A summary of the carrying value of total investments is as follows:


	June 30,		December 31,
(in millions)	2025		2024
Debt securities:
Trading securities (including $2,095 and $1,743 held by CIPs at June 30, 2025 and December 31, 2024, respectively)	$	2,172	$	1,823
Held-to-maturity investments		551		547
Total debt securities		2,723		2,370
Equity securities at FVTNI (including $1,757 and $1,556 held by CIPs at June 30, 2025 and December 31, 2024, respectively)(1)		2,278		1,950
Equity method investments:
Equity method investments(2)		2,187		2,610
Investments related to deferred cash compensation plans(1)		284		173
Total equity method investments		2,471		2,783
Loans held by CIPs		107		145
Federal Reserve Bank stock(3)		94		93
Carried interest(4)		2,143		1,983
Other investments(5)		1,058		445
Total investments	$	10,874	$	9,769

(1)

Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans. Amounts related to deferred cash compensation plans included within equity securities held at fair value recorded through net income ("FVTNI") comprised $13 million and $12 million at June 30, 2025 and December 31, 2024, respectively.

(2)

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

(3)

Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale.

(4)

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.

(5)

Other investments include BlackRock’s investments in nonmarketable equity securities, which are measured at cost, adjusted for observable price changes, and private equity, private credit, real asset, commodity, and digital asset investments held by CIPs, which are measured at fair value.

Held-to-maturity investments included certain investments in BlackRock sponsored CLOs. The amortized cost (carrying value) of these investments approximated fair value (primarily a Level 2 input). At June 30, 2025, $8 million of these investments mature in less than one year, $17 million of these investments mature between one and five years, $383 million of these investments mature between five and ten years and $143 million of these investments mature after ten years.

A summary of the cost and carrying value of trading debt securities and equity securities at FVTNI is as follows:



	June 30, 2025				December 31, 2024
(in millions)	Cost		Carrying Value		Cost		Carrying Value
Trading debt securities:
Corporate debt	$	1,422	$	1,450	$	1,047	$	1,061
Government debt		453		444		578		557
Asset/mortgage-backed debt		304		278		222		205
Total trading debt securities	$	2,179	$	2,172	$	1,847	$	1,823
Equity securities at FVTNI:
Equity securities/mutual funds	$	2,105	$	2,278	$	1,843	$	1,950