v3.26.1
Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2026
Derivative  
Notional exposure of derivative instruments

June 30, 2026

December 31, 2025

  ​ ​ ​

Long Notional Exposure

  ​ ​ ​

Short Notional Exposure

  ​ ​ ​

Long Notional Exposure

  ​ ​ ​

Short Notional Exposure

(in millions)

Primary underlying risk:

Equity contracts

$

844

$

1,530

$

1,499

$

2,386

Commodity contracts

 

 

481

346

Investment Segment  
Derivative  
Fair value and income recognized for derivatives not designated as hedging instruments

Derivative Assets

Derivative Liabilities

  ​ ​ ​

June 30, 2026

  ​ ​ ​

December 31, 2025

  ​ ​ ​

June 30, 2026

  ​ ​ ​

December 31, 2025

(in millions)

Equity contracts

$

13

$

153

$

603

$

739

Credit contracts

 

 

 

 

Commodity contracts

 

6

 

1

 

141

 

10

Sub-total

 

19

 

154

 

744

 

749

Netting across contract types(1)

 

(19)

 

(154)

 

(19)

 

(154)

Total(1)

$

$

$

725

$

595

(1)Excludes netting of cash collateral received and posted. The total collateral posted at June 30, 2026 and December 31, 2025 was $1.0 billion and $1.0 billion, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.

Gain (loss) Recognized in Income (1)

Three Months Ended June 30, 

Six Months Ended June 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

(in millions)

Equity contracts

$

(302)

$

(109)

$

(258)

$

(261)

Credit contracts

 

 

2

 

 

3

Commodity contracts

 

(67)

 

(31)

 

(306)

 

(38)

$

(369)

$

(138)

$

(564)

$

(296)

(1)Gains (losses) recognized on derivatives are classified in net (loss) gain from investment activities in our condensed consolidated statements of operations for our Investment segment.
Energy  
Derivative  
Fair value and income recognized for derivatives not designated as hedging instruments

Derivative Assets

Derivative Liabilities

  ​ ​ ​

June 30, 2026

  ​ ​ ​

December 31, 2025

  ​ ​ ​

June 30, 2026

  ​ ​ ​

December 31, 2025

(in millions)

Commodity contracts

$

16

$

10

$

160

$

3

Netting across contract types(1)

 

(16)

 

(3)

 

(57)

 

(3)

Total(1)

$

$

7

$

103

$

(1)The netting of derivatives primarily related to initial margin requirements of $6 million and $5 million at June 30, 2026 and December 31, 2025, respectively, which was not offset against derivatives liabilities, net in the condensed consolidated balance sheets.