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Investments

9 Months Ended

Sep. 30, 2023

5. Investments

Investments

Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our condensed consolidated balance sheets. In addition, our Investment segment has certain derivative transactions which are discussed in Note 7, “Financial Instruments.” The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following:


	September 30,		December 31,
	2023		2022

	(in millions)
Assets
Investments:
Equity securities:
Communications	$	—	$	199
Consumer, cyclical		263		692
Energy		788		909
Utilities		1,149		1,205
Healthcare		447		320
Technology		133		655
Materials		136		153
Industrial		23		486
		2,939		4,619
Debt Securities:
Financials		156		1,958
Real Estate		90		131
Communications		—		11
		246		2,100
	$	3,185	$	6,719
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	106	$	1,006
Consumer, cyclical		—		352
Energy		2,340		2,690
Utilities		541		813
Healthcare		—		387
Materials		529		598
Industrial		120		480
		3,636		6,326
Debt securities:
Materials		165		169
	$	3,801	$	6,495

The portion of unrealized (losses) and gains that relates to securities still held by our Investment segment, primarily equity securities, was $(255) million and $(250) million for the three months ended September 30, 2023 and 2022, respectively, and $(286) million and $(1,172) million for the nine months ended September 30, 2023 and 2022, respectively.

Other Segments and Holding Company

With the exception of certain equity method investments at our operating subsidiaries and our Holding Company disclosed in the table below, our investments are measured at fair value in our condensed consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following:


	September 30,		December 31,
	2023		2022

	(in millions)
Equity method investments	$	101	$	76
Held to maturity debt investments measured at amortized cost		11		11
Other investments measured at fair value		3		3
	$	115	$	90

The portion of unrealized gains and (losses) that relates to equity securities still held by our other segments and Holding Company was zero for each of the three months ended September 30, 2023 and 2022, and zero and $61 million for the nine months ended September 30, 2023 and 2022, respectively.