Other Investments (Tables)

6 Months Ended

Jun. 30, 2014

Schedule of Equity Method Investments [Line Items]

Schedule of other investments and its proportionate share of results for equity method investments

The Company's other investments and its proportionate share of results from equity method investments were as follows ($ in thousands):



	Carrying Value as of				Equity in Earnings
	June 30, 2014		December 31, 2013		For the Three Months Ended June 30,						For the Six Months Ended June 30,
					2014			2013			2014			2013
Real estate equity investments	$	98,204	$	62,205	$	1,442		$	957		$	1,687		$	2,721
Other equity method investments(1)	70,067		45,954		23,882			(127		)	24,918			1,626
Madison Funds	43,531		67,782		(1,989		)	4,865			(2,391		)	7,124
Oak Hill Funds	20,275		21,366		758			909			3,056			2,065
LNR	—		—		—			1,719			—			16,465
Total equity method investments	232,077		197,307		$	24,093		$	8,323		$	27,270		$	30,001
Other	9,484		9,902
Total other investments	$	241,561	$	207,209

Explanatory Note:

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(1)	For the three and six months ended June 30, 2014, the Company recognized $23.4 million of earnings from equity method investments resulting from asset sales by one of its equity method investees.

LNR Property LLC (LNR)

Schedule of Equity Method Investments [Line Items]

Schedule of other investments and its proportionate share of results for equity method investments

The following table reconciles the activity related to the Company's investment in LNR for the three months ended March 31, 2013 and June 30, 2013 and for the six months ended June 30, 2013 ($ in thousands):



	For the Three Months Ended March 31, 2013			For the Three Months Ended June 30, 2013			For the Six Months Ended June 30, 2013
Carrying value of LNR at beginning of period	$	205,773		$	220,281		$	205,773
Equity in earnings of LNR for the period(1)	45,375			—			45,375			(a)
Balance before other than temporary impairment	251,148			220,281			251,148
Other than temporary impairment(1)	(30,867		)	—			(30,867		)	(b)
Sales proceeds pursuant to contract	—			(220,281		)	(220,281		)
Carrying value of LNR at end of period	220,281			—			—

Explanatory Note:

_______________________________________________________________________________

(1)

During the six months ended June 30, 2013, the Company recorded an other than temporary impairment of $30.9 million. Subsequent to the sale of the Company's interest in LNR, LNR reported a reduction in their earnings of $66.2 million related to a purchase price allocation adjustment. The reduction was reflected in LNR's operations for the three months ended March 31, 2013, which resulted in a net loss for the period. Because the Company recorded its investment in LNR on a one quarter lag, the adjustment was reflected in the quarter ended June 30, 2013. There was no net impact on the Company's previously reported equity in earnings as the Company limited its proportionate share of earnings from LNR pursuant to the definitive sale agreement as described above.

Schedule of summarized Income Statements

The following table represents investee level summarized financial information for LNR ($ in thousands)(1):



	For the Three Months Ended March 31, 2013			For the Six Months Ended March 31, 2013
Income Statements
Total revenue(2)	$	68,779		$	146,579
Income tax (expense) benefit	(1,121		)	(1,401		)
Net income attributable to LNR	42,452			231,701

Explanatory Notes:

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(1)	The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the three and six months ended June 30, 2013 were based on balances and results from LNR for the three and six months ended March 31, 2013.

(2)

LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been included in the amounts presented above. For the three and six months ended March 31, 2013, total revenue presented above includes $21.1 million and $50.4 million, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR.