Investments (Tables)

6 Months Ended

Jun. 30, 2012

Carrying Value of Investments in Merchant Banking Funds

The carrying value of the Company’s investments in merchant banking funds are as follows:

	As of June 30,		As of December 31,
	2012		2011
	(in thousands, unaudited)		(in thousands, audited)
Investment in GCP Europe	$	32,022	$	23,951
Investment in GCP II		1,491		1,609
Investment in GCP II subject to Put Options		11,127		10,520
Investment in other merchant banking funds		3,616		3,455
Total investments in merchant banking funds	$	48,256	$	39,535

Other Investments

The Company’s other investments are as follows:

	As of June 30,		As of December 31,
	2012		2011
	(in thousands, unaudited)		(in thousands, audited)
Iridium Common Stock	$	62,035	$	68,881
Barrow Street III		1,806		2,107
Deferred compensation plan investments		144		2,338
Total other investments	$	63,985	$	73,326

Investment Revenues by Source

The Company’s investment revenues, by source, are as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2012		2011		2012		2011
	(in thousands, unaudited)
Net realized and unrealized gains (losses) on investments in merchant banking funds	$	388	$	(887)	$	1,092	$	813
Net realized and unrealized gain on investment in Iridium		1,372		5,618		9,674		3,443
Deferred gain on sale of certain merchant banking assets		65		203		129		406
Interest income		345		254		709		385
Total investment revenues	$	2,170	$	5,188	$	11,604	$	5,047

Assets Measured at Fair Value on Recurring Basis

Assets Measured at Fair Value on a Recurring Basis as of June 30, 2012

	Quoted Prices in Active Markets for Identical Assets (Level  1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2012
	(in thousands, unaudited)
Assets
Iridium Common Stock	$	62,035	$	—	$	—	$	62,035
Deferred compensation plan investments		—		144		—		144
Total investments	$	62,035	$	144	$	—	$	62,179

Assets Measured at Fair Value on a Recurring Basis as of December 31, 2011

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2011
	(in thousands, audited)
Assets
Iridium Common Stock	$	68,881	$	—	$	—	$	68,881
Deferred compensation plan investments		—		2,338		—		2,338
Total investments	$	68,881	$	2,338	$	—	$	71,219

Changes in Fair Value of Level 3 Investments

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 investments for the three months ended June 30, 2011.

	Beginning Balance April 1, 2011		Realized Gains or (Losses)		Unrealized Gains or (Losses)		Purchases, Sales, Other Settlements and Issuances, net		Net Transfers in and/or out of Level 3		Ending Balance June 30, 2011
	(in thousands, unaudited)
Assets
Iridium $11.50 Warrants	$	7,960	$	–	$	–	$	–	$	(7,960)	$	–
Total Level 3 investments	$	7,960	$	–	$	–	$	–	$	(7,960)	$	–

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 investments for the six months ended June 30, 2011.

	Beginning Balance January 1, 2011		Realized Gains or (Losses)		Unrealized Gains or (Losses)		Purchases, Sales, Other Settlements and Issuances, net		Net Transfers in and/or out of Level 3		Ending Balance June 30, 2011
	(in thousands, unaudited)
Assets
Iridium $11.50 Warrants	$	7,280	$	–	$	680	$	–	$	(7,960)	$	–
Total Level 3 investments	$	7,280	$	–	$	680	$	–	$	(7,960)	$	–