
	December 31,
	2025		2024
Equity method - performance allocations	$	7,309,239	$	5,958,079
Equity method - capital interests (includes assets pledged of $521,124 and $647,448 as of December 31, 2025 and December 31, 2024, respectively)	1,801,436		1,284,255
Loan held for sale	—		47,880
Investments held to maturity, at amortized cost (includes assets pledged of $82,198 and $73,485 as of December 31, 2025 and December 31, 2024, respectively)	88,480		78,941
Investments held for sale and other(a)	—		121,995

Equity method - other	12,661		12,003
Equity investments	—		128
Total investments	$	9,211,816	$	7,503,281

_________________

(a)As of December 31, 2024, investments held for sale and other includes $78.1 million 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 Consolidated Financial Statements. The following table summarizes net gains (losses) from investment activities (in thousands):


	Year Ended December 31,
		2025		2024		2023

Net (losses) gains of investments held for sale and other		$	(2,227)	$	2,572	$	—
Net (losses) gains of equity method investments, fair value option		—		(26,785)		15,264
Net losses of equity method investments - other		(838)		(1,217)		(1,306)
Net gains (losses) from equity investments		218		(3,896)		(7,394)
Total net (losses) gains from investment activities		$	(2,847)	$	(29,326)	$	6,564

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 Consolidated Statements of Financial Condition. As of December 31, 2025, the short-term funding arrangement had been settled.

In connection with the acquisition of Angelo Gordon, the Company acquired investments held to maturity, and the carrying value of these investments are included in investments on the 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 $90.0 million and $81.6 million at December 31, 2025 and 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 years ended December 31, 2025 and 2024, the Company did not recognize any impairment losses on an equity method investment without a readily determinable fair value.

TPG evaluates each of its equity method investments to determine if any are significant as defined in the regulations promulgated by the SEC. As of and for the years ended December 31, 2025, 2024 and 2023, no individual equity method investment held by TPG met the significance criteria. As such, TPG is not required to present separate financial statements for any of its equity method investments.

The following table shows summarized financial information relating to the Consolidated Statements of Financial Condition for all of TPG’s equity method investments assuming 100% ownership as of December 31, 2025 and 2024 (in thousands):


	December 31,
	2025		2024
Total assets	$	196,020,558	$	153,574,291
Total liabilities	44,298,175		29,826,843
Total equity	151,722,383		123,747,448

The following table shows summarized financial information relating to the Consolidated Statements of Operations for all of TPG’s equity method investments assuming 100% ownership for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Revenues	$	18,104,095	$	13,639,080	$	11,092,500
Expenses	4,442,523		4,379,772		4,134,838

Net income	$	13,661,572	$	9,259,308	$	6,957,662