2. Ownership Interests in and Advances to Partner Companies and Funds

The following summarizes the carrying value of the Company’s ownership interests in and advances to partner companies and private equity funds.

	June 30, 2013		December 31, 2012
		(In thousands) (Unaudited)
Fair value	$	19,363	$	20,972

Equity Method:
Partner companies		98,997		102,931
Private equity funds		3,714		3,810
		102,711		106,741
Cost Method:
Partner companies		13,030		10,000
Private equity funds		2,484		2,634
		15,514		12,634

Advances to partner companies		5,512		8,292

	$	143,100	$	148,639

Loan participations receivable	$	8,310	$	7,085

Available-for-sale securities	$	18	$	58

The Company recognized impairment charges of $9.9 million and $3.7 million related to PixelOptics Inc. (“PixelOptics”) in the three months ended June 30, 2013 and 2012, respectively, which are reflected in Equity loss in the Consolidated Statements of Operations. The impairment in 2013 was based on the decision of PixelOptics to seek additional capital from independent sources as well as the Company’s decision to deploy no substantial additional capital in PixelOptics. The impairment in 2012 was based upon launch delays and related supply chain issues, as well as the pricing of a transaction between other institutional shareholders in PixelOptics.

The Company recorded impairment charges of $0.3 million and $0.7 million related to its Penn Mezzanine debt and equity participations in the three months ended June 30, 2013 and 2012, respectively, which are reflected in Other income (loss), net in the Consolidated Statements of Operations. In the three months ended June 30, 2013, the charge included $0.2 million related to loan participations and $0.1 million representing an adjustment to the fair value of the Company’s participation in warrants. In the three months ended June 30, 2012, the charge included $0.2 million related to loan participations, $0.4 million related to equity participations and $0.1 million representing an adjustment to the fair value of the Company’s participation in warrants.

The Company recognized impairment charges of $0.2 million and $0.4 million related to its interest in a legacy private equity fund in the first quarter of 2013 and 2012, respectively, which are reflected in Other income (loss), net in the Consolidated Statements of Operations.

For the three and six months ended June 30, 2013, the Company recognized an unrealized loss of $2.4 million and $1.6 million, respectively, on the mark-to-market of its holdings in NuPathe, Inc. (“NuPathe”), which is included in Other income (loss), net in the Consolidated Statements of Operations.

The following unaudited summarized results of operations for the three months ended March 31, 2013 and 2012 for PixelOptics have been compiled from the unaudited financial statements of PixelOptics.

The results of PixelOptics are reported on a one quarter lag.

	Three Months Ended March 31,
	2013			2012
		(In thousands)
		(Unaudited)
Results of Operations:
Revenue	$	539		$	307
Operating loss	$	(5,855	)	$	(8,721	)
Net loss	$	(7,061	)	$	(9,012	)