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Arbitrage Trading Account | 9 Months Ended
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Sep. 30, 2025
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] |
Arbitrage Trading Account | Arbitrage Trading Account At September 30, 2025 and December 31, 2024, the fair and carrying values of the arbitrage trading account were $1,070 million and $1,123 million, respectively. The primary focus of the trading account is merger arbitrage. Merger arbitrage is the business of investing in the securities of publicly held companies which are the targets in announced tender offers and mergers. Arbitrage investing differs from other types of investing in its focus on transactions and events believed likely to bring about a change in value over a relatively short time period (usually four months or less). The Company uses put options and call options in order to mitigate the impact of potential changes in market conditions on the merger arbitrage trading account. These options are reported at fair value. As of September 30, 2025, the fair value of long option contracts outstanding was $6 million (notional amount of $156 million) and the fair value of short option contracts was $34 million (notional amount of $163 million). Other than with respect to the use of these trading account securities, the Company does not make use of derivatives.

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- Definition This item represents the disclosure releated to the fair value and carrying value of the arbitrage trading account and arbitrage funds and the related assets and liabilities. + References No definition available. + Details
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