Note 5 — Investments

Merchant Banking Funds

At December 31, 2015 and 2014, the Company’s investments consist of investments in certain previously sponsored merchant banking funds: Greenhill Capital Partners (“GCP I”) and Greenhill Capital Partners II (“GCP II”) and an interest in Barrow Street III, a real estate investment fund ("Barrow Street"). At December 31, 2015, the Company had no remaining unfunded commitments.

The carrying value of the Company’s investments are as follows:



	As of December 31,
	2015		2014
	(in thousands)
Investment in GCP I	$	1,105	$	1,600
Investment in GCP II	785		907
Investment in Barrow Street	1,685		1,666
Total investments in merchant banking funds	$	3,575	$	4,173

The Company controls the general partner of GCP I and GCP II and consolidates the results of each such general partner. The investment in GCP I includes $0.1 million at each of December 31, 2015 and 2014 related to the noncontrolling interests in the managing general partner of GCP I. The investment in GCP II includes $0.6 million at each of December 31, 2015 and 2014 related to the noncontrolling interests in the general partner of GCP II.

Since its sale of the merchant banking business in 2009, the Company has monetized substantially all of its merchant banking investments. In 2013, the Company sold an interest in a merchant banking fund for approximately $2.0 million, which represented the book value of the investment.

The Company recognized a gain at the time of the exit from the merchant banking business, which was amortized over a five year period ending in 2014. For each of the years ended December 31, 2014 and 2013, deferred gains of $0.2 million were recognized.

Iridium Common Stock

In 2013, the Company completed its liquidation of Iridium with the sale of 5,084,016 common shares at an average price per share of $6.73. As of December 31, 2013, the Company had sold its entire interest in Iridium.

Investment revenues

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



	For the Years Ended December 31,
	2015		2014			2013
	(in thousands)
Net realized and unrealized (losses) on investments in merchant banking funds	$	236	$	(6,567	)	$	(1,884	)
Net realized and unrealized gains (losses) in Iridium	—		—			862
Deferred gain on sale of certain merchant banking assets	—		195			195
Interest income	1,043		1,154			1,071
Total investment revenues (losses)	$	1,279	$	(5,218	)	$	244