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 provide financial support to certain sponsored investment products. Capital support may be in the form investments, derivatives, loan or contingent investment commitments, 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 general 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, 2026									December 31, 2025
(in millions)	VIEs			VREs			Total			VIEs			VREs			Total
Cash and cash equivalents(1)	$	238		$	175		$	413		$	428		$	33		$	461
Investments:
Trading debt securities		2,366			905			3,271			2,350			432			2,782
Equity securities at FVTNI		1,813			334			2,147			1,537			144			1,681
Other investments		1,325			39			1,364			946			68			1,014
Carried interest		3,620			—			3,620			3,654			—			3,654
Total investments		9,124			1,278			10,402			8,487			644			9,131
Other assets		132			132			264			76			111			187
Other liabilities(2)		(3,929	)		(412	)		(4,341	)		(4,052	)		(60	)		(4,112	)
Noncontrolling interest - CIPs		(3,419	)		(319	)		(3,738	)		(2,521	)		(236	)		(2,757	)
BlackRock's net interest in CIPs	$	2,146		$	854		$	3,000		$	2,418		$	492		$	2,910

(1)

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

(2)

At both March 31, 2026 and December 31, 2025, other liabilities of VIEs primarily include deferred carried interest liabilities.

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 was not material for both the three months ended March 31, 2026 and March 31, 2025.