v3.26.1
Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2026
Derivative  
Notional exposure of derivative instruments

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June 30, 2026

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December 31, 2025

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  ​ ​ ​

Long Notional Exposure

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Short Notional Exposure

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Long Notional Exposure

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Short Notional Exposure

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(in millions)

Primary underlying risk:

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Equity contracts

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$

844

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$

1,530

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$

1,499

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$

2,386

Commodity contracts

 

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—

 

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481

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—

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346

Investment Segment  
Derivative  
Fair value and income recognized for derivatives not designated as hedging instruments

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Derivative Assets

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Derivative Liabilities

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June 30, 2026

  ​ ​ ​

December 31, 2025

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June 30, 2026

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December 31, 2025

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(in millions)

Equity contracts

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$

13

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$

153

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$

603

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$

739

Credit contracts

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—

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—

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—

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—

Commodity contracts

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6

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1

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141

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10

Sub-total

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19

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154

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744

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749

Netting across contract types(1)

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(19)

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(154)

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(19)

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(154)

Total(1)

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$

—

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$

—

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$

725

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$

595

(1)Excludes netting of cash collateral received and posted. The total collateral posted at June 30, 2026 and December 31, 2025 was $1.0 billion and $1.0 billion, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.

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Gain (loss) Recognized in Income (1)

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Three Months Ended June 30, 

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Six Months Ended June 30, 

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2026

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2025

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2026

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2025

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(in millions)

Equity contracts

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$

(302)

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$

(109)

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$

(258)

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$

(261)

Credit contracts

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—

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2

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—

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3

Commodity contracts

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(67)

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(31)

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(306)

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(38)

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$

(369)

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$

(138)

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$

(564)

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$

(296)

(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

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Derivative Assets

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Derivative Liabilities

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June 30, 2026

  ​ ​ ​

December 31, 2025

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June 30, 2026

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December 31, 2025

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(in millions)

Commodity contracts

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$

16

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$

10

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$

160

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$

3

Netting across contract types(1)

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(16)

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(3)

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(57)

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(3)

Total(1)

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$

—

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$

7

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$

103

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$

—

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(1)The netting of derivatives primarily related to initial margin requirements of $6 million and $5 million at June 30, 2026 and December 31, 2025, respectively, which was not offset against derivatives liabilities, net in the condensed consolidated balance sheets.