Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative

Notional exposure of derivative instruments

	March 31, 2025				December 31, 2024
	Long Notional Exposure		Short Notional Exposure		Long Notional Exposure		Short Notional Exposure
		(in millions)
Primary underlying risk:
Equity contracts	$	1,591	$	1,782	$	1,813	$	1,845
Credit contracts(1)		—		53		185		55
Commodity contracts		—		119		—		90

(1) The short notional amount on our credit default swap positions was approximately $210 million and $213 million at March 31, 2025 and December 31, 2024, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $53 million and $55 million as of March 31, 2025 and December 31, 2024, respectively.

Investment Segment

Derivative

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

	Derivative Assets				Derivative Liabilities
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
		(in millions)
Equity contracts	$	123	$	81	$	1,048	$	853
Credit contracts		14		18		—		6
Commodity contracts		13		22		—		—
Sub-total		150		121		1,048		859
Netting across contract types(1)		(136)		(103)		(136)		(103)
Total(1)	$	14	$	18	$	912	$	756

(1) Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2025 and December 31, 2024 was $1.6 billion and $1.5 billion, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.

The following table presents the amount of gain (loss) recognized in the condensed consolidated statements of operations for our Investment segment’s derivatives not designated as hedging instruments:

	Three Months Ended March 31,
	2025		2024
Equity contracts	$	(152)	$	236
Credit contracts		1		(43)
Commodity contracts		(7)		(30)
	$	(158)	$	163

(1) Gains (losses) recognized on derivatives are classified in net (loss) gain from investment activities in our condensed 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
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
		(in millions)
Commodity contracts	$	17	$	17	$	11	$	13
Netting across contract types(1)		(9)		(13)		(11)		(13)
Total(1)	$	8	$	4	$	—	$	—

(1) The netting of derivatives primarily related to initial margin requirements of $6 million and $3 million at March 31, 2025 and December 31, 2024, respectively, which was not offset against derivatives liabilities, net in the condensed consolidated balance sheets.