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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative |
Notional exposure of derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025 | ​ | December 31, 2024
​ |  | Long Notional Exposure |  | Short Notional Exposure |  | Long Notional Exposure |  | Short Notional Exposure
​ | ​ | ​ | (in millions)
Primary underlying risk: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity contracts | ​ | $ | 1,603 | ​ | $ | 2,513 | ​ | $ | 1,813 | ​ | $ | 1,845
Credit contracts(1) |  | ​ | — |  | ​ | 29 | ​ | ​ | 185 |  | ​ | 55
Commodity contracts |  | ​ | — |  | ​ | 391 | ​ | ​ | — | ​ | ​ | 90
(1) | The short notional amount on our credit default swap positions was approximately $179 million and $213 million at September 30, 2025 and December 31, 2024, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $29 million and $55 million as of September 30, 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
​ |  | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
​ | ​ | ​ | (in millions)
Equity contracts | ​ | $ | 129 | ​ | $ | 81 | ​ | $ | 1,063 | ​ | $ | 853
Credit contracts | ​ |  | — | ​ |  | 18 | ​ |  | 6 | ​ |  | 6
Commodity contracts | ​ |  | — | ​ |  | 22 | ​ |  | 43 | ​ |  | —
Sub-total | ​ |  | 129 | ​ |  | 121 | ​ |  | 1,112 | ​ |  | 859
Netting across contract types(1) | ​ |  | (129) | ​ |  | (103) | ​ |  | (129) | ​ |  | (103)
Total(1) | ​ | $ | — | ​ | $ | 18 | ​ | $ | 983 | ​ | $ | 756
(1) | Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 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.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gain (loss) Recognized in Income (1)
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (in millions)
Equity contracts | ​ | $ | (135) | ​ | $ | 79 | ​ | $ | (396) | ​ | $ | (132)
Credit contracts | ​ |  | (7) | ​ |  | 29 | ​ |  | (5) | ​ |  | 3
Commodity contracts | ​ |  | (46) | ​ |  | 32 | ​ |  | (84) | ​ |  | 15
​ | ​ | $ | (188) | ​ | $ | 140 | ​ | $ | (485) | ​ | $ | (114)
(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
​ |  | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
​ | ​ | ​ | (in millions)
Commodity contracts | ​ | $ | 18 | ​ | $ | 17 | ​ | $ | 21 | ​ | $ | 13
Netting across contract types(1) | ​ |  | (15) | ​ |  | (13) | ​ |  | (15) | ​ |  | (13)
Total(1) | ​ | $ | 3 | ​ | $ | 4 | ​ | $ | 6 | ​ | $ | —
​
| (1) | The netting of derivatives primarily related to initial margin requirements of $8 million and $3 million at September 30, 2025 and December 31, 2024, respectively, which was not offset against derivatives liabilities, net in the condensed consolidated balance sheets.

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