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Other Investments (Tables) | 9 Months Ended
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Sep. 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
| September 30, 2014 |  | December 31, 2013 |  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  |  |  |  | 2014 |  | 2013 |  | 2014 |  | 2013
Real estate equity investments(1) | $ | 207,242 |  |  | $ | 62,205 |  |  | $ | 33,707 |  |  | $ | (966 | ) |  | $ | 35,394 |  |  | $ | 1,755 |
Madison Funds | 44,470 |  |  | 67,782 |  |  | 3,982 |  |  | 3,674 |  |  | 1,591 |  |  | 10,798 |
Other equity method investments(2)(3) | 32,566 |  |  | 45,954 |  |  | 10,753 |  |  | 430 |  |  | 35,671 |  |  | 2,056 |
Oak Hill Funds | 20,453 |  |  | 21,366 |  |  | 1,136 |  |  | 1,207 |  |  | 4,192 |  |  | 3,272 |
LNR | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,465 |
Total equity method investments | 304,731 |  |  | 197,307 |  |  | $ | 49,578 |  |  | $ | 4,345 |  |  | $ | 76,848 |  |  | $ | 34,346 |
Other | 9,544 |  |  | 9,902 |  |  |  |  |  |  |  |  |
Total other investments | $ | 314,275 |  |  | $ | 207,209 |  |  |  |  |  |  |  |  |
Explanatory Notes: _______________________________________________________________________________
(1) | During the three and nine months ended September 30, 2014, the Company recognized $32.9 million of earnings from equity method investments resulting from asset sales by one of its equity method investees.
(2) | During the nine months ended September 30, 2014, the Company recognized $23.4 million of earnings from equity method investments resulting from asset sales and a legal settlement by one of its equity method investees.
(3) | In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained interests in its share of carried interest related to various funds. During the three and nine months ended September 30, 2014, the Company recognized $9.0 million of carried interest income.
Schedule of summarized Income Statements | Summarized financial information—The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries as of September 30, 2014 ($ in thousands):
|  | For the Nine Months Ended August 31,
|  | 2014 |  | 2013
OHA Strategic Credit Master Fund, L.P. ("OHA") |  |  |  |
Revenues(1) |  | $ | 77,631 |  |  | $ | 64,803 |
Expenses(1) |  | (639 | ) |  | (1,224 | )
Net income attributable to OHA(1) |  | 76,992 |  |  | 63,579 |
|  | For the Nine Months Ended September 30,
|  | 2014 |  | 2013
Moor Park Real Estate Partners II L.P. ("Moor Park") |  |  |  |
Revenues |  | $ | 25,760 |  |  | $ | 993 |
Expenses |  | (224 | ) |  | (210 | )
Net income attributable to Moor Park |  | 25,536 |  |  | 783 |
Explanatory Note: _______________________________________________________________________________
(1) | The Company recorded its investment in OHA, on a month lag. Therefore, the amounts in the Company's financial statements for the three and nine months ended September 30, 2014 and September 30, 2013 were based on balances and results from OHA for the three and nine months ended August 31, 2014 and August 31, 2013, respectively.
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, June 30, 2013 and September 30, 2013 and for the nine months ended September 30, 2013 ($ in thousands):
| For the Three Months Ended March 31, 2013 |  | For the Three Months Ended June 30, 2013 |  | For the Three Months Ended September 30, 2013 |  | For the Nine Months Ended September 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 nine months ended September 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 Period from April 1, 2013 to April 19, 2013 |  | For the Period from October 1, 2012 to April 19, 2013
Income Statements |  |  |
Total revenue(2) | $ | 32,794 |  |  | $ | 179,373 |
Income tax (expense) benefit | (736 | ) |  | (2,137 | )
Net income attributable to LNR | (51,983 | ) |  | 113,478 |
Explanatory Notes: _______________________________________________________________________________
(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 nine months ended September 30, 2013 were based on balances and results from LNR for the period from April 1, 2013 to April 19, 2013 and for the period from October 1, 2012 to April 19, 2013, respectively.
(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. Total revenue presented above includes $5.1 million and $55.5 million for the period from April 1, 2013 to April 19, 2013 and for the period from October 1, 2012 to April 19, 2013, 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.

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