Investments

3 Months Ended

Mar. 31, 2025

Investments

Investments

4.  Investments

Investments

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 condensed consolidated balance sheets. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6, “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:

	March 31,		December 31,
	2025		2024
	(in millions)
Assets
Investments:
Equity securities:
Communications	$	122	$	129
Consumer, cyclical		273		277
Energy		55		57
Utilities		673		792
Healthcare		422		482
Materials		291		317
Industrial		203		187
		2,039		2,241
Debt securities:
Real Estate		—		31
		—		31
	$	2,039	$	2,272
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Energy	$	432	$	460
Utilities		464		453
Materials		—		133
Industrial		—		107
		896		1,153
Debt securities:
Communications		—		220
	$	896	$	1,373

The portion of unrealized losses that related to securities still held by our Investment segment, primarily equity securities, were $223 million and $339 million for the three months ended March 31, 2025 and 2024, respectively.

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 condensed consolidated balance sheets.

The carrying value of investments held by our other segments and our Holding Company consist of the following:

	March 31,		December 31,
	2025		2024
	(in millions)
Equity method investments	$	20	$	24
Held to maturity debt investments measured at amortized cost		11		11
Other investments measured at fair value		3		3
	$	34	$	38

There were no unrealized gains and (losses) that relates to equity securities still held by our other segments and Holding Company for each of the three months ended March 31, 2025 and 2024.