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Investments | 3 Months Ended
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Mar. 31, 2026
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​
Investments: |  | ​ | ​ |  | ​ | ​
Equity securities: |  | ​ | ​ |  | ​ | ​
Communications | ​ | $ | 165 | ​ | $ | 371
Consumer, cyclical | ​ |  | 169 | ​ |  | 180
Energy | ​ |  | 81 | ​ |  | 71
Utilities | ​ |  | 158 | ​ |  | 622
Healthcare | ​ |  | 56 | ​ |  | 99
Financial | ​ |  | 24 | ​ |  | —
Materials | ​ |  | 310 | ​ |  | 288
Industrial | ​ |  | 567 | ​ |  | 515
​ | ​ | $ | 1,530 | ​ | $ | 2,146
Liabilities | ​ |  | ​ | ​ |  | ​
Securities sold, not yet purchased, at fair value: | ​ |  | ​ | ​ |  | ​
Equity securities: | ​ |  | ​ | ​ |  | ​
Energy | ​ | $ | 361 | ​ | $ | 798
Utilities | ​ |  | 305 | ​ |  | 525
Industrial | ​ | ​ | 82 | ​ | ​ | 59
​ | ​ | $ | 748 | ​ | $ | 1,382
​ | ​ | ​ | ​ | ​ | ​ | ​
​ The portion of unrealized losses that related to securities still held by our Investment segment, primarily equity securities, were $65 million and $223 million for the three months ended March 31, 2026 and 2025, 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
​ | ​ | (in millions)
Equity method investments | ​ | $ | 94 | ​ | $ | 91
Held to maturity debt investments measured at amortized cost | ​ | ​ | 11 | ​ | ​ | 11
Other investments measured at fair value | ​ |  | 3 | ​ |  | 3
​ | ​ | $ | 108 | ​ | $ | 105
​ 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 months ended March 31, 2026 and 2025.

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