CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (326)	$ (542)	$ (1,012)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net loss from securities transactions	(323)	207	595
Purchases of securities	(1,372)	(1,925)	(963)
Proceeds from sales of securities	1,990	1,474	4,537
Payments to cover securities sold, not yet purchased	(773)	(2,227)	(4,692)
Proceeds from securities sold, not yet purchased	612	998	1,358
Changes in receivables and payables relating to securities transactions	(71)	2,465	2,268
Changes in derivative assets and liabilities	(146)	(181)	1,029
Loss (gain) on disposition of assets, net	(247)	4	(8)
Depreciation and amortization	603	511	518
Loss on deconsolidation of subsidiary			246
Credit loss expense			139
Impairment	40		7
Deferred taxes	9	(45)	(48)
Other, net	31	3	(84)
Changes in other operating assets and liabilities:
Accounts receivable, net	86	15	78
Related party note receivable			7
Inventories	28	133	27
Other assets	(318)	(1)	55
Accounts payable	(135)	(33)	59
Accrued expenses and other liabilities	(1)	(24)	(380)
Net cash (used in) provided by operating activities	(313)	832	3,736
Cash flows from investing activities:
Capital expenditures	(341)	(280)	(303)
Turnaround expenditures	(197)	(53)	(57)
Acquisition of businesses, net of cash acquired		(2)	(20)
Proceeds from sale of equity investment		90
Proceeds from disposition of businesses and assets	120	3	33
Related party note receivable payments and distributions, net		4	30
Other, net	16	23	27
Net cash (used in) provided by investing activities	(402)	(215)	(290)
Cash flows from financing activities:
Investment segment contributions from non-controlling interests		1
Investment segment distributions to non-controlling interests	(526)	(511)	(2,199)
Partnership contributions	85	104	185
Partnership distributions	(288)	(391)	(307)
Proceeds from sale of (purchase of) additional interests in consolidated subsidiaries	(72)	(13)	158
Dividends and distributions to non-controlling interests in subsidiaries	(77)	(95)	(319)
Proceeds from Holding Company senior notes	495	1,266	699
Repayments of Holding Company senior notes	(479)	(1,229)	(1,159)
Repurchase of senior notes held in treasury	(46)	(168)
Proceeds from subsidiary borrowings	18	362	683
Repayments of subsidiary borrowings	(189)	(629)	(112)
Other, net	(26)	(20)	(14)
Net cash used in financing activities	(1,105)	(1,323)	(2,385)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents		(1)	(1)
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents	(1,820)	(707)	1,060
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	5,239	5,946	4,886
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$ 3,419	$ 5,239	$ 5,946