Investment Funds

12 Months Ended

Dec. 31, 2019

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 $232 million as of December 31, 2019.

Investment funds consist of the following:



	Carrying Value as of December 31,				Income (Losses)
(In thousands)	2019		2018		2019			2018		2017
Real estate	$	412,275	$	642,137	$	19,154		$	61,453	$	45,068
Financial services	280,705		195,706		29,005			11,044		3,762
Energy	156,869		183,627		(18,136		)	7,084		6,147
Transportation	147,034		136,640		14,193			15,390		1,686
Other funds	216,652		174,708		24,978			14,378		11,506
Total	$	1,213,535	$	1,332,818	$	69,194		$	109,349	$	68,169

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.