In the normal course of business, the Company is the manager of various types of sponsored investment vehicles, which may be considered variable interest entities (“VIEs”). The Company may from time to time own equity or debt securities or enter into derivatives 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 investments in the entity. The Company consolidates entities when it is determined to be the primary beneficiary (“PB”).

Consolidated VIEs. The Company’s consolidated VIEs include certain sponsored investment products in which BlackRock has an investment 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.

Consolidated VIE assets and liabilities are presented after intercompany eliminations in the following table:

	June 30,			December 31,
(in millions)	2019			2018
Assets of consolidated VIEs:
Cash and cash equivalents	$	103		$	186
Investments:
Trading debt securities		939			1,395
Equity securities at FVTNI		736			569
Bank loans		145			84
Other investments		182			263
Carried interest		429			369
Total investments		2,431			2,680
Other assets		63			876
Total assets of consolidated VIEs		2,597			3,742
Liabilities of consolidated VIEs:
Borrowings		(142	)		(84	)
Other liabilities		(502	)		(1,290	)
NCI		(723	)		(1,076	)
BlackRock's net interests in consolidated VIEs	$	1,230		$	1,292

Net gain (loss) related to consolidated VIEs is presented in the following table:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(in millions)	2019		2018			2019		2018

Nonoperating net gain (loss) on consolidated VIEs	$	39	$	(14	)	$	133	$	(12	)

Net income (loss) attributable to NCI on consolidated VIEs	$	12	$	6		$	17	$	11

Nonconsolidated VIEs. At June 30, 2019 and December 31, 2018, the Company’s carrying value of assets and liabilities included on the condensed consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs for which it held a variable interest, but for which it was not the PB, was as follows:

(in millions)
At June 30, 2019	Investments		Advisory Fee Receivables		Other Net Assets (Liabilities)			Maximum Risk of Loss⁽¹⁾
Sponsored investment products	$	492	$	65	$	(7	)	$	574
At December 31, 2018
Sponsored investment products	$	348	$	43	$	(6	)	$	408

The net assets of sponsored investment products that are nonconsolidated VIEs approximated $11 billion and $9 billion at June 30, 2019 and December 31, 2018, respectively.