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Investments
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments
3. Investments
Investments consist of the following (in thousands):

March 31, 2025December 31, 2024
Equity method - performance allocations$6,195,873 $5,958,079 
Equity method - capital interests (includes assets pledged of $657,356 and $647,448 as of March 31, 2025 and December 31, 2024, respectively)
1,369,749 1,284,255 
Loan held for sale65,591 47,880 
Investments held to maturity, at amortized cost (includes assets pledged of $76,485 and $73,485 as of March 31, 2025 and December 31, 2024, respectively)
82,390 78,941 
Investments held for sale and other(a)
179,263 121,995 
Equity method - other13,083 12,003 
Equity investments139 128 
Total investments$7,906,088 $7,503,281 
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(a)As of March 31, 2025 and December 31, 2024, investments held for sale and other includes $81.3 million and $78.1 million, respectively, of investments held for sale for which the fair value option has been elected.
Net gains (losses) from performance allocations and capital interests are disclosed in the Revenue section of Note 2 to the Condensed Consolidated Financial Statements. The following table summarizes net gains (losses) from investment activities (in thousands):
Three Months Ended March 31,
20252024
Net losses of investments held for sale and other$(2,572)$— 
Net losses of equity method investments, fair value option— (5,484)
Net gains (losses) of equity method investments - other474 (116)
Net gains from equity investments11 402 
Total net losses from investment activities$(2,087)$(5,198)
Loan Held for Sale
As of March 31, 2025 and December 31, 2024, the Company entered into a short-term funding arrangement as part of the Company’s capital markets activities for $65.6 million and $47.9 million, respectively, which is recorded at amortized cost basis in investments on the Condensed Consolidated Statements of Financial Condition.
Investments Held to Maturity, at Amortized Cost
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 $84.1 million and $81.6 million at March 31, 2025 and December 31, 2024, respectively.
Equity Method Investments
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 months ended March 31, 2025 and 2024, the Company did not recognize any impairment losses on an equity method investment without a readily determinable fair value.