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


	March 31,		December 31,
(in millions)	2026		2025
Debt securities:
Trading securities (including $3,271 and $2,782 held by CIPs at March 31, 2026 and December 31, 2025, respectively)(1)	$	3,304	$	2,789
Held-to-maturity investments		495		507
Total debt securities		3,799		3,296
Equity securities at FVTNI (including $2,147 and $1,681 held by CIPs at March 31, 2026 and December 31, 2025, respectively)(1)		2,612		2,282
Equity method investments:
Equity method investments(2)		1,922		1,833
Investments related to deferred cash compensation plans(1)		403		300
Total equity method investments		2,325		2,133
CLOs held at fair value		537		568
Federal Reserve Bank stock(3)		87		87
Carried interest(4)		3,670		3,710
Other investments(5)		1,544		1,195
Total investments	$	14,574	$	13,271

(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 debt securities comprised $26 million as of March 31, 2026, and amounts included within equity securities held at fair value recorded through net income ("FVTNI") comprised $29 million and $37 million at March 31, 2026 and December 31, 2025, 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 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 March 31, 2026, $11 million mature between one and five years, $245 million mature between five and ten years and $239 million mature after ten years.

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



	March 31, 2026				December 31, 2025
(in millions)	Cost		Carrying Value		Cost		Carrying Value
Trading debt securities:
Corporate debt	$	1,293	$	1,340	$	1,153	$	1,185
Government debt		510		504		430		430
Asset/mortgage-backed debt		1,495		1,460		1,185		1,174
Total trading debt securities	$	3,298	$	3,304	$	2,768	$	2,789
Equity securities at FVTNI:
Equity securities/mutual funds	$	2,424	$	2,612	$	2,049	$	2,282