Investments

Merchant Banking Funds

The Company has invested in certain previously sponsored merchant banking funds: Greenhill Capital Partners (“GCP I”) and Greenhill Capital Partners II (“GCP II”), which are families of 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,
	2014		2013
	(unaudited)
Investment in GCP I	$	2,029	$	2,257
Investment in GCP II	2,432		7,690
Investment in other merchant banking funds	1,798		1,798
Total investments in merchant banking funds	$	6,259	$	11,745

As of March 31, 2014, the Company continues to retain control only of the general partner of GCP I and GCP II and consolidates the results of each such general partner.

The investment in GCP I represents an interest in a previously sponsored merchant banking fund and includes $0.1 million at each of March 31, 2014 and December 31, 2013, related to the noncontrolling interests in the managing general partner of GCP I. The investment in GCP II principally represents the capital interest in a portfolio company and also includes $0.9 million at each of March 31, 2014 and December 31, 2013, related to the noncontrolling interests in the general partner of GCP II.

Investment in other merchant banking funds includes the Company's investment in Barrow Street III, a real estate investment fund. At March 31, 2014, $0.3 million of the Company's commitment remains unfunded and may be drawn any time prior to the expiration of the fund in June 2015.

Investment revenues

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



	For the Three Months Ended March 31,
	2014			2013
	(in thousands, unaudited)
Net realized and unrealized gains (losses) on investment in Iridium	$	—		$	(2,081	)
Net realized and unrealized gains (losses) on investments in merchant banking funds	(5,205		)	—
Deferred gain on sale of certain merchant banking assets	49			49
Interest income	270			176
Total investment revenues (losses)	$	(4,886	)	$	(1,856	)

During the three months ended March 31, 2013, 840,000 shares of Iridium were sold at an average price of $6.69 per share, resulting in a loss for the period of $2.1 million. The Company completed the sale of its entire investment in Iridium in December 2013.