Investment Funds

12 Months Ended

Dec. 31, 2018

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 of $270.2 million as of December 31, 2018.

Investment funds consist of the following:



	Carrying Value as of December 31,				Income (Losses)
(In thousands)	2018		2017		2018		2017			2016
Real estate	$	642,137	$	606,995	$	61,453	$	45,068		$	50,415
Energy	75,213		82,882		645		(15,764		)	19,747
Other funds	615,468		465,800		47,251		38,865			29,139
Total	$	1,332,818	$	1,155,677	$	109,349	$	68,169		$	99,301

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.