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Fair Value Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis
December 31, 2025 (in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Investments Measured at NAV(1) |  |  | Other(2) |  |  | December 31, 2025 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities | $ | — |  |  | $ | 2,782 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,789 |
Held-to-maturity investments |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 507 |  |  |  | 507 |
Total debt securities |  | — |  |  |  | 2,782 |  |  |  | 7 |  |  |  | — |  |  |  | 507 |  |  |  | 3,296 |
Equity securities at FVTNI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities/mutual funds |  | 2,146 |  |  |  | — |  |  |  | 136 |  |  |  | — |  |  |  | — |  |  |  | 2,282 |
Equity method: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity, fixed income, and multi-asset mutual funds |  | 205 |  |  |  | 148 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 353 |
Hedge funds/funds of hedge funds/other |  | — |  |  |  | — |  |  |  | — |  |  |  | 446 |  |  |  | — |  |  |  | 446 |
Private equity funds |  | — |  |  |  | — |  |  |  | — |  |  |  | 510 |  |  |  | — |  |  |  | 510 |
Real assets funds |  | — |  |  |  | — |  |  |  | — |  |  |  | 524 |  |  |  | — |  |  |  | 524 |
Investments related to deferred cash compensation plans |  | — |  |  |  | — |  |  |  | — |  |  |  | 300 |  |  |  | — |  |  |  | 300 |
Total equity method |  | 205 |  |  |  | 148 |  |  |  | — |  |  |  | 1,780 |  |  |  | — |  |  |  | 2,133 |
Loans held by CIPs |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
CLOs held at fair value |  | — |  |  |  | 495 |  |  |  | 73 |  |  |  | — |  |  |  | — |  |  |  | 568 |
Federal Reserve Bank stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 87 |  |  |  | 87 |
Carried interest |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,710 |  |  |  | 3,710 |
Other investments |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,078 |  |  |  | 117 |  |  |  | 1,195 |
Total investments |  | 2,351 |  |  |  | 3,425 |  |  |  | 216 |  |  |  | 2,858 |  |  |  | 4,421 |  |  |  | 13,271 |
Other assets(3) |  | 113 |  |  |  | 10 |  |  |  | 151 |  |  |  | — |  |  |  | — |  |  |  | 274 |
Separate account assets |  | 38,688 |  |  |  | 20,895 |  |  |  | — |  |  |  | — |  |  |  | 515 |  |  |  | 60,098 |
Separate account collateral held under securities lending agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | 4,194 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,194 |
Debt securities |  | — |  |  |  | 3,728 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,728 |
Total separate account collateral held under securities lending agreements |  | 4,194 |  |  |  | 3,728 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,922 |
Total | $ | 45,346 |  |  | $ | 28,058 |  |  | $ | 367 |  |  | $ | 2,858 |  |  | $ | 4,936 |  |  | $ | 81,565 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Separate account collateral liabilities under securities lending agreements | $ | 4,194 |  |  | $ | 3,728 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,922 |
Contingent consideration liabilities |  | — |  |  |  | — |  |  |  | 8,429 |  |  |  | — |  |  |  | — |  |  |  | 8,429 |
Other liabilities(4) |  | — |  |  |  | 13 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13 |
Total | $ | 4,194 |  |  | $ | 3,741 |  |  | $ | 8,429 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,364 |
(1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. (2) Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest. (3) Level 1 amount includes a minority investment in a publicly traded company. Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax. (4) Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information).
December 31, 2024 (in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Investments Measured at NAV(1) |  |  | Other(2) |  |  | December 31, 2024 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities | $ | — |  |  | $ | 1,744 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,751 |
Held-to-maturity investments |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 547 |  |  |  | 547 |
Total debt securities |  | — |  |  |  | 1,744 |  |  |  | 7 |  |  |  | — |  |  |  | 547 |  |  |  | 2,298 |
Equity securities at FVTNI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities/mutual funds |  | 1,950 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,950 |
Equity method: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity, fixed income, and multi-asset mutual funds |  | 347 |  |  |  | 131 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 478 |
Hedge funds/funds of hedge funds/other |  | — |  |  |  | — |  |  |  | — |  |  |  | 552 |  |  |  | — |  |  |  | 552 |
Private equity funds |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,060 |  |  |  | — |  |  |  | 1,060 |
Real assets funds |  | — |  |  |  | — |  |  |  | — |  |  |  | 520 |  |  |  | — |  |  |  | 520 |
Investments related to deferred cash compensation plans |  | — |  |  |  | — |  |  |  | — |  |  |  | 173 |  |  |  | — |  |  |  | 173 |
Total equity method |  | 347 |  |  |  | 131 |  |  |  | — |  |  |  | 2,305 |  |  |  | — |  |  |  | 2,783 |
Loans held by CIPs |  | — |  |  |  | 10 |  |  |  | 135 |  |  |  | — |  |  |  | — |  |  |  | 145 |
CLOs held at fair value |  | — |  |  |  | — |  |  |  | 72 |  |  |  | — |  |  |  | — |  |  |  | 72 |
Federal Reserve Bank stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 93 |  |  |  | 93 |
Carried interest |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,983 |  |  |  | 1,983 |
Other investments |  | 18 |  |  |  | — |  |  |  | — |  |  |  | 274 |  |  |  | 153 |  |  |  | 445 |
Total investments |  | 2,315 |  |  |  | 1,885 |  |  |  | 214 |  |  |  | 2,579 |  |  |  | 2,776 |  |  |  | 9,769 |
Other assets(3) |  | — |  |  |  | 7 |  |  |  | 149 |  |  |  | — |  |  |  | — |  |  |  | 156 |
Separate account assets |  | 32,933 |  |  |  | 19,346 |  |  |  | — |  |  |  | — |  |  |  | 532 |  |  |  | 52,811 |
Separate account collateral held under securities lending agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | 2,719 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,719 |
Debt securities |  | — |  |  |  | 3,340 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,340 |
Total separate account collateral held under securities lending agreements |  | 2,719 |  |  |  | 3,340 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,059 |
Total | $ | 37,967 |  |  | $ | 24,578 |  |  | $ | 363 |  |  | $ | 2,579 |  |  | $ | 3,308 |  |  | $ | 68,795 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Separate account collateral liabilities under securities lending agreements | $ | 2,719 |  |  | $ | 3,340 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,059 |
Contingent consideration liabilities |  | — |  |  |  | — |  |  |  | 4,302 |  |  |  | — |  |  |  | — |  |  |  | 4,302 |
Other liabilities(4) |  | — |  |  |  | 46 |  |  |  | 129 |  |  |  | — |  |  |  | — |  |  |  | 175 |
Total | $ | 2,719 |  |  | $ | 3,386 |  |  | $ | 4,431 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,536 |
(1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. (2) Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest. (3) Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax. (4) Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets.
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis | Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 2025
(in millions) | December 31, 2024 |  |  | Realized and Unrealized Gains (Losses) |  |  | Purchases |  |  | Sales and Maturities |  |  | Issuances and Other Settlements(1) |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | December 31, 2025 |  |  | Total Net Unrealized Gains (Losses) Included in Earnings(2) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading debt securities | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Equity securities/mutual funds |  | — |  |  |  | — |  |  |  | 136 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 136 |  |  |  | — |
Loans |  | 135 |  |  |  | (8 | ) |  |  | 15 |  |  |  | (142 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
CLOs held at fair value |  | 72 |  |  |  | (11 | ) |  |  | 10 |  |  |  | (3 | ) |  |  | 21 |  |  |  | — |  |  |  | (16 | ) |  |  | 73 |  |  |  | (10 | )
Total investments |  | 214 |  |  |  | (19 | ) |  |  | 161 |  |  |  | (145 | ) |  |  | 21 |  |  |  | — |  |  |  | (16 | ) |  |  | 216 |  |  |  | (10 | )
Other assets |  | 149 |  |  |  | 18 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16 | ) |  |  | 151 |  |  |  | 18 |
Total assets | $ | 363 |  |  | $ | (1 | ) |  | $ | 161 |  |  | $ | (145 | ) |  | $ | 21 |  |  | $ | — |  |  | $ | (32 | ) |  | $ | 367 |  |  | $ | 8 |
(in millions) | December 31, 2024 |  |  | Realized and Unrealized (Gains) Losses(3) |  |  | Purchases |  |  | Sales and Maturities |  |  | Issuances and Other Settlements(1) |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | December 31, 2025 |  |  | Total Net Unrealized (Gains) Losses Included in Earnings(2)(3) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liabilities | $ | 4,302 |  |  | $ | 729 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,398 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,429 |  |  | $ | 729 |
Other liabilities |  | 129 |  |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | (112 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total liabilities | $ | 4,431 |  |  | $ | 712 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,286 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,429 |  |  | $ | 729 |
(1) Issuances and other settlements amounts include acquired CLOs and a contingent liability primarily related to the HPS Transaction, and repayments of borrowings of a consolidated CLO. (2) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. (3) Amount includes changes in fair value of contingent consideration recorded within expense on the consolidated statements of income. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 2024
(in millions) | December 31, 2023 |  |  | Realized and Unrealized Gains (Losses) |  |  | Purchases |  |  | Sales and Maturities |  |  | Issuances and Other Settlements(1) |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | December 31, 2024 |  |  | Total Net Unrealized Gains (Losses) Included in Earnings(2) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading debt securities | $ | 42 |  |  | $ | 3 |  |  | $ | 35 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 79 |  |  | $ | 3 |
Loans |  | 175 |  |  |  | 7 |  |  |  | 402 |  |  |  | (455 | ) |  |  | — |  |  |  | 12 |  |  |  | (6 | ) |  |  | 135 |  |  |  | 7 |
Total investments |  | 217 |  |  |  | 10 |  |  |  | 437 |  |  |  | (456 | ) |  |  | — |  |  |  | 12 |  |  |  | (6 | ) |  |  | 214 |  |  |  | 10 |
Other assets |  | 120 |  |  |  | (8 | ) |  |  | 37 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 149 |  |  |  | (8 | )
Total assets | $ | 337 |  |  | $ | 2 |  |  | $ | 474 |  |  | $ | (456 | ) |  | $ | — |  |  | $ | 12 |  |  | $ | (6 | ) |  | $ | 363 |  |  | $ | 2 |
(in millions) | December 31, 2023 |  |  | Realized and Unrealized (Gains) Losses |  |  | Purchases |  |  | Sales and Maturities |  |  | Issuances and Other Settlements(1) |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | December 31, 2024 |  |  | Total Net Unrealized (Gains) Losses Included in Earnings(2) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liabilities | $ | 99 |  |  | $ | (42 | ) |  | $ | — |  |  | $ | — |  |  | $ | 4,245 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,302 |  |  | $ | (42 | )
Other liabilities |  | 180 |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | (58 | ) |  |  | — |  |  |  | — |  |  |  | 129 |  |  |  | 7 |
Total liabilities | $ | 279 |  |  | $ | (35 | ) |  | $ | — |  |  | $ | — |  |  | $ | 4,187 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,431 |  |  | $ | (35 | )
(1) Issuances and other settlements amounts include contingent consideration liabilities related to the SpiderRock and GIP Transactions and repayments of borrowings of a consolidated CLO. (2) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.
Fair Value of Financial Assets and Financial Liabilities | Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At December 31, 2025 and 2024, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:
|  | December 31, 2025 |  |  | December 31, 2024 |  |  |  |
(in millions) |  | Carrying Amount |  |  | Estimated Fair Value |  |  | Carrying Amount |  |  | Estimated Fair Value |  |  | Fair Value Hierarchy |
Financial assets(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 11,468 |  |  | $ | 11,468 |  |  | $ | 12,762 |  |  | $ | 12,762 |  |  | Level 1 | (2)(3)
Other assets |  |  | 103 |  |  |  | 103 |  |  |  | 86 |  |  |  | 86 |  |  | Level 1 | (2)(4)
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term borrowings |  | $ | 12,768 |  |  | $ | 12,546 |  |  | $ | 12,314 |  |  | $ | 11,680 |  |  | Level 2 | (5)
Other liabilities |  |  | 302 |  |  |  | 302 |  |  |  | — |  |  |  | — |  |  | Level 2 | (6)
(1) See Note 5, Investments, for further information on investments not held at fair value. (2) Cash and cash equivalents, other than money market funds, are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities. (3) At December 31, 2025 and 2024, approximately $5.3 billion and $6.2 billion, respectively, of money market funds were recorded within cash and cash equivalents on the consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund. (4) At December 31, 2025 and 2024, other assets included cash collateral of approximately $81 million and $69 million, respectively. See Note 9, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $22 million and $17 million of restricted cash at December 31, 2025 and 2024, respectively. (5) Long-term borrowings are recorded at amortized cost, net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is determined using market prices and the EUR/USD foreign exchange rate at the end of December 2025 and 2024, respectively. See Note 15, Borrowings, for the fair value of each of the Company’s long-term borrowings. (6) Other liabilities include repurchase agreements related to CLO financing arrangements to finance portions of investments in certain CLOs managed by the Company. Repurchase agreements were recorded at amortized cost, which approximates fair value, with maturity dates ranging from 2034 to 2039.
Investments in Certain Entities that Calculate Net Asset Value per Share | The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent). December 31, 2025
(in millions) | Ref |  | Fair Value |  |  | Total Unfunded Commitments |  |  | Redemption Frequency |  | Redemption Notice Period
Equity method(1): |  |  |  |  |  |  |  |  |  |  |
Hedge funds/funds of hedge funds/other | (a) |  | $ | 446 |  |  | $ | 150 |  |  | Quarterly (12%) N/R (88%) |  | 1 – 90 days
Private equity funds | (b) |  |  | 510 |  |  |  | 225 |  |  | N/R |  | N/R
Real assets funds | (c) |  |  | 524 |  |  |  | 1,870 |  |  | Quarterly (7%) N/R (93%) |  | 60 days
Investments related to deferred cash compensation plan | (d) |  |  | 300 |  |  |  | — |  |  | Monthly |  | 1 – 90 days
Other investments: |  |  |  |  |  |  |  |  |  |  |
Private credit fund | (a) |  |  | 140 |  |  |  | — |  |  | Quarterly |  | 30 days
Consolidated sponsored investment products: |  |  |  |  |  |  |  |  |  |  |
Real assets funds | (c) |  |  | 372 |  |  |  | 29 |  |  | N/R |  | N/R
Private equity funds | (e) |  |  | 181 |  |  |  | 34 |  |  | N/R |  | N/R
Hedge funds/other | (a) |  |  | 385 |  |  |  | 48 |  |  | Quarterly (89%) N/R (11%) |  | 60 – 90 days
Total |  |  | $ | 2,858 |  |  | $ | 2,356 |  |  |  |  |
December 31, 2024
(in millions) |  | Ref |  | Fair Value |  |  | Total Unfunded Commitments |  |  | Redemption Frequency |  | Redemption Notice Period
Equity method(1): |  |  |  |  |  |  |  |  |  |  |  |
Hedge funds/funds of hedge funds/other |  | (a) |  | $ | 552 |  |  | $ | 138 |  |  | Daily/Monthly (2%) Quarterly (10%) N/R (88%) |  | 1 – 90 days
Private equity funds |  | (b) |  |  | 1,060 |  |  |  | 227 |  |  | N/R |  | N/R
Real assets funds |  | (c) |  |  | 520 |  |  |  | 710 |  |  | Quarterly (7%) N/R (93%) |  | 60 days
Investments related to deferred cash compensation plan |  | (d) |  |  | 173 |  |  |  | — |  |  | Monthly |  | 1 – 90 days
Consolidated sponsored investment products: |  |  |  |  |  |  |  |  |  |  |  |
Real assets funds |  | (c) |  |  | 175 |  |  |  | 40 |  |  | N/R |  | N/R
Private equity funds |  | (e) |  |  | 7 |  |  |  | 42 |  |  | N/R |  | N/R
Hedge funds/other |  | (a) |  |  | 92 |  |  |  | 58 |  |  | Quarterly (64%) N/R (36%) |  | 90 days
Total |  |  |  | $ | 2,579 |  |  | $ | 1,215 |  |  |  |  |
N/R – Not Redeemable (1) Comprised of equity method investments, which include investment companies that account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value. (a) This category includes hedge funds, funds of hedge funds, and other funds that invest primarily in equities, fixed income securities, private credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both December 31, 2025 and 2024. (b) This category includes private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds and may also include other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. The liquidation period for the investments in these funds is unknown at both December 31, 2025 and 2024. (c) This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds. The liquidation period for the investments in the funds that are not subject to redemptions is unknown at both December 31, 2025 and 2024. The total remaining unfunded commitments were $1.9 billion and $750 million at December 31, 2025 and 2024, respectively. The Company’s portion of the total remaining unfunded commitments was $1.9 billion and $736 million at December 31, 2025 and 2024, respectively. (d) This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company's ownership interest in partners' capital. The investments in hedge funds will be redeemed upon settlement of certain deferred cash compensation liabilities. (e) This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. These investments are not subject to redemption or are not currently redeemable; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. The liquidation period for the underlying assets of these funds is unknown.
Summary of Information Related to Bank Loans and Borrowings of Consolidated CLO Recorded within Investments and Borrowings of Consolidated VIEs Respectively for which Fair Value Option was Elected | In addition, the Company had elected the fair value option for the bank loans and borrowings of a previously consolidated CLO, which was recorded within investments and other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at December 31, 2025 and 2024:
|  | December 31, |  |  | December 31, |
(in millions) |  | 2025 |  |  | 2024 |
CLO loans: |  |  |  |  |  |
Aggregate principal amounts outstanding |  | $ | — |  |  | $ | 156 |
Fair value |  |  | — |  |  |  | 141 |
Aggregate unpaid principal balance in excess of (less than) fair value |  | $ | — |  |  | $ | 15 |
CLO borrowings: |  |  |  |  |  |
Aggregate principal amounts outstanding |  | $ | — |  |  | $ | 146 |
Fair value |  |  | — |  |  |  | 129 |
Aggregate unpaid principal balance in excess of (less than) fair value |  | $ | — |  |  | $ | 17 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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