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Investments

9 Months Ended

Sep. 30, 2025

Investments

Investments

4.  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 6, “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,
​		2025			2024
​	​	(in millions)
Assets	​	​	​	​	​	​
Investments:		​			​
Equity securities:		​			​
Communications	​	$	388	​	$	129
Consumer, cyclical	​		98	​		277
Energy	​		55	​		57
Utilities	​		608	​		792
Healthcare	​		94	​		482
Materials	​		293	​		317
Industrial	​		395	​		187
​	​		1,931	​		2,241
Debt securities:	​	​	​	​	​	​
Real Estate	​	​	—	​	​	31
​	​		—	​		31
​	​	$	1,931	​	$	2,272
Liabilities	​			​
Securities sold, not yet purchased, at fair value:	​			​
Equity securities:	​			​
Energy	​	$	833	​	$	460
Utilities	​		543	​		453
Materials	​		—	​		133
Industrial	​	​	58	​	​	107
​	​	​	1,434	​	​	1,153
Debt securities:	​	​	​	​	​	​
Communications	​	​	—	​	​	220
​	​	$	1,434	​	$	1,373
​	​	​	​	​	​	​

​

The portion of unrealized gains and (losses) that related to securities still held by our Investment segment, primarily equity securities, were $57 million and $101 million for the three months ended September 30, 2025 and 2024, respectively, and $(120) and $(229) million for the nine months ended September 30, 2025 and 2024, 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,
​		2025			2024
​	​	(in millions)
Equity method investments	​	$	92	​	$	24
Held to maturity debt investments measured at amortized cost	​	​	11	​	​	11
Other investments measured at fair value	​		3	​		3
​	​	$	106	​	$	38

​

There were no unrealized gains and (losses) that related to equity securities still held by our other segments and Holding Company for each of the three and nine months ended September 30, 2025 and 2024.

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