(in millions)

December 31,

2020

December 31,

2019

Debt securities:

Held-to-maturity investments

$

310

$

249

Trading securities

1,964

1,249

Total debt securities

2,274

1,498

Equity securities at FVTNI

2,317

1,926

Equity method investments⁽¹⁾

1,081

943

Bank loans

248

204

Federal Reserve Bank stock⁽²⁾

94

93

Carried interest⁽³⁾

627

528

Other investments⁽⁴⁾

278

297

Total investments

$

6,919

$

5,489

⁽¹⁾

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

⁽²⁾

^{At both December 31, 2020 and 2019, 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 represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment 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 asset investments of consolidated sponsored investment products measured at fair value.}

December 31, 2020

December 31, 2019

(in millions)

Cost

Carrying

Value

Cost

Carrying

Value

Trading debt securities:

Corporate debt

$

1,591

$

1,641

$

822

$

844

Government debt

203

210

268

269

Asset/mortgage backed debt

132

113

141

136

Total trading debt securities

$

1,926

$

1,964

$

1,231

$

1,249

Equity securities at FVTNI:

Equity securities/mutual funds

$

2,055

$

2,317

$

1,769

$

1,926

Total equity securities at FVTNI

$

2,055

$

2,317

$

1,769

$

1,926