10. Investments

Refer to Note 1 within the footnotes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 for a detailed discussion of the accounting policies related to the Company’s investments included within the policy titled “Financial Instruments and Investments” and Note 8 herein for additional information regarding valuation techniques and inputs related to the Company’s investment in FATV. The Company’s investment portfolio includes interests predominantly in privately held companies and private equity securities. Fair value information regarding these investments has been aggregated and is presented below:

(In thousands of dollars)	March 31, 2013		December 31, 2012
Investment in FATV	$	17,251	$	17,110
Employee Investment Funds, net of Company’s ownership interest	1,249		1,218
Other investments	3,097		2,150
Total Investments	$	21,597	$	20,478

Investment gains and losses are comprised of the following:

	Three Months Ended March 31,
(In thousands of dollars)	2013		2012
Investments (realized and unrealized gains/(losses))	$	172	$	132

The Company has an investment in FATV of approximately $17.3 million and $17.1 million at March 31, 2013 and December 31, 2012, respectively. FATV’s primary purpose is to provide investment returns consistent with the risk of investing in venture capital. FA Technology Ventures Corporation, a wholly-owned subsidiary of the Company, is the investment advisor to FATV. There are no material open commitments to fund this portfolio at March 31, 2013. At March 31, 2013 and December 31, 2012, total Partnership capital for all investors in FATV equaled $71.5 million and $70.9 million, respectively. The term of the Partnership was scheduled to end in July 2011, subject to extension by the vote of a majority of the limited partners, as provided in the limited partnership agreement applicable to the Partnership (the “Partnership Agreement”). The term of the Partnership was extended pursuant to such provision and is now scheduled to terminate on July 19, 2013. The Partnership is considered a variable interest entity. The Company is not the primary beneficiary, due to other investors’ level of investment in the Partnership. Accordingly, the Company has not consolidated the Partnership in these consolidated financial statements, but has only recorded the fair value of its investment, which also represented the Company’s maximum exposure to loss in the Partnership at March 31, 2013 and December 31, 2012. The Company’s share of management fee income derived from the Partnership for the three months ended March 31, 2013 and 2012 was $0.2 million and $0.2 million, respectively.

The Employee Investment Funds (“EIF”) are limited liability companies established by the Company for the purpose of having select employees invest in private equity securities. The EIF is managed by Broadpoint Management Corp., a wholly-owned subsidiary of the Company, which has contracted with FATV to act as an investment advisor with respect to funds invested in parallel with the Partnership. The Company has consolidated EIF resulting in approximately $1.2 million and $1.2 million of Investments and a corresponding Payable to others being recorded in the Consolidated Statements of Financial Condition as of March 31, 2013 and December 31, 2012, respectively. Management fees are not material.

Other investments are investments in privately held companies.