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 CIPs 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, 2021									December 31, 2020
(in millions)	VIEs			VREs			Total			VIEs			VREs			Total
Cash and cash equivalents	$	251		$	57		$	308		$	155		$	51		$	206
Investments:
Trading debt securities		870			270			1,140			1,618			310			1,928
Equity securities at FVTNI		1,100			385			1,485			1,592			413			2,005
Bank loans		284			—			284			248			—			248
Other investments		210			—			210			191			—			191
Carried interest		1,504			—			1,504			604			—			604
Total investments		3,968			655			4,623			4,253			723			4,976
Other assets		50			32			82			90			9			99
Other liabilities⁽¹⁾		(1,919	)		(82	)		(2,001	)		(952	)		(70	)		(1,022	)
Noncontrolling interests - CIPs		(1,046	)		(79	)		(1,125	)		(2,193	)		(180	)		(2,373	)
BlackRock's net interest in CIPs	$	1,304		$	583		$	1,887		$	1,353		$	533		$	1,886

BlackRock’s total exposure to CIPs represents the value of its economic ownership interest in these CIPs. Valuation changes associated with investments held at fair value by these CIPs are reflected in nonoperating income (expense) and partially offset in net income (loss) attributable to NCI for the portion not attributable to BlackRock.

The Company cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.

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