v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Measurements  
Schedule of assets and liabilities measured at fair value on a recurring basis

June 30, 2026

December 31, 2025

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

(in millions)

Assets

Investments (Note 4)

$

1,388

$

$

3

$

1,391

$

2,108

$

$

41

$

2,149

Derivative assets, net (Note 6)

 

 

 

 

 

 

7

 

 

7

$

1,388

$

$

3

$

1,391

$

2,108

$

7

$

41

$

2,156

Liabilities

Securities sold, not yet purchased (Note 4)

$

1,000

$

$

$

1,000

$

1,382

$

$

$

1,382

Derivative liabilities, net (Note 6)

 

 

828

 

 

828

 

 

595

 

 

595

RFS obligations (Note 17)

 

 

408

 

 

408

 

 

72

 

 

72

$

1,000

$

1,236

$

$

2,236

$

1,382

$

667

$

$

2,049

Assets measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value

Six Months Ended June 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

(in millions)

Balance at January 1

$

41

$

41

Transfer out of Level 3

(38)

Balance at June 30

$

3

$

41