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Investments
 9 Months Ended
Sep. 30, 2014
Schedule of Investments [Abstract]  
Investments
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:
 
As of September 30,
 
As of December 31,
 
2014
 
2013
 
(in thousands, unaudited)
Investment in GCP I
$
1,688

 
$
2,257

Investment in GCP II
907

 
7,690

Investment in other merchant banking funds
1,680

 
1,798

Total investments in merchant banking funds
$
4,275

 
$
11,745


As of September 30, 2014, the Company continues to retain control only of the general partners 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 September 30, 2014 and December 31, 2013, related to the noncontrolling interests in the managing general partner of GCP I. The investment in GCP II represents an interest in a previously sponsored merchant banking fund and also includes $0.6 million and $0.9 million at September 30, 2014 and December 31, 2013, respectively, related to the noncontrolling interests in the general partner of GCP II. At September 30, 2014, the Company has no remaining unfunded commitments to the GCP funds.
Investment in other merchant banking funds includes the Company's investment in Barrow Street III, a real estate investment fund. At September 30, 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 September 30,
 
For the Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
 
(in thousands, unaudited)
Net realized and unrealized gains (losses) on investments in merchant banking funds
$
(35
)
 
$
394

 
$
(6,539
)
 
$
(2,959
)
Net realized and unrealized gains (losses) on investment in Iridium
—

 
(3,223
)
 
—

 
1,347

Deferred gain on sale of certain merchant banking assets
48

 
49

 
146

 
147

Interest income
311

 
340

 
867

 
793

Total investment revenues (losses)
$
324

 
$
(2,440
)
 
$
(5,526
)
 
$
(672
)