| Schedule of Equity Method Investments |
Investments consist of the following (in thousands):
| | | | | | | | | | | | | | | 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 | |
_______________(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. 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) | | | |
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| Schedule of Equity Securities |
Investments consist of the following (in thousands):
| | | | | | | | | | | | | | | 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 | |
_______________(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. 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) | | | |
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