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. Fair value information regarding these investments is presented below:

(In thousands of dollars)	September 30, 2013		December 31, 2012
Investment in FATV(1)	$	14,918	$	17,110
Employee Investment Funds, net of Company’s ownership interest	1,366		1,218
Other investments	1,600		2,150
Total Investments	$	17,884	$	20,478

(1) Excludes the Company’s share of carried interest in FATV of approximately $2.3 million and $1.6 million at September 30, 2013 and December 31, 2012, which is unrecognized as collection is not reasonably assured.

Investment gains and losses are comprised of the following:

	Three Months Ended September 30,					Nine Months Ended September 30,
(In thousands of dollars)	2013			2012		2013			2012
Investment in FATV	$	1,043		$	137	$	1,126		$	167
Employee Investment Funds	20			26		33			(11		)
Other investments	(971		)	—		(1,497		)	—
Total investment gains/(losses)	$	92		$	163	$	(338	)	$	156

The Company has an equity-method investment in FATV of approximately $14.9 million and $17.1 million at September 30, 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 were no material open commitments to fund this portfolio at September 30, 2013. At September 30, 2013 and December 31, 2012, total Partnership capital for all investors in FATV equaled $64.8 million and $70.9 million, respectively. The Partnership is now scheduled to terminate on July 19, 2014. 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 represents the Company’s maximum exposure to loss in the Partnership at September 30, 2013 and December 31, 2012. The Company’s share of management fee income derived from the Partnership for the three months ended September 30, 2013 and 2012 was $0.2 million and $0.2 million, respectively, and were $0.5 million and $0.5 million for the nine months ended September 30, 2013 and 2012, 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 consolidated EIF resulting in approximately $1.4 million and $1.2 million of Investments, respectively, and approximately $1.0 million and $0.9 million of payables to former employees, respectively, being recorded in the Consolidated Statements of Financial Condition at September 30, 2013 and December 31, 2012, respectively. Management fees are not material.

Other investments of approximately $1.6 million are investments in privately held companies that were strategically aligned with the operations of the Company conducted at the respective times of investment.