

	June 30, 2025		December 31, 2024
Equity method - performance allocations	$	6,089,273	$	5,958,079
Equity method - capital interests (includes assets pledged of $573,115 and $647,448 as of June 30, 2025 and December 31, 2024, respectively)	1,563,346		1,284,255
Loan held for sale	—		47,880
Investments held to maturity, at amortized cost (includes assets pledged of $83,231 and $73,485 as of June 30, 2025 and December 31, 2024, respectively)	89,769		78,941
Investments held for sale and other(a)	178,023		121,995

Equity method - other	12,333		12,003
Equity investments	—		128
Total investments	$	7,932,744	$	7,503,281

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(a)As of June 30, 2025 and December 31, 2024, investments held for sale and other includes $74.8 million and $78.1 million, respectively, of investments held for sale for which the fair value option has been elected.

Net gains (losses) from performance allocations and capital interests are disclosed in the Revenue section of Note 2 to the Condensed Consolidated Financial Statements. The following table summarizes net gains (losses) from investment activities (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

Net gains (losses) of investments held for sale and other	$	—	$	408	$	(2,572)	$	408
Net losses of equity method investments, fair value option	—		(13,076)		—		(18,560)
Net losses of equity method investments - other	(997)		(828)		(523)		(944)
Net gains (losses) from equity investments	206		(3,156)		217		(2,754)
Total net losses from investment activities	$	(791)	$	(16,652)	$	(2,878)	$	(21,850)

As of December 31, 2024, the Company held a short-term funding arrangement as part of the Company’s capital markets activities for $47.9 million, which is recorded at amortized cost basis in investments on the Condensed Consolidated Statements of Financial Condition. As of June 30, 2025, the short-term funding arrangement had been settled.

In connection with the acquisition of TPG Angelo Gordon, the Company acquired investments held to maturity, and the carrying value of these investments are included in investments on the Condensed Consolidated Statements of Financial Condition. The Company estimates an allowance for credit losses (“ACL”) on the investments classified as held to maturity securities. The fair value of investments held to maturity, excluding any reserves for credit losses, was $91.2 million and $81.6 million at June 30, 2025 and December 31, 2024, respectively.

The Company evaluates its equity method investments in which it has not elected the fair value option for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. During the three and six months ended June 30, 2025 and 2024, the Company did not recognize any impairment losses on an equity method investment without a readily determinable fair value.