Investments (Tables)

6 Months Ended

Jun. 30, 2024

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:


	June 30,		December 31,
(in millions)	2024		2023
Debt securities:
Trading securities (including $1,868 and $1,829 held by CIPs at June 30, 2024 and December 31, 2023, respectively)	$	1,951	$	1,871
Held-to-maturity investments		582		617
Total debt securities		2,533		2,488
Equity securities at FVTNI (including $2,120 and $1,429 held by CIPs at June 30, 2024 and December 31, 2023, respectively)(1)		2,310		1,585
Equity method investments:
Equity method investments(2)		2,498		2,515
Investments related to deferred cash compensation plans(1)		171		241
Total equity method investments		2,669		2,756
Loans held by CIPs		238		205
Federal Reserve Bank stock(3)		92		92
Carried interest(4)		1,917		1,975
Other investments(5)		457		639
Total investments	$	10,216	$	9,740

(1)

Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans of $171 million and $12 million included within equity method investments and equity securities at fair value recorded through net income ("FVTNI"), respectively, as of June 30, 2024. Amounts as of December 31, 2023 were $241 million and $14 million, respectively, and $9 million in other investments.

(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, a loan held at amortized cost, 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:



	June 30, 2024				December 31, 2023
(in millions)	Cost		Carrying Value		Cost		Carrying Value
Trading debt securities:
Corporate debt	$	919	$	926	$	1,225	$	1,218
Government debt		676		666		501		489
Asset/mortgage-backed debt		373		359		185		164
Total trading debt securities	$	1,968	$	1,951	$	1,911	$	1,871
Equity securities at FVTNI:
Equity securities/mutual funds	$	1,974	$	2,310	$	1,520	$	1,585