June 30,

December 31,

(in millions)

2019

2018

Debt securities:

Held-to-maturity investments

$

213

$

188

Trading securities (debt securities of consolidated sponsored investment

   funds of $143 and $233 at June 30, 2019 and December 31, 2018,

   respectively)

180

265

Total debt securities

393

453

Equity securities at FVTNI⁽¹⁾ (equity securities of consolidated sponsored investment

   funds of $309 and $291 at June 30, 2019 and December 31, 2018, respectively)

537

452

Equity method investments⁽²⁾

846

781

Federal Reserve Bank stock⁽³⁾

93

92

Carried interest⁽⁴⁾

12

18

Other investments⁽⁵⁾

108

—

Total investments

$

1,989

$

1,796

⁽¹⁾

^{Fair value recorded through net income (“FVTNI”).}

⁽²⁾

^{Equity method investments primarily include BlackRock’s direct investments in BlackRock sponsored investment funds.}

⁽³⁾

^{At June 30, 2019 and December 31, 2018, there were no indicators of impairment of Federal Reserve Bank stock, which is held for regulatory purposes and is restricted from sale.}

⁽⁴⁾

^{Carried interest of consolidated sponsored investment funds accounted for as voting rights entities (“VREs”) represents allocations to BlackRock’s general partner capital accounts from certain 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. See Note 2, Significant Accounting Policies, in the 2018 Form 10-K for more information on investments in nonmarketable equity securities.}