Investments (Tables)

3 Months Ended

Mar. 31, 2013

Carrying Value of Investments in Merchant Banking Funds

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



	As of March 31,		As of December 31,
	2013		2012
	(unaudited)		(audited)
Investment in GCP II	$	10,988	$	11,173
Investment in GCP III	1,367		1,367
Investment in GCP I	2,246		2,247
Investment in other merchant banking funds	1,985		1,985
Total investments in merchant banking funds	$	16,586	$	16,772

Carrying Value of Other Investments

The Company has other investments including investments in Iridium and certain deferred compensation plan investments related to Greenhill Australia. The Company’s other investments are as follows (in thousands):



	As of March 31,		As of December 31,
	2013		2012
	(unaudited)		(audited)
Iridium common stock	$	25,592	$	34,165
Deferred compensation plan investments	38		50
Total other investments	$	25,630	$	34,215

Investment Revenues by Source

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



	For the Three Months Ended March 31,
	2013			2012
	(in thousands, unaudited)
Net realized and unrealized gains on investments in merchant banking funds	—			705
Net realized and unrealized gains (losses) on investment in Iridium	(2,081		)	8,300
Deferred gain on sale of certain merchant banking assets	49			65
Interest income	176			365
Total investment revenues	$	(1,856	)	$	9,435

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables set forth by level, assets and liabilities measured at fair value on a recurring basis. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. There were no transfers between Level 1 and Level 2 investments in the fair value measurement hierarchy during the three month periods ended March 31, 2013 and 2012.

Assets Measured at Fair Value on a Recurring Basis as of March 31, 2013



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2013
	(in thousands)
Assets
Iridium common stock	$	25,592	$	—	$	—	$	25,592
Deferred compensation plan investments	—		38		—		38
Total investments	$	25,592	$	38	$	—	$	25,630

Assets Measured at Fair Value on a Recurring Basis as of December 31, 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 December 31, 2012
	(in thousands)
Assets
Iridium common stock	$	34,165	$	—	$	—	$	34,165
Deferred compensation plan investments	—		50		—		50
Total investments	$	34,165	$	50	$	—	$	34,215