Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Carrying Value of Total Investments

A summary of the carrying value of total investments is as follows:


(in millions)	December 31, 2023		December 31, 2022
Debt securities:
Trading securities (including $1,829 and $1,279 held by CIPs at December 31, 2023 and December 31, 2022, respectively)	$	1,871	$	1,331
Held-to-maturity investments		617		544
Total debt securities		2,488		1,875
Equity securities at FVTNI (including $1,429 and $1,089 held by CIPs at December 31, 2023 and December 31, 2022, respectively)(1)		1,585		1,211
Equity method investments:
Equity method investments(2)		2,515		1,895
Investments related to deferred cash compensation plans(1)		241		—
Total equity method investments		2,756		1,895
Loans held by CIPs		205		354
Federal Reserve Bank stock(3)		92		91
Carried interest(4)		1,975		1,550
Other investments(1)(5)		639		490
Total investments	$	9,740	$	7,466

(1)

Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans of $241 million, $14 million, and $9 million included within equity method investments, equity securities at FVTNI and other investments, respectively, as of December 31, 2023.

(2)

Equity method investments primarily include BlackRock’s direct investments in certain BlackRock sponsored investment funds.

(3)

Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale.

(4)

Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds.

(5)

Other investments include BlackRock’s investments in nonmarketable equity securities, which are measured at cost, adjusted for observable price changes, and private equity, real asset, and commodity investments held by CIPs, which are measured at fair value.

Summary of Cost and Carrying Value of Equity and Trading Debt Securities

A summary of the cost and carrying value of trading debt securities and equity securities at FVTNI is as follows:


	December 31, 2023				December 31, 2022
(in millions)	Cost		Carrying Value		Cost		Carrying Value
Trading debt securities:
Corporate debt	$	1,225	$	1,218	$	823	$	795
Government debt		501		489		420		400
Asset/mortgage-backed debt		185		164		154		136
Total trading debt securities	$	1,911	$	1,871	$	1,397	$	1,331
Equity securities at FVTNI:
Equity securities/mutual funds	$	1,520	$	1,585	$	1,216	$	1,211