The aggregate carrying values of our equity investments are recorded in other assets on the consolidated balance sheets and consist of the following at June 30, 2025 and December 31, 2024 (in millions):


	June 30, 2025		December 31, 2024

Equity method investments (1)	$	97	$	77
JetBlue Ventures equity investments (2)	88		84
TWA Flight Center (3)	12		13
Total equity investments (4)	$	197	$	174

(1) We have the ability to exercise significant influence over these investments and therefore they are accounted for using the equity method in accordance with Topic 323, Investments - Equity Method and Joint Ventures of the FASB Codification. Our share of our equity method investees' financial results is included in other income on our consolidated statement of operations.

(2) Our wholly owned subsidiary JetBlue Technology Ventures LLC ("JBV") has equity investments in emerging companies which do not have readily determinable fair values. In accordance with Topic 321, Investments - Equity Securities of the FASB Codification, we account for these investments using a measurement alternative which allows entities to measure these investments at cost, less any impairment, adjusted for changes from observable price changes in orderly transactions for identifiable or similar investments of the same issuer. Refer to the table below for investment gain (loss) activity during the three and six months ended June 30, 2025 and 2024.

(3) We have an approximate 10% ownership interest in the TWA Flight Center Hotel at JFK, which is accounted for under the measurement alternative described above. We did not record any material gains or losses on our TWA Flight Center Hotel during the three and six months ended June 30, 2025 and 2024.

(4) As of June 30, 2025 and December 31, 2024, we had an immaterial amount of equity securities recorded within investment securities in the current asset section of our consolidated balance sheets. Our equity securities include investments in common stocks of publicly traded companies which are stated at fair value.

The realized and unrealized gain (loss) on equity investments for the three and six months ended June 30, 2025 and 2024 are as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
JBV Equity Investments
Realized loss recognized in gain (loss) on investments, net	$	(3)	$	(2)	$	(3)	$	(2)
Unrealized gain (loss) recognized in gain (loss) on investments, net (1)	1		—		2		(21)

(1) The six months ended June 30, 2024 net unrealized loss primarily relates to a mark-to-market adjustment on our preferred shares of one of our JBV equity investments.