest (primary beneficiary).  The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE's capital structure, contractual terms, nature of the VIE's operations and purpose, and the Company's relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE and on an ongoing basis.  The Company is not the primary beneficiary in any of its investment funds, and accordingly, carries its interests in investments funds under the equity method of accounting.

The Company’s maximum exposure to loss with respect to these investments is limited to the carrying amount reported on the Company’s consolidated balance sheet and any unfunded commitment.
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)
2016
 
2015
 
2016
 
2015
Real estate
$
646,102

 
$
580,830

 
$
33,028

 
$
51,467

Energy
80,900

 
93,719

 
7,174

 
(25,124
)
Hedge equity
71,371

 
70,580

 
791

 
(3,925
)
Other funds
433,327

 
424,911

 
19,392

 
28,420

Total
$
1,231,700

 
$
1,170,040

 
$
60,385


$
50,838



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 September 30, 2016 is approximately 21% with a fair value of $453 million and a carrying value of $53.1 million. In October 2016, the Company sold approximately 2.2 million shares in HQY and recognized a realized investment gain of approximately $65 million. Following the completion of the sale, the Company will report its investment in HQY at fair value.