LONG-TERM INVESTMENTS

Long-term investments accounted for at cost:



	March 31, 2012				December 31, 2011
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Investment partnerships	$	4,776	$	6,122	$	4,776	$	6,199
Real estate partnership	899		1,297		899		1,293
Investments accounted for at cost	$	5,675	$	7,419	$	5,675	$	7,492

The Company received a cash distribution of $8,886 for the three months ended March 31, 2011 from the liquidation of a long-term investment and recognized a gain of $4,136 for the three months ended March 31, 2011.

Long-term investments consist of the following investments accounted for under the equity method:



	March 31, 2012		December 31, 2011
Investment partnerships	$	24,431	$	16,499

In January 2012, the Company invested $5,000 in an investment partnership with an underlying investment in a hedge fund. In April 2011, the Company invested $10,000 in an investment partnership with an underlying investment in a hedge fund. The Company accounts for these investments and an investment in another limited partnership under the equity method.

The Company recorded an equity loss of $114 and equity income of $763 related to the limited partnerships accounted for under the equity method for the three months ended March 31, 2012 and 2011, respectively.

The carrying value of the investments was approximately $24,431 and $16,499 as of March 31, 2012 and December 31, 2011, respectively, which approximated the investments' fair value.