(in millions)

December 31,

2021

December 31,

2020

Debt securities:

Held-to-maturity investments

$

430

$

310

Trading securities (including $1,140 trading debt securities of CIPs)

1,186

1,964

Total debt securities

1,616

2,274

Equity securities at FVTNI  (including $1,485 equity securities at FVTNI of CIPs)

1,738

2,317

Equity method investments⁽¹⁾

1,694

1,081

Bank loans

284

248

Federal Reserve Bank stock⁽²⁾

96

94

Carried interest⁽³⁾

1,555

627

Other investments⁽⁴⁾

279

278

Total investments

$

7,262

$

6,919

⁽¹⁾

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

⁽²⁾

At both December 31, 2021 and 2020, 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 CIPs measured at fair value.