In the normal course of business, the Company is the manager of various types of sponsored investment products, which may be considered VIE or VREs. The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds. In addition, the Company may from time to time own equity or debt securities or enter into derivatives or loan arrangements with the vehicles, each of which are considered variable interests. The Company’s involvement in financing the operations of the VIEs is generally limited to its economic interest in the entity. The Company’s consolidated VIEs include certain sponsored investment products in which BlackRock has an economic interest and as the investment manager, is deemed to have both the power to direct the most significant activities of the products and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these sponsored investment products. The assets of these VIEs are not available to creditors of the Company. In addition, the investors in these VIEs have no recourse to the credit of the Company.

The following table presents the balances related to these CIPs accounted for as VIEs and VREs that were recorded on the consolidated statements of financial condition, including BlackRock’s net interest in these products:


	December 31, 2023									December 31, 2022
(in millions)	VIEs			VREs			Total			VIEs			VREs			Total
Cash and cash equivalents(1)	$	234		$	54		$	288		$	234		$	31		$	265
Investments:
Trading debt securities		1,423			406			1,829			949			330			1,279
Equity securities at FVTNI		1,059			370			1,429			821			268			1,089
Loans		195			10			205			234			120			354
Other investments		427			171			598			373			77			450
Carried interest		1,916			—			1,916			1,497			—			1,497
Total investments		5,020			957			5,977			3,874			795			4,669
Other assets		83			39			122			68			29			97
Other liabilities(2)		(2,233	)		(108	)		(2,341	)		(1,876	)		(48	)		(1,924	)
Noncontrolling interest - CIPs		(1,625	)		(226	)		(1,851	)		(857	)		(125	)		(982	)
BlackRock's net interest in CIPs	$	1,479		$	716		$	2,195		$	1,443		$	682		$	2,125

(1)

The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.

(2)

At December 31, 2023 and 2022, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.

BlackRock’s total exposure to CIPs represents the value of its economic interest in these CIPs. Valuation changes associated with financial instruments held at fair value by these CIPs are reflected in nonoperating income (expense) and partially offset in net income (loss) attributable to NCI for the portion not attributable to BlackRock.