The Company consolidates certain sponsored investment funds accounted for as voting rights entities (“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 condensed consolidated statements of financial condition, including BlackRock’s net interest in these products:

	March 31, 2022									December 31, 2021
(in millions)	VIEs			VREs			Total			VIEs			VREs			Total
Cash and cash equivalents	$	332		$	44		$	376		$	251		$	57		$	308
Investments:
Trading debt securities		780			313			1,093			870			270			1,140
Equity securities at FVTNI		1,169			423			1,592			1,100			385			1,485
Bank loans		292			—			292			284			—			284
Other investments		221			—			221			210			—			210
Carried interest		1,718			—			1,718			1,504			—			1,504
Total investments		4,180			736			4,916			3,968			655			4,623
Other assets		67			18			85			50			32			82
Other liabilities⁽¹⁾		(2,165	)		(44	)		(2,209	)		(1,919	)		(82	)		(2,001	)
Noncontrolling interests - CIPs		(1,220	)		(77	)		(1,297	)		(1,046	)		(79	)		(1,125	)
BlackRock's net interests in CIPs	$	1,194		$	677		$	1,871		$	1,304		$	583		$	1,887

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:

	Three Months Ended
	March 31,
(in millions)	2022			2021

Nonoperating net gain (loss) on consolidated VIEs	$	(133	)	$	83

Net income (loss) attributable to NCI on consolidated VIEs	$	(75	)	$	55