Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative

Notional exposure of derivative instruments

	December 31, 2025				December 31, 2024
	Long Notional Exposure		Short Notional Exposure		Long Notional Exposure		Short Notional Exposure
		(in millions)
Primary underlying risk:
Equity contracts	$	1,499	$	2,386	$	1,813	$	1,845
Credit contracts(1)		—		—		185		55
Commodity contracts		—		346		—		90

(1) The short notional amount on our credit default swap positions was approximately $213 million at December 31, 2024. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss was approximately $55 million as of December 31, 2024.

Investment Segment

Derivative

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

	Derivative Assets				Derivative Liabilities
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
		(in millions)
Equity contracts	$	153	$	81	$	739	$	853
Credit contracts		—		18		—		6
Commodity contracts		1		22		10		—
Sub-total		154		121		749		859
Netting across contract types(1)		(154)		(103)		(154)		(103)
Total(1)	$	—	$	18	$	595	$	756

(1) Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2025 and 2024 was $1.0 billion and $1.5 billion, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the consolidated balance sheets.

	Gain (Loss) Recognized in Income(1)
	Year Ended December 31,
	2025		2024		2023
Equity contracts	$	(422)	$	(201)	$	(903)
Credit contracts		(1)		(29)		(87)
Commodity contracts		(84)		16		(26)
	$	(507)	$	(214)	$	(1,016)

(1) Gains (losses) recognized on derivatives are classified in net (loss) gain from investment activities in our 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
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
		(in millions)
Commodity contracts	$	10	$	17	$	3	$	13
Netting across contract types(1)		(3)		(13)		(3)		(13)
Total(1)	$	7	$	4	$	—	$	—

(1) Excludes netting of derivatives primarily related to initial margin requirements of $5 million and $3 million at December 31, 2025 and 2024, respectively, which was not offset against derivatives liabilities, net in the consolidated balance sheets.