Investment in Affiliates, Net

Investment in affiliates, net is accounted for under the equity method of accounting as we are deemed to have significant influence over the affiliate but do not control or have a majority voting interest in the affiliate. The investment is carried at the cost of acquisition, including subsequent capital contributions and loans from us, plus our equity in undistributed earnings or losses since acquisition. Income tax expense of $8.9 million, $16.5 million and $22.1 million was recorded on those earnings for the years ended December 31, 2014, 2013 and 2012, respectively. Dividends from equity method investments were $38.7 million, $36.7 million and $70.7 million for the years ended December 31, 2014, 2013 and 2012, respectively.

One of our subsidiaries owns a 50.1% interest in RELS LLC, a joint venture that provides products and services used in connection with loan originations. This investment in an affiliate contributed 80.0%, 70.7% and 73.8% of our total equity in earnings of affiliates, net of tax, for the years ended December 31, 2014, 2013 and 2012, respectively. For the year ended December 31, 2014, 2013 and 2012 we recorded $6.4 million, $8.7 million and $14.2 million, respectively, of operating revenues related to RELS LLC. Based on the terms and conditions of the joint venture agreement, we have significant influence but do not have control of, or a majority voting interest in, the joint venture. Accordingly, this investment is also accounted for under the equity method. The following summarized financial information for this investment (assuming 100.0% ownership interest) is as follows:



(in thousands)	2014		2013
Balance sheets
Total assets	$	44,536	$	56,925
Total liabilities	$	15,977	$	28,562



(in thousands)	2014		2013		2012
Statements of operations
Total revenues	$	221,328	$	347,070	$	451,876
Expenses and other	183,761		282,686		370,533
Net income from continuing operations	$	37,567	$	64,384	$	81,343
Income from discontinued operations	—		—		7,050
Net income attributable to RELS LLC	$	37,567	$	64,384	$	88,393
CoreLogic equity in earnings of affiliate, pre-tax	$	18,821	$	32,256	44,285

In March 2014, we acquired certain equity interests, assets and intellectual property; which we collectively refer to as "MSB/DataQuick." See Note 16 - Acquisitions for additional information. The acquisition included a 29.4% interest in Symbility Solutions Inc. ("Symbility"). In connection with the purchase price allocation, we recorded $18.3 million to reflect our basis in Symbility. The purchase allocation included $11.3 million of basis difference between the purchase price and our interest in the net assets of Symbility, which is comprised of an indefinite-lived component of $2.0 million and a finite-lived component of $9.4 million with an estimated weighted-average life of 15 years.

In September 2013, we acquired an additional 10% interest in PropertyIQ Ltd. ("PIQ") for NZD$3.3 million, or $2.6 million, a New Zealand joint venture, resulting in a 60% controlling interest. As we previously held a noncontrolling interest in PIQ, we recorded a gain of approximately $6.6 million during the third quarter of 2013, which is included in gain on investments and other, net in the accompanying consolidated statement of operations. Prior to our acquisition of the controlling interest, we accounted for the investment in PIQ using the equity method. See Note 16 - Acquisitions for additional information.

In August 2012, we completed the disposition of our remaining 29.8% interest in Lone Wolf Real Estate Technologies, Inc. for $8.0 million. The disposition resulted in a gain of $2.2 million, net for the year ended December 31, 2013. This gain is included in gain on investments and other, net in the accompanying consolidated statements of operations.

See Note 12 - Fair Value of Financial Instruments for further discussion on investment in affiliates, net measured at fair value on a nonrecurring basis.