EQUITY METHOD INVESTMENTS

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS

The Company holds certain investments where the Company does not control the investee and where the Company is not the primary beneficiary, but can exert significant influence over the financial and operating policies of the investee. Significant influence typically exists if the Company has a 20% to 50% ownership interest in the investee unless predominant evidence to the contrary exists.

Under the equity method of accounting, the Company records its proportionate share of net income or loss based on the investee’s financial results. Given that the Company elected the fair value option to account for these equity method investments, the Company’s share of the investee’s underlying net income or loss predominantly represents fair value adjustments in the investments. Changes in estimated fair value are recorded in net realized and unrealized gain (loss) on investments in the condensed consolidated statements of operations.

Summarized Financial Information

The following table shows summarized financial information for the Company’s equity method investment(s), which were reported under the fair value option of accounting and were determined to be significant as defined by accounting guidance, assuming 100% ownership for the three months ended March 31, 2015 and 2014 (amounts in thousands):

	Three months ended March 31, 2015(1)			Three months ended March 31, 2014(1)
Revenues	$	15,243		$	8,013
Expenses	$	4,534		$	2,138
Net income (loss)	$	(15,589	)	$	8,814

(1)     Revenues and expenses exclude realized and unrealized gains and losses.