8. 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, 2013 for a detailed discussion of the accounting policies related to the Company’s investments and Note 7 herein for additional information regarding valuation techniques and inputs related to the Company’s investment in FATV.

Fair value information regarding these investments has been aggregated and is presented below:

(In thousands of dollars)	March 31, 2014		December 31, 2013
Investment in FATV(1)	$	18,226	$	17,624
Employee Investment Funds, net of Company’s ownership interest	1,250		1,265
Other investments	—		—
Total Investments	$	19,476	$	18,889

(1) Excludes the Company’s share of carried interest in FATV of approximately $3.0 million and $2.9 million at March 31, 2014 and December 31, 2013, respectively, which is unrecognized as collection is not reasonably assured.

Investment gains and losses are comprised of the following:

	Three Months Ended March 31,
(In thousands of dollars)	2014			2013
Investment in FATV	$	601		$	138
Employee Investment Funds	(14		)	34
Total investment gains, net	$	587		$	172

FATV

The Company has an equity-method investment in FATV of approximately $18.2 million and $17.6 million at March 31, 2014 and December 31, 2013, 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 the general partner of FATV. There were no material open commitments to fund this portfolio at March 31, 2014. At March 31, 2014 and December 31, 2013, total Partnership capital for all investors in FATV equaled $79.7 million and $77.3 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 March 31, 2014 and December 31, 2013. The Company’s share of management fee income derived from the Partnership for the three months ended March 31, 2014 and 2013 $0.1 million and $0.2 million, respectively.

Employee Investment Funds

The Employee Investment Funds (“EIF”) were limited liability companies which were established by the Company for the purpose of having select employees invest in private equity securities. The last remaining EIF is managed by Broadpoint Management Corp., a wholly-owned subsidiary of the Company. The Company consolidated EIF resulting in approximately $1.3 million and $1.3 million of Investments, respectively, and approximately $0.9 million and $0.9 million of payables to former employees, respectively, being recorded in the Consolidated Statements of Financial Condition at March 31, 2014 and December 31, 2013, respectively.

In addition, accrued management fees and other expense reimbursements of approximately $0.3 million and $0.3 million at March 31, 2014 and December 31, 2013, respectively, are due to the Company and should be settled when the EIF portfolio company investment is harvested. These receivables are recorded within Receivable from others in the Consolidated Statements of Financial Condition. Refer to Note 6 herein.

Other Investments

The Company held other investments which were investments in privately held companies that were strategically aligned with the operations of the Company conducted at the respective times of investment. At March 31, 2014 and December 31, 2013, the Company had ascribed no fair value to such investments and for the three months ending March 31, 2014 and March 31, 2013, such investments had no impact on the Company’s Consolidated Statements of Operations.

Other investments include warrants held by the Company in a privately held newly-formed commercial mortgage origination company (“investee”). The warrants are exercisable for an aggregate exercise price of $1, solely upon a liquidity event, as defined, and expire on November 18, 2023. To the extent that a liquidity event (as defined) were to occur, the warrants would become exercisable into a 0.4%-2.2% ownership interest in the investee. The actual ownership interest for which the warrants convert is dependent upon the certain performance hurdles being met by the investee. The Company ascribed no fair value to these warrants at March 31, 2014 and December 31, 2013 as the warrants cannot be net settled and are not readily convertible to cash.