Investment Funds Investment Funds

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Net Investment Income

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 which were $362 million as of March 31, 2017.

Investment funds consist of the following:

	Carrying Value as of				Income (Loss) from Investment Funds
	March 31,		December 31,		For the Three Months Ended March 31,
(In thousands)	2017		2016		2017		2016
Real estate	$	654,501	$	641,783	$	4,532	$	17,037
Energy	96,161		91,448		3,245		(3,924		)
Hedge equity	74,779		73,913		866		(2,852		)
Other funds	413,117		391,002		18,006		6,375
Total	$	1,238,558	$	1,198,146	$	26,649	$	16,636

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