Investments and Related Matters.

Investment

Investments, and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, and derivatives, all of which are reported at fair value in our consolidated balance sheets. See Note 5, "Fair Value Measurements - Investment," for details of the investments for our Investment segment.

Our Investment segment assesses the applicability of equity method accounting with respect to their investments based on a combination of qualitative and quantitative factors, including overall stock ownership of the Investment Funds combined with those of our affiliates along with board of directors representation.

Our Investment segment applied the fair value option to certain of its investments that would have otherwise been subject to the equity method of accounting. As of both September 30, 2014 and December 31, 2013, the fair value of these investments was less than $1 million. During the three months ended September 30, 2014 and 2013, our Investment segment recorded losses of less than $1 million and gains of $78 million, respectively, associated with these investments. During the nine months ended September 30, 2014 and 2013, our Investment segment recorded losses of less than $1 million and gains of $140 million, respectively, associated with these investments. Such amounts are included in net (loss) gain from investment activities in our consolidated statements of operations.

We believe that these investments to which we applied the fair value option are not material, individually or in the aggregate, to our consolidated financial statements.

The portion of trading (losses) gains that relates to trading securities still held by our Investment segment for the three months ended September 30, 2014 and 2013 was $(869) million and approximately $1.4 billion, respectively, and for the nine months ended September 30, 2014 and 2013 was $(259) million and approximately $2.4 billion, respectively.

Other Segments

The carrying value of investments held by our Automotive, Energy, Railcar, Gaming and Home Fashion segments and our Holding Company consist of the following:



	September 30, 2014		December 31, 2013
	(in millions)
Equity method investments	$	296	$	284
Other investments	257		151
	$	553	$	435

Our Holding Company applies the fair value option to its investments that would otherwise be subject to the equity method of accounting. We record unrealized gains and losses for the change in fair value of such investments as a component of net (loss) gain from investment activities in the consolidated statements of operations.