Investments

Investments primarily comprise strategic investments and deferred compensation investments. Investments consist of the following (in thousands):



	June 30, 2015		December 31, 2014
Strategic investments:
Investments accounted for under the equity method	$	92,148	$	86,328
Investments held at fair value	4,655		4,435
Common stock or equivalent of companies representing less than 20% equity ownership held at adjusted cost	8,948		8,949
Total Strategic investments	105,751		99,712
Other investments	1,597		1,014
Total Investments	$	107,348	$	100,726

For the three months ended June 30, 2015 and 2014, the Company recorded income of $2.3 million and $2.1 million, respectively, related to Investments accounted for under the equity method of accounting, which is recorded within Investment income and other, net in the Consolidated Statements of Operations. For the six months ended June 30, 2015 and 2014, the Company recorded income of $4.5 million and $15.2 million, respectively, related to Investments accounted for under the equity method of accounting. The Company's investments accounted for under the equity method are considered to be related parties. See Footnote 13 "Related Parties".

Investments held at fair value are accounted for as available for sale securities and any unrealized gains or losses are recorded net of tax in Other comprehensive income.

Merger of BATS and Direct Edge

In January 2014, BATS and Direct Edge, each of whose equity the Company held as an investment, merged, with BATS being the surviving entity in the merger. Prior to the merger, the Company accounted for its investment in BATS under the cost method and accounted for its investment in Direct Edge under the equity method. Following the merger, the Company owns 16.7% of the overall equity of BATS and holds 19.9% of the voting equity and has appointed a director to BATS' board of directors. Based on these facts, the Company accounts for its interest in BATS under the equity method.

The Company received approximately $42.2 million from the aggregate distributions paid by BATS and Direct Edge at or around the close of the merger, which the Company recorded as a return of capital under the equity method of accounting.

During the first quarter of 2014 the Company recognized income of $9.6 million related to the merger of BATS and Direct Edge which is recorded within Investment income and other, net in the Consolidated Statements of Operations. The $9.6 million comprises a partial realized gain with respect to the Company's investment in Direct Edge of $16.2 million offset, in part, by the Company's share of BATS' and Direct Edge's merger related transaction costs that were charged against their earnings of $6.6 million.