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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Derivative

Notional exposure of derivative instruments

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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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+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-Publisher FASB
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Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
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-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

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