Investment Funds

6 Months Ended

Jun. 30, 2017

Equity Method Investments and Joint Ventures [Abstract]

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 its unfunded commitments which were $354 million as of June 30, 2017.

Investment funds consisted 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)	2017		2016		2017			2016
Real estate	$	611,598	$	641,783	$	19,518		$	22,414
Energy	86,690		91,448		(8,639		)	1,153
Hedge equity	72,685		73,913		(1,228		)	(2,030		)
Other funds	419,990		391,002		25,893			13,555
Total	$	1,190,963	$	1,198,146	$	35,544		$	35,092

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.