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