Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investment Segment

Schedule of Investments

Investment

	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

Other Segments and Holding Company

Schedule of Investments

Investment

	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