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Investment Funds
 12 Months Ended
Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]  
Investment Funds
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 its unfunded commitments of $406.2 million as of December 31, 2017.
Investment funds consist of the following:
 
Carrying Value
as of December 31,
 
Income (Losses)
(In thousands)
2017
 
2016
 
2017
 
2016
 
2015
Real estate
$
606,995

 
$
641,783

 
$
45,068

 
$
50,415

 
$
58,032

Energy
82,882

 
91,448

 
(15,764
)
 
19,747

 
(37,373
)
Hedged equity
—

 
73,913

 
(1,164
)
 
3,334

 
(2,762
)
Other funds
465,800

 
391,002

 
40,029

 
25,805

 
44,331

Total
$
1,155,677

 
$
1,198,146

 
$
68,169

 
$
99,301

 
$
62,228


The Company's share of the earnings or losses of investment funds is primarily reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements.