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Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Derivative |
Notional exposure of derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025 | ​ | December 31, 2024
​ |  | Long Notional Exposure |  | Short Notional Exposure |  | Long Notional Exposure |  | Short Notional Exposure
​ | ​ | ​ | (in millions)
Primary underlying risk: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity contracts | ​ | $ | 1,591 | ​ | $ | 1,782 | ​ | $ | 1,813 | ​ | $ | 1,845
Credit contracts(1) |  | ​ | — |  | ​ | 53 | ​ | ​ | 185 |  | ​ | 55
Commodity contracts |  | ​ | — |  | ​ | 119 | ​ | ​ | — | ​ | ​ | 90
(1) | The short notional amount on our credit default swap positions was approximately $210 million and $213 million at March 31, 2025 and December 31, 2024, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $53 million and $55 million as of March 31, 2025 and December 31, 2024, respectively.
Investment Segment |
Derivative |
Fair value and income recognized for derivatives not designated as hedging instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Derivative Assets | ​ | Derivative Liabilities
​ |  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  | December 31, 2024
​ | ​ | ​ | (in millions)
Equity contracts | ​ | $ | 123 | ​ | $ | 81 | ​ | $ | 1,048 | ​ | $ | 853
Credit contracts | ​ |  | 14 | ​ |  | 18 | ​ |  | — | ​ |  | 6
Commodity contracts | ​ |  | 13 | ​ |  | 22 | ​ |  | — | ​ |  | —
Sub-total | ​ |  | 150 | ​ |  | 121 | ​ |  | 1,048 | ​ |  | 859
Netting across contract types(1) | ​ |  | (136) | ​ |  | (103) | ​ |  | (136) | ​ |  | (103)
Total(1) | ​ | $ | 14 | ​ | $ | 18 | ​ | $ | 912 | ​ | $ | 756
(1) | Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2025 and December 31, 2024 was $1.6 billion and $1.5 billion, 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,
​ | 2025 |  | 2024
​ | ​ | ​ | ​ | ​ | ​
Equity contracts | $ | (152) | ​ | $ | 236
Credit contracts |  | 1 | ​ |  | (43)
Commodity contracts |  | (7) | ​ |  | (30)
​ | $ | (158) | ​ | $ | 163
(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 |
Derivative |
Fair value and income recognized for derivatives not designated as hedging instruments |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Derivative Assets | ​ | Derivative Liabilities
​ |  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  | December 31, 2024
​ | ​ | ​ | (in millions)
Commodity contracts | ​ | $ | 17 | ​ | $ | 17 | ​ | $ | 11 | ​ | $ | 13
Netting across contract types(1) | ​ |  | (9) | ​ |  | (13) | ​ |  | (11) | ​ |  | (13)
Total(1) | ​ | $ | 8 | ​ | $ | 4 | ​ | $ | — | ​ | $ | —
​
| (1) | The netting of derivatives primarily related to initial margin requirements of $6 million and $3 million at March 31, 2025 and December 31, 2024, respectively, which was not offset against derivatives liabilities, net in the condensed consolidated balance sheets.

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