Investments (Tables)

9 Months Ended

Sep. 30, 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 September 30,		As of December 31,
	2013		2012
	(unaudited)
Investment in GCP I	$	1,732	$	2,247
Investment in GCP II	7,627		11,173
Investment in GCP III	—		1,367
Investment in other merchant banking funds	1,926		1,985
Total investments in merchant banking funds	$	11,285	$	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 September 30,		As of December 31,
	2013		2012
	(unaudited)
Iridium common stock	$	10,978	$	34,165
Deferred compensation plan investments	34		50
Total other investments	$	11,012	$	34,215

Investment Revenues by Source

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



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2013			2012			2013			2012
	(in thousands, unaudited)
Net realized and unrealized gains (losses) on investment in Iridium	$	(3,223	)	$	(10,826	)	$	1,347		$	(1,153	)
Net realized and unrealized gains (losses) on investments in merchant banking funds	394			161			(2,959		)	1,253
Deferred gain on sale of certain merchant banking assets	49			65			147			195
Interest income	340			590			793			1,299
Total investment revenues	$	(2,440	)	$	(10,010	)	$	(672	)	$	1,594

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 and nine month periods ended September 30, 2013 and 2012.

Assets Measured at Fair Value on a Recurring Basis as of September 30, 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 September 30, 2013
	(in thousands)
Assets
Iridium common stock	$	10,978	$	—	$	—	$	10,978
Deferred compensation plan investments	—		34		—		34
Total investments	$	10,978	$	34	$	—	$	11,012

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