5. Consolidated Voting Rights Entities

The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds. The following table presents the balances related to these consolidated VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these funds:

	March 31,			December 31,
(in millions)	2018			2017
Cash and cash equivalents	$	44		$	63
Investments:
Trading debt securities		266			267
Equity securities at FVTNI		284			245
Total investments		550			512
Other assets		15			13
Other liabilities		(42	)		(37	)
Noncontrolling interests ("NCI")		(87	)		(91	)
BlackRock’s net interests in consolidated VREs	$	480		$	460

BlackRock’s total exposure to consolidated VREs represents the value of its economic ownership interest in these sponsored investment funds. Valuation changes associated with investments held at fair value by these consolidated VREs are reflected in nonoperating income (expense) and partially offset in net income (loss) attributable to noncontrolling interests for the portion not attributable to BlackRock.

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