Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investment Segment

Schedule of Investments

Investment

	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

Other Segments and Holding Company

Schedule of Investments

Investment

	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