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Investments
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments Investments
Investments consist of the following:
As of December 31,
20252024
Equity method investments$255,740 $245,567 
Other investments19,573 12,240 
Total investments$275,313 $257,807 
As of December 31, 2025 and 2024, the Company held investments of $275.3 million and $257.8 million, respectively, of which $40.5 million and $49.0 million were owned by noncontrolling interest holders, respectively. Future net income (loss) and cash flow from investments held by noncontrolling interest holders will not be attributable to the Company.
Equity Method Investments
The summarized financial information of the Company’s equity method investments is as follows:
As of December 31,
20252024
Total assets
$51,402,892 $46,382,280 
Total liabilities
$2,295,655 $1,771,980 
Total equity
$49,107,237 $44,610,300 
Year Ended December 31,
202520242023
Investment income
$234,102 $243,222 $187,989 
Expenses
460,021 395,748 347,320 
Net investment loss
(225,919)(152,526)(159,331)
Net realized and unrealized gain
3,947,156 2,737,015 1,831,634 
Net income
$3,721,237 $2,584,489 $1,672,303 

On February 28, 2025, the Company closed a joint venture, Grove Lane Partners LLC (“Grove Lane”), a premier distribution platform to broaden individual investor access to alternative investments. Upon closing, the Company made a total capital commitment of $15.0 million in exchange for 49% interest in Grove Lane, which is accounted for using the equity method of accounting. Under the terms of the joint venture agreement, the Company maintains the right, but not the obligation, to purchase the remaining 51% interest at a future date based on an agreed upon future value. As of December 31, 2025, the Company has funded $3.5 million of its capital commitment.
The Company evaluates each of its equity method investments, individually and in aggregate, to determine if any were significant as defined by the SEC.
As of December 31, 2025 and 2024, no individual equity method investment held by the Company met the significance criteria. As such, the Company is not required to present separate financial statements for any of its equity method investments.
Other Investments
See Note 5 for fair value disclosures of certain investments held within other investments. The Company also holds $0.1 million and $0.2 million of other investments not held at fair value held within other investments as of December 31, 2025 and 2024, respectively.