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Investments | 6 Months Ended
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Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract] |
Investments | 4. Investments Investments consist of the following (in thousands):
| June 30, 2026 |  | December 31, 2025
Equity method - performance allocations | $ | 7,769,371 |  |  | $ | 7,309,239 |
Equity method - capital interests (includes assets pledged of $384,894 and $521,124 as of June 30, 2026 and December 31, 2025, respectively) | 1,266,172 |  |  | 1,801,436 |
Equity investments | 489,219 |  |  | — |
Investments held to maturity, at amortized cost (includes assets pledged of $76,924 and $82,198 as of June 30, 2026 and December 31, 2025, respectively) | 84,403 |  |  | 88,480 |
Equity method - other | 16,721 |  |  | 12,661 |
Total investments | $ | 9,625,886 |  |  | $ | 9,211,816 |
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,
| 2026 |  | 2025 |  | 2026 |  | 2025 |  |
Net (losses) gains of equity method investments - other | $ | (583) |  |  | $ | (997) |  |  | $ | 2,746 |  |  | $ | (523) |  |  |
Net (losses) gains from equity investments | (8,470) |  |  | 206 |  |  | (12,930) |  |  | 217 |  |  |
Net losses of investments held for sale and other | — |  |  | — |  |  | — |  |  | (2,572) |  |  |
Total net losses from investment activities | $ | (9,053) |  |  | $ | (791) |  |  | $ | (10,184) |  |  | $ | (2,878) |  |  |
Investments Held to Maturity, at Amortized Cost The carrying value of investments held to maturity is 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 $86.5 million and $90.0 million at June 30, 2026 and December 31, 2025, 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 and six months ended June 30, 2026 and 2025, the Company did not recognize any impairment losses on an equity method investment. Equity Investments On February 11, 2026, the Company entered into a long-term, strategic investment management partnership (the “Jackson Transaction”) with Jackson Financial Inc. (“Jackson”) whereby the Company will serve as an investment manager for select general account assets of subsidiaries of Jackson. In connection with the Transaction, the TPG Operating Group purchased 4,715,554 shares of common stock. The fair value of the shares purchased are included in Investments on the Condensed Consolidated Statements of Financial Condition and, as the shares purchased have a readily determinable fair value, changes in fair value are recorded within net gains (losses) from investment activities in the Company’s Condensed Consolidated Statements of Operations each reporting period.

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