The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds.

In the normal course of business, the Company is the manager of various types of sponsored investment vehicles, which may be considered 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’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.

The following table presents the balances related to these consolidated sponsored investment products accounted for as VIEs and VREs that were recorded on the consolidated statements of financial condition, including BlackRock’s net interest in these products:

	December 31, 2019									December 31, 2018
(in millions)	VIEs			VREs			Total			VIEs			VREs			Total
Cash and cash equivalents	$	131		$	10		$	141		$	186		$	59		$	245
Investments:
Trading debt securities		1,059			151			1,210			1,395			233		$	1,628
Equity securities at FVTNI		1,330			332			1,662			569			291			860
Bank loans		204			—			204			84			—			84
Other investments		194			—			194			263			—			263
Carried interest		514			—			514			369			—			369
Total investments		3,301			483			3,784			2,680			524			3,204
Other assets		68			5			73			876			8			884
Other liabilities⁽¹⁾		(820	)		(20	)		(840	)		(1,374	)		(53	)		(1,427	)
Noncontrolling interests		(1,348	)		(34	)		(1,382	)		(1,076	)		(90	)		(1,166	)
BlackRock's net interest in consolidated investment products	$	1,332		$	444		$	1,776		$	1,292		$	448		$	1,740

BlackRock’s total exposure to consolidated sponsored investment products represents the value of its economic ownership interest in these sponsored investment products. Valuation changes associated with investments held at fair value by these consolidated sponsored investment products 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 sponsored investment products to use in its operating activities.

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