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

(1)

At December 31, 2021 and 2020, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.