| Investments |
5. Investments
A summary of the carrying value of total investments is as follows:
|
|
March 31, |
|
|
December 31, |
|
|
(in millions) |
2022 |
|
|
2021 |
|
|
Debt securities: |
|
|
|
|
|
|
|
|
Held-to-maturity investments |
$ |
460 |
|
|
$ |
430 |
|
|
Trading securities (including $1,093 and $1,140 trading debt securities of CIPs at March 31, 2022 and December 31, 2021, respectively) |
|
1,132 |
|
|
|
1,186 |
|
|
Total debt securities |
|
1,592 |
|
|
|
1,616 |
|
|
Equity securities at FVTNI (including $1,592 and $1,485 equity securities at FVTNI of CIPs at March 31, 2022 and December 31, 2021, respectively) |
|
1,769 |
|
|
|
1,738 |
|
|
Equity method investments(1) |
|
1,797 |
|
|
|
1,694 |
|
|
Bank loans held by CIPs |
|
292 |
|
|
|
284 |
|
|
Federal Reserve Bank stock(2) |
|
96 |
|
|
|
96 |
|
|
Carried interest(3) |
|
1,778 |
|
|
|
1,555 |
|
|
Other investments(4) |
|
291 |
|
|
|
279 |
|
|
Total investments |
$ |
7,615 |
|
|
$ |
7,262 |
|
|
(1) |
Equity method investments primarily include BlackRock’s direct investments in certain BlackRock sponsored investment funds. |
|
(2) |
At both March 31, 2022 and December 31, 2021, 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 held by CIPs measured at fair value. |
Held-to-Maturity Investments
Held-to-maturity investments included certain investments in BlackRock sponsored CLOs and foreign government debt held primarily for regulatory purposes. The amortized cost (carrying value) of these investments approximated fair value (primarily a Level 2 input). At March 31, 2022, $26 million of these investments mature between one year to five years, $142 million of these investments mature between five to ten years and $292 million of these investments mature after 10 years.
Trading Debt Securities and Equity Securities at FVTNI
A summary of the cost and carrying value of trading debt securities and equity securities at fair value recorded through net income (“FVTNI”) is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
(in millions) |
Cost |
|
|
Carrying
Value |
|
|
Cost |
|
|
Carrying
Value |
|
|
Trading debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt |
$ |
737 |
|
|
$ |
731 |
|
|
$ |
703 |
|
|
$ |
701 |
|
|
Government debt |
|
305 |
|
|
|
305 |
|
|
|
365 |
|
|
|
363 |
|
|
Asset/mortgage-backed debt |
|
104 |
|
|
|
96 |
|
|
|
126 |
|
|
|
122 |
|
|
Total trading debt securities |
$ |
1,146 |
|
|
$ |
1,132 |
|
|
$ |
1,194 |
|
|
$ |
1,186 |
|
|
Equity securities at FVTNI: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities/mutual funds |
$ |
1,640 |
|
|
$ |
1,769 |
|
|
$ |
1,451 |
|
|
$ |
1,738 |
|
|
Total equity securities at FVTNI |
$ |
1,640 |
|
|
$ |
1,769 |
|
|
$ |
1,451 |
|
|
$ |
1,738 |
|
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