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Investments

9 Months Ended

Sep. 30, 2024

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,
	2024		2023

	(in millions)
Assets
Investments:
Equity securities:
Communications	$	67	$	—
Consumer, cyclical		292		260
Energy		59		708
Utilities		937		1,012
Healthcare		521		440
Technology		—		139
Materials		394		52
Industrial		174		—
		2,444		2,611
Debt securities:
Financials		—		158
Real Estate		32		44
Communications		—		85
		32		287
	$	2,476	$	2,898
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	—	$	41
Consumer, cyclical		—		3
Energy		988		2,146
Utilities		578		610
Materials		298		350
Industrial		134		138
		1,998		3,288
Debt securities:
Communications		661		—
Materials		20		185
	$	2,679	$	3,473

The portion of unrealized (losses) and gains that relates to securities still held by our Investment segment, primarily equity securities, was $101 million and $(255) million for the three months ended September 30, 2024 and 2023, respectively, and $(229) million and $(286) million for the nine months ended September 30, 2024 and 2023, 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,
	2024		2023

	(in millions)
Equity method investments	$	95	$	100
Held to maturity debt investments measured at amortized cost		11		11
Other investments measured at fair value		3		3
	$	109	$	114

There were no unrealized gains and (losses) that relates to equity securities still held by our other segments and Holding Company for each of the three and nine months ended September 30, 2024 and 2023.