Note 4. Other Investments

FHLB and FRB Stock

The Company’s investment in stock issued by the FHLB and FRB totaled $50.6 million and $58.4 million at September 30, 2015 and December 31, 2014, respectively. Ownership of government agency securities is restricted to member banks, and the securities do not have readily determinable market values. The Company records investments in FHLB and FRB stock at cost in Other assets of the consolidated balance sheets and evaluates these investments for impairment. The Company expects to recover the full amount invested in FHLB and FRB stock.

Private Equity and Alternative Investments

The Company has ownership interests in a limited number of private equity, venture capital, real estate and hedge funds that are not publicly traded and do not have readily determinable fair values. These investments are carried at cost in the Other assets section of the consolidated balance sheets and are net of impairment write-downs, if applicable. The Company’s investments in these funds totaled $24.1 million and $29.2 million at September 30, 2015 and December 31, 2014. A summary of investments by fund type is provided below:

(in thousands)	September 30,		December 31,
Fund Type	2015		2014
Private equity and venture capital	$	15,949	$	18,605
Real estate	6,776		7,081
Hedge	1,168		1,668
Other (1)	250		1,858

Total	$	24,143	$	29,212

(1)

Includes direct investments in a limited number of start-up companies.

Management reviews these investments quarterly for impairment. The impairment assessment includes a review of the most recent financial statements and investment reports for each fund and discussions with fund management. An impairment loss is recognized if the Company does not expect to recover the cost of an investment. The impairment loss is recognized in Other noninterest income in the consolidated statements of income. The new cost basis of the investment is not adjusted for subsequent recoveries in value. The Company recognized $0.5 million and $2.2 million in impairment losses on its investments during the three and nine months ended September 30, 2015. The Company recognized no impairment losses during the three and nine months ended September 30, 2014.

The table below provides information as of September 30, 2015 on private equity and alternative investments measured at fair value on a nonrecurring basis due to the recognition of impairment:

(in thousands) Fund Type	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Private equity and venture capital	$	1,337	$	273	None (1)	N/A
Other	250		—		None	N/A

Total	$	1,587	$	273

(1)

Funds make periodic distributions of income but do not permit redemptions prior to the end of the investment term.