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Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Derivative |
Notional exposure of derivative instruments |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023 | ​ | December 31, 2022
​ |  | Long Notional Exposure |  | Short Notional Exposure |  | Long Notional Exposure |  | Short Notional Exposure
​ | ​ | ​ | (in millions)
Primary underlying risk: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity contracts | ​ | $ | 2,419 | ​ | $ | 5,732 | ​ | $ | 1,816 | ​ | $ | 5,354
Credit contracts(1) |  | ​ | — |  | ​ | 795 | ​ | ​ | — |  | ​ | 945
Commodity contracts |  | ​ | — |  | ​ | 21 | ​ | ​ | — | ​ | ​ | 22
(1) | The short notional amount on our credit default swap positions was approximately $3.2 billion and $3.5 billion at March 31, 2023 and December 31, 2022, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $0.8 billion and $0.9 billion as of March 31, 2023 and December 31, 2022, respectively.
Investment Segment |
Derivative |
Fair value and income recognized for derivatives not designated as hedging instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Derivative Assets | ​ | Derivative Liabilities
​ |  | March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022
​ | ​ | ​ | (in millions)
Equity contracts | ​ | $ | 134 | ​ | $ | 392 | ​ | $ | 740 | ​ | $ | 719
Credit contracts | ​ |  | 334 | ​ |  | 447 | ​ |  | 1 | ​ |  | 1
Commodity contracts | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1
Sub-total | ​ |  | 468 | ​ |  | 839 | ​ |  | 741 | ​ |  | 721
Netting across contract types(1) | ​ |  | (134) | ​ |  | (34) | ​ |  | (134) | ​ |  | (34)
Total(1) | ​ | $ | 334 | ​ | $ | 805 | ​ | $ | 607 | ​ | $ | 687
(1) | Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2023 and December 31, 2022 was $1,816 million and $1,436 million, 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,
​ | 2023 |  | 2022
​ | ​ | ​ | ​ | ​ | ​
Equity contracts | $ | (284) | ​ | $ | 90
Credit contracts |  | 36 | ​ |  | (285)
Commodity contracts |  | 1 | ​ |  | —
​ | $ | (247) | ​ | $ | (195)
(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 Segment |
Derivative |
Fair value and income recognized for derivatives not designated as hedging instruments |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Derivative Assets | ​ | Derivative Liabilities
​ |  | March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022
​ | ​ | ​ | (in millions)
Commodity contracts | ​ |  | 29 | ​ |  | — | ​ |  | (3) | ​ |  | (5)
Netting across contract types(1) | ​ |  | — | ​ |  | — | ​ |  | 2 | ​ |  | 1
Total(1) | ​ | $ | 29 | ​ | $ | — | ​ | $ | (1) | ​ | $ | (4)
​
| (1) | Excludes netting of derivatives primarily related to initial margin requirements of $13 million and $7 million at March 31, 2023 and December 31, 2022, respectively, which was not offset against derivatives assets, net in the condensed consolidated balance sheets.

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