In the normal course of business, the Company is the manager of various types of sponsored investment products, which may be considered VIEs or voting rights entities ("VREs"). The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds. In addition, the Company may from time to time own equity or debt securities issued by vehicles or enter into derivatives or loan arrangements 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 economic interest in the entity. The Company’s consolidated VIEs include certain sponsored investment products in which BlackRock has an economic interest 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:


	June 30, 2025									December 31, 2024
(in millions)	VIEs			VREs			Total			VIEs			VREs			Total
Cash and cash equivalents(1)	$	196		$	39		$	235		$	125		$	44		$	169
Investments:
Trading debt securities		1,687			408			2,095			1,497			246			1,743
Equity securities at FVTNI		1,366			391			1,757			1,179			377			1,556
Loans		104			3			107			141			4			145
Other investments		843			39			882			370			33			403
Carried interest		2,045			—			2,045			1,905			—			1,905
Total investments		6,045			841			6,886			5,092			660			5,752
Other assets		128			118			246			45			31			76
Other liabilities(2)		(2,340	)		(118	)		(2,458	)		(2,130	)		(93	)		(2,223	)
Noncontrolling interest - CIPs		(2,213	)		(193	)		(2,406	)		(1,672	)		(130	)		(1,802	)
BlackRock's net interest in CIPs	$	1,816		$	687		$	2,503		$	1,460		$	512		$	1,972

(1)

The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.

(2)

At both June 30, 2025 and December 31, 2024, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.

BlackRock’s total exposure to CIPs represents the value of its economic interest in these CIPs. Valuation changes associated with financial instruments 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.

Net gain (loss) related to consolidated VIEs is presented in the following table:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2025		2024		2025		2024
Nonoperating net gain (loss) on consolidated VIEs	$	144	$	66	$	156	$	137

Net income (loss) attributable to NCI on consolidated VIEs	$	71	$	46	$	79	$	85