Investment in Affiliates, Net

Investments in affiliates, net, were $40.8 million and $69.2 million as of December 31, 2016 and 2015, respectively. We recorded $0.5 million, $13.7 million and $14.1 million of equity in earnings of affiliates, net of tax for the years ended December 31, 2016, 2015 and 2014, respectively. Income tax expense of $1.0 million, $9.1 million and $8.9 million was recorded on those earnings for the years ended December 31, 2016, 2015 and 2014, respectively. Dividends from equity method investments were $9.0 million, $30.1 million and $38.7 million for the years ended December 31, 2016, 2015 and 2014, respectively. We recorded $10.3 million, $18.2 million and $19.0 million, respectively, of operating revenues and $11.2 million, $13.0 million and $12.9 million, respectively, of operating expenses related to transactions with our investment in affiliates for the years ended December 31, 2016, 2015 and 2014.

In December 2015, we completed the acquisition of the remaining 49.9% interest in RELS LLC ("RELS"), a leading nation-wide provider of real estate asset valuation and appraisal solutions, and recorded an investment gain of approximately $34.3 million due to the step-up in fair value on the previously held 50.1% interest, which is included in gain on investment and other, net in the accompanying consolidated statements of operations. See Note 16 - Acquisitions for additional information. Prior to the acquisition, RELS contributed 84.9% and 80.0% of our total equity in earnings of affiliates, net of tax, for the years ended December 31, 2015 and December 31, 2014, respectively. Based on the terms and conditions of the joint venture agreement, we had significant influence but did not have control of, or a majority voting interest in, the joint venture. Accordingly, prior to the acquisition of the remaining 49.9% interest in RELS in December 2015, this investment was accounted for under the equity method. Due to the acquisition of RELS, equity in earnings of affiliates was not significant for the year ended December 31, 2016.

The following summarized financial information for this investment (assuming 100.0% ownership interest) is as follows:



(in thousands)	2015
Balance sheet
Total assets	$	42,164
Total liabilities	13,391



(in thousands)	2015		2014
Statements of operations
Total revenues	$	244,647	$	221,328
Expenses and other	205,891		183,761
Net income attributable to RELS LLC	$	38,756	$	37,567
CoreLogic equity in earnings of affiliate, pre-tax	$	19,417	$	18,821

In December 2016, we recorded a pre-tax non-cash impairment of $18.5 million related to our joint venture investment in Speedy Title & Appraisal Review Services LLC ("STARS"). The remaining STARS investment value is $3.0 million, and STARS rolls up into our PI segment. We recorded an additional pre-tax non-cash impairment loss of $4.9 million related to another equity method investment.

In November 2016, we acquired 12.97% ownership of Onthehouse Holding Limited (“OTH”) through a non-cash transaction of AUD$11.3 million or $8.3 million. The consideration comprised of our investment in PropertyIQ Ltd. and a business line from our Australian operations. The transaction resulted in a gain of AUD $9.9 million, or USD $7.3 million, recorded in gain on investments and other, net in our accompanying consolidated statements of operations.

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.

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