Investments

12 Months Ended

Dec. 31, 2025

Investments

Investments

5. Investments

Investment

Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our consolidated balance sheets. In addition, our Investment segment has certain derivative transactions which are discussed in Note 7, “Financial Instruments.” The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following:

	December 31,
	2025		2024
	(in millions)
Assets
Investments:
Equity securities:
Communications	$	371	$	129
Consumer, cyclical		180		277
Energy		71		57
Utilities		622		792
Healthcare		99		482
Materials		288		317
Industrial		515		187
		2,146		2,241
Debt securities:
Real Estate		—		31
		—		31
	$	2,146	$	2,272
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Energy	$	798	$	460
Utilities		525		453
Materials		—		133
Industrial		59		107
		1,382		1,153
Debt securities:
Communications		—		220
		—		220
	$	1,382	$	1,373

The portions of unrealized gains and (losses) that relate to securities still held by our Investment segment, primarily equity securities, were $140 million, $(187) million and $(302) million for the years ended December 31, 2025, 2024 and 2023, respectively.

As discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” when certain investments become subject to the equity method of accounting, our Investment segment elects the fair value option to such investment. Investments become subject to the equity method of accounting when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when we possess more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. Conversely, there is a presumption that for investments in which we have less than 20% of the voting interests of the investee that we do not have the ability to exercise significant influence. However, such presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is present, such as when we have representation on the board of directors of such investee.

After considering specific facts and circumstances, including the collective ownership in entities by the Investment Funds and affiliates of Mr. Icahn, as well as their collective representation on each of the boards of directors, we have

determined that we had the ability to exercise significant influence over the operating and financial policies of certain investees of our Investment segment.

Other Segments and Holding Company

With the exception of certain equity method investments at our operating subsidiaries and our Holding Company disclosed in the table below, our investments are measured at fair value in our consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following:

	December 31,
	2025		2024
	(in millions)
Equity method investments	$	91	$	24
Held to maturity debt investments measured at amortized cost		11		11
Other investments measured at fair value		3		3
	$	105	$	38

There were no unrealized gains and (losses) that related to equity securities still held by our other segments and our Holding Company for the years ended December 31, 2025, 2024 and 2023. In August 2025, we recognized a preferred equity investment in TEB in connection with the sale of certain properties to the entity, which contributed to the increase in our equity method investments as of December 31, 2025.

During the fourth quarter of 2024, our Energy segment sold an equity method investment for cash consideration of approximately $90 million, resulting in a gain of $24 million included within Other income, net.