(in millions)

December 31,

2019

December 31,

2018

Debt securities:

Held-to-maturity investments

$

249

$

188

Trading securities

1,249

1,660

Total debt securities

1,498

1,848

Equity securities at FVTNI

1,926

1,021

Equity method investments⁽¹⁾

943

781

Bank loans

204

84

Federal Reserve Bank stock⁽²⁾

93

92

Carried interest⁽³⁾

528

387

Other investments⁽⁴⁾

297

263

Total investments

$

5,489

$

4,476

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

^{Carried interest of consolidated sponsored investment funds 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.}

⁽⁴⁾

^{Other investments include BlackRock’s investments in nonmarketable equity securities, which are measured at cost, adjusted for observable price changes and private equity and real assets investments of consolidated sponsored investment products.}

December 31, 2019

December 31, 2018

(in millions)

Cost

Carrying

Value

Cost

Carrying

Value

Trading debt securities:

Corporate debt

$

822

$

844

$

800

$

798

Government debt

268

269

771

756

Asset/mortgage backed debt

141

136

115

106

Total trading debt securities

$

1,231

$

1,249

$

1,686

$

1,660

Equity securities at FVTNI:

Deferred compensation plan mutual funds

$

6

$

23

$

21

$

34

Equity securities/multi-asset mutual funds

1,763

1,903

995

987

Total equity securities at FVTNI

$

1,769

$

1,926

$

1,016

$

1,021