DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional amount represents the absolute value of all outstanding derivative contracts.


AS OF MARCH 31, 2026 (MILLIONS)	Assets				Liabilities
	Notional Amount		Fair Value		Notional Amount		Fair Value
Freestanding derivatives
Foreign-currency forward contracts	$	16	$	—	$	536	$	5
Total return swap contracts	—		—		74		9
Interest rate swap contracts	370		—		—		—
	$	386	$	—	$	610	$	14


AS OF DECEMBER 31, 2025 (MILLIONS)	Assets				Liabilities
	Notional Amount		Fair Value		Notional Amount		Fair Value
Freestanding derivatives
Foreign-currency forward contracts	$	325	$	4	$	405	$	3
Total return swap contracts	66		3		8		1
Interest rate swap contracts	—		—		370		1
	$	391	$	7	$	783	$	5

The table below summarizes the aggregate notional amount and fair value of the derivative instruments held in consolidated funds. The notional amount represents the absolute value of all outstanding derivative contracts.


AS OF MARCH 31, 2026 (MILLIONS)	Assets				Liabilities
	Notional Amount		Fair Value		Notional Amount		Fair Value
Investments of consolidated funds
Foreign-currency forward contracts	$	200	$	5	$	—	$	—
	$	200	$	5	$	—	$	—